Glintt Global: Revenue Up 11% Over Nine Months, EBITDA Margin Down
For the first nine months of 2026, Glintt Global raised its consolidated revenue to €113.1 million, up 11%, while its EBITDA grew by only 1.3%, to €16.4 million. The EBITDA margin thus fell by approximately 1.4 points, to 14.5%, compared with nearly 15.9% a year earlier.
The Portuguese group, a provider of software and IT services for the healthcare sector, saw the increase in its gross margin largely absorbed by personnel costs.
Further down the income statement, the easing of financial charges lifted net income to €7.0 million, up 22.8%, and management stated that it is in line with its annual forecasts.
The increase in gross margin absorbed by personnel costs
Gross margin rose 12.6%, to €70.8 million, i.e. €7.9 million more, a pace slightly above that of revenue. The group attributes this trend to the consolidation of its operational optimisation policies. Operating expenses, however, grew faster than business activity.
Personnel costs increased 14.9%, to €45.9 million (+€5.9 million), and external supplies and services rose 18.9%, to €12.0 million. According to the press release, this increase reflects the strengthening of talent retention policies, training efforts and headcount growth linked to business expansion.
The board of directors also launched, as early as 2026, investments in an organisational transformation plan. This plan aims to prepare the group for artificial intelligence as well as for the requirements of the NIS2 directive and cybersecurity.
The Portuguese market and services drive growth
Growth concerned both geographic areas, with a difference in pace: revenue generated in Portugal rose 13.5%, compared with 6.6% internationally.
By type of revenue, services, which account for the bulk of activity, increased 12.5%, to €82.7 million, while sales rose 7.0%, to €30.4 million.
In Portuguese pharmacies, robotics and consulting remain the main contributors. In Spain, growth comes mainly from pharmacy software, as well as from pharmacy renovation and equipment, the latter up by more than 20%. On the hospital side, the group cites its Technology & Services and Data Intelligence offerings.
In consulting, Glintt NEXT benefited from the development of custom applications, driven in Portugal by the financial services and public sectors, and in Spain by telecommunications. In June, the group also increased its stake in Concep, a Spanish pharmacy architecture and design company, to 81.39%, by acquiring 30.39% of its share capital.
Financial charges down 41.1%, annual targets maintained
Below EBITDA, a 13.7% decrease in depreciation and amortisation, to €3.7 million, and a 21.5% decline in impairment losses enabled operating income to rise 8.8%, to €12.0 million.
Net financial charges fell 41.1%, to €1.3 million from €2.2 million, thanks to improved financing conditions, according to the group.
On the balance sheet, net debt stood at approximately €28.8 million at the end of September, up €1.8 million compared with 31 December 2025. Cash fell to €9.1 million from €14.9 million, following the payment in June of a €5.8 million dividend. The financial autonomy ratio stands at 44.7%, up 1.1 points over one year.
For the last quarter, management stated that it maintains “the conviction of growth in its main indicators, in line with the achievement of the targets set for this financial year”. Over nine months, profit growth therefore relies more on the bottom of the income statement than on EBITDA, which was held back by investment in headcount and transformation.
