Infotel: revenue up 10.1% over nine months, annual targets confirmed
Infotel published on October 28, 2026 revenue of €238.2 million over the first nine months of the fiscal year, up 10.1%. This pace exceeds the annual growth target of 9.5%, which the group has confirmed, as well as its target for current operating margin (excluding free share grants) above 9%.
The quarterly trajectory is consistent: growth increased from 8.6% in the first quarter to 10.4% in the second, then to 11.3% in the third, reaching €77.9 million. This acceleration is driven by Services, while the Software business declined during the period after a record first half.
Services up 12.6% in the third quarter
The Services activity, which constitutes the bulk of the group's revenues, achieved revenue of €74.3 million in the third quarter of 2026, compared to €65.9 million a year earlier, representing growth of 12.6%. Over nine months, it reached €223.5 million, up 8.8%.
According to the company, this change is driven in particular by the Banking & Finance sector, which represents 45.4% of Services revenue as of September 30, compared to 41.9% the previous year. The group notably cites the win of several projects at Arkea integrating its artificial intelligence expertise.
The Services-Transport sector accounts for 19.4% of Services revenue, compared to 18.9% a year earlier. The Industrial sector's share is down at 19.2%, compared to 23.4% in the same period of 2025, although Infotel indicates it is maintaining its positions with its major customers in the sector.
The Insurance Retirement and Public Administration sectors are virtually stable, at 11.8% and 4.2% of Services revenue respectively. In Insurance, the group presents the gradual ramp-up of projects conducted notably with Covea and IMSA as a growth driver for the coming quarters.
3,642 employees and an intercontract rate of 1.9% in the third quarter
Over the first nine months, Infotel realized 381 gross recruitments, bringing its workforce to 3,642 employees. The intercontract rate (share of consultants without assignments) improved to 1.9% in the third quarter and to 2.3% for the year.
The group also launched a recruitment program for young engineers trained in artificial intelligence tools, which it presents as a major axis of its development. The upskilling of its employees on client assignments continues in order to accelerate the deployment of its offerings incorporating AI.
Its subsidiary Altanna has doubled its activity volume since its integration into the group and now has 110 employees.
The Software activity, more volatile, recorded revenue of €3.6 million in the third quarter, compared to €4.0 million a year earlier (a decline of 9.5%), after a record first half. Over nine months, it reached €14.8 million, up 33.3%.
IBM royalties amounted to €1.4 million for the quarter. In a market environment that the company describes as demanding for airlines, the Orlando suite, dedicated to aircraft technical documentation, posts revenue with slight increases and signed a new reference with Carpatair.
2026 growth target of 9.5% confirmed
Given the performance recorded since the beginning of the year and its visibility through the end of the fiscal year, Infotel has confirmed for 2026 revenue growth of 9.5% and a current operating margin (excluding free share grants) above 9%.
When publishing 2025 results on May 12, 2026, the group reported annual revenue of €294 million. Prior forecasting data provided indicate expected revenue around €322 million for 2026. The confirmed target is in line with this trajectory.
In the longer term, Infotel is pursuing its 2030 strategic plan, which targets revenue of approximately €500 million at that horizon, combining organic and external growth, with a current operating margin target of around 10%.
Full year 2026 revenue will be published on January 27, 2027, after stock exchange close. At the end of September, the cumulative growth of 10.1% is above the annual target of 9.5%.
