Dékuple Advances in Q1, Driven by Digital and International Growth Despite Setback in France
Dékuple reports a first quarter of 2026 with revenue growth (+5.0%), but this performance masks a mixed reality. The European Communication and Data Marketing group benefits from a notable acceleration in its international business (+50.0%) and the robustness of Digital Marketing (+8.2%), a direct reflection of its Ambition 2030 plan. Conversely, the French market remains sluggish (−2.9%), while the Magazines sector continues to experience the structural contraction of its industry. For investors, the message is clear: Dékuple is gradually reshaping its growth profile towards Europe and digital, albeit at the cost of increasing dependence on the success of its international expansion.
Digital Marketing and International Accelerate, France and Magazines Slow Down
In the first quarter of 2026, Dékuple's revenue reached 61.2 million euros, up 5.0% from the same period in 2025 (58.3 million). Net income increased to 45.3 million euros (+2.4%). However, sector trajectories differ significantly. Digital Marketing remains the main driver, with a net revenue of 28.0 million euros (+8.2%), including 1.0 million euros from scope effect (integrated acquisition). On a like-for-like basis, organic growth stands at +4.5%. This performance is based on two pillars: the Consulting and Technology division (Converteo) reported 11.9 million euros (+3.4%), while Agencies and Solutions advanced to 16.1 million euros (+12.0%), including 1.0 million euros from perimeter integration. Magazines generated a net revenue of 15.2 million euros, down 6.9%. The group acknowledges a 'structurally contracting' market but now focuses its investments on profitable segments and recurring revenue. The Insurance activity remains stable at 2.0 million euros (+2.5%).
International Scales Up, France Struggles
The geographical distribution of net revenue reveals the strategic shock of the group. In France, net revenue stands at 38.7 million euros, down 2.9% (−0.2 million euros from scope effect related to the deconsolidation of Grand Mercredi since April 2025). On a like-for-like basis, the organic decline is −2.4%. Internationally, however, net revenue surged to 6.6 million euros, showing a very strong increase of 50.0%. Organic growth remains solid at +22.4%, boosted by the acquisition of the agency After in Spain (1.2 million euros from scope effect since May 2025). The international share of net revenue now stands at 14.6%, up from 9.9% a year earlier. This geographic pivot embodies the group's announced shift towards a multi-local model combining local anchorage and international support capacity.
Ambition 2030 Confirmed, Confidence Expressed Despite French Doubts
The group 'approaches the coming quarters with confidence' while recognizing that the environment 'remains contrasted, particularly in France'. The President notes a 'gradual improvement in commercial dynamics', especially in consulting, agencies, and solutions, after a start of the year marked by 'commercial hesitancy'. As part of its Ambition 2030 plan, Dékuple continues to focus on three axes: the ramp-up of digital and international activities, the industrialization of marketing performance around the convergence of data-technology-artificial intelligence-creativity, and the development of high-value-added recurring revenues. The general assembly is scheduled for June 19, 2026. The group remains 'attentive to external growth opportunities', suggesting a possible medium-term consolidation to cement its European leadership in communication and data marketing.
