White Pearl Technology Group (WPTG) Q2 2026 earnings summary

Executive summary

• Revenue grew 31% year-over-year in H1 2026 to SEK 303.8 million, with EBITDA up 44.5% to SEK 53.6 million, reflecting strong operating leverage and margin expansion.

• Transitioned to an AI-first technology platform, highlighted by the acquisition of Aixia and strategic focus on digital transformation, software, and IT services.

• Profitable listed group with increasing recurring and IP sales revenue, emphasizing productization, integration, and migration to a platform model.

• Major acquisitions, including Aixia, CreateX, Native Digital, Bravissimo, Icecon AB, Multiekonomerna, and ServIT, are reshaping the business.

• Leadership change: Ebrahim Laher appointed CEO in July 2026; Marco Marangoni becomes Strategic Advisor and Board Member.

Financial highlights

• H1 2026 revenue reached SEK 303.8 million, up 30.6% year-over-year; EBITDA increased 44.5% to SEK 53.6 million; net profit after tax was SEK 47.8 million.

• EBITDA margin improved to 17.6% in H1 and 18.8% in Q2, compared to 16.0% and 15.9% in the prior year.

• Trade and other receivables at SEK 146.4 million, 48% of H1 revenue, with SEK 24 million from newly acquired Swedish entities.

• Cash and cash equivalents at SEK 47.2 million; total equity at 30 June 2026 was SEK 304.3 million.

• Revenue more than doubled since H1 2024 (+118%), while trade & other receivables increased by 68%.

Outlook and guidance

• FY 2026 revenue forecast raised to over SEK 620 million, with targets of SEK 694 million for 2027 and SEK 827 million for 2028.

• AI platforms Utilon and Nexus are approaching commercial deployment, expected to contribute to revenue from Q3 2026.

• Illustrative pro forma annual revenue for the enlarged group post-Aixia is approximately SEK 930 million, with AI-related revenue at 35%.

• Focus shifting from acquisitions to deep integration, organic growth, and cash flow improvement.

• Management will broaden performance targets to include EBITDA margin, cash conversion, recurring revenue, and capital allocation.