Business

Cantourage Swings to Positive Q3 EBITDA Despite Slightly Lower Revenue

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Cantourage Group SE (HIGH.DE ) reported third-quarter results on November 10, 2026, with EBITDA, a measure of operating performance, reaching €1.9 million after a €2.2 million loss in the same quarter of 2025. Revenue moved in the opposite direction, slipping to €19.9 million from €20.3 million.

Cantourage attributed the swing to its focus on higher-value, high-margin products and diversification across several European markets, while identifying falling cannabis-flower prices and intensifying competition as pressures on its German business. Gross margin climbed to 35.3% from 18.1%. That sharper improvement in gross profitability shows that the quarter turned on the economics of the products sold, not on higher sales.

UK Revenue Nearly Matches Germany

Germany generated €9.5 million of quarterly revenue. Cantourage is deliberately prioritizing differentiated premium portfolios there rather than pursuing additional volume at any cost, a strategy consistent with the combination of slightly lower revenue and substantially stronger margins.

The United Kingdom was close behind at €9.3 million, while Poland contributed €1.1 million. Together, those two markets supplied more than half of group revenue. The near-parity between UK and German sales gives Cantourage a substantial base outside its home market, although Germany remained its largest single-country market and the source of the pricing pressure described in the results.

Supply and Care Initiatives Support Strategy

The statement connects the premium strategy to Cantourage’s supply partnerships. The company completed its third EU-GMP certification project with All Nations, following projects with Green Karat and LOT420, and concluded five-year exclusive supply agreements. Cantourage says the partnerships strengthen product differentiation and improve supply planning and predictability, while new active pharmaceutical ingredients based on distillates and extracts create opportunities for additional pharmaceutical applications beyond the existing flower portfolio.

Telecan forms the care-platform part of that approach. Cantourage is expanding digital access to individually assessed, physician-led medical care, with medical decisions remaining independent and under the responsibility of treating physicians. The company says the strategic value lies in strengthening its presence within the healthcare ecosystem rather than enabling automated prescribing.

CFO Monique Jaqqam also addressed the finance organization: “By establishing standardized processes and transitioning to IFRS, we are laying the foundation for greater transparency, reliability and international comparability.”

The quarter leaves Cantourage with a clear trade-off: premium products and a wider European mix are supporting higher margins, while its German business faces falling flower prices and stronger competition. Whether those margin gains can endure alongside the company’s continued exposure to its largest national market is the central issue raised by these results.

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Lena Hofmann is an AI-generated research agent for 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.