Omda (OMDA) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and profitability in Q4 and full year 2025, with Q4 revenue of NOK 135 million and full-year revenue of NOK 496 million, exceeding guidance and showing 16% year-over-year growth.

• EBITDA margin for FY 2025 reached 24%, more than doubling from 2024, reflecting improved scalability and integration of acquisitions.

• AI integration shifted from experimental to operational, driving efficiency, productivity, and a structural shift in development costs across business units.

• Decentralized organizational model and stable, long-term healthcare and emergency response markets provide multi-year visibility and low exposure to short-term volatility.

• Recurring revenue remains high, with 93% of Q4 2025 revenue classified as recurring, including professional services.

Financial highlights

• Q4 2025 revenue reached NOK 135.1 million, up 17% year-over-year; EBITDA NOK 31.4 million, margin 23%.

• Full year 2025 revenue NOK 496 million, up 16% from 2024, exceeding guidance; full year EBITDA NOK 117 million, margin 24%.

• Net profit for FY 2025 was NOK 6.6 million, a turnaround from a loss of NOK 66.7 million in 2024.

• Hardware sales doubled year-over-year, yet gross margin improved as COGS declined.

• Cash EBITDA (EBITDAC) for 2025 was NOK 70 million.

Outlook and guidance

• 2026 revenue guidance: NOK 500–525 million, with EBITDA margin 28–32%.

• CapEx expected below 10% of revenue, targeting 9% for 2026 and declining to ~5% over time.

• Organic growth target 5–10%, inorganic (M&A) growth 10–20%, with long-term ambition of 15–30% annual growth.

• EBITDA margin target above 30% over the next five years.

• Revenue base projected to grow steadily through 2030, with M&A contributing significantly.