Admicom (ADMCM) Status update summary

Market context and AI disruption

• Recent AI advancements, such as agentic tools from Anthropic, have caused turbulence and share price declines in SaaS markets, with a sharp selloff in software stocks in early 2026.

• The "SaaSpocalypse" centers on AI agents automating workflows, reducing the need for traditional SaaS UI and seat licenses.

• Many SaaS providers with horizontal, generic solutions are at risk, especially those relying on public data and simple automation.

• Vertical SaaS with deep industry integration, proprietary data, and compliance focus are better positioned to withstand disruption.

• Construction industry complexity and regulatory requirements create high barriers for generic AI solutions.

Strategic positioning and business model

• Focus on system of record platforms with embedded AI agentic capabilities, leveraging proprietary and customer-specific data.

• Monetization is based on business value, project-based, revenue-based, and user-based models, not broad seat-based pricing.

• Average software MRR is €1,000, making in-house or new AI-native solutions less economically attractive for customers.

• Ecosystem approach includes third-party data and services, enhancing platform value and network effects.

• Highly fragmented software landscape and network effects create high barriers to entry for new AI agent players.

AI integration and operational leverage

• AI agents are embedded in workflows to automate tasks, improve efficiency, and enhance customer experience and product quality.

• Internal adoption of AI spans software development, product management, and business services, driving margin improvements.

• Significant investment (€2.5 million) in construction-specific AI development aims to boost operational leverage and profitability.

• AI-enabled workflows support business-critical processes, with human oversight and controls against errors.

• AI is seen as complementary, increasing system usage rather than replacing core platforms.