Strong H1 2026 business performance: H1 revenue of €124.5 million (+7.3% on a reported basis) and ARR of €111.1 million at 30 June 2026 (+8.8% vs. 30 June 2025)
- Strong growth in maintenance and subscriptions revenue (+8.4% to €55.7 million), including solid organic growth (+4.7%) in H1 2026
- Positive momentum in the French Pharmacy business, driven in particular by software innovations and services (+4.3% in H1 2026), and in Italy, supported by growth in the customer base and new hardware solutions (+42.4% in H1 2026)
- Successful launch of the new digital training offering (virtual classrooms) introduced by the MEDICAL SOLUTIONS Division
Villers-lès-Nancy, 30 July 2026, 6:00 p.m. CEST – Equasens (ISIN: FR0012882389 – Ticker: EQS), a leader in digital healthcare solutions, today reported H1 revenue of €124.5 million, up 7.3% on a reported basis and 1.4% like-for-like.
| Group revenue at 30/06/2026 (€m) | 2025 Reported basis | 2026 Reported basis | Change / Reported basis | Of which external growth | Of which Ségur Wave 2 | Like-for-like change (organic growth) | |||
| Q1 | 57.1 | 61.4 | 4.4 | 7.7% | 2.5 | 0.2 | 1.7 | 2.9% | |
| Q2 | 58.9 | 63.0 | 4.1 | 6.9% | 3.8 | 0.4 | - | 0.0% | |
| Total | 116.0 | 124.5 | 8.5 | 7.3% | 6.3 | 0.6 | 1.7 | 1.4% | |
Revenue includes a €6.3 million contribution from changes in scope relating to EREVO (MEDICAL SOLUTIONS Division), NOVAPROVE and the acquisition of the DIS business (AXIGATE LINK Division).
Revenue recognised under Wave 2 of the Ségur digital health programme amounted to €0.6 million in H1 (AXIGATE LINK Division). The R&D and services teams across the Group's business Divisions are focused on developing new functionalities to further enhance customers' software solutions. Revenue generated under the Ségur Wave 2 programme, which do not arise from the ordinary course of business, are excluded from like-for-like comparisons.
Denis Supplisson, Chief Executive Officer of EQUASENS, commented: “Equasens Group delivered a solid performance in the first half of the year. The PHARMAGEST Division generated strong organic growth in France while continuing to expand its European footprint, particularly in Italy. AXIGATE LINK Division also benefited fully from the integration of NOVAPROVE and the DIS business. The MEDICAL SOLUTIONS Division continued to benefit from the acquisition of EREVO, whose virtual classroom offering is successfully addressing healthcare professionals' training needs. The €0.6 million contribution from the Ségur Wave 2 programme was in line with expectations for the period. The rollout of new functionalities will continue throughout H2 2026 and into 2027 across all business Divisions and should provide an additional driver of the Group's growth. We enter the second half of 2026 with confidence, focused on innovation and continued expansion across Europe.”
H1 revenue by business segment
| H1 2026 revenue / business (€m) | 2025 Reported basis | 2026 Reported basis | Change / Reported basis | |
| Systems and equipment | 47.1 | 47.0 | -0.2 | -0.3% |
| Maintenance and subscriptions | 51.4 | 55.7 | 4.3 | 8.4% |
| Software and services | 17.4 | 21.7 | 4.3 | 24.9% |
| Total | 116.0 | 124.5 | 8.5 | 7.3% |
Systems and equipment sales, which recorded strong growth in 2025, amounted to €47.0 million in H1 2026, down by €0.2 million (-0.3%). Performance was mixed across the Group's businesses. The PHARMAGEST Division continued to grow (+2.5%), while the E-CONNECT Division recorded a sharp decline in its mobility solutions business (-32.9%).
Maintenance and subscriptions increased by €4.3 million to €55.7 million (+8.4%) in H1 2026. Like-for-like growth remained strong at €2.4 million (+4.7%), driven primarily by the PHARMAGEST Division. Changes in scope (NOVAPROVE and the DIS business) contributed €1.9 million (+3.7%). Annual recurring revenue (ARR) stood at €111.1 million at 30 June 2026, up 8.8% compared with 30 June 2025, with growth evenly split between organic expansion and acquisitions.
Software solutions and services maintained their positive momentum, generating revenue of €21.7 million, up €4.3 million (+24.9%). This increase was driven primarily by the integration of EREVO, which contributed €3.9 million (+22.4%).
H1 revenue by Division
| H1 2026 revenue / Division (€m) | 2025 Reported basis | 2026 Reported basis | Change / Reported basis | Of which external growth | Of which Ségur Wave 2 | Like-for-like change (organic growth) | ||
| PHARMAGEST | 85.9 | 89.0 | 3.1 | 3.6% | 3.1 | 3.6% | ||
| AXIGATE LINK | 16.5 | 19.8 | 3.4 | 20.4% | 2.4 | 0.6 | 0.4 | 2.7% |
| E-CONNECT | 7.5 | 6.2 | -1.3 | -17.4% | -1.3 | -17.4% | ||
| MEDICAL SOLUTIONS | 5.1 | 8.6 | 3.5 | 68.7% | 3.9 | -0.5 | -8.9% | |
| FINTECH | 1.0 | 0.9 | -0.1 | -13.5% | -0.1 | -13.5% | ||
| Total | 116.0 | 124.5 | 8.5 | 7.3% | 6.3 | 0.6 | 1.7 | 1.4% |
The PHARMAGEST Division’s growth momentum remained on track in H1 2026, with revenue rising 3.6% to €89.0 million, entirely organically.
In France, business activity remained strong, with revenue up 4.3% to €77.1 million, supported by multiple software innovations. These included automated prescription capture, business performance management tools, inventory optimisation, enhanced data security and electronic invoicing as an Approved Platform integrated into accounting software. Systems and equipment sales also continued to grow, driven in particular by the rollout of electronic shelf labels in pharmacies.
In Italy, growth continued (+4.3% to €8.1 million), with particularly strong momentum in Q2 (+7.9% to €3.8 million). Business with pharmaceutical full-line wholesalers remained stable at a high level (€5.8 million), supported by new European regulations on securing the pharmaceutical supply chain, with which Italy must now comply as part of the full implementation of medicines serialisation. The pharmacy and para-pharmacy segment continued to perform strongly, with revenue up 42.4% to €2.3 million, reflecting sustained customer acquisition. Systems and equipment sales also continued to benefit from the PNRR (National Recovery and Resilience Plan), which promotes productive investment through tax incentives.
In Germany, revenue declined 8.1% in H1 2026 to €2.7 million. Growth is expected to pick up, supported in particular by the new software solution for German pharmacies, which will be unveiled in preview at the Expopharm trade fair in Munich in September 2026.
In Belgium, revenue declined by 11.6% to €1.1 million, reflecting a pharmacy market with limited appetite for investment and a continued focus on improving profitability.
The AXIGATE LINK Division generated H1 2026 revenue of €19.8 million, up 20.4% as reported and 2.7% like-for-like.
The Nursing Home segment continued to grow, with revenue up 0.3% to €8.4 million, driven by the addition of new facilities and continued migrations to the TitanLink SaaS solution. The ESMS Numérique funding programme, which has supported the segment's business in recent years, will come to an end in 2026.
The Hospital segment recorded revenue of €4.8 million, up 133.2%, driven by the acquisition of the ResUrgences software solution and DIS software modules dedicated to hospital financial and administrative management, which contributed €2.3 million to the increase in H1 revenue. Like-for-like growth remained strong, with revenue up 18.5% to €2.4 million, driven by the signing of new hospital groups. Ségur certifications have been obtained, with deployment scheduled for H2 2026.
The Home Care segment confirmed its strong momentum, with revenue up 15.1% to €4.5 million following the launch of the Ségur Wave 2 programme. Growth is expected to be driven primarily by the new Home Care Services offering and the partnership with Territorial Resource Centres.
The E-CONNECT Division generated H1 2026 revenue of €6.2 million, down 17.4% like-for-like.
Unlike Q1, Q2 revenue declined sharply to €2.8 million, down 29.3% compared with Q2 2025, primarily reflecting weaker demand for mobility solutions as healthcare professionals continued to defer investment decisions.
In the fixed solutions segment, the product range was expanded in June 2026 with the launch of the new KAP-4CV reader. This compact, elegantly designed solution enables healthcare professionals to access all data media, regardless of whether the French national insurance Carte Vitale card is presented in physical form or digitally on a smartphone. This new reader will fully support the rollout of the Carte Vitale insurance card app.
The market remains sensitive to the economic environment, while ongoing supply chain disruptions are expected to put pressure on production costs. To secure its production capacity over the medium term, the Division has increased advance orders from suppliers of critical components. Nevertheless, it remains exposed to ongoing pressures affecting the availability and cost of certain components.
The MEDICAL SOLUTIONS Division generated H1 2026 revenue of €8.6 million, up 68.7% as reported but down 8.9% like-for-like.
This growth was driven by the integration of EREVO, a leading French provider of digital continuing education for physicians and allied healthcare professionals. Despite an uncertain regulatory environment, the Division developed a new synchronous digital training offering (virtual classrooms) within just a few months to better support healthcare professionals in their training needs. Revenue from this business totalled €3.9 million in the first half, with virtual classrooms accounting for nearly 75%.
On a like-for-like basis, the Division's revenue declined as it continued to restructure the distribution network for its software solutions. The offering is being continuously enhanced with new functionalities, including an online appointment scheduling solution for physicians and their patients. The new functionalities planned under the Ségur Wave 2 programme, currently being assessed, will be rolled out between H2 2026 and H1 2027.
The FINTECH Division generated H1 2026 revenue of €0.9 million, down 13.5% like-for-like on an organic basis.
Financing rates remained high and volatile, continuing to weigh on market conditions. Nevertheless, business activity improved in Q2 compared with Q1, with revenue of €0.5 million.
2026 outlook The Group is stepping up the integration of Artificial Intelligence into its business software while pursuing its R&D efforts in agentic AI. The aim is to automate complex tasks in order to enhance the productivity of healthcare professionals using the solutions.
At the same time, the development of our SaaS model is continuing, supported by secure hosting within EQUASENS’ Private Healthcare Cloud. Ultimately, the roll-out of these further functionalities aims to consolidate the Group’s annual recurring revenue (ARR) and strengthen its European growth momentum, which is already well established in Italy.
Finally, the inclusion of our software in Wave 2 of the Ségur digital health programme, which is taking up a significant portion of our R&D capacity, remains a strategic priority for the financial years 2026 and 2027. This approach will ensure the effective roll-out of our solutions over the next two years, in line with the timetable for the various application segments.
Financial calendar:
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- Publication of 2026 H1 results: Monday, 28 September 2026 (before market opening)
- Presentation of H1 results (SFAF): Monday, 28 September 2026
- Publication of Q3 2026 revenue: Thursday, 29 October 2026 (after market close)
About Equasens Group
Founded over 40 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1,500 people across Europe. Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs. And reflecting the spirit of its tagline "Technology for a More Human Experience", the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.
Investor Relations and Media Contacts
| Equasens Group Investor Relations Chief Administrative and Financial Officer Frédérique Schmidt Tel.: + 33 (0)3 83 15 90 67 frederique.schmidt@equasens.com | NewCap Investor Relations Thomas Grojean Louis-Victor Delouvrier Tel: + 33 (0)1 44 71 94 94 equasens@newcap.eu | NewCap Financial media relations Nicolas Mérigeau Tel: + 33 (0)1 44 71 94 94 equasens@newcap.eu |
Forward-looking statements
This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens' current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 "Risk factors" of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2026 under number D.26-0320. These forward-looking statements are valid only as of the date of this press release.
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