Digital Workforce Services Plc - Half-Year Financial Report 2026
Table Section
Accounting principles for the Half-year financial report
This Half-year financial report has been prepared in accordance with Finnish accounting standards, good accounting practice and Finnish legislation. The information has been presented to the extent required by the Nasdaq First North Growth Market rules. The figures presented have been rounded from the exact figures, which means that the sum of individual figures may deviate from the sum presented. The figures in the Half-year financial report are unaudited.
Group profit and loss statement (FAS)
| 1 000 euros | 4–6/2026 | 4–6/2025 | 1–6/2026 | 1–6/2025 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7 782 | 5 943 | 15 417 | 11 222 | 24 263 |
| Other operating income | 86 | 4 | 96 | 5 | 24 |
| Raw materials and services | |||||
| External services | -2 289 | -1 300 | -4 633 | -2 533 | -5 805 |
| Personnel expenses | |||||
| Wages and salaries | -3 456 | -2 796 | -6 645 | -6 491 | -12 168 |
| Social security expenses | |||||
| Pension expenses | -357 | -311 | -760 | -679 | -1 316 |
| Other social security expenses | -325 | -280 | -599 | -589 | -1 201 |
| Depreciation, amortisation and write-offs | |||||
| Depreciation and amortisation according to plan | -197 | -51 | -389 | -102 | -206 |
| Group goodwill amortisation | -355 | -40 | -709 | -81 | -476 |
| Other operating expenses | -1 067 | -860 | -2 081 | -1 737 | -3 741 |
| EBIT | -178 | 309 | -303 | -985 | -625 |
| Financial income and expenses | |||||
| Interest and other financial income | 44 | 39 | 290 | 104 | 300 |
| Interest and other financial expenses | -172 | -112 | -421 | -133 | -367 |
| Profit (loss) after financial income and expenses | -306 | 236 | -434 | -1 013 | -692 |
| Income taxes | -61 | -16 | -156 | -84 | -159 |
| Net income | -367 | 220 | -590 | -1 097 | -851 |
Gross profit, EBITDA and EBITDA adj
| 1 000 euros | 4–6/2026 | 4–6/2025 | 1–6/2026 | 1–6/2025 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7 782 | 5 943 | 15 417 | 11 222 | 24 263 |
| Materials and services | -2 289 | -1 300 | -4 633 | -2 533 | -5 805 |
| Direct personnel costs | -2 422 | -1 969 | -4 663 | -4 225 | -8 201 |
| Gross profit ¹⁾ | 3 070 | 2 674 | 6 122 | 4 463 | 10 258 |
| Personnel and other OPEX | -2 697 | -2 273 | -5 327 | -5 265 | -10 201 |
| EBITDA | 373 | 401 | 795 | -802 | 57 |
| Items Affecting Comparability, IAC | -133 | 0 | -211 | -881 | -1 208 |
| Adjusted EBITDA | 507 | 401 | 1 006 | 79 | 1 265 |
| Depreciation and amortization | -551 | -92 | -1 098 | -183 | -682 |
| EBIT | -178 | 309 | -303 | -985 | -625 |
Group balance sheet (FAS)
| 1 000 euros | 30.06.2026 | 30.06.2025 | 31.12.2025 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Development expenditure | 2 368 | 1 384 | 2 088 |
| Group goodwill | 12 605 | 1 146 | 13 314 |
| Other intangible assets | 218 | 216 | 269 |
| Tangible assets | |||
| Machinery and equipment | 96 | 18 | 104 |
| Non-current assets total | 15 287 | 2 764 | 15 776 |
| Current assets | |||
| Long-term debtors | |||
| Other debtors | 101 | 21 | 102 |
| Short-term debtors | |||
| Trade debtors | 4 867 | 4 755 | 7 469 |
| Other debtors | 20 | 16 | 21 |
| Prepayments and accrued income | 6 134 | 4 580 | 6 168 |
| Debtors total | 11 122 | 9 372 | 13 760 |
| Securities | |||
| Other securities | 938 | 4 857 | 3 441 |
| Cash in hand and at banks | 6 891 | 4 286 | 7 119 |
| Current assets total | 18 952 | 18 515 | 24 320 |
| ASSETS TOTAL | 34 239 | 21 279 | 40 095 |
Group balance sheet (FAS)
| 1 000 euros | 30.06.2026 | 30.06.2025 | 31.12.2025 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 80 | 80 | 80 |
| Invested unrestricted equity reserve | 28 410 | 27 556 | 28 653 |
| Retained earnings (loss) | -15 761 | -13 880 | -13 880 |
| Translation difference | 154 | 100 | 117 |
| Net income for the financial period | -590 | -1 097 | -851 |
| Equity total | 12 294 | 12 759 | 14 119 |
| Liabilities | |||
| Non-current liabilities | |||
| Loans from credit institutions | 3 916 | 553 | 3 916 |
| Liabilities from corporate acquisitions | 3 226 | 0 | 3 079 |
| Non-current liabilities total | 7 143 | 553 | 6 995 |
| Current liabilities | |||
| Loans from credit institutions | 465 | 0 | 1 131 |
| Liabilities from corporate acquisitions | 3 626 | 0 | 3 626 |
| Advances received | 5 541 | 3 547 | 7 351 |
| Trade creditors | 845 | 807 | 2 287 |
| Other creditors | 1 314 | 1 272 | 1 680 |
| Accruals and deferred income | 3 012 | 2 342 | 2 906 |
| Current liabilities total | 14 802 | 7 967 | 18 981 |
| Liabilities total | 21 945 | 8 520 | 25 976 |
| EQUITY AND LIABILITIES TOTAL | 34 239 | 21 279 | 40 095 |
Group Cash Flow Statement (FAS)
| 1 000 euros | 1–6/2026 | 1–6/2025 | 2025 |
|---|---|---|---|
| Cash flow from operations: | |||
| EBIT | -303 | -985 | -625 |
| Depreciation and amortisation according to plan | 389 | 102 | 206 |
| Group goodwill amortisation | 709 | 81 | 476 |
| Other items | 159 | 3 | 106 |
| Cash flow from operations before change in net working capital | 954 | -799 | 163 |
| Change in net working capital: | |||
| Change in sales receivables and other receivables | 2 663 | -208 | -2 476 |
| Change in trade debtors and other interest-free debtors | -3 737 | -920 | 536 |
| Change in net working capital total | -1 075 | -1 128 | -1 940 |
| Paid interest and payments of other operational financial expenses | -205 | -55 | -296 |
| Received interest from operations | 242 | 179 | 300 |
| Paid immediate taxes | -47 | -82 | -49 |
| Cash flow from operations (A) | -131 | -1 885 | -1 822 |
| Cash flow from investments: | |||
| Investments in tangible and intangible assets | -609 | -665 | -1 597 |
| Purchased subsidiary shares | 0 | 0 | -2 210 |
| Cash flow from investments (B) | -609 | -665 | -3 806 |
| Cash flow from financing: | |||
| Paid share increase | 8 | 93 | 94 |
| Changes in equity | -250 | -146 | -200 |
| Change in short term loans | -666 | -201 | -356 |
| Change in long term loans | 0 | 0 | 4 650 |
| Dividend distribution | -1 030 | -1 006 | -1 006 |
| Cash flow from financing (C) | -1 939 | -1 259 | 3 182 |
| Change in cash | -2 678 | -3 810 | -2 446 |
| (A+B+C) increase (+) / decrease (-) | |||
| Exchange gains/losses on cash and cash equivalents | 52 | 0 | -52 |
| Cash at the beginning of the period | 10 560 | 12 954 | 12 954 |
| Cash at the end of the period | 7 829 | 9 144 | 10 560 |
Group change in equity
| 1 000 euros | 30.06.2026 | 30.06.2025 | 31.12.2025 |
|---|---|---|---|
| Restricted equity | |||
| Share capital at the beginning of the period | 80 | 80 | 80 |
| Share capital at the end of the period | 80 | 80 | 80 |
| Restricted equity total | 80 | 80 | 80 |
| Unrestricted equity | |||
| Invested unrestricted equity reserve at the beginning of the period | 28 653 | 27 608 | 27 608 |
| Share subscriptions with options and acquisition of own shares | -242 | -53 | 1 045 |
| Invested unrestricted equity reserve at the end of the period | 28 410 | 27 556 | 28 653 |
| Retained earnings (loss) at the beginning of the period | -14 731 | -12 874 | -12 874 |
| Dividend distribution | -1 030 | -1 006 | -1 006 |
| Retained earnings (loss) at the end of the period | -15 761 | -13 880 | -13 880 |
| Translation difference at the beginning of the period | 117 | 36 | 36 |
| Change in translation difference | 36 | 64 | 82 |
| Translation difference at the end of the period | 154 | 100 | 117 |
| Net income for the financial period | -590 | -1 097 | -851 |
| Unrestricted equity total | 12 214 | 12 679 | 14 039 |
| Equity total | 12 294 | 12 759 | 14 119 |
Group commitments and contingent liabilities
| 1 000 euros | 30.06.2026 | 30.06.2025 | 31.12.2025 |
|---|---|---|---|
| Rental commitments | |||
| Due in the next financial period | 154 | 145 | 190 |
| Due later | 462 | 122 | 178 |
| Rental commitments total | 616 | 267 | 367 |
| Lease agreement liabilities | |||
| Due in the next financial period | 48 | 45 | 89 |
| Due later | 129 | 100 | 84 |
| Lease agreement liabilities total | 177 | 145 | 173 |
| Other commitments | |||
| Loans on which a business mortgage has been given | 4 030 | 0 | 4 495 |
| Company mortgage (as collateral for the credit account) | 6 200 | 1 400 | 6 200 |
| Other commitments total | 10 230 | 1 400 | 10 695 |
Calculation of key figures
| Calculation of key figures | |
|---|---|
| Professional Services revenue | Professional Services revenue, project-based or time-based consulting services |
| Continuous Services revenue | Continuous Services revenue, mostly recurring Managed services, licenses or combinations of the two |
| Gross profit | Revenue - materials and services, and direct personnel costs |
| Gross profit margin % | Gross profit as percentage of revenue |
| EBITDA | Operating profit before depreciation and amortization |
| Adjusted EBITDA | EBITDA – Items Affecting Comparability, IAC |
| EBIT (Operating profit) | Profit before income taxes, finance income and finance costs |
| Items Affecting Comparability, IAC | Expenses or income that are of one-off nature, caused by a specific event (such as M&A transaction) and not expected to continue or repeat |
| Earnings per share, EPS | Net income divided by shares outstanding |
| Capital expenditure | Investments in tangible and intangible assets |
| Net debt | Interest-bearing liabilities (loans from financial institutions) - cash and cash equivalents |
| Net debt ratio | Net debt divided by equity |
| Equity ratio | Shareholder's Equity divided by (Total balance sheet – advances received) |
| Average number of personnel | Sum of end-of-month employees divided by number of months during the reporting period |