Cancom (COK) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was €407.0m, down 0.9% year-over-year, mainly due to hardware supply constraints and macroeconomic uncertainty, but Group EBITDA rose 28.1% to €27.0m, driven by improved gross profit and cost-saving measures.

• Profitability improved due to a favorable gross profit mix and efficiency measures, with gross profit up 3.2% to €174.7m and margin at 42.9%.

• Profit for the period more than doubled to €7.7m from €3.2m in Q1 2025.

• The company advanced its AI and digital solutions portfolio, strengthened partnerships, and enhanced internal efficiency through AI-driven projects.

Financial highlights

• Revenue for Q1 2026 was €407.0m, down 0.9% year-over-year from €410.5m.

• Group EBITDA rose 28.1% year-over-year to €27.0m, with EBITDA margin improving to 6.6% from 5.1%.

• EBITA increased 69.2% to €13.2m; EBIT more than doubled to €11.2m.

• Operating cash flow for Q1 2026 was -€60.0m, mainly due to higher outflows for trade liabilities.

• Net cash position at Q1 2026 was €106.6m, down from €134.7m in Q1 2025 and €198.9m at year-end 2025.

Outlook and guidance

• 2026 revenue forecast is €1,750–1,850m, up from €1,714.7m in 2025.

• EBITDA guidance for 2026 is €110–130m, compared to €102.7m in 2025; EBITA expected at €55–75m, up from €48.0m in 2025.

• Management maintains a positive medium-term outlook, citing sustained demand for AI, IT infrastructure, and services.