Austriacard Holdings (ACAG) H1 2026 earnings summary

Executive summary

• Revenue grew 14% year-over-year to €186.6m in H1 2026, driven by Digital Technologies, public sector digitization in Greece, and strong fintech demand in the UK and US.

• Net profit surged 135% to €5.8m, supported by EBIT growth and a €2.2m gain from the sale of a minority stake in SEGLAN S.L.

• EBITDA increased 9.9% to €19.4m, with margin slightly down to 10.4% due to one-off costs from the DNP takeover and stock option settlements.

• DNP's voluntary takeover offer accepted by over 96% of shareholders; finalization pending regulatory and FDI approval.

• Temporary cash flow headwinds from working capital build-up are expected to improve in H2 2026.

Financial highlights

• Revenues: €186.6m (+14% vs. H1 2025); EBITDA: €19.4m (+10%); EBITDA excl. one-offs: €21.9m (+14%).

• Net profit: €5.8m (+135% vs. H1 2025), including €2.2m gain from minority stake sale.

• Gross margin contracted by 100bps to 45.9% due to higher outsourcing costs and margin pressure in Document Lifecycle Management.

• Operating cash flow: €9.3m outflow, mainly from working capital build-up.

• Leverage at 2.1x (vs. 2.3x in H1 2025); net debt increased by €22m to €103.9m.

Outlook and guidance

• Full-year 2026 revenue growth guidance revised upward to low double-digit percentage.

• EBITDA margin expected to remain flat or contract due to extraordinary costs, but underlying EBITDA would show growth if adjusted for one-offs.

• Operating cash flow projected to normalize and align with 2025 levels by year-end, with working capital improvements offset by takeover and settlement costs.

• Continued investment in Digital Technologies, AI, and Card as a Service to drive future growth.