A takeover battle and a massive writedown collided with disappointing earnings as Italian tech group Tinexta slashed its full-year forecast. The July 30 disclosure of first-half 2026 results painted a stark picture: stagnant sales, crumbling cybersecurity profits, and a €35.2 million impairment tied to its struggling French subsidiary ABF.
The sobering report lands just as Zinc BidCo tightens its grip. By July 29, the acquirer had snapped up 90.36% of Tinexta shares through its €15.00-per-share voluntary tender offer, triggering a squeeze-out of remaining investors. The stock barely budged after the announcement, holding at $15.03.
Revenue flatlined at €214.3 million, slipping 0.2% from the prior year. Adjusted EBITDA dropped 2.8% to €33.7 million, with margins eroding to 15.7%. Even more alarming, reported net profit from continuing operations cratered to a €42.8 million loss, weighed down by the ABF impairment and €10.9 million in intangible asset amortization. Adjusted net profit scraped the bottom at just €1.9 million, a collapse from €6.7 million a year earlier.
Still, cash flowed. Adjusted free cash flow from continuing operations surged 39% to €52.4 million, fueled by tighter working capital and faster collections.
Performance across the company’s three divisions told a tale of extremes. Digital Trust emerged as the star, delivering 3.8% revenue growth to €112.0 million and a 13.4% EBITDA jump. Its 30.2% margin marked a new record, propelled by LegalMail demand, LegalCert resales, and an 18% surge in its Trusted Onboarding Platform.
Cybersecurity, by contrast, imploded. Revenue sank 17.2% to €37.5 million, and adjusted EBITDA plunged 59.1%. Technology Solutions languished amid slow system integration work, while Security Solutions suffered broad declines. Advisory services tumbled 33.4%, and third-party product resales cratered 36.1%. Management expects no second-half rebound.
Business Innovation offered mixed signals. Revenue crept up 2.9% to €68.7 million, but adjusted EBITDA fell 36.3%. Italian finance and grants activity boomed with 27.8% growth, yet French operations collapsed 38.2%. ABF, hammered by political instability, saw success rates slide from 33% to 24%.
The balance sheet bore fresh scars. Net debt ballooned 43.1% to €343.3 million after the €137 million Infocert minority buyout, pushing leverage to 3.36 times adjusted EBITDA and overshooting prior targets. Stockholder equity shrank 53.3% to €160.6 million.
Management now projects full-year revenue growth of 0% to 2%, down from earlier guidance of 3% to 4%. Adjusted EBITDA growth targets fell to 2% to 4%. The company vows to clamp down on costs and steer clear of acquisitions, pinning hopes on operational repairs rather than dealmaking to restore stability.
