Sword Group (SWP) H1 2026 earnings summary

Executive summary

• The group is undergoing a significant AI-driven transformation, positioning itself as an AI-led systems integrator with end-to-end capabilities in consulting, applications, platforms, and infrastructure, and achieved robust H1 2026 results with €187.7m consolidated revenue and 12.0% EBITDA margin, reflecting 12.6% organic growth at constant perimeter.

• Strategic focus is on critical national infrastructure, especially utilities, with substantial investments and tailored solutions for this sector.

• Two strategic acquisitions—Holimeet Timtek S.A.S and The Virga Group Ltd (CirrusHQ)—strengthened digital, cloud, and data expertise.

• The company maintains strong client proximity and trust, supporting long-term relationships and high client retention.

• The business model emphasizes digital specialization, high-value consulting, and resilient sectors such as public, energy, and international organizations.

Financial highlights

• H1 2026 consolidated revenue: €187.7m, up 12.6% year-over-year at constant perimeter, with EBITDA at €22.6m (12.0% margin) and net income at €11.2m.

• Net cash position as of June 30, 2026: €-62.9m, forecast to improve to €-35.0m by year-end (excluding M&A); cash and cash equivalents: €61.9m.

• Significant cash outflows: €19.4m for M&A and €19.6m for investment in new technologies.

• Backlog covers 23.2 months of activity, up from 21.7 months at end-2025.

• EPS increased to €1.18 from €0.94.

Outlook and guidance

• Double-digit organic growth is targeted annually, with a 12% EBITDA margin and 2026 full-year revenue expected to exceed €390m.

• Backlog increased to €752.4m, providing 23.2 months of revenue visibility.

• Strategic acquisitions and investments in technology and talent are set to drive further expansion.

• FY26 segment forecasts indicate growth across all regions, with targeted EBITDA margins between 10% and 21.8%.

• Business plan 2024-2028 emphasizes sustained growth and profitability.