Austriacard Holdings reported a 14% year-over-year increase in first-half 2026 revenue to €186.6 million, driven by a 93% surge in digital technologies revenue to €29 million. The company’s second-quarter revenue rose 20% to €97 million, following 8% growth in the first quarter, according to presentation materials released ahead of an August 26 investor update.
The digital technologies segment now accounts for 16% of group revenue, up from 9% in the prior-year period, supported by Greek public sector digitization projects contributing approximately €14 million in the first half. These projects have total awarded contract value of €73.5 million, with €55.5 million recognized since 2023 and €18 million remaining for recognition from the third quarter of 2026 onward. The segment’s compound annual growth rate from 2023 to 2025 reached 49%, rising from €15 million to €29 million.
Identity and payment solutions, representing 63% of group revenue, grew 13% year-over-year, with payment solutions up 11% and identity solutions up 33%. Total card volume increased 14% to 63.7 million units. Document lifecycle management revenue contracted 10%, partially offset by about €0.5 million from secure document printing projects in the Middle East and Africa.
EBITDA rose 10% to €19.4 million, though the margin narrowed by 40 basis points to 10.4%. Adjusted EBITDA, excluding one-off costs related to stock option settlements, long-term incentive valuations, and the Dai Nippon Printing takeover, grew 14% to €21.9 million. Gross profit margins declined, with gross profit I down 100 basis points to 45.9% and gross profit II largely unchanged at 22.4%. Net profit surged 135% to €5.8 million, boosted by a €2.2 million gain from the sale of a minority stake in SEGLAN S.L.
Geographically, Western Europe, the Nordics, and the Americas led growth with a 23% revenue increase to €67.3 million and EBITDA up 48% to €12.1 million. Margins expanded from 15.0% to 18.0%. The Middle East and Africa region saw revenue rise 26% to €20.5 million and EBITDA more than double to €1.1 million, with margins improving from 3.1% to 5.5%. Central and Eastern Europe, including DACH markets, reported 7% revenue growth to €111.5 million but EBITDA fell 16% to €9.8 million, with margins contracting from 11.2% to 8.8%.
Operating cash flow turned negative at €9.3 million, compared with a €10.4 million inflow in the prior-year period, while net working capital rose to €89.2 million, or 23.3% of revenue, up from 20.3%. The leverage ratio remained at 2.1 times net debt to EBITDA, though net debt increased by €22 million to €103.9 million. Capital expenditure rose to €12.3 million, or 6.6% of revenue, including €7 million for secure document printing in the Middle East and a second US personalization center.
Management raised its full-year 2026 revenue guidance to low-double-digit growth, up from prior high-single-digit expectations, while flagging a marginal EBITDA decline and margin compression due to approximately €6 million in unbudgeted one-off costs tied to the DNP takeover and change-of-control events. The company operates 10 manufacturing hubs across Europe and the US, employs 2,360 staff in 17 countries, and serves over 50 markets globally.
Shareholders accepted Dai Nippon Printing’s voluntary takeover offer for 96.55% of Austriacard, with Austrian foreign direct investment clearance still pending before the squeeze-out and delisting process can proceed.
