Half Year 2026 GFT Technologies SE Earnings Call

August 6, 2026

Speaker #1: And they were in the investor relations section on our website. The replay of this conference call will be. Keep me available on there also, afterwards.

Speaker #1: Following today's event. Marco will begin with an overview of the key developments and highlights during the first half of the year, followed by Jochen who will discuss the financial performance outlook and we will then open the line for your questions.

Speaker #1: With that, let me hand over to you, Marco. Marco, please go ahead.

Speaker #2: Thank you, Andreas. Good afternoon, everyone, and thank you for joining us today. Let me start with the highlights for the first half of 2026 and our full year guidance.

Speaker #2: We delivered solid revenue growth, significantly improved profitability, continued to scale our artificial intelligence capabilities and differentiation, and confirmed our 2026 guidance. This results demonstrates discipline execution of our AI-centric 5-year strategy and continued progress in transforming GFT into a responsible AI-centric global digital transformation company.

Andreas Herzog: Good afternoon, everyone, and welcome to GFT's H1 2026 results conference call. I am Andreas Herzog, Head of Investor Relations. Thank you very much for joining us today. Joining me on the call are Marco Santos, our Global CFO, and Jochen Ruetz, CFO and Deputy CEO. Before we begin, please note that today's call is being recorded. The presentation accompanying today's discussion and the H1 reporting materials are already available in the investor relations section on our website. The replay of this conference call will be available there also afterwards, following today's event. Marco will begin with an overview of the key developments and highlights during H1 of the year, followed by Jochen, who will discuss the financial performance outlook, and we will then open the line for your questions. With that, let me hand over to you, Marco. Marco, please go ahead.

Andreas Herzog: Good afternoon, everyone, and welcome to GFT's H1 2026 Results Conference Call. I am Andreas Herzog, Head of Investor Relations. Thank you very much for joining us today. Joining me on the call are Marco Santos, our Global CFO, and Jochen Ruetz, CFO and Deputy CEO. Before we begin, please note that today's call is being recorded. The presentation accompanying today's discussion and the H1 reporting materials are already available in the investor relations section on our website. The replay of this conference call will be available there also afterwards, following today's event. Marco will begin with an overview of the key developments and highlights during H1 of the year, followed by Jochen, who will discuss the financial performance outlook, and we will then open the line for your questions. With that, let me hand over to you, Marco. Marco, please go ahead.

Speaker #1: Good afternoon, everyone, and welcome to GFT's first half 2026 results conference call. I'm Andreas Herzog, and head of investor relations at GFT. Thank you very much for joining us today.

Speaker #1: Joining me on the call are Marco Santos, our Global CEO, and Jochen Ruetz, CFO and Deputy CEO. Before we begin, please note that today's call is being recorded.

Speaker #1: The presentation accompanying today's discussion and the half-year reporting materials are already available in the Investor Relations section on our website. The replay of this conference call will also be available there eventually.

Speaker #2: In the first half of 2026, GFT generated $463 million of revenue, representing 5% growth in euros and 5% growth in constant fluids. At the same time, profitability improved significantly, adjusted EBITDA grew by 8% to $33 million corresponding to a margin of 7.1% compared with 6.8% in the first half of 2025.

Speaker #1: Marco will begin with an overview of the key developments and highlights afterwards, following today's during the first half of the year, followed by Jochen who will discuss the financial performance outlook and we will then open the line that, let me hand over to you, Marc.

Speaker #1: for your questions. We delivered solid

Speaker #2: EBITDA increased by 26% to $24 million if the EBITDA margin improved from 4.3% to 5.2%. This margin improvement confirms that our growth is progressing, hand in hand with stronger earnings quality.

Speaker #1: With

Speaker #1: Marco, please go ahead.

Speaker #2: Thank you, Andreas. Good afternoon, everyone, and thank you for joining us today. Let me start with the highlights for the first half of 2026 and our full year guidance.

Marco Santos: Thank you, Andreas. Good afternoon, everyone, and thank you for joining us today. Let me start with the highlights for H1 2026 and our full-year guidance. We delivered solid revenue growth, significantly improved profitability, continued to scale our artificial intelligence capabilities and differentiation, and confirmed our 2026 guidance. These results demonstrate disciplined execution of our AI-centric five-year strategy and continued progress in transforming GFT into a responsible AI-centric global digital transformation company. In H1 2026, GFT generated EUR 463 million of revenue, representing 5% growth in euros and 5% growth in constant currency. At the same time, profitability improved significantly. Adjusted EBIT grew by 8% to EUR 33 million, corresponding to a margin of 7.1%, compared with 6.8% in H1 2025. EBIT increased by 26% to EUR 24 million, with the EBIT margin improving from 4.3% to 5.2%.

Speaker #2: It also reflects discipline delivery tied to operational management and increasing contribution of AI-native services, our weak sergeantic AI platform, and high-value added service offerings.

Speaker #2: revenue growth, significantly

Speaker #2: and differentiation and confirmed our 2026 guidance. This results demonstrates discipline execution of our AI-centric five-year strategy and continued progress in transforming GFT into a responsible AI-centric global digital transformation company.

Speaker #2: Our main growth markets in the strongly, revenue grew by 38% in Brazil, 27% in Colombia, 22% in Switzerland, and 13% in Spain. We recorded growth across all sectors, including banking, insurance, with industry leading with a strong 14%.

Speaker #2: In the first half of 2026, GFT generated $463 million of revenue, representing 5% growth in euros and 5% growth in constant bullishness. At the same time, profitability improved significantly, adjusted EBITDA grew by 8% to $33 million corresponding to a margin of 7.1% compared with 6.8% in the first half of 2025.

Speaker #2: Overall, the first half confirms that we are progressing in line with our strategic and financial objectives. Growing the business, expanding margins, and scaling up our AI-native assets, services, and offerings portfolio.

Speaker #2: Based on this performance, we confirm our full-year guidance of $930 million in revenue, $71 million in adjusted EBITDA, corresponding to a margin of 7.6%, and $56 million in EBITDA corresponding to a margin of 6%.

Speaker #2: EBITDA increased by 26% to $24 million, with the EBITDA margin improving from 4.3% to 5.2%. This margin improvement confirms that our growth is progressing hand in hand with stronger earnings quality.

Marco Santos: This margin improvement confirms that our growth is progressing hand in hand with stronger earnings quality. It also reflects disciplined delivery, tighter operational management, and increasing contribution of AI-native services, our Wynxx Agentic AI platform, and high value-added service offers. Our main growth markets in H1 of the year performed strongly. Revenue grew by 38% in Brazil, 27% in Colombia, 22% in Switzerland, and 13% in Spain. We record growth across all sectors, including banking, insurance, with industry leading with a strong 14%. Overall, H1 confirms that we are progressing in line with our strategic and financial objectives: growing the business, expanding margins, and scaling up our AI-native assets, services, and offering portfolio.

Speaker #2: Let me now turn to the execution of our AI-centric 5-year strategy and the tangible progress we are making with key clients and high-value added services and offerings.

Speaker #2: It also reflects disciplined delivery tied to operational management and the increasing contribution of AI-native services, our Wings agentic AI platform, and high value-added service offerings.

Speaker #2: First, our AI modernization offering launched 9 months ago and supported by an integrated global marketing campaign is a readily achieving strong commercial traction. We won more than 20 projects across 9 countries, encompassing a divisory service application modernization, migration, and application AI reimagining.

Speaker #2: Our main growth markets in the first half of the year performed strongly. Revenue grew by 38% in Brazil, 27% in Colombia, 22% in Switzerland, and 13% in Spain.

Speaker #2: We record growth across all sectors, including banking, insurance, with industry leading with a strong 14%. Overall, the first half confirms that we are progressing in line with our strategic and financial objectives.

Speaker #2: This confirms that clients are moving beyond experimentation with GFT and committing budgets to production-grade modernization programs, heavily driven by AI. GFT combines strategic assessment, new targets, business, and technical architecture design, and program governance with the weak sergeantic AI platform across the full lifecycle from legacy analysis and business rule extraction to code transformation, validation, and deployments.

Speaker #2: Growing the business, expanding margins, and scaling up our AI-native assets, services, and offering portfolio. Based on this performance, we confirm our full-year guidance of $930 million in revenue, $71 million in adjusted EBITDA, corresponding to a margin of 7.6%, and $56 million in EBITDA corresponding to a margin of 6%.

Marco Santos: Based on this performance, we confirm our full-year guidance of EUR 930 million in revenue, EUR 71 million in adjusted EBIT, corresponding to a margin of 7.6%, and EUR 56 million in EBIT, corresponding to a margin of 6%. Let me now turn to the execution of our AI-centric five-year strategy and the tangible progress we are making with key clients and high value-added services and offers. First, our AI modernization offering, launched nine months ago and supported by an integrated global marketing campaign, is already achieving strong commercial traction. We won more than 20 projects across nine countries, encompassing advisory services, application modernization, migration, and application AI reimagining. This confirms that clients are moving beyond experimentation with GFT and committing budgets to production-grade modernization programs heavily driven by AI.

Speaker #2: With human oversight and governance built in. Second, we won 6 next-generation core banking programs across Germany, Canada, Spain, Poland, and Thailand, working with partners including thought machine and engine by Starlink.

Speaker #2: Let me now turn to the execution of our AI-centric five-year strategy and the tangible progress we are making with key clients and high-value added services and offerings.

Speaker #2: These wins reinforce GFT's position as a leading implementation partner for cloud-native core banking, they also create multi-year opportunities across architecture, integration, AI-native engineering, and ongoing platform evolution.

Speaker #2: First, our AI modernization offering launched at 9 months ago and supported by an integrated global marketing campaign is already achieving strong commercial traction. We won more than 20 projects across 9 countries, encompassing a device reserve, migration, and application AI reimagining.

Speaker #2: Third, GFT won the strategic development of co-office financial intelligence system. Co-office is the Brazil's financial intelligence unit linked to the central bank of Brazil.

Speaker #2: This confirms that clients are moving beyond experimentation with GFT and committing budgets to production-grade modernization programs, heavily driven by AI. GFT combines strategic assessment, new targets, business, and technical architecture design, and program governance with the winks agentic AI platform across the full lifecycle from legacy analysis and business rule extraction to code transformation, validation, and deployment, with human oversight and governance built in.

Speaker #2: The new solution will combine links with our specialized smart accounting model capabilities to modernize a critical part of the country's financial intelligence system. The project brings together our agentic AI platform, deep anti-money laundering expertise, and advisory capabilities, positioning GFT at the center of the Brazilian anti-financial crime intelligence infrastructure.

Marco Santos: GFT combines strategic assessment, new target business and technical architecture design, and program governance with the Wynxx Agentic AI platform across the full life cycle, from legacy analysis and business rule extraction to code transformation, validation, and deployment with human oversight and governance built in. Second, we won 6 next-generation core banking programs across Germany, Canada, Spain, Poland, and Thailand, working with partners including Thought Machine and Engine by Starling. These wins reinforce GFT's position as a leading implementation partner for cloud-native core banking. They also create multi-year opportunities across architecture, integration, AI-native engineering, and ongoing platform evolution. Third, GFT won the strategic development of COAF's financial intelligence system. COAF is Brazil's financial intelligence unit linked to the Central Bank of Brazil. The new solution will combine Wynxx with our specialized Smaract anti-money laundering capabilities to modernize the critical parts of the country's financial intelligence system.

Speaker #2: Fourth, we completed the large-scale go-live of the smart act anti-money laundering platform for a Tier 1 European bank. The platform went live and now supports 25 million customers and processes approximately $1 billion transactions per month.

Speaker #2: Second, we won 6 next-generation core banking programs across Germany, Canada, Spain, Poland, and Thailand. Working with partners including Thought Machine and Engine by Starlink.

Speaker #2: These wins reinforce GFT's position as a leading implementation partner for cloud-native core banking. They also create multi-year opportunities across architecture, integration, AI-native engineering, and ongoing platform evolution.

Speaker #2: This is one of the largest AML implementations in the region and a mission-critical implementation at exceptional scale. It confirms the maturity of our anti-financial crime capabilities and the trust clients place in GFT to operate at the core of highly regulated banking environments.

Speaker #2: Third, GFT won the strategic development of co-office financial intelligence system. Co-office is the Brazil's financial intelligence unit linked to the central bank of Brazil.

Speaker #2: Fifth, we successfully supported commercial bank of Dubai in launching UP by CBD, a mobile-first banking platform for micro, micro, and small businesses in the UAE.

Speaker #2: The new solution will combine winks with our specialized smart acts anti-money laundering capabilities to modernize a critical part of the country's financial intelligence system.

Speaker #2: It combines digital onboarding, payments, payroll, savings, and instant access to credit in a single application with direct integration into the Dubai unified license. This engagement reflects how our delivery excellence and cloud-native core banking expertise extends strategic client relationships and accelerates the launch of a new digital banking propositions at scale.

Speaker #2: The project brings together our agentic AI platform, deep anti-money laundering expertise, and a divisory capabilities positioning GFT at the center of the Brazilian anti-financial crime intelligence infrastructure.

Marco Santos: The project brings together our agentic AI platform, deep anti-money laundering expertise, and advisory capabilities, positioning GFT at the center of the Brazilian anti-financial crime intelligence infrastructure. Fourth, we completed the large-scale go-live of the Smaract anti-money laundering platform for a Tier 1 European bank. The platform went live and now supports 25 million customers and processes approximately 1 billion transactions per month. This is one of the largest AML implementations in the region and a mission-critical implementation at exceptional scale. It confirms the maturity of our anti-financial crime capabilities and the trust clients place in GFT to operate at the core of highly regulated banking environments. Fifth, we successfully supported Commercial Bank of Dubai in launching UP by CBD, a mobile-first banking platform for micro and small businesses in the UAE.

Speaker #2: Fourth, we completed the large-scale go-live of the smart acts anti-money laundering platform for a Tier 1 European bank. The platform went live and now supports 25 million customers and processes approximately $1 billion transactions per month.

Speaker #2: Taken together, these highlights demonstrate focused execution, delivering complex programs scaling differentiated offerings and converting our AI-centric strategy into measurable client and commercial impact. Let me now focus on the tangible results of our AI-centric strategy.

Speaker #2: Our weak sergeantic AI platform for software engineering continue to scale. It's now active in 12 countries and supports 113 clients. The total influence contract value has reached more than $144 million since the inception of the product, representing growth of 38% quarter over quarter.

Speaker #2: Fifth, we successfully supported commercial Bank of Dubai in launching UP by CBD, a mobile-first banking platform for micro and small businesses in the UAE.

Speaker #2: This continued expansion shows the growing adoption of links across our software engineering and AI modernization engagements and its increasing role in GFT's AI-native delivery model.

Speaker #2: It combines digital onboarding, payments, payroll, savings, and instant access to credit in a single application with direct integration into the Dubai Unified License. This engagement reflects how our delivery excellence and cloud-native core banking expertise extends strategic client relationships and accelerates the launch of a new digital banking propositions at scale.

Marco Santos: It combines digital onboarding, payments, payroll, savings, and instant access to credit in a single application with direct integration into the Dubai Unified License. This engagement reflects how our delivery excellence and cloud-native core banking expertise extends strategic client relationships and accelerates the launch of a new digital banking proposition at scale. Taken together, these highlights demonstrate focused execution, delivering complex programs, scaling differentiated offerings, and converting our AI-centric strategy into measurable client and commercial impact. Let me now focus on the tangible results of our AI-centric strategy. Our Wynxx agentic AI platform for software engineering continues to scale. It's now active in 12 countries and supports 113 clients. The total influenced contract value has reached more than EUR 144 million since the inception of the product, representing growth of 38% quarter-over-quarter.

Speaker #2: Beginning this quarter, we are introducing a new KPI for weak soft engineering, to improve the measurement of tangible results. In the first half of 2026, weak soft engineering generated 24.4 million euros of actual influence left.

Speaker #2: We are also launching weak business process as a new pillar of the weak sergeantic AI platform, with dedicated assets, accelerators, and offering portfolio. In the first half of 2026, weak business processes alone generated 14.8 million euros of actual influence revenue, supported by 6 client reference, including a key agentic AI credit risk platform for a Tier 1 European bank, fully in production.

Speaker #2: Our winks agentic AI platform for software engineering continue to scale. It's now active in 12 countries and supports 113 clients. The total influence contract value has reached more than $144 million since the inception of the product, representing growth of 38% quarter over quarter.

Speaker #2: This is important client case study is not an AI POC, AI pilots, or an MVP. It's a large-scale agentic AI credit risk platform in full production for a major European bank.

Speaker #2: This continued expansion shows the growing adoption of winks across our software engineering and AI modernization engagements, and its increasing role in GFT's AI-native delivery model.

Marco Santos: This continued expansion shows the growing adoption of Wynxx across our software engineering and AI modernization engagements, and its increasing role in GFT's AI-native delivery model. Beginning this quarter, we are introducing a new KPI for Wynxx software engineering to improve the measurement of tangible results. In H1 2026, Wynxx software engineering generated EUR 24.4 million of actual influenced revenue. We are also launching Wynxx Business Processes as a new pillar of the Wynxx agentic AI platform with dedicated assets, accelerators, and offering portfolio. In H1 2026, Wynxx Business Processes alone generated EUR 14.8 million of actual influenced revenue, supported by 6 clients reference, including a key agentic AI credit risk platform for a Tier 1 European bank, fully in production. This important client case study is not an AI POC, AI pilot, or MVP.

Speaker #2: This AI-native project involved a team of more than 30 forward deployed engineers, with strong AI and data capabilities combined with banking and credit risk domain knowledge.

Speaker #2: Beginning this quarter, we are introducing a new KPI for winks software engineering, to improve the measurement of tangible results. In the first half of 2026, winks software engineering generated 24.4 million euros of actual influence.

Speaker #2: I will provide more detail on both areas in the next slides. To accelerate our AI-native transformation, we are investing strongly in our engineers to make them fully capable of working in a forward deployed engineering model.

Speaker #2: We recorded more than 3,500 training tools, including Claude Code, GitHub Copilot, Codex, Gemini, and others. In parallel, we achieved more than 1,700 completions in advanced and specialist links models.

Speaker #2: We are also launching winks business process as a new pillar of the winks agentic AI platform, with dedicated assets accelerated and offering portfolio. In the first half of 2026, winks business processes alone generated 14.8 million euros of actual influence revenue, supported by 6 client reference, including a key agentic AI credit risk platform for a Tier 1 European bank, fully in production.

Speaker #2: These figures strengthen our ability to deploy forward deployed engineers and AI-native teams applied the right agentic AI tools for each client environment and industrialize a new AI-native delivery model globally.

Speaker #2: This is important client case study is not an AI POC, AI pilot, or MVP. It's a large-scale agentic AI credit risk platform in full production for a major European bank.

Speaker #2: Let's talk about links. I presented this slide during our 2025 full-year financial results call in March this year. This is the overarching view of the weak ecosystem, which encompasses the current platform and its roadmap evolution.

Marco Santos: It's a large-scale agentic AI credit risk platform in full production for a major European bank. This AI-native project involved a team of more than 30 forward-deployed engineers with strong AI and data capabilities combined with banking and credit risk domain knowledge. I will provide more detail on both areas in the next slides. To accelerate our AI-native transformation, we are investing strongly in our engineers to make them fully capable of working in a forward-deployed engineering model. We recorded more than 3,500 training completions of third-party artificial intelligence coding tools, including Claude Code, GitHub Copilot, Codex, Gemini, and others. In parallel, we achieved more than 1,700 completions in advanced and specialist Wynxx models. These figures strengthen our ability to deploy forward-deployed engineers and AI-native teams, apply the right agentic AI tools for each client's environment, and industrialize a new AI-native delivery model globally. Let's talk about Wynxx.

Speaker #2: This AI-native project involved a team of more than 30 forward deployed engineers, with strong AI and data capabilities combined with banking and credit risk domain knowledge.

Speaker #2: Winx is built on a common enterprise foundation that provides orchestration, governance, access to market leading, proprietary, and open-source AI models and tools, as well as strong token consumption management and AI cost control capability.

Speaker #2: I will provide more detail on both pairs in the next slides. To accelerate our AI-native transformation, we are investing strongly in our engineers to make them fully capable of working in a forward-deployed engineering model.

Speaker #2: We recorded more than 3,500 training completions of third-party artificial intelligence coding tools, including Claude Code, GitHub Copilot, Codex, Gemini, and others. In parallel, we achieved more than 1,700 completions in advanced and specialist winks models.

Speaker #2: This common foundation is essential for scaling artificial intelligence responsibly across complex enterprise environments. On top of this foundation, Winx addresses three areas of client transformation.

Speaker #2: The first is weak soft engineering, our agentic AI platform for software development, lifecycle, AI modernization, and AI application management support. The second, which we are very proud to launch today, is weak business process.

Speaker #2: Through which we apply agentic AI automation to operational and industry-specific business processes and workflows. As part of our platform roadmap, we will launch the third pillar, weak data intelligence, over the coming quarters, which will combine AI orchestration with industry-specific data models and business intelligence capabilities.

Speaker #2: Let's talk about winks. I presented this slide during our 2025 full year financial results call in March this year. This is the overarching view of the winks ecosystem, which encompasses the current platform and its roadmap evolution.

Marco Santos: I presented this slide during our 2025 full year financial results call in March this year. This is the overarching view of the Wynxx ecosystem, which encompasses the current platform and its roadmap evolution. Wynxx is built on a common enterprise foundation that provides orchestration, governance, access to market-leading proprietary and open source AI models and tools, as well as strong token consumption management and AI cost control capability. This common foundation is essential for scaling artificial intelligence responsibly across complex enterprise environments. On top of this foundation, Wynxx addresses three areas of client transformation. The first is Wynxx Software Engineering, our agentic AI platform for software development, life cycle, AI modernization, and AI application management support. The second, which we are very proud to launch today, is Wynxx Business Processes, through which we apply agentic AI automation to operational and industry-specific business processes and workflows.

Speaker #2: These features functionalities and capabilities are extended through weak sergeantic studio and weak marketplace. Enabling GFT teams and clients to create, govern, and reuse agents, assets, accelerators, at scale.

Speaker #2: Winks is built on a common enterprise foundation that provides orchestration, governance, access to market leading, proprietary, and open-source AI models and tools, as well as strong token consumption management and AI cost control capability.

Speaker #2: In the next two slides, I will show how weak soft engineering and weak business process are developing as distinct commercial pillars within the weak sergeantic AI platform.

Speaker #2: This common foundation is essential for scaling artificial intelligence responsibly across complex enterprise environments. On top of this foundation, winks addresses three areas of client transformation.

Speaker #2: We have primarily communicated adoption of weak soft engineering through the number of clients geographic reach and the total cumulative influence contract value since inception of the product.

Speaker #2: The first is WINKS Soft Engineering, our agentic AI platform for software development, lifecycle, AI modernization, and AI application management support. The second, which we are very proud to launch today, is WINKS Business Process.

Speaker #2: The progression shown on this slide demonstrates how rapidly and successfully the platform has scaled up and been deployed across our clients and regions. Over the past 12 months, weak soft engineering has scaled from 42 to 113 clients expanded from 4 to 12 countries and increased total influence contract value from 26 million to 144 million euros since its inception.

Speaker #2: Through which we apply agentic AI automation to operational and industry-specific business processes and workflows. As part of our platform roadmap, we will launch the third pillar, winks data intelligence, over the coming quarters, which will combine AI orchestration with industry-specific data models and business intelligence capabilities.

Marco Santos: As part of our platform roadmap, we will launch the third pillar, Wynxx Data Intelligence, over the coming quarters, which will combine AI orchestration with industry-specific data modules and business intelligence capabilities. These features, functionalities, and capabilities are extended through Wynxx Agentic Studio and Wynxx Marketplace, enabling GFT teams and clients to create, govern, and reuse agents, assets, accelerators at scale. In the next two slides, I will show how Wynxx Software Engineering and Wynxx Business Processes are developing as distinct commercial pillars within the Wynxx Agentic AI platform. We have primarily communicated adoption of Wynxx Software Engineering through the number of clients, geographic reach, and the total cumulative influenced contract value since inception of the product. The progression shown on this slide demonstrates how rapidly and successfully the platform has scaled up and been deployed across our clients and agents.

Speaker #2: This represents more than a fivefold increase in total influence contract value, demonstrating accelerated adoption, strong commercial momentum. We are now enhancing our current set of KPIs with a year-to-date revenue KPI to precise the measure the commercial delivery performance of winks, in this regard, the actual influence revenue of weak soft engineering reached a 24.4 million euros in the first half of 2026.

Speaker #2: These features functionalities and capabilities are extended through winks agentic studio and winks marketplace. Enabling GFT teams and clients to create, govern, and reuse agents, assets, accelerators, at scale.

Speaker #2: In the next two slides, I will show how Winks Soft Engineering and Winks Business Process are developing as distinct commercial pillars within the Winks agentic AI platform.

Speaker #2: Let me now turn to weak business process. We use agentic AI redesign to automate front, middle, and back office business process and workflows. Our solutions combine data perception, reasoning, orchestration, and governance to deliver measurable operational outcomes across industries, from anti-money laundering knowing your customer and credit risk in financial service to visual inspection and condition monitoring in industrial manufacturing environments.

Speaker #2: We have primarily communicated the adoption of winks soft engineering through the number of clients geographic reach and the total cumulative influence contract value since inception of the product.

Speaker #2: The progression shown on this slide demonstrates how rapidly and successfully the platform has scaled up and been deployed across our clients' engagements. Over the past 12 months, Winx Soft Engineering has scaled from 42 to 113 clients, expanded from 4 to 12 countries, and increased total influenced contract value from €26 million to €144 million since its inception.

Marco Santos: Over the past 12 months, Wynxx Software Engineering has scaled from 42 to 113 clients, expanded from four to 12 countries, and increased total influenced contract value from EUR 26 million to EUR 144 million since its inception. This represents more than a five-fold increase in total influenced contract value, demonstrating accelerated adoption and strong commercial momentum. We are now enhancing our current set of KPIs with a year-to-date revenue KPI to precisely measure the commercial delivery performance of Wynxx. In this regard, the actual influenced revenue of Wynxx Software Engineering reached EUR 24.4 million in H1 2026. Let me now turn to Wynxx Business Processes. We use agentic AI redesigned to automate front, middle, and back-office business processes and workflows.

Speaker #2: The portfolio currently has several assets across industries and business areas, including four key accelerators: the Winx Excel and Access Modernizer, the Winx Process Reengineering, the Winx Governance Operating System, and the Winx Agentic Architecture for Business Processes.

Speaker #2: This represents more than a fivefold increase in total influence contract value, demonstrating accelerated adoption, strong commercial momentum. We are now enhancing our current set of KPIs with a year-to-date revenue KPI to precisely measure the commercial delivery performance of winks.

Speaker #2: Together, they cover the full journey from modernizing legacy businesses tools and redesigning process to embed in regulatory, governance, and implementing scalable multi-agentic architectures across business process.

Speaker #2: In this regard, the actual influence revenue of winks soft engineering reached a 24.4 million euros in the first half of 2026. Let me now turn to winks business process.

Speaker #2: I strong case our agentic credit risk platform for a European Tier 1 bank. It supports several end-to-end business process and workflows, including credit memo generation, model validation reporting, natural language as access to risk data, and portfolio shot analysis.

Speaker #2: We use agentic AI redesign to automate front, middle, and back office business process and workflows. Our solutions combine data perception, reasoning, orchestration, and governance to deliver measurable operational outcomes across industries, from anti-money laundering knowing your customer and credit risk in financial service to visual inspection and condition monitoring in industrial and manufacturing environments.

Marco Santos: Our solutions combine data perception, reasoning, orchestration, and governance to deliver measurable operational outcomes across industries, from anti-money laundering, know your customer, and credit risk in financial service, to visual inspection and condition monitoring in industrial manufacturing environments. The portfolio currently has several assets across industries and business areas, including four key accelerators. The Wynxx Excel and Access Modernizer, the Wynxx Process Re-engineering, the Wynxx Governance Operating System, and the Wynxx Agentic Architecture for Business Processes. Together, they cover the full journey from modernizing legacy business tools and redesigning process to embedding regulatory governance and implementing scalable multi-agentic architectures across business processes. A strong case is our agentic credit risk platform for a European Tier 1 bank. It supports several end-to-end business processes and workflows, including credit memo generation, model validation reporting, natural language as access to this data, and portfolio shock analysis.

Speaker #2: In one use case, report generation time was reduced from several hours to approximately 15 to 30 minutes. While improving standardization, auditability, and the ability of analysis to focus on higher value decisions.

Speaker #2: In the first half of 2026, Winx business processes generated 14.8 million euros of actual influence revenue. We are particularly pleased to launch this new pillar of Winx, which is fully focused on our clients' business domains, and extends far beyond soft engineering.

Speaker #2: The portfolio currently has several assets across industries and business areas, including four key accelerators. The winks Excel and access modernizer, the winks process reengineering, the winks governance operating system, and the winks agentic architecture for business processes.

Speaker #2: This results demonstrated our AI-centric strategies delivering through the strong execution across our AI-native IPs, assets, and services. From agentic AI soft engineering to agentic AI business process operations, we've governance, human oversight, and measurable business value built in from the start.

Speaker #2: A strong case is our agentic credit risk platform for a European Tier 1 bank. It supports several end-to-end business process and workflows, including credit memo generation, model validation reporting, natural language as access to risk data, and portfolio chart analysis.

Speaker #2: With that, I will now hand over to Johan, for a detailed review of the financials.

Speaker #1: Thank you, Marco. And let's move on and directly go to slide number 11 and look at the H1 financials in one page. So the headline states it sustained growth momentum.

Speaker #2: In one use case, report from several hours to approximately 15 to 30 minutes. While improving standardization, auditability, and the ability of analysis to focus on higher value decisions.

Marco Santos: In one use case, report generation time was reduced from several hours to approximately 15 to 30 minutes while improving standardization, auditability, and the ability of analysis to focus on higher-value decisions. In the H1 of 2026, Wynxx Business Processes generated EUR 14.8 million of actual influenced revenue. We are particularly pleased to launch this new pillar of Wynxx, which is fully focused on our clients' business domains and extends far beyond soft engineering. These results demonstrate that our AI-centric strategy is delivering through the strong execution across our AI-native IPs, assets, and services, from agentic AI soft engineering to agentic AI business process operations with governance, human oversight, and measurable business value built in from the start. With that, I will now hand over to Jochen for a detailed review of the financials.

Speaker #1: We see revenue growth of 5% in the first half year of '26 to 462.6 million euros. It's 5% growth in current currency and in constant currency, so FX did not play a role for the overall group numbers in the first half.

Speaker #2: In the first half of 2026, winks business processes generated 14.8 million euros of actual influence revenue. We are particularly pleased to launch this new pillar of winks, which is fully focused on our clients' business domains, and extends far beyond soft engineering.

Speaker #1: It did play a role on the regional level. I'll come to that later. The second line, the order backlog, is up 18%, strong development versus last year.

Speaker #1: Roughly 5% for this year, and a strong buildup for. Future years. Especially our new SAP business in Brazil is now heavily contributing to the order backlog, as the contracts are often multi-year contracts.

Speaker #2: These results demonstrate that our AI-centric strategies are delivering through strong execution across our AI-native ITs, assets, and services. From agentic AI soft engineering to agentic AI business process operations, with governance, human oversight, and measurable business value built in from the start.

Speaker #1: Even adjusted is up 8%, reflecting an improved personnel efficiency, of which we mostly invested into AI and new services. We saw lower office expenses and managed service costs, and reduced FX losses here, the contribution is roughly 700K of improvement.

Speaker #2: With that, I will now hand over to Johan, for a detailed review of the financials.

Speaker #1: Thank you, Marco. Let's move on and go directly to slide number 11 and look at the H1 financials on one page. The headline states it sustained growth momentum.

Jochen Ruetz: Thank you, Marco, and let's move on and directly go to slide number 11 and look at the H1 financials in one page. The headline states it, sustained growth momentum. We see revenue growth of 5% in the H1 of 2026 to EUR 462.6 million. It's 5% growth in current currency and in constant currency. FX did not play a role for the overall group numbers in the H1. It did play a role on a regional level. I'll come to that a bit later. The second line, the order backlog, is up 18%. Strong development versus last year. Roughly 5% for this year and a strong build-up for future years. Especially our new SAP business in Brazil is now heavily contributing to the backlog, and the contracts are often multi-year contracts.

Speaker #1: Even adjusted margin increased to 7.1% versus 6.8% in the last first half year. On EBT level, we see a growth of 26%, significantly above previous year's numbers.

Speaker #1: We see revenue growth of 5% in the first half year of '26 to 462.6 million euros. It's 5% growth in current currency and in constant currency.

Speaker #1: Reasons are, of course, the same as for EBIT adjusted, plus lower capacity adjustments which only stood at 3.5 million euros versus 7 million euros in the first half of 2025.

Speaker #1: So FX did not play a role for the overall group numbers in the first half. Did play a role on the regional level, I'll come to that a bit later.

Speaker #1: We had a minor effect from virtual chairs, and overall, the EBT margin significantly increased to 5.2%, coming from 4.3% last year. Tax rate stood at 29%, which is also the number we foresee for the move to slide number 12.

Speaker #1: The second line, the order backlog, is up 18%, strong development versus last year. Roughly 5% for this year, and a strong buildup for future years.

Speaker #1: Especially our new SAP business in Brazil is now heavily contributing to the order backlog, as the contracts are often multi-year contracts. Even adjusted is up 8%, reflecting an improved personnel efficiency.

Speaker #1: And start on the left side of the slide, looking at our sectors. All three sectors of GFT show growth. Let me start at the top.

Jochen Ruetz: EBIT adjusted is up 8%, reflecting an improved personnel efficiency, of which we mostly invested into AI and new services. We saw lower office expenses and managed corporate service costs and reduced FX losses. Here, the contribution is roughly 700,000 of improvement. EBIT adjusted margin increased to 7.1% versus 6.8% in the last H1. On EBIT level, we see a growth of 26%, significantly above previous year's numbers. Reasons are, of course, the same as for EBIT adjusted, plus lower capacity adjustments, which only stood at EUR 3.5 million versus EUR 7 million in the H1 of 2025. We had a minor effect from virtual shares, and overall, the EBIT margin significantly increased to 5.2%, coming from 4.3% last year. Tax rate stood at 29%, which is also the number we foresee for the full year.

Speaker #1: Industry and other clients grew by 14% in the first half year of 2026. Insurance clients, insurance business, by 7%, and the banking business grew by 3% in the first half of 2026.

Speaker #1: Of which, we mostly invested into AI and new services. We saw lower office expenses and managed corporate service costs, and reduced FX losses. Here, the contribution is roughly €700,000 of improvement.

Speaker #1: Looking at the right side, our client portfolio we see that the Tier 1 and Tier 2, the two biggest groups combined, stand for 54% of all our revenue.

Speaker #1: Even adjusted margin increased to 7.1% versus 6.8% in the last first half year. On EBT level, we see a growth of 26%, significantly above previous year's numbers.

Speaker #1: Bit down versus last year, it was 56% in '25, but overall, well, balanced client portfolio. Moving forward, slide number 13. Take a look at the second quarter.

Speaker #1: Reasons are, of course, the same as for EBIT adjusted, plus lower capacity adjustments, which only stood at 3.5 million euros versus 7 million euros in the first half of 2025.

Speaker #1: The second quarters came in at 233.04 million in revenues, which is a 6% increase versus previous years, second quarter. Main drivers coming from Brazil, Spain, and Colombia.

Speaker #1: We had a minor effect from virtual shares, and overall, the EBT margin significantly increased to 5.2%, coming from 4.3% last year. Tax rate stood at 29%, which is also the number we foresee for the full year.

Speaker #1: If we compare versus the last quarter versus Q1 of '26, we see a 2% increase in revenue. Now going to the right side of the slide, profitability.

Speaker #1: Let's move to slide number 12 and start on the left side of the slide, looking at our sectors. All three sectors of GFT show growth.

Jochen Ruetz: Let's move to slide 12 and start on the left side of the slide, looking at our sectors. All three sectors of GFT show growth. Let me start at the top. Industry and other clients grew by 14% in the H1 of 2026. Insurance clients, insurance business by 7%, and the banking business grew by 3% in the H1 of 2026. Looking at the right side, our client portfolio, we see that the tier 1 and tier 2, the two biggest groups combined, stand for 54% of all our revenue. A bit down versus last year, it was 56% in 2025, but overall, well-balanced client portfolio. Moving forward, slide 13, take a look at the Q2. The Q2 came in at EUR 233.04 million in revenues, which is a 6% increase versus previous year's Q2. Main drivers coming from Brazil, Spain, and Colombia.

Speaker #1: EBIT adjusted came in at 16.5 million euros in the first half of '26. This is a 10% increase versus Q2 of '25. Sorry, this is only the quarter, Q2 '26 versus Q2 '25.

Speaker #1: Let me start at the top. Industry and other clients grew by 14% in the first half of 2026. Insurance clients, insurance business, grew by 7%.

Speaker #1: And this is mainly due to improved personnel efficiency and cost management. When we compare to the previous quarter, we see a 3% increase and the reasoning is the same, personnel efficiency and cost management.

Speaker #1: And the banking business grew by 3% in the first half of 2026. Looking at the right side, our client portfolio, we see that the Tier 1 and Tier 2, the two biggest groups combined, stand for 54% of all our revenue.

Speaker #1: That said, let's move to slide 14 and look at our business segments. Revenue first. And let me start at the top with the European business segment.

Speaker #1: EBIT down versus last year, it was 56% in '25. But overall, well, balanced client portfolio. Moving forward, slide number 13. Take a look at the second quarter.

Speaker #1: Here we show a mixed performance. With a total decline of 3%. In Germany, we're still experiencing investment caution, while Spain shows strong growth. In this European business, we also include our UK organization, and UK declined year over year, but with improving trajectory.

Speaker #1: The second quarters came in at 233.04 million in revenues, which is a 6% increase versus previous years, second quarter. Main drivers coming from Brazil, Spain, and Colombia.

Speaker #1: In Q3, we expect UK to exceed the revenue of Q3 last year. You probably remember UK was challenging us in '25, and we always said we would come back to profitability in January.

Speaker #1: If we compare the last quarter versus Q1 of '26, we see a 2% increase in revenue. Now, going to the right side of the slide—profitability.

Jochen Ruetz: We compare versus the last quarter, versus Q1 of 2026, we see a 2% increase in revenue. Going to the right side of the slide, profitability. EBIT adjusted came in at EUR 16.5 million in the H1 of 2026. This is a 10% increase versus Q2 of 2025. Sorry, this is only the quarter, Q2 2026 versus Q2 2025. This is mainly due to improved personnel efficiency and cost management. When we compare to the previous quarter, we see a 3% increase, and the reasoning is the same: personnel efficiency and cost management. That said, let's move to slide 14 and look at our business segments. Revenue first. Let me start at the top with the European business segment. Here we show a mixed performance with a total decline of 3%. In Germany, we're still experiencing investment caution, while Spain shows strong growth.

Speaker #1: We would come back to growth in July of '26. This is exactly what we see. The first half is still below the first half of '25, but from Q3 onwards, we will be back to growth.

Speaker #1: EBIT adjusted came in at 16.5 million euros in the first half of '26. This is a 10% increase versus Q2 of '25. Sorry, this is only the quarter, Q2 '26 versus Q2 '25.

Speaker #1: If we eliminate the UK from the European numbers, the rest of Europe is plus-minus zero. In revenue, revenue evolution in the first half year.

Speaker #1: This is mainly due to improved personnel efficiency and cost management. When we compare it to the previous quarter, we see a 3% increase, and the reasoning is the same: personnel efficiency and cost management.

Speaker #1: Now let's go to the bottom of the graph and look at America as an APAC, where we see 14% growth versus previous first half year, mainly driven by Brazil and Colombia.

Speaker #1: That said, let's move to slide 14 and look at our business segments. Revenue first. And let me start at the top with the European business segment.

Speaker #1: Moving to slide 15, and now focusing on profitability. On the left side, we see the EBIT adjusted evolution. And again, starting with Europe, Europe is up 29% in EBIT adjusted, overall strong improvement, mainly driven by the strong improvements we've seen in the UK and so forth solutions.

Jochen Ruetz: In this European business, we also include our UK organization. UK declined year-over-year, but with improving trajectory. In Q3, we expect UK to exceed the revenue of Q3 last year. You probably remember UK was challenging us in 2025, and we always said we would come back to profitability in January, we would come back to growth in July of 2026. This is exactly what we see. The H1 is still below the H1 of 2025, but from Q3 onwards, we will be back to growth. If we eliminate the UK from the European numbers, the rest of Europe is plus minus zero in revenue evolution in the H1. Let's go to the bottom of the graph and look at America and APAC, where we see 14% growth versus previous H1, mainly driven by Brazil and Colombia.

Speaker #1: In the first half year of 2025, both with strongly negative in this first half year, UK is back to profits, and software solutions is still in investing mode, but that's smaller losses.

Speaker #1: In Q3, we expect the UK to exceed the revenue of Q3 last year. You probably remember the UK was challenging us in '25, and we always said we would come back to profitability in January.

Speaker #1: Looking at America's and APAC, we see that the EBIT adjusted improved by 15%, mainly driven by the strong demand in Brazil and Colombia. And when we move to the right side, the story doesn't change.

Speaker #1: We would come back to growth in July of ’26. This is exactly what we see. The first half is still below the first half of ’25, but from Q3 onwards, we will be back to growth.

Speaker #1: It just gets a bit steeper, especially in Europe. EBT improved in Europe by 120%, mainly because now the restructuring costs are included and they are far lower in '26 versus 2025.

Speaker #1: If we eliminate the UK from the European numbers, the rest of Europe is plus-minus zero. In revenue, revenue evolution in the first half year.

Speaker #1: And on the America side, we see an improvement of 5%. So a bit less than on the EBIT adjusted, we have a more stable restructuring cost than that area, but overall, we still show improvement, which again is linked to Brazil and Colombia.

Speaker #1: Now let's go to the bottom of the graph and look at America and APAC, where we see 14% growth versus the previous first half year, mainly driven by Brazil and Colombia.

Speaker #1: Moving to slide number 16, the breakdown by our global regions. And let me start from the bottom with the smallest region, which is APAC and others.

Speaker #1: Moving to slide 15, and now focusing on profitability. On the left side, we see the EBIT adjusted evolution. And again, starting with Europe, Europe is up 29% in EBIT adjusted.

Jochen Ruetz: Moving to slide 15 and focusing on profitability. On the left side, we see the EBIT adjusted evolution. Again, starting with Europe is up 29% in EBIT adjusted. Overall strong improvement, mainly driven by the strong improvement we've seen in the UK and software solutions in the H1 of 2025, both were strongly negative in this H1. UK is back to profits and software solutions is still in investing mode, but at smaller costs. Looking at Americas and APAC, we see that the EBIT adjusted improved by 15%, mainly driven by the strong demand in Brazil and Colombia. When we move to the right side, the story doesn't change. It just gets a bit steeper, especially in Europe. EBIT improved in Europe by 120%, mainly because the restructuring costs are included and they are far lower in 2026 versus 2025.

Speaker #1: Here we are down 3% after six months of small region, 3% is a small number. And we believe APAC and others will show growth for the full year of '26.

Speaker #1: Overall, strong improvement, mainly driven by the strong improvements we've seen in the UK and softer solutions in the first half year of 2025, both with strongly negative in this first half year UK is back to profits, and software solutions is still in investing mode, but that's smaller losses.

Speaker #1: So I expect them to come back to a positive green arrow for the full year numbers. UK is still down 18% in the first half, as indicated.

Speaker #1: The trial happened in Q1 and Q2. And from now on, Q3 forward looking, we should see growth. North America is down 7%. But I have to explain the APAC's effects here.

Speaker #1: They are written on the right side in the text. We see Canada is down 12% on euro basis. In local currency, it's 8%. Here we do have a client with a quite past through low margin business, which is slowly reducing, which will go on until mid-2027.

Speaker #1: It just gets a bit steeper, especially in Europe. EBT improved in Europe by 120%, mainly because now the restructuring costs are included and they are far lower in '26 versus 2025.

Jochen Ruetz: On the America side, we see an improvement of 5%, so a bit less than on the EBIT adjusted. We have a more stable restructuring cost in that area. Overall, we still show improvement, which again is linked to Brazil and Colombia. Moving to slide 16, the breakdown by our global regions. Let me start from the bottom with the smallest region, which is APAC and others. Here we are down 3% after 6 months. Small regions represent a small number. We believe APAC and others will show growth for the full year of 2026, so I expect them to come back to a positive green arrow for the full year. UK is still down 18% in H1, as indicated. The trial happened in Q1 and Q2. From now on, Q3 forward-looking, we should see growth.

Speaker #1: And on the America side, we see an improvement of 5%. So a bit less than on the EBIT adjusted, we have a more stable restructuring cost than that area.

Speaker #1: But at the same time, Canada is getting more profitable. USA is stable in euro. It is growing by 7% in US dollars, very important.

Speaker #1: But overall, we still show improvement, which again is linked to Brazil and Colombia. Moving to slide number 16, the breakdown by our global regions.

Speaker #1: So here the APAC was against us, but the US growth trajectory is still intact. And now we go to Latin America, where we see 28% growth on euro basis, Brazil contributing 38%, Colombia 27%.

Speaker #1: Let me start from the bottom, with the smallest region, which is APAC and Others. Here, we are down 3% after six months. Well, it's a small region—3% is a small number.

Speaker #1: Both numbers would be a bit lower in local currencies. So we have a bit of tailwind in Latin America and we had headwinds in North America.

Speaker #1: And we believe APAC and others will show growth for the full year of '26. So I expect them to come back to a positive green arrow for the full year numbers.

Speaker #1: The saldo of the two need to low APAC's impact on the group level, but in the different regions, contributions are different. Continental Europe, last but not least, now here excluding UK at plus-minus zero.

Speaker #1: UK is still down 18% in the first half, as indicated. The trial happened in Q1 and Q2. And from now on, Q3 forward looking, we should see growth.

Speaker #1: We have very strong growth in Spain at 13%, but we have a decline in Germany at minus 12%. Now moving a bit faster on the next slide, slide 17, the income statement.

Speaker #1: North America is down 7%. But I have to explain the FX effects here. They are written on the right side in the text. We see Canada is down 12% on a euro basis.

Jochen Ruetz: North America is down 7%, I have to explain the FX effects here. They are written on the right side in the text. We see Canada is down 12% on EUR basis. In local currency, it is 8%. Here we do have a client with a quite pass-through low margin business, which we are slowly reducing, which will go on until mid-2027. At the same time, Canada is getting more profitable. USA is stable in euro. It is growing by 7% in US dollars. Very important. Here the FX was against us, but the US growth trajectory is still intact. We go to Latin America, where we see 28% growth on EUR basis. Brazil contributing 38%, Colombia 27%, and both numbers would be a bit lower in local currencies. We have a bit of tailwind in Latin America, and we had headwinds in North America.

Speaker #1: I would only want to mention the third line, which is cost of purchased services. They grew by 10%. Let's remember we acquired mega work in September last year.

Speaker #1: In local currency, it's 8%. Here we do have a client with a quite past through low margin business, which we're slowly reducing, which will go on until mid-2027.

Speaker #1: The mega work business is 95% freelancer business. They are not included in the '25 numbers in H1, '26 mega work is included. And this fully explains the increase in cost of purchased services that we are now having the mega work numbers inside GFT Group.

Speaker #1: But at the same time, Canada is getting more profitable. The USA is stable in euros. It is growing by 7% in US dollars. Very important.

Speaker #1: So here the FX was against us, but the US growth trajectory is still intact. And now we go to Latin America, where we see 28% growth on euro basis, Brazil contributing 38%, Colombia 27%.

Speaker #1: At the same time, fourth line, personnel expenses only grew by 3%. So it's more slowly than the revenue. If you combine the two, which we always do in the fourth bullet point on the right, as the personnel and purchased services cost ratio, this one is stable at 85%.

Speaker #1: Both numbers would be a bit lower in local currencies. So we have a bit of tailwind in Latin America and we had headwinds in North America.

Jochen Ruetz: The result of the two leads to low FX impact on the group level, in the different regions, contributions are different. Continental Europe, last but not least. Here excluding UK at ±0. We have very strong growth in Spain at 13%, we have a decline in Germany at -12%. Moving a bit faster on the next slide 17, the income statement. I would only want to mention the third line, which is cost of purchased services. They grew by 10%. Let's remember, we acquired Megawork in September last year. The Megawork business is a 95% freelancer business. They are not included in the 2025 numbers. In H1 2026, Megawork is included, and this fully explains the increase in cost of purchased services that we are now having the Megawork numbers inside GFT group.

Speaker #1: The saldo of the two lead to no FX impact on the group level, but in the different regions, contributions are different. Continental Europe, last but not least, now here excluding UK, at plus-minus zero.

Speaker #1: I think that's all I have to mention on this slide. Let's directly move to the cash flows on slide 18. Cash flow statement. We started the year with 55 million in net cash on the very last of the slide.

Speaker #1: And now the numbers for the first half. Operating cash flow was minus 1 million euros, which is an improvement versus last year, as you see in the blue points on the right.

Speaker #1: We have very strong growth in Spain at 13%, but we have a decline in Germany at minus 12%. Now, moving a bit faster to the next slide—slide 17, the income statement.

Speaker #1: Last year, we stood at minus 9 million euros. This is explained by the higher net income. And working capital effects. Why is operating cash flow negative after six months?

Speaker #1: I would only want to mention the third line, which is cost of purchased services. They grew by 10%. Let's remember we acquired mega work in September last year.

Speaker #1: Well, it's the same seasonality as we have every year. A lot of our revenue is wrapped up in contract assets, in fixed price projects with our clients, which will get paid somewhere in the second half of the year.

Speaker #1: The mega work business is 95% freelancer business. They are not included in the '25 numbers. In H1, '26, mega work is included and this fully explains the increase in cost of purchased services.

Speaker #1: And then we will come back to a normal cash flow by the end of the year. Looking at investing activities, small outflows of 2.1 million euros and financial activities dominated by our dividend payment of nearly 30 million euros and our lease payments for our offices.

Speaker #1: That we are now having the mega work numbers inside GFT Group. At the same time, fourth line, personnel expenses only grew by 3%. So it's more slowly than the revenue.

Jochen Ruetz: At the same time, fourth line, personnel expenses only grew by 3%, it is more slowly than the revenue. If you combine the two, which we always do in the fourth bullet point on the right as the personnel and purchased services cost ratio, this one is stable at 85%. I think that is all I have to mention on this slide. Let us directly move to the cash flows on slide 18, cash flow statement. We started the year with EUR 55 million in net cash on the very left of the slide. Now the numbers for H1. Operating cash flow was EUR -1 million, which is an improvement versus last year, as you see the bullet points on the right. Last year, we stood at EUR -9 million. This is explained by the higher net income and working capital effects.

Speaker #1: If you combine the two, which we always do in the fourth bullet point on the right, as the personnel and purchased services cost ratio, this one is stable at 85%.

Speaker #1: Now, if you add up the free cash flow, which is the last bullet point on the right, we see that the free cash flow adjusted improved to minus 8.3 million euros.

Speaker #1: After 17.3, a year ago. In a nutshell, cash flow in first half year is absolutely in line with our plans. Slide number 19, our balance sheet.

Speaker #1: I think that's all I have to mention on this slide. Let's directly move to the cash flows on slide 18. Cash flow statements. We started the year with 55 million in net cash on the very left of the slide.

Speaker #1: And now the numbers for the first half. Operating cash flow was minus €1 million, which is an improvement versus last year, as you see in the blue points on the right.

Speaker #1: Not much to comment here. The balance sheet total reduced a bit to 627.5 million euros. And maybe a mention on the top right, we see the equity ratio, which improved by 5 points driven by good net income and positive currency translation facts, which only materialize in the equity ratio.

Speaker #1: Last year, we stood at minus €9 million. This is explained by the higher net income and working capital effects. Why is operating cash flow negative after six months?

Jochen Ruetz: Why is operating cash flow negative after six months? Well, it's the same seasonality as we have every year. A lot of our revenue is wrapped up in contract assets, in fixed-price projects with our clients, which will get paid somewhere in H2 of the year. We will come back to a normal cash flow by the end of the year. Looking at investing activities, small outflows of EUR 2.1 million, financing activities is dominated by our dividend payments of nearly EUR 30 million and our lease payments for our offices. If you add up the free cash flow, which is the last bullet point on the right, we see that the free cash flow adjusted improved to EUR -8.3 million after EUR 17.3 million a year ago. In a nutshell, cash flow in H1 is absolutely in line with our plans.

Speaker #1: So good news from the equity side. Now, this brings me to slide number 20, our people slide. And let's start on the left of this slide, employee numbers.

Speaker #1: At the end of June, so that 11,805. This is mostly flat versus the beginning of the year '26. And it's a 3% growth versus June last year.

Speaker #1: And then we will come back to a normal cash flow by the end of the year. Looking at investing activities, small outflows of 2.1 million euros and financing activities is dominated by our dividend payment of nearly 30 million euros and our lease payments for our offices.

Speaker #1: Growth happened in Colombia and Spain. It's some declines in Mexico, Canada, and Germany. The number of external contractors reduced. And here we are comparing this is now the bullet point on the very left bottom of the slide.

Speaker #1: Now, if you add up the free cash flow, which is the last bullet point on the right, we see that the free cash flow adjusted improved to minus 8.3 million euros.

Speaker #1: We're comparing to the end of last year, '25, which was 1,445. And already included mega work. And now we stand at 1,375, still including mega work, which means the classic GFT business used less freelancers in the first half of '26.

Speaker #1: After 17.3, a year ago. In a nutshell, cash flow in first half year is absolutely in line with our plans. Slide number 19, our balance sheet.

Jochen Ruetz: Slide 19, our balance sheet. Not much to comment here. The balance sheet total reduced a bit to EUR 627.5 million. Maybe a mention on the top right, we see the equity ratio, which improved by 5 points, driven by good net income and positive currency translation effects, which only materialize in the equity ratio. Good news from the equity side. This brings me to Slide 20, our people slide. Let's start on the left of this slide, employee numbers at the end of June, so that 11,805. This is mostly flat versus the beginning of 2026, it's a 3% growth versus June last year. Growth happened in Colombia and Spain, with some declines in Mexico, Canada, and Germany.

Speaker #1: Moving towards the middle of the slide, we see the digitalization rate increased to 92.8%. This is an improvement of 0.6% versus last quarter. And the previous quarter, mainly driven by Brazil and Colombia.

Speaker #1: The efficiencies we gained would usually show up in profitability. But we have invested our additional margins on additional business development initiatives to strengthen our overall positioning, especially on AI.

Speaker #1: So good news from the equity side. Now this brings me to slide number 20, our people slide. And let's start on the left of this slide, employee numbers.

Speaker #1: At the end of June, stood at 11,805. This is mostly flat versus the beginning of the year '26. And it's a 3% growth versus June last year.

Speaker #1: And banking transformation. Moving to the right side, attrition. Attrition stands at 10.4%. It reduced versus last quarter by 0.8% versus last year, by nearly 2 percentage points, which is quite a big impact.

Speaker #1: Growth happened in Colombia and Spain. That's some declines in Mexico, Canada, and Germany. The number of external contractors reduced. And here we are comparing.

Speaker #1: We see this happening mostly in Europe, where there is not so much business dynamic and therefore people don't change jobs easily. But we also saw a reduction in Latin America, driving down this number to 10.4% of attrition.

Jochen Ruetz: The number of external contractors reduced, here we are comparing, this is the bullet point on the very left bottom of the slide. We're comparing to the end of last year, 2025, which was 1,445 already included Megawork. We stand at 1,375, still including Megawork, which means the classic GFT business used less freelancers in H1 of 2026. Moving towards the middle of the slide, we see the digitalization rate increased to 92.8%. This is an improvement of 0.6% versus last quarter the previous quarter, mainly driven by Brazil and Colombia. The efficiencies we gained would usually show up in profitability, we have invested our additional margins on additional business development initiatives to strengthen our overall positioning, especially on AI and banking transformation. Moving to the right side, attrition. Attrition stands at 10.4%.

Speaker #1: This is now the bullet point on the very left bottom of the slide. We're comparing to the end of last year, '25, which was 1,445.

Speaker #1: And already included mega work. And now we stand at 1,375, still including mega work, which means the classic GFTs, business used less freelancers in the first half of '26.

Speaker #1: And my last slide, additional performance indicators. The milestones we always name are all unchanged. Our freeze cash flow for the year is expected to be at roughly 40 million euros.

Speaker #1: Our net debt versus EBITDA ratio is expected to be at 0.2 times. And our utilization will continue to be in the area of 92% for the rest of the year.

Speaker #1: Moving towards the middle of the slide, we see e that utilization rate increased to 92.8%. This is an improvement of 0.6% versus last quarter.

Speaker #1: And the previous quarter, mainly driven by Brazil and Colombia. The efficiencies we gained was usually show up in profitability. But we have invested our additional margins on additional business development initiatives to strengthen our overall positioning, especially on AI.

Speaker #1: Back to you, Marc.

Speaker #2: Thank you very much, Johan. Let me summarize the key masses from today. We delivered a solid first half of 2026 with 5% revenue growth and a strong increase in EBITDA.

Speaker #2: While confirming in our full year guidance. This reflects disciplined execution of our AI-centric strategy and continued progress in strengthening the quality of our earnings.

Jochen Ruetz: It reduced versus last quarter by 0.8%, versus last year by nearly 2 percentage points, which is quite a big impact. We see this happening mostly in Europe, where there is not so much business dynamic, therefore people don't change jobs easily. We also saw a reduction in Latin America, driving down this number to 10.4% of attrition. My last slide, additional performance indicators. The milestones we always name are all unchanged. Our free cash flow for the year is expected to be at roughly EUR 40 million. Our net debt versus EBITDA ratio is expected to be at 0.2 times, our utilization will continue to be in the area of 92% for the rest of the year. To you, Marco.

Speaker #2: Momentum remained strong in our key markets, particularly Brazil, Colombia, Switzerland, and Spain. And we achieved growth across all business sectors. Our AI-native delivery excellence and strong industry domain expertise are also translating into major engagements ements across next-generation core banking, data and cloud transformation, as well as anti-money laundering, badge risk, digital onboarding, and know your customer.

Speaker #1: And my last slide, milestones we always name are all unchanged. Our free cash flow for the year is expected to be at roughly 40 million euros.

Speaker #1: additional performance indicators. The

Speaker #2: Our AI-centric strategy is increasingly visible in our commercial performance. The AI modernization offerings gaining strong traction, confirming that our clients are moving beyond experimentation and committing to AI-powered legacy and application modernization programs.

Speaker #1: Our net debt versus EBDA ratio is expected to be at 0.2 times. And our utilization will continue to be in the area of 92% for the rest of the year.

Speaker #1: A few more.

Marco Santos: Thank you very much, Jochen. Let me summarize the key messages from today. We delivered a solid H1 2026 with 5% revenue growth and a strong increase in EBT, while confirming our full year guidance. This reflects disciplined execution of our AI-centric strategy and continued progress in strengthening the quality of our earnings. Momentum remained strong in our key markets, particularly Brazil, Colombia, Switzerland, and Spain, and we achieved growth across all business sectors. Our AI-native delivery excellence and strong industry domain expertise are also translating into major engagements across next-generation core banking, data and cloud transformation, as well as anti-money laundering, credit risk, digital onboarding, and know your customer. Our AI-centric strategy is increasingly visible in our commercial performance. The AI modernization offering is gaining strong traction, confirming that our clients are moving beyond experimentation and committing to AI-powered legacy and application modernization programs.

Speaker #2: today. We delivered a solid first half of 2026 with 5% revenue growth and a strong increase in EBT. While confirming in our full year guidance.

Speaker #2: Winx has been successfully scaling up across our clients and extending from software engineering to business processes. Creating measurable revenue impacts for our AI-centric growth strategy.

Speaker #2: This reflects disciplined execution of our AI-centric strategy and continued progress in strengthening the quality of our earnings. Momentum remained strong in our key markets, particularly Brazil, Colombia, Switzerland, and Spain.

Speaker #2: This demonstrates that our agentic AI platform is not only improving how AI-native software is engineered and delivered for large enterprise, but is also expanding to the transformation of mission-critical business and operational processes.

Speaker #2: And we achieved growth across all business sectors. Our AI-native delivery excellence and strong industry domain expertise are also translating into major engagements across next-generation core banking, data and cloud transformation, as well as anti-money laundering, credit risk, digital onboarding, and know your customer.

Speaker #2: To conclude, we are executing our AI-centric five-year strategy with consistency and discipline. We are reinforcing GFT's position as the artificial intelligence digital transformation challenger combining engineering excellence, deep industry and domain expertise, and AI-native assets and capabilities, in the areas where clients need them most.

Speaker #2: Our AI-centric strategy is increasingly visible in our commercial performance. The very much, Johan. AI modernization offerings gaining Let me strong traction, confirming that our clients are moving beyond experimentation and committing to AI-powered legacy and application modernization programs.

Speaker #2: Thank you very much. Now, Johan and I will be happy to answer your questions.

Speaker #1: Well, thank you very much, Marco. Thank you very much, Johan, for your remarks and as Marco already stated, we are now happy to take your questions.

Marco Santos: Wynxx has been successfully scaling up across our clients and expanding from Wynxx Software Engineering to Wynxx Business Processes, creating measurable revenue impact for our AI-centric growth strategy. This demonstrates that our Agentic AI platform is not only improving how AI-native software is engineered and delivered for large-scale and regulated enterprise, but is also expanding to the transformation of mission-critical business and operational processes. To conclude, we are executing our AI-centric five-year strategy with consistency and discipline. We are reinforcing GFT's position as the artificial intelligence digital transformation challenger, combining engineering excellence, deep industry and domain expertise, and AI-native assets and capabilities in the areas where clients need them most. Thank you very much. Now, Jochen and I will be happy to answer your questions.

Speaker #2: Wings has been successfully scaling up across our clients and expanding from software engineering to business process. Creating measurable revenue impacts for our AI-centric growth strategy.

Speaker #1: To join the Q&A session, please use the raise hand feature of this call. We will call on participants in turn. Once called upon, please make sure to unmute yourself to do that by yourself.

Speaker #2: This demonstrates that our agentic AI platform is not only improving how AI-native software is engineered and delivered for large scale and regulated enterprise, but is also expanding to the transformation of mission-critical business and operational processes.

Speaker #1: We have already summoned the queue. I see and the first question comes from Simon Keller, Kepler Chauffeur. Go ahead, please. New wave, sorry.

Speaker #2: To conclude, we are executing our AI-centric five-year strategy with consistency and discipline. We are reinforcing GFT's position as the artificial intelligence digital transformation challenger, combining engineering excellence, deep industry and domain expertise, and AI-native assets and capabilities, in the areas where clients need them most.

Speaker #3: A couple of questions I start with the first three and then hop back into the queue. Firstly, where do you see the market cycle right now for bank-related IT services?

Speaker #3: Do you see there any improvement generally speaking? And then on the order backlog, I noticed that it did develop strongly. So my question is, I mean, you mentioned the SAP project, but beyond them, did these six next-gen core banking projects that you mentioned have any positive or significant contribution for this?

Speaker #2: Thank you very much. Now Johan and I will be happy to answer your questions.

Speaker #3: And if so, how much? And thirdly, then also a technical question within increase from Q1 to Q2. And I was wondering what's the reason?

Speaker #1: Well, thank you very much, Marco. Thank you very much, Johan, for your remarks. And as Marco already stated, we are now happy to take your questions.

Andreas Herzog: Well, thank you very much, Marco. Thank you very much, Jochen, for your remarks. As Marco already stated, we are now happy to take your questions. To join the Q&A session, please use the raise hand feature of this call. We will call on participants in turn. Once called upon, please make sure to unmute yourself. You need to do that by yourself. We have already some in the queue, I see. The first question comes from Simon Keller, Kepler Cheuvreux. Go ahead, please. New ways, sorry.

Speaker #1: To join the Q&A session, please use the 'raise hand' feature of this call. We will call on participants in turn. Once called upon, please make sure to unmute yourself.

Speaker #3: Does that maybe mean that transaction is pending right now? Thank you.

Speaker #1: I'll pick up the last question first. No, it does not mean an acquisition is pending. There's no main reason. I assume the main impact is the next because the majority of our M&A effects are in South America, especially with the mega work acquisition, also including a burnout.

Speaker #1: You need to do that by yourself. We have already summoned the queue. I see and the first question comes from Simon Keller, Kepler Chauffeur.

Speaker #1: Go ahead, please. New wave, sorry.

Speaker #1: The Brazilian real strengthening is now visible simply on a euro level. It looks a bit bigger than it would have a quarter or two quarters ago.

Simon Keller: I have a couple of questions. I'll start with the first three and then hop back into the queue. Firstly, where do you see the market cycle right now for bank-related IT services? Do you see any improvement, generally speaking? On the order backlog, I noticed that it did develop strongly. My question is, you mentioned the SAP project, but beyond them, did these six next-gen core banking projects that you mentioned have any positive or significant contribution to this? If so, how much? Thirdly, also a technical question within the adjustments that you highlighted. M&A effects have increased from Q1 to Q2, and I was wondering what's the reason. Does that maybe mean that a transaction is pending right now? Thank you.

Speaker #3: I have a couple of questions. I'll start with the first three and then hop back into the queue. Firstly, where do you see the market cycle right now for bank-related IT services?

Speaker #1: Same for Colombia. So first acquisition, maybe I don't know if you've seen it. They have elected a very conservative new president, and the currency improved by nearly 10% over the last two or three months.

Speaker #1: Therefore, these two effects are the main drivers for M&A, nothing else. And on the other book, yes, you're right. Of course, the core banking projects take part in that.

Speaker #1: They support it. They are not the majority. As I said, we have invested into business development on the AI and banking transformation side. All these initiatives are now showing up also in order books for the coming years.

Speaker #3: And if so, how much? And thirdly, then also a technical question within the adjustments that you highlighted. M&A effects have increased from Q1 to Q2.

Speaker #1: So yes, those six core banking, but not alone. It's SAP core banking and other initiatives also around winks supporting this strong order book.

Speaker #3: And I was wondering what's the reason? Does that maybe mean that a transaction is pending right now? Thank you.

Speaker #2: And to complement the first question, what's the sentiment in the banking sector, if it's improving or not? So our understanding, if it is, it is improving.

Speaker #1: I'll pick up the last question first. And no, it does not mean an acquisition is pending. There's no main reason. I assume the main impact is just because the majority of our M&A effects are in South America, especially with the mega work acquisition, also including an earn-out.

Jochen Ruetz: I'll pick up the last question first. No, it does not mean an acquisition is pending. There's no main reason. I assume the main impact is FX, because the majority of our M&A effects are in South America, especially with the Megawork acquisition also including an earn-out. The Brazilian real strengthening is now visible simply on a euro level. It looks a bit bigger than it would have a quarter or two quarters ago. Same for Colombia's office acquisition. Maybe, I don't know if you've seen it, they have elected a very conservative new president, and the currency improved by nearly 10% over the last two or three months. Therefore, these two effects are the main drivers for M&A, nothing else. Yes, you're right. Of course, the core banking projects take part in that. They support it. They are not the majority.

Speaker #2: So we see a better sentiment on our financial service clients. Which is very good. And especially based on our AI modernization offering. Which is some scenario that we grew considerably.

Speaker #1: The Brazilian real strengthening is now visible simply on a euro level. It looks a bit bigger than it would have a quarter or two quarters ago.

Speaker #2: And we also see several opportunities in our pipeline.

Speaker #1: Same for Colombia. It offers acquisition. Maybe I don't know if you've seen it. They have elected a very conservative new president. And the currency improved by nearly 10% over the last two or three months.

Speaker #1: Thank you.

Speaker #3: Yes, it is. Thank you.

Speaker #1: OK, thank you. I'm sorry for mixing up the companies. So our next question, now we're coming to Kepler Chauffeur and Mr. Sven Sauer, please.

Speaker #1: Therefore, these two effects are the main drivers for M&A, nothing else. And on the other book, yes, you're right. Of course, the core banking projects take part in that.

Speaker #1: They support it. They are not the majority. As I said, we have invested in business development on the AI and banking transformation side. All these initiatives are now also showing up in the order book for the coming years.

Speaker #1: Please go ahead. You should now be on stage. And please make sure to unmute yourself.

Jochen Ruetz: As I said, we have invested into business development on the AI and banking transformation side. All these initiatives are now showing up also in order book for the coming years. Yes, those six core banking, but not alone. It's SAP core banking and other initiatives also around Wynxx supporting this strong .

Speaker #4: Can you hear me or no?

Speaker #1: Now we hear you.

Speaker #1: So yes, those six core banking, but not alone. It's SAP core banking and other initiatives also around Wings book.

Speaker #4: Hello. Hello. Thank you for taking my questions. The first one is, if you can still confirm that the UK business will see revenue inflection in Q3.

Marco Santos: To complement the first question, what's the sentiment in the banking sector, and if it's improving or not. Our understanding, it is. It is improving. We see a better sentiment on our financial service clients, which is very good. Especially based on our AI modernization offering, which is an area that we grew considerably, and we also see several opportunities in our pipeline.

Speaker #2: And to complement the first question, what's the sentiment in the banking sector? If it's improving or not, so our understanding it is. It is improving.

Speaker #4: The second question would be, if you think that it is possible or let's say more likely than unlikely that the second half of the year we will see a better cushion from FX than in the first half of the year.

Speaker #2: So we see a better sentiment on our financial service clients. Which is very good. And especially based on our AI modernization offering. Which is an area that we grew considerably.

Speaker #4: And my third question would be why multiples in the IT and software sector have come down, which is due to the fears of AI disruption.

Speaker #2: And we also see several opportunities in our pipeline.

Speaker #1: Let me pick up your FX question first. Yes, I think that assumption is correct. The first half still showed US dollar Canadian dollar challenges, but last year the dollar and the Canadian dollar then settled more or less on the level we are at today.

Speaker #3: Thank you.

Simon Keller: Thank you.

Speaker #1: Did that answer your question?

Jochen Ruetz: Did that answer your question?

Speaker #3: Yes, it did. Thank you.

Simon Keller: Yes, it did. Thank you.

Speaker #1: OK, thank you. I'm sorry for mixing up the companies. So our next question, now we're coming to Kepler Chauffeur. And Mr. Swen Sauer, please.

Andreas Herzog: Okay. Thank you. I'm sorry for mixing up the companies. Our next question. Now we're coming to Capital Refrue and Mr. Sven Sauer, please. Please go ahead. You should now be on stage. Please make sure to unmute yourself.

Speaker #1: So from that, those two currencies, we should not see further impact. In the second half, I said it twice. I'll say the third time.

Speaker #1: Please go ahead. You should now be on stage. And please make sure to unmute yourself.

Speaker #1: We see UK in Q3 above Q3 of last year. So over nine months, we will still be below 2025 numbers obviously because the first half was softer.

Sven Sauer: Can you hear me or no?

Speaker #4: Can you hear me or not?

Speaker #1: Now we hear you.

Jochen Ruetz: Now we hear you. Hello.

Speaker #4: Hello. Hello. Thank you for taking my questions. The first one is, if you can still confirm that the UK business will see revenue inflection in Q3.

Sven Sauer: Hello. Thank you for taking my questions. The first one is if you can still confirm that the UK business will see a revenue inflection in Q3. The second question would be if you think that it is possible, or let's say more likely than unlikely, that H2 we will see a better cushion from FX than in H1. My third question would be on attrition. Do you believe that the one reason why attrition is lower is similar to the reason why multiples in the IT and software sector have come down, which is due to the fears of AI disruption?

Speaker #1: But from Q3 onwards, revenues in the UK will exceed revenues from 2025.

Speaker #2: Just to complement, Johan, the we are simply following the plan and what we announced before. And I'm very happy to mention that in terms of profitability, we improved significantly.

Speaker #2: The UK, as we planned it, and now with the growth coming on the third quarter.

Speaker #4: And my third question would be, on attrition, do you believe that the one reason why attrition is lower is similar to the reason why multiples in the IT and software sector have come down, which is due to the fears of AI disruption?

Speaker #1: We don't see AI as a driver for the attrition numbers. We see mostly the European more or less flat business as a driver, while in South America, we simply came down in attrition versus the previous year, which is a normalization.

Speaker #2: And we are investing multiple initiatives internally, not to reduce attrition because if we reduce attrition and fluctuation, we improve our waterline.

Speaker #1: Let me pick up your FX question first. Yes, I think that the assumption is correct. The first half still showed US dollar–Canadian dollar challenges.

Jochen Ruetz: Let me pick up your FX question first. Yes, I think that assumption is correct. The H1 still showed US dollar, Canadian dollar challenges. Last year, the dollar and the Canadian dollar then settled more or less on the level we are at today. From those two currencies, we should not see further impact in H2. The Brazilian real or the tune breaker.

Speaker #4: Perfect. Understood. Thank you.

Speaker #1: OK, thank you very much for your question. The next question comes from Oliver Fry. Bankhaus Metzler.

Speaker #1: But last year, the dollar and the Canadian dollar then settled more or less on the level we are at today. So from that, those two currencies we should not see further impact.

Speaker #3: Taking my question maybe on FX or adjusted EBIT guidance. Can you give us an idea on the bridge? What figures you're expecting for M&A and capacity adjustments for H2?

Speaker #3: And maybe on the four-year guidance, as of H1, we see a 7.1% margin. What would need to happen to get towards the 7.6 for the full year?

Sven Sauer: Hello?

Speaker #1: So let me take those two questions. FX, EBIT adjusted for second half, pretty much flat. We expect similar restructuring impact in the second half.

Speaker #1: We had 3.5 million in the first. We're probably going to see 3 to 3.5 also in the second. And from the FX side, well, it's a bit early to call, right?

Speaker #1: But we might see some tailwinds on the revenue side, which we will then talk about when we we have them in the books in Q3.

Speaker #1: Now on the margin, well, it's pretty straightforward. We will repeat the last two or three years. In 2026, which is a lower margin overall in the first half and a stronger margin in the second half, especially our South American business is showing far better margins in the second half of the year.

Speaker #1: We have more billable days. I think I mentioned it in other calls before. The first half includes the summer holidays in South America. So us Europeans tend to forget that things are different on the other side.

Speaker #1: And therefore, we expect the logical second half margin of roughly $7.8%, right? To reach the overall guidance that we have given. But this would be copy-paste 25, 24, 23 that the second half shows stronger margins versus the first half.

Speaker #3: Perfect. And then maybe on AI, companies were recently reporting that AI usage and tokens are developing towards a significant cost item. How are you monitoring AI-related costs?

Speaker #3: Token usage and how do you make sure that you're deploying AI optimally internally?

Speaker #1: Yes, absolutely. Good question. I pick it up and Marco maybe you build on it. Purely from numbers, we have reached our budget mid-year. But it was not a surprise.

Speaker #1: We knew. What we now see prices for tokens are going up. And adoption in our teams is positively going up. So that we overall with roughly spend a million on tokens this year internally as GFT.

Speaker #1: And this was closer to nearly nothing a year ago. So that is of course included in all our guidance. But tokens are becoming part of the game.

Speaker #1: And it has to be part of the pricing as well. And we're working on that.

Speaker #2: And we have a special team and a special initiative internally at GFT on a global perspective. So work on the management and understanding of the evolution of the tokes consumption and the utilization of all the AI tools that we utilize.

Speaker #2: We also created an engine to manage the tokes consumption that we are making it available two weeks foundation in order to even bring that to our clients.

Speaker #2: And we are and we have a special team on a global level. It's called AI Native Delivery Champions. A team of 20 to 35 delivery leaders and technology leaders that are all of them working integrated on a global perspective in order to how we are going to manage, control, and optimize the utilization of the tokens.

Speaker #2: And the most important how to measure and link the utilization of tokens with the benefits that you are bringing to our clients. Which is for us very key.

Speaker #2: And our intention is also to bring that as KPIs to our clients because once we prove the utilization of tokens and the improvements on the throughputs and on the value creation of our clients, and then we have a good differentiation.

Speaker #3: Perfect. Sounds good. And maybe a quick last one. Again, on sentiment, similar to my colleague. Recently, there were discussions that IT budgets are shifting towards hardware.

Speaker #3: With all the price increases, do you see that coming at the expense of IT services or transformation projects?

Speaker #2: As I now, as I mentioned on the other question, our region is that we have a positive sentiment on the demand of our financial service clients, which is positive.

Speaker #2: And I think at one key offering is AI modernization that is getting lots of traction. And I see that's clear commodity business will be under pressure and keep going under pressure.

Speaker #2: Commodity business, I mean commodity services. But high value added services if a strong deployment of AI, I we see a good sentiment at this point of time.

Speaker #2: And obviously, we are positioned on the second.

Speaker #3: Perfect. Thank you very much.

Speaker #1: Well, thank you very much for your question. We have another question from Simon Keller, New Waves. Please go ahead, Simon. And please unmute yourself, please.

Speaker #1: Yes.

Speaker #3: Perfect. Thanks for allowing the second round of questions. Firstly, in what percent of projects do you utilize AI currently? And also, in light of your wings influence contract value KPI, why do look at for monitoring AI utilization as well?

Speaker #3: The second question is then on the sales impact of megawatts. Either in Q2 or H1. And lastly, also with the growth outlook, that you have, I recall that earlier this year you said discussions also with your clients and how does that fit towards the current guidance that you are outstanding?

Speaker #3: Thank you.

Speaker #1: I'll start with the easy ones, right? So sales impact megawatts, that's really easy. Contribution in the first half year was 8.3 million euros. To our total revenues.

Speaker #1: Growth outlook, for the second half, I think we will see a quite strong Q3. As of today, so growth should pick up versus Q2 versus last year's second quarter.

Speaker #1: Q3 versus Q3 should look even better. And then the real question for the second half year will be Q4, which is a bit early to call.

Speaker #3: Thank you, Johan.

Speaker #2: Regarding your question about AI deployments across our projects and clients and also wings KPIs, right? So let me start with your wings KPIs. We've been in a quite, I'd say, improving evolution with the adoption of wings.

Speaker #2: And we created a set of KPIs a detailed KPIs drill down KPIs in order to measure the year-to-date revenue that we have with wings.

Speaker #2: In order to measure the order book that we have in order to measure the weighted pipeline that we have, the unweighted pipeline, everything from the systems that we have in the company.

Speaker #2: Okay. So that's a natural evolution of the products and detail of KPIs. And this is simply to bring more control and that we can measure the results of that.

Speaker #2: Very happy with that development. And regarding the overarching deployment, overall implementation of AI technology, across the teams, this is quite this is a quite interesting topic.

Speaker #2: We conclude that complete survey of all our projects that we have across the globe, we have more than 2,000, 500 projects active right now.

Speaker #2: And we completed the survey of the utilization of all the AI tools that we are using from internally and the clients' tools. And wings.

Speaker #2: And the combination of that. So we have 100% methods and we know today in details what's the percentage of our projects that we have that we are using digital copilots?

Speaker #2: What's the percentage of the projects that we have using Anthropic Claude that you are using Gemini OpenAI that we are naturally using wings? And we are now getting even deeper to understand the gross margin one of each of those group of projects.

Speaker #2: And understand what is, say, the ones that bring better contribution. So we have that, say, understanding in full detail and our plans is to bring that over the next calls.

Speaker #2: And I would like to bring in details all that breakdown utilization which I think that can also be translated as a competitive advantage in front of our clients because you are to go in front of our clients and say and show that we have all that all those KPIs that is definitely what our clients are looking for right now.

Speaker #1: So Simon, be patient for Q3, please.

Speaker #3: All right. I will be. Thank you very much.

Speaker #1: Okay. Thank you very much. As a reminder, are you still on stage, Simon? Every question answered? Very good. So just as a reminder, if you want to ask a question, please use the raise hand feature of this call.

Speaker #1: Waiting for some seconds. It's some happens. This seems not to be the case. So thank you very much. As there are no further questions, we will bring today's call to a close.

Speaker #1: Thank you all for your time, your questions, and your continued interest in GFT. Should you have any follow-up questions, please do not hesitate to contact the IR team as usual.

Browse all earnings call transcripts

Half Year 2026 GFT Technologies SE Earnings Call

Request TrialDemo

GFT Technologies

Earnings