Omda (OMDA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached NOK 127 million, with 9% organic growth quarter-over-quarter and a 25% EBITDA margin, up from 19% last year.

• Business is focused on mission-critical software for specialized healthcare (56% of income) and emergency (44%), both highly predictable and supported by long-term contracts.

• The acquisition of Saab Public Safety Solutions is a transformative event, expanding the emergency platform, increasing UK sales from 2% to 15%, and expected to significantly boost revenue from 2027.

• Portfolio is now centered on two principal markets, with scalable growth supported by AI adoption and disciplined investment.

• Recurring revenue remains high at 97%, with software recurring revenue at 76%.

Financial highlights

• EBITDA increased to NOK 32 million in Q2 2026, with a margin of 25%, up from NOK 23 million and 19% in Q2 2025.

• CapEx reduced to 7% of sales, improving Cash EBITDA margin to 18% from 9% last year.

• FX headwinds reduced reported growth to 5%, though organic growth at constant currency was 9%.

• Professional services rebounded after a weak Q1, contributing NOK 25.3 million, with about 90% recurring.

• Cash from operations and cash conversion are strong, with no operational need for external financing.

Outlook and guidance

• 2026 revenue guidance is NOK 500–525 million, likely at the lower end due to FX headwinds, with EBITDA margin guidance at 28%–32%.

• Organic growth expected at 5%–10% annually, with inorganic (M&A) growth targeted at 10%–20%.

• AI adoption is expected to further reduce CapEx and improve efficiency, supporting margin targets without increasing FTEs.

• Combined business with Saab Public Safety Solutions expected to deliver EBITDA margin of 28–32% in 2027.