Nominee-registered ownership (on the shareholder list) was 59.19% on May 31, 2025. In the January 31, 2026 listing, the ownership stake has dropped to the 51.84% level.
Looking at the price chart (3-year period), the ownership increased until May 2025, when the share price was around €54. However, from that point on, the share price has started to decline, accompanied by selling.
For example, 80,000 shares were sold in January.
I jumped on this “January sale” myself and topped up my position to the upper limit of my investment plan, reaching a round number of shares. The weighting is now about 2% of the portfolio. The company has pushed forward quite satisfactorily in a difficult market. On the other hand, since digitalization in the construction industry is at the level of pen and paper, if I may exaggerate slightly, I wouldn’t be too worried about “Reiska’s Plumbing Ltd” and other industry players starting to code their own financial management software with the help of AI. Furthermore, as the industry is quite national and involves specific local characteristics, I don’t think Admicom can be easily challenged by an outsider anyway.
What if some software company offers a similar program to Reiska’s Plumbing for half the price of Admicom—would you be worried then?
If it’s as good or better, then yes. But it’s unlikely to be that easy, as I was reflecting there.
It will certainly not be easy for even other software firms to start offering competing AI-generated software. SaaS solutions like Admicom’s are much more than just the code behind the product. I would argue that the code is actually on the less valuable end of the value Admicom provides to the customer.
The real value comes from years of business expertise in the construction industry, understanding the daily problems of companies in the field, and solving them. How should a specific functionality be built into the application so that it is natural and intuitive for the customer to use and operate? How do we ensure that the user experience is consistent and intuitive specifically for a construction company and its various user groups (project manager, accountant, or a construction worker in the field)? What is the industry’s established terminology? How is it used correctly? How do you weave the various needs of construction companies into a single application package?
To top it off, one must understand, for example, the regulatory and legislative constraints of the specific country when coding accounting software. It is clear that AI does not take such matters into account, no matter how functional the code may be.
I would say that, over time, it is crystal clear that the bar for entering the competition in this industry will lower. At the same time, however, Admicom has the opportunity, assisted by AI, to deepen 그 moat even further by integrating AI into Admicom’s products in a way that makes the product indispensable to the customer. It is difficult to compete with that, especially since Admicom’s ERP solutions are tied quite deeply into the customer’s business operations.
The question remains: how well will Admicom succeed in this?