Coheris (COH) H1 2026 earnings summary

Executive summary

• IFRS revenue was €8.414m, up 6.5% YoY; business revenue excluding intragroup recharges rose 9.0% to €7.7m.

• IFRS operating income was €1.994m versus €1.975m; net income was €1.821m versus €1.862m in H1 2025.

Financial highlights

• Net financial income was €462k versus €412k, mainly reflecting higher interest on the current account with ChapsVision.

• Operating cash flow was €6.570m versus €5.205m; period-end cash was €72k versus €811k at 30 June 2025.

• Dividends paid in H1 2026 were €455k; financing cash flow was negative €5.848m, including a €4.714m decrease in current accounts.

Segment performance

• Software publishing was treated as one operating segment; business revenue comprised subscriptions, services, and perpetual licenses with associated maintenance.

• Subscription revenue rose 15.4% to €4.1m, representing 54% of business revenue versus 51% in H1 2025.

• Services revenue increased 22.1% to €2.7m, or 35% of business revenue, supported by new projects.

• Perpetual-license and related maintenance revenue fell 32.3% to €0.9m, or 11% of business revenue versus 18% in H1 2025.