Bending Spoons S.p.A. Ordinary Shares (BSP) Earnings

Bending Spoons S.p.A. Ordinary Shares

BSP · Nasdaq

Symbol: BSP
Type: Stock
Sector: Technology
Industry: Services-Computer Programming, Data Processing, Etc.
Country: Europe
Exchange: Nasdaq

Bending Spoons is built on the conviction that operational excellence enables efficient growth through acquisitions. It acquires digital businesses, implements deep transformations and ongoing optimizations to sustainably expand earnings, and reinvests in additional acquisitions, thereby continuing the compounding cycle. The company has executed this strategy for more than a decade and, to date, has never sold a material business. Bending Spoons strives to envision the most successful version of an acquired business, and works to close the gap between its current state and that vision as quickly and completely as possible. The transformation is typically deep and entails reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and enhancing marketing and monetization. AI is often both a central component of the vision and a key tool in implementing the transformation.

Key Issues

Bullish view

Investing.com reports seven Buy recommendations and no Sell ratings, while StockAnalysis says 11 analysts produce an average Buy rating.

Bearish view

Defense World reports a more divided panel: one Strong Buy, five Buys, and five Holds, indicating that the headline Buy consensus may conceal meaningful caution.

Analyst Consensus

See all

Buy

0 analysts

$41

Current

—

Low

$46

Average

—

High

Average target implies +10.98% versus the current price.

Earnings History

BeatMissNo estimate

Sep 2026upcoming

Next quarter

Consensus is $0.30 EPS for Sep 2026 across 2 estimates, ranging $0.29 to $0.30.

BSP Jun 2026

Reported Aug 13, 2026

: 70.37%
: -3.93%

: $0.27
: $0.46
: —
: —

Highlights

Earnings beat: The supplied consensus dataset shows EPS of $0.46 versus $0.27 expected, a 70.37% surprise; the filing reports diluted EPS of $0.28 and basic EPS of $0.30.
Acquisition-led growth: Revenue rose 126.3% year over year to $704.2 million from $311.1 million, with AOL, Eventbrite and Tractive contributing $412 million from their respective acquisition dates.
Profit expansion: Operating income increased to $240.3 million from $100.6 million, lifting operating margin to 34.1% from 32.3%; net income reached $177.0 million versus $65.3 million.
Revenue mix: Subscription revenue increased to $540.8 million from $282.1 million, advertising revenue to $88.6 million from $19.3 million, and other revenue to $74.7 million from $9.7 million.
Heavy acquisition program: Bending Spoons spent $2.29 billion on acquisitions in the first half, including $1.45 billion for AOL, $505 million for Eventbrite and $896 million for Tractive.
Leverage increased materially: Net debt carrying amount was $4.09 billion at June 30, while total debt principal reached $4.98 billion, up from $2.71 billion at December 31, 2025.
Cash generation and liquidity: First-half operating cash flow rose to $254.2 million from $87.7 million, while cash and cash equivalents reached $793.0 million, plus $48.0 million of restricted cash.
Post-quarter financing and IPO: The July IPO generated $1.10 billion of net proceeds for the company, and Bending Spoons repaid the $296 million drawn euro revolving facility on July 7.
Next acquisition announced: On August 4, Bending Spoons agreed to acquire Airtable owner Formagrid for an enterprise value of $1.29 billion, subject to customary closing conditions.

Analysis

Bending Spoons' second quarter was a step-change in scale driven primarily by acquisitions. Revenue more than doubled to $704.2 million from $311.1 million a year earlier, while operating income increased 139% to $240.3 million and net income attributable to shareholders rose to $177.0 million from $65.3 million. The supplied expectations dataset reports EPS of $0.46 against consensus of $0.27, a 70.37% beat, although the unaudited filing presents diluted EPS of $0.28 and basic EPS of $0.30 for the quarter. The supplied materials do not include a Q1 2026 income statement, so a quarter-on-quarter comparison cannot be established.

The defining feature was portfolio expansion: AOL contributed $294 million of revenue, Eventbrite $91 million and Tractive $27 million after their acquisition dates, together representing about 59% of reported quarterly revenue. Profitability held up despite the enlarged platform, with gross profit of $463.6 million and a 65.8% gross margin, while operating margin improved to 34.1%. The cost of pursuing that growth was a sharp increase in leverage: debt principal reached $5.0 billion and first-half acquisition cash outflow was $2.29 billion. Operating cash flow nevertheless improved to $254.2 million in the first half, and the subsequent IPO added $1.10 billion of company proceeds.

Acquisition-led growth

AOL: Acquired on January 2 for $1.45 billion, AOL contributed $294 million of revenue and $156 million of pretax income from January 2 through June 30.
Eventbrite: Acquired on March 10 for $505 million, Eventbrite contributed $91 million of revenue but recorded a $51 million pretax loss during the post-acquisition period.
Tractive: Acquired on May 18 for $896 million, including $115 million of deferred consideration, Tractive contributed $27 million of revenue and a $13 million pretax loss.
Portfolio accounting: The acquisitions added $1.76 billion of goodwill during the first half, taking total goodwill to $4.15 billion at June 30; acquired intangible assets increased net intangible assets to $2.16 billion.
Integration burden: Amortization of acquired intangible assets reached $82 million in the quarter and $151 million in the first half, compared with $36 million and $66 million, respectively, a material drag embedded in cost of revenue.

Revenue and margins

Revenue: Quarterly revenue rose 126.3% to $704.2 million from $311.1 million, while first-half revenue increased 129.0% to $1.31 billion from $570.0 million.
Subscriptions: Subscription revenue increased 91.7% to $540.8 million and remained the largest revenue stream, representing 76.8% of quarterly revenue.
Advertising and other: Advertising revenue grew 359.9% to $88.6 million, while other revenue rose 672.4% to $74.7 million, reflecting the enlarged portfolio and the inclusion of Eventbrite-related activity.
Gross profit: Gross profit was $463.6 million versus $204.5 million, with gross margin broadly stable at 65.8% compared with 65.7% a year earlier.
Operating leverage: Operating expenses rose to $223.4 million from $103.9 million, but operating income still increased to $240.3 million from $100.6 million, raising operating margin by roughly 180 basis points to 34.1%.

Earnings and cash flow

Net income: Net income attributable to Bending Spoons shareholders was $177.0 million, up from $65.3 million; income before tax was $150.8 million versus $62.1 million.
Financing costs: Interest expense nearly tripled to $109.0 million from $35.7 million as acquisition financing expanded, limiting the conversion of operating income into pretax profit.
Tax rate: The quarter benefited from a reported effective tax rate of negative 17%, compared with negative 5% a year earlier, producing a $26.2 million tax benefit versus a $3.1 million benefit.
Operating cash flow: First-half operating cash flow rose to $254.2 million from $87.7 million, helped by higher earnings and non-cash amortization, though accounts receivable consumed $77.3 million of cash.
Investment intensity: First-half acquisition spending was $2.29 billion, compared with $575.6 million a year earlier, while financing activities provided $2.27 billion, principally through new debt.

Debt and liquidity

Debt balance: Total outstanding debt principal was $4.98 billion at June 30, up from $2.71 billion at December 31; the net carrying amount was $4.88 billion after $103.3 million of unamortized discounts and issuance costs.
Cash position: Cash and cash equivalents increased to $793.0 million from $629.9 million at year-end, although $48.0 million was restricted as an Eventbrite reserve for potential refunds and chargebacks.
Interest-rate protection: The company said 100% of its term loan facilities were hedged against interest-rate fluctuations; the gross notional amount of interest-rate swaps was $4.71 billion versus $1.47 billion at year-end.
Covenant: Bending Spoons remained compliant with its maximum 4.00 leverage-ratio covenant at June 30, based on the financing agreements' pro forma adjusted EBITDA definition.
Subsequent deleveraging: The company repaid the $296 million drawn euro revolving credit facility on July 7, using part of the $1.10 billion of net IPO proceeds received in July.

Post-quarter developments

IPO: Bending Spoons completed its Nasdaq IPO on July 1, selling 34.4 million primary shares and raising $1.10 billion net; 23.6 million secondary shares generated no proceeds for the company. The underwriters' fullotment was exercised on July 9.
Incremental financing: After quarter-end, the company signed a new €500 million SACE-backed term loan facility and increased available revolving-credit capacity, which reached $1.87 billion as of August 12.
Airtable transaction: On August 4, Bending Spoons agreed to acquire Formagrid, the owner and operator of Airtable, in an all-cash deal valuing the target at $1.29 billion enterprise value. Closing is expected in 2026, subject to regulatory and customary conditions.
Equity compensation: The IPO triggered vesting conditions for certain one-off awards, resulting in $11 million of equity compensation expense expected in the third quarter.