WALLIX: MRR Increases by 21% in Q1, Recurring Revenues Exceed 82% of Total Revenue
European cybersecurity publisher WALLIX reported a 21% increase in its monthly recurring revenue and a 14.6% increase in its revenue to 9.7 million euros for the first quarter of 2026. This momentum is confirmed despite the late signing of contracts due to the deteriorating geopolitical context, allowing the group to validate its 2026 guidance for growth in recurring revenues with positive operating income and free cash flow.
Strong Growth in Recurring Revenues
As of March 31, 2026, the monthly recurring revenue (MRR) reached 2.6 million euros, up 21.0% from the same quarter in 2025, where it was 2.189 million euros. The annual recurring revenue (ARR) thus amounts to 31.8 million euros. Over three years, the MRR has more than doubled. The consolidated revenue for the first quarter of 2026 increased by 14.6% to 9.7 million euros. The share of recurring revenues (subscriptions and maintenance) represents 82.7% of the consolidated revenue, up from 76.0% a year earlier, an improvement of 6.7 points in one year. In detail, subscriptions recorded a growth of 44.2% to 3.5 million euros, while maintenance increased by 13.0% to 4.563 million euros. However, perpetual license revenues declined by 23.6% to 1.348 million euros, confirming the acceleration of client migration towards a subscription model.
Dynamic Growth Across Strategic Regions
The group's four strategic areas are showing a hyper-growth dynamic. In France, the MRR increased by 18.1% to 1.569 million euros as of March 31, 2026, up from 1.329 million euros a year earlier. This increase is driven by the migration of existing customers to subscription models and by the dynamics of small and medium-sized enterprises, particularly in the public sector, industry, and technology. Outside France, the Europe Middle East Africa (EMEA) region recorded a growth in its MRR of 25.7% to 1.050 million euros. The Middle East and Africa segment, the second most important area after France, maintains growth close to 40%, driven by the banking and insurance sectors as well as distribution. Geographically, revenue in France increased by 10.7% to 5.715 million euros, while the EMEA segment outside France grew by 20.5% to 3.941 million euros.
WALLIX Confirms 2026 Targets Amid Challenging Geopolitical Environment
WALLIX confirms its 2026 targets for hyper-growth in recurring revenues, positive operating income, and positive free cash flow for the entire year. The group specifies that 2026 marks the beginning of a profitable growth cycle, supported by a controlled resumption of investments. This validation comes despite a tense national and international geopolitical environment, which resulted in late renewals and new contract signings during the quarter. WALLIX intends to accelerate its market penetration in large enterprises through the enhancement of its offerings, the strengthening of its Enterprise teams in Europe, and the signing of strategic partnerships with major global system integrators.
