Azkoyen Group increases revenue by 6.2% in the first half of 2026, reaching €108.9 million

• The Payment Technologies division led the Group’s growth, with revenue increasing by 20.3%, driven by cash management solutions.
• Net financial debt was reduced by 18.6% to €13.3 million, despite the approval of dividends of up to €24.5 million and the acquisition of Swiss company Primion AG.
• EBITDA stood at €14.8 million, down 16.2%, due to a lower margin percentage and investments aimed at strengthening future growth.
• The Group maintains a solid financial, economic and liquidity position, with leverage below 0.4x EBITDA over the last twelve months.
• Azkoyen Group expects to close 2026 with revenues above those recorded in 2025.

Azkoyen Group, a multinational leader in the design, manufacture and commercialization of technological solutions for coffee, vending, payment technologies, IoT and security systems, today announced its results for the first half of 2026. During the period, the Group achieved consolidated revenue of €108.9 million, representing a 6.2% increase compared with the same period of the previous year.

Sales growth was primarily supported by the strong performance of the Payment Technologies division, whose revenue increased by 20.3% to €44.7 million. This business line includes cash management solutions, cash and cashless payment systems for vending, connectivity, IoT and telemetry solutions. Time & Security increased sales by 4.9% to €36.6 million, while Coffee & Vending Systems reported a 9.5% decline, reaching €27.6 million.

The Group’s gross margin reached €49.6 million, up 2.7% compared with the first half of 2025. Sales and gross margin in absolute terms remained at levels very similar to those achieved during the second half of 2025.

EBITDA amounted to €14.8 million, 16.2% lower than in the same period of 2025. This performance reflects a lower margin percentage and higher fixed costs, mainly resulting from increased personnel expenses and investments in commercial structures, R&D and innovation activities, and organizational capabilities designed to support future growth. Consolidated profit after tax reached €7.3 million, below the level reported in the previous year.

Azkoyen Group continues to maintain a strong financial position. Net financial debt was reduced to €13.3 million compared with €16.4 million at the end of the first half of the previous year. This improvement was achieved despite the approval of ordinary and extraordinary dividends totaling up to €24.5 million, equivalent to €1 per share, and the acquisition of Swiss company Primion AG.

The Group’s leverage ratio stands below 0.4 times EBITDA for the last twelve months, compared with 0.5 times one year earlier. In addition, Azkoyen achieved EBITDA-to-cash conversion of approximately 80%, supported by improved working capital management.

The company continues to regard innovation as one of the pillars of its strategy. During the first half of 2026, fixed R&D expenses, excluding work capitalized for assets, amounted to €11.3 million, similar to the same period of the previous year and equivalent to 10.3% of sales.

BUSINESS BY REGION
Germany accounted for 32.5% of consolidated revenue; Spain 19.5%; the United Kingdom 7.3%; Italy 6.7%; Belgium 5.5%; the rest of the European Union 16.0%; and other countries 12.5%. The Group continued expanding its international presence, strengthening its positioning in strategic markets and consolidating its operations in more than 100 countries.

BUSINESS LINES
Payment Technologies was the Group’s main growth driver during the first half of 2026. Within the division, cash management solutions, representing around 72% of divisional revenue, increased sales by 38.3%. Growth was particularly strong in the retail segment, where sales rose by 46.6%. Cashlogy by Azkoyen solutions continued expanding their presence in retail outlets, including food stores, pharmacies, tobacco shops, service stations, bars and restaurants. The Group also continues its international expansion plans, focusing on Central Europe and Latin America, new currencies and markets, new retail segments and services linked to connectivity and cloud applications.

In connectivity, telemetry and IoT solutions, Vendon increased sales by 15.5% and exceeded 116,900 connected machines, approximately 9% more than in December 2025. Coges surpassed 101,400 connectivity-service connections and subscriptions, growing approximately 5% compared with year-end 2025.

Coffee & Vending Systems recorded a 9.5% decline in sales during the first half of 2026. Expansion in North America, where sales now represent almost 20% of the business line’s revenue, was not sufficient to offset declines in major European markets, particularly the United Kingdom.

For the second half of the year, Azkoyen expects an improvement in this business line compared with the second half of 2025, with the objective of closing 2026 at levels similar to those achieved in 2025. At the same time, the Group has launched a project focused on reducing operating costs and improving the supply chain.

The Time & Security division increased sales by 4.9% in the first half of 2026, with organic growth of 1.4% and inorganic growth of 3.5% arising from the acquisition of Primion AG.

This division offers converged security solutions, access control, workforce management, time attendance systems and integrated security platforms. Maintenance revenue increased by 4.1% to €10.2 million and represented 27.9% of the division’s revenue.

During the first half, Primion intensified its R&D investment strategy, strengthened its commercial organization and implemented global functions. The objective for the second half is to increase commercial opportunities and improve conversion rates through new products, newly developed solutions and a more integrated sales organization.

NEW CORPORATE STRUCTURE
In 2025, Azkoyen Group undertook a corporate reorganization whereby Azkoyen, S.A. transferred the industrial and commercial activities of its Coffee & Vending and Payment Technologies businesses to Azkoyen Vending & Payment Solutions, S.L., a wholly owned subsidiary.

This reorganization was completed during the first half of 2026 through an amendment to the corporate purpose of Azkoyen, S.A., approved by the General Shareholders’ Meeting in June, with the aim of transforming the company into a holding company. This structure will allow the Group to focus financial and human resources on businesses with the greatest potential to create shareholder value.

According to Juan José Suárez, Chairman of Azkoyen Group: “Despite an uncertain economic environment, the company maintains a positive outlook for the year as a whole. We expect to close 2026 with sales revenues above those recorded in 2025, supported by the four pillars underpinning our strategy: innovation, internationalization, diversification and sustainability.”