TP Reports Mixed First Half 2026 Results: Revenue Decline Offset by AI Growth — Teleperformance SE (TP)

Event summary

TP reported H1 2026 revenue of €4.88 billion, down -1.7% like-for-like, including a positive hyperinflation effect of 0.2%.
Core Services revenue declined -1.3% year-over-year, but AI-powered solutions and back-office services showed strong double-digit growth.
Specialized Services revenue fell -3.9% like-for-like, impacted by the non-renewal of a significant visa application management contract.
Recurring EBITA margin remained stable at 13.6%, with €662 million in earnings before non-recurring items.
Net free cash flow excluding non-recurring cash-outs improved to €299 million, up €20 million from H1 2025.

The big picture

TP's first half 2026 results reflect a mixed performance, with revenue declines offset by strong growth in AI-powered solutions. The company is navigating macroeconomic challenges and competitive dynamics through cost management and strategic investments in digital transformation. TP's ability to sustain profitability and drive future growth hinges on the successful execution of its 'Future Forward' strategy and continued AI integration across its service portfolio.

What we're watching

AI Integration: The pace at which TP.ai platform adoption will drive future revenue growth and operational efficiency.
Cost Management: Whether the expanded efficiency program can deliver annual run-rate savings of €150-170 million as projected.
Strategic Portfolio Review: How the ongoing strategic portfolio review will impact TP's long-term business structure and market positioning.