Wirtek (WIRTEK) Q1 2026 earnings summary

Executive summary

• Q1 2026 marks the first full quarter under the new strategy launched in November 2025, delivering early positive results and margin recovery on stable revenue.

• EBITDA turned positive at DKK 0.6 million (TDKK 604), a DKK 1.7 million improvement from Q1 2025, driven by improved gross margin and lower staff cost intensity.

• Gross margin improved to 61.8% from 54% year-over-year, and EBITDA margin reached 3.9% versus -7.2% in Q1 2025.

• International revenue diversification continues, with over 70% of revenue from outside Denmark; US market is largest at 38%, followed by the Netherlands (19%) and Portugal (14%).

• Pre-tax loss narrowed to DKK -232, reflecting significant operational improvement.

Financial highlights

• Revenue stabilized at DKK 15.5 million, nearly flat year-over-year.

• EBITDA: DKK 0.6 million, up from -DKK 1.1 million in Q1 2025.

• Gross profit increased to DKK 9.6 million (61.8% margin), up from DKK 8.4 million (54.0%).

• EPS: -DKK 0.06, improved from -DKK 0.25 in Q1 2025.

• Net cash holdings declined to DKK -4.0 million, reflecting increased investment and a new long-term bank loan.

Outlook and guidance

• 2026 guidance maintained: revenue DKK 65–70 million, EBITDA DKK 3–6 million.

• Q1 performance aligns with full-year trajectory; stable utilization and confirmed project extensions support outlook.

• Growth expected through both organic means and potential acquisitions.

• Strategy expected to continue driving improvements across both divisions through 2026.

• Pipeline and visibility into the rest of the year are described as healthy and developing positively.