Wirtek (WIRTEK) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue increased 7% sequentially, driven by improved utilization and new client onboarding, but remains 12% below year-over-year.

• EBITDA rose 162% quarter-on-quarter to DKK 0.7 million, reflecting cost discipline and higher activity, but is still 48% below last year.

• Actions taken earlier in the year are now visible in improved financials and a healthier sales pipeline, with consistent inflow of new projects and client expansions.

• A new growth strategy was announced in November 2025, focusing on modernizing Services, scaling Solutions via the Wirtek IoT Suite, and targeting organic growth from 2026.

• Q4 2025 is expected to be the strongest quarter of the year, driven by improved utilization and confirmed project extensions.

Financial highlights

• Q3 2025 revenue: DKK 16.6 million (up 7% from Q2, down 12% year-over-year).

• EBITDA: DKK 0.7 million (up 162% from Q2, down 48% year-over-year); EBITDA margin: 4.3% (vs 7.2% last year).

• Earnings per share: DKK -0.04 for Q3 2025.

• Equity ratio: 43%, liquidity ratio: 102%, both stable year-over-year.

• Operating cash flow for Q3: negative DKK 2.3 million, mainly due to timing of payables and taxes.

Outlook and guidance

• 2025 revenue guidance: DKK 64–69 million, unchanged, representing a -4% to -11% change from 2024.

• 2025 EBITDA guidance: DKK 1–5 million, unchanged.

• Further EBITDA improvements expected in Q4 as cost optimization takes full effect.

• 2025 is a transition year, with scalable growth targeted for 2026.