Reaktor Half-Year Report 1.1.-30.6.2026: Revenue grew and operational profitability developed favourably
Reaktor Group Plc
Stock Exchange Release: Half-Year Report
19 August 2026 at 9:00 EEST
This release is a summary of Reaktor Group's Half-Year Report for January–June 2026. The complete report is attached to this release as a PDF. This summary and the report, along with the Finnish-language summary and report, are also available at group.reaktor.com.
Unless otherwise specified, the figures in brackets refer to the year-on-year comparison period. This report is unaudited.
April–June 2026 in brief
- Revenue grew organically by 11.4% to EUR 32.3 (29.0) million
- EBITDA was EUR -22.9 (1.8) million. EBITDA included an expense of EUR 25.1 million, mainly related to the increase in value of employee shares in connection with the listing. The increase in value has no cash flow impact. (see below)
- Adjusted EBITDA grew by 66.4% to EUR 3.3 (2.0) million, or 10.2% of revenue
- Operating profit (EBIT) was EUR -24.0 (0.8) million, or -74.3% of revenue
- Adjusted operating profit (EBIT) was EUR 2.3 (1.0) million, or 7.0% of revenue
- The equity ratio was 55.6% (3.5%) at the end of the reporting period. (See report's note 3.)
- Operating cash flow was EUR 2.7 (-1.7) million
- Reaktor was listed on the regulated market of Nasdaq Helsinki on 16 June 2026
- In connection with the listing, the increase in the value of the company's employee shares is classified as an employee benefit under IFRS and recognised as a personnel expense affecting comparability. This is an accounting entry with no cash flow impact, and it does not affect the company's underlying operational profitability. (See report’s note 3.)
January-June 2026 in brief
- Revenue grew organically by 21.1% to EUR 71.3 (58.9) million
- EBITDA was EUR -12.8 (4.4) million. EBITDA included an expense of EUR 25.1 million, mainly related to the increase in value of employee shares in connection with the listing. The increase in value has no cash flow impact. (see above)
- Adjusted EBITDA grew by 183.1% to EUR 14.7 (5.2) million, or 20.6% of revenue
- Operating profit (EBIT) was EUR -14.9 (2.4) million, or -20.8% of revenue
- Adjusted operating profit (EBIT) was EUR 12.7 (3.2) million, or 17.8% of revenue
- Operating cash flow was EUR 10.5 (-0.4) million
Key financial performance indicators
| EUR thousand |
04-06/ 2026 |
04-06/ 2025 |
Change % |
01-06/ 2026 |
01-06/ 2025 |
Change % |
2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 32,276 | 28,969 | 11.4% | 71,346 | 58,891 | 21.1% | 117,707 |
| EBITDA ¹ | -22,940 | 1,752 | -12,838 | 4,417 | 12,155 | ||
| % of revenue ¹ | -71.1% | 6.0% | -18.0% | 7.5% | 10.3% | ||
| Adjusted EBITDA ¹˒ ² | 3,299 | 1,983 | 66.4% | 14,697 | 5,192 | 183.1% | 14,606 |
| % of revenue ¹˒ ² | 10.2% | 6.8% | 20.6% | 8.8% | 12.4% | ||
| Operating Profit (EBIT) ¹ | -23,973 | 764 | -14,866 | 2,426 | 8,139 | ||
| % of revenue ¹ | -74.3% | 2.6% | -20.8% | 4.1% | 6.9% | ||
| Adjusted operating profit (EBIT) ¹˒ ² | 2,266 | 995 | 127.7% | 12,669 | 3,201 | 295.8% | 10,590 |
| % of revenue ¹˒ ² | 7.0% | 3.4% | 17.8% | 5.4% | 9.0% | ||
| Profit for the period | -20,543 | 738 | -13,150 | 2,454 | 7,787 | ||
| Adjusted profit for the period ¹˒ ² | 5,474 | 917 | 497.2% | 13,899 | 3,123 | 345.0% | 9,766 |
| Earnings per share (EPS), basic, in euros ³ | -1.21 | 0.05 | -0.81 | 0.16 | 0.50 | ||
| Earnings per share (EPS), diluted, in euros ³ | -1.21 | 0.04 | -0.81 | 0.12 | 0.36 | ||
| Adjusted earnings per share (EPS), basic, in euros ³˒ ⁴ | 0.32 | 0.06 | 451.4% | 0.85 | 0.20 | 327.3% | 0.63 |
| Adjusted earnings per share (EPS), diluted, in euros ³˒ ⁴ | 0.24 | 0.04 | 486.3% | 0.61 | 0.14 | 336.3% | 0.44 |
| Return on equity (ROE), % ¹ | -31.4% | 15.0% | -31.4% | 15.0% | 127.0% | ||
| Return on capital employed (ROCE), % ¹ | -13.7% | 12.9% | -13.7% | 12.9% | 72.1% | ||
| Equity ratio, % ¹ | 55.6% | 3.5% | 55.6% | 3.5% | 12.4% | ||
| Adjusted equity ratio, % ¹˒ ² | 62.8% | 47.6% | 62.8% | 47.6% | 55.9% | ||
| Net debt ¹ | -22,151 | 2,870 | -22,151 | 2,870 | 2,140 | ||
| Net gearing % ¹ | -46.3% | 139.9% | -46.3% | 139.9% | 29.9% | ||
| Net debt/Adjusted EBITDA ¹˒ ² | -0.92 | 0.25 | -0.92 | 0.25 | 0.15 | ||
| Adjusted operating free cash flow ¹˒ ² | 4,524 | -1,083 | 14,543 | 1,309 | 10,199 | ||
| Cash conversion, % ¹˒ ² | 137.1% | -54.6% | 98.9% | 25.2% | 69.8% | ||
| Cash and cash equivalents | 27,586 | 4,671 | 490.6% | 27,586 | 4,671 | 490.6% | 4,291 |
| Number of employees at the end of the period | 697 | 720 | -3.2% | 697 | 720 | -3.2% | 712 |
¹ Alternative financial measures. In addition to IFRS financial measures, Reaktor Group presents supplementary, alternative financial measures that the company monitors internally and that provide significant additional information about the company to management, investors, securities market analysts, and other parties regarding the company’s operating results, financial position, and cash flows. These should not be viewed in isolation from IFRS financial measures or as substitutes for them.
² Adjustments are significant items that deviate from normal business operations and relate to dividends on redeemable shares and value increase on redeemable vested shares held by employees, redundancy costs and other non-recurring compensation paid to outgoing employees, fees related to the commencement of employment and external advisor costs as well as external advisor costs for non-recurring projects which are not capitalised.
³ The number of shares for comparison periods has been adjusted to reflect the number of shares following the share split carried out on 28 May 2026.
⁴ Presented as additional information to improve comparability. Adjusted for items affecting comparability and their tax effect.
CEO Pekka Horo:
“The second quarter of 2026 was a historic one for Reaktor. In May, we announced our intention to float, and in June Reaktor Group Plc became a listed company. We gained a group of new shareholders alongside the founders and previous owners.
In the second quarter, revenue grew organically by 11.4% to EUR 32.3 (29.0) million, EBIT was EUR -24.0 (0.8) million and adjusted EBIT EUR 2.3 (1.0) million. EBITDA (EUR -22.9 million) included an expense of EUR 25.1 million relating mainly to the increase in the value of employee shares that took place in connection with the listing. The increase in value has no cash flow impact.
Our business is built on three mutually reinforcing areas: technology solutions business, software product business, and the Reaktor Ecosystem venture business. In a rapidly changing market environment, all three areas developed positively in the second quarter.
During the quarter, the development of our technology solutions business's AI offering was visible for example in the Retail business unit, where we are building e-commerce solutions for several clients in which AI enriches product data, automates content production and forms part of new shopping experiences. The Aero business unit was recognised in our client Cathay Pacific's Supplier Awards for its long-term work developing the digital passenger experience. The treatment planning system developed by the Health business unit together with ZAP Surgical won the prestigious German Design Award 2026. Excluding licence revenue from the software product business, Group revenue grew by 9.3% compared with the second quarter of the previous year.
The software product business developed positively and in line with strategy in the second quarter. We gained two new NATO member countries as clients. Revenue from the software product business was EUR 2.4 million, of which licences accounted for EUR 0.7 million. As previously communicated, we do not expect significant growth in licence revenue in the remaining quarters of the year.
A new company, Banksmith Partners, was established within the Reaktor Ecosystem, with core expertise in banking and wealth management systems and digital solutions. Krosswise Group's growth financing arrangement with the Finnish private equity investor M&M Growth Partners was completed, and the gain on sale recognised from the arrangement (approximately EUR 2.2 million) strengthened the second-quarter result. The combined revenue of the portfolio companies continued to grow. The opening of the new Amsterdam Ecosystem hub was celebrated in May. The hub aims to establish new technology- and AI-driven consulting companies together with local entrepreneurs.
Skilled professionals are at the centre of Reaktor's business. We want to develop the company and our culture to be even more attractive to the best people in the industry.
As our clients' needs evolve, we are now also focusing on recruiting for more specialised roles alongside versatile full stack developers. We are actively recruiting people for a range of roles requiring consulting, technology, and AI expertise, as well as domain experts with experience from the industries we serve.
Our leadership team is being strengthened as Nick Evon joins Reaktor as Chief People Officer in August and Antti Akkanen as Chief Financial Officer in October.”
Live webcast on 19 August 2026 at 11:00 EEST
CEO Pekka Horo and CFO Ilkka Kosola will present the results in a live webcast today, 19 August 2026, starting at 11:00 EEST. Participants will have the opportunity to ask questions, which will be answered at the end of the webcast. The webcast will be held in Finnish.
The webcast can be followed live and viewed later as a recording at https://reaktor.events.inderes.com/q2-2026
Reaktor will publish the following reports in 2026:
- Interim Report January–September 2026 on 11 November 2026
Financial reports are published as releases and are available at group.reaktor.com.
Note: The English versions of Reaktor’s Half-Year Report and this release are translations of the Finnish versions and are provided for reference only. In the event of any conflict or discrepancy between the Finnish and English versions, the Finnish version shall prevail and be treated as the correct version.
Contact us
Pekka Horo, CEO
Email: pekka.horo@reaktor.com
Ilkka Kosola, CFO
Email: ilkka.kosola@reaktor.com
Media inquiries
Jenna Karas, VP, Communications & Marketing
Tel. +358 40 139 5142
Email: jenna.karas@reaktor.com
Reaktor in brief
Reaktor is a Finnish globally operating technology company that designs, builds and sells software products and digital solutions. Established in 2000, Reaktor has over 700 employees worldwide and offices in Helsinki, Turku, Tampere, Seinäjoki, Amsterdam, Lisbon, New York, and Tokyo.