Achieved strong new customer acquisition, with notable uptake in Bauhub and Ultima platforms, and increased multi-product adoption among clients.
Advanced AI development with pilots in construction site operations, expanding to 15 companies in Q3 and commercial rollout planned for autumn.
Strategic focus on growth acceleration, internationalization, unified platform experience, and a new billing model to phase out annual adjustment fees.
Organizational changes and leadership transitions, including new Chief Strategy Officer and CEO appointments, and restructuring to support growth.
Bauhub acquisition and Aitio Finland Oy minority share buyout completed, boosting ARR and revenue.
Q2 2025 revenue up 2.2% year-over-year to EUR 9.7 million; recurring revenue up 4.3% to EUR 9.3 million; ARR reached EUR 35.7 million, up 6.0% year-over-year.
Adjusted EBITDA margin was 32.0% in Q2 2025, down from 38.4% in Q2 2024; adjusted EBIT margin 20.0% (down from 28.4%).
Profit for the period was EUR 1.29 million, down 32.6% year-over-year; EPS EUR 0.26, down 31.6%.
Recurring revenue comprised 96% of total revenue, up from 94% a year ago.
Cash flow from operating activities in H1 was EUR 4.7 million, down from EUR 5.9 million a year earlier.
2025 guidance: ARR growth of 8–14%, total revenue growth of 6–11%, and adjusted EBITDA margin of 31–36%.
Market recovery expected to remain slow, with moderate reduction in churn and downsell anticipated.
New billing model for Ultima and accounting services to be phased in from Q4 2025, expected to support ARR growth and reduce annual adjustment fees to EUR 0.8–1.0 million.
One-third of customers to transition to the new billing model in Q4; full transition expected within 12 months.
Churn rate expected to remain at H1 levels due to continued high insolvencies in the construction sector.
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