Total Revenues Growth
Total revenues reached EUR 655 million in H1 FY2026, up +5.6% organically (reported +3.0% including -3.6% currency impact and +1% scope).
Strong Employee Benefits Performance
Employee Benefits operating revenue reached EUR 500 million in H1, delivering +9.4% organic growth; Employee Benefits BVI reached EUR 10.1 billion (+5.9% organic; +6.8% organic excluding delayed Romania rollout).
Record New Client Wins and Face Value Momentum
Record EUR 0.9 billion of new annualized BVI from new client acquisition in H1; cumulative incremental BVI from face value increases reached EUR 2.9 billion, approaching the >EUR 3.0 billion 3-year target.
Material Margin Expansion
Recurring EBITDA of EUR 242 million, up +12.9% organically; recurring EBITDA margin expanded to 37% (+229 bps organically). Recurring operating EBITDA margin rose to 28.1% (+268 bps organically).
Robust Cash Generation and Balance Sheet Strength
Recurring free cash flow of EUR 210 million with an 86% cash conversion rate in H1; net financial cash position (ex-restricted cash) of EUR 1.270 billion (+EUR 107 million semester increase); gross financial debt roughly unchanged at <EUR 1.3 billion.
Profitability and Earnings
Net profit of EUR 116 million, up +9.3% year-on-year; adjusted EPS (group share) EUR 0.78, up +6.8% (including initial accretion from share buyback execution).
Regional Outperformance — Latin America & Rest of World
Latin America operating revenue EUR 229 million, +12.1% organic (driven by Brazil); Rest of World operating revenue EUR 94 million, +8.4% organic (excluding UK/US transformation +16.9% organic).
Operational Efficiency and Technology Levers
Margin expansion driven by operating leverage, product/process streamlining, automation (including increasing AI use), and tighter project prioritization; CapEx discipline with H1 CapEx EUR 44 million (6.8% of revenues) and continued shift toward OpEx/cloud model.
Credit Rating and Capital Return
Maintained S&P rating at BBB+ with stable outlook; ongoing EUR 100 million share buyback ~64% completed and active M&A pipeline (recent acquisitions contributing to scope and growth).