Equasens: €181.8M in revenue over nine months, organic growth at 0.9%
Equasens published revenue of €181.8M for the first nine months of the year on October 29, 2026. Of the €9.6M increase, €7.4M came from the integration of EREVO, NOVAPROVE and the DIS business, which brings growth down to 0.9% on a like-for-like basis.
The third quarter illustrates this gap: revenue rose 2.0% on a reported basis to €57.3M, but fell 0.2% organically. At the same time, maintenance and subscriptions grew 7.0% over the quarter, an entirely organic increase according to the company.
Nine months at €181.8M, of which €7.4M came from acquisitions
Organic growth slowed over the year: +2.9% in the first quarter, 0.0% in the second, then -0.2% in the third. The Ségur programme (wave 2) contributed €0.8M over nine months, an amount the group excludes from its like-for-like growth because it considers it outside the normal course of business.
By type of revenue, maintenance and subscriptions reached €84.1M (+7.9%), including €1.9M contributed in the first half by NOVAPROVE and the DIS business. Software and services rose 20.2% to €30.0M, driven by the integration of EREVO.
Conversely, sales of systems and equipment fell 2.3% over nine months to €67.7M, and 6.5% in the third quarter alone. Pharmagest posted a 1.8% increase in this category, while E-Connect's mobility solutions recorded a decline of €2.6M.
Pharmagest and Axigate Link support organic activity
Pharmagest, the group's leading division, grew 3.1% to €130.5M, entirely organically, and 2.1% in the third quarter to €41.5M. France remains the largest contributor (€113.1M, +3.6%), while Italy is accelerating: +6.6% over nine months and +12.3% in the third quarter alone, to €3.6M.
Germany (€4.1M, -11.2%) and Belgium (€1.6M, -13.2%) are declining. According to the company, the incident that occurred on September 21, 2026 at the group's headquarters and storage site had no impact on activity in the quarter.
Axigate Link grew 16.1% on a reported basis and 3.9% on a like-for-like basis, to €29.4M, with organic growth of 6.1% in the third quarter. The hospital segment reached €7.2M (+81.8%), including 22.7% growth on a like-for-like basis.
Medical Solutions rose 60.9% on a reported basis, to €11.9M, but fell 6.8% on a like-for-like basis. EREVO's digital training offering generated €5.0M over nine months, including €1.1M in the third quarter, a period traditionally quieter for this market.
E-Connect (€8.7M) declined 23.4%, with demand from healthcare professionals remaining weak according to the group, and Fintech fell 17.2% to €1.2M.
Ségur wave 2 deployments expected in the fourth quarter of 2026
The group expects the start of Ségur wave 2 deployments in the fourth quarter of 2026 in the Axigate Link and Medical Solutions divisions. Certifications have been obtained for the hospital segment, while Medical Solutions' features are currently being certified. The expected acceleration remains subject to the regulatory timetable of each segment.
In Germany, the first sales of the new pharmacy software are expected in the second quarter of 2027. The group is also continuing to integrate artificial intelligence into its software and to develop its SaaS offering, with the aim of strengthening its annual recurring revenues over time.
The two analysts tracked had expected an average of €60M for the third quarter, compared with €57.3M reported. For the year, consensus stands at €254M, compared with €236.5M achieved in 2025. Annual revenue will be published on February 4, 2027.
Over nine months, maintenance and subscriptions, at €84.1M (up 7.9%), constitute the group's largest revenue item.
