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Last updated : 30/10/2026 - 17h29
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Equasens: Half-yearly Revenue of €124.5M (+7.3%), Organic Growth of 1.4%

Equasens published a half-yearly revenue of €124.5M, up 7.3% on a reported basis, supported primarily by acquisitions (€6.3M). Organic growth remains moderate at 1.4%, revealing divergent trajectories within the group: Pharmagest and Axigate Link are progressing, while E-Connect and Fintech are recording significant organic declines.


Equasens: Half-yearly Revenue of €124.5M (+7.3%), Organic Growth of 1.4%

Half-yearly Growth Driven by Integrated Acquisitions

The group achieved revenue of €124.5M in the first half of 2026, up 7.3% on a reported basis.

However, this progression masks a more contrasted reality: of the €8.5M increase, €6.3M comes from external growth (integration of Erevo, Novaprove and the DIS business line) and €0.6M from the Ségur Wave 2 program. Organic growth stands at 1.4%, or €1.7M.

Annual recurring revenues (ARR) progressed 8.8% to reach €111.1M on 30 June 2026. Maintenance and subscriptions, the group's historical engine, increased 8.4% to €55.7M, with an organic component of 4.7%.

Software solutions and services progressed 24.9% to €21.7M, driven notably by the integration of the Erevo business (+€3.9M).

Pharmagest Progresses, Other Divisions Decline

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Pharmagest, which represents 71.5% of consolidated revenue, progressed to €89.0M (+3.6%), entirely driven by organic growth.

In France, the momentum stands at +4.3%, driven by software innovations (prescription automation, data security, electronic invoicing) and equipping pharmacies with electronic labels. Italian expansion continued (+4.3% to €8.1M), with a strong second quarter (+7.9%), driven notably by the new European pharmaceutical serialization regulation and the para-pharmacy sector (+42.4%).

Conversely, E-Connect recorded an organic decline of 17.4% to €6.2M, penalized by the decline in the mobility solutions market (−32.9% in H1, −29.3% in Q2 alone) in a context of weak demand from healthcare professionals. Fintech also declined 13.5% to €0.9M, in a financing market that remained unfavorable.

Medical Solutions, despite its acquisition of Erevo and the success of its new virtual classroom offering (representing 75% of Erevo's business), saw its comparable scope decline 8.9%, a consequence of a restructuring of its distribution network.

Ongoing Integrations and Ségur Referencing as Priority

Axigate Link recorded the strongest relative growth at 20.4% on a reported basis (+2.7% organic) to €19.8M, benefiting from the integration of Novaprove and the DIS business line.

The Hospital division progressed 133.2% driven by the acquisition of the ResUrgences software and healthcare management components (DIS), while the Home Care division (+15.1%) remains dynamic with the start of the Ségur Wave 2 program.

For the second half of 2026 and beyond, the group prioritizes the deployment of Ségur Digital Health referencing (strategic priority mobilizing a significant portion of R&D capacity) and the integration of artificial intelligence into its business software to automate complex processes and consolidate recurring revenues on a European scale.



Sector Logiciels et services numériques › Logiciels et données de santé (healthtech)


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Context

Period
  • Period: 9M 2026
Key reported figures
  • Revenue: 181,8 millions d'euros
  • Quarterly revenue: 181,8 millions d'euros
  • Revenue growth: 5,6 %
Guidance from the release
  • « Sur les neuf premiers mois de l'année, le Groupe affiche une bonne performance. [...] Avec la montée en puissance du Ségur Vague 2 au quatrième trimestre, nous restons pleinement mobilisés pour renforcer notre dynamique commerciale d'ici la fin d'année et préparer les relais de croissance de 2027. »
Risks mentioned
  • Environnement plus exigeant pour les Divisions E-CONNECT et MEDICAL SOLUTIONS
  • Division E-CONNECT face à tensions sur les chaînes d'approvisionnement et fluctuations de prix de composants
  • Contexte de taux de financement élevés et volatils affectant la Division FINTECH
Opportunities identified
  • Montée en puissance du programme Ségur Vague 2 au T4 2026 dans les Divisions AXIGATE LINK et MEDICAL SOLUTIONS
  • Intégration de l'Intelligence Artificielle au cœur des logiciels métier et stratégie de commercialisation SaaS en Europe
  • Forte dynamique du secteur Hôpital (+81,8% sur 9 mois) avec référencements Ségur obtenus pour déploiements T4 2026

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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