Adesso Moves from Loss to Exceeding Estimates by 36% in Q1 2026 with Strong Demand in Digitalisation
The German consultancy reversed a loss of €7.3 million to a profit of €2.7 million in one year, with EBITDA growing by 58% in the first quarter. The results surpassed analyst projections even as the German economy remains under pressure.
Adesso SE published its first quarter results for 2026 on 11 May, delivering one of the biggest positive surprises in the European IT sector during this period. The German consultancy reported EBITDA of €27 million, a 58% increase from €17.1 million in the same quarter of 2025, surpassing Jefferies' estimate for the indicator by 36%. Revenue reached €398.1 million, a growth of 13%, also exceeding the projection of €386.4 million.
The most significant figure is that of profit. The company moved from a consolidated loss of €7.3 million in Q1 last year to a profit of €2.7 million this quarter, with EPS of €0.39 compared to a loss per share of €1.02 a year earlier. The EBITDA margin improved from 4.9% to 6.8%.
Growth was uniform across both domestic and international markets. Revenue in Germany increased by 13%, to €331.4 million, while international operations grew by 15%, reaching €66.6 million. The international headcount, which the company has been actively expanding, rose by 21% to 2,509 professionals out of a total of 11,497 FTEs, a year-on-year increase of 10%. Productivity per head also improved: gross profit per employee was €117,000, compared to €114,000 in the previous period.
The CEO of Adesso stated in the release that the company's digitalisation portfolio continues to experience strong demand despite growth forecasts for the German economy being cut in half for the year. This statement is significant as it situates the results within an adverse macro context. The German IT market, closely tied to the industrial and automotive sectors, has been suffering from the contraction of traditional clients. Adesso, focusing on sectors such as insurance, healthcare, retail, and the public sector, appears to have benefited from a customer base less exposed to the industrial cycle.
The guidance for the full year was maintained: revenue between €1.60 billion and €1.70 billion, with EBITDA between €130 million and €150 million. Meeting the lower end of the guidance would imply sustaining a growth rate similar to that of Q1 for the remainder of the year, which the quarter's results suggest to be feasible.