Capital B's Mixed Financial Performance in First Half of 2026

Capital B reported its financial results for the first half of 2026, revealing a complex mix of outcomes. The company's adjusted EBITDA stood at €(1.1)m, impacted by €2.2m in costs related to the Bitcoin Treasury Company. However, a positive adjusted operational EBITDA of €0.6m was achieved in its Data Intelligence and AI sectors, up 9.8% from H1 2025.

Despite recording a group net income of €(69.5)m, largely due to a €67.5m BTC impairment charge with no cash impact, Capital B increased its Bitcoin strategic reserve by 11.2%, reaching 3,139 BTC by mid-year. As of September 30, 2026, the reserve grew further to 3,538 BTC, with group available cash rising to €4.6m.

Capital raises, totaling €27.5m in the first half and €31.7m since then, are integral to its ongoing Bitcoin Treasury Company strategy. This strategy, focused on increasing BTC per share, positions the company to navigate future financial landscapes with less reliance on its subsidiaries' operations.