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March 03, 2023: Nagarro, a global digital engineering leader, today announced its preliminary unaudited financial numbers for its fourth quarter and full year ended December 31, 2022. According to these, revenue was €231.0 million in Q4 2022, up 42.6% YoY from €162.0 million in Q4 2021. FY 2022 revenue was €856.4 million, implying a YoY revenue growth of 56.8%. The constant currency growth in annual revenue was 48.0%, and the constant currency organic growth in annual revenue was 39.0%.

Constant currency YoY revenue growth for Q4 2022 was 33.4%, while constant currency YoY organic revenue growth for Q4 2022 was 27.5%. Gross profit grew to €66.8 million in Q4 2022 from €42.3 million in Q4 2021. Gross margin increased to 28.9% in Q4 2022 from 26.1% in Q4 2021. Adjusted EBITDA grew by €10.0 million from €20.5 million (12.6% of revenue) in Q4 2021 to €30.5 million (13.2% of revenue) in Q4 2022. EBITDA grew by €11.9 million from €18.3 million in Q4 2021 to €30.3 million in Q4 2022.

Operating cash flow in Q4 2022 rose to €36.8 million from €22.9 million in Q4 2021, and from €30.5 million in Q3 2022. Days of sales outstanding, calculated for the quarter and including both contract assets and trade receivables, dropped to 68 on December 31, 2022, for Q4 2022, as against 71 on December 31, 2021, for Q4 2021, and 79 on September 30, 2022, for Q3 2022.

The company added a net of 163 professionals in Q4 2022, including trainees and lateral hires.

Preliminary full-year results

Nagarro’s 2022 revenue grew to €856.4 million, up from €546.0 million in 2021, a growth of 56.8%. In constant currency, the revenue growth was 48.0%. Constant currency organic revenue growth for 2022 over 2021 was 39.0%. Gross profit grew to €247.1 million in 2022 from €154.4 million in 2021. Gross margin increased from 28.3% in 2021 to 28.9% in 2022. Adjusted EBITDA grew 85.8% from €79.7 million (14.6% of revenue) in 2021 to €148.1 million (17.3% of revenue) in 2022. EBITDA increased by €74.9 million from €70.3 million in 2021 to €145.2 million in 2022.

Nagarro SE will hold its preliminary Q4 / Full Year 2022 earnings call on March 3, 2023, at 01:00 pm CET (04:00 am PT / 06:00 am CT / 07:00 am ET / 12:00 pm GMT / 04:00 pm GST / 05:30 pm IST / 08:00 pm SGT / 09:00 pm JST). To attend, please register in advance:


The company also maintains its guidance for the financial year 2023. Nagarro's revenue for 2023 is expected to be in the region of EUR 1,020 million, not including any acquisitions made in 2023. The estimates for gross margin and Adjusted EBITDA margin are 28% and 15%, respectively.

Legal notice

The information contained in this document is provided as of the date of its publication and is subject to change without notice. It contains preliminary unaudited figures and forward-looking statements based on the current views, expectations, assumptions, and information of the management of Nagarro. Gross profit, gross margin, Adjusted EBITDA, and Adjusted EBITDA margin are non-IFRS/non-GAAP financial measures. These and other non-IFRS/non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS or other GAAP.


About Nagarro

Nagarro, a global digital engineering leader, helps clients become innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its approach of thinking breakthroughs. Nagarro employs over 18,000 people in 33 countries. For more information, please visit

FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
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