Kudelski Group posts improved first‑half results as Core Digital Security and IoT return to growth
August 26, 2026 09.02 Europe/London By Robert Briel

The Kudelski Group reported USD 171.8 million in first‑half 2026 revenue and other operating income, with all business segments improving their operating results and both Core Digital Security and IoT returning to growth. EBITDA improved to USD –11.5 million, up from USD –19.1 million a year earlier, and the company remained debt‑free with USD 64.3 million in cash.

Core Digital Security delivered its first year‑on‑year revenue increase in five years, rising 0.7 percent to USD 104.7 million, supported by expanded European contracts and stronger performance in Asia Pacific and Africa. Cybersecurity bookings surged — MDR up 69 percent and advisory up 24 percent — though revenues fell to USD 45.1 million as bookings convert over time. IoT revenues climbed 5.1 percent to USD 20.3 million, driven by rapid growth in automotive financial‑services partnerships and strong momentum for the RecovR platform.

Kudelski expects stronger revenues in the second half of 2026, supported by seasonal uplift in Core Digital Security and double‑digit IoT growth, while Cybersecurity revenue will remain below 2025 levels. Management forecasts positive double‑digit million EBITDA for Core Digital Security for the full year and a further reduction in IoT losses, with free cash flow expected to reach around break‑even in the second half.