Q1 2026 - Topicus & Lumine
Very solid margin expansion for Topicus; project timing and integration noise for Lumine
Yesterday, both Topicus and Lumine reported their Q1 results. For Topicus, very solid margin expansion was a clear standout, while growth in cash flow from deferred revenue was notably lower.
For Lumine, project timing and integration noise (because that's what we believe it is) resulted in a very rare drop in reported EBITA (1% growth in like-for-like EBITA excluding M&A costs). Similar to Topicus, working capital trends weren’t favorable.
Let’s review their quarterly performance and update the valuation models.