Transcom Holding AB (publ): First quarter report 2026
Q1 2026 highlights
• Revenue increased to €194.9M (€190.9)
• Organic revenue growth of 5.3% vs Q1 2025
• EBITDA excluding non-recurring items increased to €24.0M (€22.6)
• EBITDA margin excluding non-recurring items increased to 12.3% (11.9%)
• EBIT increased to €12.3M (€7.0)
• Net debt/EBITDA ratio excluding non-recurring items improved to 3.4 (4.2)
• Operating cash flow of €19.9M (€20.4)
Comments by the CEO: Strong Start to 2026 Powered by Deepening AI Adoption, Commercial Momentum, and Offshore Scale
2026 has begun with strong momentum as we remain intently focused on our strategic priorities. Following completion of transformational plans throughout 2025, our investments in sales and marketing and expanding depth of advanced technological solutions have accelerated our new business growth with new clients and expansion with existing clients alike.
Revenue in the first quarter increased to €194.9 million (€190.9), representing 5.3% organic growth on a constant currency basis. Performance was fuelled by the growth in both geographical segments, from new client wins, expanding volumes in offshore delivery locations as well as growth in the Service & Utilities sector. Naturally, employee growth is even greater than revenue growth as we continue to successfully win new and migrate business to near and offshore markets. Both segments have grown in terms of both revenue and EBITDA margin for several consecutive quarters.
A primary highlight of this quarter is Transcom's return to peak profitability, with EBITDA, excluding non-recurring items over the trailing twelve months (LTM) exceeding €100 million. For the quarter EBITDA, excluding nonrecurring items, increased to €24.0 million (€22.6), with an EBITDA margin of 12.3%, up from 11.9% in the same period last year. These improvements are a direct result of our ongoing optimization of operating costs using advanced technologies, tight capacity management, and contract economics reflecting our capability to deliver value to our clients at very competitive price points. From Q3 2025 and onward, Transcom has set new high watermarks in revenue and EBITDA in each quarter including Q1 of 2026.
Our English-speaking segment remains a primary engine for the group, achieving an EBITDA margin of 18.1% (17.9%). While the margin was temporarily impacted by ramp-up costs for new clients, the underlying offshore growth strengthens our profitability. Simultaneously, the European segment continues to stabilize, with an improved margin of 9.9% (9.4%) driven by new business growth and continued reshoring of existing volumes.
Transcom's commitment to AI-driven and digitally enabled solutions remains central to our competitive advantage. By integrating advanced AI into our internal processes and client solutions, we are continually optimizing our cost structure, improving customer outcomes, and further lifting client satisfaction through the value we demonstrate. This is underscored by over 50 % penetration of clients where our delivery includes one or more advanced AI or digital technology. Additionally, our win rates continue to increase in parallel as ~ 80% of all proposals now include one or more of our advanced technology solutions.
Underpinned by performance, our overall financial health has strengthened. We have significantly improved our leverage following the successful bond exchange in December 2025. By the end of Q1 2026, our Net debt/EBITDA ratio dropped to 3.4, down from 4.2 in the prior year period. This secure financial foundation provides the long-term stability needed to maintain our growth trajectory.
We enter the remainder of 2026 with strong sales momentum, an optimized footprint and an ever-improving delivery model. We remain the trusted partner of choice for both emerging and leading brands, delivering best-in class CX solutions. I would like to extend my deepest appreciation to our global team for their dedication, and to our clients for their ongoing trust in Transcom. We are confident in our strategy and ability to deliver superior value to all stakeholders.
Brian Johnson, President & CEO
Earnings call
Transcom will host a webcast at 10:00 AM CET on May 7, 2026. The webcast will be held in English. The presentation will be available on https://transcom.com/about-us/investor-relations.
Presentation details
Date/Time: Thursday, May 7, 10:00 AM CET
Online Registration link:
https://app.livestorm.co/transcom-holding/transcom-holding-ab-q1-2026-results-presentation
Important note: Please register via the link above at least 5-10 minutes prior the webcast in order to obtain the webcast link. If you register in advance, you will be sent an email reminder an hour prior to the webcast.
For further information, please contact
Cecilia Bergendahl, CFO
Email: cecilia.bergendahl@transcom.com
About Transcom
Transcom provides AI and digitally enhanced customer experience (CX) services to some of the world's most ambitious brands. More than 300 clients globally, including disruptive e-commerce players, category redefining fintechs, and technology legends rely on us for on-, off-, and nearshoring services. Transcom’s over 30,000 employees work in 80+ contact centers and work-at-home networks across 29 countries, creating brilliant experiences in customer care, sales, content moderation and backoffice services. We help our clients drive their brands forward, customer satisfaction up and operating costs down. For more information, visit www.transcom.com.