Bilendi: Stable Revenue in Q3 (+0.6%), International Growth (+7%) Offsets Decline in France
Bilendi's revenue rose 0.6% to €21.1 million in the third quarter of 2026, but fell 0.3% at constant exchange rates. The "return to slight growth" highlighted by the group therefore applies to reported figures, the gap between the two measures being attributable to the currency effect.
Behind this near-stable total, two opposing trends offset each other. International operations, which account for 86% of sales, grew 7.0% (5.8% at constant exchange rates), while France declined 26.9% to €2.9 million, compared with a base of comparison that included billing for an exceptional contract in the third quarter of 2025.
Excluding the Exceptional 2025 Contract, Growth of Over 5% According to the Group
The decline in France is primarily explained by a base effect. In the third quarter of 2025, revenue generated in France had benefited from a one-off item amounting to more than €1 million, which had enabled it to grow 34% over the period.
According to the group's calculations, once this non-recurring amount is restated, activity would have shown slight growth in France in the third quarter of 2026, and growth of over 5% for the group as a whole. The decline reported in France therefore mainly reflects the comparison with an atypical quarter, rather than a decline of similar magnitude in underlying activity.
International Accelerates, France Remains Down Over Nine Months
The cumulative figures add nuance to the third-quarter picture alone. Over the first nine months of 2026, group revenue stood at €64.3 million, down 0.4% (down 0.5% at constant exchange rates).
International revenue reached €55.0 million, up 2.9% (2.8% at constant exchange rates), while France declined 16.5% to €9.3 million.
The third quarter, however, marked an acceleration in international activity. At the half-year results publication on October 5, 2026, the group reported a 1.1% increase in international sales and a 10.8% decline in France over the first half.
It then cited increased customer caution and longer decision-making cycles, particularly visible in the second quarter. The 7.0% rise in international revenue in the third quarter contrasts with this half-year pace.
Bilendi Anticipates Slight Organic Growth in the Second Half
In light of the third quarter and the "expected momentum towards year-end", Bilendi anticipates a return to slight organic growth in the second half of 2026.
The group also confirmed the objectives of its 2026-2030 strategic plan: revenue between €175 and €200 million by 2030, combined with an adjusted EBITDA margin above 25%.
To support this trajectory, the company relies on more than 4 million panelists, proprietary panels covering 44 countries, and a portfolio of over 2,700 clients. It highlights a self-service research platform market whose annual growth is estimated at 14.3% by ESOMAR, compared with 1.8% for the traditional panel market.
Bilendi intends to combine these assets with its automation and artificial intelligence technologies to broaden its offering and access new market segments. Over nine months, international operations remain the only growing segment, while France accounts for most of the decline in activity. The next publication, covering annual 2026 revenue, is scheduled for February 24, 2027, after market close.
