Admicom Oyj Group: interim report Q1 1.1. -31.3.2026
ADMICOM OYJ'S INTERIM REPORT Q1 1.1.-31.3.2026: POSITIVE PROFITABILITY DEVELOPMENT CONTINUES IN A CHALLENGING MARKET. ANNUAL RECURRING REVENUE GROWTH 4.7% AND ADJUSTED EBITDA 28.1%.
Unofficial translation of Admicom Oyj's interim report Q1 on April 14, 2026 at 8:00 AM EET. In case the document differs from the original, the Finnish version prevails.
An investor webcast on Admicom's Q1 results will be held on April 14, 2026 at 10.00 AM EET. You can register for the event via this link: https://admicom.events.inderes.com/q1-2026/register
Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated.
January - March 2026 (Q1) summary:
- Annual recurring revenue (ARR)1) increased by 4.7% and was EUR 37.3 million (35.6). ARR growth was fully organic.
- Recurring revenue2) increased by 5.5% and was EUR 9.3 million (8.8).
- Revenue increased by 3.8% and was EUR 9.6 million (9.3).
- Adjusted EBITDA3) was EUR 2.7 million (2.3), or 28.1% of revenue (25.3%). Adjustments to EBITDA were EUR 87 thousand (81).
- Adjusted EBIT3) was EUR 1.5 million (1.2), or 15.3% of revenue (13.3%). Adjustments to EBIT were EUR 87 thousand (81).
- Earnings per share were EUR 0.19 (0.14).
- In March, Jesse Pärnänen was appointed Chief Growth Officer (CGO) and member of the Leadership Team starting in his new role on May 18, 2026.
- On March 2, 2026, Admicom announced launching of a share buy-back programme. The share buybacks started on March 3, 2026 and ended on March 23, 2026. During the period, Admicom repurchased 77,773 of its own shares. The total value of the repurchased shares was EUR 2.5 million.
- After the reporting period, on April 13, 2026, Admicom announced the decision to cancel company's own shares and start a new buyback program on April 15, 2026 at the earlies. Under the new buyback program, Admicom aims to repurchase its own shares for a maximum of EUR 1.5 million.
- After the reporting period on April 14, 2026, Admicom announced starting of change negotiations to renew competencies and reallocate resourcing priorities. The planned measures could lead to changes in up to 65 roles, of which maximum 45 will be redundancies. The change is expected to support achieving of the mid-term profitability target. In addition to the redundancies, the company also intends to hire new competencies to new roles which are critical for strategy execution. The change is estimated to have a positive impact of EUR 0.5 million on adjusted costs in 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) | 1-3/2026 | 1-3/2025 | Change % | 2025 |
| ARR, MEUR | 37.3 | 35.6 | 4.7% | 37.8 |
| Revenue | 9,619 | 9,270 | 3.8% | 37,736 |
| Recurring revenue | 9,279 | 8,793 | 5.5% | 36,248 |
| Adjusted EBITDA | 2,698 | 2,348 | 14.9% | 12,268 |
| % of revenue | 28.1% | 25.3% | 32.5% | |
| EBITDA | 2,611 | 2,267 | 15.2% | 12,187 |
| % of revenue | 27.1% | 24.5% | 32.3% | |
| Adjusted EBIT | 1,476 | 1,228 | 20.2% | 7,654 |
| % of revenue | 15.3% | 13.3% | 20.3% | |
| EBIT | 1,389 | 1,148 | 21.1% | 7,573 |
| % of revenue | 14.4% | 12.4% | 20.1% | |
| Profit for the period, | 929 | 676 | 37.3% | 5,308 |
| % of revenue | 9.7% | 7.3% | 14.1% | |
| Earnings per share, EPS, EUR | 0.19 | 0.14 | 37.4% | 1.06 |
| Total balance sheet | 37,859 | 41,726 | 41,148 | |
| Employees at the end of the period | 316 | 325 | -2.8% | 310 |
| Return on equity, % | 11.1% | 8.7% | 15.7% | |
| Return on investment, % | 16.5% | 12.9% | 21.0% | |
| Equity ratio, % | 84.8% | 72.3% | 85.8% | |
| Net gearing, % | -22.0% | -12.2% | -25.7% | |
| Number of shares at the end of the period, 1 000 pcs 1) | 4,939 | 5,005 | -1.3% | 5,017 |
| Number of shares on average during the period, 1 000 pcs 1) | 5,001 | 5,005 | -0.1% | 5,012 |
1) Admicom Oyj repurchased 77,773 shares by March 23, 2026. The Board of Directors has on April 13, 2026 decided to cancel all shares owned by the company.
CEO Simo Leisti:
"The beginning of 2026 has continued to be challenging for the Finnish construction market. The market turnaround, which looked promising at the end of the previous year, has not started, and according to the latest forecasts in the industry, the turnaround in the business cycle will be delayed. The construction market in Finland is expected to grow by only 1.5 per cent in 2026 (previous forecast: 3.5%). Especially in housing construction, a more significant turn in the economic cycle will probably have to wait. According to many of Admicom's customers, they would be fully prepared to increase the volume of construction significantly if demand and price development improve.
At the beginning of 2026, our growth has been slow in line with our expectations. In the first quarter of the year, Annual Recurring Revenue (ARR) increased by 5% compared to the comparison period, but decreased by approximately 1% from the end of 2025. During the quarter, our customer base was hit by one exceptionally large bankruptcy, and the insolvency-based churn has remained high. In addition, the continued weak economic situation in the market has led to a decrease in the number of employees in our customers, which has been reflected in a decrease in invoicing, especially in payroll services and in the number of users of some products.
Month-to-month variation in sales continued in the first quarter. In March, we made a good sales result and thanks to that, we got close to our sales target for Q1, even though January and February were weaker. We are particularly pleased with the success of cross-selling with existing customers and the sales of multiple solutions at once. During Q1, our total number of customers increased by a few dozen, but at the same time, the share of customers using more than one Admicom product increased to 23 percent (+3 percentage points from the end of 2025).
Growth in a challenging market did not fully meet our expectations. Our new Chief Growth Officer, Jesse Pärnänen, will start in his position in May, and our goal is to use his expertise and vision to further develop our own growth strategy in a challenging market environment.
Profitability developed well in the first quarter and was in line with our expectations. Adjusted EBITDA was EUR 2.7 million and improved by almost 15% from the comparison period.
A few months have passed since the publishing of our new strategy. At the same time, Finland's market expectations have become weaker and the opportunities for artificial intelligence have increased. With the changes taking place around us and the execution of our strategy, we have identified areas in our business that we need to strengthen faster. Last year's unified operating model and group structure allow us to shift investments from more traditional operations to new areas of investment, such as better utilization of data, the introduction of new technologies and a deeper understanding of our customers' businesses. To accelerate the change, we have decided to start change negotiations on April 21, 2026. The change negotiations are not primarily aimed at cost savings, but at a faster transfer of expertise to strategically important areas.
Admicom's cash flow and balance sheet are very strong. Recent developments in the stock market have significantly weakened the valuation of our share. One of the reasons for this is the growing concern about the sustainability of SaaS companies' business, as artificial intelligence enables the development of new systems faster and more cost-effectively. The valuation multiples of publicly traded and private SaaS companies have temporarily diverged, which makes it challenging to make acquisitions with a reasonable valuation for the time being. In order to create value for our shareholders, we decided in March to carry out share buybacks totaling EUR 2.5 million. By decision made by the Board of Directors after the review period, the buybacks will continue on 15 April 2026 with a new EUR 1.5 million program.
Since the beginning of the year, we have actively presented our own views on AI development, e.g. in a separate webcast, and we consider Admicom's position strong even as the opportunities for AI increase. Admicom is a SaaS company focused on the construction and technical building services sector, supplying critical System of Record solutions and AI agents for customers' core workflows. Admicom's systems collect and process business-critical data, which means that the use of artificial intelligence must be secure and reliable. These are some of the things that give Admicom strategic protection against AI disruption and enable easy-to-use solutions for our customers.
In 2026, we continue to target growth and profitability in line with our original financial guidance. The change in the market outlook for Finland for the worse requires that we make effective decisions on the right allocation of sales and bring to the market commercial solutions that have clear value in our customer base. In line with our strategy, we are pursuing broader market potential internationally. During our transformation negotiations, we will assess not only international acquisitions but also the potential acceleration of organic growth in other European markets, where the construction industry is already experiencing a significantly better economic cycle."
Outlook
Financial guidance issued in connection to financial statements release on January 21, 2026 remains unchanged.
Financial guidance for 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
At the beginning of 2026, Admicom has seen encouraging signals of a favorable development of the market outlook for construction. However, there are still uncertainties related to the recovery of the market, and Admicom believes that the market will be challenging in both Finland and Estonia at least during the first half of the year. In addition, the improvement in the market is not evenly distributed across all construction sectors, especially as growth in housing construction remains uncertain.
At the end of 2025, Admicom's sales performance was uneven, and although the highest sales result of the whole year was recorded in December, the sales in H2/2025 as a whole affect the company's growth prospects in the first half of 2026. The number of customer terminations also remained at a higher level than normal until the end of 2025, especially due to the challenging market situation, which will challenge growth in early 2026. The company is continuously taking measures to enable continuous higher performance in sales, and there are also ongoing projects to prevent voluntary customer terminations. These measures are expected to have a positive impact on the company's growth compared to the previous year, regardless of the market situation.
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, less than half of Ultima's customers were transitioned into the new model, and the transition will continue 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.
In terms of growth, reaching the upper level of the guidance requires either a faster improvement in the market or the completion of a small acquisition.
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
After the reporting period, on April 13, 2026, Admicom announced the decision to cancel company's own shares and start a new buyback program on April 15, 2026 at the earlies. Under the new buyback program, Admicom aims to repurchase its own shares for a maximum of EUR 1.5 million.
After the reporting period on April 14, 2026, Admicom announced starting of change negotiations to renew competencies and reallocate resourcing priorities. The planned measures could lead to changes in up to 65 roles, of which maximum 45 will be redundancies. The change is expected to support achieving of the mid-term profitability target. In addition to the redundancies, the company also intends to hire new competencies to new roles which are critical for strategy execution. The change is estimated to have a positive impact of EUR 0.5 million on adjusted costs in 2026.
Additional information
This release is a summary of Admicom Oyj's Interim Report 1 January-31 March 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://sijoittajille.admicom.fi.
Financial publications in 2026
In 2026, Admicom will publish its half-year financial report on July 8, 2026 and 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/
