Q2 2026 Omda AS Earnings Call Transcript
Key Points
- Reported strong Q2 2026 results with revenue of NOK127 million, a 9% organic growth, and an EBITDA margin increase to 25% from 19% year-over-year.
- High earnings quality with 97% recurring revenue and 76% software share of recurring revenue, ensuring predictable cash flows.
- The transformative acquisition of Saab Public Safety Solutions is expected to close in Q4 2026, expanding Omda AS (STU:6Q1)'s presence in the UK and strengthening its emergency value chain platform.
- Recent additional contracts worth SEK60 million with Saab SAFE customers are expected to lift the annual revenue base above SEK100 million, exceeding initial expectations.
- AI adoption is driving efficiency, reducing capitalized development costs (CapEx down to 7% in Q2), and supporting the company's guidance to lower CapEx from 10% to 5% of sales over time.
- Clear long-term growth strategy with organic growth of 5-10% and inorganic growth of 10-20% annually, supported by a strong pipeline of M&A opportunities.
- Foreign exchange headwinds negatively impacted reported revenue growth, with organic growth of 9% versus reported growth of 5%, due to a stronger Norwegian krone.
- The company's guidance for 2026 revenue of NOK500-525 million is likely to be at the lower end due to FX headwinds.
- The LIMS and Blood Management segment is still in an investment phase, with CapEx near 20% of segment revenue, leading to a thin EBITDA minus CapEx margin.
- Professional services revenue was weak in Q1 2026, and while it recovered in Q2, the company had to divert senior staff to AI initiatives, impacting short-term service delivery.
- The company's net debt to EBITDA ratio is targeted around 3x, which may increase temporarily due to the Saab acquisition, potentially limiting financial flexibility.
- The success ratio on public tenders is not a primary focus, and the company acknowledges it lost a recent tender to a competitor, indicating potential competitive pressures in selective opportunities.
Good morning, and welcome to Omda's presentation of the results for the second quarter of 2026. We have two important themes today. We have the mission criticality of our software platforms and the predictable business.
And I am Sverre, the CEO of Omda. And as usual, I have my colleague and CFO, Einar, beside me, primarily to make sure that I don't get too optimistic. Today, we are going to talk about two important things in our business. It is the division between Specialised Healthcare and Emergency. That is vital when it comes to understanding Omda's business in the next years.
So we divided this business into these two. And I think let's start by letting Einar explain the rock and roll version of our numbers for the second quarter. Einar?
Thank you, Sverre. The numbers overall, income of NOK127 million and with an EBITDA margin of 25% and an organic growth quarter over quarter of 9%. So overall, strong numbers. The Emergency comprises 44%
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