Wirtek: Q4 results and 2026 guidance align well with the ambitions to raise profitability
Sammanfattning
- Wirtek's 2025 results showed revenue of DKK 64.3m and EBITDA of DKK 1.7m, both within the guidance range, with Q4 2025 being the strongest quarter, achieving an EBITDA margin of approximately 11.0%.
- The 2026 guidance projects revenue growth of 1–9% and a significant EBITDA increase of 76–253%, reflecting a strategic focus on cost optimization and investment in AI capabilities and the Solutions business.
- Management notes a cautious demand environment for the Services business due to macroeconomic uncertainty, but anticipates gradual stabilization and continued investment in strategic areas.
- The alignment of Q4 2025 results and 2026 guidance with the investment case suggests potential for disproportionate earnings improvement, pending further validation through the year.
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This morning, Wirtek released its 2026 guidance alongside audited 2025 results, confirming that the company is moving past its most challenging period and entering a phase of recovery and strategic execution.
2025 results confirmed within guidance
Wirtek closed 2025 with revenue of DKK 64.3m and EBITDA of DKK 1.7m, both within the latest announced guidance range (revenue DKK 64–69m, EBITDA DKK 1–5m). While revenue came in at the lower end of the range, the full-year EBITDA lands above the guidance floor, reflecting the cost optimisation work carried out throughout the year.
Q4 2025 standalone: The strongest quarter of the year, as guided
Deriving Q4 2025 standalone figures from the audited full-year results and the Q1–Q3 2025 interim report, Q4 delivered revenue of approximately DKK 16.7m and EBITDA of approximately DKK 1.8m, corresponding to an EBITDA margin of around 11.0%. This marks the strongest quarter of 2025 by a clear margin on profitability, in line with management's guidance at the Q3 stage that Q4 would be the best quarter of the year.
Comparing Q4 2025 to Q4 2024 (revenue DKK 18.3m, EBITDA DKK 1.3m, margin 7.3%), the topline remains under pressure year-on-year — down approximately 9%, but the EBITDA margin expanded significantly from 7.3% to ~11.0%, a direct reflection of the leaner cost base now in place. This is an important data point: it demonstrates that when revenue recovers, the earnings leverage is already embedded in the cost structure.
Sequentially, Q4 also builds on the momentum seen through 2025, where each quarter showed improvement over the prior one on both revenue and EBITDA, a trend that gives added credibility to the 2026 guidance.
2026 guidance: Growth returns, EBITDA recovers sharply
For 2026, Wirtek guides for revenue of DKK 65.0–70.0m, corresponding to growth of approximately 1–9% versus 2025. More notably, EBITDA is expected in the range of DKK 3.0–6.0m — an increase of 76–253% compared to DKK 1.7m in 2025, implying an EBITDA margin of 4.3–9.2%. The midpoint of the guidance (DKK 67.5m revenue, DKK 4.5m EBITDA) represents a meaningful step-up in profitability.
The strong Q4 2025 margin of ~11% illustrates the earnings potential within the existing structure, and 2026 guidance reflects a more measured assumption for the year as a whole, accounting for continued investment in AI capabilities and the Solutions business.
Regarding the wide interval on growth expectations it should be noted that management strikes a measured tone, noting that the Services business continues to face a cautious demand environment shaped by macroeconomic uncertainty and ongoing customer productivity initiatives. The outlook assumes gradual stabilisation during the year rather than a sharp . At the same time, Wirtek confirms continued investment in AI capabilities and commercialisation of its Solutions business, both central pillars of the strategy presented in November 2025.
Q4 2025 results and 2026 guidance align well with the investment case
The 2026 guidance, combined with the Q4 2025 standalone figures, aligns well with what we highlighted in our November 2025 investment case: the combination of an adjusted cost base and a topline recovery could drive disproportionate earnings improvement. That thesis is now being validated by the Q4 2025 numbers and, if 2026 guidance is realised, will be further confirmed through the year.
Following the full-year 2025 annual report release tomorrow, we will host an event with management presenting the results and 2026 expectations. The event will be followed by a Q&A session.
https://www.inderes.dk/videos/wirtek-presentation-of-annual-report-2025
Further details on cash flow, balance sheet development, and the strategic roadmap are expected in tomorrow's annual report. The Solutions segment trajectory and progress on AI-native differentiation will be key focus areas alongside the financial results and 2026 guidance.
Disclaimer: HC Andersen Capital receives payment from Wirtek for a Digital IR subscription agreement. /Michael Friis, 10.30 17/03- 2026.