Sword Group: 16.6% organic growth in third quarter, EBITDA margin stable at 12%
Sword Group reported on October 22, 2026 consolidated revenue of €100.2M for its third quarter. Its organic growth (at constant scope and exchange rates) reached 16.6%, compared with 14.6% over the first nine months. The group confirmed its 2026 annual objectives for organic growth and profitability.
The information lies in the combination of two data points: activity is accelerating and the EBITDA margin remains nearly stable at 12.0% versus 12.1% a year earlier. For the quarter, EBITDA reached €12.0M compared with €11.0M. The group attributes this momentum to contracts signed with the European Union and major Anglo-Saxon companies, as well as its new offerings.
Third quarter at €100.2M in revenue
In the third quarter of 2026, consolidated revenue stood at €100.2M, compared with €91.2M a year earlier, representing published growth of 9.9%. At constant scope, growth reached 17.1%, and 16.6% at constant scope and exchange rates. In the calculation of organic growth, the adjustment related to exchange rates was −0.5 percentage point.
Quarter EBITDA increased from €11.0M to €12.0M, for a margin of 12.0% compared with 12.1% a year earlier. EBIT improved from €8.7M to €9.3M. These figures are not audited.
Over the first nine months, revenue reached €287.9M compared with €267.0M, up 7.8% in published figures and 14.6% organically. Cumulative EBITDA amounted to €34.5M compared with €32.0M, and the margin is stable at 12.0%. EBIT came in at €26.4M, compared with €25.3M a year earlier.
Organic growth driven by new contracts and AI offerings
What the figures truly reveal: the group's growth is primarily internal. The organic calculation excludes revenue from CirrusHQ, consolidated since May 1, 2026, as well as that of Tipik in 2025, which explains the gap between published growth (9.9%) and organic growth (16.6%) for the quarter. The group reiterates that its model "is based primarily on organic growth".
Management links this momentum to its transformation plan centered on artificial intelligence, the results of which are, according to the company, "exceeding our expectations". It highlights the strength of its order book and the performance of its "AI, resilience and cloud" offerings. Contracts signed during the quarter with the European Union and major Anglo-Saxon companies have, according to the press release, "significantly boosted organic growth".
On the expense side, depreciation and amortization charges increased from €6.7M to €8.1M over nine months, such that EBIT advances to a lesser extent than EBITDA over the period. Cumulative EBITDA margin remains aligned with last year's, at 12.0%.
2026 objectives confirmed, France withdrawn from acquisition strategy
Sword Group confirmed its 2026 annual objectives, in terms of both organic growth and profitability. When publishing 2025 financial statements on March 15, 2026, the associated guidance stated revenue of approximately €400.7M and EBITDA of approximately €48.1M for 2026. Prior to publication, consensus (one analyst) anticipated annual revenue of €389M. When published on July 23, 2026, the group indicated it was approaching the second half "with confidence".
On the strategic front, Sword abandoned its acquisition objective in France. Growth in the French-speaking zone will come through development in Switzerland and Canada, and external growth policy remains focused on "technology" acquisitions. The group also indicates it is maintaining course in the Middle East "despite the current context".
Fourth quarter revenue will be published on January 25, 2027, and 2026 annual revenue on March 10, 2027. As of end-September, the group shows €287.9M in cumulative revenue, organic growth of 14.6% and an EBITDA margin of 12.0%.
