Ctac: EBIT at -3.3 million euros in third quarter following default of Belgian client, loss expected in 2026
Ctac published on October 23, 2026 third-quarter accounts marked by two non-recurring charges. They brought EBIT to 3.3 million euros negative, whereas normalized EBIT (before exceptional items) remained positive at 0.4 million euros.
The IT services group listed on Euronext Amsterdam now expects to close fiscal year 2026 with a negative net result. It simultaneously presents its transformation program, conducted during the quarter, as the foundation for a recovery in earnings in 2027.
The heaviest charge stems from the default of a major client of its Belgian subsidiary, with the cost estimated at approximately 3.1 million euros. It occurs in a business environment that the company describes as more challenging, with postponements of major IT projects and a decline in personnel placement activity.
Revenue of 26.9 million euros and normalized EBIT of 0.4 million euros
Ctac's revenue declined in the third quarter of 2026, to 26.9 million euros. The company puts forward two explanations. On one hand, the uncertain geopolitical climate leads its clients to postpone major IT projects. On the other hand, personnel placement activities declined due to discussions surrounding the Wet DBA.
The group points to increased demand in two areas: artificial intelligence and cybersecurity. According to Ctac, some of its clients supported in AI integration are deriving concrete benefits, notably faster customer contact, improvement of their products and reduction of their costs. The company also indicates using AI to accelerate and optimize its own processes.
On the operational front, normalized EBIT, calculated before exceptional items, came in at 0.4 million euros positive. The group qualifies this as a slight improvement compared to the second quarter of 2026.
Charge of 3.1 million euros and transformation costs of approximately 0.6 million euros
The shift from positive normalized EBIT to published EBIT of 3.3 million euros negative is explained by two factors. The first is the default of a major Ctac Belgium client, which occurred during the quarter. The company estimates the loss at approximately 3.1 million euros, an amount presented as a non-recurring charge.
The second relates to the transformation program undertaken to adapt the organization to evolving demand. Headcount was adjusted both in the direct organization and in the indirect organization. These measures generated exceptional costs of approximately 0.6 million euros in the third quarter, and Ctac expects them to remain below 1.0 million euros over the full fiscal year.
The operating loss for the quarter relies on these two identified charges, while ongoing business remains slightly profitable at the normalized EBIT level. According to the company, the headcount measures aim at greater operational capacity and structural improvement in profitability.
Negative net result expected in 2026, recovery targeted for 2027
In light of the 3.1 million euro charge and transformation costs of approximately 0.6 million euros, Ctac anticipates a negative net result for fiscal year 2026. At the annual results published on March 4, 2026, the group had posted a net result of 3.6 million euros for fiscal year 2025, for revenue of 125.71 million euros and a dividend of 0.11 euros per share.
The consensus available on October 24, 2026, established on the basis of a single analyst, showed a forecast of 0.37 euros earnings per share for fiscal year 2026, whereas Ctac now anticipated a negative net result.
For 2027, management believes that the transformation program offers a significantly better outlook. It cites a substantially reduced cost base and increased demand for AI and security-related services as the foundations for a recovery in earnings. The negative net result announced for the current fiscal year stems directly from the identified charges.
