Digital Workforce Services Plc - Half-Year Financial Report 2026

Key Events

Revenue growth 37% and adjusted EBITDA 7% in the first half, new orders and operational execution driving performance improvement

Digital Workforce’s revenue from both continuous services and professional services continued to grow in all businesses and regions. Company improved profitability in the first half while accelerating hiring and continuing its investments in growth, particularly in agentic AI solutions and healthcare business. After the reporting period, company announced the acquisition of Agentic AI for Customer Service business from Front AI Oy, expanding the Agentic AI offering within Digital Workforce’s continuous services business.

April-June 2026 (second quarter):

  • Revenue was EUR 7.8 (5.9) million and increased by 31%

    • Revenue from Continuous Services increased by 29% and was EUR 4.3 (3.3) million. The percentage of revenue was 56% (56%)

    • Revenue from Professional Services increased by 33% and was EUR 3.5 (2.6) million

  • Adjusted EBITDA EUR 0.5 (0.4) million, 7% (7%) of revenue

  • Operating profit was EUR -0.2 (0.3) million

  • Earnings per share (EPS) was EUR -0.03 (0.02)

  • At the end of the reporting period, cash and bank receivables and other liquid assets were EUR 7.8 (9.1) million

  • The number of employees at the end of the reporting period was 188 (179)

January-June 2026 (first half):

  • Revenue increased by 37% and was EUR 15.4 (11.2) million

    • Revenue from Continuous Services increased by 34% and was EUR 8.9 (6.6) million. Their percentage of revenue was 58% (59%)

    • Revenue from Professional Services increased by 43% and was EUR 6.5 (4.6) million

  • Adjusted EBITDA was EUR 1.0 (0.1) million, 7% (1%) of revenue

  • Operating profit was EUR -0.3 (-1.0) million

  • Earnings per share (EPS) was EUR -0.05 (-0.10)

Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year.

Other events during the period

Business

On February 22, 2026, Digital Workforce announced a strategic partnership with Davies. Davies is a global specialist professional services and technology firm working in partnerships with leading insurance and other regulated industries. The intention is to pursue joint client deliveries of agentic AI solutions, initially focused on insurance and other regulated industries. The arrangement is a framework agreement with no minimum commitment; client-specific orders will be announced separately. The agreement does not change the 2026 financial outlook.

On April 9, 2026, the company announced that it had received a significant order of approximately EUR 2.6 million from a major utility company in the United States. The new order is a continuation of an existing partnership, whereby Digital Workforce delivers services to support the client in their business process automation.

On May 19, 2026, the company announced that it has joined the Lloyd’s Market Association as Associate Member. The membership, while marking an important step in the company’s focus on the UK insurance market, also reflects a growing market demand for Agent Workforce use cases. These might include claims, risk governance, contract compliance and policy interpretation across both open market and delegated authority books.

Management team and organization

On January 26, 2026, Digital Workforce announced a new operating model with two global business areas (Healthcare and Enterprise & Public). Juha Nieminen was appointed as Chief Growth Officer for Healthcare and Tapio Niinikoski as Chief Growth Officer for Enterprise & Public. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kristiina Åberg (Head of Marketing), as well as Stefan Meller (Europe region sales of Enterprise & Public) stepped down from the management team but continued with the company.

Governance

On February 22, 2026, the company announced it had completed its share repurchase program (January–February 2026), acquiring 98,648 own shares for EUR 249,974.30 (average price EUR 2.5340 per share). Potential intended uses for the treasury shares can be e.g., acquisitions, incentive schemes, reassignment, holding or cancellation. The company also confirmed that Lago Kapital Plc will continue as liquidity provider after the program.

On March 17, 2026, the company announced that it will change the accounting and presentation for license sales in its financial reporting, to improve visibility into the development of the recurring services business. Qualifying license sales will be reported net (customer payment deducted by fee to license supplier), and for new contracts from January 1, 2026, revenue will be recognized in the period when the customer agreement enters into force rather than being allocated over the contract term. The change lowers reported revenue but does not affect gross margin or EBITDA in absolute terms. In addition, the company aligned its 2026 outlook and strategy-period targets with the new presentation.

Outlook for 2026 (updated on July 16, 2026)

Digital Workforce Group’s full-year 2026 revenue is expected to grow 27–37% from the year 2025. Adjusted EBITDA margin is expected to be 7–13% of revenue.

Financial targets for the strategy period (unchanged)

Growth: The company aims for an annualized revenue level of EUR 40 million exiting year 2026, including potential acquisitions. 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.