Net sales reached EUR 52.7 million in Q1 2026, up 11.6% year-over-year (18.4% at comparable currencies).
ARR rose to EUR 155.9 million, up 27.7% year-over-year (32.7% at comparable currencies).
EBITDA margin was 9.6% with EBITDA of EUR 5 million; EBITA fell 40.3% to EUR 5.0 million and EBIT dropped 76.8% to EUR 1.5 million.
IAR acquisition and its transition from perpetual to subscription licensing is impacting revenue and profitability in the short term.
Strategic partnerships with Qualcomm and NVIDIA to advance AI-driven solutions; operational reorganization launched targeting EUR 20 million in annual cost savings and up to 200 job reductions.
Distribution licenses grew 2.3%; developer licenses and consulting were flat year-over-year; maintenance revenue surged 176.7%.
Organic ARR growth (excluding IAR) was 11.5% year-over-year.
Costs increased by 23% year-over-year, with personnel costs up 26% to 1,120 employees, mainly from IAR integration.
Cash balance at EUR 56 million (down from EUR 80 million last year) due to IAR acquisition; interest-bearing debt at EUR 143.5 million.
Net profit: EUR 0.4 million, down 92.8% year-over-year; earnings per share: EUR 0.01.
Full-year guidance unchanged: at least 10% net sales growth and at least 15% operating profit growth at comparable currencies.
IAR revenue and profitability expected to decline in 2026 due to subscription transition, with double-digit growth anticipated from 2027.
EUR 20 million cost savings targeted by 2027 through operational reorganization and integration synergies.
Distribution license sales anticipated to be lower than 2025; reorganization expected to improve efficiency and profitability in H2 2026.
Expecting improved performance in the U.S. following management and organizational changes.
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