White Pearl Technology Group (WPTG) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 performance with revenue up 31% to SEK 303.8 million and EBITDA up 44.5% to SEK 53.6 million, reflecting margin expansion and operating leverage.

• Transitioned to an AI-first integrated technology platform, with AI-related revenue rising to 19% of total and major acquisitions, including Aixia, reshaping the business.

• Strategic focus on recurring revenue, productization, and institutional governance, with integration of acquisitions and shift away from lower-margin IT services.

• Leadership changes include Ebrahim Laher as CEO and Marco Marangoni as Strategic Advisor and Board Member.

• PwC appointed as auditor from 2026; Board expanded and re-elected at AGM.

Financial highlights

• H1 2026 revenue reached SEK 303.8 million, up 30.6% year-over-year; EBITDA rose 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; net profit margin reached 47.8%.

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

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

• 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%.

• Expectation for capitalized development spending to remain flat or decrease as platforms mature, with only incremental investment for product improvements.

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