AdUX: Revenue Down 5% in H1 2026, Cash Position Under Pressure
AdUX has published its first-half 2026 results marked by a limited 5% revenue decline and contraction in gross margin and EBITDA amid a downturn in the French programmatic advertising market. Despite strict operational cost management and maintenance of a positive net result, the group sees its operating cash flow turn negative and its debt ratio deteriorate.
Profitability Contraction in a Restructuring Market
The group recorded first-half revenue of 10.6 million euros, down 5% compared to 11.2 million euros in the same period of 2025. This decline is primarily explained by the contraction in international operations, notably in Belgium (-0.6 million euros) and Italy (-0.3 million euros), in a context of an unfavorable French market. According to the French programmatic barometer, the Display segment declined 13% and instream video fell 31% over the period, while digital audio and programmatic Digital Out-of-Home posted respective growth of 23% and 28%.
Against the backdrop of increased pricing pressure (video CPM down 44%), AdUX's gross margin contracted 13%, falling from 5.1 million to 4.4 million euros. Despite this erosion, the group contained the impact through a reduction in external purchasing costs (-0.3 million euros, to 1.6 million euros) and disciplined personnel expense management. EBITDA stands at 1.3 million euros versus 1.7 million in the first half of 2025, representing a 24% contraction in absolute terms. The EBITDA margin falls from 15.6% in the first half of 2025 to 12.4% in the first half of 2026.
Operating Cash Flow Turns Negative Despite Disciplined Approach
While the group maintained a positive net result of 0.3 million euros (compared to 0.8 million in H1 2025), operating cash flow turns negative. The net cash generated from operating activities stands at -1.244 million euros in the first half of 2026, against -0.229 million euros in the first half of 2025. This deterioration of approximately 1 million euros is primarily explained by an unfavorable change in working capital requirements (-2.3 million euros over the semester).
This deterioration is reflected in the group's financial structure. Cash on the balance sheet declines 92%, falling from 2.4 million to 0.2 million euros at semester end. Although the group attributes this decline to cash centralization within the Azerion group and placement of surplus funds, the impact on financial flexibility remains. Net debt stands at 8.2 million euros, of which 7.9 million euros relates to a factoring agreement. The net debt to EBITDA ratio deteriorates significantly, rising from 1.23x at end of December 2025 to 2.49x at end of June 2026.
France Shows Slight Growth and Focus on Higher-Margin Products
Contrary to European markets, France shows a slight revenue increase of 3% in the first half. The group positions this geography as its main resilience driver and will concentrate its commercial efforts on the Retail sector, deemed "in perfect alignment with our solutions". The group intends to pursue its policy of rigorous cost control and prioritize higher-margin products, notably performance marketing and drive-to-store, to preserve solid operating profitability in 2026.
For context, AdUX achieved revenue of 24.6 million euros in 2025 for EBITDA of 4.2 million euros, representing a margin of 17.1%: the first half of 2026, at 12.4% EBITDA margin, reflects a decline in profitability compared to this fiscal year. At 30 June 2026, the group's net debt stands at 8.2 million euros and the net debt to EBITDA ratio at 2.49x, compared to 1.23x at end of December 2025.
