Doxee (DOX) H1 2026 earnings summary

Executive summary

• H1 revenue was €15.09m, down 0.3% YoY; subscriptions lifted recurring revenue to 81.9% of sales, while planned investment in personnel, R&D and commercial development weighed on EBITDA.

• Net income was €31k; operating cash flow reached €5.11m and net financial debt fell to €10.60m at June 30, 2026.

Financial highlights

• Revenue from customer contracts was €15.09m versus €15.13m; production value rose 1.5% to €16.49m.

• EBITDA was €2.40m versus €2.89m, with margin of 14.6% versus 17.8%; gross margin was €9.98m versus €10.33m.

• EBIT was €468k versus €485k; EBT was €47k versus €107k; net income was €31k versus €39k.

• Net finance costs fell to €422k from €555k, as lower interest expense partly offset the absence of prior-year non-recurring finance income.

Outlook and guidance

• FY2026 targets: revenue of €32.0–33.5m, EBITDA of €6.4–7.0m and net financial debt of €12–13m; delivery depends on H2 revenue acceleration and cost stabilization.

• 2025–2028 targets include 10–14% revenue CAGR, €41.8–46.1m revenue in 2028, and ARR mix of 75–77% versus 72% in 2025.

• 2025–2028 EBITDA CAGR target is 24–29%; 2028 EBITDA target is €11.8–13.6m with 27–28% margin.

• H2 priorities include direct enterprise sales in Italy, DACH and France, partner channels, and stronger sales and marketing; benefits are expected gradually given enterprise sales cycles.

• Doxee Platform 4.0 is scheduled for October 2026, with AI-native, any-prem and EU-sovereign capabilities planned.