Vincit (VINCIT) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 12.3% YoY to €12.6m; adjusted EBITA was -€0.2m, or -1.7% of revenue, as project starts lagged and utilization weakened. September utilization improved but did not offset July–August weakness.

• Turnaround progress depends on winning larger projects, reversing revenue declines, and continuing cost-efficiency measures; annual cost savings of ~€2m are targeted in 2027.

Financial highlights

• 9M revenue declined 14.5% YoY to €43.9m; adjusted EBITA was -€0.1m, EBITA -€0.7m, and EBIT -€1.1m.

• 9M net loss narrowed to €1.4m from €2.9m; basic EPS improved to -€0.08 from -€0.17.

• Q3 EBITDA was €0.6m, down 35.2% YoY; 9M EBITDA rose 9.7% to €1.8m.

• 9M items affecting comparability were -€0.6m, mainly change negotiations, restructuring, and the Data Clinic business acquisition.

Outlook and guidance

• 2026 outlook unchanged: adjusted EBITA margin expected to improve from 2025.

• 2025–2027 targets include 10% adjusted EBITA margin by 2027, 10% organic revenue growth in 2026–2027, equity ratio above 50%, and net debt-to-EBITDA below 2.

• Commercial priorities include securing larger projects and strengthening expertise; targeted annual cost savings are ~€2m in 2027.