Ladies and gentlemen, a very much welcome to this presentation and Q&A session following today's publication of the Q4 report from White Pearl Technology Group. Can I please have a thumbs up or some signal that I am heard and that from someone?

Thank you, I see a thumbs up. Great.

That you see a presentation also on your screens. Please be reminded that this meeting is being recorded, made available on the company website.

My name is Peter Ejemyr, and I am Vice President of Investor Relations at WPTG. With me, I have the most of our senior managers who will present and answer your questions.

Without further delay then, I hand over to our CEO, Mr. Marco Marangoni.

Please go ahead, Marco.

Thank you, Peter. Welcome to the meeting.

I think we can start with the presentation. Okay.

It's important to underline what we finally closed in terms of in with the with the fourth quarter of 2025. Analyzing and checking the results of the whole year, we I think we had a really stunning stunning result in terms of revenue, in terms of profitability.

Then of course, also if we consider the value of of the shares, we also created I think a nice development in terms of in terms of value. If I have to make a and if I If you allow me to underline, I I would like to underline what is what we created what we did in 2025.

Of course, Q4 is basically just the last, the final part of the year. Quarter by quarter, we had good results in terms of revenue and in terms of in terms of profitability.

Maybe it's not this is the moment to make the final analysis of the year. It's important because it's already visible which kind of result we are expecting in our annual report.

As a CEO, I'm I'm pretty I'm really happy about the results we had, I'm happy about the work we did. This is what is something that it's because we have a really good really good team.

In administration, in sales, technical, in every area, we did all the best. Before to move to the next slide, it's important to say that the result we achieved in terms of revenue is in line of our what we shared with the shareholders in terms of forecast, forecasting the planet in the next in the next years, until 2028.

We are going in the right direction, and we we will do that that also in this year, during this year, I'm sure that. Maybe we can move to the next slide.

Here is an interesting slide for explaining something interesting in terms of growing and development of the of the of the different areas. We are talking about organic and inorganic.

It's I think it's interesting to see that in terms of revenue contribution, in terms of growth contribution in the revenue KPI, we had we had I think an interesting contribution coming from especially the the inorganic, sorry, the in terms of revenue, the organic and versus the inorganic is pretty much there is a a specific rate. So 30% the revenue is coming from especially from the organic and 70% from inorganic.

If we make a comparison in terms of margins, I think it's interesting to see that 60% of the margin is coming and the and the profit is coming basically from the organic war organic segment and versus a 32% of inorganic. It's there is a clear explanation.

Our program and our execution in terms of cross-selling is is working in a really hard in a really good way, and is producing really good results in terms of with our customer base. With the inorganic organization where we're still working in order to to align their their politics, their strategy, their commercial activity with the other, the main group, we are working in order to move them in the same with having the same results that we have we're currently having with your with the with our historical base of subsidiaries.

It's true, maybe we can we can see an interesting an interesting analysis in this in this slide where definitely we are doing a really good businesses with our business with with our customer base. We are having a basically a really good results in terms of profit.

The inorganic base is producing, yes, is giving us a really good great contribution in terms of revenue, but it's a little bit under because it's still a work in progress in order to move them to the in the same level we are we achieved with our current subsidiaries. It's a work it's a journey that will improve yearly every year, month by month, quarter month by month, by quarter.

This is is another reason because we are planning in 2026, of course, another kind of result, okay. Let's move to the next.

Another concept that we introduced in 2025, but I think it's important also to share to share it with you, is the is our idea as a platform. We created a platform covering different areas.

This platform is, of course, is supporting all the all the group, all the subsidiaries in the group, but also is supporting all the the change the the the integration of the new units, the new business units inside our inside our group. What we are doing through our our teams like the shared the shared services we have currently in different countries, or through the expertise we can provide through our managers in in in sales, compliance, and technical, is what what we are able to do is basically to give and build the condition to differ to have an acceleration and provide the same condition to also the new acquisitions.

White Pearl is mostly dedicated to to use our resources in or also our IPs, of course, a part of this concept, in order to speed up the business, but also in order to make bigger and bigger the new acquisitions, and of course, have the the achieved the the results that we already consolidated in in the most in the in the original areas where we started with our business. I think it's a it's an interesting concept.

For this reason, we are not directly connected with specific We are not aiming today to to to acquire a specific a specific areas. We are mostly interested in order to extend our capability in terms to business with our customers and where we have, for instance, a nice a nice introduction in the territory.

According to our strategy, of course, and as we can see in the next slides, the main the main purpose is going to go is is to is to develop the Nordics and European markets where we consider that it's one of the main target we still we have, and where we we we think we will go for the future. In this slide, it's there is another indicator I think it's really nice, and it's the transformation, where we are going.

If we make a comparison in the during the past, we are growing faster the software and platforms area, and this is basically the area where we have highest margins, but also where we are today a nice concentration of IPs, such as, to make an example, the most representative product, Nexus artificial intelligence. This is this is also the the the place where is concentrated the recurring the recurrent revenue.

The the fact that we are we are developing this area, it's something that we need to consider really in a really part of our journey to make to to have a a a better and consolidated results for the next few years. In the other segments, we are going we are making slowly.

We are basically we are going a little bit down, but it is is because we are really focused in the innovation, in recurrent revenue, in platforms, and especially in something that is part of our portfolio, it's part of our portfolio of IPs. This is what we are we are doing.

If we consider the past, you can easily see that there is an there is an interesting change. Let's move Okay.

Talking about the distribution, I think it's this is another point, geographic distribution of the revenue. This is something that is already is still confirming what I'm saying.

As you can see, we are moving fast in development of the Nordics market. Our consolidation is of course our core market is still in in the in the in the in the countries where the economy is definitely is giving us a lot of opportunities, such as Africa or Middle East or Asia-Pacific or or or even Latin America where we are just at the beginning of the journey.

It's a it's a it's pretty much easy to see that we are growing, making a comparison with the last year, faster fast in in in the Nordics, and we are not considering also the new acquisitions. Next year will be interesting because this rate will be bigger, and and of course, it will take more and more space in comparison with the with the original markets where we started.

The plan to again, the plan to the plan to to to develop the Nordics and European markets is absolutely started, is producing the first results. We are going with innovation and and a specific line of business such as the platforms, and with recurrent revenue.

Everything is, as you can see, is is is definitely in progress according to our expectation and according to our plan of development. Okay?

Let's move. Quite I think I think I think I I made a I I finally my my presentation about the just to have to provide you a snapshot, a vision about what we did in the last quarter, but with a strong influence related to the whole fiscal year.

I think now we we are able to provide you more details about our the figures and the numbers related Q4 and 12-months results. Thank you.

Thank you very much, Marco. With that, I hand over to Chetan Ottam, Group CFO, and Hans Hägg, our CFO of WPTG AB, the mother company.

Please, I think it's Chetan to start, or?

Yes. Thank you, Peter.

Thank you, Marco. Hello, everyone.

As Peter mentioned, my name is Chetan Ottam. I'm the Group CFO.

White Pearl at a glance, we operate through 40 subsidiaries in 22 countries in six continents. We have approximately 950 people, and we service over 200,000 customers.

We are listed in Sweden and the USA. Peter, next slide, please.

In terms of our 2025 financial performance, our revenue increased by 65% from 310 million SEK to 510 million SEK. Our EBITDA increased by 72% from 50 million to 86 million.

We've got an EBITDA increase in margin at 0.8% from 16.1% to 16.9%. The earnings per share increase from 0.83% to 2.44 SEK.

That's represented by 199% increase in the EPS. In terms of the EBITDA, and while there's been a slight dip in Q4, overall, like I've demonstrated in the previous slide, we have increased our EBITDA year on year.

What tends to happen in the Q4 is we bring in certain annual provisions once certain of the discussions have taken place, like the auditors' fees, etc. In our approach, we've been very conservative in terms of expensing our acquisition costs and our acquisition earn-outs, etc.

When you collectively look at these costs, it represents almost over 3 million SEK, and this is quite a large number when you're looking at EBITDA just for the quarter. However, if you look year on year in terms of our performance throughout the year, this is by no means any structural concerns in terms of where our EBITDA is or where our targeted EBITDA is in terms of the business and in terms of what we are able to achieve through White Pearl Technology Group.

Thank you, Peter. Next slide, please.

I think the strong performance is further enhanced in terms of our increase in operating cash flows. We were up 366% from 16 million SEK to 70 million SEK.

Our cash position increased by 206%, up from 23 million SEK last year to over 72 million SEK this year in the bank. This is largely attributable in contribution by improved client terms, payment terms, collections, coordinated delivery efforts amongst the businesses, etc.

Thanks, everyone. I'll hand over to Hans Hägg, my colleague in Sweden.

Thank you.

Thank you, Chettan. My name is Hans Hägg.

I'm the CFO for the Swedish parent company and also the Swedish companies that are growing now. I will continue with the balance sheet.

We had a very good year. The debt-to-equity ratio, it improved this year from 38.4% to 28.5% on a year-to-year basis.

The total equity then increased from 100 123.6 million in the end of 2024 to now 245 million. It's up 90.3%.

That is all over the balance sheet is very good numbers. Current assets rose to slightly 160 million.

It's from 97.6 million at the end of 2024. It's up 18.7%, and that's due to increase in project stone-based revenue.

Total assets is now 329 million from 188.6 million at end of 2024. That's up 75% almost, and that is based on both inorganic and organic growth.

Day sales outstanding has also improved this year. We have gone from 96 days down to a little bit under 60 days.

That's signifying quite quicker cash conversion. This is also evident from working capital as it increased as much slower pace compared to the revenue in the full-year 2025.

Thank you. Over to you, Peter or Oscar, I don't know.

Thank you, Hans and Chettan. With that, I hand over to one of our newest colleagues in the management team, Oscar Carling, who has recently joined us as Chief Investment Officer.

Please go ahead, Oscar.

Thank you, Peter. My name is Oscar Carling.

I'm the new Chief Investment Officer since the beginning of this year. If we're talking about 2025, White Pearl really hit an inflection point with building an European hub through multiple acquisitions and also three LOIs.

We get more boots on the ground that we can see here. If we see in the beginning of of 2025, it it was not so much people here in Europe, we have a really strong leadership structure here.

This give us this take us closer to the acquisition targets, customers, and entrepreneurs, we can be faster and execute faster. It's already visible in the numbers.

You can see that Europe now represents about 29% of the revenue. That's really, really good.

You can change slide, Peter. Here's a couple of the acquisitions that we did last year.

If we're looking at Adligo, it's gives us strong IP and recurring revenue with a solid customer base in real estate, SME companies, and also governance contracts. If we're looking at the Sri Lankan team, give us good, cost-efficient offshore engineering with frontend, backend, etc.

It's good gives us good leverage to the rest of Sweden and other parts of the world. Grovyr, it's strong, senior cloud DevOps infrastructure engineers, it's a really really good add-on.

Luminary adds on high-quality consultancy brokers model with matching clients to to really good clients in banking and finance, and Newport as well as a good ERP in SAP experts as well. We can change slide.

If we look at the the three LOIs that we have today, we have two in Bulgaria. CreativeX brings us a digital agency with clear AI focus, helping SME in this region and also going to give us leverage in in Sweden and rest of Europe, cost leverage.

Nativ, working one of the first company in experts in short-form video for TikTok, Reels, YouTube, where demand is growing fast, they also going to give give us help in the in this in the shared services vehicle we have in in in the company as well. Icecon adds deep experts in consultancy in application specialist, integration, communication, and security.

Also give us another geographic point in Sweden. They have office in Gothenburg and Umeå.

We also growing geographically in Sweden with them. We can change.

If we look at 2026 and forward here, we can see that we're going to M&A is still going to be the engine of growth, with clear focus on Sweden and Europe. We have we're going to have an high activity and a growing pipeline, but we need to stay disciplined, and the profitability and cash flow comes first, of course.

We will realize synergies through cross-selling, up-selling, leapfrogging, and shared services to unlock value. We keep building capacity in Europe to to support more acquisitions and accelerate value creation.

Of course, with more acquisitions in Europe and Sweden, we want to reach a higher valuation. These revenue profiles are typically valued higher in multiples than other parts of the world from Swedish investors.

Finally, we increase IR activity to improve market visibility and strengthen the investment case. We're going to have a lot more higher IR activity this year.

Through to to through this acquisitions, but with strict profitability and clear European value creation logic. Yeah.

We're going to build we're going to grow more from this 28% for revenue today this year, and this is the target that we that we're looking into. It's really nice to join White Pearl from the Spotta Group's company that White Pearl acquires in in the summer.

Thank you very much.

Thank you very much, Oscar. That concludes our presentation.

We are now open to take your questions. If possible, I would advise you to write your question in the meeting chat, but we can also use the raising of hand function.

First question comes from Daniel Karlsson. He ask us to comment on the nine-month impairment this quarter.

What was it caused by, and are such impairments to be expected in the future? Thanks.

No, nine-month, not nine-month, 9 million impairment, sorry. Is that Chetan or Vikas who can answer that question?

Sure, Peter. Thank you.

Look, there were certain companies that we reconsider our investments in. It was the right alignment and testing for impairment.

It's an exercise that the auditors do on an annual basis. We've been having some discussions, and these were the impairments that we put through in terms of impairing some of the goodwill that is on the balance sheet.

Is it common or expected in the future? I think it's a variable scenario or a variable line item in the balance sheet that will continue to increase and decrease as we do acquisitions and as we test for impairment.

It will be variable. It will increase when we do acquisitions, and it will be tested for impairments as we work with our auditors in terms of determining the value of some of the subsidiaries that we have.

Thank you very much, Chettan. I have a question from Max Fox about Q4 EBITDA margin decreased from 17% to 14%.

Given your strategic shift towards higher-margin software platforms IP, this margin compression seems counter-intuitive. Is this Q4 margin pressure temporary due to integration costs from the acquisitions completed in 2025, or should we expect margins to remain pressured due to shifted business mix?

What is driving this quarterly variance, and when do you expect to return to or exceed the 16.9% full-year margin level? It's back to you, Chettan.

Thanks. Thank you, Peter.

Thank you for the question. I think I did have a slide, but I will further elaborate on this point.

We did acquisitions in Q4, and we concluded acquisitions in Q4. This does tend to be costly, especially when you acquire a group like Spotta.

The costs are quite significant to the group, and when we take on such businesses. Like I pointed out, the annual provisions come through in the fourth quarter to align our year-to-date numbers based on the expenses that we're going to incur, all from a cash flow point of view, be it next year, but we have to book such costs this year.

When do we expect for the EBITDA to normalize? I would say definitely in Q1 this year, it should normalize because some of these once-off costs have hit us in Q4 in 2025.

By no means it is a downward shift in terms of our business activities, but rather some of these once-off costs that have impacted us in Q4.

Thank you. That's very clear, Chettan.

Next question come from Stian in Norway. Is the improvement in DSO a trend or due to one-time effects?

Should you take that, Chettan, too, or should we hand it to Vikas?

No, I'll take that as well. We certainly hope it's a trend, right?

Many parts of the business have to work in sync together in order to improve collections from clients. We have 200,000-plus clients in the group.

Thus, as we look at our contractual modules with clients, we do try and always try and optimize our cash collections. I think the improved cash balance is reflective of this, and I certainly hope that it continues to be a trend.

We are a dynamic business, too. As we onboard and as we try and increase our pipeline and as we try to get to our forecasts as we continue to grow, we will get and we will encounter clients of different scales and different magnitudes.

As you penetrate sometimes some of these clients, the initial payment terms may not always be favorable. It's certainly something that us in management as a collective are trying to improve on.

Thank you very much, Chettan. Is there any more question?

Please raise your hand. If not

Maybe if allow me

Yes, Marco, please.

Just to confirm what Chetan was explaining, I think it's fair if we consider also is correct the analysis of the quarter because this is a quarterly report. Also we should consider that we had during this year quarters where we had overachievements.

It's when we have an overachievement, we are talking to have much more about the average of 16. If I remind, we had a quarter with 20.

I think you know better than me that the life of the company must be considered in the course of the all the whole year. What I think is, yes, we can explain, as we did, that for some reason we had this kind of result.

Also I think it's fair to consider that in advance what we already worked in order to keep really high the average of our And this we will do that even this year. We will work in advance in order to keep as higher as possible our margins.

My consideration is the quarter report is a snapshot, is just a picture in a specific moment. What I think it's important and we should consider is the work did during the year, because, in my opinion, it's important for the whole team, for the whole group, for all the people working in this company.

I'm saying that because the quarter Q4 Q4 is just a period. The reality is we did a strong work during all the whole 2025.

We cannot say that because maybe we had just a small difference in one indicator in Q4, it's something influencing the whole year. Not at all.

It should be unfair. I think as soon as we can issue the annual report, you can see what I'm saying, okay.

Thank you very much, Marco. If there are any more questions, you are, of course, welcome to send them by email to [email protected], and we will do our best to answer.

I remind you that this session has been recorded, and it will be available on the company website. Thank you very much, ladies and gentlemen, and have a lovely evening.

Thank you. Thank you, everyone.

Thank you very much. Thank you.

Bye-bye. Goodbye.

Bye-bye.