LINK Mobility Group Holding heads into this earnings season with the stock at NOK24.94 and a weak run in the rear-view mirror after a roughly 9% slide over the past three months. The market has been lukewarm. The headline from Q2 is different. Revenue reached about NOK2.1b and adjusted EBITDA hit a record NOK272m, which is a big statement for a communications platform as a service player that lives and dies by scale and contract quality.
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Q2 2026 Earnings Summary
- Revenue, Q2 2026 vs. Q2 2025: NOK 2,050.46m vs. NOK 1,758.30m (up about 17%)
- Net Income from Continuing Operations, Q2 2026 vs. Q2 2025: NOK 49.05m vs. loss of NOK 0.05m (returned to profit)
- Basic EPS, Q2 2026 vs. Q2 2025: NOK 0.17 vs. NOK 0.00 (a marginal loss in the prior period) (improved earnings per share)
- Earnings from Discontinued Operations, Q2 2026 vs. Q2 2025: NOK 54.67m vs. loss of NOK 2.49m (swung to a profit from discontinued activities)
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LINK Mobility’s Bull Story Meets Concrete Milestones
The bullish case for LINK Mobility hinges on a shift toward higher value CPaaS and conversational services that lift margins and make earnings more recurring. Q2 gives some tangible proof points. CPaaS gross profit over the last twelve months reached NOK 148m, with management pointing to strong growth in richer channels such as WhatsApp and RCS and CPaaS accounting for 42% of new contract wins. That aligns with the idea that LINK Mobility is moving up the value chain and securing more software like revenue.
The thesis also leans on improving customer economics and scale. Net retention at 101% is moving in the right direction toward the 105% target and enterprise churn of 2.2% looks controlled. Record new contracts of NOK 53m and record adjusted EBITDA of NOK 272m back up the view that the platform is benefiting from scale rather than just buying growth.
Compare LINK Mobility Group Holding’s record EBITDA, net retention trend and new contract momentum with what institutions are pricing in. See the consensus price target analysis for LINK Mobility Group HoldingLINK Mobility Bear Case: Growth Mix Still Looks Fragile
The bear argument on LINK Mobility is that SMS heavy volumes are vulnerable, while richer channels may not ramp fast enough to offset any future drag. Q2 shows strong growth in RCS and WhatsApp usage, and CPaaS now takes 42% of new contract wins. This pushes back on fears that clients are not adopting omnichannel tools. However, organic gross profit growth of 2% and net retention at 101% still sit below the company’s own 105% target. That leaves room for the claim that product mix and upsell momentum are not yet where they need to be.
Concerns about execution and M&A also find some support. Organic growth remains modest, SMSPortal growth is lumpy, and nonrecurring costs of about NOK 20m tied to deals show that acquisitions are still consuming meaningful bandwidth and cash.
After nonrecurring deal costs and one off earnings items, are these anomalies or part of deeper issues? Review our risk analysis for LINK Mobility Group Holding which shows 1 important warning signStay Ahead With LINK Mobility Insights
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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