Norwegian software provider Omda reported second-quarter 2026 financials on August 27 in Oslo, highlighting a 25% EBITDA margin and recurring revenue comprising 76% of total sales.
Total revenue reached 127 million Norwegian kroner, slightly below the 128 million kroner analyst estimate, with organic growth of 9% and reported growth of 5% year-over-year. Foreign exchange pressures reduced reported growth by approximately 4 percentage points, translating to a 5 million kroner headwind.
EBITDA rose to 32 million kroner, lifting the EBITDA margin to 25%, up from 19% in the same period of 2025 and 10% in Q2 2024. Cash EBITDA margin expanded to 18%, while EBITDAC margin, adjusted for capitalized development costs, reached 18% compared with 9% a year earlier and effectively zero in Q2 2024. Projected full-year 2026 earnings per share were set at 0.46 kroner.
Revenue quality improved, with recurring software revenue totaling 97 million kroner, or 76% of the total. The specialized healthcare segment contributed 71 million kroner, representing 56% of revenue with a 28% EBITDA margin and 10% quarter-over-quarter organic growth. The emergency segment generated 55 million kroner, accounting for 44% of revenue with a 22% EBITDA margin and 7% sequential organic growth.
Omda also outlined plans to close the acquisition of Saab Public Safety Solutions in Q4 2026, which is expected to expand its UK market share from 2% to 15% of annual sales. The deal adds roughly 75 employees and an estimated annual revenue base exceeding 100 million Swedish kronor, alongside 60 million Swedish kronor in new contracts from the acquired business.
Capitalized development spending fell to about 7% of revenue in Q2, below the 10% historical average and the 9% guidance for full-year 2026. The company targets 8% for 2027 and a long-term goal of approximately 5%. Net debt to EBITDA is typically maintained around 3 times, with a ceiling well below 5–6 times.
For 2026, Omda guided total revenue to approximately 610 million kroner, likely toward the lower end of its prior 500–525 million kroner range due to FX headwinds. The EBITDA margin target was set at 28–32%. A 2030 pro forma model under constant currency projects total revenue of roughly 1.2 billion kroner, assuming 5% annual organic growth and 15% annual acquired growth, with long-term EBITDA margins expected to exceed 30%.
