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Analyst Comment

Wirtek: Returns to positive EBITDA despite revenue decline in Q2 2025

By Kasper LihnHead of Research
Wirtek

This morning, Wirtek reported its Q2 2025 report. Despite a revenue decline of -8% in Q2 2025, the company returned to a positive EBITDA of DKK 0.3m (DKK 0.7m in Q2 2024) after cost optimization actions initiated earlier this year. In Q1, Wirtek targeted a return to a positive EBITDA no later than Q3, which was achieved already here in Q2. 

In Q2 2025, Wirtek's revenue was DKK 15.5m. Geographically, the US market is now the largest market, representing 32% of the revenue in Q2 2025 despite a small decrease of -3% compared to the same quarter last year. This is followed by Denmark (30%) with a larger decline of -38% compared to the same quarter last year. The third largest market, The Netherlands (22%), grew 14% compared to the same quarter last year. 

The cost focus is expected to continue, however, Wirtek will continue to invest in its Solutions division, developing scalable products and platforms that generate recurring revenue.

Later this year, in Q4 2025, Wirtek expects to comment on outcomes of its strategic review, including the strategic direction. This includes embracing AI as an enabler of both operational efficiency and innovation across its divisions. 

Yesterday, Wirtek updated its 2025 guidance. The company downgraded its 2025 revenue guidance to the range of DKK 64.0-69.0m (before DKK 70.0-75.0m), while its EBITDA guidance range was maintained at the range of DKK 1.0-5.0m. The adjusted revenue guidance range is explained by a slower-than-expected recovery after the completion of a major Danish client engagement at the beginning of 2025. Despite announcement of new orders as well as increased activity with its existing clients, Wirtek does not expect that this is sufficient to meet the previous revenue expectations.

Read more in the full report here: https://www.inderes.dk/releases/wirtek-as-interim-report-q2-2025-positive-ebitda-regained-as-recovery-gains-momentum

Later today at 13:30, Wirtek’s CEO Michael Aaen will present the latest financial results and the outlook. The management presentation will be followed by a Q&A session. Sign up and ask questions here: https://www.inderes.dk/videos/wirtek-presentation-of-q2-2025-interim-report  

Disclaimer: HC Andersen Capital receives payment from Wirtek for a Digital IR subscription agreement. /Kasper Lihn 10:30, 13 August 2025.

WirTek is an IT company. The company is focused on developing software and hardware solutions that affect web, mobile and integrated complete systems. Operations are held on a global level, with the largest presence in the Nordic region and Europe, where customers mainly consist of small and medium-sized business customers. WirTek was founded in 2001 and is headquartered in Aalborg.

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