Wirtek (Investment Case): Profitability restored, acquisition adds untapped potential
Summary
- Wirtek's Q2 2026 report shows improved profitability with EBITDA rising to DKK 1.3m, despite a 2.2% year-on-year revenue decline, highlighting the company's operating leverage.
- The acquisition of DitaExchange introduces a profitable SaaS product, enhancing potential through cross-selling opportunities, though commercial expansion remains a challenge.
- Growth remains a concern as revenue continues to decline, with the company needing to reverse this trend in H2 to meet guidance.
- Valuation shows Wirtek trading below its historical EV/Sales average, with potential catalysts being higher growth and increased recurring revenue.
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Following Wirtek's Q2 2026 interim report and the completed acquisition of the Danish SaaS company DitaExchange, we have updated our investment case.
Our investment case covers the key investment reasons and risks, and valuation perspectives.
Q2 delivered the proof point on profitability. Revenue of DKK 15.1m was down 2.2% year-on-year, while EBITDA improved to DKK 1.3m from DKK 0.3m, lifting the margin to 8.3% from 1.7%. The pre-tax result turned positive in both the quarter and the first half. This is the operating leverage we have pointed to since H2 2025: with a high fixed-cost salary base, earnings move far more than revenue.
Growth remains the unresolved part of the case. Revenue growth moved from -0.3% year-on-year in Q1 to -2.2% in Q2, and meeting the maintained guidance requires H2 to swing from declining to growing revenue. Solutions has ramped up more slowly than planned and remains in an investment phase through 2026 and 2027.
DitaExchange adds a second dimension, bringing a profitable subscription-based SaaS product to Solutions alongside the Wirtek IoT Suite, with ARR up 22% in 2025 and zero churn. The potential is commercial rather than technical: the product has never had a dedicated sales and marketing effort, and the addressable market is every regulated-industry organisation already running Microsoft 365. Cross-sell runs both ways, supported by the ISO 9001 and ISO 27001 certifications obtained after quarter end. That is also the main risk, as building a commercial engine takes time and the earn-out targets around 30% annual ARR growth against 22% in 2025.
The strategic answer to the AI debate remains intact. Wirtek applies AI at both ends, through AI-assisted internal delivery and productised, outcome-based offerings that reduce dependence on time-and-materials, while DitaExchange shifts the mix further towards recurring revenue.
From a valuation perspective, Wirtek trades at EV/Sales of 0.7x on 2026 guidance versus a Nordic peer median of 0.8x, and EV/EBITDA of 10.0x at the guidance midpoint versus 7.4x, where the low absolute EBITDA level makes the multiple sensitive to small changes. The share remains well below its own three-year historical EV/Sales average, and higher growth and a rising share of recurring revenue are the catalysts that could close the gap.
For further insights into the Q2 2026 results and the DitaExchange acquisition, you can watch the management present the results here:
https://www.inderes.dk/videos/wirtek-presentation-of-q2-2026-interim-report
Disclaimer: HC Andersen Capital receives payment from Wirtek for a Digital IR agreement. Michael Friis and Victor Skriver, 08:00, 19.08.2026.
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