Nedap Q3 revenue rises 7% as recurring sales grow 17%
Nedap reported a 7% rise in revenue for the third quarter of 2026 compared with the same period a year earlier, with its key markets growing 9%. Recurring revenue climbed 17% in the first nine months and made up 42% of total revenue, according to the Dutch technology company.
- Nedap's Q3 2026 revenue rose 7% to €76.0 million, with key markets up 9%.
- Recurring revenue grew 17% in the first nine months and made up 42% of total revenue.
- Healthcare and Retail drove growth, Security was broadly stable and Livestock declined.
- Nedap expects second-half 2026 revenue growth, but Middle East instability delays security rollouts.
- The VF Corporation partnership plans a rollout in more than 1,500 stores.
Revenue and recurring income
Nedap, based in Groenlo in the Netherlands, said revenue in the third quarter of 2026 reached €76.0 million, up from €71.3 million in the third quarter of 2025. Revenue in the key markets rose 9% in the quarter, bringing year-to-date growth in those markets to 12%.
For the first nine months of 2026, total revenue came to €228.1 million, compared with €206.1 million a year earlier, an increase of 11%. The figures are unaudited.
Recurring revenue grew faster than the total. It reached €32.4 million in the third quarter, against €27.8 million a year earlier, a gain of 17%. Over the first nine months it totaled €95.7 million, up from €82.0 million, also 17%. According to Nedap, this represents 42% of total revenue for the period.
CEO Rob Schuurman said the company remains "on track with our Step Up! strategy" and that the growing recurring base "provides an increasingly strong foundation for sustainable long-term growth and value creation."
Healthcare and Retail drive growth, Livestock declines
Nedap said growth came from Healthcare and Retail, while Security revenue remained broadly stable. Recurring revenue grew in all four key markets.
Healthcare: Revenue increased. The company said it strengthened its position in disability care and elderly care, and that more care organizations adopted its treatment records. Nedap links this to a broader shift toward integrated ways of working, where care professionals and practitioners collaborate within the same record.
Retail: Revenue increased as Nedap added customers, including retailers adopting RFID for the first time and those replacing existing providers. Use of its solutions expanded beyond inventory counting into automated replenishment, on-shelf availability and overhead inventory visibility. Its RFID-enabled self-checkout portfolio saw its first large-scale deployments. The previously announced partnership with VF Corporation covers a planned rollout in more than 1,500 stores across its brand portfolio, and extends to distribution centers and vendor partners to support end-to-end inventory visibility.
Livestock: Revenue declined compared with a strong third quarter in 2025. Nedap attributed this mainly to timing effects and a further shift toward subscription-based offerings. Recurring revenue rose as adoption of its as-a-service offerings grew, and the installed base expanded across multiple regions. The company named labor scarcity, increasing farm scale and the need for greater efficiency as long-term drivers of demand for cow monitoring and automation.
Security developments and outlook
In Security, revenue stayed broadly stable. Nedap Pace went live at the first building on the Bayer CropScience Campus in Monheim, as part of Bayer's AllAccess program to set a common standard for physical access management across sites, countries and access control systems. Nedap also introduced Nedap Way, a new reader line for secure building access. It supports card-based and mobile access and works with new and existing access control systems, which the company says lets organizations modernize access step by step.
Looking ahead, Nedap expects revenue growth in the second half of 2026 compared with the second half of 2025. It noted that geopolitical instability in the Middle East continues to delay customer rollouts for its security solutions in that region. The company said it will keep investing for long-term growth, with particular emphasis on its technology platform, AI and cybersecurity.
What it means
The figures show Nedap's mix shifting toward subscription-style income, with recurring revenue growing at 17% against 11% for total revenue over nine months. The Livestock decline in the quarter illustrates the short-term effect of that shift, as the company itself cites it alongside delivery timing. For investors and customers, the company's stated priorities remain its technology platform, AI and cybersecurity, while Middle East instability is the one risk it names for its security business.
