Lectra: Revenue Down 11% in Q1, but SaaS Grows by 14%
In the first quarter of 2026, Lectra recorded an 11% decline in revenue on a like-for-like basis, impacted by a tense geopolitical and commercial context and a drop in equipment sales. Concurrently, its recurring business is accelerating with SaaS subscriptions growing by 14%, while the accumulation of equipment orders indicates a significant rebound in the second quarter.
Revenue for the first quarter of 2026 amounted to 113.2 million euros, down 11% on a like-for-like basis. This contraction primarily stems from the non-recurring segment, which fell by 44% due to lower equipment sales. In contrast, recurring revenue grew by 1%, driven by a 4% increase in recurring contracts and particularly by SaaS subscriptions, which advanced by 14%. The ARR (Annual Recurring Revenue) stood at 100.6 million euros as of March 31, 2026, up 3% from December 31, 2025, corresponding to an annualized rate of 12%.
Operating Margin Contracted but Balance Sheet Remains Strong
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Current EBITDA reached 12.1 million euros in Q1 2026, down 31%. The current EBITDA margin was at 10.6%, down 340 basis points on a like-for-like basis compared to Q1 2025. Current operating income fell to 2.3 million euros (compared to 10.3 million in Q1 2025), while net income amounted to 0.5 million euros (compared to 5.8 million in Q1 2025). Free cash flow amounted to 8.9 million euros in the first quarter of 2026, compared to 17.7 million euros a year earlier. On the balance sheet side, the Group has equity of 365.6 million euros and net debt of 24.4 million euros as of March 31, 2026.
Sequential Rebound in Orders, 2026-2028 Guidance Confirmed
Equipment orders rose to 22.1 million euros in Q1 2026, up 11% compared to Q4 2025, driven by improvements in the automotive sector in Asia-Pacific. On a year-over-year basis, they fell by 21% on a like-for-like basis due to a high comparison base in Q1 2025, particularly in fashion and Asia-Pacific before the announcement of US tariffs. The equipment order book reached 24.6 million euros as of March 31, 2026, with about 80% expected to be delivered in Q2. This accumulation allows for the anticipation of a significant sequential rebound in equipment revenue in the second quarter. Lectra confirms its strategic roadmap for 2026-2028 with a target of increasing the current EBITDA margin by 120 to 180 basis points per year on a like-for-like basis, assuming that equipment orders and consumables revenue remain stable excluding inflation.
SectorLogiciels et services numériques›Logiciels d'entreprise
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 361,3 millions d'euros
Quarterly revenue: 361,3 millions d'euros
Revenue growth: -5,7 %
EBITDA: 57,1 millions d'euros
EBITDA margin: 15,8 %
Net income: 19,6 millions d'euros
Free cash flow: 36,4 millions d'euros
62,4 millions d'euros
Guidance from the release
« Dans un environnement de marché plus dégradé qu'anticipé, l'ARR SaaS et le chiffre d'affaires des contrats récurrents poursuivent leurs croissances. Celles-ci devraient néanmoins être inférieures, sur l'exercice 2026, aux trajectoires moyennes annuelles de la feuille de route 2026-2028, soit respectivement +15 % et +5 % à +8 % à données comparables. »
Risks mentioned
Chiffre d'affaires non récurrent en diminution de 21% à données comparables
Commandes d'équipements inférieures à 2025, reflétant la moindre contribution des activités cycliques
Croissances de l'ARR SaaS et du chiffre d'affaires des contrats récurrents attendues inférieures aux trajectoires 2026-2028
Opportunities identified
ARR atteint 106,5 M€ en progression de 8% à données comparables, proche de l'objectif 2028 de plus de 100%
Ratio de sécurité à 99% de couverture des frais fixes par la marge dégagée par l'activité récurrente, proche de l'objectif 2028
Impact structurel positif de 9,1M€ sur l'EBITDA courant permettant d'absorber l'impact conjoncturel négatif
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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.
