Klarsen: Revenue divided by more than two in the first half, net loss of 555 k€
The Bordeaux-based data marketing group saw its half-yearly revenue fall from 2.72 M€ to 1.13 M€. The half-year was marked by litigation related to the vendor credit granted during the acquisition of ITL and by the opening of a judicial reorganization procedure targeting this subsidiary.
The settlement agreement concluded after closing changes the reading of the financial year: according to the company, the exceptional income resulting from it will alone offset the half-year loss. Klarsen published on October 22, 2026 its unaudited consolidated accounts for the first half, closed on June 30, and indicated that its new development sequence will require additional financial resources.
Revenue of 1.13 M€ and negative EBITDA of 0.56 M€
Consolidated revenue was 1,128 k€, compared to 2,718 k€ in the first half of 2025. Gross margin fell to 416 k€, compared to 1,347 k€, and its rate fell to 36.9% of revenue, compared to 49.5% a year earlier.
Operating expenses declined 23%, to 975 k€ from 1,262 k€, including a 30% decrease in personnel costs, reduced to 573 k€ from 816 k€. Earnings before interest, taxes, depreciation and amortization (EBITDA) came to -559 k€, or -49.6% of revenue, compared to positive EBITDA of 84 k€ (3.1%) in the first half of 2025.
After allocations, reversals and other items of -121 k€ (compared to +32 k€), operating income reached -680 k€, compared to +116 k€. Financial income was -19 k€ (compared to -42 k€) and current income before tax was -698 k€.
A deferred tax benefit of 0.14 M€ brought the net income attributable to the group to -555 k€, compared to a profit of 46 k€ a year earlier. Net earnings per share came to -0.15 €, compared to 0.01 €.
ITL litigation at the heart of the activity decline
Klarsen attributes this half-year to "events outside the scope of normal operations". According to the company, litigation related to ITL's vendor credit reached its peak during the period: it mobilized management, generated legal and advisory fees, and led some customers and partners to defer their commitments pending its resolution.
The accounts illustrate the mechanism: gross margin of 416 k€ did not cover operating expenses of 975 k€, resulting in negative EBITDA of 559 k€. The group acknowledges it itself, cost adjustment "nevertheless was not sufficient to offset the decline in activity".
In this context, a judicial reorganization procedure was opened on May 4, 2026 against the ITL subsidiary. The latter continues its activity during the observation period, in connection with the procedure bodies, and the Strasbourg District Court hearing on October 19, 2026 confirmed the continuation of this period. The group is preparing a continuation plan, which is targeted for implementation before the end of the first half of 2027.
An exceptional income of 800 k€ and financing needs
On July 13, 2026, a settlement agreement terminated all disputes related to ITL's vendor credit. The corresponding debt, recorded at 1.2 M€ on the balance sheet as of June 30, 2026, was reduced to 370 k€ by the forgiveness of 800 k€ in principal and 109 k€ in fees and interest, the latter having already been accounted for in the 2025 financial statements.
The forgiveness of 800 k€ will be recognized as exceptional income in the second half. According to Klarsen, the lifting of this uncertainty enabled a resumption of activity from July onwards, with customers who had deferred their commitments gradually returning.
Going forward, the group is relying on its historical data marketing businesses and three growth drivers: the launch of DIMEA, data technical services and lead generation offerings. Management indicates that "2026 is the year of recovery; 2027 must be a normative year".
This sequence will require additional financial resources: the board of directors has the delegation of authority granted by the general meeting of October 8, 2026, and the company is exploring the options available to it. The exceptional income of 800 k€ expected in the second half is greater than the net loss of 555 k€ recorded in the first half.
