ISPD: Revenue up 18% in first half 2026, but gross margin declines
ISPD published its first half 2026 accounts on October 13, 2026. Activity is progressing, but growth was driven by lower-margin business lines: gross margin declines in absolute value despite revenue up 18%. The communications and marketing group, listed on Euronext Growth Paris, has reduced its current EBITDA loss. Net income, however, remains negative, with losses widening, and net financial debt has increased year-over-year.
Revenue up 18%, gross margin rate reduced to 29.7%
Over the first six months of 2026, ended June 30, ISPD's consolidated revenue stood at €71.9 million, compared to €61.0 million a year earlier, representing an increase of 18%. Pro forma net revenue, which reincludes media investments managed by ISPD but billed directly to clients by platforms, reached €81.1 million compared to €66.0 million, up 23% at constant exchange rates. According to the group, this growth was driven by new contracts, growth in B2M's e-commerce activity, Rocket PPC activity in Italy, and the impact of the World Cup in Mexico. The geographical breakdown of pro forma revenue shifted towards Latin America, which accounts for 36% compared to 33% in the first half of 2025, while the United States dropped from 34% to 31% and Europe remained stable at 33%. Gross margin declined by 3%, to €21.3 million compared to €21.9 million. The gross margin rate fell from 36.2% to 29.7% of revenue. The company attributes this decline to the increased weight of Digital Media Trading activities in Mexico.
Current EBITDA loss reduced, net loss increased to €2.5 million
Further down the income statement, cost control offset the decline in gross margin. Other operating expenses were reduced to €3.4 million compared to €4.6 million, while personnel costs remained virtually stable at €18.1 million compared to €17.9 million. Current EBITDA thus came in at -€0.2 million, compared to -€0.6 million in the first half of 2025, an improvement of 69% according to the group. Current operating income stands at -€1.3 million, compared to -€1.5 million. After €0.5 million in non-recurring items, operating income came to -€1.8 million, compared to -€1.5 million. Financial income, at -€0.7 million compared to -€0.5 million, further burdened the income statement, and consolidated net income came to -€2.5 million, compared to -€2.1 million a year earlier. At June 30, 2026, net financial debt reached €10.1 million, compared to €8.0 million at June 30, 2025. It comprises €12.9 million in financial debt (including €0.5 million related to IFRS 16 lease commitments) and €2.8 million in cash. Shareholders' equity amounts to €1.1 million.
Management expects a profitable second half
ISPD indicates that, given the seasonality of its business, it expects a profitable second half, driven by activity growth and continued cost control. In 2025, whose accounts were published on March 15, 2026, the group had posted a net income of €0.3 million. On September 25, 2026, ISPD had also clarified the exposure of its Mexican subsidiary Anagram, which accounts for 31.5% of revenue, to PepsiCo's decision to allocate its global media budget directly. The group has filed its 2026 half-year financial report with the Financial Markets Authority. The next publication, devoted to 2026 annual results and revenue, is scheduled for March 30, 2027 before trading. Until then, the most structuring element remains the stated objective of a profitable second half, following a net loss of €2.5 million in the first half of the financial year.
