Valuno Group (VALUNO) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 '25/26 was €28.2m, down 78% year-over-year due to ongoing restructuring of revenue models.

• Gross margin for the quarter was 1.4%, reflecting suboptimal banking and settlement solutions amid low transaction volumes.

• Adjusted EBITDA for Q2 was -€1.9m, and operating income was -€2.9m.

• The company completed a fully subscribed share issue, strengthening its capital base and bringing in new strategic investors.

• Strategic shift towards a technology and service provider model, aiming for improved capital efficiency and margins.

Financial highlights

• Q2 net revenue: €28.2m (vs. €129.0m YoY); H1 net revenue: €35.5m (vs. €204.7m YoY).

• Q2 gross profit: €0.4m (vs. €3.7m YoY); gross margin: 1.4% (vs. 2.9% YoY).

• Q2 adjusted EBITDA: -€1.9m (vs. €1.3m YoY); H1 adjusted EBITDA: -€3.9m (vs. €1.6m YoY).

• Q2 operating income: -€2.9m (vs. €1.2m YoY); H1 operating income: -€5.4m (vs. €1.2m YoY).

• Q2 EPS (undiluted): -€0.01 (vs. €0.01 YoY).

• Cash flow from operations in Q2: -€1.4m (vs. €4.2m YoY); cash at period end: €1.5m (vs. €8.4m YoY).

Outlook and guidance

• Management expects the new revenue model to gain traction in H2 2025/26, improving liquidity and financial performance.

• Strategic focus is on becoming a central infrastructure provider for global payments and digital assets.