Broadpeak (ALBPK) H1 2026 earnings summary

Executive summary

• H1 2026 revenue declined 20.9% year-over-year to €17.1m, mainly due to a high comparison base from a large Cloud PVR contract in 2025.

• EBITDA fell to -€2.3m, with adjusted EBITDA at -€0.2m, reflecting lower activity but partially offset by cost control.

• Net loss widened to -€4.3m from -€1.5m year-over-year.

Financial highlights

• Gross margin decreased to €12.7m (74.3% of revenue) from €17.0m (78.6%) year-over-year.

• Operating loss increased to -€5.9m from -€2.9m year-over-year.

• Free cash flow improved to -€1.2m from -€2.2m, driven by better working capital management.

• Net debt at end of H1 2026 was €6.8m, with financial debt at €9.2m and cash of €2.4m.

Outlook and guidance

• Sustained revenue growth and largely positive EBITDA expected in H2 2026, supported by new solutions and contracts.

• 2027 targets reaffirmed: revenue >€50m (50% recurring), EBITDA margin ~15%.