adesso increases EBITDA by 26% to EUR 98.4 million after nine months / Sales grows strongly by 13% to EUR 1.22 billion / Earnings per share improve significantly to EUR 2.14 (previous year: EUR 0.53)

adesso increases EBITDA by 26% to EUR 98.4 million after nine months / Sales grows strongly by 13% to EUR 1.22 billion / Earnings per share improve significantly to EUR 2.14 (previous year: EUR 0.53)

• AI transformation and digitalisation initiatives are driving growth
• EUR 52.6 million (+30%) EBITDA in the third quarter of 2026 alone
• Consolidated profit after 9 months: EUR 11.6 million (previous year: EUR 3.0 million)
• Sales and EBITDA forecast ranges well within reach

With today’s publication of its Q3 2026 quarterly statement, adesso has demonstrated a significant improvement in earnings contributions following an expectedly strong third quarter of 2026 and is maintaining its high pace of growth. With capacity utilisation remaining high since the middle of the second quarter of 2026, digitalisation initiatives in most core sectors, together with the strong rise in business involving generative AI, generated sales of EUR 423.1 million. This corresponds to an acceleration in sales growth to 14% year-on-year. With an EBITDA margin of 12.4%, quarterly EBITDA rose by 30% to EUR 52.6 million. Cumulative nine-month sales increased by 13% to EUR 1,217.3 million, almost entirely through organic growth. The contribution to earnings rose disproportionately by 26% to EUR 98.4 million. This corresponds to a further improvement in the EBITDA margin to 8.1% (previous year: 7.3%). The number of full-time equivalent (FTE) staff had increased by just 4% to 11,578 as at the reporting date, a rise significantly less than the proportionate increase in turnover. The strategy to increase capacity utilisation and profitability was continued and takes into account the expected productivity gains resulting from agentic software development. A good two-thirds of the growth is attributable to the expansion of the workforce abroad, particularly at the SmartShore locations, which serves to further improve cost structures. With the ‘move AI’ programme, adesso is currently evolving into an ‘Agentic Company’. As part of the AI transformation, more than 1,000 experts in platforms, data and AI are being brought together in a new dedicated unit, creating new roles. Modernisation with and for GenAI has become a visible driver of growth. After nine months, order intake directly influenced by generative AI rose to EUR 93.4 million. When it comes to building agentic systems, AI-supported customer interactions or the modernisation of central application landscapes, customers rely on adesso’s industry knowledge and regulatory expertise, as well as its many years of experience in software engineering. In line with demand and due to the acquisition of numerous contracts as a general contractor, the material cost ratio rose to 17% (previous year: 16%) during the reporting period. Staff costs and other operating expenses, at 10% and 3% respectively, grew at a rate that was in some cases significantly lower than that of sales, thereby boosting margins. With capacity utilisation and demand remaining strong, the forecast ranges for sales and EBITDA for the full year remain well within reach despite the weaker start to the year. Potential licence agreements in the year-end business offer further opportunities.

Despite an economic recovery in Germany that is only gradually taking shape – driven primarily by increased government spending on infrastructure and defence – adesso has managed to grow its business by a robust 13% over the first nine months of the year. Digitalisation initiatives by public sector clients, as well as a resurgence in the banking sector – though insurance, utilities and manufacturing remain the key drivers – are fuelling digitalisation and AI transformation projects. Order intake is developing promisingly and exceeds the turnover volume of the last 12 months. In most key sectors, adesso achieved double-digit year-on-year growth rates over the first nine months. The utilities and insurance sectors performed particularly strongly, with growth of 36% and 19% respectively. Retail, manufacturing and banking also saw significant increases in sales, at 15%, 12% and 11% respectively. Sales also rose by 9% in the public sector, which is the largest sector in terms of sales. The sales growth achieved, at 13%, is attributable to the German market. Overseas, sales increased even more strongly, by 14%. Sales from customers in Switzerland showed a particularly encouraging trend, rising by 15% following a weaker previous year. Sales in Italy also grew slightly faster than the overall sales figure, at 14%. In absolute terms, EUR 202.2 million was generated outside Germany. Over 30% of the growth abroad came from regions outside adesso’s established markets, reflecting a more international customer base. The expansion of the sites in India continued successfully.

Over the first nine months, the average number of full-time equivalents rose by 8%. As a result, staff costs increased by 10% – a lower rate than sales growth – to EUR 812.5 million (previous year: EUR 736.1 million). This corresponds to a moderate 3% increase in staff costs per FTE, whilst annualised gross profit per FTE rose by 4% compared with the same period last year, from EUR 113 thousand to EUR 117 thousand. Primarily due to the use of external project staff and partners, the cost of materials rose by 22%, outpacing sales growth, to EUR 207.7 million (previous year: EUR 170.9 million). As described, other operating expenses increased by just 3% to EUR 118.1 million (previous year: EUR 114.9 million), thereby boosting margins.

Compared with the previous year, depreciation and amortisation rose by 8%, or EUR 4.2 million, to EUR 58.6 million – a significantly lower rate of increase than that of business performance. A large part of the increase, amounting to EUR 2.1 million, is attributable to the write-down on the goodwill recognised in the accounts of material.one AG, carried out as part of the routine impairment test for the 2026 half-year report, as sales had fallen short of the original forecasts. In this context, a further EUR 1.4 million was written off against the capitalised development costs for their software platform.

The result from investments fell slightly to EUR -2.8 million (previous year: EUR -2.5 million) and the financial result to EUR -9.8 million (previous year: EUR -8.0 million). The imputed tax rate stands at 57%, compared with 77% in the previous year. Against the backdrop of only a moderate increase in depreciation and amortisation compared with the positive business performance, consolidated profit rose significantly to EUR 11.6 million (previous year: EUR 3.0 million); earnings per share improved to EUR 2.14 (previous year: EUR 0.53).

Further key figures and information

At the end of the first three quarters of 2026, financial liabilities stood at 24% above the level recorded on 31 December 2025 and had risen by a total of EUR 37.7 million to EUR 196.0 million. Working capital has risen by 15% year-on-year, from EUR 233.6 million to EUR 269.6 million. Having risen at a rate significantly out of step with business performance following the first quarter of 2026, working capital is now largely in line with the growth in sales once again. This development is partly attributable to the expansion of factoring, which stood at EUR 71.4 million as at 30 September 2026 (30 September 2025: EUR 59.4 million). Cash flow from operating activities improved to EUR 22.1 million (previous year: EUR -6.9 million). This is attributable not only to a significantly higher pre-tax profit but also to the reduction in funds tied up in net working capital.

As at the reporting date, adesso reported cash and cash equivalents of EUR 62.7 million, compared with EUR 45.2 million in the previous year. Net liquidity as at the reporting date stood at EUR -133.3 million, remaining at the previous year’s level (30 September 2025: EUR -135.5 million; 31 December 2025: EUR -73.7 million).

Outlook

Since the middle of the second quarter of 2026, the utilisation rate of the company’s own staff has improved significantly and remained at a high level throughout the third quarter of 2026 and beyond. In view of rising demand for adesso’s generative AI offerings, good progress in the company’s own AI transformation with move AI, a solid order intake and a gradual economic recovery in Germany beginning to take shape, adesso anticipates further growth in the final quarter and in the medium term. The 2026 forecast range, which has been reiterated on several occasions – and which envisages sales rising to between EUR 1.6 and 1.7 billion, with EBITDA reaching between EUR 130 and 150 million – appears well within reach following the strong earnings contribution in the third quarter. Two additional working days in the final quarter of 2026 are set against higher licence sales from the product business in the previous year, which are not expected to be repeated at the same level. Nevertheless, there are opportunities for licence agreements to be concluded by the end of the year.

The full quarterly statement, as well as a table comparing key performance indicators over a period of several years, is available at www.adesso-group.de/en/ in the Investor Relations section.

adesso Group

With expected annual sales of over 1.6 billion euros in 2026, the adesso Group is a leading European service provider for AI-based digital transformation. With in-depth industry expertise and regulatory knowledge, combined with excellence in agentic software development and software engineering, adesso translates technological potential into real value creation. For many years, adesso has been one of the fastest-growing companies in the field of digital transformation and AI in Europe and is also expanding its global delivery capabilities with AI expertise. Its clients include Deutsche Bundesbank, Munich Re and Provinzial, RWE, E.ON, Mercedes-Benz, thyssenkrupp, Bosch, Otto, Borussia Dortmund, Westdeutsche Lotterie, the Federal Ministry of Finance, and, internationally, Swiss Federal Railways, Alpitour, and the Austrian Football Bundesliga. adesso was founded in Dortmund in 1997 and currently employs more than 11,500 people.