Admicom (ADMCM) Q2 2026 earnings summary

Executive summary

• Profitability remained strong with adjusted EBITDA margin at 31% in Q2 2026, despite a challenging construction market and slow recovery, particularly in the residential sector.

• Sales bookings grew 17% year-over-year, reflecting improved sales tactics and performance.

• Profit warning issued in June 2026 due to slow market recovery, high customer churn, and lowered H2'26 growth expectations.

• Strategic focus on AI-driven product development, international expansion, and organizational transformation.

• Change negotiations resulted in 38 roles discontinued and 60 roles affected, incurring EUR 1 million in one-off expenses.

Financial highlights

• ARR grew 4.1% year-over-year to EUR 37.1 million, with recurring revenue up 0.4% and total revenue up 0.2% to EUR 9.7 million in Q2.

• Adjusted EBITDA margin at 31% (Q2 2025: 32%), with adjusted EBITDA of EUR 3.0 million in Q2.

• Net profit for Q2 was EUR 0.2 million, down 85.7% year-over-year; EPS at EUR 0.04.

• EUR 1 million in one-off restructuring costs and a write-down of a loan receivable due to customer bankruptcy.

• Recurring revenue comprised 97% of total revenue.

Outlook and guidance

• 2026 guidance revised: ARR growth 3–10% (was 6–12%), total revenue growth 2–6% (was 5–10%), adjusted EBITDA margin 31–36%.

• Market uncertainty remains high, with continued risk of customer bankruptcies and elevated churn.

• H2 expected to benefit from price increases and new product launches, but cost base may be affected by recruitment timing and external spend.