Correction to the WPTG Q3 Earnings Release

The Q3 2024 financial report is now attached to this correction.

For the complete Q3 2024 financial report, please refer to the attached document.

Contact: IR Manager

ir@whitepearltech.com

+46 707 340 804

Marco Marangoni CEO

marco.marangoni@whitepearltech.com

+598 93 370 044

Certified Adviser: Amudova AB

info@amudova.se

+46 8 546 017 58

About WPTG White Pearl Technology Group AB, listed on Nasdaq First North Growth Market, is a global technology company delivering digital transformation solutions across 30+ countries through 28 subsidiaries. With over 650 professionals, WPTG provides comprehensive technology services, including cloud, cybersecurity, AI/ML solutions, and IoT analytics.

WPTG Reports Strong Q3 2024 Performance with Revenue Growth of 38%

 Q3 2024 Financial Highlights:

•⁠  ⁠Revenue increased 38% year-over-year to SEK 86.47M

•⁠  ⁠EBITDA of SEK 15.78M, up 83.7% from Q3 2023

•⁠  ⁠EBITDA margin improved to 18.3% (13.7% in Q3 2023)

•⁠  ⁠Cash position strengthened to SEK 14.4M, up 28.6% from December 2023

•⁠  ⁠Year-to-date revenue of SEK 225.94M, up 25.7%

“Our third quarter results demonstrate the robust momentum in our core business, with revenue growing 38% and EBITDA increasing by 83.7% compared to last year,” said Marco Marangoni, CEO of WPTG. “The significant improvement in our EBITDA margin to 18.3% reflects our operational efficiency and the scalability of our business model.”

Strategic Developments:

•⁠  ⁠Successful expansion in the data centre market

•⁠  ⁠Strong performance in Africa and Middle East regions

•⁠  ⁠New contract wins totalling over USD 4.2M

•⁠  ⁠Enhanced delivery capabilities across 30+ countries

•⁠  ⁠Strategic entry into Latin American markets

The company recorded a one-off, non-cash impairment related to the Ayima investment in Q3 2024. This prudent financial decision has no impact on operations or future growth prospects.

Financial Position:

•⁠  ⁠Current assets increased 24.5% to SEK 121.5M

•⁠  ⁠Improved equity ratio of 56.6%

•⁠  ⁠Strong operating cash flow of SEK 7.7M year-to-date

•⁠  ⁠Healthy order book supporting continued growth

For the complete financial report and additional information, please visit our investor relations website at https://whitepearltech.com/wp-content/uploads/2024/11/WPTG-Q3-report-11.11.2024.pdf.

About WPTG: White Pearl Technology Group AB, listed on Nasdaq First North Growth Market, is a global technology company delivering digital transformation solutions across 30+ countries through 28 subsidiaries. With over 650 professionals, WPTG provides comprehensive technology services, including cloud, cybersecurity, AI/ML solutions, and IoT analytics.

Contact: IR Manager

 ir@whitepearltech.com

+46 707 340 804

Marco Marangoni CEO

marco.marangoni@whitepearltech.com

+598 93 370 044

Certified Adviser: Amudova AB

Email: info@amudova.se

Phone: +46 8 546 017 58

This information is such that White Pearl Technology Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 08:00 CET on 11 November 2024.

Update to Financial Calendar

Updated Financial Calendar

• Q3 2024 Report: 11 November 2024
• Year-end Report 2024: 28 February 2025 (unchanged)

All other dates in the financial calendar remain unchanged.

For the complete financial calendar, please visit our website at www.whitepearltech.com.

For further information, please contact:

Investor Relations White Pearl Technology Group AB

Email: ir@whitepearltech.com

Phone: +46 707 340804

About White Pearl Technology Group AB: White Pearl Technology Group AB (WPTG) provides digital transformation solutions globally. With more than 650 experts, it operates in over 30 countries and delivers ICT services, system integration, and digital innovation solutions.

Certified Adviser:

Amudova AB

Email: info@amudova.se

Phone: +46 8 546 017 58

COMMUNIQUE FROM THE EXTRAORDINARY GENERAL MEETING 2024-11-08

• The meeting resolved to approve the incentive programmes through the issuance of warrants in two series:
  • For company executives: 900,000 warrants of series 2024/2027
  • For non-employed board directors: 100,000 warrants of series 2024/2027
• The meeting resolved to authorise the board to decide on the issuance of new shares, warrants, and/or convertibles. The authorisation is valid until the next annual general meeting and allows for the following:
  • Issuance of up to 27,000,000 new shares of Series B
  • Issuance on one or more occasions
  • Possible deviation from shareholders’ preferential rights
  • Payment through cash, non-cash consideration, or set-off

For more detailed information on the content of the resolutions, please see the press release published on October 23, 2024 and the complete notice of the meeting. The notice of the meeting and the complete proposals regarding the resolutions are available on the Company’s website: https://whitepearltech.com/

For further information, please contact:

Investor Relations White Pearl Technology Group AB

Email: ir@whitepearltech.com

Phone: +46 707 340804

About White Pearl Technology Group AB: White Pearl Technology Group AB (WPTG) provides digital transformation solutions globally. With more than 650 experts, it operates in over 30 countries and delivers ICT services, system integration, and digital innovation solutions.

Certified Adviser: Amudova AB

Email: info@amudova.se

Phone: +46 8 546 017 58

Correction: Notice of Extraordinary General Meeting of White Pearl Technology Group AB

Proposed Agenda

1. Election of the recorder of the meeting.
2. Preparation and approval of the voting list.
3. Election of one or two adjusters.
4. Determination of whether the meeting has been duly convened.
5. Presentation and approval of the agenda.
6. Resolution on authorization for the board.
7. Resolution on incentive program for executives.
8. Resolution on incentive program for board directors not employed in the company.
9. Closing of the meeting.

Proposals for Resolution Authorization (item 6)

The board proposes that the general meeting resolves to authorize the board – during the period until the next annual general meeting and with or without deviation from shareholders’ preferential rights and on one or more occasions – to decide on the issuance of new shares, warrants, and/or convertibles. Payment shall be able to be made in cash or through non-cash consideration, set-off, or otherwise be subject to conditions. The Board, through this resolution, is authorized to issue up to 27 million new shares of series B (to a total of maximum 53 923 974 million outstanding shares) until the next AGM.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least two-thirds (2/3) of both the votes cast and the shares represented at the meeting.

The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under item 7 that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Resolution on incentive program for executives (item 7)

The board proposes that the general meeting resolves to issue a maximum of 900 000 warrants of Series 2024/2027, that leads to an approximately 3,3 percent dilution considering all warrants are exercised. As a result, the company’s share capital may increase by a maximum of 19,800 SEK. The warrants shall entitle the holder to subscribe for new shares in the company. The following terms shall apply for the issue:

–          Right to subscribe for the warrants shall, with deviation from shareholders’ preferential rights, be granted only to the company Executives.

–          The warrants shall be subscribed for no later than November 29, 2024, on a special subscription list.

The board shall have the right to extend the subscription period.

–          The subscriber has the right to subscribe for warrants at a price per option corresponding to the market value of the option. The market value of the option has been determined by an independent valuation

institute and calculated according to the Black & Scholes valuation model. The subscription price is preliminarily set at 0.909 SEK per warrant with a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65 SEK). To the extent that the subscription price exceeds the quotient value the excess amount shall be allocated to the non-restricted share premium reserve.

–          Payment for subscribed warrants shall be made no later than three business days after subscription.The board shall have the right to extend the payment period.

–          Each warrant entitles the holder to subscribe for one new B share in the company during the period from November 8 2027, to November 29 2027, or the earlier date as stipulated by the terms of the warrants. New shares subscribed for through the exercise of warrants will entitle the holder to dividends for the first time on the record date for dividends that occurs immediately after the new issue has been registered with the Swedish Companies Registration Office and Euroclear Sweden AB.

–          No oversubscription or transfer of unexercised warrants is allowed.

–          The purpose of the issue and the reason for deviating from shareholders’ preferential rights is to create conditions for retaining and increasing the motivation of the persons concerned. The board considers it to be in the interests of all shareholders that the company’s key personnel have a long-term interest in good value development of the company’s shares. A long-term ownership commitment is expected to stimulate increased interest in the business and its profit development, increase the motivation of the executive management, and aim to achieve increased community of interest between the executive management and the company’s shareholders.

–          In a preliminary valuation, the market value of the warrants has been determined to be 0.909 SEK per warrant. The preliminary valuation has assumed that the price of the company’s share is 3.65 SEK (shall be based on the last 10-day VWAP), a risk-free interest rate of 1.67% percent, a volatility of approximately 45% percent, total dividends of 0 SEK per share during the period until the warrants can be exercised, and a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65).

–          The complete terms of the warrants, which will be sent to shareholders who so request, imply that the subscription price and the number of shares the warrant entitles subscription for, may be recalculated in certain cases, such as in the event of a share split or new issue.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under this item that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Resolution on incentive program for board directors not employed by the company (item 8)

Major shareholders, Bendflow Pty and Webbleton Holdings, propose that the general meeting resolves to issue a maximum of 100 000 warrants of Series 2024/2027, that leads to an approximately 0,4 percent dilution considering all warrants are exercised. As a result, the company’s share capital may increase by a maximum of 2 200 SEK. The warrants shall entitle the holder to subscribe for new shares in the company. The following terms shall apply for the issue:

–          Right to subscribe for the warrants shall, with deviation from shareholders’ preferential rights, be granted only to the company Board Directors not employed buy the company

–          The warrants shall be subscribed for no later than November 29, 2024, on a special subscription list.

The board shall have the right to extend the subscription period.

–          The subscriber has the right to subscribe for warrants at a price per option corresponding to the market value of the option. The market value of the option has been determined by an independent valuation institute and calculated according to the Black & Scholes valuation model. The subscription price is preliminarily set at 0.909 SEK per warrant with a strike price calculated as 123 percent of the share

price (approximately 4.5 SEK based on a share price of 3,65). To the extent that the subscription price exceeds the quotient value the excess amount shall be allocated to the non-restricted share premium reserve.

–          Payment for subscribed warrants shall be made no later than three business days after subscription. The board shall have the right to extend the payment period.

–          Each warrant entitles the holder to subscribe for one new B share in the company during the period from November 8 2027, to November 29 2027, or the earlier date as stipulated by the terms of the warrants. New shares subscribed for through the exercise of warrants will entitle the holder to dividends for the first time on the record date for dividends that occurs immediately after the new issue has been registered with the Swedish Companies Registration Office and Euroclear Sweden AB.

–          No oversubscription or transfer of unexercised warrants is allowed.

–          The purpose of the issue and the reason for deviating from shareholders’ preferential rights is to create conditions for retaining and increasing the motivation of the persons concerned. The board considers it to be in the interests of all shareholders that the company’s key personnel have a long-term interest in good value development of the company’s shares. A long-term ownership commitment is expected to stimulate increased interest in the business and its profit development, increase the motivation of the executive management, and aim to achieve increased community of interest between the executive management and the company’s shareholders.

–          In a preliminary valuation, the market value of the warrants has been determined to be 0.909 SEK per warrant. The preliminary valuation has assumed that the price of the company’s share is 3.65 SEK (shall be based on the last 10-day VWAP), a risk-free interest rate of 1.67% percent, a volatility of approximately 45% percent, total dividends of 0 SEK per share during the period until the warrants can be exercised, and a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65 SEK).

–          The complete terms of the warrants, which will be sent to shareholders who so request, imply that the subscription price and the number of shares the warrant entitles subscription for, may be recalculated in certain cases, such as in the event of a share split or new issue.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under this item that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Miscellaneous

All documents related to the meeting will be presented at the meeting and made available at the company and on the company’s website, https://whitepearltech.com/, and will be sent free of charge to shareholders who so request.

A power of attorney form for shareholders who wish to participate by proxy is available at: https://whitepearltech.com/uncategorized/power-of-attorney-form/

***

Stockholm, October 2024

White Pearl Technology Group AB The Board of Directors

Notice of Extraordinary General Meeting of White Pearl Technology Group AB

Proposed Agenda

1. Election of the recorder of the meeting.
2. Preparation and approval of the voting list.
3. Election of one or two adjusters.
4. Determination of whether the meeting has been duly convened.
5. Presentation and approval of the agenda.
6. Resolution on authorization for the board.
7. Resolution on incentive program for executives.
8. Resolution on incentive program for board directors not employed in the company.
9. Closing of the meeting.

Proposals for Resolution Authorization (item 6)

The board proposes that the general meeting resolves to authorize the board – during the period until the next annual general meeting and with or without deviation from shareholders’ preferential rights and on one or more occasions – to decide on the issuance of new shares, warrants, and/or convertibles. Payment shall be able to be made in cash or through non-cash consideration, set-off, or otherwise be subject to conditions. The Board, through this resolution, is authorized to issue up to 27 million new shares of series B (to a total of maximum 53 923 974 million outstanding shares) until the next AGM.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least two-thirds (2/3) of both the votes cast and the shares represented at the meeting.

The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under item 7 that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Resolution on incentive program for executives (item 7)

The board proposes that the general meeting resolves to issue a maximum of 900 000 warrants of Series 2024/2027, that leads to an approximately 3,3 percent dilution considering all warrants are exercised. As a result, the company’s share capital may increase by a maximum of 19,800 SEK. The warrants shall entitle the holder to subscribe for new shares in the company. The following terms shall apply for the issue:

–          Right to subscribe for the warrants shall, with deviation from shareholders’ preferential rights, be granted only to the company Executives.

–          The warrants shall be subscribed for no later than November 29, 2024, on a special subscription list.

The board shall have the right to extend the subscription period.

–          The subscriber has the right to subscribe for warrants at a price per option corresponding to the market value of the option. The market value of the option has been determined by an independent valuation

institute and calculated according to the Black & Scholes valuation model. The subscription price is preliminarily set at 0.909 SEK per warrant with a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65 SEK). To the extent that the subscription price exceeds the quotient value the excess amount shall be allocated to the non-restricted share premium reserve.

–          Payment for subscribed warrants shall be made no later than three business days after subscription.The board shall have the right to extend the payment period.

–          Each warrant entitles the holder to subscribe for one new B share in the company during the period from November 8 2027, to November 29 2027, or the earlier date as stipulated by the terms of the warrants. New shares subscribed for through the exercise of warrants will entitle the holder to dividends for the first time on the record date for dividends that occurs immediately after the new issue has been registered with the Swedish Companies Registration Office and Euroclear Sweden AB.

–          No oversubscription or transfer of unexercised warrants is allowed.

–          The purpose of the issue and the reason for deviating from shareholders’ preferential rights is to create conditions for retaining and increasing the motivation of the persons concerned. The board considers it to be in the interests of all shareholders that the company’s key personnel have a long-term interest in good value development of the company’s shares. A long-term ownership commitment is expected to stimulate increased interest in the business and its profit development, increase the motivation of the executive management, and aim to achieve increased community of interest between the executive management and the company’s shareholders.

–          In a preliminary valuation, the market value of the warrants has been determined to be 0.909 SEK per warrant. The preliminary valuation has assumed that the price of the company’s share is 3.65 SEK (shall be based on the last 10-day VWAP), a risk-free interest rate of 1.67% percent, a volatility of approximately 45% percent, total dividends of 0 SEK per share during the period until the warrants can be exercised, and a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65).

–          The complete terms of the warrants, which will be sent to shareholders who so request, imply that the subscription price and the number of shares the warrant entitles subscription for, may be recalculated in certain cases, such as in the event of a share split or new issue.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under this item that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Resolution on incentive program for board directors not employed by the company (item 8)

Major shareholders, Bendflow Pty and Webbleton Holdings, propose that the general meeting resolves to issue a maximum of 100 000 warrants of Series 2024/2027, that leads to an approximately 0,4 percent dilution considering all warrants are exercised. As a result, the company’s share capital may increase by a maximum of 2 200 SEK. The warrants shall entitle the holder to subscribe for new shares in the company. The following terms shall apply for the issue:

–          Right to subscribe for the warrants shall, with deviation from shareholders’ preferential rights, be granted only to the company Board Directors not employed buy the company

–          The warrants shall be subscribed for no later than November 29, 2024, on a special subscription list.

The board shall have the right to extend the subscription period.

–          The subscriber has the right to subscribe for warrants at a price per option corresponding to the market value of the option. The market value of the option has been determined by an independent valuation institute and calculated according to the Black & Scholes valuation model. The subscription price is preliminarily set at 0.909 SEK per warrant with a strike price calculated as 123 percent of the share

price (approximately 4.5 SEK based on a share price of 3,65). To the extent that the subscription price exceeds the quotient value the excess amount shall be allocated to the non-restricted share premium reserve.

–          Payment for subscribed warrants shall be made no later than three business days after subscription. The board shall have the right to extend the payment period.

–          Each warrant entitles the holder to subscribe for one new B share in the company during the period from November 8 2027, to November 29 2027, or the earlier date as stipulated by the terms of the warrants. New shares subscribed for through the exercise of warrants will entitle the holder to dividends for the first time on the record date for dividends that occurs immediately after the new issue has been registered with the Swedish Companies Registration Office and Euroclear Sweden AB.

–          No oversubscription or transfer of unexercised warrants is allowed.

–          The purpose of the issue and the reason for deviating from shareholders’ preferential rights is to create conditions for retaining and increasing the motivation of the persons concerned. The board considers it to be in the interests of all shareholders that the company’s key personnel have a long-term interest in good value development of the company’s shares. A long-term ownership commitment is expected to stimulate increased interest in the business and its profit development, increase the motivation of the executive management, and aim to achieve increased community of interest between the executive management and the company’s shareholders.

–          In a preliminary valuation, the market value of the warrants has been determined to be 0.909 SEK per warrant. The preliminary valuation has assumed that the price of the company’s share is 3.65 SEK (shall be based on the last 10-day VWAP), a risk-free interest rate of 1.67% percent, a volatility of approximately 45% percent, total dividends of 0 SEK per share during the period until the warrants can be exercised, and a strike price calculated as 123 percent of the share price (approximately 4.5 SEK based on a share price of 3,65 SEK).

–          The complete terms of the warrants, which will be sent to shareholders who so request, imply that the subscription price and the number of shares the warrant entitles subscription for, may be recalculated in certain cases, such as in the event of a share split or new issue.

The resolution of the general meeting under this item is valid only if it is supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. The board, the CEO, or the person appointed by the board or the CEO is authorized to make minor adjustments to the decisions under this item that may prove necessary in connection with registration or execution of the decision with the Swedish Companies Registration Office or due to other formal requirements.

Miscellaneous

All documents related to the meeting will be presented at the meeting and made available at the company and on the company’s website, https://whitepearltech.com/, and will be sent free of charge to shareholders who so request.

***

Stockholm, October 2024

White Pearl Technology Group AB The Board of Directors

White Pearl Technology Group Strengthens Senior Leadership to Drive Global Growth

Ashley de Klerk, currently serving as Group COO, will assume the newly created role of Executive Vice President, effective 10 October 2024. In this position, de Klerk will be responsible for driving Group strategy and growth across all business segments.

Simultaneously, Ibrahim Srour will step into the role of Group Chief Operating Officer, overseeing the Company’s daily operational functions across all geographies.

Marco Marangoni, CEO of White Pearl Technology Group, commented: “These strategic appointments significantly bolster our leadership structure and add crucial management capacity as we focus on accelerating growth. Both Ashley and Ibrahim bring extensive experience and proven track records in the ICT sector. Their expertise will be invaluable as we work towards our vision of establishing WPTG as a major global player in the industry.”

Ashley de Klerk brings over three decades of experience in the IT industry, including significant tenures at global technology leaders such as SAS Institute and Microsoft. He joined WPTG in 2021 as Chief Operating Officer, having previously held executive positions at several IT businesses in South Africa.

Ibrahim Srour is an accomplished operations executive with over 19 years of experience in the IT industry. He joined WPTG in 2022 as Co-CEO of ECC, one of WPTG’s key subsidiaries. Before joining WPTG, Srour held key leadership positions at ECC and NDF, where he led initiatives resulting in numerous successful ERP implementations and significant improvements in operational efficiency. Notably, Srour played a pivotal role in expanding operations into key Middle Eastern markets, including Saudi Arabia, UAE, and Qatar. His expertise in navigating the complexities of these markets has been instrumental in driving growth and establishing strong business relationships across the region.

These appointments are expected to have a positive impact on WPTG’s operational efficiency and growth strategies for the fiscal year 2024/2025 and beyond.

For more information, please contact:

Investor Relations Manager

White Pearl Technology Group AB

Email: ir@whitepearltech.com

Phone: +46 707 340804

The company’s Certified Adviser is Amudova AB, email: info@amudova.se.

About White Pearl Technology Group AB

White Pearl Technology Group AB (WPTG) is a global technology company specialising in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

OTT India Awarded Billing Optimisation Contract

The project leverages artificial intelligence to address billing challenges and enhance revenue management for the municipality’s utility services.

Shoukath Khan, Managing Director of OTT India, stated: “This contract reinforces our AI-driven approach to utility management, positioning us to deliver significant improvements in billing accuracy and operational efficiency.”

Stephen Thorne, Solution Head at WPTG, added: “Our integration of AI and predictive models in this project is truly ground-breaking. We’re not just optimising billing systems; we’re revolutionising how utilities manage their operations. This approach will set new industry standards for efficiency and accuracy. We plan to take this solution to other large municipalities across Africa.”

This contract marks the first in a series of billing modernisation projects WPTG plans to implement across its markets, setting the standard for integrating IoT, AI and predictive models in this space. The project is expected to have a material positive impact on WPTG’s financial performance for the fiscal year 2024/2025.

This press release contains forward-looking statements that reflect the Company’s current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “project”, “target”, “aim”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments. All statements other than statements of historical facts included in this document are forward-looking statements. The Company undertakes no obligation to update these forward-looking statements.

This information is regulated information that White Pearl Technology Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below at 15:00 CET on 27 September 2024.

For more information, please contact:

Investor Relations Manager

White Pearl Technology Group AB

Email: ir@whitepearltech.com

Phone: +46 707 340804

The company’s Certified Adviser is Amudova AB, email: info@amudova.se.

White Pearl Technology Group AB (WPTG) is a global technology company specialising in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

White Pearl Technology Group AB Unveils Five-Year Strategic Growth Plan

Marco Marangoni, CEO of WPTG, commented on the company’s vision: “Our 2023 results demonstrate the strength of our business model and the growing demand for our services. Looking ahead, we’re focused on leveraging our diverse portfolio and emerging market expertise to drive sustainable growth and innovation. WPTG’s significant growth trajectory is fuelled by the great people we have across companies in the group.”

Estimated Growth Targets (in SEK millions):

Notes: These figures are forecasts and include envisaged acquisitions. They exclude depreciation, interest, taxes and write-offs. The basis for preparation is the company’s current financial position, market conditions, and anticipated future developments.

The Ayima write-off, relating to the recent acquisition, is expected to be a one-time, non-cash charge of approximately SEK 20M that will be accounted for in the Q3 2024 financials. This is in line with our previous communication around Ayima.

Strategic Growth Pillars:

1. Global Delivery Network Expansion: WPTG plans to strengthen its presence in existing markets while strategically entering new ones. The company will focus on enhancing its delivery capabilities in Africa, the Middle East, and South America while also expanding into Europe and North America.
2. Proprietary Solutions & IP Enhancement: Significant investment in research and development is planned to enhance WPTG’s proprietary technologies. This includes further development of solutions like Office Tech Tools tailored for diverse market needs.
3. AI & Machine Learning Innovation: WPTG will intensify its focus on AI and machine learning technologies, integrating these into existing services and developing new AI-driven solutions. This initiative aims to improve operational efficiency and create innovative products for clients.
4. Business Process Outsourcing: WPTG will expand its BPO offerings in Africa and Latin America, focusing on document management systems (DMS), HR, accounting, and other key business processes.
5. Strategic Acquisitions: The company will pursue strategic acquisitions to complement organic growth, focusing on companies that bring complementary technologies, expand market reach, or enhance service offerings.

Service Portfolio Enhancement:

WPTG continues to evolve its comprehensive service offering across ICT Services, System Integration, Hardware Solutions, Business Software, and Digital Innovation.

North American Expansion:

A key focus of WPTG’s growth strategy is its expansion into North America.

Ashley de Klerk, COO of WPTG, commented, “North America represents a crucial next step in our global growth strategy. We’re bringing our unique blend of emerging market agility and cutting-edge solutions to address the evolving needs of North American businesses.”

“Our acquisition strategy aligns with our commitment to the market. We will expand in the Nordics, North America, and Latin America while complementing our current operations in the Middle East, Africa, and India,” added Vikas Gupta, Chief Investment Officer.

Chetan Ottam, Group CFO, concluded, “Our five-year plan is not just about growth in numbers. It’s about creating sustainable value for our clients, our employees, and our shareholders. We’re committed to driving digital transformation responsibly and setting new standards in the tech industry.”

This press release contains forward-looking statements that reflect the Company’s current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “project”, “target”, “aim”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments. All statements other than statements of historical facts included in this document are forward-looking statements. The Company undertakes no obligation to update these forward-looking statements.

This information is regulated information that White Pearl Technology Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below at 08:00 CET on 23 September 2024.

For more information, please contact:

Investor Relations Manager

White Pearl Technology Group AB

Email: ir@whitepearltech.com

Phone: +46 707 340804

The company’s Certified Adviser is Amudova AB, email: info@amudova.se.

About White Pearl Technology Group AB:

White Pearl Technology Group AB (WPTG) is a global technology company specialising in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

WPTG Middle East Signs Over $2 Million Worth of New Contracts

The new contracts span a variety of industries, including aviation, retail, insurance, health care, energy, and agriculture. Key clients include Egypt Air, Union Air, Najm – Saudi Arabia, Egyptian Duty-Free, EIPICO – Egypt, TAQA – UAE, Dina Farms – Egypt, and FEWA – UAE.

Osama Elsayed, Managing Director for WPTG Middle East, concluded: “These recent wins demonstrate our ability to deliver value across diverse markets and industries in the Middle East. The expansion reflects our commitment to offering tailored IT solutions that respond to unique business needs throughout the region.”

Ashley de Klerk, Chief Operating Officer of WPTG, said, “WPTG’s securing of these strategic contracts demonstrates the value our group brings to the IT landscape in the Middle East. Specialised IT consulting and implementation expertise complements our broader technology offerings and will enable the provision of comprehensive solutions to clients throughout the region.”

This outstanding portfolio of new contracts places WPTG in an enviable position to further grow regionally. The company’s successful expansion beyond Egypt evidences the capability to understand and serve a wide range of Middle Eastern markets.