Innoscripta SE reported a 43% year-over-year increase in first-half revenue for 2026, driven by expansion into France, the U.S. and the U.K., but its shares fell nearly 9% on Monday after the presentation.
Total operating performance reached €63.2 million in H1 2026, up from €44.1 million in the same period last year, according to the Munich-based software company. Adjusted earnings before interest and taxes rose 49% to €36.4 million, lifting the EBIT margin to 57.7% from 55.5% in H1 2025. Gross profit matched total operating performance at €63.1 million.
The company reaffirmed its full-year 2026 guidance of €140 million in revenue and €80 million in EBIT. Adjusted cash flow from operating activities increased to €25.5 million from €21.6 million a year earlier, while unlevered free cash flow totaled €24.9 million. Adjusted free cash flow reached €39.8 million, representing 108.6% of adjusted EBITDA, compared with 90.9% in the prior-year period.
Innoscripta’s customer base expanded to more than 2,900 signed clients as of June 30, 2026, up from over 2,100 a year earlier. The average initial contract length stood at 2.9 years, with a 97% auto-renewal rate and churn below 2%. Since 2020, cumulative churn has remained below 5%. Approximately 70,000 employees are registered on the company’s Clusterix platform in Germany, representing over 10% of the country’s total R&D workforce.
International expansion continued in February 2026 with launches in France and the U.S., followed by the U.K. in July. Management targets $1 million in revenue per new market within 12 months of launch, aiming for break-even at a single-digit million euro revenue level. As of August 2026, the company employs 15 staff in France and the U.S. and has one software-sector customer in the U.K. Germany’s R&D tax credit market is valued at €1.2 billion annually, while the U.S. federal market totals €34 billion, France €7 billion and the U.K. €9 billion.
Cost discipline improved, with sales and marketing expenses at 19.6% of operating performance, down from 20.1% in H1 2025. R&D investments accounted for 6.1% of revenue, down from 7.1%, and G&A expenses fell to 17.4% from 18.7%.
Innoscripta’s shares fell 9.10%, or €7.50, to close at €74.90 on August 25, 2026, in Frankfurt trading.
