secunet H1 2026 slides: record backlog lifts revenue outlook

Secunet Security Networks AG (ETR:YSN) reported robust first-half 2026 results on August 13, with a notable 78.7% increase in order intake and a record backlog fueling its revenue outlook. The German cybersecurity firm's shares surged 5.29% to $195.2 in response to the investor conference, reflecting confidence in its public sector growth despite ongoing challenges in its business segment.

H1 2026 revenue reached €204.7 million, up 19.2% year-over-year, while EBIT grew 20.4% to €8.7 million. Order intake surged 78.7% to €287.4 million, driving a record backlog of €360.8 million. The company's Q2 performance was particularly strong, with revenue increasing 31.6% to €122.9 million, marking the third consecutive year of Q2 growth.

CEO Marc-Julian Siewert highlighted the significance of the order book, emphasizing the company's record backlog and strong international sales momentum. The public sector segment, which comprises the majority of revenue, experienced a 29.4% growth in H1, with defense and space activities showing mid-double-digit growth. Conversely, the business sector declined 47.4% in H1, pressured by lower hardware sales in healthcare and the transition away from older Konnektor models.

Management acknowledged the need for a shift towards recurring revenue models. The company's cost management remained disciplined while investing in growth, with gross margin expansions resulting from cost of sales increasing 28.4% but revenue growing 31.6%. CFO Jessica Nospers stated that the company is self-funding its transformation, with capital allocation supporting cloud and AI investments without needing significant external financing.

The workforce expanded by 4.7% to 1,226 permanent employees, supporting the company's growth trajectory. Despite the strong performance, secunet's cash position declined to €6.9 million by June 30, primarily due to a €42.1 million increase in working capital for anticipated H2 deliveries. Management outlined five key initiatives, including mass data analytics for law enforcement, classified AI agents, and sovereign cloud infrastructure operating under European data sovereignty standards.