Sidetrade: +60% in New Subscriptions in Q1, But a Caveat Remains
Sidetrade regains its commercial momentum in the first quarter of 2026, driven by a 60% surge in new subscriptions and a 21% increase in revenue. However, the organic growth rate of the subscription segment is only 8% on a like-for-like basis, revealing the lingering effects of 2025's weakness on the recurring revenue portfolio.
Strong Performance in New Contract Acquisitions
Sidetrade's order intake reached 3.70 million euros in Annual Contract Value (ACV) in the first quarter of 2026, up 34% compared to the same period in 2025 (2.77 million euros). This rebound is primarily due to new subscriptions, with order intakes jumping to 2.05 million euros from 1.28 million euros in Q1 2025, an increase of 60%. This performance matches the levels of the two best quarters of 2024 (2.1 million euros in Q2 and 2.09 million euros in Q4) and already accounts for 47% of the new subscriptions signed throughout 2025. Service order intakes grew more modestly by 11%, reaching 1.65 million euros. A notable fact this quarter: the average initial commitment duration of new clients reached 52.5 months, significantly exceeding the industry average of 24 to 36 months. Expressed in Total Contract Value (TCV), this dynamic translates into a 135% increase in new subscription contracts to 7.91 million euros, already surpassing the volume of the first half of 2025 (6.36 million euros).
Diverse Growth Avenues in Q1 2026
The triple movement observed in the composition of Q1 2026's order intakes illustrates several simultaneous growth avenues. Cross-selling to new entities within existing client groups accounts for 54% of the total, with notable deployments such as Sodexo in Brazil and Asia-Pacific, or Suez's extension to its Water division. New clients (New Business) constitute 33% of the orders, driven by contracts with Accor Group in the Middle East and Asia-Pacific, as well as Sonepar in the USA. Sales of additional modules (UpSell) complete the picture with 13%. Concurrently, the launch of Aimie Agents dedicated to autonomous telephone follow-up validates the group's technological innovation: following Securitas France in Q4 2025, 24 additional agents were ordered in Q1 by multinationals. The indirect sales strategy also begins to show its first successes, with about 35% of new subscription order intakes initiated or influenced by the partner network.
Robust Revenue Growth in Q1 2026
Sidetrade's consolidated revenue reached 16.8 million euros in Q1 2026, up 21% at constant exchange rates (+17% in reported data). Revenue from subscriptions, which account for 91% of the total, grew by 27% at constant exchange rates (+23% in reported data), reaching 14.9 million euros. This growth is supported by the integration of ezyCollect by Sidetrade, which extends the group's presence to the Asia-Pacific region and the SME segment. On a like-for-like and constant exchange rate basis, organic subscription growth stands at 8%, confirming, according to the group, the resilience of the portfolio despite the weak order intake in 2025. International expansion accelerates, with 72% of subscription revenue generated outside of France. On the shareholder front, two American investment firms strengthened their positions during the quarter: Briarwood Chase Management crossed the 10% ownership threshold in March, while Mission Trail Capital Management established a 5.39% stake. American institutional investors now represent over 31% of the floating capital, citing the proprietary Data Lake and the group's native AI positioning among their reasons for investment.
