Nagarro SE, the global AI-native engineering and transformation company listed in Frankfurt under ticker NA9, released its unaudited financial results for the nine months and three months ended 30 September 2026 on 13 November 2026. The company reported nine-month revenue of €755.5 million, representing 2.7% constant currency growth year-on-year, though Q3 2026 showed margin pressure with net profit falling to €12.7 million from €21.4 million in Q3 2025. Investors will be watching how Nagarro manages rising share-based payment costs and expenses related to a public takeover offer, both of which weighed on reported EBITDA across the period.

Key Points

  • Nagarro SE (Frankfurt: NA9, ISIN DE000A3H2200), referenced on Investegate as 0AA3
  • Nine-month 2026 revenue reached €755.5 million, up from €753.4 million in 9M 2025, with 2.7% constant currency growth
  • Adjusted EBITDA improved to €107.3 million (14.2% margin) for 9M 2026; Q3 2026 net profit fell 40.5% year-on-year to €12.7 million
  • Investors should monitor the ongoing public takeover offer costs, share-based payment charges, and whether organic revenue growth accelerates in Q4 2026

Nagarro's Nine-Month Revenue and Adjusted EBITDA Show Modest Progress Despite Currency Headwinds

For the nine months ended 30 September 2026, Nagarro reported revenue of €755.5 million, a 0.3% increase in Euro terms from €753.4 million in the same period of 2025, while constant currency growth reached 2.7%. Adjusted EBITDA grew to €107.3 million, representing a margin of 14.2%, compared with €104.8 million and a 13.9% margin in 9M 2025. Gross profit was broadly flat at €243.1 million, equating to a 32.2% gross margin. Net profit for the nine-month period grew to €42.5 million from €41.0 million, primarily attributed by the company to a decrease in withholding taxes on intra-group dividends year-on-year.

Share-Based Payment Costs and Takeover Offer Expenses Drive Q3 2026 EBITDA Decline to €32.5 Million

Reported EBITDA for Q3 2026 fell sharply to €32.5 million from €43.5 million in Q3 2025, a decline of 25.2% year-on-year. The announcement states this was driven by a €5.8 million decrease in adjusted EBITDA and a €5.2 million increase in net special item expenses. Share-based payment arrangement charges of €4.6 million and costs related to a public takeover offer of €0.9 million were cited as the most significant adjustments in the quarter. EBIT for Q3 2026 consequently declined to €23.8 million from €34.9 million, with Q3 net profit falling to €12.7 million, partially cushioned by a €3.1 million reduction in income tax expense.

Nagarro Reduces Borrowings to €278.0 Million and Grows Million-Euro Client Count to 186

On the balance sheet, Nagarro's loans and borrowings fell to €278.0 million as of 30 September 2026 from €310.1 million at 31 December 2025, primarily due to repayment of its syndicated revolving credit facility. Cash and cash equivalents remained stable at €124.3 million. Days of sales outstanding improved to 80 days from 82 days at year-end 2025. Operating cash flow for Q3 2026 rose to €48.2 million from €34.7 million in Q3 2025. The number of clients generating more than €1 million in revenue over the prior 12 months increased to 186 from 184 at 30 June 2026, with the company employing 18,499 professionals across 39 countries.

Organic Growth Remains Negative in Euro Terms as Nagarro Navigates AI-Native Engineering Market Demands

Organic revenue growth for the nine-month period was 1.2% in constant currency terms but translated to negative 1.2% in Euro terms, reflecting meaningful foreign exchange headwinds. For Q3 2026 specifically, organic constant currency growth was negative 1.6%, highlighting near-term pressure on the company's core business excluding acquisition contributions. Nagarro positions itself as an AI-native engineering and transformation leader operating across 39 countries, a scale that exposes it to currency volatility as a structural risk. Investors may be watching whether the company's AI-focused proposition drives stronger organic growth in coming quarters as enterprise technology spending patterns evolve.