Transcom Holding AB (publ): Second quarter report 2026
Q2 2026 highlights
• Revenue increased to €185.1M (€175.4)
• Organic revenue growth of 5.9%
• EBITDA excluding non-recurring items increased to €17.6M (€14.6)
• EBITDA margin excluding non-recurring items increased to 9.5% (8.3%)
• EBIT increased to €6.6M (-€6.1)
• Net debt/EBITDA ratio excluding nonrecurring items improved to 3.4 (4.3)
• Operating cash flow of €9.1M (€16.1)
Jan-Jun 2026
• Revenue increased to €380.0M (€366.2)
• Organic revenue growth of 5.5%
• EBITDA excluding non-recurring items increased to €41.6M (€37.2)
• EBITDA margin excluding non-recurring items increased to 10.9% (10.2%)
• EBIT increased to €18.9M (€0.9)
• Net debt/EBITDA ratio excluding nonrecurring items improved to 3.4 (4.3)
• Operating cash flow €29.0M (€36.6)
Comments by the CEO: Sustained Commercial Momentum and Margin Expansion Driven by Core Business Optimization
In the second quarter of 2026, continued delivery on our strategic priorities yielded strong results across the Group. Demand for our services remains strong: we continue to win new business at a healthy pace while migrating existing client volumes to near- and offshore locations, supported by disciplined management of operating costs.
Revenue in the second quarter increased to €185.1 million (€175.4), representing 5.9% organic growth on a constant currency basis, driven by strong commercial momentum in our English-speaking segment and consistent demand across our offshore delivery locations.
A primary highlight of this quarter is continued margin expansion and the further stabilization of underlying earnings. EBITDA excluding non-recurring items rose to €17.6 million (€14.6), with the margin expanding 1.2 percentage points to 9.5% (8.3%). This reflects the continued strategic shift toward higher-margin offshore delivery, together with realized benefits from our technology and cost-optimization initiatives.
Our English-speaking segment remains a primary engine for the Group, achieving an EBITDA margin of 14.4% (12.0%) on constant-currency revenue growth of 17.0%, driven by new clients and expanding volumes. The European segment continues to stabilize, with an improved margin of 7.4% (6.9%), supported by ongoing business optimization and the intentional reduction of lower-margin onshore contracts.
Equally important, earnings quality continued to improve. Non-recurring items were reduced to -€1.1 million, from -€8.7 million in Q2 2025. This reflects the completion of the restructuring undertaken in 2025 and means our reported earnings now closely track core operational performance.
Our commitment to advanced technologies remains central to our competitive advantage. By integrating AI-driven and digitally enabled solutions into our internal processes and client delivery, we continue to optimize our cost structure, improve customer outcomes, and strengthen client satisfaction. Adoption across our client base continues to broaden, and internally we are deploying advanced solutions at pace — driving significant and measurable improvements in areas such as training and insights and analytics. These capabilities are an increasingly decisive factor in winning new business, supporting both our growth and the contract economics that underpin our margin expansion.
Our financial position has strengthened further. Following the successful bond exchange and shareholder contribution in December 2025, our Net debt/EBITDA ratio stood at 3.4 at the end of the quarter, down from 4.3 in the prior-year period providing the long-term stability needed to maintain our growth trajectory. Stronger underlying earnings drove operating cash flow before working capital changes of €11.0 million (€8.6). Total operating cash flow was €9.1 million (€16.1) and the decline versus last year mainly attributable to a temporary increase in client receivables following the strong expansion. We are investing in expanded offshore capacity — near-term capital deployment that follows directly from the success of that strategy and secures our ability to continue serving existing and growing demand.
We enter the second half of 2026 with strong sales, an optimized footprint, and an ever-improving delivery model. These solid foundations, coupled with the momentum built over the past four quarters, continue to bolster our confidence in the future. Transcom remains resilient, maintaining flexibility in our delivery capacity, despite geopolitical uncertainty. We remain the trusted partner of choice for both emerging and leading brands, delivering best-in-class CX solutions. I would like to extend my deepest appreciation to our global team for their dedication, and to our clients for their ongoing trust in Transcom. We remain confident in our strategy and our ability to deliver superior value to all stakeholders.
Brian Johnson, President & CEO
Earnings call
Transcom will host a webcast at 4:00 PM CET on July 17, 2026. The webcast will be held in English. The presentation will be available on https://transcom.com/about-us/investor-relations.
Presentation details
Date/Time: Friday, July 17, 4:00 PM CET
Online Registration link:
https://app.livestorm.co/transcom-holding/transcom-holding-ab-q2-2026-results-presentation
Important note: Please register via the link above at least 5-10 minutes prior the webcast in order to obtain the webcast link. If you register in advance, you will be sent an email reminder an hour prior to the webcast.
For further information, please contact
Cecilia Bergendahl, Chief Financial Officer
Email: cecilia.bergendahl@transcom.com
About Transcom
Transcom provides AI and digitally enhanced customer experience (CX) services to some of the world's most ambitious brands. More than 300 clients globally, including disruptive e-commerce players, category redefining fintechs, and technology legends rely on us for on-, off-, and nearshoring services. Transcom’s over 30,000 employees work in over 80+ contact centers and work-at-home networks across 29 countries, creating brilliant experiences in customer care, sales, content moderation and backoffice services. We help our clients drive their brands forward, customer satisfaction up and operating costs down. For more information, visit www.transcom.com.