Facephi lowers its 2026 revenue target to €32.5 million, from €46.2 million
The Spanish facial biometrics specialist has revised its four 2026 forecast indicators, including normalised EBITDA and free cash flow. It attributes this adjustment mainly to the evolution of its contract model, which is spread out over a longer period, while maintaining its strategic plan.
2026 revenue and normalised EBITDA revised downward
Facephi updated its projections for the current financial year on 30 October 2026. They were approved the same day by its board of directors and published along with the consolidated interim accounts for the first half ended 30 June 2026.
The Alicante-based group, listed on BME Growth and on Euronext Growth Paris, now targets revenue of €32.5 million in 2026. The previous target was €46.2 million. The new figure is also below the €36.0 million achieved in 2025, according to the audited accounts for the financial year.
Normalised EBITDA follows the same trend. It is expected at €7.4 million, compared with €11.0 million in the previous forecast and €10.4 million in 2025. The company calculates it from operating income, to which it adds depreciation and amortisation, impairment charges from prior years and redundancy payments.
Management acknowledges that these estimates reflect a more moderate level of activity than that assumed in the projections published as inside information on 30 October 2025. It nevertheless specifies that this revision does not change its strategic plan “Sustainable Growth and Cash Flow Generation”.
This plan remains focused on the quality, recurrence and visibility of revenues. It also aims to preserve profitability and consolidate sustainable cash generation.
The shift towards usage-based contracts spreads out revenue
The company explains the adjustment to its 2026 revenue by several factors. The main one cited is a lower expected contribution from contracts signed under a multi-year pre-purchase model, compared with previous years.
In parallel, Facephi notes a growing trend towards contracts signed on a pay-after-consumption basis, under a software-as-a-service (SaaS) model. This shift changes the pace at which contractual amounts are converted into recognised revenue.
Pre-purchase contracts continue to form part of the group’s commercial activity. Their average duration is close to two and a half years. However, current contractual terms provide for a more gradual allocation of amounts over the entire duration of the contracts.
This allocation mechanically reduces the portion of these agreements recognised in 2026 alone. The effect therefore concerns the timing of revenue recognition rather than the existence of the contracts themselves, according to the explanations provided by the company.
This mechanism sheds light on the revision of the revenue target. It is in line with the objective stated in the strategic plan of strengthening the recurrence and visibility of revenues, which management presents as unchanged.
Expected positive free cash flow, net debt of €4.1 million
Facephi expects positive free cash flow of €0.9 million in 2026, compared with €4.3 million in its previous projection. In 2025, this indicator was negative at €2.4 million. The company defines it as the cash generated by its operating and extraordinary activities over the period.
Net financial debt is now expected at €4.1 million at the end of the financial year, compared with €2.8 million previously forecast and €5.1 million at the end of 2025. It corresponds to bank debt less available cash.
According to the group, this cash generation extends the strategy launched in 2024, which combines growth and sustainable cash production. With the reduction in financial debt compared with June 2025, it contributes, in its view, to gradually strengthening its financial structure.
On 15 October 2026, the company informed the market of the admission of a €20 million commercial paper programme on the Marché alternatif de revenu fixe. On 23 October 2026, it had indicated that its 2025 accounts would not be modified following the ICAC’s opinion.
