Infotel (INF) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €160.35M, up 9.43% year-over-year, with Q2 acceleration to 10.4%, outperforming the digital market's 3% growth forecast.

• Operating income rose 31.55% to €13.3M, boosted by a one-time IBM royalty adjustment of €2.04M.

• Net income attributable to the group was €11.72M, a significant increase from €4.89M in H1 2025, with a net margin of 7.4%.

• Workforce expanded by 215 employees, totaling 3,581 at period end.

• Cash position at June 30, 2026, was €94.33M, after €13.79M in dividends and acquisitions of SESIN, SCAN SYSTEM, and a stake in AEROEX.

Financial highlights

• Services segment (93.06% of revenue) grew 7.01% to €149.21M; Software segment (6.94%) surged 57.2% to €11.14M, driven by IBM and Orlando royalties.

• EBITDA rose 11.4% to €17.6M; current operating income (excl. free shares) up 30.4% to €14.6M.

• Operating margin improved by 1.5 points to 9.3% (excl. free shares), supported by non-recurring IBM royalties.

• EPS for H1 2026 was €1.71, up from €0.71 in H1 2025.

• Net financial income was €1.5M, reversing a loss of €4.7M in H1 2025.

Outlook and guidance

• Favorable outlook for H2 2026, aiming to sustain growth; Spanish operations expected to contribute from H2.

• Full-year 2026 revenue growth target raised to 9.5%, matching H1 performance.

• Current operating margin (excl. free shares) targeted at over 9% for 2026.

• Long-term plan aims for €500M revenue and 10% margin by 2030.