adesso (ADN1) Q3 2026 earnings summary

Executive summary

• 9M sales rose 13% to €1,217.3m, almost entirely from organic growth; EBITDA increased 26% to €98.4m.

• Q3 sales grew 14% to €423.1m; EBITDA rose 30% to €52.6m, with a 12.4% margin.

• 9M consolidated earnings reached €11.6m versus €3.0m; EPS was €2.14 versus €0.53.

Financial highlights

• 9M gross profit rose 12% to €1,009.6m; personnel costs increased 10% to €812.5m and other operating expenses rose 3% to €118.1m.

• Material costs increased 22% to €207.7m, primarily reflecting externally procured project services.

• 9M EBIT was €39.8m versus €23.9m; EBT reached €27.2m versus €13.3m.

• Operating cash flow improved to €22.1m from -€6.9m; Q3 operating cash flow was €50.2m versus €31.8m.

Outlook and guidance

• FY 2026 guidance remains sales of €1.60–1.70bn and EBITDA of €130–150m; 9M results represented 72–76% and 66–76% of the respective ranges.

• Both guidance ranges are considered well within reach, supported by high utilisation, solid order intake and a gradual German recovery.

• Further growth is anticipated in Q4 and the medium term, with demand for generative AI offerings and AI-supported development among the growth drivers.

• Two additional Q4 working days are offset by prior-year product licence sales that are not expected to recur at the same level; year-end deals remain possible.