Omda (OMDA) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and FY 2025 revenue of NOK 135 million and NOK 496 million, respectively, with 16% year-over-year growth and strong profitability, establishing a robust operational baseline for 2026.

• AI initiatives transitioned from experimental to core operations, driving efficiency, productivity, and a structural shift in development costs.

• Recurring revenue remains high, with 93–95% of Q4 2025 revenue classified as recurring, including professional services.

• Decentralized organization and closer customer engagement improved predictability and business strength.

• Operates in stable, long-term healthcare and emergency response markets, providing multi-year visibility and low exposure to short-term volatility.

Financial highlights

• Q4 2025 revenue: NOK 135 million, up 17% year-over-year; EBITDA: NOK 31 million, margin 23%.

• FY 2025 revenue: NOK 496 million, up 16% year-over-year, exceeding guidance; EBITDA: NOK 117 million, margin 24%.

• Hardware sales doubled in 2025, contributing to record results; gross margin improved despite hardware mix.

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

• CapEx for 2025: NOK 47 million (slightly less than 10% of revenue); cash EBITDA (EBITDAC): NOK 70 million.

Outlook and guidance

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

• CapEx guided at 9–10% of revenue for 2026; cash EBITDA margin expected to exceed EBITDA margin.

• Organic growth target: 5–10% (including CPI); inorganic growth target: 10–20% via acquisitions.

• Long-term EBITDA target: above 30%; CapEx to shrink to 5% of revenue over five years.

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