EKINOPS (EKI) H1 2026 earnings summary

Executive summary

• H1 2026 revenue reached €58.2m, up 2% year-over-year, with strong Q2 momentum in Optical Networks, especially in France and the US, and Olfeo contributing €3.2m while Chimere's impact was minor.

• Gross margin improved to 57.9%, up from 55.9% a year earlier, reflecting higher Software & Services sales and cost control.

• EBITDA margin was 10.1%, with EBITDA at €5.9m, down from 13.1% in H1 2025 due to increased R&D and commercial investments.

• Net loss widened to €2.8m from €0.5m in H1 2025, mainly due to increased investments and operating costs.

• Accelerated execution of the Bridge plan and business initiatives to expand in SASE cybersecurity and DCI markets.

Financial highlights

• H1 2026 revenue reached €58.2m (+2% year-over-year); Olfeo contributed €3.2m, Chimere's impact was not material.

• Gross profit: €33.7m (57.9% margin, up from 55.9%).

• EBITDA: €5.9m (down from €7.5m in H1 2025); EBITDA margin at 10.1%.

• Net loss: €2.8m (vs. €0.5m loss in H1 2025); operating profit: -€1.8m.

• Net cash position of €0.5m and available cash of €23.0m as of June 30, 2026.

• ARR grew to €15.9m, up 7% from December 2025.

Outlook and guidance

• FY 2026 targets confirmed: single-digit revenue growth expected for the full year.

• Growth to be driven by a robust sales pipeline, Proximus contract deployments, strong North America momentum, and new DCI/SASE solutions by year-end.

• Continued investments under the Bridge plan will weigh on profitability but are aimed at sustainable growth.