Team Eiffel-EBITDA below but still a step in the right direction-05/26/2026

Research evidence excerpt

Team Eiffel-EBITDA below but still a step in the right direction-05/26/2026

Team Eiffel

CREDIT NEWSFLASH | 26 MAY 2026

EBITDA below but still a step in the right direction

Team Eiffel reported its Q1’26 financials this morning as revenue and gross profit came in in line with our expectations (EUR

82m and EUR 24m), improving on Q4’25 and supporting a turnaround in 2026. EBITDA, however, was weaker than expected

at EUR 8.5m (vs. EUR 11m forecast and 10m in Q4’25), driven by higher opex, however, we view this as largely timing-related

and continue to expect cost reductions to materialize over the course of the year in line with management guidance.

Accordingly, we would still anticipate EBITDA improvement in 2026 versus 2025 with meaningful y/y improvements tilted

towards the back end of the year. Liquidity came in at EUR ~22m (incl. bank overdraft) vs 31m est. with the deviation mainly

driven by NWC outflow (expected to be seasonal / temporary) of 8m – overall we still deem liquidity sufficient. Management

call to be hosted June 2nd and we will update our view and estimates after this.

• Team Eiffel reported Q1’26 results this morning, with PF revenue of EUR 82.3m broadly in line with our estimate of EUR 81.8m. Average

FTEs of 2,451 were also close to our forecast of 2,436, indicating that both hourly rates (~EUR 86/hour) and utilization (~78% vs ~75% in

Q4’25) tracked as expected. Gross profit of EUR 24m similarly met expectations. With both revenue and gross profit stabilizing, this

suggests that the negative trend observed throughout 2025 may be nearing an inflection point.

• Adjusted EBITDA came in at EUR 8.5m, below our estimate of EUR 11.2m, due to higher-than-expected opex. Management previously

guided for EUR 6–7m in opex reductions in 2026 versus 2025.