Bilendi Reports €20.8M in Revenue for Q1 2026, Boosted by Netquest
Bilendi announced a revenue of €20.8 million for the first quarter of 2026, up 5.6% year-over-year. This growth is largely attributed to the integration of Netquest (acquired in February 2025), as the pro forma organic growth of the group is at -3.6% at constant exchange rates. This downturn reflects a challenging comparison with Q1 2025, which was buoyed by the German elections.
Limited Growth Despite Acceleration in France and Internationally
Bilendi recorded a revenue of €20.8 million in Q1 2026 (compared to €19.7 million a year earlier), an increase of 5.6% (+6.2% at constant exchange rates). Internationally, which accounts for 83% of the group's revenue, generated €17.3 million, up by 5.4% (+6.2% at constant rates).
The French segment (17% of sales) posted a revenue of €3.5 million, up by 6.3%, marking the fourth consecutive quarter of growth. Regionally, the UK, Italy, the Nordic countries, and the USA showed particularly strong performances.
On a pro forma basis including Netquest for three months in Q1 2025, revenue fell by 3.6% at constant exchange rates.
Challenging Comparison Base and Transition to a Platform Model
This organic contraction primarily reflects a high comparison base: Q1 2025 had benefited from the stimulus of the German federal elections. Excluding the DACH region (Germany, Austria, Switzerland), the group maintained sustained growth.
Operationally, Bilendi marked Q1 2026 with structural advancements. The Bilendi Discuss platform evolved into a unified multi-country research environment. The group launched its text coding platform automating the processing and structuring of qualitative data. BilendiUX also expanded into new key markets. These developments aim to enable the group to manage the entire value chain (collection, processing, analysis) within a single platform, strengthening its position as an end-to-end solutions provider.
Ambition 2030: Transformation into a Native AI Platform and High Profitability Targets
Bilendi displays a clear strategic ambition: to position itself as a global insights platform native to AI, combining proprietary data, technology, and artificial intelligence. The group relies on a strategic plan for 2026-2030 announced in April, aiming for expansion across the entire marketing research value chain, transitioning to a platform model generating scalable recurring revenues, and accessing new customer segments.
By 2030, Bilendi targets a revenue between €175 and €200 million and an EBITDA margin above 25%, while maintaining strong cash flow generation. These goals are based on its distinctive assets: verified proprietary panels, internalized technology, a diversified global presence, and integrated artificial intelligence processes.
