q beyond (QBY) Q2 2026 earnings summary

Executive summary

• Accelerated AI transformation is underway, driving operational efficiency and positioning as a leading AI partner for European SMEs, with significant investments in automation, organizational realignment, and international expansion.

• One-off transformation expenses of €5–6 million are expected in 2026, with €0.9 million already provisioned for the new Romanian location, which will provide AI-assisted 24/7 support and generate over €1 million in annual savings from 2027.

• Consulting business grew 5% year-over-year, with new orders up 12% and gross margin rising to 26% due to improved utilization, AI consulting, and S/4 transitions.

• Managed Services revenue declined due to weak SME demand, price adjustments, and higher customer churn, but AI-driven efficiency gains are emerging.

• Share buybacks are planned to begin at the end of August, leveraging strong net liquidity.

Financial highlights

• Q2 2026 revenues were €43.0 million, down from €44.4 million in Q2 2025, mainly due to managed services.

• Adjusted EBITDA was €2.5 million (excluding €0.9 million transformation provision), with reported EBITDA at €1.6 million.

• Net income for Q2 2026 was €-0.9 million, impacted by transformation costs.

• Free cash flow was negative at €-1.6 million in Q2 2026.

• Net liquidity stood at €41.0 million as of June 30, 2026, with an equity ratio of 70%.

Outlook and guidance

• 2026 revenue guidance lowered to €176–180 million (previously €182–190 million), with EBITDA expected between €3–7 million (previously €10–16 million).

• One-off negative consolidated net income and free cash flow expected for 2026; positive figures anticipated from 2027, driven by AI transformation and efficiency gains.

• Transformation measures in 2026 are expected to yield at least €7 million in annual personnel cost savings from 2027 onward.

• Consulting gross margin expected to stabilize above 20% in future quarters.

• Q4 2026 is expected to see a typical spike in revenues and earnings.