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% to SEK 53.6 million, reflecting strong operating leverage and margin expansion.

• The Group is transitioning to an AI-first integrated technology platform, with AI-related revenue now 19% of total, up from 13% two years ago.

• Major acquisitions, including the recommended public offer for Aixia Group AB, are reshaping the business, with over 96% acceptance for Aixia post-period.

• The business model emphasizes integration, recurring revenue, and proprietary IP, with a deliberate shift away from lower-margin traditional IT services.

Financial highlights

• Q2 2026 revenue was SEK 160.0 million, up 19.7% year-over-year; Q2 EBITDA was SEK 30.1 million, up 41.6%.

• H1 2026 net profit after tax reached SEK 47.8 million, up from SEK 36.7 million in H1 2025.

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

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

• Trade receivables increased due to higher revenue and late-period invoicing, temporarily reducing cash conversion.

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.

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

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