2026 half-year results - Disciplined ongoing transformation in a challenging environment
press release
REGULATED INFORMATION
Brussels, 23 July 2026
2026 half-year results
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Disciplined ongoing transformation in a challenging environment
- Revenue of €1,399 million, down 3.7%¹ and 5.3% organically, in a challenging first semester across Europe, reflecting a lower activity in Technology Management & Financing (TMF), that benefitted from significant non-IT and margin-accretive deals in H1 2025.
- Strong momentum of Products & Solutions (P&S) due to the first results of the refocus on Workplace, Infrastructure and Audiovisual.
- Operating margin decrease to €30.9 million, impacted mainly by the lower activity in TMF, first margin contributor in H1 2025.
- Net financial debt under control at €229 million as of June 2026, and extended debt maturities thanks to successful Schuldschein issuance in June 2026.
- Consolidated net income of €1.3 million, impacted by the final losses related to Synertrade, disposed on 31 March 2026.
- Steady progress on the ongoing transformation of the Group for increased operational leverage and pivoting the organization around our strategic domains: Audiovisual Solutions, Financing Solutions, Infrastructure and Workplace.
Key figures
| €m | H1 2025 restated 1 | H1 2026 | Change |
| Revenue | 1,453.2 | 1,399.3 | -3.7% |
| Operating margin | 41.0 | 30.9 | -24.5% |
| Operating profit | 33.7 | 22.9 | -32.1% |
| Net profit from continuing operations | 17.1 | 7.8 | -54.4% |
| Net profit for the period | 0.8 | 1.3 | +51.2% |
| Net debt | 207.9 | 229.4 | +10.3% |
Angel Benguigui, CEO of Econocom Group, said: “During the first half of 2026, marked by supply-chain tensions and the current geopolitical developments, Econocom continued to execute its transformation with discipline and consistency. We further progressed on the One Econocom plan, notably by pivoting our organisation toward higher value offers structured around our four strategic domains, while maintaining a strong focus on operational efficiency. Supported by the commitment of our teams, the diversity of our portfolio — across activities, geographies and clientele — continues to underpin the Group's resilience through a difficult market.”
Resilience through the cycle
In the first half of 2026, the Econocom Group posted revenue of €1,399.3 million, down 3.7%¹ and 5.3% organically, compared to the 2025 half-year figures.
Over the period, trends in continuing operations were as follows[1]:
- Technology Management & Financing (TMF) posted revenue of €464.8 million, down 24.5% following a strong H1 2025 and a lower activity over the period, with a cautious approach retained related to ownbooked deals, with a view to preserving our indebtedness. Operating margin stood at €13.4 million, versus €25.7 million in H1 2025, reflecting those decisions. Restated for ownbooked deals, the revenue decrease is 8%.
- Products & Solutions (P&S) revenue reached €665.9 million, up 15.8%, driven by strong momentum across Europe, notably led by demand anticipating chip shortage, and boosted by last year's acquisitions. Operating margin increased to €9.8 million (vs €5.7 million in H1 2025).
- Services revenue was stable at €268.6 million, i.e. growth of 2.4%, in a soft commercial environment. Operating margin decreased to €7.7 million (vs €9.6 million in H1 2025), as clients refocused on minimum contracts and postponed higher-margin projects.
In the context of an evolving market, the operating margin stood at €30.9 million compared to €41.0 million for the same period in 2025.
In H1 2026, Econocom concluded the disposal of Synertrade, with an accounting impact on the semester, including operational losses, of €6.0 million.
After financial income and expenses, income tax and profit (loss) from discontinued operations, consolidated net profit reached €1.3 million for the first half of 2026 vs €0.8 million for the first half of 2025.
Ongoing transformation of the Group
The challenging period across Europe requires the Group to accelerate its transformation with consistency and discipline:
- Pivot the commercial positioning towards higher value offers around four strategic domains: Audiovisual Solutions, Financing Solutions, Infrastructure and Workplace.
- Costs reduction & debt management: reduce costs towards higher operational leverage and improve cash-flow generation.
The structural ongoing re-shaping of the Group shall produce results in the coming semesters.
Net financial debt under control
As of June 2026, the net financial debt of the Group stands at €229 million, compared to €208 million as of June 2025. The Free Cash Flow over the last 12 months amounted to €63 million. In H1 2025, the Group launched a program to improve its working capital and structurally reduce its financial debt.
Schuldschein private placement
In June 2026, Econocom successfully extended the maturity of its debt, thanks to a €240 million Schuldschein issuance, with no increase of the Group's notional gross debt. Initially launched at €100 million, the transaction was oversubscribed, confirming investors' confidence in Econocom business model. Such extended maturities towards 2029 and 2031 support the execution of the Group's transformation.
Acquisitions of Bagnetti in Italy
As part of its ‘One Econocom' plan, the Group acquired in June 2026 a 51% stake in Bagnetti in Italy (c. €30 million revenue annually, 25 employees), a tactical acquisition strengthening its position in Latium alongside the founders and management. Bagnetti has built a distinctive market positioning through an integrated offer combining hardware and software distribution with high value-added professional services, focused on public sector around artificial intelligence and cybersecurity.
ESG: EcoVadis Platinum Medal confirming its position as a responsible digital transformation leader
Econocom has been awarded the EcoVadis Platinum Medal, the highest distinction available.
In a digital sector already ranked among the highest-rated sectors on average, Econocom hence reached the top 1% of the 150,000 companies assessed worldwide.
With a score of 88/100, Econocom achieved an overall improvement of +12 points reflecting several years of structured commitment to environmental, social and governance issues, at the core of the Group's ‘One Econocom' strategic plan.
Confirmed 2026 full-year guidance: 2-3% revenue growth.
While, H1 2026 revenue evolution is impacted by a strong base effect compared to H1 2025, we anticipate a catch-up in the 2nd half of the year, especially in TMF.
Information meeting on H1 2026 results, 24 July 2026.
Next publication: Q3 2026 revenue on Tuesday, 20 October 2026, after close of trading.
ABOUT ECONOCOM
The Econocom Group, founded 50 years ago, has been a pioneer in supporting businesses with their digital transformation. Econocom supplies, finances and provides managed services for workplace, audiovisual and infrastructures. This includes equipment purchasing, configuration and customization, maintenance and repair, refurbishment and end-user support.
Operating in 16 countries with circa 8,680 employees, Econocom achieved €2.9 billion in revenue in 2025. The Group is listed on Euronext Brussels and is part of the Tech Leaders and Family Business indices.
FOR MORE INFORMATION
Investor and shareholder relations: thomas.bangratz@econocom.com
Financial communication: financial.communication@econocom.com
1 Restated for change in discontinued operations perimeter.
INCOME STATEMENT
| (€m) | H1 2025 restated1 | H1 2026 |
| Revenue | 1,453.2 | 1,399.3 |
| Operating margin | 41.0 | 30.9 |
| Depreciation of acquisition-related intangible assets | -1.4 | -2.1 |
| Other operating income | 1.0 | 0.8 |
| Other operating expenses | -6.9 | -6.8 |
| Operating profit | 33.7 | 22.9 |
| Other financial income | 3.7 | 1.0 |
| Other financial expenses | -9.1 | -12.7 |
| Profit before tax | 28.3 | 11.3 |
| Income tax | -11.2 | -3.5 |
| Net profit from continuing operations | 17.1 | 7.8 |
| Profit (loss) from discontinued operations | -16.3 | -6.6 |
| Net profit for the period | 0.8 | 1.3 |
BALANCE SHEET
| (€m) ASSETS | 31.12.2025 | 30.06.2026 |
| Goodwill | 590 | 594 |
| Other long-term assets | 154 | 187 |
| Residual interest in leased assets | 179 | 179 |
| Other non-current assets | 40 | 30 |
| Trade and other receivables | 785 | 767 |
| Other current assets | 218 | 289 |
| Cash and cash equivalents | 523 | 396 |
| Assets held for sale | 23 | - |
| TOTAL ASSETS | 2,512 | 2,442 |
| (€m) EQUITY & LIABILITIES | 31.12.2025 | 30.06.2026 |
| Shareholders' equity – parent company shareholders' share | 439 | 416 |
| Non-controlling interests | 16 | 10 |
| TOTAL EQUITY | 455 | 426 |
| Bonds | 369 | 362 |
| Financial liabilities | 191 | 264 |
| Provisions | 53 | 52 |
| Gross liability for repurchases of leased assets | 122 | 115 |
| Other financial liabilities | 32 | 38 |
| Trade and other payables | 907 | 855 |
| Other liabilities | 370 | 331 |
| Liabilities held for sale | 13 | - |
| TOTAL EQUITY AND LIABILITIES | 2,512 | 2,442 |