The Board of Directors approved the consolidated half-year report as of 30 June 2026
Consolidated REVENUES of EUR 40.3M, +11.5%
Consolidated EBITDA of EUR 1.2M
BEEFREE’s growth 9%
Consolidated NET RESULT of EUR -1.4M
Consolidated NET FINANCIAL POSITION of EUR 9.2M cash
Milan, 15 September, 2026 – Growens S.p.A. – ticker GROW – (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility AIM Italia and operating in the cloud marketing technology field, has announced today that the Board of Directors passed a resolution to approve the consolidated report for the six-month period ended on 30 June 2026, prepared in compliance to IAS/IFRS accounting standards.
Consolidated figures show
- revenues increasing by 11.5% in 1H 2026, of 40.3M EUR, vs 36.2M EUR in 1H 2025; and
- a back-to-black EBITDA figure of 1.2M EUR, improving vs. -0.2 in 1H 2025.
“The first half of 2026 marks a turning point in the Group’s profitability: revenues grew by 11.5% and EBITDA returned to positive territory at 1.2 million Euro, after the negative margin recorded in the same period of 2025. This is the result of continued growth across both Business Units, combined with strict cost discipline, with costs down by almost 4% year on year. Our balance sheet remains solid, with a net cash position of over 9.2 million Euro and cash and cash equivalents in excess of 16.7 million: a position that allows us to keep investing in innovation and in the quality of our products with full autonomy.”
Matteo Monfredini, Chairman and founder of Growens
“The investment in Beefree has generated ARR of over 18.4 million US Dollars as of June 2026, with revenues up 9% at constant exchange rates and the EBITDA loss cut by two thirds, to 0.5 million Euro. We confirm the path that will take us to positive cash flows by 2028. The new paradigm brought by artificial intelligence is reshaping the competitive landscape, and we are decisively reallocating our R&D resources to seize the new opportunities: we want to make the creation of digital content ever simpler, not only for designers but also for AI agents. In parallel, Agile Telecom confirms the validity of its strategy focused on operating profitability, with revenues up 13% and EBITDA up 21%, at 1.4 million Euro”
Nazzareno Gorni, CEO and founder of Growens
Summary of 1H 2026 results
The main results for the semester ended 30 June 20264 are as follows:
| Item (EUR) | 1H 2026 | % | 1H 2025 | % | Change | Ch.% |
| SaaS Revenues | 7,715,016 | 19.1% | 6,888,384 | 19.0% | 826,632 | 12.0% |
| CPaaS Revenues | 32,201,256 | 79.8% | 28,749,968 | 79.5% | 3,451,288 | 12.0% |
| Other Revenues | 423,193 | 1.0% | 532,204 | 1.5% | (109,011) | (20.5%) |
| TOTAL REVENUES | 40,339,465 | 100.0% | 36,170,555 | 100.0% | 4,168,909 | 11.5% |
| Gross Profit | 10,509,198 | 26.1% | 9,485,721 | 26.2% | 1,023,477 | 10.8% |
| EBITDA | 1,194,346 | 3.0% | (205,908) | (0.6%) | 1,400,253 | n.m. |
| EBT | (911,908) | (2.3%) | (2,233,363) | (6.2%) | 1,321,455 | 59.2% |
The SaaS division (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscription mainly by the Business Unit Beefree. The CPaaS division (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, supplied by the Agile Telecom Business Unit.
Here follow the half-year Group results by business unit as of 30 June 2026:
| in Euro | REVENUES | EBITDA | ||||
| 30/06/2026 | 30/06/2025 | % | 30/06/2026 | 30/06/2025 | % | |
| Agile Telecom | 32,559,204 | 28,824,478 | 13.0% | 1,415,723 | 1,167,157 | 21.3% |
| Beefree | 7,557,624 | 7,034,685 | 7.4% | (457,054) | (1,380,058) | 66.9% |
| Growens | 7,118,183 | 7,361,854 | (3.3%) | 193,929 | 226,596 | (14.4%) |
| Consol. Adj. | (6,895,547) | (7,050,463) | 2.2% | 41,748 | (219,603) | n.m. |
| Total | 40,339,465 | 36,170,555 | 11.5% | 1,194,346 | (205,908) | n.m. |
The consolidated net financial position as of 30 June 2026 is the following:
| Consolidated Net Financial Position | 30/06/2026 | 31/12/2025 | Change | Ch.% | |||
| A. Cash | 3,552,955 | 2,115,042 | 1,437,913 | 68.0 % | |||
| B. Cash equivalents | |||||||
| C. Assets held for sale | 13,221,903 | 13,359,098 | (137,195) | (1.0%) | |||
| D. Cash and cash equivalents (A) + (B) + (C) | 16,774,858 | 15,474,140 | 1,300,718 | 8.4 % | |||
| E. Current debt | 6,189,566 | 2,494,034 | 3,695,532 | 148.2 % | |||
| F. Current part of non-current debt | 510,916 | 989,588 | (478,672) | (48.4%) | |||
| G. Current financial position (E) + (F) | 6,700,482 | 3,483,622 | 3,216,860 | 92.3 % | |||
| H. Net current financial position (G) – (D) | (10,074,376) | (11,990,518) | 1,916,142 | (16.0%) | |||
| I. Non-current debt | 831,096 | 807,180 | 23,916 | 3.0 % | |||
| J. Debt financial instruments | |||||||
| K. Trade and other non-current debt | |||||||
| L. Non current financial position (I) + (J) + (K) | 831,096 | 807,180 | 23,916 | 3.0 % | |||
| M. Net financial position (H) + (L) | (9,243,280) | (11,183,338) | 1,940,058 | (17.3%) | |||
| Other long term financial activities | (1,180,142) | (1,172,662) | (7,481) | 0.6 % | |||
| o/w E. Current financial liabilities Rights of Use IFRS 16 | 410,458 | 457,099 | (46,641) | (10.2%) | |||
| o/w I. Non-current financial liabilities Rights of Use IFRS 16 | 563,591 | 597,677 | (34,086) | (5.7%) | |||
| N. Net adjusted financial position | (11,397,471) | (13,410,775) | 2,013,304 | (15.0%) | |||
| ESMA guidelines 32-382-1138 of 04/03/2025 par. 175 guideline 39 | |||||||
Comments to 1H 2026 results
1H 2026 P&L posts total Revenues around 40.3M EUR, showing an 11.5% increase versus 36.2M EUR in the same period of 2025, driven by growth in both business units. The SaaS component grew by 12%, representing roughly 19% of total revenues; the CPaaS line grew by 12%, accounting for about 80% of total revenues. The decrease in other revenues mainly reflects the change in certain non-recurring extraordinary items related to the disposal of the ESP business and grants on R&D.
The Agile Telecom Business Unit posted the biggest revenues of ca. 32.6M EUR, increasing by 13% over the same period of the previous year, in constant pursuit of prioritizing higher-margin contracts.
Beefree (beefree.io), posted a 9% (or 7.4% in Euro) increase in revenues, at 7.6M EUR or 8.8M USD turnover, driven by increasing volumes. ARR (Annual Recurring Revenues, a very popular key performance indicator for a subscription business, showing the average annual recurring value of existing contracts) amounts to 18.4M USD as of June 2026.
Foreign revenues amount to 30.3M EUR, representing ca. 76% of total revenues, increasing by 17.4% vs 1H 2025. Recurring revenues amount to 7.7M EUR, growing ca. 12%.
In 1H 2026 Gross Profit reaches 10.5M EUR, with a revenue incidence above 26%, up 11% compared to 2025. The COGS component increases in line with revenues (11.8%), with the same incidence on revenues as the previous year. The rising cost items increase reflect the investments made to develop the Beefree Business Unit, specifically in the Sales & Marketing component (+5.8%) while both Research & Development expenses (-11.6% on the expensed component) and general expenses (-8.3%) were kept under control. At consolidated level, EBITDA is once again positive at approximately 1.2M EUR, while Beefree’s standalone EBITDA is negative by approximately 0.5 million Euro, a significant improvement compared with the same period of 2025.
EBT is negative by ca. 0.9M EUR, after 2.3M EUR depreciations. IFRS16-related amortizations amount to 0.3M EUR, decreasing by 3% YoY, whereas R&D amortizations grow by 11% to 1.9M EUR in 1H 2026.
The Net result in 1H 2026, after current and deferred taxation estimates, amount to ca. -1.4M EUR. The allocated tax figures are figurative, provided that consolidated taxation results from the aggregate amounts of individual taxation, applied on each legal entity.
The consolidated Net Financial Position as of 30 June 2026 exceeds 9.2M EUR cash, decreasing versus the previously recorded net cash amount of 11.2M EUR as of 31 December, 2025, with a variation largely attributable to certain net working capital dynamics for Agile Telecom for ca. 2.5M EUR and the advance relating to the refund of the Group’s VAT receivable for 3.7M EUR. In terms of cash flows and short-term financing, the period was characterised by specific transactions aimed at optimising working capital and financial flexibility. Figurative debt from IFRS 16’s adoption amounts to ca. 1M EUR. Cash and equivalents exceed 16.7M EUR.
The approved data have been submitted to BDO Audit Services, for the voluntary limited review.
Consolidated P&L, balance sheet and cash flow statement are attached.
Investor Relations
The Half-Year Consolidated Report as of 30 June 2026 will be available to the public as per EGM regulations as well as on Growens’ website www.growens.io, Section ‘Investor Relations/Financial Statements’.
This press release is online on www.emarketstorage.com and on the Issuer website www.growens.io, Section ‘Investor Relations/Press Releases’.
The updated corporate presentation, including 1H 2026 data and main KPIs per Business Unit will be available to the public on the Issuer website www.growens.io, Section ‘Investor Relations/Presentations’.
Growens’ Chairman and CEO will comment 1H 2026 results in a conference call to be held on 17 September 2026 at 4,00 pm CET, accessible at this link: https://meet.google.com/tzq-wmfy-aby.
CONSOLIDATED PROFIT & LOSS AS OF 30/06/2026
| Item | 30/06/2026 | % | 30/06/2025 | % | Change | Ch.% | |
| SaaS Revenues | 7,715,016 | 19.1% | 6,888,384 | 19.0% | 826,632 | 12.0% | |
| CPaaS Revenues | 32,201,256 | 79.8% | 28,749,968 | 79.5% | 3,451,288 | 12.0% | |
| Other Revenues | 423,193 | 1.0% | 532,204 | 1.5% | (109,011) | (20.5%) | |
| Total Revenues | 40,339,465 | 100.0% | 36,170,555 | 100.0% | 4,168,909 | 11.5% | |
| COGS | 29,830,266 | 73.9% | 26,684,834 | 73.8% | 3,145,433 | 11.8% | |
| Gross Profit | 10,509,198 | 26.1% | 9,485,721 | 26.2% | 1,023,477 | 10.8% | |
| Sales & Marketing costs | 3,600,918 | 8.9% | 3,402,174 | 9.4% | 198,743 | 5.8% | |
| Research & Development Opex | 1,484,969 | 3.7% | 1,679,855 | 4.6% | (194,886) | (11.6%) | |
| R&D Capex | (1,765,531) | (4.4%) | (1,818,477) | (5.0%) | 52,946 | (2.9%) | |
| R&D costs | 3,250,500 | 8.1% | 3,498,332 | 9.7% | (247,831) | (7.1%) | |
| General & Admin Costs | 4,228,966 | 10.5% | 4,609,600 | 12.7% | (380,634) | (8.3%) | |
| Total Costs | 9,314,852 | 23.1% | 9,691,629 | 26.8% | (376,776) | (3.9%) | |
| EBITDA | 1,194,346 | 3.0% | (205,908) | (0.6%) | 1,400,253 | n.s. | |
| General Depreciation Costs | 86,993 | 0.2% | 112,461 | 0.3% | (25,467) | (22.6%) | |
| Right of Use Amortization Costs | 257,803 | 0.6% | 266,071 | 0.7% | (8,268) | (3.1%) | |
| R&D Amortization Costs | 1,911,767 | 4.7% | 1,719,226 | 4.8% | 192,540 | 11.2% | |
| Other Depreciations | 2,256,563 | 5.6% | 2,097,758 | 5.8% | 158,805 | 7.6% | |
| EBIT | (1,062,218) | (2.6%) | (2,303,666) | (6.4%) | 1,241,448 | 53.9% | |
| Net financial income/(charges) | 150,309 | 0.4% | 70,302 | 0.2% | 80,007 | 113.8% | |
| EBT | (911,908) | (2.3%) | (2,233,363) | (6.2%) | 1,321,455 | 59.2% | |
| Current Income Taxes | (324,806) | (0.8%) | (298,251) | (0.8%) | (26,555) | (8.9%) | |
| Deferred Taxes | (123,692) | (0.3%) | 159,201 | 0.4% | (282,893) | n.m. | |
| Net Profit (Loss) | (1,360,407) | (3.4%) | (2,372,413) | (6.6%) | 1,012,007 | 42.7% | |
| Group Net Profit (Loss) | (1,317,187) | (3.3%) | (2,315,892) | (6.4%) | 998,705 | 43.1% | |
| Minority Net Profit (Loss) | (43,220) | (0.1%) | (56,521) | (0.2%) | 13,301 | 23.5% | |
Data in €
CONSOLIDATED BALANCE SHEET AS OF 30/06/2026
| Item | 30/06/2026 | 31/12/2025 | Change | Ch % |
| Tangible fixed assets | 190,177 | 224,335 | (34,158) | (15.2%) |
| Right of Use | 1,000,880 | 1,096,462 | (95,581) | (8.7%) |
| Intangible fixed assets | 7,176,723 | 6,913,198 | 263,525 | 3.8% |
| Goodwill | 8,498,292 | 8,498,292 | 0 | 0.0% |
| Equity investments in associates and joint ventures | 512,903 | 497,919 | 14,984 | 3.0% |
| Other non-current assets | 1,355,727 | 1,339,132 | 16,594 | 1.2% |
| Deferred tax assets | 3,636,538 | 2,336,641 | 1,299,897 | 55.6% |
| Total non-current assets | 22,371,241 | 20,905,979 | 1,465,261 | 7.0% |
| Receivables from customers | 10,908,023 | 12,355,898 | (1,447,874) | (11.7%) |
| Other current assets | 23,260,464 | 21,018,730 | 2,241,734 | 10.7% |
| Cash and cash equivalents | 3,552,955 | 2,115,042 | 1,437,913 | 68.0% |
| Total current assets | 37,721,443 | 35,489,671 | 2,231,772 | 6.3% |
| Total assets | 60,092,684 | 56,395,650 | 3,697,034 | 6.6% |
| Share capital | 384,834 | 384,834 | 0 | 0.0% |
| Reserves | 31,394,644 | 33,284,072 | (1,889,428) | (5.7%) |
| Profit (Loss) for the period | (1,317,187) | (2,255,455) | 938,268 | (41.6%) |
| Net Equity (third parties) | (6,946) | 34,269 | (41,215) | (120.3%) |
| Total equity | 30,455,344 | 31,447,719 | (992,375) | (3.2%) |
| Payables to banks and other financiers | 267,506 | 209,504 | 58,002 | 27.7% |
| Liabilities Right of Use long-term | 563,591 | 597,677 | (34,086) | (5.7%) |
| Provisions for risks and charges | 41,667 | 533,333 | (491,666) | (92.2%) |
| Provisions for personnel | 1,212,261 | 1,186,278 | 25,983 | 2.2% |
| Deferred taxes | 2,704,282 | 1,340,040 | 1,364,242 | 101.8% |
| Total non-current liabilities | 4,789,307 | 3,866,831 | 922,475 | 23.9% |
| Trade and other payables | 11,184,436 | 11,710,499 | (526,062) | (4.5%) |
| Due to banks and other lenders short term | 6,290,024 | 3,026,523 | 3,263,500 | 107.8% |
| Liabilities Right of Use short-term | 410,458 | 457,099 | (46,641) | (10.2%) |
| Other current liabilities | 6,963,115 | 5,886,978 | 1,076,137 | 18.3% |
| Total current liabilities | 24,848,033 | 21,081,099 | 3,766,934 | 17.9% |
| Total Liabilities | 60,092,684 | 56,395,650 | 3,697,034 | 6.6% |
Data in €
CONSOLIDATED CASH FLOW STATEMENT AS OF 30/06/2026
| Consolidate Cash Flow statement | 30/06/2026 | 30/06/2025 |
| Period profit/(loss) | (1,360,407) | (2,372,413) |
| Income tax | 324,806 | 298,251 |
| Prepaid/deferred tax | 123,692 | (159,201) |
| Interest expense/(interest income) | (149,748) | (205,948) |
| Exchange (gains)/losses | (561) | 135,645 |
| (Dividends) | ||
| (Gains) / losses arising from the sale of assets | ||
| 1 Year profit/(loss) before income tax, interest, dividends and capital gains/losses on disposals | (1,062,218) | (2,303,666) |
| Value adjustments for non-monetary elements that have no equivalent item in net working capital: | ||
| Provisions for TFR | 180,620 | 204,264 |
| Other provisions | 164,093 | 77,786 |
| Amortization and depreciation of fixed assets | 2,200,804 | 2,019,972 |
| Write-downs for permanent losses in value | ||
| Other adjustments for non-monetary items | 280,892 | |
| 2 Cash flow before changes in NWC | 1,764,192 | (1,644) |
| Changes to net working capital | ||
| Decrease/(increase) in trade receivables | 1,392,115 | (337,796) |
| Increase/(decrease) in trade payables | (526,062) | (1,305,111) |
| Decrease/(increase) in accrued income and prepaid expenses | (282,447) | 87,159 |
| Increase/(decrease) in accrued liabilities and deferred income | 715,278 | 141,743 |
| Increase/(decrease) tax receivables | (2,181,119) | (1,282,793) |
| Increase/(decrease) tax payables | (160,185) | 396,880 |
| Increase/(decrease) other receivables | (268,168) | 338,514 |
| Increase/(decrease) other payables | 521,044 | (260,720) |
| Other changes in net working capital | 216,599 | (50,015) |
| 3 Cash flow after changes in NWC | 1,191,246 | (2,273,782) |
| Other adjustments | ||
| Interest collected/(paid) | 93,887 | 22,487 |
| (Income tax paid) | (571,266) | (10,096) |
| (Gains) / losses arising from the sale of current assets | ||
| Dividends collected | ||
| (Use of provision) | (640,561) | |
| 4 Cash flow after other adjustments | 73,306 | (2,261,391) |
| A Cash flow from operations | 73,306 | (2,261,391) |
| Tangible fixed assets | (6,121) | (23,408) |
| (Investiments) | (6,121) | (23,408) |
| Divestment realisation price | ||
| Intangible fixed assets | (2,166,246) | (1,598,212) |
| (Investiments) | (2,166,246) | (1,598,212) |
| Divestment realisation price | ||
| Financial fixed assets | (31,579) | (39,391) |
| (Investiments) | (31,579) | (39,391) |
| Divestment realisation price | ||
| Financial not fixed assets | 490,000 | 442,000 |
| (Investiments) | ||
| Divestment realisation price | 490,000 | 442,000 |
| Acquisition or sales of subsidiaries companies | ||
| B Cash flow from investments | (1,713,946) | (1,219,011) |
| Minority interest funds | 3,078,554 | 1,837,671 |
| Increase (decrease) in short-term payables to banks | 3,742,173 | 2,561,930 |
| Stipulation of loans | ||
| Repayment of loans | (663,619) | (724,260) |
| Own funds | ||
| Capital increase by payment | ||
| Sale (purchase) of treasury shares | ||
| Paid dividends | (926,657) | |
| Change to share premium reserve | ||
| C Cash flow from loans | 3,078,554 | 911,013 |
| Increase (decrease) in liquid funds (A ± B ± C) | 1,437,913 | (2,569,388) |
| Initial cash and cash equivalents | 2,115,042 | 4,970,777 |
| Final cash and cash equivalents | 3,552,955 | 2,401,389 |
| Change in cash and cash equivalents | 1,437,913 | (2,569,388) |
Data in €
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