Administer

Administer’s Q3 was soft, with lower net sales weighing on profitability. Cost-saving measures should support margins slightly in the short term, while the pending Sarastia acquisitions remain the key potential value driver.

Administer's Q3 results fell short of expectations as net sales declined to EUR 17.0m and EBITDA weakened to EUR 0.7m, driven by challenging market conditions and lower volumes across all business areas.

Administer is set to report Q3 results on November 5. We expect stable performance in line with H1 trends, with limited organic growth. Looking ahead, the Sarastia acquisitions remain a key catalyst for growth and earnings expansion.

Administer announced a second intended acquisition from Sarastia, this time targeting the financial and payroll services business of the wellbeing services county customers. This complements the earlier municipal customer transaction and further strengthens...

Administer's Q2 was slightly weaker than expected, with the y/y EBITDA improvement streak coming to a pause. Adjustment measures have been initiated to support margins going forward. The Sarastia acquisition, which will increase revenues by close to ...

Administer reports Q2 on August 14. We expect net sales and profitability to remain broadly flat y/y, with market conditions still difficult and no contribution yet from the pending Sarastia acquisition, which is awaiting regulatory approval.