Intred (ITD) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 5.6% YoY to €29.3M; adjusted EBITDA increased 6.3% to €13.5M, with a 46.2% margin.

• Recurring revenue was €27M, or 92.0% of sales, supported by customer growth, higher-value services and proprietary fiber infrastructure.

• Fiber-optic network reached 15,250 km by June 2026, up from 15,000 km at FY2025 year-end.

• H1 investments were €7.68M, mainly for fiber infrastructure and technology; a new strategic plan sets growth and efficiency priorities through 2029.

Financial highlights

• Revenue was €29.31M versus €27.77M a year earlier; operating costs were €15.9M and other income €0.2M.

• Adjusted EBITDA was €13.54M (+6.3%), with a 46.2% margin; reported EBITDA was €13.28M (+4.3%) with a 45.3% margin.

• EBIT was €6.39M, broadly flat YoY; higher depreciation and amortization reflected commissioning of new network infrastructure.

• Net profit was €4.03M, down 1.8% YoY.

• Recurring revenue totaled €27M, or 92.0% of total revenue.

Outlook and guidance

• 2026 targets: revenue of €58–61M and EBITDA of €26–29M, with margin above 46%.

• 2029 targets: revenue of €72–78M and EBITDA of €36–39M; both imply high-single-digit 2025–29 CAGR, with EBITDA margin above 49%.

• Cumulative 2026–29 capex planned at ~€45M, focused on last-mile connections and selective maintenance; Data Center investment is excluded.

• Plan anticipates strong operating cash generation, dividends in line with prior years and net financial debt below €4M by 2029; no new debt issuance is planned.