ADMICOM OYJ'S INTERIM REPORT 1.1.-30.9.2026: STRONG PROFITABILITY AFTER CHANGE NEGOTIATIONS. MARKET RECOVERING SLOWLY. ANNUAL RECURRING REVENUE GREW BY 5.3%, ADJUSTED EBITDA AT 42.0%.
Admicom Oyj’s Q3 interim report 1.1. -30.9.2026
ADMICOM OYJ’S INTERIM REPORT 1.1.-30.9.2026: STRONG PROFITABILITY AFTER CHANGE NEGOTIATIONS. MARKET RECOVERING SLOWLY. ANNUAL RECURRING REVENUE GREW BY 5.3%, ADJUSTED EBITDA AT 42.0%.
Unofficial translation of Admicom Oyj’s interim report on October 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 Q3 results will be held on October 8, 2026 at 10 AM EET. You can register for the event via this link: https://admicom.events.inderes.com/q3-2026/register
Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated.
July – September 2026 (Q3) summary:
- Annual recurring revenue (ARR)1) increased by 5.3% and was EUR 38.6 million (36.7).
- Recurring revenue2) increased by 4.5% and was EUR 9.4 million (9.0).
- Revenue increased by 4.1% and was EUR 9.7 million (9.3).
- Adjusted EBITDA3) was EUR 4.1 million (3.7), or 42.0% of revenue (39.6%). The adjustments (EUR 0.2 million) were mainly related to the release of provisions related to change negotiations.
- Adjusted EBIT3) was EUR 2.8 million (2.5), or 28.9% of revenue (27.0%).
- Earnings per share were EUR 0.46 (0.37).
January – September 2026 summary:
- Annual recurring revenue (ARR)1) increased by 5.3% and was EUR 38.6 million (36.7).
- Recurring revenue2) increased by 3.4% and was EUR 28.0 million (27.1).
- Revenue increased by 2.6% and was EUR 29.0 million (28.2).
- Adjusted EBITDA3) was EUR 9.8 million (9.1), or 33.7% of revenue (32.3%). Adjustments to EBITDA were EUR 0.9 million (0.1) and mostly related to the change negotiations.
- Adjusted EBIT3) was EUR 6.0 million (5.7), or 20.8% of revenue (20.1%).
- Earnings per share were EUR 0.68 (0.77).
- Jesse Pärnänen started as Chief Growth Officer (CGO) and member of the Leadership Team on May 18, 2026.
- 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 amounted to approximately EUR 0.9 million.
- 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.
- Admicom lowered its financial guidance related to growth with a profit warning published on June 8, 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) |
7-9/2026 | 7-9/2025 | Change-% | 1-9/2026 | 1-9/2025 | Change-% | 2025 |
| ARR, MEUR | 38.6 | 36.7 | 5.3% | 38.6 | 36.7 | 5.3% | 37.8 |
| Revenue | 9,669 | 9,288 | 4.1% | 28,990 | 28,245 | 2.6% | 37,736 |
| Recurring revenue | 9,367 | 8,966 | 4.5% | 28,022 | 27,101 | 3.4% | 36,248 |
| Adjusted EBITDA | 4,059 | 3,677 | 10.4% | 9,767 | 9,121 | 7.1% | 12,268 |
| % of revenue | 42.0% | 39.6% | 33.7% | 32.3% | 32.5% | ||
| EBITDA | 4,256 | 3,677 | 15.8% | 8,854 | 9,040 | -2.0% | 12,187 |
| % of revenue | 44.0% | 39.6% | 30.5% | 32.0% | 32.3% | ||
| Adjusted EBIT | 2,798 | 2,509 | 11.5% | 6,027 | 5,672 | 6.3% | 7,654 |
| % of revenue | 28.9% | 27.0% | 20.8% | 20.1% | 20.3% | ||
| EBIT | 2,996 | 2,509 | 19.4% | 5,114 | 5,591 | -8.5% | 7,573 |
| % of revenue | 31.0% | 27.0% | 17.6% | 19.8% | 20.1% | ||
| Profit for the period | 2,254 | 1,881 | 19.8% | 3,367 | 3,850 | -12.5% | 5,308 |
| % of revenue | 23.3% | 20.3% | 11.6% | 13.6% | 14.1% | ||
| Earnings per share, EPS, EUR | 0.46 | 0.37 | 22.9% | 0.68 | 0.77 | -11.1% | 1.06 |
| Total balance sheet | 38,105 | 40,206 | 38,105 | 40,206 | 41,148 | ||
| Employees at the end of the period | 281 | 315 | -10.8% | 281 | 315 | -10.8% | 310 |
| Return on equity, % | 28.3% | 23.0% | 13.2% | 15.5% | 15.7% | ||
| Return on investment, % | 37.5% | 30.5% | 19.9% | 21.1% | 21.0% | ||
| Equity ratio, % | 86.5% | 84.3% | 86.5% | 84.3% | 85.8% | ||
| Net gearing, % | -29.1% | -21.2% | -29.1% | -21.2% | -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) | 4,892 | 5,017 | -2.5% | 4,931 | 5,010 | -1.6% | 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 Finnish construction market is showing clearer signs of recovery, although development remains uneven. RT forecasts total construction to grow by 2% in 2026 and 4% in 2027, driven particularly by infrastructure and commercial construction. The cycle has turned, but the recovery is not a return to the old normal.
According to the Statistics Finland, the turnover in the construction industry has increased by double-digit numbers during the summer months. However, the growth remains uneven and is driven by large data center projects, while residential construction remains at a very low level. This polarization is also visible among our customer base where we see some customers capturing higher growth, while for others, the market environment continues to be very challenging.
Our own commercial performance continued to develop positively during the third quarter. Sales bookings increased by 17% year-on-year, supported by progress in both new and cross sales. ARR growth in the third quarter was 5.3% year-on-year, and it was positively impacted by the price increases which we implemented earlier in the year than in 2025. For the rest of the year, our ARR development will depend on the timing of customer implementations and our ability to mitigate churn more effectively.
Customer churn remained elevated during the quarter. In relation to our Q2 report, we informed about several customer bankruptcies which have realized as churn in the third quarter. Particularly for our Business Services, churn was high compared to our normal levels. Although insolvencies and corporate restructurings continue to have a significant impact on the total amount of churn, we aim to influence customer retention and growth by strengthening the customer centricity in our Business Services with renewed service packages.
Profitability developed strongly during the quarter, and adjusted EBITDA margin landed at 42.0%. Profitability improvement of 2.4 %-points from Q3/2025 was driven by growth in revenue and the impacts of the change negotiations carried out during the second quarter. Following the change negotiations, we have continued to balance investments in future growth and new capabilities with maintaining strong profitability.
During the quarter, we published our RaksaBarometri study, conducted together with KIRAHub, which shows that companies can succeed even in a challenging construction market. 40% of respondents had improved their profitability during the past 12 months. Companies performing better were characterized particularly by an active market approach and disciplined project and customer selection: instead of just chasing volume, they focused on projects that were right for profitable business. Digital capabilities and timely information also play an increasingly important role in supporting better decisions and more efficient operations.
AI adoption is also gaining ground in the construction industry, particularly in document preparation and simpler process automation. At the same time, the industry is still at an early stage: around 30% of RaksaBarometri respondents are not using AI at all. The interest in applying AI in practice is, however, clearly growing. Our first AI training for customers attracted more than 1,000 registered participants, demonstrating strong demand for practical knowledge and tools. During the quarter, we also continued the execution of our own AI roadmap with new AI connectivity and embedded AI feature development. Our ambition is to embed AI across the Admicom platform and gradually automate workflows where technology can create measurable improvements in productivity and decision-making.
Following the organizational changes completed in the second quarter, we have continued to build the capabilities required to execute our strategy. A new Customer Success Management team has started operating in September to ensure customer value from our products and services. We will also strengthen our capabilities through new open positions and external consultative support in areas such as additional technical AI and commercial product management roles. We have also completed the recruitment for a Chief Information Security Officer to further strengthen our information security capabilities, operational resilience and risk management in our internal operations as well as in our platform development.
International growth and M&A remain important parts of our strategy. During the quarter, we continued to actively build our acquisition pipeline, with particular focus on opportunities that could provide entry into new geographical markets or add complementary technologies to our product portfolio. We remain disciplined in our approach and will pursue opportunities where we see a clear strategic fit and potential for long-term value creation.
The third quarter gives us more reasons for optimism than we had at the beginning of the year. The construction market is showing clearer signs of growth, and our own commercial performance has continued to improve. At the same time, the market recovery is far from uniform and uncertainty remains particularly in residential construction. Therefore, we continue to focus on the things we can influence: accelerating sales, delivering more value to our customers, executing our platform and AI strategy and continuing to build the capabilities required for long-term profitable growth."
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 Interim Report 1 January-30 September 2026. The complete report is attached to this company release as a pdf file. The review is also available on the company's website https://investors.admicom.fi.
Financial publications in 2026
Admicom will publish the financial statements release of 2026 approximately on January 21, 2027
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/