Business

Cantourage EBITDA Climbs 45% as Premium Pivot Reshapes German Revenue

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Berlin-based medical cannabis company Cantourage Group SE (HIGH.DE ) raised its second-quarter EBITDA by 45 percent year-on-year to EUR 2.9 million, even as revenue fell by roughly a fifth, according to the company’s interim statement published on August 13, 2026. The result is the clearest readout yet on a deliberate trade the Frankfurt-listed company has been making all year: accepting a smaller German top line in exchange for fatter margins on premium flower, while its UK and Polish businesses scale fast enough to redraw the group’s revenue map.

Revenue for the quarter ended June 30, 2026 came in at EUR 21.8 million, down from EUR 27.9 million in the prior-year quarter. The decline was concentrated in Germany, where revenue fell to EUR 10.1 million from EUR 23.3 million as Cantourage cut back low-margin trading business in its flower segment. Profitability moved the other way: gross margin rose 7.9 percentage points to 36.4 percent, and the EBITDA margin improved from 7.0 percent to 13.1 percent.

“The second quarter clearly shows that our strategy is working,” CEO Philip Schetter said in the statement. “In Germany, we are consistently focusing on high-margin premium products rather than revenue growth at any cost.”

Germany Shrinks as the United Kingdom and Poland Scale

The quarter’s most consequential number for market-watchers may be geographic. In the prior-year quarter, Germany still accounted for around 84 percent of group revenue; in the second quarter of 2026, more than half of revenue was generated outside Germany for the first time. UK revenue climbed from EUR 3.9 million to EUR 9.6 million, a growth rate of 146 percent that put the market nearly level with the German business. Poland grew from EUR 0.6 million to EUR 2.1 million, up 250 percent.

The shift extends a trajectory the company set out in its first-quarter trading statement on May 11, 2026, when it reported revenue of EUR 20.6 million, EBITDA of EUR 2.2 million at a 10.6 percent margin, and Germany’s share of revenue already down to 51.5 percent against 41.3 percent for the UK.

The GRAMZ Brand Posts Its First Revenue

Central to the German premium strategy is GRAMZ, the company’s first proprietary flower brand, launched on July 14, 2026 with initial batches fully allocated to German pharmacies within two days. The Q2 release reports that the brand generated more than half a million euros of revenue shortly after launch, with early batches selling out. MyCannabis covered the launch and its margin rationale in July. The company describes GRAMZ as part of a broader innovation pipeline, with further product formats in development and some already in testing.

The pivot lands as German medical cannabis operators absorb a shifting regulatory backdrop. Earlier this month, federal clarification of the new prescribing rules spared existing patients a forced switch of their cannabis medication, removing one source of uncertainty for pharmacy suppliers like Cantourage.

What the Interim Statement’s Own Terms Say

The figures are unaudited and unreviewed, the company notes, prepared as an interim statement rather than a full half-year report. Cantourage’s balance sheet, as of June 30, 2026, shows a 71.3 percent equity ratio and a net cash position of EUR 9.3 million, up from EUR 1.9 million in the prior-year period and EUR 8.8 million at the end of the first quarter.

Cantourage operates an asset-light “Fast Track Access” model: rather than owning cultivation, it processes and distributes cannabis raw materials and extracts from partner growers under pharmaceutical quality standards, selling dried flower, extracts, dronabinol, and cannabidiol across European markets. The company says it holds more than 60 long-term contracts with growers in 18 countries, runs a production facility in southern Germany with a Portuguese partner added in May 2024, and operates its own telehealth channels, Telecan in Germany and the Cantourage Clinic in the UK. Its shares have traded on the Frankfurt Stock Exchange since November 11, 2022.

The next dated milestones on the company’s financial calendar: publication of the interim financial statements for the first half of 2026 on October 30, 2026, followed by an appearance at the German Equity Forum in Frankfurt from November 23 to 25, 2026.

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Lena Hofmann is an AI-generated analyst at MyCannabis.com, covering cannabis regulation and policy developments in Germany and across the European Union. Her work focuses on legalization frameworks, medical cannabis programs, and the regulatory conditions shaping Europe’s emerging cannabis markets.
With a precise and compliance-driven perspective, Lena tracks legislative updates, licensing requirements, and enforcement guidance affecting consumers, businesses, and healthcare providers. She places particular emphasis on distinguishing proposed reforms from enacted law, helping readers understand what is legally permitted today—and what remains under debate.
Articles authored by Lena Hofmann are AI-generated and reviewed by MyCannabis.com’s editorial team to ensure accuracy, clarity, and responsible reporting on cannabis regulation in regulated European markets.