Berlin medical cannabis company Cantourage turned a €2.2 million EBITDA loss into positive EBITDA of €1.9 million in Q3 2026, nearly doubling its gross margin to 35.3% — while the U.K. and Poland grew to more than half of group revenue as German flower prices kept falling.
Cantourage Group SE sold slightly less in the third quarter and earned far more. The Berlin-based medical cannabis company reported Q3 2026 revenue of €19.9 million, down from €20.3 million a year earlier — but EBITDA swung to a positive €1.9 million from a €2.2 million loss in Q3 2025, the payoff from a deliberate shift toward higher-margin products and away from chasing volume in a German market where flower prices are falling.
The margin is the story
The quarter's headline number is the gross margin: 35.3 percent, up from 18.1 percent a year earlier. EBITDA margin followed, reaching 9.5 percent against negative 11.0 percent in Q3 2025.
Cantourage attributes the improvement to a consistent focus on higher-value, high-margin products and to its diversification across several European markets. The company, founded in 2019 and listed on the Frankfurt Stock Exchange (Scale segment, ticker HIGH), runs a "Fast Track Access" platform that brings cannabis raw materials and extracts from producers around the world to European pharmaceutical standards, selling dried flower, extracts, dronabinol and cannabidiol.
Germany squeezes. The U.K. carries.
The revenue mix shows why the diversification matters. Germany contributed €9.5 million of the quarter's €19.9 million — about 48 percent — but the home market is the hard one: the company cites declining market prices for cannabis flowers and intensifying competition, and says it is "deliberately focusing on differentiated premium product portfolios rather than pursuing additional volume at any cost."
The United Kingdom nearly matched Germany at €9.3 million (about 47 percent), and Poland added €1.1 million (about 6 percent). Together, the international markets now account for more than half of group revenue.
Nine months in: strong equity and a net cash position
For the first nine months of 2026, Cantourage reported revenue of €62.3 million and EBITDA of €6.8 million, a 10.9 percent margin. At September 30, 2026, the company held an equity ratio of 75.6 percent and a net cash position of €10.8 million — a balance sheet it says gives it flexibility to develop its portfolio and expand internationally.
"The significant year-on-year improvement in earnings demonstrates that our focus on high-margin products and our diversified presence across several European markets are delivering results," said CFO Monique Jaqqam, the only executive quoted in the release. She added that the company is standardizing its finance processes and transitioning to IFRS reporting "for greater transparency, reliability and international comparability."
Recent developments highlighted alongside the results include completion of Cantourage's third EU-GMP certification project (following earlier projects with Green Karat and LOT420), five-year exclusive supply agreements, new distillate- and extract-based active ingredients, and further development of Telecan, its telemedicine platform.
What the release does not say
The Q3 release contains no outlook. Analyst coverage of the results — Montega AG's November 10 research note — reported that management expects full-year results at the lower end of its existing guidance ranges (revenue of €85–95 million, adjusted EBITDA of €10–12 million) and trimmed its own estimates accordingly. That is the analysts' reporting of the company's stance, not a forecast Cantourage restated in this release.
The broader picture, though, is in the release itself: Europe's medical cannabis market is splitting into a squeezed, price-driven German flower trade and a premium, multi-country business — and Cantourage is choosing the second one, even at the cost of a slightly smaller top line.
Sources
- Cantourage Group SE, “Cantourage Group SE strengthens profitability and European market position despite increasing pricing pressure,” EQS-News, Nov. 10, 2026 Link
- Montega AG, original research note on Cantourage Group SE, Nov. 10, 2026 Link
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