Nedap: Recurring revenues up 17%, growth down to 7% in third quarter
Dutch group Nedap published on October 15, 2026 an activity update that confirms the growing weight of recurring revenues in its model. Over the first nine months of 2026, these revenues reached 42% of total turnover, with growth of 17%, outpacing overall sales growth.
The third quarter in isolation shows a lower growth rate than the year-to-date cumulative: +7% for total turnover, compared to +11% over nine months. In its four key markets (healthcare, livestock, retail and security), the increase was 9% over the quarter, after 12% since the start of the year.
This gap is explained in part by the livestock division, whose quarterly turnover declined. Management attributes this mainly to calendar effects and the gradual transition to subscription-based offerings.
Turnover of €76M in third quarter, up 7%
In the third quarter of 2026, Nedap achieved turnover of €76.0M, compared to €71.3M a year earlier, representing an increase of 7%. Over the first nine months, sales reached €228.1M, compared to €206.1M over the same period in 2025, representing growth of 11%. These figures are unaudited.
Recurring revenues progressed at the same rate over both periods: +17% in the third quarter, at €32.4M compared to €27.8M, and +17% over nine months, at €95.7M compared to €82.0M. They represent 42% of cumulative turnover since January.
For reference, the group closed fiscal year 2025 with turnover of €279.8M, according to annual accounts published on March 4, 2026.
Healthcare and retail up, livestock down
According to Nedap, recurring revenues grew in each of the four key markets in the third quarter. Sales growth was driven by healthcare and retail, while security remained broadly stable.
In livestock, turnover declined compared to a third quarter 2025 that the group describes as robust. Management cites mainly calendar effects in deliveries and the continued transition to subscription-based offerings. This shift to the subscription model was accompanied by an increase in the division's recurring revenues, and the installed base continued to expand in several regions.
In healthcare, more care organizations have adopted Nedap's patient management files, notably in disability care and elderly care services. In retail, the group gained customers, including retailers adopting RFID for the first time and others replacing their supplier. The partnership with VF Corporation, already announced, provides for deployment in more than 1,500 stores, extended to distribution centers and suppliers.
In security, Nedap Pace solution was deployed in the first building of the Bayer CropScience campus in Monheim, as part of Bayer's AllAccess program. Nedap also launched on September 22, 2026 Nedap Way, a new range of readers for secure building access, compatible with badges and mobile access.
Growth expected in second half, Middle East deployments delayed
For the remainder of the fiscal year, Nedap indicated it anticipates an increase in its turnover in the second half of 2026 compared to the second half of 2025. The group specified that geopolitical instability in the Middle East continues to delay deployments of its security solutions to customers in the region.
Management reaffirmed its priority given to sustainable long-term growth and indicated it would continue its investments, particularly in the group's technology platform, artificial intelligence and cybersecurity. Chief Executive Officer Rob Schuurman stated that the group remained in line with its Step Up! strategy.
The most structuring element of this publication remains the share of recurring revenues: €95.7M over nine months, up 17%, representing 42% of the group's total turnover for the period.
