WALLIX GROUP (ALLIX) H1 2026 earnings summary

Executive summary

• H1 revenue reached €20.562m, up 14.2% YoY; recurring revenue rose 24.1% to €16.644m, representing 81% of revenue.

• Operating loss narrowed to €1.199m from €2.960m, net loss to €0.907m from €3.098m, and free cash flow turned positive at €0.2m.

• FY 2026 objectives were reaffirmed: hypergrowth in recurring revenue, positive operating income and positive free cash flow.

Financial highlights

• Revenue was €20.562m versus €18.010m in H1 2025; other operating income was €3.595m versus €2.740m.

• Operating expenses were €21.838m versus €20.191m; personnel costs rose 8.5% to €15.230m and other operating expenses increased 5.3%.

• Net loss included €0.201m of non-recurring expense and €0.498m of tax income, mainly related to the R&D tax credit.

• Net financial expense was €0.005m versus €0.613m, including €0.2m interest expense offset by €0.2m foreign-exchange gain.

• Operating cash flow was €4.048m versus €1.410m; after €3.8m of R&D investment, free cash flow was €0.2m versus an outflow of €1.5m.

Outlook and guidance

• FY 2026 targets remain hypergrowth in recurring revenue, positive operating income and positive free cash flow; H1 performance and Q3 momentum support the outlook.

• Growth priorities include developing WALLIX One beyond PAM into IAM and non-human identities, expanding large-enterprise reach and consolidating the European market.

• Customer-base upsell potential and structural market momentum support continued growth; investment resumption is paired with OPEX control.