In H1 2026, Kudelski Group management heralded a return to revenue growth for its Core Digital Security division, which is effectively the Nagravision digital TV unit plus a collection of security activities transferred from elsewhere in the business. Another milestone, following a period of major restructuring for the Swiss security company, saw all three business segments improve operating results. So is the transformation finally paying dividends? Or are these headline improvements masking a much deeper systemic problem? Looking at Faultline’s six-year view of Kudelski Group’s H1 revenues in the graph below, you would be forgiven for thinking the wheels had fallen off (note: the skis did fall off in 2024 when the Public Access division was sold for around $395…