Digital Workforce Services Plc - Continued acceleration in profitable growth: revenue increased by 21% and adjusted EBITDA was 9% in the fourth quarter
Digital Workforce Services Plc: Financial Statements Bulletin January 1 - December 31, 2025 | February 18, 2026 at 8.00 EET
Digital Workforce Services Plc
Financial Statements Bulletin, January 1 - December 31, 2025 (unaudited)
Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year.
Digital Workforce Services Plc - Continued acceleration in profitable growth: revenue increased by 21% and adjusted EBITDA was 9% in the fourth quarter
In the fourth quarter, Digital Workforce revenue grew by 21% year-over-year, supported by the acquisition of e18 Consulting Ltd as well as good performance of professional services. Continued efforts on profitability through the past year enabled the company to deliver a strong, 9% adjusted EBITDA. Strategic investments in the healthcare pathways and agentic AI solutions continued. First enterprise-grade customer deployments of AI agent solutions took place in the fourth quarter of 2025.
October - December 2025
- Revenue was EUR 8.6 (7.0) million and increased by 21%.
- Revenue from Professional Services was EUR 3.3 (2.5) million and increased by 34%.
- Revenue from Continuous services was EUR 5.3 (4.6) million and increased by 15%. The Continuous services’ share of revenue was 61% (65%)
- Gross profit was EUR 3.3 (2.4) million, 39% (33%) of revenue
- Adjusted EBITDA was EUR 0.7 (0.3) million, 9% of revenue
- EBITDA was EUR 0.6 (-0.1) million
- Operating profit was EUR 0.2 (-0.1) million
- E18 Consulting Ltd acquisition was completed on October 1, 2025.
July – December 2025
- Revenue was EUR 15.1 (13.6) million and increased by 11%.
- Revenue from Professional Services was EUR 5.6 (4.6) million and increased by 22%.
- Revenue from Continuous services was EUR 9.5(9.0) million and increased by 6%. The Continuous services’ share of revenue was 63% (66%)
- Gross profit was EUR 5.8 (4.5) million, 38% (33%) of revenue
- Adjusted EBITDA was EUR 1.2 (0.5) million, 8% of revenue
- EBITDA was EUR 0.9 (0.1) million
- Operating profit was EUR 0.4 (0.0) million.
January-December 2025
- Revenue was EUR 28.7 (27.3) million and increased by 5%.
- Revenue from Professional Services was EUR 10.2 (10.0) million and increased by 2%.
- Revenue from Continuous services was EUR 18.4 (17.3) million and increased by 7%. The Continuous services’ share of revenue was 64% (63%)
- Gross profit was EUR 10.3 (9.6) million, 36% (35%) of revenue
- Adjusted EBITDA was EUR 1.3 (1.0) million, 4% of revenue
- EBITDA was EUR 0.1 (0.6) million
- Operating profit was EUR -0.6 (0.3) million.
- Earnings per share (EPS) was EUR -0.07 (0.05).
Other events during the period
- Company announced on January 3, 2025 that it appoints Lago Kapital as liquidity provider
- Company announced on January 7, 2025 the appointment of Antti Karjalainen, M.Sc. (Eng.) and M.Sc. (Econ.), as Chief Technology Officer (CTO) and a member of the Management Team
- Company announced on January 14, 2025 that Mikko Lampi M.Sc. (Eng.) has been appointed as Chief Operating Officer (COO) and member of the Management Team. Mikko Lampi succeeds Tuomo Sievilä, who has decided to leave his position as Head of Customer Operations and member of the Management Team to continue his career outside Digital Workforce. The changes were effective from January 15, 2025
- Company announced on February 5, 2025 a dividend policy to support the company's profitable growth strategy. In the future, the company aims to pay a dividend of at least 30% of the profit for the financial year
- Company announced on March 26, 2025 that CFO Heini Kautonen has resigned from the company to pursue a career outside the company. She will continue as CFO and member of Management Team until end of May 2025. The search for a new CFO was started immediately
- Company announced on April 25, 2025 that based on the authorization given by the Annual General Meeting on 10 April 2025, the Board of Directors of Digital Workforce Services Plc has decided to start the acquisition of the company’s own shares. The maximum number of shares to be acquired is 110 000 which corresponds to approximately 1 per cent of the company’s shares. However, the amount used for acquiring shares will be at most EUR 200 000
- Company announced on April 25, 2025 that it will pause the LP market guarantee signed on 3 January 2025 with Lago Kapital Oy for the period of the acquisition of treasury shares. The LP market guarantee is valid until 9 May 2025 and will be extended again after the completion of the acquisition of own shares
- Company announced on May 30, 2025 the appointment of Laura Viita, M.Sc. (Econ.), as Chief Financial Officer (CFO) and a member of the Management Team, effective 1 September 2025
- Company announced on July 15, 2025 that it had completed the acquisition of its own shares. Lago Kapital continued as liquidity provider after the closing of the repurchase program
- Company announced on July 18, 2025 that Antti Karjalainen, CTO has decided to leave his position in the management team, to continue as Executive advisor for the AI agent development
- Company announced on July 18, 2025 that it had acquired UK-based e18 Consulting Ltd. Intended closing date of the transaction was October 1, 2025
- Company announced on August 27, 2025 the decision to launch a new Stock Option Program 2025. A maximum of 300,000 stock options can be issued to beneficiaries. Each option entitles to the subscription of one company share at EUR 3.32, at the latest on December 31, 2033
- Company announced on October 1, 2025 that it had completed the acquisition of e18 Consulting Ltd. shares. Louise Wall, founder of the acquired company, was appointed as Managing Director, UK & Ireland Healthcare, and member of the management team
- Company announced on December 22, 2025 that it will start acquisition of its own shares. A maximum of 110,000 shares can be acquired, maximum amount to be used for the acquisition is EUR 250,000. Lago Kapital was paused as liquidity provider during the repurchase program.
Outlook for 2026
Digital Workforce Group's full-year 2026 revenue is expected to grow 15% or more from the year 2025. Adjusted EBITDA margin is expected to be 6 – 12% of revenue.
Financial targets for the strategy period (modified)
- Growth: The company aims for an annualized revenue level of EUR 50 million exiting year 2026. Revenue level of approximately EUR 40 million is expected through organic growth and approximately EUR 10 million through inorganic growth. The share of strategically important continuous services is aimed to increase from the level of 2025.
- Profitability: The company aims to reach an adjusted EBITDA level of over 15% by the end of 2026.
Key figures
1 000 euros | 10-12/2025 | 10-12/2024 | Change % | 7-12/2025 | 7-12/2024 | Change % | 1-12/2025 | 1-12/2024 | Change % |
Revenue | 8 553 | 7 043 | 21% | 15 132 | 13 593 | 11% | 28 659 | 27 256 | 5% |
Professional Services revenue | 3 301 | 2 461 | 34% | 5 638 | 4 638 | 22% | 10 219 | 9 981 | 2% |
Continuous Services revenue | 5 252 | 4 582 | 15% | 9 494 | 8 955 | 6% | 18 440 | 17 275 | 7% |
Continuous Services' share of revenue | 61.4% | 65.1% | 62.7% | 65.9% | 64.3% | 63.4% | |||
Gross profit | 3 331 | 2 350 | 42% | 5 794 | 4 514 | 28% | 10 258 | 9 581 | 7% |
% of revenue | 38.9% | 33.4% | 38.3% | 33.2% | 35.8% | 35.2% | |||
Adjusted EBITDA | 748 | 282 | 165% | 1 186 | 495 | 139% | 1 265 | 988 | 28% |
% of revenue | 8.7% | 4.0% | 7.8% | 3.6% | 4.4% | 3.6% | |||
EBITDA | 576 | -54 | n/a | 859 | 122 | 603% | 57 | 614 | -91% |
% of revenue | 6.7% | -0.8% | 5.7% | 0.9% | 0.2% | 2.3% | |||
EBIT | 169 | -146 | n/a | 360 | -37 | n/a | -625 | 268 | n/a |
% of revenue | 2.0% | -2.1% | 2.4% | -0.3% | -2.2% | 1.0% | |||
Net income | 39 | 62 | -37% | 246 | 267 | -8% | -851 | 590 | n/a |
EPS, eur | 0.00 | 0.01 | 0.02 | 0.02 | -0.07 | 0.05 | |||
Dividend (proposal) |
|
|
|
| 0.09 | 0.09 | |||
Capital expenditure |
|
| -3 141 | -437 | -3 806 | -609 | |||
Operating cash flow |
|
| 64 | 2 006 | -1 822 | 942 | |||
Net debt | -5 512 | -12 199 | -5 512 | -12 199 | -5 512 | -12 199 | |||
Net debt ratio, % | -39.0% | -82.2% | -39.0% | -82.2% | -39.0% | -82.2% | |||
Equity ratio, % | 43.1% | 72.9% | 43.1% | 72.9% | 43.1% | 72.9% | |||
Personnel at the end of the period | 181 | 175 | 181 | 175 | 181 | 175 | |||
Average number of personnel | 180 | 178 | 174 | 179 | 174 | 178 |
1) Gross profit of past periods has been modified after initial publication due to incorrectly reported expense account. Difference is included in indirect expenses and EBITDA remains as initially published.
CEO Jussi Vasama:
I am very pleased and proud of our company’s achievements in 2025, especially in the second half of the year. Company’s revenue increased by 11% and adjusted EBITDA more than doubled to EUR 1.2 (0.5) million and was 8% (4%) of revenue in the second half. In the fourth quarter, revenue grew by 21% and adjusted EBITDA increased to 9% of total revenue. After company restructuring during the first quarter, we improved our performance in all key performance indicators during three consecutive quarters compared to the reference period. The execution of our profitable growth strategy accelerated in the fourth quarter, resulting in the strongest overall financial performance in the company’s history.
Healthcare business growth accelerated in all regions, supported by high demand for our services. This was supported by the successful completion of the acquisition of e18 Consulting Ltd. in the UK at the beginning of October. Our cross-border healthcare teams collaborated strongly, and the integration of operations was executed more rapidly than expected. Digital Workforce has gained several new UK National Health Service (NHS) customer wins and expanded its footprint to more than 60 NHS trusts in this market which is the largest publicly funded healthcare system of the world. Growth in healthcare was a strong driver of the professional services revenue, especially in the second half of 2025.
I am particularly happy with the progress we have made with our Care Pathway solutions for social and healthcare services. The high level of clinical expertise in our company has resulted in an increasing portfolio of service solutions for care pathways that have been sold and implemented for our customers. We see this as an opportunity to disrupt the traditional ways of working in hospital systems internationally. This is an opportunity to both radically increase the productivity of healthcare professionals and to improve patient safety and patient experience. For us, this drives the growth of our recurring continuous services revenues and improved gross profit as soon as services are scaled to care pathways with larger patient volumes. In January 2026, we secured a landmark deal with one of the largest integrated academic health systems in the world. This partnership, initially valued at USD 1.4 million, marks a significant milestone in the health system’s journey to future-proof its automation across its organization involving 80 000 employees.
One of our strategy execution cornerstones is to revolutionize the way large organizations do knowledge work. We made significant progress with expanding our continuous services business and Outsmart automation platform with agentic AI (Agent Workforce) products. Several new, transformative agentic AI solutions were deployed for production use, especially for financial services and insurance customers. Our collaboration with technology partners increased significantly, and we have made substantial strategic investment to build scalable and repeatable enterprise-grade Agentic AI products creating unique, measurable customer value to knowledge work. Our autonomous AI agents independently handle certain work roles, collaborating as a team to deliver desirable outcomes in complex end-to-end processes that are compliant with and governed by our customers’ internal practices.
Year 2025 was a significant and transformative one for the company and our people. Our company celebrated its 10th anniversary, launched a new vision and brand, and moved our headquarters to a new location in Helsinki. Our brand recognition improved substantially through a very active social media presence and AI agent academy. Our customer satisfaction remained high, and we reached the highest ever customer NPS 62 at the end of 2025.
I would like to thank our staff, our partners and our customers for their cooperation and trust in our company and our services. I strongly believe that our vision: Transforming Work – Beyond Productivity matched very well into growing customer demand in the market. We foresee that every enterprise-grade customer will transform their business operations through the use of autonomous AI agents. Revolutionary approaches are needed, and we are in a very good position to support such development. –I expect 2026 to be a positive and successful year for us.
Events after reporting period
On 26 January 2026, Digital Workforce announced changes in its business areas and management team. Going forward, the business will be managed through two global business areas: Healthcare and Enterprise & Public. Juha Nieminen was appointed as Chief Growth Officer of the Healthcare business area. Tapio Niinikoski, joining from outside the company, was appointed as Chief Growth Officer of the Enterprise and Public business area. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kristiina Åberg (Head of Marketing) will continue in their current roles but will step down from the management team. Stefan Meller who has been responsible for Europe region sales to the Enterprise & Public business customers, will take on responsibility for business area accounts and continue in the company but will step down from the management team. All changes became applicable on February 2, 2026.
Financial reporting
In 2026 Digital Workforce Services Plc will publish financial information as follows:
- Business review for January-March 2026 on April 22, 2026 at 8:00 EEST
- Half-Year Financial Report for January-June 2026 on July 17, 2026 at 8:00 EEST
- Business review for January-September 2026 on October 21, 2026 at 8:00 EET
Financial Statements and the Annual Report for 2025 will be published at the latest in the calendar week 13/2026 via a company announcement.
Reports will be published in a company release and on the company's website at https://digitalworkforce.com/investors/reports-and-presentations/.
The Annual General Meeting is scheduled to take place on April 16, 2026. The Board of Directors will issue a separate company announcement to invite the meeting.
This is a summary of Digital Workforce Services Plc’s Financial Statements Bulletin 2025. The complete report is attached to this release and available at the company website https://digitalworkforce.com/investors/releases/
Helsinki, February 17, 2026
Digital Workforce Services Plc.
Board of Directors
Contact information:
Digital Workforce Services Plc
Jussi Vasama, CEO
Tel. +358 50 380 9893
Laura Viita, CFO
Tel. +358 50 487 1044
Certified advisor
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
About Digital Workforce Services Oyj
About Digital Workforce Services Plc
Digital Workforce Services Plc (Nasdaq First North: DWF) is a leader in business automation and technology solutions. With the Digital Workforce Outsmart platform and services—including Enterprise AI agents—organizations transform knowledge work, reduce costs, accelerate digitization, grow revenue, and improve customer experience. More than 200 large customers use our services to drive the transformation of work through automation and Agentic AI. Digital Workforce has particularly strong experience in healthcare, automating care pathways across clinical and administrative workflows to reduce burden, enhance patient safety, and return time to patient care. Following the acquisition of e18 Innovation, the company has further strengthened its position in the UK healthcare pathway automation. We focus on repeatable, outcome-based use cases, and we operate with high integrity and close customer collaboration. Founded in 2015, Digital Workforce employs more than 200 automation professionals in the US, UK, Ireland, and Northern and Central Europe. Our vision: Transforming Work – Beyond Productivity.