CM.com (CMCOM) H1 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 14% year-over-year to €67.0 million, with H1 revenue up 9% to €129.9 million; EBITDA rose 55% in Q2 to €6.0 million and 52% in H1 to €11.9 million, reflecting strong operating leverage and efficiency gains.

• Messaging volumes reached a record 2.8 billion in Q2, up 30% year-over-year and 12% sequentially, with growth across all channels.

• Annual Recurring Revenue (ARR) increased 3% year-over-year to €35.5 million; excluding a lost contract, ARR would have grown 8%.

• Net result for H1 was a loss of €2.3 million, impacted by the absence of a prior year one-off gain; underlying results improved.

• Continued innovation in AI, launching the Customer Context Platform and expanding HALO with Ask HALO for faster AI agent deployment.

Financial highlights

• Adjusted EBITDA for Q2 was €6.3 million, up 61% year-over-year; H1 Adjusted EBITDA was €12.5 million, up 60%.

• Gross margin declined to 30.6% in Q2 and 31.2% for H1, reflecting product mix shifts, pricing, and currency effects.

• Free cash flow for H1 was €5.1 million, up €2.9 million year-over-year, aided by higher EBITDA and factoring cash receipts.

• Net debt stood at €59.8 million, up 9% year-over-year; adjusted leverage ratio improved to 2.4x from 3.1x at year-end 2025.

• OPEX decreased 9% year-over-year to €14.5 million in Q2, and 12% to €28.7 million for H1.

Outlook and guidance

• Confident in achieving more than 30% adjusted EBITDA growth for full year 2026; FY 2028 ambitions reaffirmed with gross profit growth of at least 15% YoY, gross margin around 35%, and EBITDA margin of 12–15%.

• Commercial impact of new AI and platform innovations expected to materialize in coming quarters.

• Focus on accelerating growth through direct sales, partnerships, and self-service onboarding.

• Management expects principal risks and uncertainties to remain unchanged for the remainder of 2026.