Equasens: Revenue Up 7.3% in First Half, EBITDA Margin at 26.8%
Equasens published its first-half accounts on September 28, 2026, marked by revenue growth driven primarily by recent acquisitions.
On a comparable basis, activity grew by 1.4%, while operating margin improved and net cash strengthened. The publication comes one week after the fire that destroyed the subsidiary ASCA's site on September 21, 2026.
Revenue of €124.5M Driven by External Growth
Half-year revenue stood at €124.5M, up 7.3% compared to €116.0M in the first half of 2025. This growth stems primarily from acquisitions (Erevo, Novaprove and the DIS business assets), which contributed €6.3M, as well as the first effects of Segur Wave 2 (€0.6M).
On a comparable basis, activity grew by 1.4%. Annual Recurring Revenue (ARR) reached €111.1M on June 30, 2026, up 8.8%. The maintenance and subscription segment advanced 8.4% (4.7% on a comparable basis), while configuration and equipment sales remained stable at €47.0M (-0.3%). Software and services grew 24.9% as a result of external growth.
EBITDA and Current Operating Income Up 11.9%
Current EBITDA reached €33.3M, up 11.9%, bringing the EBITDA margin to 26.8% versus 25.7% in the first half of 2025. Current operating income grew proportionally to €23.7M, with an operating profitability rate of 19.0%, up 0.8 percentage points year-on-year.
According to the group, this improvement results from a favorable product mix, expense control (personnel costs up 1.4% on a comparable basis) and the accretive contribution of external growth, totaling 0.3 percentage points. Net income advanced 10.5% to €20.0M, and net income attributable to the group stood at €19.0M (+9.9%), representing basic earnings per share of €1.26 compared to €1.15 a year earlier.
Divisional performance was mixed. Pharmagest, which accounts for €89.0M in revenue, saw its current operating income advance 17.9% to €16.6M. Axigate Link grew 20.4% to €19.8M. E-Connect declined 17.4% to €6.2M, while Medical Solutions reported current operating income of -€0.2M versus €0.3M a year earlier, in connection with investments made in transforming offerings.
Net Cash at €93.2M and Segur Deployment Through 2027
Net cash stood at €93.2M on June 30, 2026, compared to €83.6M on December 31, 2025, an increase of €9.6M. Self-financing capacity generated by operations reached €33.1M, up €3.5M. A portion of cash flows was directed toward working capital requirements (change of -€11.5M), in connection with the buildup of equipment inventory to secure supplies.
Going forward, the group indicates it intends to capitalize on Segur Wave 2, whose deployment schedule extends through the first half of 2027, and to continue integrating artificial intelligence into its business software as well as its cloud health offering.
The next financial milestone is scheduled for October 29, 2026, with the publication of third-quarter 2026 revenue after market close.
