Coris targets slight positive EBITDA after EUR 14.1 lakh HAT order

Coris BioConcept targets slight positive EBITDA in 2026-27 after reducing its H1 EBITDA loss to EUR 3.04 lakh from EUR 5.54 lakh, with a confirmed EUR 14.1 lakh human African trypanosomiasis order scheduled for Q3, December 2026. Management says the Belgian government supply contributes to a seasonally profitable second half.

What does Coris's H1 performance show?

Coris reduced its H1 EBITDA loss by 45% year on year, to EUR 3.04 lakh in H1 2026/27 from EUR 5.54 lakh in H1 2025/26, while revenue from operations increased to EUR 16.3 lakh from EUR 15.8 lakh. Management attributes the lower loss to control measures it initiated and says Coris historically records losses in Q1 and Q2.

The comparison has a consolidation limitation because Coris was acquired on 29 August 2025. The prior-year figures included in group reporting covered 29 August 2025 to 30 September 2025, while H1 2026/27 is the first full first-half period consolidated. The reported EUR 0.5 lakh revenue increase and EUR 2.5 lakh reduction in EBITDA loss therefore compare different consolidation periods.

How does the HAT order support Coris's outlook?

Coris has confirmation for a EUR 14.1 lakh HAT order to be supplied in Q3 of 2026/27, identified in the presentation as December 2026. HAT is a test for the parasite that causes African sleeping sickness, and management says its supply pattern is why Coris's Q3 and Q4 are profitable while Q1 and Q2 are loss-making.

The December 2026 order follows EUR 13.5 lakh of HAT sales supplied in December 2025. It forms part of a EUR 60 lakh Belgian government contract received in February 2024 for supply over four years. The confirmed Q3 delivery is therefore a contracted sales event, although the presentation does not disclose the contract value remaining after the December 2026 supply.

Which product lines are shaping Coris sales growth?

Coris's antimicrobial resistance, or AMR, products accounted for 75% of H1 2026/27 sales and grew 10% from H1 2025/26. Other product categories accounted for the remaining 25% of H1 sales and declined 15%, which management attributes to Chinese competition.

For 2026-27, management expects AMR products to grow by 15% to 20%, while other products are expected to decline because of Chinese competition. Management's resulting company-wide outlook is for sales growth of 10% to 15% and slight positive EBITDA. The presentation says geopolitical conditions are affecting sales even as Coris retains that growth target.

AMR has a larger role in the outlook because it represented three quarters of H1 sales, compared with 25% for the other categories. Coris has also received In Vitro Diagnostic Regulation, or IVDR, certification for its two main AMR products. Management says the certification will help grow the market, but does not quantify a 2026-27 revenue contribution.

What regulatory milestones could expand Coris's markets?

Coris has started work on United States Food and Drug Administration, or FDA, registration for RESIST-5 AMR, with management estimating completion in one to two years. Management says completed registration could become a key sales driver, open a US market opportunity and support US sales from 2027-28.

Management also says FDA registration could help Coris enter other markets that recognise FDA registration. That opportunity remains conditional on completing the one-to-two-year registration process for RESIST-5 AMR. In the nearer term, the two IVDR-certified AMR products are the regulatory asset already in place.

Coris says its research and development team has developed new products for launch in coming years. The presentation provides neither launch dates nor revenue forecasts for those products, so their potential financial effect cannot be measured against H1 2026/27 revenue of EUR 16.3 lakh. Management links the pipeline, IVDR certification and FDA registration to future sales growth rather than current revenue.

What could determine whether Coris reaches positive EBITDA?

Coris's path to slight positive EBITDA in 2026-27 depends partly on supplying the EUR 14.1 lakh HAT order in December 2026 and on its historical shift to profitability during Q3 and Q4. It also depends on AMR delivering management's 15% to 20% full-year growth expectation, following 10% AMR growth in H1 2026/27.

The main disclosed offset is continued pressure on the 25% of H1 sales outside AMR, where revenue declined 15% because of Chinese competition. Management also identifies geopolitical conditions as affecting sales. Its response includes increased marketing efforts in the Middle East, Asia-Pacific and the US, but it does not quantify spending, distributor additions or sales resulting from those efforts.

Conclusion

Coris has reported a narrower H1 EBITDA loss, higher revenue and a sales mix led by AMR, which represented 75% of first-half sales. The EUR 14.1 lakh HAT supply planned for December 2026 is central to management's expectation that the traditionally profitable second half will support slight positive EBITDA for 2026-27.

The next disclosed milestones are the Q3 HAT delivery, progress toward the 15% to 20% AMR growth target and performance in product categories facing Chinese competition. Management has also set a one-to-two-year completion estimate for RESIST-5 AMR FDA registration and expects US sales to begin in 2027-28 if registration is completed.