Digital Workforce Services (DWF) investor relations material

Strategic direction and market positioning

• Focus on disrupting knowledge work through vertical AI Agents and care pathway automation, targeting highly regulated industries like healthcare and insurance.

• Emphasis on outcome-based, recurring revenue models, with 60% of revenues from continuous services, particularly through the Outsmart managed service.

• Strong international presence with 200+ enterprise customers, 50% of revenue from healthcare, and rapid expansion in the UK and US, especially targeting the NHS.

• Differentiation through deep domain expertise, modular solutions, proprietary IP, and long-term operational responsibility.

• Strategic partnerships with Davies Group and Microsoft, and a centralized 24/7 delivery center in Poland, accelerate AI agent deployment and scalability.

Financial performance and guidance

• 2023 revenue reached EUR 24.3 million, up 7% from the previous year, with a gross margin of 42% and adjusted EBITDA of 5%.

• Continuous services revenue has nearly doubled since 2020, growing at a 13.4% annual rate, with continuous services achieving over 50% gross margin.

• License revenue recognition changed to net, aligning with international standards and increasing transparency, with no impact on cash or results.

• 2026 outlook targets annualized revenue of EUR 40 million (including acquisitions), continuous services share above 58%, and adjusted EBITDA margin over 15%.

• Ambition to further increase continuous services share and profitability, aiming for 15% EBITDA longer term.

Business development and growth levers

• Healthcare is the primary growth area, with proven solutions in Finland and rapid expansion in the UK NHS and US markets, including chronic disease management.

• Modular care pathway solutions and proprietary IP enable scaling across patient groups and geographies.

• AI Agents (Clara, Cora) automate judgment-heavy, document-intensive tasks, expanding addressable market and operational efficiency.

• Upselling within existing customer base, especially in the UK, is a key short-term focus, alongside new customer acquisition.

• Strong customer retention, with zero churn in continuous services, high NPS (62), and a track record of transforming over 5,000 business processes.