Administer (ADMIN) investor relations material

Executive summary

• Revenue/net sales grew 29.0% year-over-year to €48.9 million in H1 2026, driven by the Sarastia acquisition consolidated from April 2026.

• Profitability declined due to one-time transaction and integration costs, including €1.3 million in non-recurring expenses and initial losses from Sarastia's operations.

• Efficiency measures were implemented across business lines, with cost savings expected to materialize in H2 2026.

• The first international acquisition was completed in June 2026, expanding payroll services into Sweden.

• The Group transitioned to IFRS reporting and introduced segment reporting for Private sector, Public sector, and Staffing.

Financial highlights

• H1 2026 revenue/net sales was €48.9 million (up 29.0% year-over-year); Q2 2026 revenue was €31.2 million (up 62.6%).

• EBITDA was €1.9 million (3.8% margin), down 50.0%; adjusted/comparable EBITDA was €3.2 million (6.5% margin).

• Operating profit was €0.4 million (0.8% margin), down 79.9%; Q2 operating profit was -€0.3 million.

• Basic/diluted EPS was -€0.03 (down from €0.11/0.12 year-over-year); Q2 EPS was -€0.05.

• Cash flow from operations was €3.3 million (up from €2.0 million).

Outlook and guidance

• Full-year 2026 revenue/net sales is expected to reach €105–115 million, with EBITDA of €6.5–9.0 million.

• Market remains challenging due to economic slump, but Finnish economic growth is expected in coming years.