IT Link: Stable Revenue in First Half 2026, but EBITDA Declines 48.5%
IT Link Group published its results for the first half of 2026 on September 24, 2026. The digital services company specializing in connected systems reports virtually stable revenue, while its margins contracted over the period.
At the same time, net cash strengthened and management confirmed its growth target for the fiscal year, relying on an improvement in its activity rate in the second half.
In the first half of 2026, IT Link recorded revenue of €41.89 million, down 0.9% compared to €42.29 million in the first half of 2025 (-0.5% at constant exchange rates).
EBITDA stood at €1.46 million, compared to €3.00 million one year earlier, representing a decline of 48.5%. As a percentage of revenue, it represented 3.5% compared to 7.1% in the first half of 2025, a decline of 3.6 percentage points.
Operating income came in at €0.74 million (1.8% of revenue), compared to €2.19 million (5.2%) one year earlier. Net income stood at €0.60 million, down 59.1% from €1.47 million in the first half of 2025.
Decline in Profitability Explained by Several Identified Factors
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Management details the components of the EBITDA decline. The decrease in the average activity rate over the half-year accounted for 1.5 percentage points of EBITDA, while a specific deviation on projects within the France Solutions business represented 1.1 percentage points.
Added to this are a reduction in the R&D tax credit base (0.4 percentage points), the end of revenues related to a real estate lease in the Île-de-France region (0.3 percentage points), and exceptional production penalties for Ciao (0.2 percentage points).
At the same time, the group's net cash position as of June 30, 2026 stood at €7.1 million (excluding IFRS 16 lease debt), compared to €3.8 million at December 31, 2025. A dividend of €0.50 per share, voted by the General Meeting on June 25, 2026, was paid on July 8 for a total amount of €0.85 million.
Growth Target Confirmed, Annual Profitability Expected Around 5%
Management confirms its objective of revenue growth between 1.5% and 2.5% compared to fiscal year 2025.
It is based on commercial performance since the second quarter, the growth in productive staff (over 950 consultants to date, compared to 937 on June 30 and 909 one year ago) and a return to an activity rate above 92.5%. On this basis, management expects operating income between 7% and 8% in the second half.
For the full year, profitability is now expected around 5%. The group notes it remains attentive to uncertain macroeconomic and geopolitical contexts. IT Link will publish its third quarter revenue on November 12, 2026.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 41,9 millions d'euros
Quarterly revenue: 41,9 millions d'euros
Revenue growth: -0,9 %
EBITDA: 1,5 millions d'euros
Net income: 0,6 millions d'euros
-7,1 millions d'euros
Guidance from the release
« Compte tenu de la bonne performance commerciale depuis le deuxième trimestre, […] la direction envisage un résultat opérationnel courant entre 7 et 8% sur le second semestre. Sur l'année, la rentabilité est désormais attendue autour de 5%. La direction reste attentive aux contextes macroéconomiques et géopolitiques toujours incertains. »
Risks mentioned
Chiffre d'affaires semestriel en léger recul de -0,9% par rapport au S1 2025
Activités solutions tardent à redémarrer en lien avec l'attentisme du secteur public
Rentabilité du S1 fortement impactée par l'intercontrat sur les premiers mois de l'année
Opportunities identified
Bonne dynamique commerciale permettant de combler le retard du T1 et d'envisager le S2 avec optimisme
Effectif productif global atteignant 937 consultants contre 909 un an plus tôt
Objectif de résultat opérationnel courant autour de 6% sur l'année 2026 confirmé
Outlook / guidance
Management commentary: « La direction confirme son objectif de chiffre d'affaires en croissance entre 1,5 et 2,5% par rapport à l'exercice 2025. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
