Solocal: Third-quarter revenue up 0.8% sequentially, but down 6.6% year-over-year
The quarterly sequence has reversed direction at Solocal, without the year-over-year comparison becoming favorable again. Published on October 21, 2026, third-quarter revenue reached 76.1 million euros: it exceeded second-quarter revenue by 0.8% and first-quarter revenue by 2.8%, but remains down 6.6% year-over-year (8.7% on a constant-perimeter basis, excluding Artur'In, consolidated since May 1, 2026).
The order backlog increased by 4.2% since December 31, 2025, to 256.6 million euros, and average revenue per advertiser by 4.8%. On this basis, the group confirmed targeting revenue growth in the fourth quarter compared to the same period of 2025, including external growth.
A decline of 6.6% year-over-year, an increase of 0.8% in three months
Over the first nine months of 2026, revenue stood at 225.6 million euros, down 8.1% year-over-year and 9.3% on a constant-perimeter basis. The third quarter shows a less pronounced decline than the cumulative figure. On a constant-perimeter basis, however, sequential growth is limited to 0.3%.
Booster (search engine optimization and online advertising, 60% of revenue) declined by 5% over nine months, to 134.5 million euros, and by 2% in the third quarter, to 45.3 million euros, up 1.6% compared to the previous quarter. The Priority Referencing product, supported by Pagesjaunes, alone represents 64% of this activity. Connect (online presence, 23% of revenue) follows a comparable trend: -9% over nine months, -2% in the quarter and +4.0% sequentially, a growth that the group attributes to the integration of Artur'In.
Internet Sites (17% of revenue) recorded the strongest quarterly decline, at 12.4 million euros, or -25% year-over-year (-16% over nine months). According to the group, this activity is being maintained, in a highly competitive market, at around 12.5 million euros per quarter since the beginning of the year.
Order backlog up 4.2% since end of 2025
The order backlog, which corresponds to revenue remaining to be recognized on committed contracts, reached 256.6 million euros on September 30, 2026, compared to 246.3 million euros at end of 2025. It is slightly down compared to June 30, 2026, which the group attributes to summer seasonality: order intake slowed in August, while revenue continued to be recognized at the same pace, in line with the subscription model. Over nine months, order intake totaled 257.6 million euros.
The increase in the backlog is driven by growth in average revenue per advertiser (ARPA), which rose from approximately 1,550 euros on December 31, 2025 to approximately 1,625 euros. According to the company's estimates, this backlog would be recognized as revenue at approximately 25% in the fourth quarter of 2026, 45% in 2027 and 30% thereafter.
Pagesjaunes rose from 61st place in the Médiamétrie ranking in March to 44th in August, an audience supported according to the group by the Local News section and the first wave of the "Necessarily on pagesjaunes" campaign. A second wave, on television and in cinemas, was launched on October 18. On October 1 and 2, the "48-Hour Customers" operation mobilized 225 volunteer employees to contact 5,500 customers who were questioning the renewal of their contract or had terminated it during the year. "Our absolute priority remains commercial recovery," declared Maurice Lévy, Chief Executive Officer.
On the regulatory front, the CNIL closed on September 17, 2026 the injunction issued in May 2025 regarding electronic marketing solicitation, finding the deployed measures satisfactory; the penalty was not applied. The 0.9 million euro fine issued in 2025 is still subject to appeal.
Revenue growth targeted for the fourth quarter, including external growth
Solocal confirmed its 2026 targets: revenue growth in the fourth quarter compared to the fourth quarter of 2025, including external growth and subject to macroeconomic contingencies, as well as an EBITDA margin expected at around 20% for the fiscal year. The group says it is exercising caution, with Maurice Lévy citing "headwinds due to record bankruptcies and economic tensions" for SMEs and small businesses, its core target market. Solocal also indicated that it remains attentive to new targeted acquisition opportunities.
When publishing its half-year results for the period ended June 30, 2026, the group reported a net profit of 15.7 million euros, compared to 5.5 million euros a year earlier. According to the consensus of surveyed analysts, the stock is trading at approximately 7.3 times expected earnings for the current fiscal year.
The central target is quantified by the company: a return to revenue growth year-over-year as early as the fourth quarter of 2026, with a backlog of 256.6 million euros of which approximately 25% is to be recognized over this period. Full-year 2026 results will be published on February 16, 2027.
