Arribatec reported a sixth consecutive profitable quarter on August 27, 2026, highlighting a sustained turnaround from 2024 losses. The Norwegian IT services provider posted Q2 2026 revenue of NOK 139.4 million, a 2.4% decline on a reported basis but essentially flat on a constant-currency basis after accounting for a NOK 3.3 million headwind from a stronger Norwegian krone.
Adjusted EBITA rose to NOK 15.2 million from NOK 14.0 million a year earlier, lifting the adjusted EBITA margin to 10.9% from 9.8%. The company maintained a debt-free balance sheet with NOK 26.7 million in cash and an untapped NOK 20 million credit facility. Operating cash flow totaled NOK 8.3 million in the quarter and NOK 64.1 million over the last 12 months, with a 99% EBITDA-to-cash conversion rate.
Total revenue for the trailing 12 months reached NOK 581.4 million, an 8.1% increase year-over-year. Cost improvements of NOK 4.6 million were realized across cost of sales, personnel expenses, and operating costs.
Revenue was distributed unevenly across segments. Business Services, the largest division, generated NOK 83.5 million in revenue, down 1.4% reported but up 2% in constant currency, with an EBITA margin of 9.7%. Short-term softness was noted in the U.K. and Central Europe due to tender timing and delayed project starts. EA&BPM, the firm’s turnaround segment, reported revenue of NOK 26.1 million, up 6.2%, and an EBITA margin surge to 16.1% from 0.9% a year ago, driven by restructuring, leadership changes, rightsizing, renegotiated contracts, and improved utilization. Cloud Services revenue fell 13.8% to NOK 32.7 million but turned positive with a 3.5% EBITA margin as cost measures implemented in March began to take effect.
Arribatec serves more than 800 clients with 245 full-time employees at the end of the quarter. The top 10 clients accounted for 21% of revenue and the top 50 for 52%, while new clients contributed 12% of total revenue, down from 21% in the prior-year period. Key public and private sector clients included the World Health Organization, the European Union, Norway’s tax authority Skatteetaten, Oslo Municipality, Equinor, Aker Solutions, and Vår Energi. The company is also implementing a unified global ERP platform for Höegh Autoliners, an Oslo-listed roll-on/roll-off shipping provider with estimated 2025 EBITDA of USD 621 million.
Chief Executive Officer Ole Jakob Kjølvik said the company is "earning more on a slightly smaller top line, and the cash follows the earnings." He highlighted a high volume of tenders and the integration of AI into deliveries and products as growth drivers. Chief Financial Officer Bent Hammer noted that Cloud Services was "on track but not at target" and emphasized that margin improvements were internally driven rather than dependent on currency movements.
