Bilendi (ALBLD) investor relations material

Executive summary

• H1 revenue was €43.165m vs €43.545m, down 0.9% YoY or 0.6% at constant exchange rates; pro forma revenue fell 5.1% at constant exchange rates.

• On a reconstructed comparison basis including estimated Netquest January 2025 revenue of €2.282m, H1 2025 revenue would have been €45.827m.

• Operating income was €0.328m vs €4.957m; net loss attributable to the parent was €0.916m vs €2.174m profit.

• Adjusted EBITDA was €8.1m vs €9.0m, with an 18.8% margin, the second-highest H1 level on record.

Financial highlights

• Consolidated net result was a loss of €1.062m vs €2.269m profit; net result attributable to minority interests was €0.146m vs a €0.095m loss.

• Adjusted operating profit was €3.2m vs €5.2m; adjusted net profit attributable to the group was €0.9m vs €2.4m.

• Financial result was a net expense of €1.098m vs €1.227m; exceptional result was a €0.226m expense in H1 2026.

• Operating cash flow increased 9.3% to €5.0m from €4.6m in H1 2025.

• Total assets were €136.399m at 30 June 2026 vs €141.550m at 31 December 2025; equity attributable to the parent was €42.469m vs €43.258m.

Segment performance

• France revenue was €6.385m vs €7.144m, down 10.8%; international revenue was €36.780m vs €36.402m, representing 85% of total and growth of 1.1%, or 1.3% at constant exchange rates.

• Operating result after goodwill amortization was a €1.024m loss in France and €1.352m profit internationally.

• Strongest international performance came from the UK, Italy, Nordics, US and Chile.