Equasens: Half-yearly Revenue of €124.5M (+7.3%), Organic Growth of 1.4%
Equasens published a half-yearly revenue of €124.5M, up 7.3% on a reported basis, supported primarily by acquisitions (€6.3M). Organic growth remains moderate at 1.4%, revealing divergent trajectories within the group: Pharmagest and Axigate Link are progressing, while E-Connect and Fintech are recording significant organic declines.
Half-yearly Growth Driven by Integrated Acquisitions
The group achieved revenue of €124.5M in the first half of 2026, up 7.3% on a reported basis.
However, this progression masks a more contrasted reality: of the €8.5M increase, €6.3M comes from external growth (integration of Erevo, Novaprove and the DIS business line) and €0.6M from the Ségur Wave 2 program. Organic growth stands at 1.4%, or €1.7M.
Annual recurring revenues (ARR) progressed 8.8% to reach €111.1M on 30 June 2026. Maintenance and subscriptions, the group's historical engine, increased 8.4% to €55.7M, with an organic component of 4.7%.
Software solutions and services progressed 24.9% to €21.7M, driven notably by the integration of the Erevo business (+€3.9M).
Pharmagest Progresses, Other Divisions Decline
Pharmagest, which represents 71.5% of consolidated revenue, progressed to €89.0M (+3.6%), entirely driven by organic growth.
In France, the momentum stands at +4.3%, driven by software innovations (prescription automation, data security, electronic invoicing) and equipping pharmacies with electronic labels. Italian expansion continued (+4.3% to €8.1M), with a strong second quarter (+7.9%), driven notably by the new European pharmaceutical serialization regulation and the para-pharmacy sector (+42.4%).
Conversely, E-Connect recorded an organic decline of 17.4% to €6.2M, penalized by the decline in the mobility solutions market (−32.9% in H1, −29.3% in Q2 alone) in a context of weak demand from healthcare professionals. Fintech also declined 13.5% to €0.9M, in a financing market that remained unfavorable.
Medical Solutions, despite its acquisition of Erevo and the success of its new virtual classroom offering (representing 75% of Erevo's business), saw its comparable scope decline 8.9%, a consequence of a restructuring of its distribution network.
Ongoing Integrations and Ségur Referencing as Priority
Axigate Link recorded the strongest relative growth at 20.4% on a reported basis (+2.7% organic) to €19.8M, benefiting from the integration of Novaprove and the DIS business line.
The Hospital division progressed 133.2% driven by the acquisition of the ResUrgences software and healthcare management components (DIS), while the Home Care division (+15.1%) remains dynamic with the start of the Ségur Wave 2 program.
For the second half of 2026 and beyond, the group prioritizes the deployment of Ségur Digital Health referencing (strategic priority mobilizing a significant portion of R&D capacity) and the integration of artificial intelligence into its business software to automate complex processes and consolidate recurring revenues on a European scale.
