Qualco Group (QLCO) H1 2026 earnings summary

Executive summary

• Revenue grew 14% year-over-year to €101.1 million in H1 2026, with LTM revenue at €228.2 million and record Adjusted EBITDA of €43.6 million, driven by international expansion and acquisitions.

• International revenue rose 24% to €32.1 million, now 32% of total, with 70% of new bookings international and a target of 40% by 2028.

• Platform as a Service revenue grew 18% to €56.2 million, now 53% of group revenue, with margins above 20%.

• €762 million in awarded revenue secured for the next five years, 44% international and 44% in high-margin Platform as a Service.

• AI adoption is transforming operations, with five new AI-driven products launched or launching in 2026 and over 50% of delivery teams using AI daily.

Financial highlights

• H1 2026 revenue: €101.1 million (+14% YoY); LTM revenue: €228.2 million (+16%).

• EBITDA for H1: €13.4 million (+3% YoY); LTM EBITDA: €43.6 million (record high); EBITDA margin: 13.2% in H1 (down from 14.7% YoY), 19.1% for LTM.

• Net result attributable to shareholders: loss of €4.6 million, mainly due to higher depreciation, finance costs, and associate losses.

• Gross margin: 40.0% (down from 41.7% YoY) due to upfront investment in delivery capacity.

• Cash flow from operations was negative €2.8 million, expected to normalize and turn positive by year-end.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: mid-teens revenue growth and EBITDA margin around 20%.

• Margin expected to rise to 22% by 2027 as AI-driven efficiency and operational leverage materialize.

• International revenue on track to exceed 40% of total by 2028.

• CapEx to revert from 10% of revenue in H1 to historical 7% levels from FY 2027.

• Exploring a share buyback program, subject to corporate approvals.