Prologue: return to positive operating income of €1.5M in the first half of 2026
Prologue published on October 22, 2026 its first half-year accounts established on its new scope, following the sale in 2025 of M2i and O2i activities and the API dematerialization business. In the first half of 2026, the group generated operating income of €1.5M, compared with a loss of €3.4M a year earlier, for revenue of €24.8M with pro forma organic growth of 6.1%.
This growth is primarily driven by Software and Associated Services. Managed services and infrastructure, the group's leading activity by volume, declined slightly. As of June 30, 2026, net cash reached €8.6M.
Revenue of €24.8M, driven by software up 17%
First half 2026 revenue stood at €24.8M, compared with €23.3M in the first half of 2025 on pro forma basis, representing organic growth of 6.1%. These pro forma data, unaudited, correspond to consolidated accounts excluding the accounts of M2i, O2i and the API business sold.
Geographically, Europe, which accounts for more than 92% of activity, grew by 6.1% to €22.9M. The Latin America and USA zone recorded an increase of 6.8%, to €1.9M.
By activity, growth was mainly driven by Software and Associated Services, up 17% on pro forma basis, to €11.0M. Managed services and infrastructure declined by 1.2%, to €13.8M. These remain the leading activity by volume, but the difference in dynamics between the two segments is gradually shifting the group's mix.
Operating income of €1.5M, against a loss of €3.4M
EBITDA reached €2.0M in the first half of 2026, representing 8% of revenue, compared with a loss of €0.9M a year earlier. Operating income came in at €1.5M, following a loss of €3.4M in the first half of 2025. The company attributes this change to the strategic refocusing undertaken, with the group now concentrated on its activities that it presents as the most profitable.
After a balanced financial result and corporate income tax of €0.5M, net income stood at €1.0M. The group notes that 2025 net income included a non-recurring gain of €12.6M related to the sale of M2i securities, making direct comparison with the previous year of limited significance.
To put matters in perspective, Prologue indicates that it achieved in 2025, on pro forma basis, revenue of €48M for net income of €2.2M. The financial structure is also supported by positive net cash of €8.6M as of June 30, 2026.
Prologue aims for steady internal growth and improved profitability
The group indicated its intention to continue its development at its regular internal growth rate, while continuing to improve its operating profitability. No quantified targets accompany this guidance in the publication.
The company flagged an unfavorable base effect linked to an exceptional sale of €2M recorded in the fourth quarter of 2025, this point concerning the comparison of the coming quarters with the end of the previous fiscal year. This point concerns the comparison of the coming quarters with the end of the previous fiscal year.
The next appointment is scheduled no later than November 15, 2026, after market close, with the publication of third quarter 2026 revenue. At this stage, the most structurally significant aspect of the publication remains the shift of EBITDA from a loss of €0.9M to a positive result of €2.0M, or 8% of revenue, for the first half established on the new scope.
