Vincit Business Review Q3 2026.pdf
Vincit Plc’s Business Review 1 January–30 September 2026: Turnaround requires further commercial success
Vincit Plc
Company announcement October 21, 2026 at 14:00 EEST
Vincit Plc’s Business Review 1 January–30 September 2026: Turnaround requires further commercial success
This release is a summary of Vincit's Business Review 1 January–30 September 2026. The complete report is attached to this release and is available on the company's website at https://investors.vincit.com/en.
Figures in brackets refer to the corresponding period of the previous year, unless otherwise stated. Percentages and figures presented in this business review may include rounding differences and therefore may not exactly match the totals presented.
July–September 2026
- Revenue was EUR 12.6 (14.4) million. Revenue declined by EUR 1.8 million, or -12.3%.
- Adjusted EBITA was EUR -0.2 (0.2) million, or -1.7% (1.3%) of revenue.
- EBITA was EUR -0.2 (0.1) million, or -1.9% (0.5%) of revenue.
- EBIT was EUR -0.4 (-0.1) million, or -3.2% (-0.4%) of revenue.
- Earnings per share were EUR -0.03 (-0.03).
- Total capacity (FTE) averaged 467 (523) over the reporting period, of which subcontracting was 44 (32) FTEs.
January–September 2026
- Revenue was EUR 43.9 (51.4) million. Revenue declined by EUR 7.5 million, or -14.5%.
- Adjusted EBITA was EUR -0.1 (0.0) million, or -0.1% (0.0%) of revenue.
- EBITA was EUR -0.7 (-1.2) million, or -1.6% (-2.3%) of revenue.
- EBIT was EUR -1.1 (-1.5) million, or -2.6% (-2.9%) of revenue.
- Items affecting comparability were EUR -0.6 (-1.2) million.
- Earnings per share were EUR -0.08 (-0.17).
- Total capacity (FTE) averaged 472 (554) over the reporting period, of which subcontracting was 38 (37).
- At the end of the review period, the Group employed a total of 442 (528) people.
Outlook for 2026 (unchanged)
The 2026 adjusted EBITA margin is expected to improve from the previous year.
Financial targets for the strategy period 2025–2027
The Board of Directors of Vincit Plc approved on December 18, 2024 the company’s updated financial targets for 2025-2027.
- Adjusted EBITA margin of 10 percent of revenue by 2027
- In 2025, the goal is to stabilize the business, and in 2026-2027 the target is 10 percent organic revenue growth
- Strengthen the chosen business areas through acquisitions
- Equity ratio above 50 percent and net debt-to-EBITDA ratio below two
Vincit’s dividend policy remains unchanged and the company aims to distribute at least 30 percent of the annual net profit as dividends.
Key figures
| EUR 1,000 | 7-9/2026 | 7-9/2025 | Change % | 1-9/2026 | 1-9/2025 | Change % | 2025 |
| Revenue | 12,611 | 14,385 | -12.3% | 43,902 | 51,354 | -14.5% | 69,075 |
| EBITDA | 562 | 866 | -35.2% | 1,785 | 1,628 | 9.7% | 2,768 |
| % of revenue | 4.5% | 6.0% | 4.1% | 3.2% | 4.0% | ||
| EBITA | -238 | 66 | > -100% | -691 | -1,172 | -41.1% | -824 |
| % of revenue | -1.9% | 0.5% | -1.6% | -2.3% | -1.2% | ||
| Items affecting comparability | -18 | -114 | -84.4% | -639 | -1,181 | -45.9% | -1,225 |
| Adjusted EBITDA | 579 | 981 | -40.9% | 2,424 | 2,809 | -13.7% | 3,993 |
| % of revenue | 4.6% | 6.8% | 5.5% | 5.5% | 5.8% | ||
| Adjusted EBITA | -220 | 180 | > -100% | -52 | 9 | > -100% | 402 |
| % of revenue | -1.7% | 1.3% | -0.1% | 0.0% | 0.6% | ||
| EBIT | -408 | -59 | > 100% | -1,144 | -1,496 | -23.5% | -1,287 |
| % of revenue | -3.2% | -0.4% | -2.6% | -2.9% | -1.9% | ||
| Profit for the period | -547 | -530 | 3.1% | -1,415 | -2,885 | -50.9% | -2,876 |
| Equity ratio % | 64.6% | 61.1% | 64.6% | 61.1% | 60.6% | ||
| Return on Equity (ROE) % | -7.2% | -6.7% | -6.1% | -11.4% | -8.5% | ||
| Return on investment (ROI) % | -2.7% | -0.2% | -3.2% | -4.3% | -2.5% | ||
| Net Gearing Ratio % | 1.5% | 6.7% | 1.5% | 6.7% | 1.4% | ||
| Number of employees at the end of the period | 442 | 528 | -16.3% | 442 | 528 | -16.3% | 512 |
| Basic EPS, EUR | -0.03 | -0.03 | 4.0% | -0.08 | -0.17 | -52.0% | -0.17 |
Vincit CEO Julius Manni
Vincit's third-quarter result fell far short of our targets. Revenue decreased by 12.3% year-over-year, and adjusted EBITA was -1.7% of revenue. Profitability was weighed down by several customer projects starting more slowly than expected after the summer vacation season and the resulting lower capacity utilization. Billable utilization improved in September, but not enough to offset the weaker performance in July and August.
The VincitEAM product business continued to develop strongly. Its revenue grew by 12.9% in the third quarter and adjusted EBITA rose to 9.9% of revenue. Growth was driven by higher recurring revenue.
Customer readiness to start new projects has increased, as reflected in our growing sales pipeline. We are in discussions on significantly larger projects than before, but decision-making remains slow. The VR Group financial management system renewal announced at the end of the review period is a significant breakthrough for us and demonstrates our strong position as a partner in complex SAP cloud transformations.
We remain committed to strengthening our position as an AI-native business transformation partner. A good example is our long-term collaboration with Adicio AI, with whom we developed an AI-era business solution for construction site management. The collaboration has given us concrete insight into how AI is transforming the way we develop software and our customers' business operations. Utilizing AI has become an established part of Vincitizens' work, and the focus has shifted from streamlining individual tasks to comprehensively renewing processes and business operations.
Halting the decline in revenue and executing the turnaround require further success in winning larger projects. We will continue to strengthen our commercial expertise while streamlining our cost structure, targeting annual cost savings of approximately EUR 2 million in 2027.
We are building Vincit into a leading partner for business processes and digital solutions in the AI era. I want to thank our customers for their trust and all Vincitizens for their commitment throughout this change.
Significant events during the review period
Change in the Leadership Team
On August 5, 2026, Vincit announced that Kimmo Kärkkäinen, CFO and member of the Executive Leadership Team at Vincit, had resigned from Vincit to join another company. He will continue in his position and as a member of the Executive Leadership Team until the end of October 2026. On September 1, 2026 Vincit announced that Paula Kuittinen (M.Sc. (Econ.)) had been appointed Chief Financial Officer (CFO) and a member of the leadership team of Vincit Plc, effective November 1, 2026.
Financial reporting and Annual General Meeting in 2027
In 2027, Vincit will publish financial information as follows:
- Financial Statements Release for 2026 on Thursday, 25 February 2027
- Financial Statements and Board of Directors’ Report 2026 on week 9
- Business Review for January-March on Thursday, 22 April 2027
- Half-year Report for January-June on Thursday, 12 August 2027
- Business Review for January-September on Thursday, 28 October 2027
The reports will be available on the company’s website investors.vincit.com immediately after publication.
Vincit Plc’s Annual General Meeting (AGM) is planned to be held on 24 March 2027. The Board of Directors will summon the AGM on a later date.
In Helsinki, 21 October, 2026
VINCIT OYJ
Board of Directors
Additional information
Vincit Plc, CEO Julius Manni, phone: +358 50 424 3932
Certified advisor: Aktia Alexander Corporate Finance Oy, phone: +358 50 520 4098
Vincit Plc in brief
Vincit turns digital into business results by combining leading enterprise platforms, AI solutions, and human-centric design. Vincit Plc’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.vincit.com