Cancom (COK) Berenberg and Goldman Sachs German Corporate Conference 2026 presentation summary

Company history and business model

• Over 30 years of operations, evolving from IT system house to managed services and cloud provider, with a strong presence in the DACH region after acquiring K-Businesscom AG in 2023.

• Business model integrates hardware, software, consulting, managed services, and support, focusing on digital transformation and XaaS offerings.

• Operates a modern service factory managing procurement, logistics, and device lifecycle, with 250,000 devices under contract.

Technology, innovation, and partnerships

• Published the Cyber Security Report 2026, emphasizing AI-powered cyber threats and digital sovereignty.

• Became an NVIDIA AI Factory Specialization Partner and received 'AI Innovator' status from the German Innovation Institute.

• Hosted the CANCOM AI Factory Summit 2026 and launched the Agentic AI Circle roadshow to showcase AI transformation.

• Recognized as a top partner by HPE and led the DACH region in digital signage rankings.

Financial performance and efficiency

• H1 2026 revenue was €775.9 million (down 3.5% YoY), but EBITDA rose 34% to €49.2 million, with margin improving to 6.3%.

• Q2 2026 EBITDA increased 41.4% YoY to €22.2 million, with margin up to 6.0%.

• German segment saw EBITDA margin rise to 6.5% in Q2 2026, while international segment margin dropped to 5.3% due to EU public sector impacts.

• Operating cash flow YTD 2026 was -€109.6 million, with net cash at -€1.2 million in H1 2026.

• CapEx YTD 2026 reached €9.0 million, with CapEx/revenue at 1.2%.