Norwegian mission-critical software provider Omda reported a 25% EBITDA margin for the second quarter of 2026, up from 19% a year earlier, as its recurring revenue model continued to strengthen financial performance.
Total revenue for the quarter reached 127 million Norwegian kroner, equivalent to approximately $12.4 million, reflecting a 5% reported increase year-over-year after adjusting for 9% organic growth and foreign-exchange headwinds. Recurring software revenue accounted for 97 million kroner, or 76% of total revenue, while professional services revenue totaled 25 million kroner, of which roughly 90% was recurring in nature.
EBITDA margins expanded across both operating segments. The emergency services segment, established in 2015, contributed 55 million kroner in revenue with a 22% EBITDA margin, while the specialized healthcare segment, founded in 2008, generated 71 million kroner with a 28% margin. Sequential organic growth was 7% in emergency services and 10% in specialized healthcare.
Capitalized development spending fell to approximately 7% of revenue in Q2 2026, down from a historical 10% level, contributing to a cash EBITDA margin of 18% compared with 9% in the same period last year. EBITDAC margin, which adds back capitalized development costs, improved from 9% in Q2 2024 to 18% in the latest quarter.
Omda’s stock remained flat at $37 following the presentation, trading at 37.50 NOK, up 1.35% on the day. The shares have surged 95% over the past six months, with a 52-week range of $33 to $51.80.
The company’s acquisition of Saab’s Public Safety Solutions unit remains on track for a fourth-quarter 2026 close. The deal is expected to add more than 75 employees and an estimated annual revenue base exceeding 100 million Swedish kronor. Recent contract wins with Saab PSS customers total 60 million Swedish kronor, and UK annual sales have grown from 2% to 15% of Omda’s total revenue, including the Saab PSS business. Other markets include Sweden, Spain, Greece, Moldova, Croatia, Slovakia, and Montenegro.
For full-year 2026, Omda projects pro forma revenue of approximately 600 million kroner, with organic revenue of about 500 million kroner and acquired revenue of roughly 100 million kroner. Capitalized development spending is targeted at 9% of revenue. For 2027, the company expects total revenue of approximately 720 million kroner, with organic growth of about 630 million kroner and capitalized development spending of 8%.
Longer-term guidance includes a revenue target of roughly 1.2 billion kroner by 2030, up from 480 million kroner in 2025, assuming constant currency, 5% annual organic growth, and 15% annual acquired growth. Acquired revenue is projected to rise from 60 million kroner in 2026 to 580 million kroner by 2030. Omda aims for EBITDA margins in the 28–32% range through 2027, with a long-term target exceeding 30%. The company also seeks to reduce capitalized development spending toward 5% of revenue over time.
