Nedap reported revenue of EUR 76.0 million in the third quarter of 2026, up 7 per cent from EUR 71.3 million in the third quarter of 2025, with revenue in its four key markets growing by 9 per cent over the same comparison. The company is a Dutch technology group founded in 1929, headquartered in Groenlo in the eastern Netherlands and listed on Euronext Amsterdam since 1947, and it sells into Healthcare, Livestock, Retail and Security with just over 1,100 employees. The unaudited figures, published on 15 October 2026, take revenue for the first nine months of 2026 to EUR 228.1 million against EUR 206.1 million in the same period of 2025, an increase of 11 per cent, with key market growth of 12 per cent year to date.
Recurring revenue is now 42 per cent of the nine month total
The structural story sits underneath the headline. Recurring revenue reached EUR 32.4 million in the third quarter of 2026, up 17 per cent from EUR 27.8 million a year earlier, and EUR 95.7 million across the first nine months of 2026 against EUR 82.0 million in the same period of 2025, also 17 per cent higher. That makes recurring revenue 42 per cent of total revenue for the nine month period, and it is growing faster than the top line in every one of the four key markets.
“The third quarter reflects continued customer demand for our solutions, with recurring revenue again growing faster than total revenue,” said chief executive Rob Schuurman. “As this base grows, it provides an increasingly strong foundation for sustainable long-term growth and value creation.”
For anyone buying RFID, that percentage is the accounting trace of a change in how these systems are sold. An item level programme used to land as a capital purchase of fixed and handheld readers, tags and a perpetual licence. Increasingly it lands as a subscription, with the software platform, the analytics and often the hardware wrapped into a per store or per site fee, which smooths the supplier’s revenue and moves the buyer’s spend from capex to opex.
Retail adds first time RFID users and takes customers from rivals
Retail revenue increased in the third quarter of 2026 compared with the third quarter of 2025, and the mix of new logos is the detail worth noting: Nedap said it added both retailers adopting RFID for the first time and retailers replacing an existing provider. Nedap’s retail business is built on passive UHF RFID, also marketed as RAIN RFID, which operates in the 860 to 960 MHz band and delivers the read range and bulk read rate needed to count a sales floor and a stockroom in minutes rather than days. A market in which both greenfield adopters and competitive displacements are signing in the same quarter is one where the technology case is settled and the contest has moved on to the software layer.
Use of those deployments is also widening. Nedap said adoption continued to expand beyond inventory counting into automated replenishment, on-shelf availability and overhead inventory visibility, which is the shift from counting stock to acting on the count. Cycle counting answers how many units a store holds. Replenishment, shelf availability and overhead stock visibility answer which units are in the wrong place, and that is where accurate item level data starts paying for itself in sales rather than in stock loss alone.
Nedap’s RFID-enabled self-checkout portfolio also saw its first large-scale deployments in the third quarter of 2026. Reading a basket by RFID instead of scanning each barcode removes the slowest step at the till, although it only works where the whole assortment is reliably tagged, which is why apparel has reached it first.
The largest named retail commitment is with VF Corporation, the US apparel group behind brands including The North Face, Vans and Timberland. The previously announced partnership is the reference point for what Nedap calls its Inventory Engine vision, the idea of a single inventory record that is accurate across stores and the wider supply chain rather than one that stops at the shop door. The planned rollout covers more than 1,500 stores across VF’s brand portfolio and extends to distribution centres and vendor partners to support end to end visibility. Tagging at source and reading at every handover is what lets a retailer treat one stock figure as true from factory to fitting room.
Livestock falls back on timing while healthcare grows
Livestock revenue declined in the third quarter of 2026 against a strong third quarter of 2025, which Nedap attributed mainly to the timing of deliveries and a further shift towards subscription-based offerings. Recurring revenue in that market still rose as adoption of as-a-service offerings grew, and the installed base expanded across multiple regions. Labour scarcity, increasing farm scale and the pressure for efficiency remain the long-term drivers for cow monitoring and automation, which in dairy typically means an ear tag or neck transponder identifying each animal at the feeder, the sorting gate and the parlour.
Healthcare revenue increased in the third quarter of 2026, with Nedap reporting a stronger position in disability care and elderly care and more care organisations adopting its treatment records as professionals and practitioners work within the same record.
Security holds steady as Nedap Pace goes live at Bayer
Security revenue remained broadly stable in the third quarter of 2026. Nedap Pace, the company’s platform for managing physical access across multiple sites, countries and existing access control systems, went live at the first building on the Bayer CropScience Campus in Monheim, part of the crop science division of the German life sciences group Bayer, under Bayer’s AllAccess programme to set a common standard for physical access management. Nedap also introduced Nedap Way, a new reader line for secure building access that supports both card-based and mobile credentials and works with a range of new and existing access control systems, so sites can modernise in stages rather than in one cutover.
Outlook
Nedap expects revenue growth in the second half of 2026 compared with the second half of 2025. 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 with particular emphasis on its technology platform, AI and cybersecurity. More retail RFID coverage and further company and financial results are collected on RFID News.
Read more at https://www.nedap.com/en/news/trading-update-q3-2026
