Digital Workforce Services (DWF) Q2 2025 earnings summary

Executive summary

• Continuous Services revenue grew by 8% in H1 2025, with improved profitability in Q2 due to cost-saving measures.

• Revenue for H1 2025 was EUR 13.5 million, down 1% year-over-year; Q2 revenue increased 1.6% to EUR 7.1 million.

• Strategic investments continued in healthcare and AI solutions, with significant new customer wins and contract extensions, especially in healthcare.

• Several management changes occurred, including new CTO, COO, and CFO appointments.

Financial highlights

• Q2 2025 EBITDA was EUR 0.4 million (Q2 2024: EUR 0.2 million); adjusted EBITDA also EUR 0.4 million.

• H1 2025 EBITDA was EUR -0.8 million (H1 2024: EUR 0.5 million); adjusted EBITDA EUR 0.1 million.

• H1 2025 operating profit was EUR -1.0 million (H1 2024: EUR 0.3 million); net income EUR -1.1 million (H1 2024: EUR 0.3 million).

• Cash and liquid assets at period end were EUR 9.1 million (H1 2024: EUR 11.5 million).

• Equity ratio at period end was 72.0% (H1 2024: 73.6%).

Outlook and guidance

• Full-year 2025 revenue expected to exceed 2024, with improved adjusted EBITDA.

• Strategic targets for 2026: EUR 50 million annual revenue (EUR 40 million organic, EUR 10 million inorganic), over 70% of revenue from continuous services, and adjusted EBITDA above 15%.