Bilendi: Stable revenue in first half 2026, adjusted net income down 62.5%
In the first half of 2026, Bilendi saw its revenue remain nearly stable while its cost base continued to grow, causing its adjusted results to decline more sharply than its activity. The group also reported a slowdown in the second quarter, following a better start to the year.
At the same time, operating cash flows are up and net debt has decreased year-on-year. The company confirmed the financial objectives for 2030 of its strategic plan and anticipates a return to slight organic growth in the second half.
Revenue of €43.2 million, adjusted EBITDA down 9.3%
Bilendi published its consolidated results for the first half of 2026 (unaudited data) on October 7, 2026. Revenue stood at €43.2 million, compared to €43.5 million a year earlier, a decline of 0.9% (0.6% at constant exchange rates). At the same time, adjusted personnel expenses increased by 0.9% to €17.0 million and other operating expenses by 1.6% to €18.0 million.
Adjusted EBITDA declined by 9.3% to €8.1 million, compared to €9.0 million in the first half of 2025. The corresponding margin fell from 20.6% to 18.8% of revenue, a decline of 1.8 percentage points. The group noted that this represents its second best historical performance for a first half.
Further down the income statement, adjusted depreciation and provisions increased from €3.73 million to €4.89 million. Adjusted operating income thus fell by 38.1% to €3.2 million, with a margin of 7.5% compared to 12.0%. After a financial result of -€1.3 million and the tax charge, adjusted net income attributable to the group stood at €0.9 million, compared to €2.4 million, down 62.5%.
International up, France down, operating cash flow at €5.0 million
The apparent stability of revenue masks distinct developments across regions. International, which now represents 85% of activity, increased by 1.1% to €36.8 million (+1.3% at constant exchange rates), with favorable performance in the United Kingdom, Italy, Nordic countries, the United States and Chile. France declined by 10.8% to €6.4 million, in a market where the slowdown was more pronounced in the second quarter.
Scope effects also played a role. The first half of 2025 included Netquest only from February 1, 2025: on a pro forma basis, activity was down 5.1% at constant exchange rates. Bilendi attributes this development to increased caution from certain clients and an extension of decision-making cycles, particularly in the second quarter.
On an accounting basis, before adjustments, operating income stood at €0.33 million and net income attributable to the group at -€0.91 million, compared to €4.96 million and €2.18 million respectively a year earlier. Among the adjustments applied, amortization of assets allocated during acquisitions reached €2.69 million for the half, compared to €0.27 million in the first half of 2025.
Operating cash flows increased by 9.3% to €5.0 million, compared to €4.6 million. Investments amounted to €5.2 million (€5.4 million a year earlier), devoted in particular to technological developments and enrichment of proprietary panels. As of June 30, 2026, available cash reached €6.8 million, compared to €10.4 million at December 31, 2025, and net debt stood at €47.7 million, compared to €52.4 million at June 30, 2025, a level virtually stable compared to end of 2025.
2030 objectives confirmed, slight organic growth targeted for second half
The group is continuing execution of its 2026-2030 strategic plan, presented in April, which aims to evolve its model centered on data collection and panels toward a global studies platform integrating proprietary data, software and artificial intelligence. According to ESOMAR estimates cited by the company, the panels market represents $2.3 billion with average annual growth of 1.8%, compared to $4.15 billion and 14.3% annual growth for the self-service studies platform market.
Since the start of the year, Bilendi has integrated new features of its BARI AI into Bilendi Discuss, launched Bilendi Text Coding Platform and deployed Ask BARI, presented in a press release of October 5, 2026. The group also continued the international rollout of BilendiUX and opened its third office in Germany in Munich, as announced in mid-September. It claims panels in 44 countries and more than 2,700 clients.
"Our priority is now to accelerate commercial adoption and monetization," declared Marc Bidou, CEO and founder. Given the momentum of recent months, Bilendi indicates that it should return to slight organic growth in the second half of 2026, and will publish its third quarter revenue on November 3, 2026. The group confirmed it targets revenue of between €175 and €200 million by 2030, associated with an adjusted EBITDA margin exceeding 25%, compared to 18.8% in the first half of 2026.
