SeSa (SES) Q2 2026 earnings summary

Executive summary

• Achieved strong organic growth in H1 2026, with consolidated revenues and other income of €1,600.4 million, up 11.6% year-over-year, and EBITDA of €114.4 million, up 11.4% year-over-year, driven by digitalization, AI, and automation demand.

• Growth was led by Digital Green VAS (+25.6% Y/Y), Business Services (+6.8% Y/Y), and ICT VAS (+2.1% Y/Y), with SSI showing resilience despite sector-specific challenges.

• Q2 2026 saw accelerated growth, with revenues up 16% year-over-year and Group Adjusted Net Profit up over 30% reported.

• Transformation plan advanced, focusing on digital integration, skills development, and sustainable growth.

• Shareholders approved a €1 per share dividend and expanded the buyback program to €25 million, increasing payout ratio to 40%.

Financial highlights

• H1 2026 revenues and other income: €1,600.4 million (+11.6% Y/Y); EBITDA: €114.4 million (+11.4% Y/Y); EBITDA margin stable at 7.1%.

• Adjusted net profit: €49.57 million (+17.1% Y/Y); Group EAT Adjusted: €45.4 million (+13.2% Y/Y); reported net profit: €34.4 million (+19.4% Y/Y).

• Net financial position (NFP): net debt of €119.0 million as of 31 October 2025, improved from €122.1 million a year earlier.

• Net financial expenses decreased by up to 16.3% Y/Y in Q2 2026, reflecting lower interest rates and cost optimization.

• Shareholders’ equity reached €501.9 million as of 31 October 2025.

Outlook and guidance

• FY2026-27 Industrial Plan guidance confirmed: 5%-7.5% organic revenue growth, 5%-10% organic EBITDA growth, and around 10% organic net profit growth.

• Growth expected to be driven by organic expansion in Business Services, ICT VAS, and Green VAS, with continued reduction in net financial expenses.

• Positive order backlog and robust sector trends support confidence in continued growth.

• CapEx guidance of €50-55 million per year, with annual M&A investments to decline to €30 million.

• Payout ratio increased to 40% for FY2026 and 2027, with €1/share dividend and €25 million buyback program.