Key Highlights

  • First-half 2026 Revenue fell to EUR 775.9 million from EUR 803.8 million, while EBITDA rose 34.0 per cent to EUR 49.2 million.
  • Operating cash flow was negative EUR 109.6 million, which the company attributed to higher working capital.
  • The board confirmed 2026 guidance and announced a buyback of up to 1,436,985 treasury shares, or up to 5 per cent of share capital.

Profit up, revenue down in the first half

CANCOM SE (OTC:CCCMF), the German IT services and solutions group, published first-half 2026 results on 11 August 2026. Its primary listing is on Xetra and the Frankfurt exchange under COK, and the company reports in euros.

Revenue fell to €775.9 million from €803.8 million a year earlier, but profitability improved. Gross Profit rose 2.2 per cent to €343.3 million, lifting the gross Margin to 44.2 per cent from 41.8 per cent. EBITDA increased 34.0 per cent to €49.2 million, and EBITA more than doubled, rising 110.8 per cent to €21.5 million. Business volume, a wider measure, grew 2.7 per cent.

Customers delay decisions

Chief executive Rüdiger Rath said the half-year was noticeably affected by delayed Investment decisions on the part of customers. He credited efficiency measures and cost discipline for the Earnings gains, and said Demand for artificial intelligence, digital resilience and technological sovereignty remains high.

By segment, Germany held revenue steady at €500.7 million, while EBITDA climbed to €30.6 million from €13.7 million. International revenue fell to €275.2 million from €304.2 million, and its EBITDA declined to €18.6 million from €23.0 million. The improvement in the half therefore came from the domestic business, where EBITDA more than doubled, while group revenue declined by about 3.5 per cent and international revenue by roughly 9.5 per cent.

Cash flow and the balance sheet

Operating cash flow was negative €109.6 million, against a small positive €0.9 million a year earlier, which the company attributed to higher working capital. Cash and cash equivalents were €21.5 million at 30 June 2026.

Working-capital swings are not unusual for resellers and managed-services providers that finance customer projects, but the scale of the outflow is the figure to follow when the next report arrives. The release did not separately report second-quarter figures, Earnings Per Share or net cash.

Guidance and buyback

The board confirmed its 2026 forecast, which is guidance rather than a reported result: revenue of €1,750 million to €1,850 million, EBITDA of €110 million to €130 million and EBITA of €55 million to €75 million. First-half EBITDA of €49.2 million therefore represents a little under half of the lower end of the full-year range, so the second half carries much of the weight.

Second-half EBITDA would need to be between about €60.8 million and €80.8 million to reach the range, against €49.2 million in the first half. First-half revenue of €775.9 million is about 43 per cent of the €1,800 million midpoint. The first-half EBITDA margin was roughly 6.3 per cent, compared with about 6.7 per cent at the guidance midpoint.

Separately, the company announced on 1 September 2026 a share buyback of up to 1,436,985 treasury shares, equal to up to 5 per cent of share capital. Purchases may run from 7 September to 31 December 2026 at the latest, within a band of 10 per cent above or below the three-day average of Xetra closing auction prices.

What to watch

Next on the calendar are third-quarter figures, listed for 12 November 2026. Points to follow include working-capital movement, the international segment's trend, and progress towards the full-year ranges. Any further change in the timing of customer investment decisions could move the second-half outcome in either direction, as management itself noted.