Admicom’s mission is to help customers build better. During the year, I have met several dozen customers and have seen firsthand how they utilize Admicom’s solutions to enhance productivity and quality. In customer discussions, there has been a cautiously positive expectation of a market turnaround, though uncertainty about its timing remains. Many of our customers have noted that while their number of offers is high, the order backlog is at a record low. Market challenges are set to continue through 2026, even though signs of a positive shift strengthened towards the end of the year.
In this challenging market, our customers have also focused on streamlining operations and improving productivity. Customers have actively contributed to validating the shift in construction from project-based operations towards process-driven construction, and Admicom’s role as a promoter of digitalization is widely recognized. Many of the success stories of 2025 have been shared by bold innovators, which we have highlighted in our newly launched podcast series RaksaTalk.
During 2025, the growth in ARR was 6%, falling somewhat short of our targets. Growth was weakened by the challenging market situation, uneven sales, and delays in the billing change of Ultima and accounting services for some customers. The revenue for the full year was EUR 37.7 million. In terms of profitability, we reached our targets and adjusted EBITDA was EUR 12.3 million, or 32.5% of revenue. Growth investments have been reflected in profitability, but as operating costs have stabilized after the strategic investment phase, profitability has started to improve again towards the end of the year. A one-off positive impact on profitability was also caused by the release of bonus provisions, as our own growth targets were not fully achieved.
Customer churn remained at a higher level than normal throughout the year, and the challenging situation in the construction industry has kept the number of bankruptcies high. However, we have been able to grow through new customer acquisition, cross-selling and price increases.
Over the year, we renewed our operational model and updated the structure and responsibilities of our management team, which has materialised in the practices across the organisation. The new operating model and organisational structure support strategy execution and enable more efficient allocation of resources. Product management, customer support and product development have been combined into unified teams, improving the customer experience and enabling growth. Additionally, we have simplified the company structure by merging domestic subsidiaries, streamlining processes and making Admicom more cohesive from the customer’s perspective.
Admicom has invested in staff development by offering opportunities for growth and advancement as professionals in construction digitalisation. New roles and responsibilities have emerged, and staff engagement with these changes has been strong. The organisation has been strengthened, including the appointment of a new Chief Strategy Officer responsible for leading strategy and promoting internationalisation. The development of our corporate culture continues, aiming to be the industry’s best workplace and the leading partner for our customers in construction. During the year, we created a company-wide culture handbook, leadership model, and a comprehensive role framework for the entire organisation.
Growth and internationalisation are at the heart of Admicom’s updated strategy. Admicom has invested in developing its product portfolio, harnessing artificial intelligence, and implementing a platform strategy. A new billing model, gradually replacing annual adjustment fees for Ultima and accounting services, supports more predictable revenue development and better customer experience.
Towards the end of the year, the focus shifted to planning the execution of our strategy, and the future direction and priorities for the next strategy period (2026–2028) were clarified at the December Capital Markets Day. We also updated our medium term growth targets, now aiming for an ARR level of over EUR 60 million by the end of 2028.
Strong collaboration with staff, customers and partners has been crucial to our success in a challenging year and in implementing major changes.
I warmly thank everyone for their commitment and trust in these challenging market conditions. I am highly confident about the positive opportunities ahead for both the construction market and Admicom. In line with the new strategy period beginning in 2026: let’s grow together!
Simo Leisti
CEO