IT Link: Revenue Down 3.7% in Q1, Annual Targets Maintained
IT Link reported a revenue of 21.03 million euros for the first quarter of 2026, a 3.7% decrease year-over-year. The activity rate hit a low at 89.9%, due to delays in the start of major projects. Despite the downturn, the management maintains its confidence with unchanged targets: annual growth between 1% and 3%, and a current operating result around 6%.
The group's revenue amounted to 21.03 million euros, contracting by 3.7% compared to Q1 2025 (21.83 million). At constant exchange rates, the decline is 3.4%. The activity rate, a key indicator in the digital services sector, stands at 89.9% in Q1 2026 versus 92.4% a year earlier. This deterioration primarily reflects a lag between order intake and the actual start of several significant projects for the group. France (including Morocco), which accounts for over 80% of the total productive workforce, records a 2.9% decline. Conversely, IT Link Canada shows a revenue growth of 10.8% (+14.2% at constant exchange rates). The international segment as a whole fell by 7.1% (−5.6% at constant exchange rates), hampered by a reduction in public orders in Quebec at the subsidiary Ciao.
Solutions Activities Impacted by Exchange Rate Effects, Services Down by 3.9%
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By activity type, service provisions (which make up the majority of the portfolio) fell by 3.9% to 18.56 million euros. Solutions activities (fixed-price developments and license sales) show a decrease of 1.8% to 2.47 million. This segment is particularly sensitive to exchange rate fluctuations due to the growing share of Ciao's Digital Studio and Accessibility offerings. Adjusted for exchange rate impact, this activity shows a much more moderate contraction of 0.6%. In terms of human resources, the group records positive dynamics: the number of employees reached 898 on March 31 (+18 net recruitments for the quarter), and the total productive workforce (including subcontracting partners) rose to 924 consultants compared to 905 a year earlier, confirming alignment with the growth trajectory planned for 2026.
Management Reaffirms Outlook for Return to Growth
IT Link confirms its ambition for a return to growth in the second quarter, supported by commercial successes recorded in Q1 which will materialize starting from Q2. The group maintains its target of a revenue increase between 1% and 3% for the year 2026. Management also aims for an improvement in profitability, with a current operating result around 6% for the fiscal year. However, management remains cautious about the uncertain macroeconomic and geopolitical contexts.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 41,9 millions d'euros
Quarterly revenue: 41,9 millions d'euros
Revenue growth: -0,9 %
EBITDA: 1,5 millions d'euros
Net income: 0,6 millions d'euros
-7,1 millions d'euros
Guidance from the release
« Compte tenu de la bonne performance commerciale depuis le deuxième trimestre, […] la direction envisage un résultat opérationnel courant entre 7 et 8% sur le second semestre. Sur l'année, la rentabilité est désormais attendue autour de 5%. La direction reste attentive aux contextes macroéconomiques et géopolitiques toujours incertains. »
Risks mentioned
Chiffre d'affaires semestriel en léger recul de -0,9% par rapport au S1 2025
Activités solutions tardent à redémarrer en lien avec l'attentisme du secteur public
Rentabilité du S1 fortement impactée par l'intercontrat sur les premiers mois de l'année
Opportunities identified
Bonne dynamique commerciale permettant de combler le retard du T1 et d'envisager le S2 avec optimisme
Effectif productif global atteignant 937 consultants contre 909 un an plus tôt
Objectif de résultat opérationnel courant autour de 6% sur l'année 2026 confirmé
Outlook / guidance
Management commentary: « La direction confirme son objectif de chiffre d'affaires en croissance entre 1,5 et 2,5% par rapport à l'exercice 2025. »
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.
