Novabase: Stable revenue in first half 2026, net income down 48%
The Portuguese IT services group Novabase published first half 2026 accounts marked by globally stable activity and a sharp decline in profitability.
Behind virtually unchanged revenue, the result from continuing operations fell notably due to the evolution of financial result, which had benefited a year earlier from a capital gain related to Novabase Capital assets.
Stable activity, EBITDA and margin in decline
Over the first six months of 2026, consolidated revenue (services rendered) stood at €61.7 million, compared to €62.1 million a year earlier, a decline of 0.5%.
Total EBITDA came in at €6.0 million, down 17% from €7.1 million in the first half of 2025. EBITDA margin stood at 9.6%, compared to 11.5% over the same period in 2025.
Net income reached €2.6 million, compared to €5.0 million a year earlier. The result from continuing operations fell 41%, to €2.9 million. Total earnings per share came in at €0.07, compared to €0.14 in the first half of 2025.
Europe up, Middle East in retreat
The group indicates that financial result decreased by €1.1 million year-on-year, mainly reflecting exchange differences and the capital gain recorded on the partial disposal of a venture capital investment in the first half of 2025.
Discontinued operations were nil in the first half of 2026, compared to €0.7 million a year earlier, an amount which included the earn-out from Neotalent activities and the contribution from the Angolan subsidiary prior to its sale in 2025.
Revenue generated outside Portugal increased 2%, driven by 17% growth in European markets. The Middle East experienced a contraction, linked to a more selective commercial approach. In the Next-Gen segment, EBITDA margin remained at 12.2%, compared to 13.2% a year earlier, a decline of 1 percentage point.
Net cash position up despite shareholder remuneration
Net cash stood at €32.3 million on 30 June 2026, up €1.7 million from end-2025 (€30.6 million), before the payment of €15.1 million for shareholder remuneration made on 10 July 2026.
This payment corresponds to a capital reduction of €0.40 per share, as part of a capital increase and reduction operation approved by the general meeting on 22 May 2026.
The client base expanded 8% year-on-year, rising from 115 to 124 clients, while average headcount remained stable at 1,270 employees. Over the period, Novabase stock fell 4%, while the PSI All-Share index advanced 11% and the EuroStoxx Technology index gained 26%. Market capitalization reached €322.7 million on 30 June 2026.
