GFT Technologies (ETR:GFT) reported first-half 2026 revenue growth of 5% and higher profitability, while reaffirming its full-year outlook as the company expanded its artificial intelligence-led services and won new banking, anti-money-laundering and modernization engagements.
Revenue for the six months ended June rose to €462.6 million, up 5% both on a reported and constant-currency basis. Adjusted earnings before taxes increased 8% to €33 million, lifting the adjusted EBT margin to 7.1% from 6.8% a year earlier. Reported EBT rose 26% to €24 million, with the margin improving to 5.2% from 4.3%.
Growth led by Latin America and selected European markets
GFT said its strongest market growth came from Brazil, where revenue rose 38%, followed by Colombia at 27%, Switzerland at 22%, and Spain at 13%. By sector, industry and other clients grew 14%, insurance rose 7%, and banking increased 3%.
The Americas and APAC segment posted 14% revenue growth, driven principally by Brazil and Colombia. In Europe, revenue declined 3%, reflecting continued investment caution in Germany and a weaker first half in the U.K. The company said Spain delivered strong growth, while the U.K. business, though down 18% in the first half, had returned to profitability and was expected to resume year-over-year revenue growth beginning in the third quarter.
CFO and Deputy CEO Jochen Ruetz said GFT expects a stronger third quarter, while describing the fourth quarter as too early to call. He added that the company continued to see a more favorable sentiment among financial-services clients, particularly for AI modernization work.
Order backlog increased 18% from the prior year, with roughly 5% related to the current year and a larger buildup for future periods. Ruetz said multiyear SAP contracts in Brazil contributed to the backlog, alongside next-generation core banking, AI and banking-transformation initiatives.
AI platform expands beyond software engineering
GFT said its AI Modernization offering, launched nine months ago, had won more than 20 projects in nine countries spanning advisory work, application modernization, migration and AI-driven application redesign.
The company also introduced Wynxx Business Processes as a second commercial pillar of its Wynxx platform. The offering applies agentic AI to operational and industry-specific workflows, including anti-money-laundering, know-your-customer, credit-risk and industrial use cases.
In the first half, Wynxx Software Engineering generated €24.4 million in actual influenced revenue, according to the company’s newly introduced KPI. Wynxx Business Processes generated an additional €14.8 million in actual influenced revenue and was supported by six client references.
Santos said Wynxx Software Engineering was active in 12 countries and used by 113 clients. Its cumulative influenced contract value exceeded €144 million since inception, up 38% quarter over quarter. Over the past 12 months, the platform expanded from 42 clients in four countries and €26 million of influenced contract value.
Among the cited deployments, GFT said it delivered a production-scale agentic AI credit-risk platform for a Tier 1 European bank. The system supports credit memo generation, model-validation reporting, natural-language access to risk data and portfolio shock analysis. In one use case, report generation time was reduced from several hours to approximately 15 to 30 minutes, according to Santos.
The company also highlighted six next-generation core banking program wins across Germany, Canada, Spain, Poland and Thailand; a contract to develop Brazil’s COAF financial intelligence system; and the go-live of its SmarAct anti-money-laundering platform for a Tier 1 European bank. GFT said the latter platform supports 25 million customers and processes about 1 billion transactions monthly.
Costs, cash flow and workforce
Adjusted EBIT rose 8%, supported by improved personnel efficiency, lower office expenses, managed corporate-services costs and reduced foreign-exchange losses. Capacity-adjustment costs were €3.5 million in the first half, compared with €7 million a year earlier.
Purchased-services costs rose 10%, which Ruetz attributed fully to the inclusion of Megawork, acquired in September 2025. Megawork contributed €8.3 million in first-half revenue. Personnel expenses increased 3%, slower than revenue, while the combined personnel and purchased-services cost ratio remained stable at 85%.
Operating cash flow was negative €1 million, an improvement from negative €9 million a year earlier. Ruetz said the first-half outflow reflected the company’s usual seasonality, with payments on fixed-price project contract assets expected later in the year. Adjusted free cash flow improved to negative €8.3 million from negative €17.3 million.
GFT ended June with 11,805 employees, broadly unchanged from the start of the year and 3% above the prior-year level. Utilization increased to 92.8%, while attrition declined to 10.4%.
Full-year outlook reaffirmed
GFT reaffirmed its 2026 guidance for revenue of €930 million, adjusted EBT of €71 million and an adjusted EBT margin of 7.6%. The company continues to expect EBT of €56 million, representing a 6% margin.
It also maintained expectations for roughly €40 million in full-year free cash flow, a net debt-to-EBITDA ratio of 0.2 times, and utilization around 92% for the remainder of the year.
About GFT Technologies (ETR:GFT)
GFT Technologies SE, together with its subsidiaries, provides digital transformation services. The company operates in two segments in the Americas, the UK & APAC; and Continental Europe. It offers consulting on the development and implementation of IT strategies; development of bespoke IT solutions; implementation of sector-specific software; and maintenance and development of business-critical IT solutions. The company serves clients in investment and retail banking, insurance, and industrial sectors.
