Digital Workforce Q2’26 preview: Strong growth and improved earnings expected
Summary
- Digital Workforce is expected to report strong revenue growth of 31% in Q2, reaching 7.8 MEUR, driven by acquisitions and robust organic growth, particularly in Continuous services and Professional Services segments.
- Adjusted EBITDA is projected to improve to 0.6 MEUR, with reported EBIT at 0.5 MEUR, reflecting a 6.1% EBIT margin; however, goodwill amortization is expected to keep reported EBIT at zero.
- The company is anticipated to maintain its guidance for 2026, forecasting at least 15% revenue growth and an adjusted EBITDA margin of 7–13%, with full-year revenue expected to grow by 31% to 32 MEUR.
- Key areas of interest include the sustainability of organic growth, the commercialization of AI agents, and developments in the UK market, particularly in the healthcare sector.
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Translation: Original published in Finnish on 07/15/2026 at 07:30 am EEST
| Estimates | Q2'25 | Q2'26 | Q2'26e | Q2'26e | Consensus | 2026e | |||
|---|---|---|---|---|---|---|---|---|---|
| MEUR / EUR | Comparison | Actualized | Inderes | Consensus | Low | High | Inderes | ||
| Revenue | 5.9 | 7.8 | 31.8 | ||||||
| EBIT (adj.) | 0.3 | 0.47 | 2.8 | ||||||
| EBITDA | 0.4 | 0.57 | 3.1 | ||||||
| EBIT | 0.3 | 0.02 | 0.7 | ||||||
| EPS (rep.) | 0.02 | 0.00 | 0.05 | ||||||
| Organic revenue growth-% | 1.7 % | 10.6 % | 10.2 % | ||||||
| Revenue growth-% | 1.7 % | 30.8 % | 31.3 % | ||||||
| EBIT (adj.) | 5.7 % | 6.1 % | 8.8 % | ||||||
Source: Inderes
Digital Workforce will publish its Q2 report on Friday, April 17. We expect the company's revenue to have continued its strong growth, driven by acquisitions and good organic momentum. We also expect the earnings level to have improved from the comparison period due to increased volumes and a slight scalability of continuous services. In the report, our attention is particularly drawn to the sustainability of organic growth, the progress of commercializing AI agents, and comments on the outlook for the UK market.
The strong growth trend is expected to continue
We estimate Digital Workforce's revenue to increase by 31% in Q2 to 7.8 MEUR (Q2'25 5.9 MEUR). We estimate that growth continues to be driven particularly by the e18 acquisition in the UK, but we also expect organic growth to have remained strong (+11%). By business segment, we expect strategically important Continuous services to drive growth (+36%). In addition, growth in Professional Services (24%) is, in our view, further supported by the strong development of healthcare in Finland and the UK. The Front AI acquisition, announced at the beginning of July, does not yet affect Q2 figures, but will be consolidated into the earnings starting from Q3.
Profitability is expected to have improved slightly with volumes
We estimate that the adjusted EBITDA will improve to 0.6 MEUR (Q2'25: 0.4 MEUR). We expect reported EBIT to be 0.5 MEUR (Q2'25: 0.3 MEUR) which corresponds to an EBIT margin of 6.1%. We have adjusted non-cash-flow-related goodwill amortization from EBIT. We believe the profitability improvement is driven by the growth and scalability of continuous services and the billing rates of experts, which we assume remained at a good level. On the other hand, we expect the company to continue investing in the ramp-up of large customer contracts, similar to the beginning of the year, which we believe will limit the reflection of revenue growth in earnings. Reported EBIT is weighed down by goodwill amortization related to acquisitions (0.45 MEUR), due to which we expect reported EBIT to have remained at zero (Q2'25: 0.3 MEUR).
Guidance is expected to remain unchanged, with focus on the opportunities brought by the Front AI acquisition
Digital Workforce has guided that 2026 revenue will grow by at least 15% compared to 2025, and adjusted EBITDA will be 7–13% of revenue. We expect the company to reiterate its guidance in the Q2 report. We estimate full-year revenue to grow by 31% to 32 MEUR, supported by acquisitions, and the adjusted EBITDA margin to settle at just under 10%. Thus, the company’s performance seems to be in line with the guidance.
In the report, we are particularly interested in the development of the UK market and the winning of new customer contracts in the healthcare sector. In addition, we are interested in management's comments on the commercial progress of AI Agents. We believe the Front AI acquisition announced in July clearly strengthened the company's capabilities in customer service automation, and we expect to hear more about the cross-selling opportunities brought by the deal.
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Digital Workforce is a service provider specializing in industrial-scale process automation services. The company's service offering covers the entire intelligent automation lifecycle: design and consulting, development and deployment, cloud-based platform, support and maintenance, and further development. The company offers services and solutions to customers in various industries, including finance, healthcare, industry, logistics, and various public actors.
Read more on company pageKey Estimate Figures01.07.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 24.3 | 31.8 | 35.9 |
| growth-% | 6.8 % | 31.3 % | 12.6 % |
| EBIT (adj.) | 0.9 | 2.8 | 3.7 |
| EBIT-% (adj.) | 3.9 % | 8.8 % | 10.3 % |
| EPS (adj.) | 0.06 | 0.23 | 0.29 |
| Dividend | 0.09 | 0.09 | 0.11 |
| Dividend % | 3.4 % | 3.5 % | 4.3 % |
| P/E (adj.) | 43.6 | 11.3 | 8.7 |
| EV/EBITDA | 564.6 | 10.5 | 7.2 |
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