Tinexta (TNXT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were stable year-over-year at approximately €106.1 million, with adjusted EBITDA declining 14.2% to €15.2 million and reported EBITDA at €14 million.

• Adjusted net profit was €1 million, while reported net profit was -€4.9 million, impacted by non-recurring costs.

• Free cash flow from continuing operations grew 12% to €34.7 million.

• The merger process with Zinc BidCo for delisting is ongoing, with Zinc BidCo holding 89.9% of shares.

• Integration of recent acquisitions and AI adoption are transforming operations and offerings.

Financial highlights

• Net financial position (NFP) increased to €351.1 million from €239.8 million at FY 2025, mainly due to the exercise of a call option and M&A activity.

• NFP/adjusted EBITDA (LTM) was 3.49x.

• Depreciation and personnel costs remained flat year-over-year.

• Free cash flow (LTM) exceeded €74 million, reflecting strong working capital management.

• EBITDA margin declined to 14.3% from 16.7% year-over-year.

Outlook and guidance

• Guidance confirmed: revenue growth of 3%-4% and adjusted EBITDA growth of 6%-7% for FY 2026.

• Leverage ratio (NFP/adjusted EBITDA) expected to end the year at 3.1x-3.3x.

• Cost containment and operational efficiency initiatives are underway.

• Ongoing monitoring of Gulf region developments due to potential impact on subsidiary Ascertia.