White Pearl Technology Group is a global AI technology platform, listed on Nasdaq First North Growth Market in Stockholm. Growing at AI-sector rates on owned platform IP, with a compounding acquisition model and an EBITDA margin that expands as the IP mix grows.
| Metric | H1 2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 303.8 | 510.5 | 309.7 | 239.6 | 182.5 |
| Revenue growth | +31% | +65% | +29% | +31% | — |
| EBITDA | 53.6 | 86.1 | 50.2 | 33.8 | 20.4 |
| EBITDA margin | 17.6% | 16.9% | 16.2% | 14.0% | 11.0% |
| EBIT | — | 86.0 | 50.0 | 33.2 | 19.4 |
| Net income | — | 67.7 | 21.6 | 28.3 | 16.6 |
| EPS (SEK) | 1.60 | 2.40 | 0.80 | 1.20 | 0.40 |
| Operating cash flow | — | 70.0 | 16.0 | 7.2 | 9.2 |
| Free cash flow | — | 47.1 | 14.3 | 7.2 | 9.0 |
Source: FY2025 Annual Report; H1 2026 interim report. Q2 2026 alone: revenue SEK 160.0m (+19.7%), EBITDA SEK 30.1m, margin 18.8%.
| Segment | H1 2026 | FY2025 | FY2023 |
|---|---|---|---|
| IT Services (project & consulting) | 26% | 28% | 42% |
| Managed & Recurring Services | 40% | 39% | 39% |
| Software, Platforms & IP | 22% | 19% | 13% |
| Talent & Process Services | 12% | 14% | 6% |
Deliberate shift toward higher-margin IP and recurring revenue. AI-related revenue reached 19% of Group revenue in H1 2026.
| Region | Share | SEK m |
|---|---|---|
| Africa | 50.4% | 153.2 |
| Europe | 31.1% | 94.4 |
| Middle East | 12.9% | 39.2 |
| Asia Pacific | 5.1% | 15.5 |
| Latin America | 0.5% | 1.5 |
Source: H1 2026 interim report. Reconciles to SEK 303.8m.
| Total assets | SEK 472.0m |
| Total equity | SEK 304.3m |
| Cash & equivalents | SEK 47.2m |
| Net debt | ~SEK 45.6m |
Swung from a net cash position of SEK 5.1m at YE2025, reflecting cash consideration paid on completed acquisitions.
| Equity ratio (YE2025) | 70.9% |
| Net debt / EBITDA (YE2025) | -0.1x (net cash) |
| Cash conversion, FY2025 (OCF/EBITDA) | 81% |
| Credit facility (Fenja Capital II) | SEK 50m (25m drawn) |
H1 2026 operating cash conversion was temporarily lower on working-capital timing; the Group notes invoicing concentration and acquired receivables.
| Total shares | 31,152,584 |
| Class A / Class B | 24,889 / 31,127,695 |
| Share capital | SEK 681,605.70 |
| Total votes | 31,376,585 |
| Shares at YE2025 | 28,919,713 |
Share count growth reflects directed issues settling acquisition and earn-out consideration (Icecon, Bravissimo, Luminary, Createx / Native Digital, Aixia).
| Shareholder | Shares | % |
|---|---|---|
| Bendflow Pty Ltd | 6,809,489 | 21.9% |
| Webbleton Holding Ltd | 6,809,489 | 21.9% |
| Chettan Ottam | 1,194,259 | 3.8% |
| Yellowstone | 1,071,262 | 3.4% |
| Fortuner SA Pty Ltd | 974,011 | 3.1% |
| Ibrahim Srour | 965,039 | 3.1% |
| Osama Elsayed | 961,639 | 3.1% |
| Avanza Pension (nominee) | 747,307 | 2.4% |
| Nordnet Pension (nominee) | 295,635 | 0.9% |
| Others | 11,324,454 | 36.4% |
> SEK 620 million
Raised from SEK 570m.
EBITDA margin 16.8%+ by 2028
H1 2026 already at 17.6%.
The platform grows through disciplined acquisition, integrated onto shared IP and back-office, with consideration typically settled in a mix of cash and directed share issues.
| Event | Detail |
|---|---|
| Aixia Group AB | Recommended public offer; 96.43% controlled after the acceptance period. 5.33 WPTG Class B shares + SEK 10.00 cash per Aixia share. Aixia valued ~SEK 168m. |
| Spotr Group | Adligo, APTR SL, Appspotr South Asia, 51% Krobier — ~SEK 19.3m, Oct 2025. |
| Belay Talent Solutions | South Africa, high-end technical resourcing. |
| Others in period | Icecon, Bravissimo, GVO Media, ServIT (via Adligo), Createx / Native Digital. |
Regulatory and financial news is distributed and archived automatically through Modular Finance (MFN). Full feeds:
The Company held a live investor briefing and open question-and-answer session covering its interim report for the six months ended 30 June…
The correction relates solely to the information regarding certain subscribers in the Directed Share Issue. The previous press release incorrectly identified certain…
White Pearl Technology Group AB (publ) (“WPTG” or the “Company”) announces that the Board of Directors has resolved, pursuant to the authorization…
Today we published something new: the first monthly CEO Letter from White Pearl Technology Group. One month into the role, our CEO…
17/7/2026 White Pearl Technology Group has been featured in a new analysis by Dagens Börs, one of Sweden’s financial news outlets. The…
Browse every regulatory and non-regulatory announcement from the Group.
Read the latest news and insights from across the Group and its companies.
| Q3 Report 2026 | 19 November 2026 |
| Year-end Report 2026 | 18 February 2027 |
A regular letter from our CEO to shareholders. Read the published editions below.
Board and management are on the About page. Ebrahim Laher is Chief Executive Officer. The Group's auditor is Öhrlings PricewaterhouseCoopers AB (PwC), approved from the 2026 AGM. Certified Adviser: Amudova AB.
For investor enquiries, reach the IR team directly.