Infotel Raises 2026 Target Following 9.4% Revenue Growth
Infotel published its first-half 2026 financial statements on September 23, 2026, marked by revenue growth and improved operating margin.
Based on this performance, the group raised its annual growth target, previously set at over 5%, to the level achieved in the half-year, namely 9.5%.
Revenue of €160.3m, Driven by Acceleration in the Second Quarter
Consolidated revenue stood at €160.3m in the first half of 2026, up 9.4% compared with €146.4m in the first half of 2025. Momentum strengthened during the period: after growth of 8.6% in the first quarter, growth reached 10.4% in the second quarter.
Services activity grew by 7.0% to €149.2m, with confirmed anchoring in the Banking/Finance sector, which represents 45.4% of Services revenue. Services/Transport accounts for 19.8% of this activity, ahead of Industry (19.3%).
Software activity posted revenue of €11.1m, up 57.6%, including an estimated amount of €2.04m for IBM royalty adjustments. At constant scope, excluding the contribution of Sesin integrated since January 1, 2026, growth reached 37.8%. IBM royalties amounted to €5.58m, compared with €3.13m a year earlier, driven by sales realized in the United States.
Operating Margin at 9.2%, Up 1.5 Points
Current operating income excluding share awards stood at €14.6m, representing a margin of 9.2% of revenue, up 1.5 points compared with the first half of 2025. After accounting for share awards, current operating income rose 31.7% to €13.3m, with the margin reaching 8.3% compared with 6.9% a year earlier.
Net income attributable to the group stood at €11.7m, up 138.8%, representing a net margin of 7.3%, up 4 points over one year. Financial income improved from -€4.7m to +€1.5m from one half-year to the other.
The intercontract rate stood at 2.6% on average over the half-year, compared with 3.6% in the first half of 2025. Headcount reached 3,581 employees at the end of the period, compared with 3,210 a year earlier, following the integration of 215 new employees.
Annual Growth Target Raised to 9.5% and Operating Margin Targeted Above 9%
Infotel raised its growth target for fiscal year 2026. While the group had previously anticipated annual growth above 5%, it now aims for revenue growth at the level of the first half, namely 9.5%. The group has also set a target for current operating margin (excluding share awards) above 9% for the fiscal year.
Over the longer term, the group continues to execute its 2030 strategic plan, which targets revenue of approximately €500m, combining organic and external growth, coupled with a current operating margin of around 10%.
As of June 30, 2026, the financial structure comprises a total balance sheet of €231.9m, including €118.7m of equity attributable to the group. The group presents no financial debt and has cash of €94.3m, compared with €109.6m as of December 31, 2025, following the payment of dividends for fiscal year 2025. Publication of third-quarter 2026 revenue is scheduled for October 28, 2026, after market close.
