Growens (GROW) Q2 2026 earnings summary

Executive summary

• Consolidated revenues for H1 2026 reached €40.3M, up 11.5% year-over-year, driven by growth in both SaaS and CPaaS business lines.

• EBITDA turned positive at €1.2M, a significant turnaround from a €0.2M loss in H1 2025, reflecting improved cost discipline and operational efficiency.

• Net loss narrowed to €1.36M, improving over 42% from the €2.37M loss in H1 2025.

• The Group maintained strong liquidity, with cash and cash equivalents rising to €16.7M and a net financial position of €9.2M, despite increased short-term debt.

• Continued heavy investment in R&D, particularly in AI-driven features for Beefree and infrastructure upgrades for Agile Telecom.

Financial highlights

• SaaS (Beefree) revenues grew 12% to €7.7M, about 19% of total; CPaaS (Agile Telecom) revenues also up 12% to €32.2M, about 80% of total.

• Gross profit increased 10.3% to €10.5M, with gross margin stable at 26.1%.

• Operating expenditure decreased to €9.3M, down from €9.7M in H1 2025.

• Net financial income more than doubled to €0.15M.

• EBT was negative at €-0.9M after €2.3M in depreciations.

Outlook and guidance

• Beefree targets 2024-2027 CAGR of 20-23%, ARR of $21M–$23M by end-2026, and EBITDA break-even in 2027; positive cash flow targeted by 2028.

• New go-to-market leadership and repricing initiatives are expected to drive ARR growth.

• Management expects continued investment in innovation and product quality, leveraging a solid cash position, while monitoring KPIs closely amid market uncertainty.