Austriacard Holdings (ACAG) Q1 2026 earnings summary

Executive summary

• DNP announced a voluntary public takeover offer at €10/share, valuing the company at €364 million, a 20% premium to the last close and 45% premium to the six-month average; the largest shareholder (74.6%) has agreed to accept, with management and supervisory boards supportive.

• Q1 2026 delivered 8% revenue growth and 11% EBITDA growth year-over-year, with net profit up 61%, driven by Digital Technologies (+83%) and Payment solutions (+7%).

• All geographic segments posted revenue growth, with the WEST segment up 21% year-over-year.

• No dividends will be paid before the offer settlement, including the previously planned €0.10/share for FY2025.

• Temporary operating cash outflow due to project billing timing and legacy supplier obligations, with normalization expected in H2 2026.

Financial highlights

• Revenues reached €89.4m (+8% year-over-year); EBITDA €11.5m (+11%); net profit €4.1m (+61%).

• EBITDA margin improved to 12.9% (+0.3pp); gross profit margin expanded to 24.1% (+0.4pp).

• Operating cash flow was a €7.5m outflow, mainly due to working capital build-up from project execution timing.

• Net debt increased to €94.5m; leverage at 1.9x EBITDA, within the 1.5x–2x target range.

• Lower interest costs and a reduced effective tax rate (22% vs. 25%) contributed to net profit growth.

Outlook and guidance

• Management reaffirms high single-digit revenue growth and further EBITDA margin improvement for FY2026.

• Operating cash flow expected to normalize and improve in H2 2026 as contract assets convert to billings and cash.

• CapEx investment to remain at 4%-5% of revenue, focused on growth areas and digital technologies.