ADMICOM OYJ'S HALF YEAR REPORT 1.1.-30.6.2026: PROFITABILITY AT TARGET LEVEL, ANNUAL RECURRING REVENUE GREW BY 4.1%, ADJUSTED EBITDA AT 31.0%. THE BILLING MODEL CHANGE AFFECTS COMPARABILITY.
Admicom Oyj: half year financial report 1.1. -30.6.2026
ADMICOM OYJ’S HALF YEAR REPORT 1.1.-30.6.2026: PROFITABILITY AT TARGET LEVEL, ANNUAL RECURRING REVENUE GREW BY 4.1%, ADJUSTED EBITDA AT 31.0%. THE BILLING MODEL CHANGE AFFECTS COMPARABILITY.
Unofficial translation of Admicom Oyj’s half year report on July 8, 2026 at 8:00 AM EET. In case the document differs from the original, the Finnish version prevails.
An investor call on Admicom's Q2 results will be held on July 8, 2026 at 10 AM EET. You can register for the event via this link: https://admicom.events.inderes.com/q2-2026/register
Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated.
April – June 2026 (Q2) summary:
- Annual recurring revenue (ARR)1) increased by 4.1% and was EUR 37.1 million (35.7).
- Recurring revenue2) increased by 0.4% and was EUR 9.4 million (9.3).
- Revenue increased by 0.2% and was EUR 9.7 million (9.7).
- Adjusted EBITDA3) was EUR 3.0 million (3.1), or 31.0% of revenue (32.0%). Adjustments to EBITDA were EUR 1.0 million (0) and related to the change negotiations.
- Adjusted EBIT3) was EUR 1.8 million (1.9), or 18.1% of revenue (20.0%).
- Earnings per share were EUR 0.04 (0.26).
- Jesse Pärnänen started as Chief Growth Officer (CGO) and member of the Leadership Team on May 18, 2026.
- On April 13, 2026, Admicom announced launching of a share buy-back programme. The share buybacks started on April 15, 2026 and ended on April 28, 2026. During the period, Admicom repurchased 47,249 of its own shares. The total value of the repurchased shares was EUR 1.5 million.
- Admicom has cancelled in total 80,293 shares held by the company on April 28, 2026. After the review period on July 3, 2026, the 47,249 shares acquired in the April buy-back program have also been cancelled.
- In April, Admicom announced that it would start change negotiations to renew competencies and change the focus of resourcing. The change negotiations ended on May 12, 2026 and the resulting one-off expenses in the second quarter amounted to approximately EUR 1.0 million.
- Admicom lowered its financial guidance related to growth with a profit warning published on June 8, 2026.
January – June 2026 (H1) summary:
- Annual recurring revenue (ARR)1) increased by 4.1% and was EUR 37.1 million (35.7).
- Recurring revenue2) increased by 2.9% and was EUR 18.7 million (18.1).
- Revenue increased by 1.9% and was EUR 19.3 million (19.0).
- Adjusted EBITDA3) was EUR 5.7 million (5.4), or 29.5% of revenue (28.7%). Adjustments to EBITDA were EUR 1.1 million (0.1) and mostly related to the change negotiations.
- Adjusted EBIT3) was EUR 3.2 million (3.2), or 16.7% of revenue (16.7%).
- Earnings per share were EUR 0.22 (0.39).
- A total of 125,022 of the company’s shares were repurchased in the share buybacks carried out in the first and second quarters. A total of EUR 4 million was used for the purchases. The repurchased shares have been cancelled in April and July 2026.
1) Annual Recurring Revenue = Monthly recurring revenue (MRR) at the end of the period multiplied by 12 and added with revenues from annual adjustment fees and financial statement fees during last twelve months.
2) Recurring Revenue = Monthly recurring revenue added with revenues from annual adjustment fees and financial statement fees.
3) Admicom reports Adjusted EBITDA and EBIT as alternative performance measures to improve comparability between periods. Adjustments are material items outside the normal course of business. They can include costs related to mergers and acquisitions, gains and losses from material divestments, restructuring costs, impairment losses and other unusual, one-off items
Key figures
|
ADMICOM GROUP (EUR 1,000 unless otherwise stated) |
4-6/2026 | 4-6/2025 | Change % | 1-6/2026 | 1-6/2025 | Change % | 2025 |
| ARR, MEUR | 37.1 | 35.7 | 4.1% | 37.1 | 35.7 | 4.1% | 37.8 |
| Revenue | 9,703 | 9,688 | 0.2% | 19,322 | 18,958 | 1.9% | 37,736 |
| Recurring revenue | 9,375 | 9,342 | 0.4% | 18,655 | 18,135 | 2.9% | 36,248 |
| Adjusted EBITDA | 3,010 | 3,096 | -2.8% | 5,708 | 5,444 | 4.9% | 12,268 |
| % of revenue | 31.0% | 32.0% | 29.5% | 28.7% | 32.5% | ||
| EBITDA | 1,987 | 3,096 | -35.8% | 4,598 | 5,363 | -14.3% | 12,187 |
| % of revenue | 20.5% | 32.0% | 23.8% | 28.3% | 32.3% | ||
| Adjusted EBIT | 1,753 | 1,935 | -9.4% | 3,229 | 3,163 | 2.1% | 7,654 |
| % of revenue | 18.1% | 20.0% | 16.7% | 16.7% | 20.3% | ||
| EBIT | 730 | 1,935 | -62.3% | 2,119 | 3,082 | -31.3% | 7,573 |
| % of revenue | 7.5% | 20.0% | 11.0% | 16.3% | 20.1% | ||
| Profit for the period | 185 | 1,292 | -85.7% | 1,113 | 1,969 | -43.4% | 5,308 |
| % of revenue | 1.9% | 13.3% | 5.8% | 10.4% | 14.1% | ||
| Earnings per share, EPS, EUR | 0.04 | 0.26 | -85.4% | 0.22 | 0.39 | -42.8% | 1.06 |
| Total balance sheet | 37,130 | 38,778 | 37,130 | 38,778 | 41,148 | ||
| Employees at the end of the period | 287 | 313 | -8.3% | 287 | 313 | -8.3% | 310 |
| Return on equity, % | 2.4% | 16.8% | 6.8% | 12.3% | 15.7% | ||
| Return on investment, % | 9.3% | 23.4% | 12.8% | 17.9% | 21.0% | ||
| Equity ratio, % | 83.0% | 82.6% | 83.0% | 82.6% | 85.8% | ||
| Net gearing, % | -24.0% | -15.6% | -24.0% | -15.6% | -25.7% | ||
| Number of shares at the end of the period, 1 000 pcs 1) | 4,892 | 5,017 | -2.5% | 4,892 | 5,017 | -2.5% | 5,017 |
| Number of shares on average during the period, 1 000 pcs 1) | 4,903 | 5,009 | -2.1% | 4,951 | 5,007 | -1.1% | 5,012 |
1)Admicom Oyj repurchased 77,773 shares during March, 3 - March 23, 2026. The shares have been cancelled on April 28, 2026. Admicom Oyj repurchased 47,249 shares during April 15 - April 28, 2026. The shares have been cancelled on July 3, 2026.
CEO Simo Leisti:
“The second quarter of 2026 continued to reflect the challenging construction market in Finland. While activity improved in selected segments such as infrastructure, commercial construction and large data center projects, the broader market recovery has been slower than expected. Residential construction remains at a very low level, and continued bankruptcies and insolvencies have affected both our customers and our growth.
Our profitability remained strong during the quarter, and adjusted EBITDA margin was 31%. At the same time, ARR and revenue developed below our expectations. One major reason for slow growth this quarter was the decline in annual adjustment fees which was expected. We are currently transferring our Ultima and accounting services customers from annual adjustment fees to rolling monthly adjustment fees, which caused a decline of over EUR 0.5 million in the annual adjustment fees compared to Q2 in 2025. The negative impact on revenue growth was approximately -5.5%-points. Similarly, the development of the monthly revenue-based fees has been slow as the market continues to be tough.
During the first half of the year, we have experienced high churn related to insolvencies and market consolidation. To our disappointment, in June we received information of multiple bankruptcies which will result in churn in the coming quarters. The market consolidation is also an opportunity for us, although in the short term can result in declining monthly billing.
In addition to high churn, slow start to sales in the beginning of the year delayed our growth, which led to us lowering our ARR and revenue guidance for 2026 with a profit warning in early June. The profitability guidance was kept unchanged. Although disappointing, the revised guidance reflects the current market environment rather than any change in our long-term ambitions.
Despite the market, sales in the second quarter increased significantly compared to both the first quarter (+20%) and the second quarter of last year (+17%). Jesse Pärnänen joined Admicom as Chief Growth Officer in May, and we have already strengthened our commercial execution, particularly in existing customer sales. Cross-selling continued to improve, more customers adopted multiple Admicom solutions, and we also saw increasing demand from larger construction groups looking for broader technology partnerships.
During the quarter, we completed the change negotiations announced in April. Their purpose was not primarily to reduce costs, but to accelerate our strategy execution. During the change negotiations, 38 employment relationships ended. At the end of June, we were able to launch our first recruitment processes aimed at bringing new capabilities and expertise to Admicom. Artificial intelligence is bringing new opportunities for the construction industry rapidly, and we want to move faster. We are redirecting investments towards platform development, AI, customer success, and commercial product management while simplifying our organization and management structure. These changes strengthen our ability to deliver more value for customers over the coming years.
Our vision remains clear. We are building a unified software platform where products work seamlessly together, and AI becomes a natural part of our customers' daily workflows. We believe the greatest value will come from automating end-to-end processes and embedding intelligent assistance directly into the systems our customers already rely on every day.
We also continued to develop our operations during the quarter by integrating delivery and support more closely with customer success, announcing expansion of our Business Services offering, starting investments in Estonia growth operations and further developing our business acquisition pipeline, especially for potential new market entry. At the same time, we continued to build partnerships that broaden the value we can create for our customers.
One observation has become increasingly clear during this prolonged market downturn: while the market is difficult, not all companies struggle equally. Together with KIRAHub, we studied what differentiates the best-performing construction companies. The early findings highlight active and strong commercial operations, investments in project planning and digital capabilities, but also investments in great people — exactly the areas where Admicom's solutions help our customers succeed. We will share more about the study in August when we launch our findings together with Rakennusteollisuus, KIRAhub and some customers.
Although market uncertainty is likely to continue, I am increasingly confident that we are making the right long-term decisions. We have strengthened our organization, accelerated our AI strategy, and continued to invest in future growth while maintaining strong profitability. While we cannot control the timing of the market recovery, we can ensure that Admicom is ready to grow faster when it starts.”
Outlook
Financial guidance for 2026 (updated June 8, 2026)
Annual Recurring Revenue (ARR) is expected to grow in 2026 by 3-10%. ARR in 2025 was 37.8 million euros.
Total revenue is expected to grow by 2-6% from 2025 level. Total revenue in 2025 was 37.7 million euros.
Adjusted EBITDA is expected to be 31-36% of revenue.
Previous financial guidance 2026
Annual Recurring Revenue (ARR) is expected to grow in 2026 by 6-12%. ARR in 2025 was 37.8 million euros.
Total revenue is expected to grow by 5-10% from 2025 level. Total revenue in 2025 was 37.7 million euros.
Adjusted EBITDA is expected to be 31-36% of revenue.
Themes affecting growth and profitability (updated Q2)
At the beginning of 2026, Admicom saw encouraging signals of a favorable development of the market outlook for construction. However, the market recovery has been slower than expected in the first half of the year, and uncertainties about the timing of the market recovery have increased. The improvement in the market is not evenly distributed across all construction sectors, and there are still uncertainties in particular to the growth of residential construction at after the second quarter of the year.
At the end of 2025, Admicom's sales performance was mixed, and even though the highest sales result of the whole year was recorded in December, the sales in H2/2025 as a whole affected the company's growth prospects in the first half of 2026. In January and February 2026, sales also fell short of targets, and although sales for the entire first half of the year came close to planned, the low sales result at the beginning of the year is reflected especially in the development of revenue in 2026. The number of customer terminations, especially due to bankruptcies, insolvencies and market consolidation, has also remained high both at the end of 2025 and in the first half of 2026. The company is continuously taking measures to enable continuous higher performance in sales, and there are also ongoing projects to prevent voluntary redundancies.
With the new strategy, Admicom's focus on the construction industry customers is even stronger. A stronger focus may lead to an increase in customer terminations from those industries that are not at the core of Admicom's strategy. Projects are also being carried out in the product offering to eliminate possible overlaps and to enable the functional and commercial packaging of products. These can have both negative and positive growth effects. In addition, there are many opportunities to improve work productivity in the Business Services unit (formerly Accounting Services).
In 2025, Admicom started the transition to a new billing model for the Ultima ERP system and accounting services. In the new model, the previous annual adjustment fee invoicing will be introduced on a rolling basis into customers' monthly payments based on historical revenue. In 2025, almost half of Ultima's customers were transitioned into the new model, and the transition has continued during 2026.
Due to the change in the billing model, the amount of annual adjustment fees is expected to decrease significantly from the 2025 level, by an estimated EUR 0.5-0.9 million. In 2025, the amount of annual adjustment fees in Admicom's revenue and ARR was EUR 1.0 million. With the new billing model, annual adjustment fee invoicing will gradually become part of customers' monthly invoicing, but the change is expected to have a temporary negative impact on growth in 2026 due to the transition phase.
During 2025, Admicom completed a strategic investment phase, during which the organization was strengthened in many different functions. Profitability began to improve towards the end of 2025. During 2026, Admicom's goal is primarily to allocate current resources to projects and roles that are important for strategy and growth. Depending on Admicom's speed in advancing strategic projects, the need for various investments to strengthen processes and systems may arise as early as 2026. In addition, the decrease in annual adjustment fees will have a negative impact on profitability. For these reasons, Admicom does not aim for a rapid improvement in profitability during 2026.
Adjustments for adjusted EBITDA are material items outside the normal course of business related to e.g. acquisitions, restructurings or other one-off transactions.
Material events after period end
No material events.
Additional information
This release is a summary of Admicom Oyj's Half Year Financial Report 1.1. -30.6.2026. The complete report is attached to this company release as a pdf file. The report is also available on the company's website https://investors.admicom.fi.
Financial publications in 2026
In 2026, Admicom will publish its Q3 interim report on October 8, 2026.
Admicom Oyj
BOARD OF DIRECTORS
Additional information:
Simo Leisti
CEO
simo.leisti@admicom.com
+358 40 059 0511
Satu Helamo
CFO
satu.helamo@admicom.com
+358 45 633 7710
Certified Advisor:
Oaklins Finland Ltd
+358 9 6129 670
Admicom Oyj
Founded in 2004, Admicom is a pioneer in digitalisation of the construction industry. We utilise our expertise by developing software solutions covering the entire construction value chain as well as services supporting our customers' operations. Our understanding of the operating methods and digitalisation needs of the construction industry is strong, and our goal is to significantly enhance the productivity and quality of operations in the construction industry through our software.
Our ERP solution offers the construction industry the only comprehensive solution in Finland that serves the management of companies' operations, finances and projects through one seamless solution. Our project management product suite provides industry-leading solutions for managing the entire lifecycle of a building.
Our company has around 300 employees in Finland, in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku, as well as in our office in Tartu, Estonia. More information: www.admicom.com.
Admicom's press releases and financial reports: https://investors.admicom.fi/releases-and-reports/