This article first appeared on GuruFocus .
Release Date: July 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Revenue growth accelerated for the fourth consecutive quarter, with Q2 2026 up 16% in constant currency.
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Adjusted EBITDA margin improved by 20 basis points year-on-year to 36%, despite a less favorable revenue mix.
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Adjusted free cash flow surged 25.3% to EUR41.2 million, with a cash conversion rate of 107.8%.
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Strong commercial momentum with over 40 notable wins in H1 2026, diversified across geographies and industries.
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AI-powered capabilities, including the new Prisma reasoning agent, are reinforcing competitive differentiation and driving commercial success.
Negative Points
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The global macroeconomic and geopolitical environment remains volatile and uncertain, posing risks to future performance.
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The IT, government, and digital transformation pillar grew only 1.6%, impacted by a significant reduction in revenue from a large Asian governmental agency.
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The Project Business Automation pillar contributed only 5% of revenue, with limited new customer acquisition and lower existing customer revenue.
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Capital expenditures were elevated at 5.8% of revenue in H1 2026, well above the usual ~3% level, due to data center investments and other costs.
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Foreign exchange headwinds, particularly from the depreciation of the US dollar and Japanese yen, reduced reported revenue growth by 3.8 million euros.
Q & A Highlights
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Q: What assumptions are factored into your raised revenue growth guidance of at least 13% in constant currency? Could you talk to expectations by pillar, geography, and industry vertical? A: Loic Sutu, CEO: Our guidance of at least 13% reflects our strong commercial momentum and solid pipeline. A lot of our activity, especially for new logos, happens across the summer, so we will have a better read at the tail end. The commercial momentum is across the board, across all pillars and, more importantly, across all geographies. We feel confident with this raised guidance.
Q: Could you please discuss your AI project portfolio in terms of release timelines and commercial model? Would it contribute to the top-line in H2? A: Loic Sutu, CEO: We have been providing AI features for many years, and customers are largely using our AI capabilities, including our AI agent. We are continuously expanding with a new product called Prisma, a reasoning agent. AI is a key differentiator and contributes extensively to our commercial success. It is embedded in our unified platform, so it is already contributing to our revenue, though it is not a separate line item.
Q: How should we think about the phasing of revenues across different line items, given the strong implementation revenue now? Is there anything to read into the difference between the 14.8% H1 growth and the 13% full-year guidance? A: Loic Sutu, CEO: The strong implementation revenue is fueled by new logo signatures. This is great news as it sets the foundation for future expansion and recurring revenue. The SaaS and hosting line item was also strong, driven by both new and existing customers. Regarding the guidance, the global environment remains volatile. We grew 14.8% in H1 and are guiding to at least 13% for the full year, which we feel is the right level. A lot will happen over the summer, and we will have a better read on our pipeline then.
Q: On the IT and digital transformation pillar, can you provide more detail on the lower revenue growth contribution from existing accounts? A: Loic Sutu, CEO: The IT and digital transformation pillar's numbers don't fully reflect its performance. While the bank and insurance sector performed well, this was offset by a very large reduction from a governmental agency. It remains a pillar with a favorable competitive environment and good future expectations.
Q: Can you comment on the monetization of Prisma and whether customer interest has converted into commitments since the June announcement? A: Loic Sutu, CEO: Prisma is a new product with a fee based on per-user and per-consumption, with different levels up to an unlimited tier. It is priced to capture a small piece of the value it brings to customers. We launched a beta in June, with a full launch in September. We are actively discussing with existing customers, and it contributes to our commercial success by showcasing our AI leadership.
Q: If we set aside implementation momentum, how would you quantify new logo signings in Q2 versus last year? And what is the blend of new logos versus contract renewal? A: Loic Sutu, CEO: Implementation in Q2 was very strong due to an unprecedented level of new logo signatures at the tail end of 2025 and the beginning of 2026, which continued into Q2. Compared to Q2 2025, which was a historical low point, the performance this year has been excellent.
Q: On CapEx, you highlighted an increase for data centers. If demand continues, do you foresee additional infrastructure requirements, or is the current rollout sufficient for 2026 and 2027? A: Stephanie Pardot, CFO: We expect capital expenditures to normalize at 3% of revenue in H2, with a full-year 2026 CapEx ratio of approximately 4% to 5%. We made some anticipated purchases at the beginning of 2026 to prepare for price increases and demand, so no additional data centers are needed.
Q: On the two pillars that did not contribute as much in H1 (IT & Digital Transformation and Project Business Automation), is there anything you can do to boost growth, or is it a timing issue? A: Loic Sutu, CEO: These pillars are fairly small, so changes in core numbers can show percentage shifts that don't reflect the full picture. The IT and digital transformation pillar remains strong, but its growth was offset by a large reduction from a governmental agency. The PBA pillar has potential but was impacted by the service industry. It is more of a timing issue.
Q: What are your plans for capital allocation given the record strong cash balance of over 200 million? A: Stephanie Pardot, CFO: There is no update. We keep our dividend policy, and the board is assessing the timing for returning cash to shareholders. No change.
Q: How has the market and your customers received the new products launched at Exchange, particularly the unbundling of your portfolio? A: Loic Sutu, CEO: The new reasoning agent, Prisma, launched in June, has been extremely well received by the market and customers. It is a key part of our AI-powered unified platform. While it doesn't yet translate directly into numbers, it facilitates our commercial success and is a strong differentiator.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
