Hybrid Software Group: Stable Revenue Over Nine Months, EBITDA Down to €6.70M
Hybrid Software Group published on October 21, 2026 an unaudited activity update for the first nine months of 2026. The group's revenue is stable year-on-year at €39.94M compared to €40.01M, but EBITDA declined from €8.96M to €6.70M.
According to the group, the gap is explained by the absence this year of major license contracts in the Printing Software division, as well as investments in R&D and organizational development. At the same time, the Enterprise Software division recorded growth of 16% over nine months, driven mainly by two companies acquired in the third quarter of 2025.
Third Quarter: €13.53M in Revenue and 20% EBITDA Margin
For the third quarter alone, revenue came in at €13.53M, slightly up from €13.42M in the third quarter of 2025. According to Chief Executive Officer Mike Rottenborn, this is the highest of the year at this stage.
Quarterly EBITDA is down year-on-year at €2.77M (20% of revenue) compared to €3.52M (26%). Operating income fell from €2.53M to €1.61M, representing a margin of 12% versus 19%, and adjusted operating income from €2.13M to €1.44M (11% versus 16%).
Sequential reading is different: the EBITDA margin of 20% for the quarter compares to 15% for the first half of 2026, according to the executive. Over nine months, adjusted operating income reached €3.10M (8% of revenue), compared to €6.08M (15%) a year earlier.
Enterprise Software Growing, Printing Software Absent Major Contracts
Enterprise Software has become the group's leading division. Its revenue increased 17% year-on-year in the third quarter to €7.61M, and 16% over nine months to €22.07M. This growth comes primarily from Brandz and Conics, acquired in the third quarter of 2025: Brandz brings the Artflow illustration management platform for brand owners, Conics provides project management, integration capabilities and AI-based tools. The division's EBITDA in the third quarter at €1.86M exceeded its total for the first six months of the year.
Printing Software explains most of the profitability gap. Equipment manufacturers generally license Harlequin and Mako technologies for three to five years, and revenue from these contracts is largely recognized at signing. Several such agreements were concluded in the first nine months of 2025, including a contract extension worth €1.79M in the first half, and none have been concluded so far in 2026.
The division's revenue thus fell to €8.24M over nine months, compared to €11.12M, and its EBITDA to €0.48M, compared to €2.87M. In the third quarter, however, the division's EBITDA reached €0.36M, compared to €0.12M for the entire first half.
Printhead Solutions presents a reading that differs depending on the period considered. Over nine months, revenue is stable at €9.63M (compared to €9.79M) and EBITDA increased 14% to €2.48M, representing 26% of revenue versus 22%. The group attributes this increase to a broader customer base and reduced dependence on large, lower-margin customers. For the third quarter alone, the division shows €3.01M in revenue and €0.55M in EBITDA, compared to €3.32M and €0.87M a year earlier.
The Group Anticipates its Best Quarter by December
Mike Rottenborn indicated that the third quarter marked the beginning of a stronger second half of the year than the group anticipated in July. He expressed confidence in the group's prospects and expects the strongest quarter of the year is still to come.
This forecast comes with explicit caveats: it holds except for significant impact from US tariffs or other unfavorable macroeconomic or geopolitical surprises. The group had already adopted a confident tone in its report on fiscal year 2025.
After the first nine months, Hybrid Software Group reports revenue of €39.94M and EBITDA of €6.70M, representing 17% of revenue compared to 22% a year earlier.
