Planned listing of Infomaniak: the prospectus has been published, first day of trading expected on 28 September 2026 or around that date
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This press release, and the information it contains, is not being published and may not be distributed in the United States of America, Canada, Australia, Japan or any other jurisdiction in which its distribution or publication would be unlawful or would require registration or any other measure, and does not constitute an offer to sell securities in any such country.
Perrot Duval Holding SA today published the prospectus relating to the planned listing of Infomaniak on the SIX Swiss Exchange and convened its annual general meeting of 24 September 2026, which is called upon to vote on the transaction. The terms of the transaction are now public: a share exchange, without any capital raising, at the end of which the listed company would be renamed Infomaniak SA and traded under the ticker symbol INFO from 28 September 2026 or around that date, subject to the approval of the general meeting and to the authorisations of the stock exchange authorities. The prospectus also makes Infomaniak's 2026 half-year results public: service billings, which include subscriptions paid in advance, grew by 26.5% to CHF 32.3 million, for a company that has grown since 1994 without external equity. The listing would give Infomaniak access to the capital markets to accelerate the development of its infrastructure and services. For the first time, the share capital would be opened to the public, and the Infomaniak Foundation, a recognised public-interest foundation, would remain the reference shareholder with the majority of the voting rights, held through unlisted shares. No takeover would be possible without its consent. For Infomaniak's customers, nothing changes: this structure secures, for the long term, the independence of the provider to which they entrust their data.
Key facts at a glance
- The prospectus was published today by Perrot Duval Holding SA, the issuer. It is available at https://perrotduval.com/en/prospectus/ and any investment decision should be made solely on the basis of the prospectus.
- The annual general meeting of Perrot Duval Holding SA has been convened for 24 September 2026 to vote on the transaction. Without its approval, the listing will not take place.
- The listed group as a whole would receive no proceeds from the listing. The new shares would be issued to Infomaniak's current shareholders in exchange for all of their shares in Infomaniak Group SA. In parallel, Perrot Duval would divest its industrial activities, taken over by their current management, and would contribute cash of approximately CHF 6.4 million to the combined group (pro forma balance sheet as at 30 June 2026 in the prospectus).
- Infomaniak's results for the first half of 2026 are now public: net sales of goods and services of CHF 31.0 million (+16.2%), service billings up 26.5%, EBITDA of CHF 11.6 million (+14.9%).
- Infomaniak would become the first certified B Corp listed on the Swiss stock exchange, a first confirmed by B Lab Switzerland, and, to our knowledge, the first sovereign-cloud pure play listed on the SIX Swiss Exchange.
- The Infomaniak Foundation would hold all of the A shares, which are unlisted and not freely transferable, representing 63.3% of the voting rights. Infomaniak's independence underpins its customers' trust and drives its growth.
- The founder, majority shareholder of Infomaniak Group SA, has signed a twelve-month lock-up undertaking covering his listed shares. Depending on market conditions and a favorable development of the share price, he intends to sell up to 20% of his shares during this period, within the scope of the exceptions provided for, in order to contribute to the free float and the liquidity of the share.
- The first day of trading is expected on 28 September 2026 or around that date under the ticker symbol INFO (ISIN CH0252620700), subject to the required approvals.
Key figures
Financial year 2025 (audited)
- Net sales of goods and services: CHF 54.2 million (+13.8%)
- Total operating revenues: CHF 55.9 million (+12.1%)
- EBITDA: CHF 19.9 million (+14.2%), margin of 35.6% (1)
- Operating cash flow: CHF 28.0 million (+45.9%)
- Capital expenditure: CHF 24.6 million
First half of 2026 (unaudited)
- Service billings: CHF 32.3 million (+26.5%)
- Net sales of goods and services: CHF 31.0 million (+16.2%)
- Total operating revenues: CHF 31.6 million (+15.3%)
- EBITDA: CHF 11.6 million (+14.9%)
- Net profit: CHF 3.5 million, compared with CHF 3.9 million a year earlier
(1) EBITDA margin calculated on total operating revenues of CHF 55.9 million in 2025.
Why go public
Founded in Geneva in 1994 by Boris Siegenthaler, who still leads its strategy, Infomaniak has never been sold and has pursued the same mission from the outset: ethical, sustainable and independent digital services. Everything the company has built, from connecting the first Genevans to the Internet to the Swiss alternative to the cloud giants, has been built thanks to its customers: every subscription financed the servers, the products and the jobs that followed, and all profits have been reinvested in the company since 2017. This success raises a question that has accompanied the company for thirty years: how do you fund your ambitions without ever putting your independence at stake? The answer came in two steps.
First, independence: year after year, the founder had transferred part of his shares to his teams, and some thirty employees thus became shareholders. This model had one limit: it protected the company neither from the uncertainties of a succession nor from a takeover offer. In May 2026, the founder and the employee shareholders therefore agreed, unanimously, to reduce their own voting rights in favor of the Infomaniak Foundation, a recognised public-interest foundation, so that the company's independence no longer depends on any one person.
Second, the means: demand for sovereign solutions is accelerating and artificial intelligence is multiplying computing needs. This demand has a precise reason. An organisation that entrusts its data to a provider wants to know who will control that provider in ten years' time. Infomaniak's independence, safeguarded by the Foundation, provides an answer to this question that is built into its very structure. It is inseparable from the digital sovereignty the market is calling for.
Meeting that demand requires heavy investment, and this is where the listing comes in. It raises no funds, and it would give access to the capital markets to finance the next stage: new data centers and the further development of cloud, AI and online collaboration services. Rather than opening its capital to a single investor, Infomaniak has chosen the transparency of a Swiss listing.
Financial health that anyone can now verify
The prospectus presents the audited consolidated financial statements of Infomaniak Group. In 2025, net sales of goods and services reached CHF 54.2 million, up 13.8%, with EBITDA of CHF 19.9 million, up 14.2%, representing a margin of 35.6% (1). Operating cash flow reached CHF 28.0 million in 2025 (+45.9%). Billings correspond to subscriptions paid in advance by customers, in some cases for periods extending beyond the current year, and are therefore not fully reflected in revenue: part is recognised as deferred income (accrued and deferred items) and part is recognised as revenue over the relevant period. This cash is used to finance investments.
In the first half of 2026 (unaudited figures), net sales of goods and services grew by 16.2% to CHF 31.0 million and EBITDA by 14.9% to CHF 11.6 million. Service billings increased by 26.5%, to CHF 32.3 million from CHF 25.5 million a year earlier, an acceleration that will gradually feed through to revenue in future periods. Half-year net profit stands at CHF 3.5 million, compared with CHF 3.9 million a year earlier, reflecting increased investment in infrastructure and the costs related to the listing project.
This growth rests on a stable and diversified base: 91% of 2025 billings came from existing customers, and the net revenue retention rate for 2025 stood at 103% across customers with at least five years of tenure. More than 300,000 paying customers, in more than 190 countries, spend on average around CHF 200 per year.
The first half shows an underlying EBITDA margin of 37.7%, excluding listing-related costs, compared with 36.9% a year earlier. The EBIT margin is below its historical level, reflecting the current investment cycle. These figures appear in the 2026 half-year financial report of Infomaniak Group SA, annexed to the prospectus, which also sets out the group's outlook for the year.
A fast-growing market
The global sovereign cloud market is expected to grow from around USD 143 billion in 2026 to around USD 649 billion in 2033, an average annual growth rate of 24.1% (Grand View Research, cited in the prospectus). 61% of European IT leaders plan to make greater use of local providers (Gartner, 2025). In the EU, around 99% of businesses are SMEs, Infomaniak's core target, and around half of them already purchase cloud services (Eurostat, 2026). For Infomaniak, international business is no longer a project: one third of its 2025 net sales of goods and services (33.5%, up from 32.1% in 2024) is generated outside Switzerland, and international growth exceeds that of the group as a whole. France accounts for 21.9% of net sales, followed by Belgium (4.3%), with Germany and Italy completing the main markets.
In the face of this demand, Infomaniak's lead rests on a rare degree of vertical integration: the company designs and operates its own data centers, develops its software in Switzerland and relies on open-source technologies it has mastered since 2003 and runs on its own infrastructure, without paying cloud rent to the hyperscalers, the industry's global giants. This know-how is passed on internally, from one generation of engineers to the next: a competitor can finance servers, but it cannot buy thirty years of integration. Pricing remains transparent, with no exit fees, and data is never monetised.
The prospectus details the next stage: more than 20 products in development over the 2026-2030 period and a fifth-generation data center (D5) with a planned capacity of 2.5 MW, expected in 2028, the group's largest infrastructure project. Euria, the sovereign AI already integrated into certain cloud offerings and hosted in Switzerland, is set to be rolled out across the entire collaborative suite: the prospectus identifies this generalisation of AI as a central phase of its roadmap.
Governance and Foundation: independence as the engine of growth
The Infomaniak Foundation anchors the company's independence, underpins its customers' trust and serves its growth: this control structure is a strategic element of the business model. A Swiss public-interest foundation, it holds the majority of the voting rights and would retain it after the listing.
Two share classes organise this opening of the capital: the A shares carry control, the B shares the economic value. The A shares, unlisted and not freely transferable, would be held in their entirety by the Infomaniak Foundation, the reference shareholder, with 63.3% of the voting rights. Its statutes make any transfer of these shares, even in part, subject to the unanimous approval of its council: control is not an asset for sale. The B shares, the only shares traded on the stock exchange, would represent 85.3% of the share capital.
B shareholders would participate fully in the value created: they would be entitled to dividends, if any are distributed, from the financial year ending 31 December 2026. Management itself holds shares, and the founder has undertaken to retain his shares for twelve months from the listing, with exceptions described in the prospectus.
A B shareholder could neither bring about a change of control nor count on a takeover premium to enhance the value of their holding. What would be bought and sold on the stock exchange is Infomaniak's economic value, not its independence.
The Infomaniak Foundation, which is supervised by the Geneva cantonal supervisory authority, has the mission of promoting ethical, independent and sovereign digitalisation. Its council, made up of at least three members who renew themselves by co-optation, may strengthen the principles of its Participation Charter, never weaken them.
The management of the company remains in the hands of the board of directors and the executive management, and Infomaniak's leadership team remains at the helm. The board of directors brings together expertise in finance and compliance, cybersecurity, institutional governance and infrastructure.
Environment and social: published, verifiable commitments
Infomaniak's environmental and social commitments shape its operating model. Its data centers and offices run exclusively on locally sourced renewable electricity, with, to our knowledge, one of the best energy-efficiency levels in the industry (PUE below 1.1). The D4 data center is designed to recover all of its heat, enough to warm around 6,000 households. The company has measured its greenhouse gas emissions since 2007 and has financed, since 2018, climate projects equivalent to 200% of those emissions, while reducing them at source. Certified as a B Corp with 90.1 points (certification threshold: 80), Infomaniak employed 337 staff as at 30 June 2026, all in Switzerland, in Geneva and Zurich.
The transaction and the timetable
Infomaniak would go public by taking over a company that is already listed, a reverse takeover: the transparency obligations, the prospectus and the review by the authorities remain the same. In practical terms, the shareholders of Infomaniak Group SA would exchange all of their shares for newly issued shares of Perrot Duval Holding SA. The exchange ratio, set at 19.4 Perrot Duval shares for one Infomaniak Group SA share, was assessed as adequate by an independent audit firm (fairness opinion). The admission to trading would cover 4,430,839 B shares. The company would be renamed Infomaniak SA and its financial year aligned with the calendar year. ODDO BHF SCA is acting as financial advisor, ODDO BHF Corporate Finance Partners SCA as M&A advisor and Baader Bank AG as Registrar Agent.
Next steps, each subject to the required approvals: annual general meeting of Perrot Duval Holding SA on 24 September 2026, completion of the transaction expected on 25 September 2026 at the earliest, then first day of trading of the new shares expected on 28 September 2026 or around that date. Regulatory communications relating to the transaction are published by Perrot Duval Holding SA in accordance with the ad hoc publicity requirements of the SIX Swiss Exchange. Infomaniak will keep its customers and the public informed at https://www.infomaniak.com/gtl/investors.
"Since 1994, Infomaniak has been proving that a company can be sustainably profitable and ethical: every franc earned from our customers has financed digital services that respect privacy, the planet and our collective autonomy. Our independence is not a promise, it is a structure. The listing would give this model the means to match its ambition, without changing its nature."
Boris Siegenthaler, founder and Chief Strategy Officer of Infomaniak
"Nothing changes for our customers: same teams, same services, same commitments. What would grow with the listing is our capacity to accelerate for them: more sovereign infrastructure in Switzerland, more services and the same standard of quality."
Marc Oehler, CEO of Infomaniak
"Our accounts are now public and will remain so: what investors see, our customers see too. The first half confirms both the momentum and our discipline: growing while remaining profitable at EBITDA level. We look forward to welcoming investors who share this long-term vision."
Céline Morey, Chief Financial Officer of Infomaniak
Consulting the prospectus and following the next steps
The prospectus has been published by Perrot Duval Holding SA, the issuer. It is available at perrotduval.com/en/prospectus/ and includes, in particular, a section on risk factors. Any investment decision should be made solely on the basis of the prospectus. Infomaniak's public documents are available at infomaniak.com/gtl/investors, where anyone can register to follow the next steps: each milestone will be communicated to registered subscribers at the same time as to the market as a whole.
Perrot Duval Holding SA shares are already tradable on the SIX Swiss Exchange. Their price has fluctuated sharply since 29 July 2026 and the number of shares in circulation remains limited, which may result in high volatility. Infomaniak is not selling any shares, does not provide any investment advice and makes no recommendation regarding this security.
About Infomaniak
Infomaniak develops and operates a complete suite of sovereign digital services: cloud computing, online collaboration, artificial intelligence, streaming, and event and marketing solutions. Infomaniak's infrastructure runs on renewable energy and is designed for maximum energy efficiency. A significant share of the electricity consumed is recovered as heat and fed back into the district heating network, warming thousands of households. This approach significantly reduces the carbon footprint of the cloud and anchors the infrastructure in a long-term sustainable rationale, both environmental and economic.
See: www.infomaniak.com
About Perrot Duval Holding SA
Perrot Duval Holding SA is a Swiss holding company founded in 1896 and listed on the stock exchange since 1905, today on the SIX Swiss Exchange. On 29 July 2026, it announced the divestment of its industrial activities, subject to the approval of its general meeting, with a view to serving as the listed vehicle for the transaction with Infomaniak.
See: www.perrotduval.com
Disclaimer
Not for release, publication or distribution in the United States, Canada, Australia, Japan or any other jurisdiction in which it would be unlawful to do so; this document does not constitute an offer to sell securities in any such country.
This publication constitutes an advertisement within the meaning of article 68 of the Swiss Financial Services Act (FinSA).
The prospectus has been prepared in accordance with Swiss law and was approved by the reviewing body of SIX Exchange Regulation AG on 2 September 2026. It has not been submitted for approval to any supervisory authority of the European Economic Area or of the United Kingdom, including the Autorité des marchés financiers (AMF) in France. The contemplated admission to trading relates exclusively to the SIX Swiss Exchange.
This publication constitutes neither an offer to sell nor a solicitation to buy securities of Perrot Duval Holding SA, and it does not constitute a prospectus or a similar notice within the meaning of articles 35 et seq. or 69 of the Swiss Financial Services Act (FinSA). The listing of the shares is being carried out solely by means of, and on the basis of, the published prospectus. Any investment decision regarding securities of Perrot Duval Holding SA should be made solely on the basis of the prospectus. The prospectus was published on 2 September 2026 by Perrot Duval Holding SA and is available free of charge on its website.
This publication may contain specific forward-looking statements, for example statements including terms such as "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, the financial situation, the development or the performance of Perrot Duval Holding SA or Infomaniak Group SA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. Perrot Duval Holding SA assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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This communication does not constitute an "offer of securities to the public" within the meaning of Regulation (EU) 2017/1129 of the European Union (the "Prospectus Regulation") of the securities referred to in it (the "Shares") in any member state of the European Economic Area (the "EEA") or, in the United Kingdom ("UK"), of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (the "UK Prospectus Regulation"). Any offer of Shares to persons in the EEA or in the UK will be made pursuant to an exemption under the Prospectus Regulation or the UK Prospectus Regulation (as applicable), as implemented in member states of the EEA or in the UK, from the requirement to publish a prospectus for offers of Shares.
The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Neither Perrot Duval Holding SA nor Infomaniak Group SA intends to register any part of the securities in the United States or to conduct a public offering of securities in the United States.
This communication is not intended for distribution in the United States, Canada, Australia, Japan or any other jurisdiction in which it would be unlawful to do so, and does not constitute an offer to sell securities in any such country. This communication does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction in which it would be unlawful to do so.
Contact:
Media
Thomas Jacobsen
Spokesperson, Infomaniak
communication@infomaniak.com
+41 76 478 44 28
Investors
Eric Babecoff
Head of Investor Relations
ir@infomaniak.com
+41 79 962 29 06