Sngular grew by 7.2 per cent in the first half of 2026

Sngular (Singular People, S.A.; BME Growth: SNG) closed the first half of 2026 with revenue of €61.0 million, up 7.2% year on year and the highest figure it has ever recorded in a first half. Technology Consulting, the core of the business, grew 10.2%, and the company continued to strengthen its position as an AI-native consultancy with a more diversified client base and enhanced shareholder returns.

Key figures for H1 2026

• Revenue: €61.0M (+7.2%), a record for a first half. Revenue for the last twelve months stands at €122.0M, compared with €117.9M for full-year 2025.
• Technology Consulting: €57.1M (+10.2%), 93% of the business, with EBITDA up 3.0% to €8.3M (14.5% margin).
• EBITDA: €7.0M, with an 11.5% margin, in line with H1 2025 (€7.1M).
• Operating cash flow: +€5.1M, compared with −€1.7M in H1 2025. Cash rose from €4.3M to €6.6M over the half.
• More diversified clients: the top 10 clients account for 52.0% of revenue, down from 57.1% in 2025. More than 80% of revenue comes from repeat clients (NPS of 76).
• Shareholder returns: a €0.04 per share dividend already paid, 232,000 shares bought back in June and around 800,000 more planned before the end of 2026.

Since H1 2021 (€28.0M), first-half revenue has more than doubled.

Growth driven by the core business

Technology Consulting, which brings together the group's AI agent networks, AI-native software development, AI platform and governance, data, cloud and design capabilities, grew revenue by 10.2% to €57.1 million and EBITDA by 3.0% to €8.3 million.

Among the Talent-Ventures businesses, Manfred (Talent Agency) stood out, increasing revenue by 17.6% and more than doubling EBITDA (+135.6%), with its margin rising from 11.9% to 23.9%.

Consolidated EBITDA excluding one-off items. The total includes holding activity and IFRS adjustments. In H1 2025 the scope included the 50% stake in TeamLabs, sold in the first half of 2026.

Cash and balance sheet: room to keep investing

Operating cash flow reached +€5.1 million, an improvement of €6.8 million compared with H1 2025, driven mainly by working capital in Mexico and Spain. Group cash stood at €6.6 million at the end of the period, up from €4.3 million at the start of the year.

This cash generation has allowed Sngular to acquire AMS Solutions (partly funded with €6 million of new financing raised in June), meet deferred payments on earlier acquisitions and reward shareholders, while keeping leverage contained: net debt stands at €18.3 million, 1.3 times EBITDA. The company is also maintaining a prudent borrowing policy given a possible scenario of rising interest rates.

More diversified clients and new markets

Sngular continues to reduce its reliance on large accounts. Over the last twelve months, the top 10 clients represent 52.0% of revenue, compared with 57.1% in 2025, and the top five 39.6% (42.9% in 2025). At the same time, client loyalty remains very high: more than 80% of revenue comes from the previous year's clients, with a satisfaction score (NPS) of 76. The group's clients include leading companies in financial services, retail, energy, insurance, industry, telecoms, the public sector and healthcare.

By geography, Saudi Arabia more than doubled its share of revenue (from 0.9% to 2.1%) and the rest of Europe rose from 1.6% to 2.4%. In the United States, where Sngular has operated since 2011 with a team of around 70 people specialised in banking, the company has strengthened its business development team and signed its first two new clients during the half, both in the financial sector.

An AI-native consultancy

Artificial intelligence underpins both Sngular's offering and its own organisation. The company has developed two proprietary methodologies:

• Sngular GEN, a software development framework based on Spec-Driven Development and agent networks. Since 2025, hundreds of professionals have been trained in GEN, and it is already used in numerous projects with a notable improvement in quality and productivity.
• Sngular Assembly, which transforms the internal organisation through networks of expert agents with traceability and regulatory compliance (GDPR, EU AI Act, ISO/IEC 42001).

Through its R&D division, Sngular Edge, the company is also driving solutions such as T4S (AI for science), with cases including the discovery of new materials for clean energy alongside Google DeepMind and Repsol Technology Lab, and MM8, a suite for modernising COBOL systems developed with Driver8 Software. Sngular is also strengthening its partnerships with Google Cloud, Microsoft and Atlassian.

AMS Solutions: selective growth

In April, Sngular integrated AMS Solutions, a company specialised in the software development lifecycle and AI-assisted managed services. The deal complements Sngular's commitment to AI in software development and consolidates its position in north-west Spain. At the same time, the sale of its 50% stake in TeamLabs reaffirms the strategic priority of technology consulting.

"Not only are we strengthening our presence in a strategic territory, we are also adding a team that shares our obsession with technical excellence. Their command of managed services and their ability to adopt new forms of AI-assisted development will make us even more competitive and allow us to offer higher value-added solutions to our clients in every geography where we operate."

José Luis Vallejo, Executive Chairman of Sngular

Commitment to shareholders

The General Meeting approved a dividend of €0.04 per share out of 2025 earnings, already paid, and share buyback plans in three tranches for a total of approximately 1.6 million shares. 232,000 shares were acquired in June, and around 800,000 more are expected to be bought before the end of 2026. The company will propose new buyback plans if the share continues to trade at attractive prices. The management team is fully aligned with the company's more than 700 shareholders.

Outlook

Sngular approaches the coming years with clearly identified growth levers. In the Gulf region (GCC), and particularly in Saudi Arabia, the company is delivering projects and bidding for tenders that it expects to generate annual revenue of more than €10 million from 2027, with strong potential for further growth. These are complemented by specialisation in the new professions enabled by AI, selective M&A and a strategy tailored to each geography.

"Sngular has a distinctive competitive advantage to lead this transformation thanks to an agile, flexible and innovative culture, used to managing change; a technological DNA present both in its projects and in its internal management; highly experienced teams; and a firm strategic commitment to artificial intelligence. All of this puts Sngular in an optimal position to achieve above-sector-average growth in the coming years, while preserving its profitability and progressively raising the productivity of our team."

José Luis Vallejo, Executive Chairman of Sngular

About this content

The figures in this article come from the H1 2026 Results Presentation filed with BME Growth on 7 October 2026 as Other Relevant Information, available in the Financial documentation section of the Sngular investors page. Net debt = long- and short-term bank debt − cash and cash equivalents. Client and country data compare the last twelve months with financial year 2025. This content may contain forward-looking statements subject to risks and uncertainties.