Q2 2026 adesso SE Earnings Call Transcript
Key Points
- Adesso SE (ADSGF) achieved a strong 13% revenue growth to EUR794.3 million in H1 2026, despite a challenging German economic environment.
- EBITDA improved by 21% to EUR45.8 million, driven by strong organic sales growth and a disproportionately lower increase in other operating expenses.
- Utilization has significantly improved since May, with July recording the strongest utilization since 2024, indicating a positive trend for the second half.
- The acquisition of Omnius, an AI-driven claims management solution, is expected to enhance Adesso SE (ADSGF)'s insurance portfolio with efficiency gains of 35% and a 4 percentage point improvement in claims ratio.
- The company confirms its full-year guidance for revenue growth of 9-16% and EBITDA improvement, with a strong order entry and a book-to-bill ratio greater than one.
- Adesso SE (ADSGF) is successfully decoupling revenue growth from headcount growth, leveraging AI and shoring to improve efficiency and margins.
- Q2 EBITDA declined by EUR2 million year-over-year, impacted by a weak April and seasonal vacation effects in Germany.
- The company recorded an extraordinary write-off of EUR3.4 million related to intangible assets and goodwill at its subsidiary Material One, reflecting a less optimistic business case in the automotive supply chain.
- Net working capital increased by 22% year-over-year, leading to a negative operating cash flow of EUR28 million in H1 2026.
- The tax rate for H1 was unusually high at -194%, due to non-deductible write-offs and a higher portion of earnings expected in the second half.
- The automotive sector experienced a 16% decline in revenue, and the company faces tough competition and price pressure in some areas, limiting daily rate increases.
- The IT solutions segment, including the new Omnius acquisition, is still loss-making, with a target to reach break-even only by next year.
So, once again, good morning, everybody. This is Martin Mullen of Adeso IR speaking. First of all, I'd like you to thank you for joining our Q2 and Half Year 1 earnings call regarding our half-year report we have published today.
Within our release this morning, you found Adeso keeping up its fast organic growth pace with 30% in sales to eur794.3 millionos.
The operating result was improved by 21% to Euro Eur45.8 milliono. This is 8 million more than last year's EBITDA contribution.
Since the second-half of the year in Germany provides a significantly larger number of working days than the first half, a larger portion of EBITDA contribution is expected to be earned later in the year.
And there is more good news, utilization improved noticeably since May.
I now like to welcome as well our CFO, Michael Knob, who will give us a deeper insight into the figures of the first half of the year and of course the outlook for the remainder of the current year.
As always, I'd like you to mute yourself
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