Welcome to today's event where we have the pleasure to present Wirtek. To take us through today's presentation and answer questions in the end, we are joined by CEO and founder Michael Aaen and CFO Mads Greiffenberg.

Today we will of course focus on this Q1 2026, the main messages and the results here for the first quarter, so that will be the main topic. As always, there is a box down below.

We do this in English, you have a very broad clientele and member stuff, but you can ask the questions in Danish. I will try and translate to the best of my ability.

For now, I will leave the stage to you, Michael.

Thank you, Michael. My name is Michael Aaen and I am the CEO of Wirtek, and with me today is our CFO Mads Greiffenberg.

We'll take you through Wirtek's Q1 2026 results. This is the first quarter where the new strategy we launched in November last year has been in full effect, and the early evidence is encouraging.

Mads will walk you through the financial detail, and I will return at the end of with the operational highlights and a few words on what we see for the rest of the year. Over to you, Mads.

Thank you, Michael. Let me start by taking you through the numbers of Q1.

Revenue came in at 15.5 million for Q1 '26, broadly in line with Q1 '25, stability after a year of significant volatility. The headline this quarter is EBITDA.

We delivered positive EBITDA of 0.6 million, recovering from negative 1.1 million in Q1 last year, a swing of 1.7 million year-over-year. The EBITDA margin reached 3.9% compared to negative 7.2% a year ago.

The improvement is driven by two factors: gross margin strengthened to 61.8% from 54.0% last year, and staff cost came down following the structural changes implementing during '25. Earnings per share for the quarter was negative 0.06 compared to negative 0.25 a year ago, still negative, but materially closer to breakeven.

On the balance sheet, the equity ratio is 41%, down from 47% a year ago, reflecting the results for '25. The liquidity ratio is 127%, down from 137%.

Both ratios remained at a comfortable operating level for Wirtek. Next slide, please.

Can we get the next...

It is changed on

mine.

We'll try and change it.

Thank you. All right, the left chart shows the five-quarter trajectory on revenue and EBITDA.

Revenue has stabilized in the 15 to 17 million range across the past year, and that is a stable platform we're building margin from right now. The EBITDA story is where the trajectory is clearest.

From the negative 1.1 in Q1 '25, the path was 0.3 million in Q2, 0.7 million in Q3, 1.8 million in Q4, and to 0.6 million in Q1 '26. Two observations on that pattern.

First, of course, the year-on-year comparison: Q1 '26 sits 1.7 million above Q1 '25, and well above the '25 quarterly average of around 0.4 million. The cost actions we took during '25 are now embedded in the underlying run rate.

Second, on the sequential step from Q4 '25 at 1.8 million down to Q1 '26 at 0.6 million. Q4 was a particularly strong quarter, supported by very high utilization and a year-end pipeline.

Q1 '26 represents a more normal underlying run rate. The level we are reporting today is the starting point from which we expect to build through '26, and it is a very strong starting point compared to '25.

On our geographic split for Q1, we see the same picture as usual: US remains our largest market at 38% of the revenue; Denmark accounts for 28%; Netherlands, 19%; and Portugal at 14% reflects continued ramp-up of engagement linked to the Pragmasoft acquisition. International markets continue to support a diversified and resilient revenue base for Wirtek.

Next slide, please. On guidance, we remain the full '26 outlook which we published on the annual report '25.

That's revenue in the range of 65 to 70 million and EBITDA in the range of 3 to 6 million. Q1 came in as expected: confirmed project extensions, stable utilization entering Q2, and the cost action taking through '25 now compounding through the whole year.

These are the factors that underpin our confidence in that range, and we expect the new strategy to continue taking effect across both divisions through the remainder of '26. With that, I'll hand it back to you, Michael Aaen.

Thank you, Mads. First, a few operational highlights from the quarter.

I'll cover three themes that matter most for how the business is performing under the new strategy. The first theme I'll address is a summary of what Mads has already touched upon: we see stabilization of revenue combined with restored profitability.

Revenue came in at 15.5 million Danish kroner. Q1 last year was also 15.5 million, essentially flat year-on-year.

Now, after a 14% drop in revenue we saw in Q1 last year, stability is what we actually wanted to see at this point. It tells us the customer base has settled and that the actions we took during 2025 have not disrupted core delivery.

It also gives us a credible base for growth. EBITDA is the most striking number we see: 0.6 million Danish kroner in Q1 this year against a negative 1.1 million a year ago.

This is a positive swing on 1.7 million on essentially flat revenue. That is what operating leverage looks like when cost discipline meets a gross margin recovery.

Our gross margin reached 61.8% in Q1 this year, up from 54% 54% last year. That is almost an 8 percentage points of recovery.

EBITDA margin moved from negative 7.2% in Q1 last year to a positive 3.9% this year. This is a positive 11 percentage point swing.

We are for sure not satisfied with an EBITDA margin of only 3.9%, and we will target further margin improvements in the future. Q1 2026 was the first full quarter where the new strategy we announced on November 6 last year has been in full effect.

Both our divisions are progressing. In Services, this is still the cornerstone of Wirtek.

Three things contributed directly to margin recovery: utilization has improved, delivery discipline has been tightened, and we are seeing the first measurably impact of AI-assisted delivery in our day-to-day work, not just not not just as talking points, but actual efficiency gains that are now visible in the gross margin. The second Services theme is productization.

For most of our history, Services has meant time and material engagements. We provide capacity to our clients, and our clients scope the day-to-day work in their team.

The new strategy is to evolve into a productized, outcome-based offering, especially ones that combine our domain expertise with AI-assisted delivery. We saw the first commercial traction for those offers in Q1 this year.

It's early days, but the signal is real. On Solutions, the work this quarter focused on maturing the Wirtek IoT Suite platform, which is the technology base we acquired from the Seluxit and Pragmasoft acquisitions.

We also validated several high-value use cases in energy and industrial IoT during this quarter. Solutions still contribute modestly to group revenue and remains in an in its in investment phase.

That is by design. Continued investments through 2026 and 2027 is what builds the recurring subscription revenue base for the years ahead.

The third theme is the foundation we are building from. Geographically, our revenue base is genuinely international now.

The US is our largest market at 38%, while the Netherlands accounts for 19% of revenue. Portugal, driven by our Pragmasoft ramp-up, accounts for 14% of revenue, and it's growing fast.

More than 70% of our revenue comes from outside of Denmark. That diversification adds real resilience.

We are not dependent on any single market or any single client, for that matter. During Q1, we also established a 5 million Danish kroner long-term bank loan that reduced our short-term overdraft utilization and extended the maturity profile of our overall debt.

In plain terms, more financial runway to keep investing where the strategy needs us to invest. Our liquidity ratio remains solid at 127%.

On guidance, we maintain the full 2026 expectations that we published earlier this year. Q1 is typically a season seasonally soft quarter for Wirtek, and what we have delivered is consistent with the trajectory required to land within our guidance for the year.

To conclude: our trajectory is on plan, and our new strategy is taking effect. Thank you for joining us today and for your interest in Wirtek.

Mads and I will now be happy to take your questions. Back to you, Michael.

Perfect. Let's jump right into it.

You touched a little bit upon it on the utilization ratio, and there's a question here: What would you consider a healthy utilization percentage, and what do you have now? I know you don't publish them, I don't know whether you want to go so much into details.

Utilization, as I said, is definitely improving, but it's a number, a figure, since we are moving away from this pure consultancy-type business and into packaged services as well as having Solutions with subscription services there, it is more difficult just to put a number on utilization. What I can say is it is an absolute focus area for us to ensure that we utilize our capacity to the best effect in the company.

Perfect. Then maybe a little bit, because there's a question here: Have you already seen—I will just find it here—How much has the AI changed your business in the consultancy part?

Are you already seeing this, moving to this, I guess a pricing model where you deliver a product instead of hours? Is that widespread or is it just in the early innings, and have you already seen that actually happening?

We're seeing it as we talk here. We already have some of our clients where we are actually productizing the delivery towards the clients instead of just selling hours.

We are selling outcomes to those clients. With new client engagements, we are also talking about productizing the services there and not selling hours.

In these AI days, selling pure hours is not really that interesting. We want to utilize the full effect of AI to actually deliver more value to our clients, but also being able to actually increase our margins on that value we're delivering.

The reason while it's a good question: The reason while there's a good question on how widespread it is, I think everybody is looking that as a risk in your business, that you need to change your pricing model. If you're already well into it and you are still, might say still seeing maybe modest growth, but growth ahead of you, then can we take away this risk?

Looking from the outside, do you think this is a risk to your business that you need to change your pricing model or is it an opportunity actually more?

It's both. To the old type of consultancy business, there's definitely a risk, because AI comes in and actually is able to do a lot of things very fast, very efficient.

You still need to have the brains behind to actually control things the right way. Just delivering the pure hours, with AI-assisted help, does not really—it reduces the number of hours you may need to put in in order to deliver the same service there.

This is not a good model if you just want to sell hours. We want to package things and actually add a lot more value into what we deliver to the clients, and then we will share the benefits with the clients there.

We can also see with some of the offerings we come out with the clients right now, that is actually an attractive value proposition we have here. We have established last year a dedicated AI team that actually is coming in here and helping us to find out exactly how we package this offerings towards our clients, because this is really, really important for us.

If you don't do take AI into the business and do work with it in the right way, it definitely will be a big challenge for pure consultancy businesses, which is why we are transitioning and transforming the business.

I see you already answered this the next question: Can you already see this increased efficiency and AI in your numbers, or is there more investments to come before you can see it? Is that training investments?

I hear a lot of IT consultants say, "Yeah, but we also need to invest into this. We need to train our people before we will have the perfect outcomes, before we will have all this."

Is this already in your gross margin, that is that what we're seeing? I think you indicated that.

Is there also some investment following this, the training, the regrouping of people, and so on?

Absolutely. You can't just let everybody start doing their own thing in AI.

There's also governance you need to take into account here and making absolutely sure that it's used the right way, because you can also, if you don't use AI the right way, you can do a lot of damage, both towards ourselves, but also towards our clients. This needs to be controlled, which is why we have set up a team that actually helps us set up the right frameworks in order to utilize it the right way.

This is a significant investment for us, but it and a very important investment that we're taking on here. It's not only in the business of providing the services to the client, but it's also the whole corporate side of the business where AI is a big, big driver in us improving efficiency all over the business.

Perfect. Then there's a question here: The higher energy prices, will that increase the demand for your Solutions in your energy segment, and have you already seen increased activity?

I guess it might be a little bit [laughter] short time to where we've seen them to

should

see it. A little bit comment on higher energy prices.

Two questions. The first one, yeah.

The first one, for sure, when you have this kind of situations that are prolonged, and even if the Hormuz situation should have been solved tomorrow, it's going to be months and months, if not years, before everything is back to normal. This often leads to structural changes, because countries are seeing this kind of situation, they want to avoid it in the future.

That means there will be a bigger push for renewable energy sources in the future, which fits very well within about half of our business, which is driven by renewable energy. Yes, in the longer term, definitely I see this as a positive.

In the short term, well, things operate a little—it doesn't go that fast, right, because it is still pretty new what is happening down there. I'm sure it is going to benefit our business in the longer term.

The validations you're getting on your IoT Suite by customers, is that also in energy efficiency? Is that the main projects you are having down there on the IoT, and the validation you are going through with your current customers now?

It's energy efficiency. It can be CO2 efficiency as well, because there is also a focus on being good to our planet, right?

Definitely.

Then there's a little bit about the customer, your customers. I think you indicated in your results that you are seeing some kind of a stabilization.

I guess economic-wise, we are talking about increased uncertainty in Europe. Can you speak a little bit about the feedback you're getting from customers?

Are they more worried, are they more hesitant to take in orders after this, or is it what you say in your report that you are actually maybe starting to see some stabilization on this front?

We have clients that have a hard time in their business and we have clients that don't see that big impact. We also have a pipeline building up where we have clients that actually are still investing out there.

It is not a one-size-fits-all type of situation here. I can't give you a clear picture, but no doubt about it, what is happening out in the world there is not beneficial for for the growth in the world in general, right?

Yeah. Then when do you expect organic growth, maybe coming back to a little bit to your guidance?

We covered that with the organic When do you expect organic growth, also regarding to your guidance in this year?

We are not, we're not guiding specifically on organic growth. We are guiding on growth in general.

That could also be in principle acquisitions, right? We expect to grow this year, and it can be organically, it could be through acquisitions.

We'll take the growth we can get with the different channels there, because we have as part of our strategy also acquisitions on the table there as a possibility if we find the right acquisition candidates.

Perfect. The number of employees, how has that developed the last 12 months?

It's pretty stable. Maybe a little less, but also, we have this improved gross margin, right.

We're improving the margins, which means that, since we are a knowledge business, means that is less headcounts delivering the same revenue.

Yeah. Perfect.

Then a little bit about your strategy. I know it was only in the fall you really released it and it was really AI-focused, but I also experience a world that is going with a speed that I don't think we had comprehended even six months ago.

Is there anything in your strategy that is working better or something you want to maybe align more to this fast-evolving worth or a world, or is are you pretty satisfied with the pillars you have in your strategy, and it also fits you had foreseen the speed of [laughter] the AI maybe? A little bit about your strategy is, because of this fast-evolving world, is there something that maybe should have had more focus and somewhere where you might want to put a little bit less focus?

As I said, strategy will be evolving over time. Last time we had a strategy, we made a five-year strategy.

That's a long time horizon with the world evolving the way it does right now. We are focused, we have a strategy that sets the targets, but we are then focused on implementation for one year at a time, with the tactical planning here.

We will adjust as needed during this time here, because it's really hard to foresee what's happening here. The future is really hard to foresee where things develop.

We want to be able to actually change as needed in this respect. I still think that those five strategic tracks we have there are the right ones.

We'll then adjust as needed within those tracks.

Do you agree Did you agree with my assumption that actually in this six months, actually the efficiency that you have you can get out of AI has even surprised everybody, even [laughter] they were a little bit optimistic?

I would say that AI development has actually gone faster than I thought it would end of last year. We have put even more focus on that part of the business here, because we want to be the ones that are in front on that game.

Then

a little bit on your visibility and maybe regarding the guidance. You said you had a healthy pipeline.

Do you feel comfortable with the visibility sitting from your position? I know we're only in Q1, but the pipeline and the visibility into the rest of the year, do you feel comfortable with what you're seeing now?

AKA is the pipeline actually maybe increasing a little bit and so on, if you can comment a little bit on that? I

of course, I cannot comment on orders not being published or anything like that yet, but I feel that things are developing in a good direction for us.

Perfect. Then on the guidance, you still have some range on the EBITDA side and on the revenue side, you kept that, naturally, after Q1.

What will take you to the top and what will take you to the more bottom if you can put it up in maybe some high-level one point taking to the bottom, high end taking to the higher end of the guidance, we can get a feel of maybe what is the really big moving parts in your business?

Often when we get new orders, they can be of considerable impact, right. It only takes one or two big orders, in order to really make a difference there.

You also need to have the time, of course, to deliver on those orders. I cannot really go much into detail about this, but what I will say is for sure that if we're going to do even better than what we expect, we also need to see some certainty in the world right now, and there's so much uncertainty out there, whether it's Hormuz or if it's tariff wars or what it is.

It's hard to navigate, and that probably will hold some companies back on their investments. I can't get any closer.

No, perfect. Perfect.

I did not also expect that. It is these and in your type of business, it is these orders, who there is some probability for and they can really make a difference.

Is that how we should understand why you guide like you do with a certain range?

We need to have a range because it's really hard to foresee the future, because you also could also have, clients that have a hard time and need to reduce their engagement as well, right? that is something you also need to take account when you put out a guidance.

Perfect. That was the last question.

Thank you to you both for taking us through your results and answering questions. May everybody have a nice day.

Same to you. Thank you.

Jo.