Lectra SA
Lectra supplies software, data and cutting equipment for fashion, furniture and automotive production.
Overview
Latest results
Jan–Sep 2026 · Reported in EUR
Latest financial publication
Q3 and nine-month 2026 results
Investment Thesis
Recurring software must carry the business through weak equipment demand
European Tech Equities analysis ·
Connect design decisions to production economics
Lectra SA supplies software and equipment that help fashion, furniture and automotive customers turn designs into products. Its opportunity is to earn recurring revenue around an installed production base, while helping customers control material use and development time. The investment case depends on those subscriptions and services becoming large enough to reduce, rather than merely accompany, the swings in equipment orders.
Recurring progress is visible within a weaker half
H1 2026 revenue fell 8% as reported to €239.6 million, while annual recurring revenue reached €102.6 million, up 5% from December. Operating profit was €14.2 million. The figures support an expanding recurring base, but show that it has not insulated the whole business from softer sales. Product mix and acquisition effects also matter when comparing revenue and margins.
Customers need a financial reason to digitise
Worldwide software spending is rising, but Lectra’s buyers operate in industries where investment depends on their own demand and margins. European manufacturers face the same practical question as Asian or American factories. Will better design, cutting or planning reduce material use, shorten development or improve output enough to justify the cost? Broad AI spending is a weak substitute for that customer-level return, which determines equipment purchases and subscription expansion.
Cash generation must fund integration and the installed base
Operating cash flow was €37.6 million in H1, with €7.4 million spent on tangible and intangible asset purchases. The company reported net debt of €64.3 million at June-end, up from €21.3 million in December. Operating cash generation helps, but acquisitions, distributions and other funding needs also affect the balance sheet. The case requires recurring growth to improve returns after those commitments.
The mix matters as much as the revenue total
A valuation should give recurring software, equipment sales and services their appropriate economics. Applying a software multiple to the whole group would assume away the manufacturing cycle. A stronger case would show subscriptions growing with healthy retention and margins, while equipment demand stabilises and debt falls. That combination would make future cash flows more dependable.
What would weaken the case
- Customer investment stays weak and equipment sales overwhelm recurring growth.
- New subscriptions mainly replace existing revenue without improving total customer profitability.
- Acquisition and integration spending delay debt reduction and cash returns.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Adjusted EBITDA
- EUR 57.1m
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions; EPS in EUR. Comparisons use actual exchange rates. Free cash flow here is operating cash flow less tangible and intangible asset purchases; Lectra’s own definition differs. Debt includes borrowings and leases. Minor rounding differences occur in the published tables.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions; EPS in EUR. Comparisons use actual exchange rates. Free cash flow here is operating cash flow less tangible and intangible asset purchases; Lectra’s own definition differs. Debt includes borrowings and leases. Minor rounding differences occur in the published tables.
Quarterly
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions; EPS in EUR. Comparisons use actual exchange rates. Free cash flow here is operating cash flow less tangible and intangible asset purchases; Lectra’s own definition differs. Debt includes borrowings and leases. Minor rounding differences occur in the published tables.
Year to date
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions; EPS in EUR. Comparisons use actual exchange rates. Free cash flow here is operating cash flow less tangible and intangible asset purchases; Lectra’s own definition differs. Debt includes borrowings and leases. Minor rounding differences occur in the published tables.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Q3 and nine-month 2026 results
Lectra’s Observatory newest white paper explores the transformative impact of AI on the fashion industry
Missoni accelerates collection management and collaboration with Lectra’s Kubix Link, reducing time spent on product data management by 60%
Lectra unveils Apogy, the first solution embedding agentic artificial intelligence to reinvent fashion product development
Lectra strengthens its partnership with Caron Technology
Interviews
Interviews are coming soon
No interviews with Lectra SA have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M 2026 · Published Oct 28, 2026 · Checked Oct 29, 2026
9M 2025 · Published Oct 28, 2026 · Checked Oct 29, 2026
Q3 2026 · Published Oct 28, 2026 · Checked Oct 29, 2026
Q3 2025 · Published Oct 28, 2026 · Checked Oct 29, 2026
H1 2026 · Published Jul 30, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-10-23
Checked 2026-10-23
Checked 2026-09-14