DJ BILENDI: Bilendi reports record 2025 results and unveils strategic plan to become a global AI-native insights platform
BILENDI
BILENDI: Bilendi reports record 2025 results and unveils strategic plan to become a global AI-native insights platform
01-Apr-2026 / 17:45 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Bilendi reports record 2025 results[1]
and unveils strategic plan to become
a global AI-native insights platform
-- Record EBITDA margin of 22%[2] and a sharp +47% increase in adjusted net profit3
-- 2026-2030 Strategic Plan: Positioning Bilendi at the forefront of the high-growth self-service insights market
-- 2030 Target: Revenue of EUR175 million - EUR200 million, with an EBITDA margin exceeding 25%
Paris, 1 April 2026 - Bilendi, a global leader in technology, data and AI solutions for the market research sector,
today announces record annual results for 2025 and unveils its new strategic plan for 2026-2030.
In millions of EUR - Unaudited estimated 2024 2025 VAR
figures
Revenue 64.4 91.5 +42.2%
Staff costs (24.1) (32.7) +35.5%
Other operating expenses (26.5) (38.9) +46.6%
EBITDA2 13.8 20.0 +45.4%
As a % of turnover 21.4% 21.9% +0.5 p.p
Adjusted operating profit3 8.0 11.4 +42.6%
As a % of revenue 12.4% 12.5% +0.1 p.p.
Financial result (0.3) (2.9) N/A
Tax (2.5) (0.7) N/A
Adjusted net profit attributable to the 5.1 7.6 +47.5%
group[3]
As a % of revenue 8.0% 8.3% +0.3 p.p.
Revenue up sharply by +42.2%
In 2025, Bilendi recorded revenue of EUR91.5 million, representing a sharp +42.2% increase over 2024, confirming the strength of its business model and its solid financial position.
Following the acquisition of Netquest (consolidated as of 1 February 2025), pro forma revenue growth - assuming 12 months of operations for both 2024 and 2025 - is estimated at +1.3% at constant exchange rates.
The Group's sales are driven primarily by international operations where momentum remains strong, with revenues of EUR75.7 million, up +52.0% year-on-year, and by France, which recorded steady growth with revenues of EUR15.8 million, up +8.7% year-on-year.
This growth was achieved despite a challenging economic climate, highlighting Bilendi's ability to capitalise on new opportunities whilst securing its leadership in core markets.
Record EBITDA margin of 21.9% and 47.5% growth in adjusted net profit
This growth is accompanied by a significant improvement in profitability. EBITDA reached a record level of EUR20.0 million, representing an EBITDA margin of 21.9% (up +0.5 percentage points vs. 2024). This figure includes EUR235k in non-recurring costs related to the acquisition of Netquest; excluding these costs, EBITDA would have reached EUR20.3 million, or 22.1% of revenue.
Adjusted operating profit2 also rose sharply to EUR11.4 million, a +42.3% increase year-on-year. For 2025, this represents 12.5% of revenue, compared with 12.4% in 2024.
After accounting for financial results and tax expenses, adjusted net profit attributable to the Group2 rose by 47.5% to EUR7.6 million.
Solid financial position and strong cash generation
As of 31 December 2025, Bilendi maintains a solid financial position, with equity reaching EUR43.2 million, an increase of approximately 6.9% year-on-year.
Operating cash flow stood at EUR15.0 million, (16.4% of revenue), demonstrating the business model's consistent ability to generate cash.
Capital expenditure amounted to EUR10.5 million in 2025. Throughout the second half of the year, Bilendi continued its targeted investment strategy, further positioning the Group as one of the most innovative players in its market. Furthermore, the Company significantly expanded its international reach, with proprietary panels now established in 44 countries and a base of over 4 million panelists.
Available cash was EUR10.5 million at year end, down by EUR5.4 million compared to 31 December 2024. This decrease is primarily attributable to the acquisition of Netquest in H1 2025. Notably, available cash increased by more than EUR1 million during the second half of the year, reflecting a positive cash trend post-acquisition.
The Group's net debt stood at EUR47.6 million (compared to net cash of EUR4.6 million at year end 2024), reflecting the financing of the acquisition of Netquest through a banking syndicate loan and Bpifrance. Bilendi has already begun deleveraging, with net debt down from EUR52.3 million as of 30 June 2025.
Strategic Plan 2026-2030
From panel provider to a global AI-native insights platform
1. A rapidly changing market driven by platforms and AI
The market research sector is undergoing a profound transformation, characterised by the acceleration of artificial intelligence, a growing demand for speed and automation and the rapid adoption of self-service solutions. In this new landscape, the value chain is shifting towards integrated models where data, technology and AI converge to deliver actionable insights for immediate decision-making.
From 2015 to 2024, the global market research sector grew by an average of 3.6% per year, compared to 18.1% for market research software.[4]
Specifically:
-- Bilendi's current positioning as a panel provider targets a global market estimated at USD2.3 billion, with an
average annual growth of 1.8% over the last three years. -- Conversely, the global market for self-service research platforms is valued at approximately USD4.15 billion,
boasting an average annual growth rate of 14.3% over the same period.
These platforms enable customers to conduct end-to-end research independently. By introducing scalable models that generate recurring revenue and structurally higher margins, they have become the primary growth engine for the sector.
2. Bilendi's unique assets to capitalise on market transformation
Bilendi relies on a foundation of distinctive assets that position the Group at the heart of this industry shift:
-- A portfolio of leading proprietary panels across 44 countries, featuring verified respondents and controlled data
environments; -- A proven track record for internal innovation, particularly in developing some of the most advanced AI solutions on
the market; -- A robust and scalable proprietary technology infrastructure; -- A diverse portfolio of over 2,700 clients worldwide; -- Expert teams operating from 21 offices across 18 countries.
These strengths provide a decisive competitive advantage in an environment increasingly defined by AI and platform-based solutions.
3. A clear ambition: To become a global, AI-native insights platform
Throughout this strategic plan, Bilendi is positioning itself at the intersection of proprietary data, software and AI, with the goal of becoming a leader in self-service insights. This ambition marks a fundamental evolution of the Group's model:
-- From panel provider to a leading AI-powered insights platform; -- From research supplier to an integrated platform operator for researchers and decision-makers; -- From data collector to a generator of end-to-end, actionable insights; -- From a project-based business model to a scalable, recurring-revenue platform model.
AI at the heart of business model transformation
For several years, notably through the development of BARI (Bilendi Artificial Research Intelligence), AI has driven Bilendi's transformation by enhancing asset value, operational efficiency and growth potential.
In an era of "synthetic content", the value of reliable human-sourced data is rising. Bilendi's verified proprietary panels remain a critical strategic asset.
AI-driven automation ensures faster turnaround times and reduced operational costs, fuelling sustainable margin improvements.
AI enables the deployment of a self-service model, generating recurring revenue and significantly broadening the Group's addressable market.
4. The six key pillars of the 2026-2030 strategic plan
The implementation of the strategic plan is built upon six complementary development priorities, reflecting the Group's business model transformation:
#1. Deploy a global, self-service, AI-native insights platform:
Already largely operational, Bilendi will finalise an integrated platform covering the entire research value chain: questionnaire design, programming, respondent recruitment, data processing, dashboard generation and automated report production.
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