Key Highlights

● Revenue was $704.2 million, up 126% from $311.1 million.

● Organic revenue growth was 3%, so acquisitions drove most of the increase.

● Adjusted operating income was $381.1 million, a 54% margin.

● Bending Spoons agreed to buy Airtable for $1.29 billion of enterprise value.

Bending Spoons S.p.A. (NASDAQ:BSP), the Milan-based digital products group, reported second-quarter 2026 results on 13 August 2026, its first results since listing on the Nasdaq Global Select Market under the symbol BSP. The company priced its initial public offering at $29 per share, above the marketed range of $26 to $28, with trading beginning on 1 July 2026.

Business and sector

Bending Spoons acquires digital businesses, restructures their operations and invests the resulting cash flow in further acquisitions. Businesses it has bought between the second quarter of 2025 and the second quarter of 2026 include AOL, Eventbrite, Harvest, MileIQ, Tractive and Vimeo. The company works in consumer and business software, where subscription products, advertising and marketplace fees depend on user engagement and pricing discipline.

The offering sold 57.97 million shares by the company and existing shareholders and raised $1.68 billion. In its results release, the company said net proceeds to it were $1.10 billion.

Latest results

Revenue for the three months to 30 June 2026 was $704.2 million, up 126% from $311.1 million. The company reported organic revenue growth of 3%, which indicates that most of the increase came from acquired businesses. Tractive, whose purchase closed in May 2026 at an enterprise value of $759 million, was among the most recent.

Operating income was $240.3 million, up 139%. Adjusted operating income was $381.1 million, up 150%, a margin of 54%. GAAP net income was $177.0 million, up 171%, and diluted earnings per share were $0.28, compared with adjusted earnings per share of $0.46.

Financial performance and industry context

At 30 June 2026, net debt was $4.09 billion and long-term debt was $4.88 billion, with a leverage ratio of 2.4 times. Cash was $793 million, and $794 million of debt matures within twelve months. The company has $1.58 billion of revolving credit capacity, of which $1.28 billion was undrawn. After the quarter end it arranged new euro term loan facilities totalling €590 million and increased its revolver by €30 million.

It also announced a definitive agreement to buy Airtable for $1.29 billion of enterprise value in cash. For the third quarter, Bending Spoons guided to revenue of $733 million to $745 million and adjusted operating income of $380 million to $400 million. For 2026 it guided to revenue of $2.78 billion to $2.82 billion and adjusted operating income of $1.46 billion to $1.51 billion, excluding acquisitions not owned as of 12 August 2026.

The company introduced Alt-Spooner, a personal artificial intelligence agent, in the quarter and began rolling it out in early July. It also opened offices in Madrid and Warsaw.

Risks and uncertainties

The business model relies on a continuing flow of suitable acquisitions, and organic growth of 3% is much lower than reported growth. The group carries substantial debt, with leverage that depends on integrating acquired profits and refinancing maturities. Cost reductions at acquired businesses can affect product quality and customer retention, and acquisitions such as Airtable are subject to completion. Because the company has just listed, there is only a short record of public reporting.

Acquisition pace and leverage after the IPO

The third-quarter report should show how acquisitions contribute and whether organic growth improves. Completion of the Airtable transaction, debt refinancing and the performance of newly introduced products will also be relevant. Management expects third-quarter revenue growth of roughly 113% at the guidance midpoint, so the trend in both reported and organic growth will indicate how much of the expansion relies on purchases. Investors will want to see how the IPO proceeds, the new euro facilities and operating cash flow are used to fund acquisitions while leverage of 2.4 times is maintained.