Norwegian software provider Omda reported second-quarter revenue of NOK 127 million, a 5% increase year-over-year, though slightly below the NOK 128 million consensus. Organic growth reached 9%, offset by approximately NOK 5 million in foreign-exchange headwinds, which trimmed reported growth by about four percentage points.
EBITDA rose to NOK 32 million from NOK 23 million a year earlier, lifting the EBITDA margin to 25%, a 600 basis-point improvement. Cash EBITDA margin expanded to 18%, up 900 basis points from Q2 2025. Gross profit margin stood at 68% on a last-12-month basis, while recurring revenue accounted for 97% of total revenue, with software recurring revenue comprising 76%.
Capital expenditure fell to about 7% of sales, below the company’s historical 10% level. Full-year 2026 revenue guidance was reiterated at NOK 500 million to NOK 525 million, likely toward the lower end due to foreign-exchange pressures. EBITDA margin is targeted between 28% and 32%, with capital expenditure projected at around 9% of sales for 2026, easing to 8% in 2027 and trending toward 5% over the longer term.
Omda maintained its long-term organic growth target of 5% to 10% and inorganic growth contribution of 10% to 20%, with an average EBITDA margin target above 30% and net debt to EBITDA expected to remain near three times. The company’s U.K. business is set to expand from 2% to 15% of total revenue following the pending acquisition of Saab Public Safety Solutions, expected to close in Q4 2026.
The acquisition will add an estimated annual revenue base of more than NOK 100 million and bring 75 employees into Omda’s workforce. Pro forma 2026 sales, including the acquisition, are forecast to reach about NOK 600 million. Omda also highlighted recent customer contracts worth SEK 60 million.
Shares were flat at $37 following the report, trading near the lower half of a 52-week range between $33 and $51.80. Analysts project 2026 earnings of $0.46 per share, with price targets ranging from $22 to $35. InvestingPro flags the stock as overvalued.
CEO Sverre emphasized the predictability of Omda’s mission-critical software platforms, while CFO Einar reiterated the company’s capital allocation strategy, favoring acquisitions that bring immediate customer revenue over organic development.
