Finnish software consultancy Reaktor Group published its January–September 2026 interim report in Helsinki on 11 November. On Portugal, it shows that the Lisbon office has not grown in a year. At the end of September, 3.1% of Reaktor’s 716 employees were in Portugal, the same share as a year earlier, when the group had 714 people. By NorthSouth HQ’s calculation that is about 22 people.
The figure is far from the plan Reaktor announced in November 2021. The company said then that Lisbon would be its new technology hub, opening in December 2021, and that it aimed to “recruit over 100 technical profiles, including programmers, in the next three to four years” (ECO News, 10 November 2021). That window closed in late 2025.
Where Reaktor’s people are
| Country | Share of staff, end Sep 2025 | Share of staff, end Sep 2026 |
|---|---|---|
| Finland | 75.4% | 77.4% |
| Netherlands | 11.2% | 10.9% |
| United States | 5.0% | 4.6% |
| Japan | 4.2% | 3.2% |
| Portugal | 3.1% | 3.1% |
| Other | 1.1% | 0.8% |
Source: Reaktor Group Plc, Interim Report January–September 2026 (11 November 2026). Total staff 714 (2025) and 716 (2026).
Finland’s share rose by two points over the year, and every foreign location except Portugal shrank. Reaktor lists offices in Helsinki, Turku, Tampere, Seinäjoki, Amsterdam, Lisbon, New York and Tokyo. In a flat headcount, holding Lisbon steady means it was not among the cuts. It has not been used for growth either.
The quarter
Third-quarter revenue grew 2.8% organically to €28.0 million (€27.2 million), the company’s fifth consecutive quarter of growth. Adjusted operating profit was €3.2 million, 11.3% of revenue, down from €4.1 million on higher costs and growth investment. For January–September, revenue rose 15.3% to €99.3 million. Growth came from more billable hours and from software licence revenue under agreements with three NATO member states. Revenue from European countries outside Finland was €4.6 million in the quarter (€5.0 million), while US revenue rose to €5.9 million. Reaktor has been listed on Nasdaq Helsinki since 16 June 2026.
Why Lisbon matters to Nordic tech employers
Reaktor’s Lisbon office is led by Nizar Jouini, who joined the company as a developer and later became head of engineering. It sits in a 348 m² space near Avenida da Liberdade, according to the property consultancy Savills. Reaktor’s own Lisbon page still offers a relocation package to engineers moving to Portugal. When the office opened, Jouini said the Portuguese tech scene had been a natural choice when Reaktor looked for a location. The Q3 numbers suggest that, for Reaktor at least, Lisbon is a small delivery team and not the scale hub it was announced as. Chief executive Pekka Horo’s review in the report says AI is shifting value creation “from execution towards strategy, industry expertise, and the ability to bring solutions into use”. For a consultancy, that puts the weight on how fully existing staff are used, not on adding desks.
For Portuguese engineers and for the agencies that promote Portugal to foreign investors, the lesson is to check announced hiring targets against reported headcount. Now that Reaktor is listed, it publishes that breakdown by country every quarter, and NorthSouth HQ will keep tracking the Lisbon line.
Sources: Reaktor Group Plc, Interim Report January–September 2026 (Helsinki, 11 November 2026); ECO News, “Reaktor opens office in Lisbon and wants to hire over 100 people” (10 November 2021); Reaktor, Lisbon office page (accessed 11 November 2026); Savills Portugal architecture portfolio. The headcount in Portugal is a NorthSouth HQ estimate (3.1% × 716).