Omda (OMDA) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of NOK 121 million, up 15% year-over-year, with 12% growth in recurring revenue and less than 2% churn.

• EBITDA margin expanded to 22% from 14% in Q1 2024, reflecting successful decentralization and operational improvements.

• Completed acquisitions of Dermicus and Aweria, expanding product offerings and customer base.

• Marked 20 years in operation, reinforcing market leadership in the Nordics.

• All business areas performed well, with key numbers in line with guidance.

Financial highlights

• Q1 recurring revenue reached NOK 93 million, with an annual run rate of NOK 373 million, a new record.

• Total revenue: NOK 121.4 million (Q1 2025) vs NOK 105.6 million (Q1 2024), +15%.

• EBITDA: NOK 26.5 million (22% margin) vs NOK 15.0 million (14% margin) in Q1 2024.

• CapEx at 8% of revenue, NOK 9.8–10.4 million, below guidance.

• Net working capital at -23% of sales, among the best in four years.

Outlook and guidance

• Maintains 2025 revenue guidance of NOK 460–485 million and EBITDA margin guidance of 23–27%.

• 2026 revenue guidance at NOK 500–525 million (organic, no new acquisitions).

• Expects stronger EBITDA in the second half of 2025 and targets a 30% EBITDA margin by 2026.

• Visibility for 2025 and 2026 is high, with close to 90% of revenue considered recurring or semi-recurring.

• Guidance for net debt-to-EBITDA ratio is expected to be below 3x by 2026.