PARIS, July 28, 2026 /PRNewswire/ -- EKINOPS (Euronext Paris: FR0011466069) (Euronext Paris: EKI), a leading provider of optical networks, connectivity and SASE cybersecurity solutions for Service Providers and enterprises, reports its H1 2026 results (as of 30 June 2026), approved by the Board of Directors at its meeting held on 28 July 2026. These half-year financial statements have been subject to limited review by the statutory auditors.
Lionel Chmilewsky, CEO of Ekinops, stated:
"Q2 confirmed the return of solid business momentum, with the highest quarterly level of activity in three years, driven in particular by the Optical Networks activity in the United States and in France. At the same time, we are investing in the development of new solutions and in our go-to-market strategy to accelerate our penetration of the most dynamic segments of our markets: network cybersecurity (SASE) and data center interconnection $(DCI)$. These R&D and commercial investments will have a mechanical impact on profitability in 2026 but are essential to building the pillars of sustainable growth."
H1 2026 revenue up 2%
-- Consolidated revenue of EUR58.2m, up 2% vs. H1 2025 (-2% at constant
scope and exchange rates). Olfeo (consolidated since June 1, 2025)
contributed EUR3.2m, while the contribution of Chimere (consolidated
since April 1, 2026) remains non-material, as expected.
-- Optical Networks: +3% in H1 2026. Strong growth in Q2, driven by a solid
performance in North America.
-- Connectivity & SASE Networks: +1% in H1 2026. Sustained commercial
momentum in Q2 and further development of the Cybersecurity business (6%
of Ekinops' sales in H1 2026).
-- Software & Services: 21% of H1 2026 revenue (vs. 20% a year earlier).
-- ARR[1] (Annual Recurring Revenue) of EUR15.9m as of June 30, 2026, up 7%
compared with December 31, 2025 (EUR14.8m).
H1 2026 income statement: 10.1% EBITDA margin
H1 2025 H1 2026 FY 2025
In EURm - IFRS (6 months) (6 months) (12 months)
-------------------------------- ----------- ----------- ------------
Revenue 57.2 58.2 105.0
-------------------------------- ----------- ----------- ------------
Gross margin 32.0 33.7 60.2
As a % 55.9 % 57.9 % 57.3 %
-------------------------------- ----------- ----------- ------------
Operating expenses 28.6 33.8 60.2
EBITDA([2]) 7.5 5.9 10.5
As a % 13.1 % 10.1 % 10.0 %
-------------------------------- ----------- ----------- ------------
Current operating income $(EBIT)$ 3.4 0.0 0.0
Operating income 2.0 -1.8 -3.2
-------------------------------- ----------- ----------- ------------
Consolidated net income -0.5 -2.8 -7.2
-------------------------------- ----------- ----------- ------------
-- Gross margin of EUR33.7m (up 6%), representing 57.9% of H1 revenue (vs.
55.9% a year earlier), reflecting the tight control of manufacturing
costs and the growing weight of Software & Services sales, driven by the
integration of Olfeo.
-- Operating expenses up EUR5.2m (+18%), comprising the full impact of
Olfeo's consolidation (one month of consolidation last year) and the
investments made to roll out the Bridge plan: +EUR2.7m in R&D costs
(+23%), +EUR1.2m in S&M expenses (+10%) and +EUR1.2m in G&A expenses
(+27%).
-- Headcount up to 600 employees as of June 30, 2026 (vs. 577 at end-2025),
with 35 hires already signed and due to join in H2 2026.
-- Half-year EBITDA2 of EUR5.9m, representing an EBITDA margin of 10.1% in
H1 2026 (vs. 13.1% a year earlier)
-- Current operating income (EBIT) at breakeven, after accounting for net
depreciation, amortization and provisions and the amortization of
developed technology and customer relationships (see appendix). Adjusted
EBIT[3] (restated for the amortization of intangible assets identified
post purchase price allocation) came to EUR1.7m.
-- Operating income of -EUR1.8m, after accounting for other operating
expenses (-EUR1.7m), including the costs related to the acquisition of
Chimere, notably the estimated earn-out, as well as costs related to the
implementation of a new Group ERP.
Solid financial structure as of June 30, 2026: EUR23.0m in available cash
-- Operating cash flow of +EUR1.1m (vs. +EUR0.9m a year earlier), supported
by well-controlled working capital requirements (change of +EUR2.3m
compared with the acceleration in business activity, with revenue up
+EUR10.4m vs. H2 2025).
-- Investing cash flow of -EUR4.1m (vs. -EUR15.4m), including -EUR2.6m of
capitalized R&D, -EUR0.6m of CAPEX and -EUR0.5m related to the
acquisition of Chimere.
-- Financing cash flow of -EUR6.2m (vs. +EUR5.1m), including EUR4.3m of net
repayments of bank loans and factoring debt.
-- Available cash of EUR23.0m as of June 30, 2026, for financial borrowings
of EUR22.5m, representing a positive net cash position of EUR0.5m
post-acquisition of Chimere, and shareholders' equity of EUR103.2m.
ASSETS - In MEUR 12/31 06/30 LIABILITIES - In MEUR 12/31 06/30
IFRS 2025 2026 IFRS 2025 2026
------------------------ ----- ----- ---------------------- ----- -----
Non-current assets 105.8 107.3 Shareholders' equity 105.9 103.2
---------------------- ----- -----
o/w goodwill 41.6 42.3 Financial borrowings 25.8 22.5
o/w intangible assets 23.6 23.1 o/w bank loans 23.5 21.2
o/w right-of-use assets 10.0 10.1 o/w factoring 2.3 1.3
------------------------ ----- ----- ---------------------- ----- -----
French research tax
Current assets 56.4 60.3 credit pre-financing 0.5 0.0
---------------------- ----- -----
o/w inventories 20.8 17.8 Trade payables 14.7 16.8
---------------------- ----- -----
o/w trade receivables 23.3 27.5 Lease liabilities 10.5 10.7
------------------------ ----- ----- ---------------------- ----- -----
Cash 32.1 23.0 Other liabilities 36.9 37.4
o/w deferred revenues 9.4 9.6
------------------------ ----- ----- ---------------------- ----- -----
TOTAL 194.3 190.6 TOTAL 194.3 190.6
------------------------ ----- ----- ---------------------- ----- -----
Progress under the Bridge strategic plan
Ekinops accelerated the execution of the key initiatives under its Bridge strategic plan and its new go-to-market strategy during H1 2026, to expand its presence in the fastest-growing SASE and DCI market segments:
-- Continued execution of the new solution development roadmap, in line with
the established timetable: Ekinops pursued the development of its future
product line, called PTM (Photonic Transport Modular), designed for the
DCI (data center interconnection) market. The first product in this PTM
platform, a very high-performance transponder, will be launched by the
end of the year. In Network Cybersecurity, the first single-vendor
sovereign SASE (Secure Access Service Edge) solution will also be
available by the end of 2026.
-- Strengthening of the go-to-market strategy and development of new
business: in addition to strengthening its sales teams, Ekinops is also
accelerating its shift towards an indirect sales model.
These substantial investments, undertaken as part of the Bridge plan and the business strategy, will accelerate in the second half of 2026, with operating expenses continuing to increase.
Outlook: confirmation of the single-digit revenue growth target for FY 2026
Ekinops reaffirms its ambition to gradually return to growth in 2026 and is still targeting single-digit growth in revenue for the full year. The main drivers of the expected H2 growth are:
-- A robust sales pipeline, both in historical businesses and new
cybersecurity activities, together with continued strong momentum in
North America;
-- The first deployments under the major framework agreement with Proximus,
covering a 10-year contract;
-- The first deliveries of the new DCI and SASE solutions expected at
year-end.
Ekinops contact:
Lionel Chmilewsky
CEO
contact@ekinops.com
Investors contact:
Mathieu Omnes
Investor Relation
+33 (0)1 53 67 36 92
momnes@actus.fr
Media contact:
Amaury Dugast
Press Relations
+33 (0)1 53 67 36 74
adugast@actus.fr
For more information, visit https://www.ekinops.com.
(1.) Indicator reflecting the annualized value of subscriptions and support contracts, excluding non-recurring components (professional services, hardware sales, perpetual software licenses, or any other non-recurring revenue).
(2.) EBITDA (Earnings before interest, taxes, depreciation, and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions and (ii) income and expenses linked to share-based payments.
(3.) Adjusted EBIT corresponds to current operating income adjusted for amortization of intangible assets identified after allocation of goodwill, Technologies developed and Customer relationships.
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SOURCE Ekinops
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