IFS, a provider of industrial artificial intelligence (AI) software, reported annual recurring revenue (ARR) of more than €1.3 billion at the end of the third quarter of 2026, up 24% year on year.
Bookings for its Industrial AI products in the first nine months of 2026 were already more than three times the total recorded for the whole of 2025, the company said.
Recurring revenue accounted for 85% of total revenue, reflecting demand from customers across manufacturing, asset maintenance, field service and supply chains.
IFS said customers were moving Industrial AI applications from pilot projects into daily operations, with industry-specific AI use cases driving growth.
Customers selecting IFS Industrial AI products in the third quarter included Tesco, LATAM Airlines, Yeo Valley, Mitsubishi Electric and Eight Group. Their applications covered asset lifecycle management, field service, aviation maintenance and manufacturing.
