adesso (ADN1) Q2 2026 earnings summary

Executive summary

• Revenue grew 13% year-over-year to €794.3 million in H1 2026, driven by strong organic expansion and sector-specific IT and AI solutions.

• EBITDA increased 21% to €45.8 million, with margin improving to 5.8% from 5.4% in H1 2025.

• Headcount grew 7–9% to over 11,500 FTEs, supporting expansion across sectors and regions.

• Acquisition of omni:us strengthens AI-driven insurance solutions and cross-selling potential.

• GenAI business generated €73.7 million in new orders across 72 clients in seven countries.

Financial highlights

• Gross profit grew 12% to €663.3 million; personnel costs increased 12% to €550.6 million; material costs up 18% due to higher reliance on third-party suppliers and cloud/AI expenses.

• EBITDA margin improved to 5.8% in H1 2026.

• Net loss narrowed to €7.2 million (EPS: -€0.87), with Q2 affected by write-downs on goodwill and software (material.one).

• Net debt increased to €155.3 million; free cash flow improved but remained negative at -€68.9 million.

• Dividend of €0.78 per share paid in June 2026; equity ratio stable at 20.1%.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at €1.6–1.7 billion; EBITDA forecasted at €130–150 million.

• Majority of EBITDA expected in H2 due to improved utilization and more working days.

• Pipeline and order entry remain strong, with book-to-bill ratio above one and positive outlook for H2.

• IT services and software markets expected to grow, with digitalization and AI as key drivers.