Admicom’s Q3 2026 report showed a clear improvement in quarterly profitability, even though top-line growth remained modest and the construction market recovery was still slow. Revenue, recurring revenue and ARR all increased in Q3 2026, while adjusted EBITDA margin reached 42.0%, supported by price increases and efficiency measures following change negotiations 1 7.
Profitability strengthened clearly in Q3 2026
The main takeaway from Admicom’s Q3 2026 was margin expansion. Quarterly revenue rose to 9.7 million euros from 9.3 million euros a year earlier, but profitability improved faster than sales. Adjusted EBITDA increased to 4.1 million euros, equal to 42.0% of revenue, from 3.7 million euros and 39.6% a year earlier 1. Reported EBIT rose to 3.0 million euros from 2.5 million euros, and quarterly net profit increased to 2.3 million euros from 1.9 million euros 8 17.
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Revenue | 9.7 17 | 9.3 17 | 4.1% |
Recurring revenue | 9.4 16 | 9 16 | 4.5% |
Adjusted EBITDA | 4.1 16 | 3.7 16 | 10.4% |
EBIT | 3 17 | 2.5 17 | 19.4% |
Profit for the period | 2.3 17 | 1.9 17 | 19.8% |
Adjusted EBITDA and adjusted EBIT are company-reported alternative performance measures.
The quarter also benefited from non-recurring items. Admicom stated that the 0.2 million euro adjustments were mainly related to the release of provisions connected to the change negotiations, and that these had a positive effect on EBITDA 1 7. In addition, the income statement notes that a deferred revenue correction of 0.1 million euros from previous financial years was recognized in other operating income during Q3 17.
Revenue growth was positive, but still constrained by billing-model transition
Admicom’s growth profile remained stable rather than strong. ARR increased by 5.3% to 38.6 million euros in Q3 2026, recurring revenue rose by 4.5% to 9.4 million euros, and total revenue increased by 4.1% to 9.7 million euros 1. Management linked ARR growth partly to price increases implemented during the quarter 7.
At the same time, the ongoing billing-model transition continued to hold back reported growth. Admicom said the decline in annual adjustment fees reduced ARR growth by about 1.9 percentage points, recurring revenue growth by about 1.7 percentage points, and total revenue growth by about 1.6 percentage points in Q3 2026 7. Revenue in the quarter included no annual adjustment fee revenue, compared with 0.2 million euros in Q3 2025 7.
The company is moving Ultima ERP and accounting-services customers to a new billing model where annual adjustment fees are gradually incorporated into monthly invoices 6 7.
This transition is expected to lower annual adjustment fee revenue materially in 2026 versus 2025, creating a temporary drag on reported growth even if underlying recurring business develops more steadily 7.
The business mix therefore makes ARR and recurring revenue particularly important indicators for reading Admicom’s operational momentum in 2026 2.
The nine-month picture was more mixed than the quarter
While Q3 itself was strong, the January-September picture remained more mixed because first-half performance had been weaker and one-off costs weighed on reported earnings. In 1-9/2026, revenue rose 2.6% to 29.0 million euros and recurring revenue increased 3.4% to 28.0 million euros. Adjusted EBITDA rose 7.1% to 9.8 million euros, but reported EBITDA fell 2.0% to 8.9 million euros and reported EBIT declined 8.5% to 5.1 million euros 1 8.
1-9/2026 | 1-9/2025 | Change | |
|---|---|---|---|
Revenue | 29 17 | 28.2 17 | 2.6% |
Recurring revenue | 28 3 | 27.1 3 | 3.4% |
Adjusted EBITDA | 9.8 3 | 9.1 3 | 7.1% |
EBIT | 5.1 17 | 5.6 17 | -8.5% |
Profit for the period | 3.4 17 | 3.9 17 | -12.5% |
Adjusted EBITDA is the company’s reported alternative performance measure.
The reason for the divergence between adjusted and reported profit was mainly restructuring-related. Admicom said that 1-9/2026 personnel expenses included 0.8 million euros of non-recurring costs from the change negotiations, with another 0.2 million euros booked in other operating expenses 17. In addition, financial expenses included a 0.3 million euro write-down of a loan receivable granted at the end of 2024 8 17.
Cost actions improved efficiency, but the market recovery remained slow
Management’s strategic message was that profitability has improved after the organizational measures taken earlier in the year, but end-market conditions are still far from robust. The report described the market as recovering slowly and said uncertainties around the timing of the recovery had increased, particularly in residential construction 1 6.
The cost base was clearly lighter by Q3. Personnel expenses in Q3 2026 were 3.6 million euros, down from 4.2 million euros a year earlier, according to the income statement 17. Headcount at the end of September was 281, down from 315 a year earlier and down by 29 employees from the end of 2025 9. During the change negotiations, 38 employment relationships were terminated 9.
Profitability was helped by revenue growth and the completed change negotiations 7 8.
Growth was still pressured by high customer terminations linked to bankruptcies, insolvencies and market consolidation, especially around late 2025 and the first half of 2026 6.
Admicom also noted that its tighter strategic focus on construction-industry customers could itself increase customer churn in non-core industries 6.
Cash generation and balance sheet remained strong
Despite weak market conditions and restructuring costs, Admicom’s financial position remained solid. As of September 30, 2026, cash and cash equivalents were 9.7 million euros, up from 7.3 million euros a year earlier, while net debt was negative 9.6 million euros and net gearing negative 29.1% 9 3. Equity stood at 33.0 million euros and the equity ratio was 86.5% 9.
Operating cash flow stayed resilient. In Q3 2026, cash flow from operating activities was 2.5 million euros, unchanged from Q3 2025, and total quarterly cash flow was 2.2 million euros 8. For 1-9/2026, cash flow from operating activities was 7.5 million euros versus 7.2 million euros a year earlier, while total cash flow was 0.5 million euros versus negative 2.0 million euros in the comparison period 8 9.
The balance sheet also reflects shareholder distributions and capital allocation actions during the year. Admicom used 4.0 million euros for share buybacks in the first half, repurchasing and cancelling 125,022 shares, and paid 1.6 million euros in dividends during the review period 1 9 21.
Guidance points to modest growth for full-year 2026
Admicom maintained the guidance it had updated on June 8, 2026 after the profit warning. For 2026, ARR is expected to grow by 3% to 10%, total revenue by 2% to 6% from the 2025 level, and adjusted EBITDA is expected to be 31% to 36% of revenue 6. The report also explicitly reminded investors that the company had lowered its growth guidance in June 2026 2.
By the end of Q3, Admicom had already reached ARR of 38.6 million euros, up from 37.8 million euros at the end of 2025, and had generated 29.0 million euros of revenue for 1-9/2026 against 37.7 million euros for full-year 2025 3 6. Adjusted EBITDA margin for the first nine months was 33.7%, which sits inside the full-year guidance range 1 6.
Conclusion
Admicom’s Q3 2026 report was operationally encouraging. Growth remained moderate because of the slow recovery in construction and the temporary drag from the billing-model transition, but the quarter showed that pricing, cost actions and a leaner organization can lift margins meaningfully even in a muted market 6 7. The combination of improving quarterly profitability, resilient cash generation and a debt-free balance sheet left Admicom entering the final quarter of 2026 from a financially strong position 9.
Sources
Admicom Oyj · July – September 2026 (Q3) summary: · p. 1
Admicom Oyj · Financial development July – September 2026 (Q3) · p. 7
Admicom Oyj · January – September 2026 · p. 8
Admicom Oyj · INCOME STATEMENT, GROUP · 2026 · p. 17
Admicom Oyj · Outlook Financial guidance for 2026 (updated June 8, 2026) · p. 6
Admicom Oyj · interim report 2026 Q3 - admicom · p. 2
Admicom Oyj · Balance sheet and financing · 2026 · p. 9
Admicom Oyj · balance sheet · 2026 · p. 3
Admicom Oyj · CASH FLOW STATEMENT, GROUP (cont.) · 2026 · p. 21