Reaktor Group Plc, Stock Exchange Release, 11 November 2026 at 9.00 a.m. EET
Reaktor Interim Report January–September 2026: Revenue continued to grow, and execution of our strategy is progressing as planned
This release is a summary of Reaktor Group's Interim Report for January–September 2026. The complete report is attached to this release as a PDF. This summary and the report, along with the Finnish-language summary and report, are also available at group.reaktor.com.
Unless otherwise specified, the figures in brackets refer to the year-on-year comparison period. This report is unaudited.
July–September 2026 in brief
-
Revenue grew organically by 2.8% to EUR 28.0 (27.2) million
-
EBITDA was EUR 3.5 (5.0) million, or 12.5% of revenue
-
Adjusted EBITDA was EUR 4.2 (5.1) million, or 14.9% of revenue
-
Operating profit (EBIT) was EUR 2.5 (4.0) million, or 8.9% of revenue
-
Adjusted operating profit (adjusted EBIT) was EUR 3.2 (4.1) million, or 11.3% of revenue
-
The equity ratio was 60.7% (8.8%) at the end of the reporting period
-
Operating cash flow was EUR -1.1 (3.0) million
January–September 2026 in brief
-
Revenue grew organically by 15.3% to EUR 99.3 (86.1) million
-
EBITDA was EUR -9.3 (9.5) million, or -9.4% of revenue. EBITDA included an expense of EUR 25.7 million, mainly related to the increase in value of employee shares in connection with the listing. The increase in value has no cash flow impact (see below).
-
Adjusted EBITDA was EUR 18.9 (10.3) million, or 19.0% of revenue
-
Operating profit (EBIT) was EUR -12.4 (6.5) million, or -12.5% of revenue
-
Adjusted operating profit (adjusted EBIT) was EUR 15.8 (7.3) million, or 15.9% of revenue
-
Operating cash flow was EUR 9.4 (2.7) million
-
Reaktor was listed on the regulated market of Nasdaq Helsinki on 16 June 2026
-
In connection with the listing, the increase in the value of the company's employee shares is classified as an employee benefit under IFRS and recognised as a personnel expense affecting comparability. This is an accounting entry with no cash flow impact. (See the report's Note 3.)
Key financial performance indicators
|
EUR thousand |
07-09/ 2026 |
07-09/ 2025 |
Change % |
01-09/ 2026 |
01-09/ 2025 |
Change % |
2025 |
|
Revenue |
27,977 |
27,220 |
2.8% |
99,322 |
86,111 |
15.3% |
117,707 |
|
EBITDA ¹ |
3,502 |
5,036 |
-30.5% |
-9,335 |
9,454 |
12,155 |
|
|
% of revenue ¹ |
12.5% |
18.5% |
-9.4% |
11.0% |
10.3% |
||
|
Adjusted EBITDA ¹˒ ² |
4,172 |
5,092 |
-18.1% |
18,870 |
10,284 |
83.5% |
14,606 |
|
% of revenue ¹˒ ² |
14.9% |
18.7% |
19.0% |
11.9% |
12.4% |
||
|
Operating Profit (EBIT) ¹ |
2,485 |
4,044 |
-38.5% |
-12,381 |
6,469 |
8,139 |
|
|
% of revenue ¹ |
8.9% |
14.9% |
-12.5% |
7.5% |
6.9% |
||
|
Adjusted operating profit (adjusted EBIT) ¹˒ ² |
3,155 |
4,100 |
-23.0% |
15,825 |
7,300 |
116.8% |
10,590 |
|
% of revenue ¹˒ ² |
11.3% |
15.1% |
15.9% |
8.5% |
9.0% |
||
|
Profit for the period |
2,129 |
3,118 |
-31.7% |
-11,021 |
5,572 |
7,787 |
|
|
Adjusted profit for the period ¹˒ ² |
2,779 |
3,129 |
-11.2% |
16,679 |
6,252 |
166.8% |
9,766 |
|
Earnings per share (EPS), basic, in euros ³ |
0.09 |
0.20 |
-53.9% |
-0.59 |
0.36 |
0.50 |
|
|
Earnings per share (EPS), diluted, in euros ³ |
0.09 |
0.14 |
-38.5% |
-0.59 |
0.26 |
0.36 |
|
|
Adjusted earnings per share (EPS), basic, in euros ²˒ ³˒ ⁴ |
0.12 |
0.20 |
-40.0% |
0.90 |
0.40 |
124.2% |
0.63 |
|
Adjusted earnings per share (EPS), diluted, in euros ²˒ ³˒ ⁴ |
0.11 |
0.14 |
-19.8% |
0.71 |
0.28 |
154.4% |
0.44 |
|
Return on equity (ROE), % ¹ |
-31.5% |
29.7% |
-31.5% |
29.7% |
127.0% |
||
|
Adjusted return on equity (ROE), % ¹˒ ²˒ ⁴ |
46.3% |
18.7% |
46.3% |
18.7% |
31.5% |
||
|
Return on capital employed (ROCE), % ¹ |
-15.0% |
22.0% |
-15.0% |
22.0% |
72.1% |
||
|
Adjusted return on capital employed (ROCE), % ¹˒ ²˒ ⁴ |
47.8% |
18.2% |
47.8% |
18.2% |
31.9% |
||
|
Equity ratio, % ¹ |
60.7% |
8.8% |
60.7% |
8.8% |
12.4% |
||
|
Adjusted equity ratio, % ¹˒ ² |
67.8% |
52.3% |
67.8% |
52.3% |
55.9% |
||
|
Net debt ¹ |
-18,742 |
5,793 |
-18,742 |
5,793 |
2,140 |
||
|
Net gearing % ¹ |
-36.9% |
113.3% |
-36.9% |
113.3% |
29.9% |
||
|
Net debt/Adjusted EBITDA ¹˒ ² |
-0.81 |
0.41 |
-0.81 |
0.41 |
0.15 |
||
|
Adjusted operating free cash flow ¹˒ ² |
-374 |
3,612 |
14,170 |
4,921 |
187.9% |
10,199 |
|
|
Cash conversion, % ¹˒ ² |
-9.0% |
70.9% |
75.1% |
47.8% |
69.8% |
||
|
Cash and cash equivalents |
24,742 |
3,512 |
604.6% |
24,742 |
3,512 |
604.6% |
4,291 |
|
Number of employees at the end of the period |
716 |
714 |
0.3% |
716 |
714 |
0.3% |
712 |
¹ Alternative financial measures. In addition to IFRS financial measures, Reaktor Group presents supplementary, alternative financial measures that the company monitors internally and that provide significant additional information about the company to management, investors, securities market analysts, and other parties regarding the company’s operating results, financial position, and cash flows. These should not be viewed in isolation from IFRS financial measures or as substitutes for them.
² Adjustments are material items outside the ordinary course of business that relate to changes in value of, and dividends on, redeemable employee shares; redundancy costs and other non-recurring compensation to departing employees; fees and external advisor costs related to the commencement of employment; and external advisor costs for non-recurring projects, including costs related to preparing for the listing.
³ The number of shares for comparison periods has been adjusted to reflect the number of shares following the share split carried out on 28 May 2026.
⁴ Presented as additional information to improve comparability. Adjusted for items affecting comparability and their tax effect.
CEO Pekka Horo:
“In the third quarter, our revenue grew and our profitability remained at a good level. Revenue grew organically by 2.8%, which shows that we are able to meet our clients’ needs in a changing market situation. This was already our fifth consecutive quarter of growth. Adjusted operating profit was 11.3% of revenue. This was lower than in the comparison period, mainly due to higher costs and investments in growth.
The technology industry is going through a major transformation as AI changes the way companies create value. AI is at the top of our clients’ priorities: they expect us to apply it in our projects, and they want it built into their solutions. Much of this interest is focused on efficiency and on adopting new, growth-supporting business models. With AI, the focus of value creation is shifting from execution towards strategy, industry expertise, and the ability to bring solutions into use. Our work has always been based on understanding our clients’ needs and helping them achieve their goals. We help our clients go further than simply adopting new tools, bringing AI into the core of their business. We believe this will strengthen our competitiveness in a changing market.
Reaktor’s business is based on three complementary areas: the technology solutions business, the software product business, and the Reaktor Ecosystem business. The technology solutions business brings stable revenue and long-term client relationships, and recurring needs in client projects create the foundation for scalable software products. Reaktor Ecosystem complements the whole with specialised expertise and flexible capacity, as the majority of Reaktor’s subcontracting comes from Ecosystem companies.
In the technology solutions business, we continued building AI solutions to grow our clients’ existing business and create new business. These included, for example, speeding up an industrial company’s sales process and building an AI-based conversational product search for retail. We have also been building one of Europe’s first agentic commerce platforms, which brings together millions of products and thousands of online stores into a single purchase path and lays the foundation for internationally scalable, AI-based commerce infrastructure.
We also continuously develop our industry-specific offering. A good example of this is the in-flight entertainment systems that our Aero business unit builds for airlines. During the quarter, Aero again gained a new international entertainment-system client, and similar projects are underway with several airlines. Excluding licence revenue from the software product business, Group revenue grew by 2.5% year-on-year.
Growing the software product business is a key part of our strategy in the coming years, and productisation projects are underway in several business units. The software product business differs from the technology solutions business, as product development and sales cycles are typically long. Our software product business is furthest along in the Defence & Security business unit, which currently has four NATO member countries as software product customers. In August, we appointed the former Commander of the Finnish Air Force, Lieutenant General (ret.) Kim Jäämeri, as our security and defence advisor. During the quarter, Reaktor also took part in the multinational demonstration and assessment event Bold Quest, organised by the US Joint Staff, in which NATO member and partner countries tested the interoperability of their defence systems.
In the third quarter, revenue from the software product business totalled EUR 1.7 million, of which EUR 1.6 million came from product-related expert services. As we have previously stated, we do not expect licence revenue to grow significantly during the remainder of the year, but we believe the software product business will develop in line with our medium-term targets.
The Reaktor Ecosystem business also developed positively. The Amsterdam hub’s first company, GAIA Technology Systems, was announced in early September. GAIA illustrates well how Ecosystem supports Reaktor’s strategy: its services are built using AI, and it has deep industry expertise in retail, life sciences and financial services. In addition, Accede, specialising in SAP consulting, was established within the Ecosystem during the quarter. Accede helps connect existing SAP environments to modern cloud, data and AI platforms.
Reaktor Ecosystem expands our offering into areas that complement our core expertise. Ecosystem creates value through the growth, divestments, reorganisations and dividends of portfolio companies. It also directly supports our core business, as the majority of our subcontracting comes from Ecosystem companies.
We want to be the industry’s leading company in applying AI, and we are investing in developing our people’s expertise in this area. In the third quarter, the focus was on embedding AI into teams’ ways of working. Human judgement, collaboration and trust remain at the core of good work, and AI does not replace them.
In the third quarter, we again welcomed numerous new Reaktorians. We are continuously recruiting talent for consulting, technology and AI roles, as well as experts across various industries.
AI and industry specialisation offer us opportunities in a market where price competition has intensified and specialisation sets players apart. As we stated in connection with the listing, we intend to invest in building the software product business, in international and domestic growth both organically and through selected acquisitions, and in growing the Reaktor Ecosystem venture business. These investments support our progress towards our medium-term financial targets."
Live webcast on 11 November 2026 at 11.00 a.m. EET
CEO Pekka Horo and CFO Antti Akkanen will present the results in a live webcast today, 11 November 2026, starting at 11.00 a.m. EET. Participants will have the opportunity to ask questions, which will be answered at the end of the webcast. The webcast will be held in Finnish.
The webcast can be followed live and viewed later as a recording at https://reaktor.events.inderes.com/q3-2026/register
Note: The English versions of Reaktor’s Interim Report and this release are translations of the Finnish versions and are provided for reference only. In the event of any conflict or discrepancy between the Finnish and English versions, the Finnish version shall prevail and be treated as the correct version.
Contact us
Pekka Horo, CEO
Email: pekka.horo@reaktor.com
Antti Akkanen, CFO
Email: antti.akkanen@reaktor.com
Media inquiries
Liisa Huusari, Head of Communications
Tel. +358 50 520 1293
Email: liisa.huusari@reaktor.com
Reaktor in brief
Reaktor is a Finnish globally operating technology company that designs, builds and sells software products and digital solutions. Established in 2000, Reaktor has over 700 employees worldwide and offices in Helsinki, Turku, Tampere, Seinäjoki, Amsterdam, Lisbon, New York, and Tokyo.
www.reaktor.com