Linedata: Revenue down 4.8% in first half, organic growth of 0.5% in Q2
Linedata published interim results on September 9, 2026 showing a decline, which the group attributes to lower activity volume compared to the first half of 2025, prior to the August 2025 cyber incident, and non-recurring costs. Organic decline of 1.3% over the half-year masks organic growth of 0.5% in the second quarter, while order intake advances by 23.4%.
Revenue of €82.4 million and net income of €7.5 million
For the first half of 2026, the provider of asset management and credit solutions achieved revenue of €82.4 million, compared with €86.6 million a year earlier, a decline of 4.8% on a reported basis. On a comparable basis, revenue fell by 1.3%. EBITDA stood at €17.0 million (20.6% of revenue), down €1.6 million from €18.6 million in the first half of 2025 (21.5% of revenue). Operating profit reached €10.4 million (12.6% of revenue), down 15.3%. Net income amounted to €7.5 million, representing 9.1% of revenue, compared with €8.0 million (9.3%) in the first half of 2025, a decline of 6.7%.
Decline in personnel costs, increase in cyber attack-related fees
Over the half-year, the main expense items evolved in opposite directions. Personnel costs came to €39.6 million, down €7 million, mainly due to restructuring measures taken in 2025 and an increase in capitalized R&D. Conversely, purchases and external charges increased by 19.9% to €23.6 million, due to higher consulting fees and IT services related to the cyber attack, as well as one-off commercial costs. The financial result improved to -€0.5 million, compared with -€1.5 million a year earlier, thanks to reduced debt interest and net currency gains. By segment, the EBITDA margin rate for Asset Management fell from 17.6% to 14.0%, while that for Lending & Leasing rose from 29.0% to 32.0%. The recurring portion of revenue reached €66.1 million, or 80.2% of total revenue, compared with 78.5% in the first half of 2025.
Return to organic growth in second quarter and net debt declining
The group indicates a gradual recovery in activity during 2026 following the August 2025 cyber incident, with organic growth of 0.5% recorded in the second quarter of 2026. Order intake is advancing, with bookings of €28.8 million over the half-year, up 23.4% compared with the same period in 2025, driven in particular by contract renewals. On the balance sheet, net debt stood at €59.9 million at the end of June 2026, down €7.2 million from the end of December 2025, and represents approximately 1.9 times EBITDA on a 12-month rolling basis excluding IFRS 16 effects. Shareholders' equity stood at €118.8 million, compared with €120.6 million at the end of December 2025. For the second half of 2026, Linedata indicates its intention to pursue efforts to consolidate the organic growth observed in the second quarter. The next publication, covering third quarter 2026 revenue, is scheduled for October 27, 2026 after market close.
