Earnings Calls

Last Earnings Call

Fiscal Period
Q1 2026
Call Date
May 13, 2026
AI Summary
Q1 2026

Revenue: Q1 revenue was EUR 41.4 million, with recurring revenue at EUR 34.4 million, or 90.9% of total sales, underscoring strong visibility.

Profitability: EBITDA rose to EUR 17.2 million, up 9% year over year, and the EBITDA margin expanded to 41.6% from 38%, driven mainly by organic scale and better asset utilization.

Margins: EBIT improved to EUR 9.4 million, or 22.7% of revenue, from EUR 7.8 million and 18.9% a year ago, with Italy showing particularly strong margin expansion.

Balance Sheet: Net debt adjusted fell to EUR 137 million from EUR 156 million, while net leverage ended the quarter at 2.3x, leaving room for additional M&A.

M&A Pipeline: Management said it is currently working on 2 due diligence processes, including one larger German target and one smaller opportunity in a new country.

Broadcom Impact: The Broadcom-related migration opportunity is now a major demand driver in Italy, with management saying it could boost the pipeline by about 70% above normal levels over the next 12 to 18 months.

CapEx: Full-year cash CapEx is still expected to land at EUR 24 million to EUR 25 million, in line with guidance.

Key Financials
Revenue
EUR 41.4 million
Recurring revenue
EUR 34.4 million
Recurring revenue mix
90.9%
EBITDA
EUR 17.2 million
EBITDA margin
41.6%
EBIT
EUR 9.4 million
EBIT margin
22.7%
Net profit
EUR 4.1 million
Net debt adjusted
EUR 137 million
Net leverage
2.3x
Cash CapEx
EUR 4.2 million
Total CapEx
EUR 7.5 million
Share buyback
roughly EUR 19 million
Own shares
roughly 12%
Germany ARR
EUR 16.6 million
Switzerland recurring revenue
EUR 3.4 million
Switzerland EBITDA
EUR 700,000
Italy revenue
EUR 15.4 million
Italy EBITDA
EUR 8.4 million
Italy EBIT margin
27%
Germany churn impact
EUR 3.8 million
Broadcom pipeline uplift
70% above normal pipeline

Other Earnings Calls

2026
2025
2024
2023
2022
2020
2019