Digital Workforce Services (DWF) Q4 2025 earnings summary

Executive summary

• Revenue grew 5% year-over-year to EUR 28.7 million in 2025, with a strong acceleration in the second half and Q4, driven by the e18 Consulting Ltd acquisition and robust healthcare sector demand.

• Adjusted EBITDA improved to EUR 1.3 million (4% of revenue) for the year, with Q4 adjusted EBITDA at 9% of revenue, reflecting successful profitability initiatives.

• The company executed its profitable growth strategy, expanded its healthcare business, and launched new AI agent solutions, securing major contracts including a landmark deal with a large academic health system.

Financial highlights

• Q4 revenue increased 21% year-over-year to EUR 8.6 million; full-year revenue reached EUR 28.7 million, up 5%.

• Gross profit margin improved to 36% for the year and 39% in Q4.

• Adjusted EBITDA for the year was EUR 1.3 million (4% margin); Q4 adjusted EBITDA was EUR 0.7 million (9% margin).

• Operating profit for the year was EUR -0.6 million, down from EUR 0.3 million in 2024.

• EPS for 2025 was EUR -0.07, compared to EUR 0.05 in 2024.

Outlook and guidance

• 2026 revenue is expected to grow by 15% or more from 2025, with an adjusted EBITDA margin of 6–12%.

• Strategic target for 2026 is EUR 50 million annualized revenue, with over 15% adjusted EBITDA margin by year-end.