Omda (OMDA) Q2 2025 earnings summary

Executive summary

• Achieved 16% year-over-year revenue growth in Q2 2025, reaching NOK 121.3 million, with organic growth at 7% in local currency and all business areas performing strongly.

• EBITDA margin improved to 19% in Q2 2025, more than doubling from the previous year, and year-to-date margin at 20%.

• Recurring revenue increased 16% to NOK 96 million, now 79% of total revenue, enhancing predictability and long-term value.

• Business model is highly diversified, with over 750 active contracts in 26 countries and a focus on specialized healthcare and emergency response software.

• Recent acquisitions and contract wins, especially in Sweden, have strengthened the emergency and connected imaging business areas.

Financial highlights

• Q2 2025 revenue reached NOK 121.3 million, up from NOK 104.5 million in Q2 2024, with recurring revenue and professional services both up 16%.

• Organic growth in constant currency at 7%, within the guided range of 5%-10%.

• EBITDA for Q2 2025 was NOK 23 million, with a margin of 19%, and year-to-date margin at 20%.

• Recurring revenues reached a record NOK 96 million in Q2, with a run rate of NOK 384 million and less than 2% annual churn.

• Gross margin approaching 95% as COGS reduced to 5.8%; OPEX below 15% for the second consecutive quarter.

• CAPEX remains around 10% of revenue, primarily invested in in-house software development.

• Net working capital at a record low of -23% in Q2, supporting strong cash focus.

Outlook and guidance

• Full-year 2025 revenue guidance is NOK 460–485 million, with 2026 guidance at NOK 500–525 million, assuming no new acquisitions.

• EBITDA margin guidance for 2025 is 23–27%, with H1 at 18–22% and H2 at 25–35%.

• Target organic growth of 5–10% and inorganic growth of 10–20% per year, with prudent M&A strategy.

• Second half of 2025 expected to deliver EBITDA margin around 30%, setting the run rate for 2026.