Nagarro SE Q2 2026 Earnings Recap

Nagarro’s shares inched up just 0.2% following Q2 results that showed slowing revenue growth and modest margin improvement, reflecting a cautious market response amid a muted demand environment and ongoing geographic revenue headwinds.

Key Takeaways

• Q2 2026 revenue grew 2.0% in constant currency, down from 6.5% growth in Q1, evidencing deceleration in top-line momentum.
• Revenue for the first half of 2026 grew 4.2% year-over-year on a constant currency basis.
• Geographic performance was mixed: strong growth in the U.S. (+9.0%), India (+14.7%), and UAE (+16.8%), offset by declines in Germany (-3.8%) and Austria (-5.0%) attributed to client-specific factors.
• Gross margin exceeded 32%, supported by favorable business mix and operational discipline.
• Adjusted EBITDA margin reached 15.0%, partly aided by foreign exchange effects, with management acknowledging significant opportunities remain to improve sustainable profitability.