Admicom (ADMCM) Q3 2026 earnings summary

Executive summary

• Q3 sales bookings grew 17% YoY; ARR rose 5.3% and revenue 4.1%, while adjusted EBITDA margin reached 42.0%.

• Elevated churn and uneven construction-market recovery continued to constrain growth visibility; successful customer implementations and churn mitigation remain important for year-end ARR.

Financial highlights

• Q3 revenue was €9.669m, up 4.1% YoY; recurring revenue rose 4.5% to €9.367m and represented 96.9% of revenue.

• ARR was €38.615m, up 5.3% YoY; Q3 adjusted EBITDA increased 10.4% to €4.059m, with a 42.0% margin versus 39.6%.

• Q3 profit for the period was €2.254m, up 19.8%, and EPS was €0.46, up 22.9% YoY.

• 9M revenue rose 2.6% to €28.990m and adjusted EBITDA increased 7.1% to €9.767m; 9M profit declined 12.5% to €3.367m.

• Q3 revenue was flat QoQ, partly reflecting lower annual adjustment fees; Q2 fees exceeded Q3 by ~€250,000.

Outlook and guidance

• FY 2026 guidance remains ARR growth of 3%–10%, revenue growth of 2%–6% and adjusted EBITDA margin of 31%–36%; growth ranges were lowered in June from 6%–12% and 5%–10%.

• Year-end ARR development depends on customer implementation timing and successful churn mitigation; sales bookings typically convert to revenue after an average three-month delay for Ultima and business services.

• Billing-model transition is expected to reduce annual adjustment fees by €0.5–0.9m from 2025’s €1.0m level, temporarily weighing on 2026 growth and profitability.

• Q4 hiring plans target 8–10 recruits; some roles may be deferred or filled with external services. System architecture implementation is expected to start in Q1 2027, with first-year costs estimated at a few hundred thousand euros.