PRESS RELEASE – REGULATED INFORMATION
Cambridge (UK) 21 October 2026 (18.00 CEST) – Hybrid Software Group PLC (Euronext: HYSG) provides a trading update for the nine months ended 30 September 2026. This information is unaudited.
For the quarter ended 30 September 2026:
- Revenue for the period was €13.53 million (2025: €13.42 million)
- EBITDA for the period was €2.77 million, or 20% of revenue (2025: €3.52 million, 26% of revenue)
- Operating result for the period was €1.61 million, or 12% of revenue (2025: €2.53 million, 19% of revenue)
- Adjusted operating result for the period was €1.44 million, or 11% of revenue (2025: €2.13 million, 16% of revenue)
For the nine months ended 30 September 2026:
- Revenue for the period was €39.94 million (2025: €40.01 million)
- EBITDA for the period was €6.70 million, or 17% of revenue (2025: €8.96 million, 22% of revenue)
- Operating result for the period was €3.30 million, or 8% of revenue (2025: €6.02 million, 15% of revenue)
- Adjusted operating result for the period was €3.10 million, or 8% of revenue (2025: €6.08 million, 15% of revenue)
CEO Mike Rottenborn comments, “The third quarter marked the start of the stronger second half we anticipated in July. Revenue of €13.53 million was our highest quarterly revenue of the year so far and slightly ahead of the €13.42 million reported in the third quarter of 2025. EBITDA rose to €2.77 million, or 20% of revenue, up from 15% of revenue in the first half of 2026.
Enterprise Software continues to lead our growth. Segment revenue increased 17% year-on-year to €7.61 million in the quarter, and 16% to €22.07 million over the first nine months. This growth was driven mainly by Brandz and Conics, the two businesses we acquired in the third quarter of 2025, which have been successfully integrated into the Group. Brandz, with its Artflow artwork management platform, strengthens our offering to brand owners and consumer packaged goods companies, while Conics adds project management and integration capabilities as well as advanced AI-driven products to streamline order entry and artwork management. Third-quarter segment EBITDA of €1.86 million exceeded the segment’s total for the first six months of the year.
Printhead Solutions revenue was stable over the first nine months at €9.63 million (2025: €9.79 million), while segment EBITDA increased 14% to €2.48 million, or 26% of revenue (2025: 22% of revenue). Margins continue to improve as the breadth of our customer base continues to expand and we become less reliant on large, lower-margin customers.
Revenue in our Printing Software segment can vary significantly from one period to the next, as it includes revenue recognised on large commercial agreements: OEMs typically license our Harlequin & Mako technology for periods of three to five years, and revenue from such a contract is largely recognised when the agreement is signed. During the first nine months of 2025 we concluded several such agreements, including a €1.79 million contract extension in the first half. So far in 2026 no such agreements have been concluded. As a result, segment revenue for the nine months was €8.24 million, compared to €11.12 million in the prior year period, and €2.91 million in the third quarter (2025: €3.62 million). Profitability improved compared to the second quarter, with segment EBITDA of €0.36 million for the quarter compared to €0.12 million for the whole of the first half.
For the nine months ended 30 September 2026, Group revenue was €39.94 million (2025: €40.01 million). EBITDA was €6.70 million, or 17% of revenue (2025: €8.96 million, 22% of revenue), and adjusted operating result was €3.10 million (2025: €6.08 million), reflecting the absence of large Printing Software agreements this year and our deliberate investment in R&D and in scaling the organisation.
Looking ahead, barring a material impact from US tariffs or any other adverse macroeconomic or geopolitical surprise, we remain confident in the Group’s prospects and expect our strongest quarter of the year is still to come.”
Financial highlights by segment for the nine months ended 30 September 2026
The following tables provide unaudited information about revenue from external customers, EBITDA, operating result and adjusted operating result for the Group’s operating segments for the current and previous financial years.
For the quarter ended 30 September 2026:
| In millions of euros (unaudited) | Enterprise Software | Printhead Solutions | Printing Software | Group | Total |
| Revenue from external customers | 7.61 | 3.01 | 2.91 | – | 13.53 |
| Segment EBITDA | 1.86 | 0.55 | 0.36 | – | 2.77 |
| as a % of revenue | 24% | 18% | 12% | – | 20% |
| Segment Operating result | 1.51 | 0.30 | (0.22) | 0.02 | 1.61 |
| as a % of revenue | 20% | 10% | (8%) | – | 12% |
| Segment Adjusted operating result | 1.32 | 0.34 | (0.09) | (0.13) | 1.44 |
| as a % of revenue | 17% | 11% | (3%) | – | 11% |
For the quarter ended 30 September 2025:
| In millions of euros (unaudited) | Enterprise Software | Printhead Solutions | Printing Software | Group | Total |
| Revenue from external customers | 6.48 | 3.32 | 3.62 | – | 13.42 |
| Segment EBITDA | 1.75 | 0.87 | 0.94 | (0.04) | 3.52 |
| as a % of revenue | 27% | 26% | 26% | – | 26% |
| Segment Operating result | 1.39 | 0.69 | 0.47 | (0.02) | 2.53 |
| as a % of revenue | 21% | 21% | 13% | – | 19% |
| Segment Adjusted operating result | 1.13 | 0.60 | 0.57 | (0.17) | 2.13 |
| as a % of revenue | 17% | 18% | 16% | – | 16% |
For the nine months ended 30 September 2026:
| In millions of euros (unaudited) | Enterprise Software | Printhead Solutions | Printing Software | Group | Total |
| Revenue from external customers | 22.07 | 9.63 | 8.24 | – | 39.94 |
| Segment EBITDA | 3.65 | 2.48 | 0.48 | 0.09 | 6.70 |
| as a % of revenue | 17% | 26% | 6% | – | 17% |
| Segment Operating result | 2.52 | 1.78 | (1.17) | 0.17 | 3.30 |
| as a % of revenue | 11% | 18% | (14%) | – | 8% |
| Segment Adjusted operating result | 2.60 | 1.83 | (0.85) | (0.48) | 3.10 |
| as a % of revenue | 12% | 19% | (10%) | – | 8% |
For the nine months ended 30 September 2025:
| In millions of euros (unaudited) | Enterprise Software | Printhead Solutions | Printing Software | Group | Total |
| Revenue from external customers | 19.10 | 9.79 | 11.12 | – | 40.01 |
| Segment EBITDA | 4.01 | 2.18 | 2.87 | (0.10) | 8.96 |
| as a % of revenue | 21% | 22% | 26% | – | 22% |
| Segment Operating result | 3.14 | 1.70 | 1.23 | (0.05) | 6.02 |
| as a % of revenue | 16% | 17% | 11% | – | 15% |
| Segment Adjusted operating result | 2.64 | 1.50 | 2.32 | (0.38) | 6.08 |
| as a % of revenue | 14% | 15% | 21% | – | 15% |
For more information about the Group’s operating segments, refer to the annual report for the year ended 31 December 2025, which is available from: https://www.hybridsoftware.group/investors/financial-reports.
EBITDA is calculated by adding back interest, tax, depreciation and amortisation to net profit.
Adjusted operating result is calculated starting from IFRS reported operating (loss)/profit from continuing operations and deducting other expenses and capitalised development expenses, and adding back other income, amortisation of acquired intangibles and capitalised development expenses and other non-recurring items in nature.
About Hybrid Software Group
Hybrid Software Group PLC, headquartered in Cambridge, UK and listed on Euronext Brussels (ticker: HYSG) is a leading developer of software and electronics for labels & packaging and industrial print manufacturing. Customers include consumer packaged goods companies, prepress service agencies, labels & packaging converters, commercial printers and original equipment manufacturers worldwide.
Its subsidiaries include the labels & packaging artwork management & prepress software developer HYBRID Software, colour technology expert ColorLogic, printing software developer Hybrid Software Helix, industrial printhead driver solutions specialist Meteor Inkjet, pre-press workflow developer Xitron and integration specialist Conics.
Contacts
| Floris De Ruyck | Joachim Van Hemelen |
| Legal Counsel & Investor Relations Officer | Chief Financial Officer |
| Tel: +32 (0) 9 329 57 53 | Tel: +32 (0) 9 329 57 53 |
| Email: florisdr@hybridsoftware.group | Email: joachimvh@hybridsoftware.group |
