Norwegian healthcare and emergency software provider Omda AS reported second-quarter 2026 revenue of NOK 127 million, a 5% increase from the prior year on a reported basis and 9% organically. The result fell slightly short of the NOK 128 million forecast by about NOK 1 million, or 0.8%.
EBITDA rose to NOK 32 million, up from NOK 23 million in Q2 2025, while the EBITDA margin expanded by 600 basis points to 25%. Cash EBITDA margin improved to 18%, an increase of 900 basis points year-over-year. Capital expenditure declined to approximately 7% of sales, below the historical 10% level.
Recurring revenue accounted for 97% of total revenue, with software recurring revenue representing 76% and professional services recurring revenue at about 90%. Foreign exchange pressures weighed on results, with roughly NOK 5 million in revenue headwinds and NOK 3.5 million in cost impacts, reducing reported revenue growth by about 4 percentage points.
Omda reiterated full-year 2026 guidance for revenue between NOK 500 million and NOK 525 million, likely toward the lower end due to FX headwinds. The company targets an EBITDA margin of 28% to 32% for the year, with capital expenditure expected to be around 9% of sales in 2026 and 8% in 2027. Including the Saab SAFE transaction, pro forma annual sales would reach approximately NOK 600 million.
The company employs 249 full-time equivalents, down from the prior quarter. Omda’s shares were unchanged at NOK 37, roughly 11.4% above the 52-week low of NOK 33 and 28.6% below the 52-week high of NOK 51.8. Over the prior six months, the stock surged 95%, and it is up 52% year-to-date. Analysts project full-year 2026 earnings of NOK 0.46 per share, with price targets ranging from NOK 22 to NOK 35.
Omda operates two main segments: specialized healthcare, which contributed 56% of revenue and includes areas such as pregnancy and birth management, medication systems, and health analytics, and emergency services, accounting for 44% of revenue and covering planning, dispatch, and on-scene response tools. The company serves clients including SOS Alarm in Sweden and emergency services in Spain, Greece, Moldova, Croatia, Slovakia, and Montenegro.
The Saab SAFE acquisition, expected to close in Q4 2026, is projected to increase Omda’s U.K. exposure from 2% to 15% of total revenue, shifting its profile from a Nordic-focused firm to a broader European player.
