Vaziva: Revenue up 2.6% in first half, net income down 32.7%
Vaziva published half-yearly accounts on October 6, 2026, in which business growth did not translate into improved results. Revenue increased by 2.6% to €36.2 million, while EBITDA declined by 10.0% to €1.9 million. The company attributes this gap to recruitment and expenses incurred to prepare new offerings. The group had already indicated that 2026 would be devoted to developing offerings and strengthening applications. The half-yearly accounts bear the mark of this choice. Management has set 2027 as the entry point for a new development cycle, notably driven by the launch of a Restaurant Vouchers offering.
Revenue up 2.6%, net income at €1.2 million
Over the first six months of 2026, Vaziva (issuer of multi-benefit payment cards for employee benefits) achieved revenue of €36.2 million, compared with €35.3 million a year earlier. The accounts were subject to a limited review. The company itself describes this growth as "more moderate" and associates it with a phase of consolidation of the model: customer base retention, team structuring and preparation of new offerings. Result aggregates evolved in the opposite direction. EBITDA fell from €2.1 million to €1.9 million (-10.0%) and operating income from €1.9 million to €1.7 million (-13.7%). Net income declined by 32.7%, to €1.2 million compared with €1.8 million, resulting in a net margin of 3.4%. Between EBITDA and net income, the income statement includes €0.3 million in depreciation and provisions, a financial result in balance and a tax charge of €0.5 million.
Payroll and external charges up, cash reserves at €3.6 million
What the figures actually reveal is the nature of the increase in costs. Payroll increased by €0.4 million, due to recruitment in sales teams and support functions. External charges rose by €1.4 million (IT services, consulting fees, trade show participation), of which "part has a one-off nature" according to the company. The half-year was also devoted to finalizing the technical development of the Restaurant Vouchers offering, particularly the integration and management of the CNTR database of 220,000 establishments as well as the allocation management mechanisms. Vaziva also intensified its investments in securing its digital environment through an architecture capable of absorbing the increase in business expected from 2027 onwards. Patrick Berthé, founder and chairman, indicated that these investments "temporarily weigh" on performance indicators. On the balance sheet, equity stands at €22.0 million as of June 30, 2026, with gross financial debt of approximately €0.5 million. Cash reserves amount to €3.6 million. Their decline over twelve months results mainly, according to the group, from a significant reduction in operating liabilities, the acquisition of Pronis Loisirs financed from equity for €1.0 million and investments in the technology platform.
Restaurant Vouchers, Pronis Loisirs and Vaziva Rewards as drivers for 2027
The group relies on a retention rate of 98% and an increasing rate of multi-year commitments, two elements that underpin a model presented as based on recurring revenue and development of the installed base. It has also strengthened its prospecting through trade shows and increased presence on social networks. For 2027, Vaziva intends to enter a new development cycle, notably driven by the commercialization of Restaurant Vouchers, the integration of Pronis Loisirs, the development of Vaziva Rewards and the continuation of digitization of its multi-benefit platform. The company has set the objective of combining a resumption of sustained growth and progressive improvement in profitability. Full-year 2026 revenue will be published on January 27, 2027 after market close. At the end of the first half-year, the group has €22.0 million in equity and €3.6 million in cash reserves.
