CHAPTERS Group (CHG) H1 2026 earnings summary

Executive summary

• H1 2026 showed accelerating organic growth and stronger profitability across the portfolio; management cited pricing, simplification, automation and AI adoption as contributors.

• Portfolio comprised 60 operating companies across 10 countries, with 1,300+ employees and €585.6M invested capital at June 30, 2026.

• Two Public Sector acquisitions closed in H1; four more transactions closed after June 30, with another signed and pending approval.

Financial highlights

• Pro forma total output reached €106.1M in H1 2026, versus €83.8M a year earlier; reported consolidated total output was €104.0M versus €68.7M.

• Revenue was €105.1M versus €71.0M; adjusted operating EBITDA was €32.5M versus €19.3M, while reported EBITDA was €12.3M versus -€6.0M.

• Consolidated net loss widened to €31.4M from €17.8M; adjusted EPS was -€0.08, or €0.09 excluding securities results and share-based compensation.

• Operating cash flow was €20.7M; cash and cash equivalents were €103.2M at June 30, 2026, down from €106.7M at year-end 2025.

Outlook and guidance

• FY 2026 organic growth guidance increased to 11–14% for total output and recurring revenue, from 7–9% previously; adjusted operating EBITDA growth guidance is 36–39%.

• Absolute FY 2026 total output and EBITDA forecasts remain unreliable given ongoing acquisition activity; further transactions are expected, without a forecast for their volume or timing.

• Parent-level shareholder-loan interest income is expected slightly below the prior €18–20M range; standalone operating costs remain guided at €6–6.5M.

• Parent-funded investment in AI-native product development is expected significantly below the previously budgeted amount as initiatives are being implemented within operating businesses.