German R&D tax credit software provider Innoscripta SE reported first-half 2026 revenue of €63.2 million, a 43.2% increase from €44.1 million in the same period of 2025. Adjusted EBIT rose 49% to €36.4 million, with EBIT margins expanding to 57.7% from 55.5% a year earlier.
The company reaffirmed full-year 2026 guidance of €140 million in revenue and €80 million in EBIT. Management attributed the strong performance to sustained demand in its core German market, where Innoscripta now serves 31% of large enterprises receiving positive BSFZ certificates in 2025. The platform represents over 10% of Germany’s total R&D workforce, with approximately 70,000 employees registered as of August 2026.
International expansion continued with launches in France and the United States in February 2026, followed by the United Kingdom in July. The combined addressable market across these three new regions totals €50 billion annually, compared with Germany’s €1.2 billion market. Innoscripta has signed four customers in France, five in the U.S., and one in the U.K. to date, targeting €1 million in revenue per market within 12 months of launch.
Operating expenses declined as a percentage of revenue, with sales and marketing at 19.6% (down from 20.1%), R&D at 6.1% (down from 7.1%), and G&A at 17.4% (down from 18.7%). Adjusted cash flow from operating activities increased to €25.5 million, while unlevered free cash flow reached €24.9 million. Adjusted free cash flow totaled €39.8 million, equivalent to 108.6% of adjusted EBITDA, up from 90.9% in H1 2025.
Customer growth accelerated, with total signed customers exceeding 2,900 as of June 30, 2026, up from over 2,100 a year earlier. Average contract duration stands at 2.9 years, with a 97% auto-renewal rate and churn remaining below 2%. Cumulative churn since 2020 is under 5%.
Shares of Innoscripta fell 7.89% to €75.90 on August 25, 2026, following the presentation of results. CEO Michael Hohenester described migration-related operational slowdowns as a short-term timing effect with long-term scalability benefits, while reiterating the platform’s ambition to become a market standard in Germany.
