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Analyytikon kommentti

Wirtek: Challenging Q1 2025 - maintains full-year 2025 guidance

– Kasper LihnPääanalyytikko
Wirtek

This morning, Wirtek reported its Q1 2025 results. In Q1 2025, revenue was DKK 15.5m, a decline of -14% compared to the same quarter last year, due to the completion of a major Danish client engagement and delayed decisions from both existing and new potential clients. However, Wirtek highlights progress on its international markets, especially the US and the Netherlands, which grew in the quarter. The US market now accounts for 33% of the total revenue, slightly below the home market, Denmark, which accounts for 34%. The Netherlands is the third largest market with 20% of the total revenue. The Energy business segment also continued its growth of 67% YoY, implying that it now accounts for 48% of Wirtek’s total revenue. 

Following the challenging environment with lower topline, Wirtek also reported its first negative quarterly EBITDA result in several years of DKK -1.1m in Q1 2025 (DKK 1.8m in Q1 2024). The EBITDA margin was -7.2% in Q1 2025 compared to 10.2% in Q1 2024. With the implementation of cost-saving initiatives in Q2, Wirtek’s goal is to return to positive EBITDA already in Q3 and deliver a profitable 2025 result. 

The cash flow from operating activity was DKK 0.5m in Q1 2025. By the end of the quarter, Wirtek’s cash position was DKK 4.7m, an increase of 38% compared to DKK 3.4m in Q1 2024.

Wirtek also maintains its 2025 guidance, implying revenue in the range of DKK 70.0-75.0m (-3% to +4% growth) and EBITDA in the range of DKK 1.0-5.0m (DKK 5.2m in 2024). However, it is highlighted in the Q1 report that the Board of Directors sees increased market uncertainties with delayed investment decisions from existing and new potential clients, and the development is followed closely by the Board. 

Access the full Q1 interim report here: https://www.inderes.dk/releases/wirtek-as-interim-report-q1-2025-international-growth-despite-challenging-markets

Later today at 14:30, Wirtek’s CEO Michael Aaen will present the Q1 2025 results and answer questions from the audience. Sign up for the online live event here: https://www.inderes.dk/videos/wirtek-presentation-of-q1-2025-interim-report

Disclaimer: HC Andersen Capital receives payment from Wirtek for a Digital IR subscription agreement. /Kasper Lihn 10:20 (updated 10:30), 14 May 2025. 

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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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