Admicom (ADMCM) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong sales and revenue growth, supported by new customer wins, product expansion, and the Bauhub acquisition, despite a challenging construction market and high insolvency-related churn.

• Strategic focus areas included broadening product penetration, internationalization, unified platform experience, and accelerated AI-driven product development.

• Major customer wins in public sector and international markets supported expansion and platform adoption.

• Leadership and organizational structure were renewed in March 2025, with a new CEO starting in January.

• Over 20% of personnel were reallocated to support growth and the new customer-centric operating model.

Financial highlights

• ARR grew 5.5% year-over-year to €35.6m, with Bauhub contributing 4.2 percentage points; recurring revenue increased 9.2% to €8.8m, now 95% of total revenue.

• Total revenue rose 7.7% year-over-year to €9.3m; adjusted EBITDA margin was 25.3%, down from 30.9% in Q1 2024.

• Profit for the period declined 36.9% to €676k; EPS fell 33.3% to €0.14.

• Insolvency-related churn increased over 70% from the previous year, while voluntary churn decreased 3%.

• Bookings increased by 10% year-over-year, with March being particularly strong for sales.

Outlook and guidance

• ARR expected to grow 8–14% in 2025, with total revenue growth of 6–11%.

• Adjusted EBITDA margin guidance for 2025 is 31–36%.

• Market recovery anticipated towards year-end, with ARR growth expected to accelerate in H2; moderate reduction in churn and downsell expected.

• Annual adjustment fees projected to decline by €700,000, and €500,000 revenue decline expected from winding down external software development services.