What could change its growth trajectory, and what would confirm it?
Expansion in its largest market supports Redegal's growth, as the Spanish market generated 95% of its activity and grew 19.9% in the first half of 2026, while consolidated revenue increased 18.5% over the same period.
Redegal's 2028 strategic plan aims for EUR 22.6 million in revenue and EUR 4.4 million in adjusted EBITDA, subject to execution and market evolution.
What is the investment case, and what must be true for it to hold?
Redegal can sustain its expansion because consolidated revenue rose 18.5% in the first half of 2026 while gross margin climbed to 40.7% from 37.4%, provided adjusted profitability stabilizes, with margin compression the principal risk to that view.
Adjusted EBITDA margin was 7.0% in the first half of 2026, below 7.9% a year earlier, quantifying the margin compression that would break the expansion thesis.
Which risks could break the thesis, and what would warn of them?
Adjusted margin compression and concentrated second-half earnings make annual profitability dependent on the strength of the second half, although operating cash consumption improved, with Redegal's adjusted EBITDA margin declining to 7.0% from 7.9%.
In the first half of 2026, Redegal's operating cash flow was negative EUR 0.37 million, compared with negative EUR 2.02 million in the first half of 2025. In 2025, nearly 90% of Redegal's accounting EBITDA was generated in the second half of the year.
What does the product do for its buyer, and how is it delivered?
Redegal's eCommerce service delivers online-shop development by working with each client to define online-shop requirements and functionalities through its eCommerce development team.
The service links online shops to ERP and payment platforms. It supports PrestaShop, Magento, Shopify, BigCommerce, WooCommerce and custom development.
