Germany's Adesso Q1 sales rise, EBITDA margin improves

adesso SE

11/05/2026 06:39

Overview

Germany IT services provider's Q1 sales rose 13% yr/yr to EUR 398.1 mln, all organic

Q1 EBITDA rose to EUR 27.0 mln, margin improved to 6.8% from 4.9%

Profitability improved due to measured recruitment and better cost structure despite subdued capacity utilisation

Outlook

Adesso maintains 2026 sales forecast at EUR 1.6-1.7 bln and EBITDA at EUR 130-150 mln

Company expects capacity utilisation to improve slightly in Q2 and remain stable for rest of 2026

Majority of 2026 revenue expected in second half due to more working days and licence prospects

Result Drivers

SECTOR GROWTH - Sales growth was achieved in almost all core industries, with Utilities up 31% and Insurance up 30%, while Public Administration grew 5%

COST STRUCTURE - Measured recruitment and improved cost structure supported higher operating profit and margin

DIGITALISATION DEMAND - Strong demand for digitalisation projects, especially SAP and agentic software development, drove results despite challenging macroeconomic conditions

Company press release: ID:nEQ6gK33ba

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
EUR 398.10 mln
Q1 EBITDA
EUR 27 mln
Q1 EBITDA Margin
6.80%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the it services & consulting peer group is "buy"

Wall Street's median 12-month price target for adesso SE is €101.50, about 72.9% above its May 8 closing price of €58.70

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)