H1 2026 REVENUE: €12.8 million (+€1.3 m)
EBITDA: €6.3 million (-€0.1 m)
EBIT: €1.7 million (-€0.9 m)
NET INCOME: €0.8 million (-€1.3 m)
NET CASH (GROSS CASH – FINANCIAL DEBT): €8.4 million
STREAMWIDE (Euronext Growth – FR0010528059 – ALSTW), the expert in critical business and mission critical communications software solutions, announces its H1 2026 Results or the six-month period ended June 30, 2026. Against a cautious economic backdrop, the Group continues to invest, notably in support functions and project engineering teams in the United States, in order to build capacity, anticipate and absorb future growth associated with the rollout of the SaaS project with AT&T-FirstNet®. This timing mismatch between future revenues and current investments resulted in a slight contraction in EBITDA margin in H1 2026, which nevertheless remained at a high level of 49%. The operation of the SaaS infrastructure in the United States over a full six-month period also led to higher depreciation and amortization charges, resulting in a €1.0 million decline in recurring operating income. Lastly, net income amounted to €0.8 million, after taking into account €1.0 million in exceptional legal costs incurred in the United States.
SIMPLIFIED IFRS INCOME STATEMENT (**)
| in K€ | HY 2026 | %Rev | HY 2025 | %Rev | Var. (K€) | Var. (%) |
| Revenues "Platforms" | 9 304 | 73% | 8 774 | 77% | 530 | 6% |
| Revenues "Legacy" | 3 488 | 27% | 2 690 | 23% | 798 | 30% |
| TOTAL REVENUES | 12 792 | 11 464 | 1 328 | 12% | ||
| Payroll expenses | -5 031 | 39% | -3 727 | 33% | -1 303 | 35% |
| G&A and external expenses | -2 089 | 16% | -1 909 | 17% | -180 | 9% |
| Other expenses / products | 616 | -5% | 556 | -5% | 60 | 11% |
| TOTAL EXPENSES before amortisation | -6 503 | -5 080 | -1 423 | 28% | ||
| EBITDA (*) | 6 289 | 49% | 6 384 | 56% | -95 | -1% |
| Amortization | -4 573 | -3 662 | -911 | 25% | ||
| EBIT (**) | 1 716 | 13% | 2 722 | 24% | -1 006 | -37% |
| Other ope. expenses / products | -1 048 | -7 | -1 041 | |||
| Financial expenses / products | 139 | -653 | 792 | |||
| Fiscal expenses / products | -34 | 61 | -95 | |||
| NET RESULTS | 773 | 6% | 2 123 | 19% | -1 350 | -64% |
(*) EBITDA (EBIT before depreciation and amortisation) is the difference between operating income and operating expenses before depreciation, amortisation and impairment. EBIT includes depreciation, amortisation and impairment.
(**) The interim financial statements were approved by the Board of Directors on September 18, 2026. The statutory auditor's interim limited review procedures are currently underway.
SUSTAINED INVESTMENT IN A CAUTIOUS ECONOMIC ENVIRONMENT
- H1 2026 revenue of €12.8 million, up €1.3 million (+12%)
H1 2026 revenue increased by 12%, driven by strong business activity in North America and Asia-Pacific. Both of the Group's business lines – Platforms and Legacy – recorded growth in H1 2026, despite challenging comparatives. Revenue from the Platforms business (team on mission and team on the run) increased by €0.5 million (+6%), while Legacy revenue rose by €0.8 million (+30%) in H1 2026. Growth in the Platforms business was primarily driven by recurring SaaS revenue related to the FirstNet Fusion application, which tripled during H1 2026.
- EBITDA: €6.3 million
The Group maintained a high level of investment in technical infrastructure, performance, security and resilience, as well as in human resources, notably project engineers and support teams in the United States, during H1 2026. These investments are intended to anticipate and absorb future growth while further strengthening the sovereignty, security, scalability and standardization (3GPP) of STREAMWIDE's solutions.
The Group's development capacity remained stable over the period, with €4.3 million in capitalized personnel costs out of total development costs of €4.6 million, compared with €4.5 million in H1 2025 out of total development costs of €5.2 million, including subcontracting costs. Before capitalization of personnel costs related to product development, first-half payroll costs amounted to €9.3 million, an increase of €1.1 million. This change reflects (i) a price effect of approximately €0.6 million, including 2026 salary increases and higher sales commissions in the United States compared with H1 2025, and (ii) a volume effect of approximately €0.5 million, resulting from 12 net new hires during H1 2026 and the full-year impact of recruitment carried out in 2025. The Group had 263 employees at the end of June 2026, compared with 251 at the end of December 2025 and 242 at the end of June 2025.
Other external expenses increased by €0.2 million in H1 2026, without requiring any specific comment. Other overhead costs increased in line with the Group's headcount and represented 11% of gross payroll costs, compared with 12% in H1 2025.
Excluding depreciation and amortization and after the IFRS 16 adjustment for lease costs (€0.5 million in H1 2026 compared with €0.4 million as of June 30, 2025), operating costs amounted to €6.5 million, compared with €5.1 million in H1 2025, representing an increase of €1.4 million. As a result, EBITDA decreased by €0.1 million. The EBITDA margin stood at 49%, compared with 56% in H1 2025.
- EBIT : €1.7 million
The increase in depreciation and amortization in H1 2026 (+€0.9 million to €4.6 million) was mainly attributable to the Group's technical infrastructure in the United States, which was commissioned at the end of H1 2025 as part of the SaaS contract with AT&T-FirstNet® (one month of operations in H1 2025).
Depreciation and amortization related to this infrastructure amounted to approximately €0.6 million as of June 30, 2026, representing an increase of €0.5 million due solely to the time effect (six months of operations). This base effect will no longer apply in H2 2026. Depreciation and amortization related to development costs increased slightly (+€0.2 million) to €3.1 million, reflecting the increase in the gross amount of capitalized development costs over the past several years (€7.7 million in 2024 and €10.7 million in 2025). These charges are expected to continue increasing at a similar pace over the coming months, depending on the various software versions developed and released into production (two major releases per year).
- Net income: €0.8 million
Other non-recurring operating expenses relate to litigation in the United States concerning intellectual property rights. In accordance with its contractual commitments to its partners, STREAMWIDE, through its U.S. subsidiary StreamWIDE Inc., requested to join the proceedings alongside one of its U.S. customers, AT&T, in litigation before a U.S. court in Texas, initiated by a private plaintiff, a small player in the mission-critical MCx sector. STREAMWIDE has provided the court with the documents required and has also shared all documentation necessary to defend its interests with respect to the patents at issue and the functionality concerned, which has not been deployed by AT&T and is only very rarely used elsewhere in the world. In response to these proceedings, applications have also been filed with national patent offices in the United States and Europe to challenge the patentability of the functionality at issue, notably based on STREAMWIDE's prior development work, the state of the art and publications made available at the time.
Legal fees relating to these proceedings amounted to €0.7 million as of June 30, 2026, and a provision of €0.3 million in additional fees was also recognized. While it is not currently possible to determine with certainty the outcome of this litigation and the related proceedings, the Group and its legal counsel remain confident in their ability to defend the Company's rights and interests, and therefore did not record a provision for risks related to this litigation. Furthermore, the functionality concerned is neither fundamental nor critical, nor is it required for the solution to operate properly. STREAMWIDE is therefore in no way constrained in maintaining its business activities fully and without interruption.
After taking into account positive net financial income of €0.1 million, driven by movements in the USD/EUR exchange rate during H1 2026, and a neutral tax charge, reflecting tax losses in France and limited taxable income in the United States, net income amounted to €0.8 million, down €1.3 million compared with H1 2025. Excluding non-recurring operating expenses, adjusted net income amounted to €1.8 million, representing an adjusted net margin of 14%.
STRENGTHENED FINANCIAL POSITION AND SIGNIFICANT CASH POSITION
Total assets stood at €66.0 million as of June 30, 2026, compared with €62.5 million as of December 31, 2025 (see appendix below). The Group's financial position further strengthened as of June 30, 2026, with equity increasing to €32.9 million (+€0.9 million) and gross cash amounting to €14.6 million
(-€1.1 million).
Net cash, defined as gross cash less financial debt excluding lease liabilities, amounted to €8.4 million as of June 30, 2026.
OUTLOOK: SAAS GROWTH, REVENUE DIVERSIFICATION AND RECURRING REVENUES
H1 2026 was marked by a decline in results, reflecting a sustained investment policy, primarily in the United States, as well as ongoing legal proceedings generating significant but non-recurring legal fees. The second-half base effect will be more favourable than that of H1, as was the case in the previous two financial years, since operating costs, which were still limited in H1 2025, were already fully incurred in H2 2025. However, the expected revenue growth in 2026 is not expected to fully offset the increase in annual costs, particularly those related to the development of the SaaS business. Operating margins are therefore expected to decline slightly in 2026, while remaining at very high levels.
In the United States, the Fusion solution went live with AT&T-FirstNet® in July 2026, enabling the first service subscriptions to be recorded. Since then, the daily increase in subscriptions has been satisfactory, and the first billings above the guaranteed minimums are expected from Q4 of the current financial year. In addition to these recurring subscription revenues, several multi-year projects and budgets could materialize over time to complement and further develop the SaaS offering, opening up significant new revenue opportunities in the coming months.
Other geographic markets are also being developed, notably Asia-Pacific, where several projects remain active and could materialize by 2027. In the Middle East, the Group remains directly or indirectly involved in major projects, but the current geopolitical environment is making decision-making lengthy and uncertain. Lastly, in France and Europe, the current and prospective political and economic environment is leading to a wait-and-see approach across the market.
Having successfully diversified its geographic revenue base and delivered profitable growth in 2025, the Group's objective in 2026 remains to develop its international projects while further increasing the recurring nature of its revenues. The Group has the financial resources required to pursue these investments, both in technology and human resources. STREAMWIDE therefore remains on an ambitious growth trajectory, with the potential to transform its growth profile over the medium term. The deployment of the AT&T-FirstNet® project represents a major structural growth driver to support this trend but also requires the Group to transform and scale up its organization, teams, technology infrastructure, and software development, production and delivery processes.
Over time, productivity gains can be achieved through further process optimization and increased use of new tools, including AI, to streamline selected processes and thereby best support and facilitate future growth.
Appendices
Consolidated Balance Sheets at June 30, 2026 and December 31, 2025
| in K€ | 30-Jun-26 | 31-Dec-25 |
| Intangible assets | 25 201 | 23 634 |
| Tangible assets | 6 118 | 5 835 |
| Other financial assets | 659 | 480 |
| Deferred tax assets | - | - |
| NON CURRENT ASSETS | 31 979 | 29 949 |
| Receivables | 9 038 | 7 395 |
| Other receivables | 2 063 | 1 657 |
| Other tax assets | 3 301 | 2 767 |
| Current financial asset | 5 000 | 5 000 |
| Cash and cash equivalent | 14 599 | 15 711 |
| CURRENT ASSETS | 34 001 | 32 530 |
| TOTAL ASSETS | 65 980 | 62 479 |
| Capital | 280 | 280 |
| Paid in capital | 4 231 | 4 231 |
| Consolidated reserves | 30 739 | 24 535 |
| Self owned shares | -3 149 | -3 320 |
| Net Result Group share | 773 | 6 260 |
| Non controlling interests | - | - |
| TOTAL EQUITY | 32 874 | 31 986 |
| Financial liabilities | 5 359 | 5 659 |
| Rental liabilities | 2 383 | 2 141 |
| Non current provisions | 403 | 376 |
| Deferred financial revenues | 3 014 | 2 843 |
| Deferred tax liabilities | 4 931 | 4 960 |
| NON CURRENT LIABILITIES | 16 090 | 15 980 |
| Financial liabilities | 819 | 1 123 |
| Rental liabilities | 795 | 591 |
| Current provisions | 274 | 10 |
| Payables | 1 527 | 683 |
| Social and fiscal debts | 4 602 | 4 595 |
| Deferred fiscal products | 1 477 | 1 422 |
| Deferred revenues | 7 522 | 6 088 |
| CURRENT LIABILITIES | 17 016 | 14 513 |
| TOTAL EQUITY AND LIABILITIES | 65 980 | 62 479 |
Consolidated Cash Flow Statement for H1 2026, FY 2025 and H1 2025
| in K€ | HY 2026 | FY 2025 | HY 2025 |
| Consolidated net result | 773 | 6 260 | 2 123 |
| Capacity of self financing before cost of debt and taxes | 4 821 | 14 299 | 5 641 |
| -Variation of working capital | 414 | 5 214 | 4 425 |
| -Income taxes paid | -110 | -192 | -87 |
| Net operating cash flow | 4 974 | 19 705 | 9 979 |
| Change in fixed assets | -5 427 | -14 077 | -8 355 |
| Change in other cash flow linked to investment operations (CIR) | 380 | -3 218 | 63 |
| Net investing cash flow | -5 047 | -17 295 | -8 292 |
| Net financing cash flow | -1 039 | -1 273 | -1 132 |
| Cash variation | -1 112 | 753 | 555 |
| Cash at the end of the period | 14 599 | 15 711 | 15 513 |
Financial calendar: FY 2026 Revenue, February 16, 2027 , after Euronext Paris markets closing
About STREAMWIDE (Euronext Growth: ALSTW)
A major player for 20 years in the critical communications market, STREAMWIDE has successfully developed its team on mission (mission critical) and team on the run (business critical) software solutions for administrations and businesses. These solutions for smartphones and PCs, offered in a SaaS model or on Premise, benefit from numerous functionalities such as the multimedia group communications, VoIP, push-to-talk (MCPTT and MCx new generation 4G / 5G LTE), geolocation, digitalization and automation of business processes. These innovative solutions meet the growing needs for digital transformation and real-time coordination of interventions. They allow field teams to transform individual contributions into collective successes and to act as one in the most demanding professional environments.
STREAMWIDE is also present on the Value-Added Services software market for telecom operators (visual voice messaging, billing and charging of calls in real time, interactive voice servers, applications and announcements) with more than 130 million end users all over the world.
Headquartered in France and present in Europe, USA, Asia and Africa, STREAMWIDE is listed on Euronext Growth (Paris) – ALSTW FR0010528059.
For more information, visit Streamwide.com and our LinkedIn pages @streamwide and X @streamwide.
Contacts
| Pascal Beglin | Olivier Truelle | Mathieu Omnes | Amaury Dugast | ||
| CEO | CFO | Investor Relations | Press Relations | ||
| T +33 1 70 22 01 01 | T +33 1 53 67 36 92 | T +33 1 53 67 36 34 | ||
| investisseur@streamwide.com | streamwide@actus.fr | adugast@actus.fr | ||
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