Admicom Oyj · OMXHEX:ADMCM
Admicom Oyj — Investor Day (December 2025)
66 slides from Admicom Oyj's investor day presentation, Dec 2, 2025
Slide 1: Admicom Capital Markets Day
Admicom Capital Markets Day 2 December, 2025
Slide 2: Important notice
Important notice The following information contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability
Slide 3: Key messages
Key messages Resilient business model Growing market potential Growth strategy & strong financial profile Construction market recovery Grow in current markets with Predictability comprehensive platform Increasing digital spend for Profitability & cash flow improving productivity Triple total address
Slide 4: Presenters today
Presenters today Simo Leisti Teemu Uusitalo Pekka Pulkkinen Henna Kotilainen Satu Helamo Chief Executive Officer Chief Product Officer Chief Growth Officer Chief Strategy Officer Chief Financial Officer Strategy Customer-centric Go-to-market International Financial view 2026-2028 platform transforma
Slide 5: Agenda
Agenda 10.05 – 10.40 Strategy 2026-2028 / Simo Leisti 10.40 – 10.55 Customer-centric platform / Teemu Uusitalo 10.55 – 11.10 Go-to-market transformation / Pekka Pulkkinen 11.10 – 11.20 Break 11.20 – 11.40 International expansion / Henna Kotilainen 11.40 – 11.55 Financial view to new strategy / Satu
Slide 6: Strategy 2026-2028
Strategy 2026-2028 Simo Leisti, Chief Executive Officer
Slide 7: Setting the scene
admicom Setting the scene
Slide 8: Admicom: Digitalizing construction since 2004
Admicom: Digitalizing construction since 2004 37 M€ 13 % 3 400+ ARR1 Growth2 Customers Founded 2004 First North Helsinki PLANMAN 2004 2018 2019 2020 2021 2022 2023 2024 2025 Acquisition-driven expansion Entry to Estonia Focus for growth 1) Q3/2025, 2) Revenue CAGR’21-’24
Slide 9: 300+ SaaS & construction professionals
300+ SaaS & construction professionals Employees by role 10/2025, total 314 Management & admin 9 % Sales & R&D, product marketing and support 19 % 43 % Business services 29 %
Slide 10: Mission and Vision
Mission Build better. Together! Vision Partner of choice in the European construction software ecosystem
Slide 11: Customer case: Franklin Oy
Customer case: Franklin Oy 50 % growth during construction downturn ▪ Selecting the right projects ▪ Reliable estimation to avoid costly mistakes ▪ Managing with real-time project visibility ”Being on top of what happens in the projects is the foundation for everything” Tino Suomela Juha Purolinna C
Slide 12: Construction is big and complex
Construction is big and complex Consultant Owner Architect Financier 13 % Construction sector share of global GDP Engineer Inspector General Construction companies 75 000 contractor Wholesaler in Finland & Estonia Civil works Concrete Finishing contractor contractor contractor Typical number of comp
Slide 13: Why is construction productivity low?
Why is construction productivity low? “Each project is unique and “Sub-contracting chains 12 % conditions at the site vary” are long and information flow is always a challenge” Construction companies globally using digital tools “Plans come late and “It is difficult to find and across all their proj
Slide 14: Highly fragmented software landscape
Highly fragmented software landscape Construction software landscape in Finland Back office & ERP Sales and estimation Production Project management Sources: Non-exhaustive illustration based on Admicom analysis
Slide 15: Markets with strong long-term potential
Markets with strong long-term potential Construction software market in Key growth drivers and their expected current Admicom countries1 development during the next 3 years ~ 400 M Moderate growth accelerating Construction towards the end of 3-yr. period Estonia sector revenue Finland + 3,5 % in 202
Slide 16: Highly resilient business
Highly resilient business M€ 40 20% Admicom ARR 35 15% 30 10% 25 5% 20 0% 15 -5% Construction sector 10 revenue, YoY growth -10% 5 -15% - 2022 2023 2024 2025 -20% Sources: Statistics Finland
Slide 17: We have built a foundation for growth
We have built a foundation for growth 2020-2023 2024- H2 / 2025 Complementing Strengthening internal Simplification of company our portfolio with capabilities structure & one Admicom acquisitions towards customers First step outside Finland with Bauhub acquisition 2022- H1 / 2025 2026- Strong execut
Slide 18: Strategy 2026-2028
admicom Strategy 2026-2028
Slide 19: Next strategy phase: Let's grow together!
Next strategy phase: Let’s grow together! 100 M€ ARR 2026-2028: Let’s grow together! ▪ Back to >15 % organic growth rate, >60 M€ ARR Long-term aspiration beyond ▪ Current business >40 % adjusted EBITDA this strategy phase ▪ Most comprehensive and customer-centric platform ▪ 3x total addressable mark
Slide 20: Sharpened focus on construction projects
Sharpened focus on construction projects Operation & Planning Design Construction Demolition maintenance Main contractors Subcontractors Specialty contractors Bid and HVAC Finance manager manager Owner Project Property manager Entrepreneur Construction / General Project Site worker manager manager m
Slide 21: Our platform for productive construction
Our platform for productive construction Customers Bid management SALES Contracts Invoices PROJECT MANAGEMENT AI agent PRODUCTION Schedule and tasks Resourcing supported Construction work Safety & Quality Cost estimation Documentation workflows Collaboration Asset management Accounting Payroll BACK-
Slide 22: Delivering value to customers and us
Delivering value to customers and us Customer benefits Benefits for Admicom • Managing with data – real time data available • Deeper customer relationships → improving throughout a project, ability to leverage net revenue retention (NRR) learnings from past projects • Wider use of Admicom solutions
Slide 23: Growth drivers
Growth drivers Expand to new Grow with geographies Expand with customers M&A, organic, Land new cross-sell Revenue-, project- product-led-growth customers Extend the use of and user-based Win with sharpened Admicom solutions, monetization models customer focus & product-led-growth increased value
Slide 24: One winning team
One winning team ▪ Shared values and mission to help customers Build better. Together! ▪ Understanding of construction and our customers’ daily work ▪ Opportunities for growth & development ▪ Increasingly diverse & international
Slide 25: We focus on five execution streams
We focus on five execution streams Customer-centric Develop a modular, AI-enhanced platform that improves construction 1 platform and contracting professionals’ productivity Go-to-market Deep dives 2 Transform our go-to-market for accelerated, scalable growth transformation today International Expan
Slide 26: Phasing: We start by accelerating growth in current market
Phasing: We start by accelerating growth in current market 2028 2026 2027 Accelerated international growth Grow with primary focus in current markets ▪ Continued platform development ▪ Sharpened customer focus and phased transition from ▪ Maintain strong market position in products to customer-centr
Slide 27: Let's grow together! Admicom strategy 2026-2028
Let’s grow together! Admicom strategy 2026-2028 Vision Partner of choice in the European construction software ecosystem ▪ Back to >15 % organic growth rate, >60 M€ ARR Ambition ▪ Current business >40 % adjusted EBITDA 2028 ▪ Most comprehensive and customer-centric platform ▪ 3x total addressable ma
Slide 28: Build better. Together!
S admicom Build better. Together!
Slide 29: Customer-centric platform
Customer-centric platform Teemu Uusitalo, Chief Product Officer
Slide 30: Our platform for productive construction
Our platform for productive construction Customers Bid management SALES Contracts Invoices PROJECT MANAGEMENT AI agent PRODUCTION Schedule and tasks Resourcing supported Construction work Safety & Quality Cost estimation Documentation workflows Collaboration Asset management Accounting Payroll BACK-
Slide 31: AI Agents supporting project resourcing
AI Agents supporting project resourcing AI Agent: AI Agent: Analyse Monitor and 1. Define 2. Reserve 3. Monitor availability forecast changes resource needs resources progress & results Estimator Site manager Site manager Project manager General manager Project manager General manager AI Agent: Reco
Slide 32: Improving project productivity for the construction professionals
Improving project productivity for the construction professionals I want to run projects on I want to save more time I want to win right time and budget for construction work I want to make data-driven projects decisions for my business Project Manager Site Manager Bid Manager General manager Plans
Slide 33: Site operations: AI enabled solution for effective site operations management
Site operations: AI enabled solution for effective site operations management Daily challenges on site ▪ Time wasted on manual data collection "The use of AI opens up a new way for us ▪ Quality documentation not up-to-date to make our operations more efficient and ▪ Gaps in communication and informa
Slide 34: Platform development is at the core of our growth journey
Platform development is at the core of our growth journey 2026 2027 2028 Grow with primary focus in current markets Accelerated international growth ▪ Build AI-enabled workflows between products ▪ Support market expansion ▪ Release new AI-enabled, user-centric solutions ▪ Grow faster with Product-le
Slide 35: Build better. Together!
S admicom Build better. Together!
Slide 36: Go-to-market transformation
Go-to-market transformation Pekka Pulkkinen, Chief Growth Officer
Slide 37: Transforming our go-to-market for accelerated, scalable growth
Transforming our go-to-market for accelerated, scalable growth Acceleration Scalability Developing the most effective sales Diversifying go-to-market models and marketing operations to support more scalable growth
Slide 38: Growth drivers
Growth drivers Expand to new Grow with geographies Expand with customers M&A, organic, Land new cross-sell Revenue-, project- product-led-growth customers Extend the use of and user-based Win with sharpened Admicom solutions, monetization models customer focus & product-led-growth increased value Fo
Slide 39: Growth opportunities in current markets
Growth opportunities in current markets 75 000 Opportunity 1: Opportunity 2: Opportunity 3: Land new Expand with cross-sell Increasing digital spend customers + grow with customers in construction 2,4 % Finland 20 % use more than one Admicom solution <1% Estonia ~6 000 ~30 % Construction companies C
Slide 40: How we land & expand: customer example 1
How we land & expand Customer example 1: 2 M€ electrical contractor ARR, k € 2 x in 3 years 36 19 ERP + Asset Financial Scheduling Revenue- ARR today accounting management consulting based and payroll services increases services / ERP
Slide 41: How we land & expand: customer example 2
How we land & expand Customer example 2: 6 M€ construction sub-contractor ARR, k € 4,5 x in 4 years 18 4 Estimation Scheduling User-based ERP ARR today increases
Slide 42: How we land & expand: customer example 3
How we land & expand Customer example 3: 50+ M€ infrastructure contractor ARR, k € 3 x in 2 years 122 Customers using more than one Admicom solution 40 + 19 % YTD Estimation and Documentation / Quantity take- User-based ARR today scheduling Site operations off and asset increases management
Slide 43: Renewed set-up for accelerated growth
Renewed set-up for accelerated growth Marketing Generate demand ▪ Best market coverage ▪ Long customer relationships Sales Customer Success Land new target Expand leveraging high ▪ Industry expertise customers market share Customer Experience Facilitate feedback loops
Slide 44: Diversifying go-to-market models for more scalable growth
Diversifying go-to-market models for more scalable growth ▪ Product-led-growth main lever ▪ First supporting cross-selling to current customers ▪ Next supporting market expansion ▪ Enablers: ▪ Digital customer journeys ▪ Self-service subscription management
Slide 45: Build better. Together!
S admicom Build better. Together!
Slide 46: International expansion
International expansion Henna Kotilainen, Chief Strategy Officer
Slide 47: Strong M&A track record
Strong M&A track record Founded 2004 First North Helsinki PLANMAN 2004 2018 2019 2020 2021 2022 2023 2024 2025 Strengthened competitiveness Foundation for international growth
Slide 48: Steps outside Finland with Bauhub acquisition and cross-border customers
Steps outside Finland with Bauhub acquisition and cross-border customers International accounts ▪ Acquired in December 2024 ▪ Validating product-market fit ▪ Project collaboration and information solution Example: 1+ bn. € Nordic complementing Admicom’s housing developer platform BIM3 Estima ▪ Stron
Slide 49: We aim to triple our total addressable market
We aim to triple our total addressable market Examples of estimated sizes of construction software market Finland & Estonia ~ 400 M € Current Germany 7x Admicom markets UK 6x Tripling our Sweden 2x market requires The Netherlands 2x entry to one large or few medium Poland 1x sized markets Norway 1x
Slide 50: Our approach: Build capabilities organically, drive impact with M&A
Our approach: Build capabilities organically, drive impact with M&A Organic growth ▪ Expansion in Estonia & with international accounts ▪ Further development of product-market fit, including partnerships ▪ Strengthening internal operations & product-led-growth capability Inorganic growth ▪ M&A for b
Slide 51: M&A strategy
M&A strategy Main drivers: Ideal target criteria: Our approach: ▪ ARR 1-10 M ▪ Integration 1. Market entry / target customer ▪ Proven product-market fit & ▪ Financing primarily acquisition growth capability with cash and debt ▪ Aligned with our target ▪ Manageable risk customers and platform strateg
Slide 52: Execution streams
Execution streams Customer-centric Develop a modular, AI-enhanced platform that improves construction 1 platform and contracting professionals’ productivity 2 Go-to-market Transform our go-to-market for accelerated, scalable growth transformation International Expand our addressable market by buildi
Slide 53: Business Services Future-proof operations
Business Services Future-proof operations Develop business services to complement our platform Streamline business processes, upgrade core systems, in improving productivity and delivering the best and strengthen capabilities to support scalable growth customer experience and international expansion
Slide 54: Build better. Together!
S admicom Build better. Together!
Slide 55: Financial view to new strategy
Financial view to new strategy Satu Helamo, Chief Financial Officer
Slide 56: High profitability and strong cash flow create a solid position for growth
High profitability and strong cash flow create a solid position for growth Adjusted EBITDA, M€ and as % of revenue 45% 41% 97% Almost all revenue recurring 37% 35% 31% 4 40% 45% 14 40%3,9 40% 12 14,1 20%3,8 35% 12,8 12,4 3,7 10 11,6 0% 30% 3,6 3,7 25% EBITDA cash conversion c. 80% 8 -20% 3,5 3,6 20%
Slide 57: Historically solid upsell and new sales but tough market has limited growth
Historically solid upsell and new sales but tough market has limited growth ARR, M€ -7,3 12,5 36,7 0,1 -7,1 4,2 24,4 9,8 ARR 2021 New sales Adj. fees Upsell Downsell Churn M&A* ARR Q3’25 * Kotopro 2022, Trackinno & Bauhub 2024
Slide 58: Targeting minimum 60 million of ARR by the end of 2028
Targeting minimum 60 million of ARR by the end of 2028 Growth accelerating towards end of strategy period with tailwind from improving market > 60 M€ • New customers 7-12 M€ • Accelerated cross sales 15-20 M€ 37 M€ • Platform stickiness leading to >15% improved NRR organic growth • Monetization mode
Slide 59: Clear operational and strategic levers for improving profitability in Finland
Clear operational and strategic levers for improving profitability in Finland Adjusted EBITDA, % of revenue >40 % Improved resource allocation 1-3 % and leveraging of AI 3-5 % 31 % 3-5 % Improving accounting efficiency and customer support & onboarding with automation Efficiency in go-to-market stra
Slide 60: Key financial targets for the end of strategy period
Key financial targets for the end of strategy period GROWTH >15% >106% <6% Organic ARR growth NRR Customer churn PROFITABILITY >40% * For current business. M&A and organic international growth may have short term Adjusted EBITDA* dilutative impacts LEVERAGE <2.5x Net debt to EBITDA
Slide 61: Growth investments prioritized in capital allocation
Growth investments prioritized in capital allocation GROWTH SHAREHOLDER RETURN ORGANIC GROWTH in current markets ▪ Internationally efficient business processes & systems ▪ Strategic re-allocation of current resources DIVIDEND and/or ▪ Targeted recruitments for key competencies & SHARE BUY-BACKS inte
Slide 62: Revised dividend policy to strengthen financial capacity for growth
Revised dividend policy to strengthen financial capacity for growth Current Revised Admicom aims to distribute more than half of Admicom has a growth strategy, and our its earnings as dividends to its owners, priority is to maintain a strong financial provided that any profit distribution does not p
Slide 63: Build better. Together!
S admicom Build better. Together!
Slide 64: Final words
Final words Simo Leisti, Chief Executive Officer
Slide 65: Let's grow together!
Let’s grow together! Resilient business model Growing market potential Growth strategy & strong financial profile Construction market recovery Grow in current markets with Predictability comprehensive platform Increasing digital spend for Profitability & cash flow improving productivity Triple total
Slide 66: Build better. Together!
S admicom Build better. Together!