Slides
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Q3 2025 interim report 9 October 2025 Simo Leisti, CEO Satu Helamo, CFO Admicom Oyj Build Better. Together!
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Q3 key takeaways • Annual recurring revenue (ARR) increased by 7.8% and was EUR 36.7 million (34.0) • Revised guidance for Annual Recurring Revenue (ARR) and revenue for the current year. • Adjusted EBITDA increased by 2.3% ja was EUR 3.7 million (3.6). • Very strong cash flow from operating activities: EUR 2.5 million (1.8). • Leading indicators in the core construction markets remain weak. • Operational acceleration in multiple areas to speed up our execution. • Henna Kotilainen started as a Chief Strategy Officer (CSO). • Admicom Oyj will host a Capital Markets Day on the 2nd of Dec 2025 in Helsinki.
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial outlook for 2025 – Satu Helamo Q&A
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial Outlook for 2025 – Satu Helamo Q&A
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Q3 Customer cases Highlights: • New portfolio pricing launched with first deals in. • 70+ new customers acquired. • Multiple competitive replacements won from existing ERP vendors. • High volume of cross- and up-sell opportunities but lower average deal size. RaksaTalk-podcast series How to grow 50% in a challenging market? Customer case: Franklin Oy
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Save the date: Nordic Construction Forum 2026 Build Better. Together. The highly anticipated Nordic Construction Forum returns. The 2026 event will be held on Tuesday, February 10, 2026 at the Conference Wing of Messukeskus Helsinki. The event will feature key themes from the construction industry and offer opportunities to network with other professionals in the field. Check the preliminary agenda and reserve your spot at the leading event for the construction industry’s trailblazers! admicom.com/fi/nordic-construction-forum-2026 LUE LISÄÄ JA REKISTERÖIDY
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial outlook for 2025 – Satu Helamo Q&A
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First choice of partner in the European construction software ecosystem Our vision
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Our mission 2030: Build better. Together! 100M€ ARR Our customers are +25% more productive than their peers Comprehensive AI-enabled platform Present in numerous markets Best workplace Superior customer and employee experience
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1. Growth acceleration 2. Internationalization 3. Unified platform experience 4. Target operating model 5. Equity story and incentives 6. Winning culture, teams and talent 7. Accounting service of the future Strategy execution streams 2030: 100M ARR “First choice of partner in the European construction software ecosystem”
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1. Growth acceleration 2. Internationalization 3. Unified platform experience 4. Target operating model 5. Equity story and incentives 6. Winning culture, teams and talent 7. Accounting service of the future Accelerating the execution 1. Increasing customer activities 2. Exploring opportunities outside Finland 3. Accelerating cross-functional capabilities 4. Finalizing Finnish subsidiary mergers 5. Concretizing our strategic plan (CMD) 6. Skills development and culture work 7. Multiple automation initiatives and more customer-centric delivery model
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial outlook for 2025 – Satu Helamo Q&A
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On average +2% revenue growth y/y in first seven months of 2025 against extremely low comparison point. Leading indicators of the contruction sector remain low, but direction is cautiously positive Interest rate development Household purchasing power strenghtening Consumer confidence remains low Economists’ estimation for construction sector value-add growth for 2026 only 3,5%. Impacts for Admicom Admicom’s customers have grown at higher speed compared to market. Average deal sizes remain below targeted. Churn remains elevated, especially for insolvency-reasons. With higher industry growth rates, positive impacts for Admicom in the future include e.g. Reduced churn due to insolvencies More positive net upsell through added users, higher amount of construction projects and increased customers’ revenue Expectations for faster market recovery postponed * Sources: Statistics Finland, Confederation of Finnish Industries Revenue in construction, % change y/y
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Adjusted EBITDA in euros above comparative period and relatively only modestly below – negative impact on profitability from high investment strategy phase starting to even out. EBITDA improvement and good management of working capital leading to strong operative cash flow before financial items and taxes. Sales bookings +6% compared to Q3’24 - not fully satisfied and some below target sales numbers difficult to catch up in last quarter. Product penetration in current customer base flat but number of new customers developed well. Ultima and Accounting billing model change is progressing as planned – first billing for October with new model completed. New customer amount at decent level throughout the year but churn downsizing net new logos. Lot of M&A and other restructuring related churn in Q3. Number of insolvencies rising in customer terminations impacting future periods. Good progress with profitability and cash flow, sales results affected by market and operational changes +6% sales bookings 39.6% Adjusted EBITDA >400 Customers transferred into new billing model +22% improvement in operative cash flow
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Key figures of Q3 2025 Recurring revenue growth 8.7%* (8.1%) Revenue growth 7.0%* (5.8%) Adjusted EBITDA 39.6% (41.4%) Recurring revenue of total revenue 97% (95%) Customer churn LTM 6.7% (FY2024: 5.6%) ARR growth 7.8%* (4.2%) * Impact of inorganic Bauhub acquisition: ARR growth +5.4 %-points, recurring revenue +5.4 %-points and revenue +5.1 %-points Figures in brackets represent the comparatives from Q3 2024.
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Key financials Q3 (EUR 1,000) Q3 2025 Q3 2024 VAR y/y Q2 2025 VAR q/q 1-9 2025 1-9 2024 VAR y/y ARR 36,672 34,026 7.8% 35,689 2.8% 36,672 34,026 7.8% Recurring revenue 8,966 8,246 8.7% 9,342 -4.0% 27,101 25,255 7.3% % of revenue 96.5% 95.0% 96.4% 95.9% 94.4% Revenue 9,288 8,679 7.0% 9,688 -4.1% 28,245 26,764 5.5% Adjusted EBITDA 3,677 3,594 2.3% 3,096 18.8% 9,121 9,891 -7.8% % of revenue 39.6% 41.4% 32.0% 32.3% 37.0% Adjustments to EBITDA/EBIT - - - 81 81 EBITDA 3,677 3,594 2.3% 3,096 18.8% 9,040 9,810 -7.8% % of revenue 39.6% 41.4% 32.0% 32.0% 36.7% Adjusted EBIT 2,509 2,642 -5.0% 1,935 29.7% 5,672 7,044 -19.5% % of revenue 27.0% 30.4% 20.1% 20.1% 26.3% EBIT 2,509 2,642 -5.0% 1,935 29.7% 5,591 6,963 -19.7% % of revenue 27.0% 30.4% 20.0% 19.8% 26.0% Profit for the period 1,881 1,912 -1.6% 1,292 45.6% 3,850 4,901 -21.4% % of revenue 20.3% 22.0% 13.3% 13.6% 18.3% Earnings per share, EPS, EUR 0.37 0.38 -2.2% 0.26 44.2% 0.77 0.98 -21.8% Number of employees, end of the period 315 289 9.0% 313 0.6% 315 289 9.0% • Q3’25 adjusted EBITDA absolutely above comparative period. • Relatively only -0.7%-points below comparative period considering the negative impact of ramping down exernal software services revenue • Q3’25 EBIT 5% below comparative period due to increase in goodwill amortizations from Bauhub acquisition • Seasonality between quarters shows in: • Q2 revenue – majority of annual adjustment fees invoiced • Q3 profitability – c. 1/3 of adjustment fees invoiced plus costs down due to summer holidays • Headcount nearly flat against previous quarter
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29,6 30,0 30,7 31,6 32,6 32,5 33,8 33,7 34,0 35,7 35,6 35,7 36,7 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ARR trend +7.8% Q3 q/q growth +2.8%. Adjustment fees’ negative impact evening out.
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ARR bridge M&A in 2024 includes Trackinno & Bauhub
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial outlook for 2025 – Satu Helamo Q&A
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Updated financial outlook On October 8, Admicom issued a profit warning related to the growth related guidance. Additionally, the guidance range for Adjusted EBITDA was narrowed down. Original guidance: ARR growth 8-14% Revenue growth 6-11% Adjusted EBITDA 31-36% of revenue Updated guidance: ARR growth 6-10% Revenue growth 5-8% Adjusted EBITDA 31-33% of revenue Main drivers for the guidance revision: • Market recovery in Finland unexpectedly slow impacting also the development of revenue from customers already transitioned to the new billing model • Organizational and operating model changes causing temporary slowness with sales and product development especially in Q3
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Outlook for 2025 updated on October 8 Growth drivers + Ultima billing model change + New and up/cross sell opportunities improving with company’s own actions, but not supported by the market + Bauhub acquisition impact on revenue minimum 4% – Market recovery slower than anticipated – Churn expected to remain elevated due to market circumstances – Annual adjustment fees expected to reduce from 1.4m to 0.8-1.0m – External software development revenue expected to decline by 0.5m Profitability drivers + Reallocating of resources instead of headcount increases + Continuous cost management – Slowness in market recovery challenging topline growth – Reduction in adjustment fees and external software development revenue – Bauhub’s lower profitability in Estonia & investments into platform integration and launching Bauhub in Finland – Investments from 2024 fully in the cost base, low sales resourcing fixed in the beginning of 2025 ARR growth 6-10% (2024: 35.7m) Total revenue growth 5-8% (2024: 35.6m) Adjusted EBITDA* 31-33% (2024: 34.8%) * Adjustments are material items outside the normal course of business related to e.g. acquisitions or other one-off transactions.
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• Focus on our strategic development and direction for the future • Further information and registration in IR website
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Agenda Customer cases – Simo Leisti Admicom strategy execution - Simo Leisti Q3 2025 financials - Satu Helamo Updated financial Outlook for 2025 – Satu Helamo Q&A
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Build Better. Together!