Administer (ADMIN) Q1 2026 earnings summary

Executive summary

• Revenue/net sales for Q1 2026 were €17.8 million, down 6.3% year-over-year due to a challenging market environment.

• EBITDA declined to €1.2 million from €2.0 million, with profitability impacted by market conditions and goodwill amortization.

• The Sarastia acquisition was completed, making the group the largest payroll and financial administration services provider for the public sector in Finland.

• Efficiency and profitability improvement measures, including workforce adjustments and cost optimization, are underway, with full effects expected in the second half of 2026.

• Management expects a record year in revenue/net sales and EBITDA despite a challenging start.

Financial highlights

• Q1 2026 revenue/net sales was €17.8 million, down from €19.0 million year-over-year.

• EBITDA was €1.2 million (6.8% of revenue), compared to €2.0 million (10.7%) in Q1 2025.

• Operating profit was -€0.4 million, impacted by €1.0 million in acquisition-related goodwill amortization.

• EPS was -€0.06, compared to €0.02 in the prior year.

• Average personnel decreased by 9.8% to 940.

Outlook and guidance

• Full-year 2026 revenue/net sales is projected at €105–115 million, with EBITDA expected between €6.5–9.0 million.

• Management expects the impact of efficiency measures to be fully realized in the second half of the year.

• Despite a slow start, a record-breaking year in both net sales and EBITDA in euros is anticipated.