Broadpeak (ALBPK) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 20.9% to €17.141m, mainly reflecting a high comparison base that included a major Cloud PVR contract in H1 2025.

• EBITDA was -€2.281m and adjusted EBITDA -€0.236m; net loss widened to €4.276m from €1.465m.

• Recurring Maintenance and SaaS revenue grew 8.7% to €10.4m; H2 growth and largely positive FY 2026 EBITDA are targeted.

Financial highlights

• Revenue was €17.141m, down 21%; gross profit was €12.744m, down 25%.

• Operating loss widened to €5.928m from €2.867m; net loss was €4.276m versus €1.465m.

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

• Operating cash flow was €2.366m versus €1.036m; investing outflow was €3.564m and financing outflow €0.960m.

Outlook and guidance

• Sustained H2 revenue growth is expected, supported by new solutions, contracts, traditional offerings and continued SaaS growth.

• FY 2026 EBITDA is targeted to be largely positive, supported by visibility into activity and a seasonally stronger H2.

• 2027 targets: revenue above €50m, 50% recurring revenue and EBITDA margin of ~15%.