Oddo BHF reiterates its Neutral rating on the stock with a price target of 8.50 euros following the announcement of first-half results (September 2025 - February 2026 period).

The analyst considers these results to be broadly in line with expectations (net income of 6 million euros versus Oddo BHF / consensus estimates of 7/6 million euros). A slight miss in organic revenue growth at +5.5% (Oddo BHF / consensus = +5.8/5.6% - Q2 = +5.1% vs Q1 = +6.0%) was offset by a positive surprise in the EBITDA margin, which rose 90 bps to 40.9% (Oddo BHF / consensus = 40.7/40.3%).

Oddo BHF notes that performance continues to be weighed down by Private Cloud (+3.4%) and Webcloud (+2.4%), while Public Cloud remains dynamic (+15.1%).

In its research note, the analyst highlighted that management has reaffirmed its guidance for the current fiscal year, targeting organic revenue growth of +5/7% (Oddo BHF / consensus = +6.5/6.2%), an improving EBITDA margin (above 40.4% vs Oddo BHF / consensus = 41.4/40.8%), and positive FCF (Oddo BHF / consensus = 10/8 million euros).

According to the analyst, this release is unlikely to trigger any major revisions to its earnings forecasts.