Kerlink: Positive EBITDA in first half of 2026 thanks to cost control, net loss of 912 k€
The specialist in networks dedicated to Internet of Things published half-yearly accounts on October 22, 2026, whose improvement is primarily attributable to expenses. Other operating costs declined by 12%, to 3,151 k€, for nearly stable revenue of 7.3 M€ (+1%). The net result attributable to the group remains negative at -912 k€, burdened by an impairment of securities of 428 k€. According to the company, this loss essentially explains the decline in shareholders' equity, falling from 2 M€ at December 31, 2025 to 1.1 M€ at June 30, 2026, with net debt of 8.3 M€. Third quarter revenue up 5% and confirmation of a positive EBITDA target for the fiscal year complete the disclosure.
Gross margin at 43.7% and charges down 12% in first half
The gross margin rate stood at 43.7% in the first half of 2026, compared to 42.2% in the first half of 2025, a rise of 1.5 percentage points. In value, gross margin reached 3,190 k€, compared to 3,064 k€ a year earlier. The group attributes this increase to the evolution of the mix (higher contribution from services) as well as to procurement management and pricing policy, in a context of rising component costs. Services grew by 12%, to 1.2 M€, and represent 16.5% of revenue, compared to 15% in the first half of 2025. Other operating costs decreased by 0.4 M€, with personnel expenses remaining globally stable despite commercial recruitment undertaken in 2025. EBITDA thus came in at 39 k€, compared to -516 k€ a year earlier. After depreciation and amortization charges, operating profit stood at -357 k€, compared to -988 k€, an improvement of 0.6 M€. These accounts were subject to a limited review, with the report currently being prepared.
An impairment of 428 k€ weighs on net result and shareholders' equity
Below EBITDA, the financial result moved to -554 k€, compared to -141 k€ in the first half of 2025. It includes an impairment of 428 k€ on securities held by Kerlink in a non-consolidated company, with no impact on cash according to the group. Excluding this non-recurring item, the financial result is stable at -0.1 M€. The net result attributable to the group stood at -912 k€, compared to -1,133 k€ a year earlier. Excluding the impairment, it would have come in at -0.5 M€, according to the company. This loss brings shareholders' equity to 1.1 M€, against total financial debt of 10.6 M€, down 0.2 M€. Cash reached 2,341 k€ at June 30, 2026, compared to 2,273 k€ at end-2025. Operating cash flows amounted to 1,040 k€, compared to 589 k€, including 1,054 k€ from changes in working capital requirements. They financed increased research and development efforts, with capitalized production rising from 0.3 M€ to 0.6 M€. Current financial liabilities increased from 1.0 M€ to 1.9 M€, due to resumption of loan repayments starting end of first quarter 2027, following the maturity extension announced in October 2025.
Services up 64% in third quarter, positive EBITDA target confirmed
Third quarter 2026 revenue amounted to 3,526 k€, compared to 3,373 k€, up 5%. Services increased by 64%, to 711 k€, while equipment declined by 4%, to 2,815 k€. The "Smart Building & Industry" segment increased by 20%, to 2,080 k€, while "Smart Cities & Quality of life" (-8%) and "Smart Agriculture & Environment" (-23%) declined. This progress in smart buildings occurred as Kerlink presented on October 14, 2026 its new indoor gateways Wirnet iEdge and Wirnet iEdge+, intended for this market. By region, EMEA grew 4% and the Americas region 42%, while Asia-Pacific declined 46%, a decline the group links to an unfavorable base effect. Over nine months, revenue reached 10.8 M€, compared to 10.6 M€, a rise of 1.9%. Based on its recent commercial activity and order book, Kerlink targets for fiscal year 2026 revenue growth associated with positive EBITDA, following a half-year EBITDA of 39 k€. Full-year 2026 revenue will be published on January 28, 2027 after market close.
