Equasens H1 2026 Revenue Rises 7.3% to €124.5m, EBITDA Margin Hits 26.8%

Equasens (ISIN: FR0012882389, ticker EQS) reported H1 2026 revenue of €124.5m on 28 September 2026, up 7.3% from €116.0m in H1 2025, according to the company's results release. Current EBITDA rose 11.9% to €33.3m, lifting the margin to 26.8% from 25.7% a year earlier. The company, a provider of digital solutions for healthcare professionals, said acquisitions contributed €6.3m of the increase, with Wave 2 of France's Ségur digital healthcare programme adding €0.6m. Like-for-like revenue grew 1.4%. Net profit rose 10.5% to €20.0m.

Context — why the Equasens H1 2026 margin gain matters now

Equasens entered the period with a business model built on recurring revenue and high customer retention, and the H1 numbers show that model producing margin expansion even as reported growth leans on acquisitions. The company gave the prior-year comparison itself: current operating margin of 19.0% against 18.2% in H1 2025, and net profit of €20.0m against €18.1m.

The margin improvement came from three sources the company named: a favourable product mix, tight cost control, and accretive acquisitions. Personnel expenses rose just 1.4% like-for-like, and acquisitions added 0.3 percentage points to the operating margin. That combination matters because it shows the acquisitions are not diluting profitability while they are integrated.

The trigger for the reported growth is the consolidation of Erevo and the integration of Novaprove and the DIS business, which together contributed €6.3m of external growth. Wave 2 of the Ségur programme, which the company said will deploy through the first half of 2027, added €0.6m in the period.

Equasens operates across five divisions, with the Pharmagest pharmacy software business and the Axigate Link care-facility business carrying the group. The company said it strengthened its position as the leader in digital healthcare solutions in Europe, a claim attributed to management rather than an independent measure.

Annual recurring revenue reached €111.1m at 30 June 2026, up 8.8% with what the company described as a strong organic component. Maintenance and subscription revenue rose 8.4%, or 4.7% like-for-like, giving the group visibility into the second half.

Data — the numbers behind Equasens' half-year report

Revenue of €124.5m compares with €116.0m in H1 2025, a €8.5m increase. Current EBITDA of €33.3m versus €29.8m is a €3.5m gain. Current operating income of €23.7m versus €21.1m is a €2.5m gain, and net profit of €20.0m versus €18.1m is a €1.9m gain.

Net profit attributable to the group was €19.0m, up 9.9% from €17.3m. Basic earnings per share rose to €1.26 from €1.15, a €0.11 increase.

Metric	H1 2025	H1 2026	Change
Revenue	€116.0m	€124.5m	+7.3%
Current EBITDA	€29.8m	€33.3m	+11.9%
Current operating income	€21.1m	€23.7m	+11.9%
Net profit	€18.1m	€20.0m	+10.5%
Basic EPS	€1.15	€1.26	+9.9%

By division, Pharmagest revenue rose 3.6% to €89.0m with current operating margin improving to 18.6% from 16.4%. Axigate Link revenue rose 20.4% to €19.8m, though its margin dipped to 25.5% from 26.6%. E-Connect revenue fell 17.4% to €6.2m, but its margin improved to 38.2% from 36.0%. Medical Solutions revenue rose 68.7% to €8.6m on acquisitions, with a current operating loss of €0.2m. Fintech revenue fell 13.5% to €0.9m with a €0.1m operating loss.

Net cash rose to €93.2m at 30 June 2026 from €83.6m at 31 December 2025. Gross cash was €140.2m against €136.8m. Operating cash flow reached €33.1m, up €3.5m.

Analysis — what the Equasens results mean for healthcare software investors

The split between reported growth and like-for-like growth is the central issue. Reported revenue rose 7.3% but like-for-like rose 1.4%, meaning roughly 5.9 points of the increase came from acquisitions and the Ségur programme. Investors comparing Equasens with peers should weigh whether the acquired revenue carries the same margin profile as the legacy business, which the report does not break out.

Pharmagest, the largest division, is the counterweight. Its 3.6% revenue growth was entirely organic, and its operating margin rose 2.2 points to 18.6%. The company credited a favourable product mix, stable personnel expenses and a €0.7m improvement in Italy. That is the division most exposed to French and Italian pharmacy software demand.

Axigate Link shows the growth-versus-margin trade-off. Revenue rose 20.4% but the operating margin fell 1.1 points to 25.5%, and excluding €2.4m of acquisitions and €0.6m of Ségur, growth was 2.7%. The division's Hospitals line reached €4.8m in H1 and is now its second-largest contributor, a shift that changes the revenue mix toward project-based work.

The E-Connect decline is the clearest risk. Revenue fell 17.4% as healthcare professionals took a wait-and-see approach amid economic uncertainty and the Carte Vitale app rollout ran slowly. The company said supply chain disruptions are expected to pressure production costs, and it increased advance orders for critical components. That is a margin risk into H2.

A limitation: the report gives no full-year guidance, no acquisition price tags and no breakdown of Erevo's standalone contribution. Investors cannot size the inorganic component beyond the €6.3m aggregate.

Outlook — what to watch after Equasens' H1 2026 results

The company's next scheduled catalyst is publication of Q3 2026 revenue on 29 October 2026, after market close. That print will show whether the 1.4% like-for-like growth rate held or improved.

Ségur Wave 2 is the second catalyst. The company said the deployment schedule extends through the first half of 2027, and it recorded only €0.6m in H1. Management expects the programme to be a growth driver, so the pace of revenue recognition is the variable to track.

The third is the legacy-offering transition in Medical Solutions, where development and marketing spending on EQWO, LOQUii and Ségur Wave 2 pushed the division to a €0.2m operating loss. The company said new features and a reorganised sales network are expected to support a return to organic growth, a forward-looking statement rather than a result.

On the balance sheet, net cash of €93.2m gives the company room to keep acquiring, and the report notes it invested part of available cash in EMTNs. The company did not disclose the terms of those investments. Inventory rose €8.5m to secure supplies and prices, a working-capital drag that management framed as protective.

Frequently Asked Questions

What does the Equasens H1 2026 result mean for retail investors?

It shows a healthcare software group growing profit faster than revenue. Current EBITDA rose 11.9% against 7.3% revenue growth, and the margin expanded to 26.8%. Net cash of €93.2m and recurring revenue of €111.1m support the model, but only 1.4% of revenue growth was like-for-like, so the quality of growth depends on how well the acquired businesses perform after integration.

Why did Equasens' like-for-like growth lag reported growth?

Acquisitions and the Ségur programme drove the gap. Erevo, Novaprove and the DIS business added €6.3m of external growth, and Wave 2 of the Ségur programme added €0.6m. Together those contributed about 5.9 points of the 7.3% reported increase. Organic growth was 1.4%, reflecting a wait-and-see attitude in several markets and changes to some longstanding offerings.

What happens next for Equasens shares?

The company reports Q3 2026 revenue on 29 October 2026 after market close. That release will show whether like-for-like growth accelerated and whether Ségur Wave 2 revenue is scaling from the €0.6m booked in H1. The company gave no full-year guidance in the report and did not disclose the terms of its recent acquisitions.

Bottom Line

Equasens grew profit faster than revenue in H1 2026, but the 1.4% like-for-like figure shows most reported growth came from acquisitions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.