Visma (VISMA) Q2 2026 earnings summary

Executive summary

• Achieved strong growth in H1 2026, with customer base reaching 2.7 million, up 30.2% year-over-year, and ARR surpassing €3 billion, reflecting robust demand for mission-critical software and regulatory-driven digitalisation.

• Continued momentum in both Business and Public segments, with organic growth driven by new customer intake, increased spend from existing customers, and disciplined M&A activity.

• Embedded AI features across all strategic platforms, with 40% of ARR generated by customers using AI-enabled products, driving efficiency and deeper customer engagement.

Financial highlights

• Operating revenue for H1 2026 was €1,615 million, up 18.8% year-over-year when adjusted for disposals; organic revenue growth was 11.8%.

• Adjusted EBITDA reached €547 million, up 19.2% year-over-year, with a margin of 33.9%; organic Adjusted EBITDA growth was 16.7%.

• Free cash flow was €609 million, up 16.2% year-over-year, with 111% cash conversion.

• Operating profit was €401 million, impacted by the absence of prior year’s gain on sale; excluding this, operating profit increased 45.8%.

• Profit before tax was €258 million, down from €546 million due to the prior year’s one-off gain.

Outlook and guidance

• Expect continued strong growth in the Business segment, driven by regulatory changes and digitalisation, especially e-invoicing.

• Public segment growth expected to be more subdued due to tightening municipal budgets, but with strong operating leverage.

• AI-driven innovation and disciplined M&A to remain key growth drivers.