Solutions 30 (S30) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €400.3 million, down 11.1% year-over-year, reflecting exits from UK, Spanish, and major French telecom contracts as part of a two-year transformation to focus on Energy and Technology markets.

• Adjusted EBITDA fell 46.3% to €17.0 million (4.2% margin), impacted by contract terminations, restructuring costs, and strategic repositioning in France and Germany.

• Net income attributable to the group was a loss of €24.5 million, compared to €16.8 million loss in H1 2025, affected by non-recurring items and restructuring.

• Free cash flow was negative at €-25.5 million, with net free cash flow at €-41.3 million, reflecting transformation initiatives and seasonality.

• Major transformation actions included exiting loss-making telecom contracts and repositioning in Germany, aiming for a more profitable business model from 2027.

Financial highlights

• Operational costs decreased 8.7% to €348.2 million; central organization costs down 9.1% to €35.1 million.

• Adjusted EBIT was negative at €-6.3 million, compared to €5.2 million in H1 2025.

• Gross cash position at end-June 2026 was €46.3 million; net bank debt stood at €67.1 million.

• Equity fell to €24.7 million from €46.9 million at year-end 2025.

• Free cash flow was €-25.5 million; net free cash flow €-41.3 million.

Outlook and guidance

• Transformation and restructuring to be completed by end-2026, with France refocused on Energy and Technology and Germany expected to show margin recovery in H2 2026.

• From 2027, the group expects a smaller but more profitable revenue base and improved business mix, focusing on high-growth Energy and Technology markets.

• Management expects ongoing financing discussions to conclude in the coming weeks, but short-term financing uncertainty remains.