During the financial year 2024, Icecon reported revenue of approximately SEK 18.6 million with an EBITDA result of approximately SEK 2.7 million.

The acquisition forms part of WPTG’s long-term strategy to further strengthen the Group’s geographical presence and growth in Sweden and Europe and is expected to strengthen WPTG’s position within mission-critical IT environments and advanced system integration, as well as contribute to the Group’s continued geographical expansion in Sweden and Europe. The acquisition is also expected to create conditions for long term value creation through commercial and operational synergies within the Group.

Completion of the acquisition is subject to a satisfactory due diligence process and the parties entering into a final share purchase agreement.

About Icecon AB
Icecon AB is a Swedish IT consultancy primarily operating in northern Sweden, with offices in Umeå, Luleå, Kramfors and Gothenburg. The company was founded in 2010 and currently employs approximately 12 people.

Icecon provides advanced services within software development, project and product management, and system integration. The business also includes solutions within cloud services, system delivery, infrastructure and operations, with particular expertise in RPG and Java applications, system integration, communications and IT security.

The company specialises in the IBM Power platform and is certified as an IBM Advanced Business Partner for both hardware and the OS400 operating system. Icecon delivers consultancy services to customers across several technology-intensive sectors, including banking and finance, automotive, transportation, and the forestry and timber industries.

During the financial year 2024, the Bulgarian companies to be acquired by WPTG reported revenue of approximately SEK 13.6 million with an EBITDA result of approximately SEK 1.6 million.

For 2025, the companies are expected to report revenue of approximately SEK 15.7 million with an EBITDA result of approximately SEK 1.66 million.

WPTG continues to focus on acquiring profitable, well-run technology companies and supporting them through shared governance, capital access, and operational expertise. The expansion into Central Eastern Europe (CEE) marks a new phase of the global growth of the company and positions WPTG to grow service delivery into the Nordics and the rest of Europe.

Leverage WPTG’s extensive network

These acquisitions supplying digital marketing, software and business solutions, offering comprehensive marketing strategies, using the possibilities of digital space and modern technologies, are part of WPTG’s ongoing strategic efforts to expand in Europe and to expand in the field of digital marketing. These new companies in the group are expected to be able to leverage on WPTG’s extensive network of 30+ companies in 20+ countries, not least the Top4 Technology + Marketing, acquired by WPTG in September of this year.

“This planned entry into Central and Eastern Europe is a natural next step in WPTG’s European growth strategy. The region offers strong entrepreneurial talent and growing demand for digital services, and Bulgaria provides an excellent base from which to support our continued expansion across Europe,” said Ebrahim Laher, Founder of WPTG.

A forward-looking, performance-driven digital business built by Alexander Radkov Ivanov

“CreateX has been built under the leadership of Alexander Radkov Ivanov as a forward-looking, performance-driven digital business. His entrepreneurial mindset, strong client focus and deep understanding of digital growth align well with WPTG’s long-term vision, and we see him as an important contributor to the Group’s European platform going forward,” added Vikas Gupta, Group COO of WPTG.

The acquisitions are expected to close in January 2026.

During the financial year 2024, the Bulgarian companies to be acquired by WPTG reported revenue of approximately SEK 13.6 million with an EBITDA result of approximately SEK 1.6 million.

For 2025, the companies are expected to report revenue of approximately SEK 15.7 million with an EBITDA result of approximately SEK 16.6 million.

WPTG continues to focus on acquiring profitable, well-run technology companies and supporting them through shared governance, capital access, and operational expertise. The expansion into Central Eastern Europe (CEE) marks a new phase of the global growth of the company and positions WPTG to grow service delivery into the Nordics and the rest of Europe.

Leverage WPTG’s extensive network

These acquisitions supplying digital marketing, software and business solutions, offering comprehensive marketing strategies, using the possibilities of digital space and modern technologies, are part of WPTG’s ongoing strategic efforts to expand in Europe and to expand in the field of digital marketing. These new companies in the group are expected to be able to leverage on WPTG’s extensive network of 30+ companies in 20+ countries, not least the Top4 Technology + Marketing, acquired by WPTG in September of this year.

“This planned entry into Central and Eastern Europe is a natural next step in WPTG’s European growth strategy. The region offers strong entrepreneurial talent and growing demand for digital services, and Bulgaria provides an excellent base from which to support our continued expansion across Europe,” said Ebrahim Laher, Founder of WPTG.

A forward-looking, performance-driven digital business built by Alexander Radkov Ivanov

“CreateX has been built under the leadership of Alexander Radkov Ivanov as a forward-looking, performance-driven digital business. His entrepreneurial mindset, strong client focus and deep understanding of digital growth align well with WPTG’s long-term vision, and we see him as an important contributor to the Group’s European platform going forward,” added Vikas Gupta, Group COO of WPTG.

The acquisitions are expected to close in January 2026.

These appointments underscore WPTG’s continued focus on Sweden and the Nordic region as its core growth platform, while supporting the Group’s long-term strategy of disciplined acquisitions, operational integration, and sustainable shareholder value creation.

Mr. Carling and Mr. Österdal joins WPTG’s management team in Sweden, comprising of Mr. Hans Hägg, CFO of WPTG AB, Mr. Peter Ejemyr, VP Investor Relations, Mr. Tony Lydén, VP Nordics and MR. Mikael Gavelin, advisor to the Nordics Operations.

Oscar Carling appointed Chief Investment Officer

Oscar Carling joins WPTG as Chief Investment Officer, where he will be responsible for the Group’s investment strategy, M&A execution, capital allocation, and investor relations support. His role will be central to identifying high-quality acquisition opportunities, overseeing transaction processes, and ensuring strong governance and regulatory compliance in line with Swedish market standards.

Oscar brings extensive experience in investment management, corporate finance, and public-market communication, with a strong understanding of the Nordic capital markets. He will also act as a key representative for WPTG in discussions with investors, advisors, and transaction counterparties in Sweden.

“As WPTG continues to scale in the Nordics, disciplined capital allocation and execution excellence are critical. Oscar’s experience and structured approach significantly strengthen our ability to deploy capital effectively and communicate clearly with the market,” said Ebrahim Laher, Founder and Strategic Advisor to WPTG.

Tobias Österdal appointed Vice President – Europe

Tobias Österdal has been appointed Vice President – Europe, with primary responsibility for driving growth, integration, and performance across WPTG’s European portfolio, with a strong emphasis on Sweden and the wider Nordic region.

In this role, Tobias will oversee regional operations, support newly acquired companies and work closely with local management teams to unlock synergies across the Group’s IT services, digital transformation, and infrastructure offerings.

Tobias has a proven track record in scaling technology and services businesses, particularly in multi-company environments where operational discipline and commercial execution are key to value creation.

“Tobias brings deep regional insight and operational leadership that aligns perfectly with our Nordic expansion strategy. His appointment strengthens our ability to integrate and scale businesses across Sweden and Europe,” added Marco Marangoni, CEO of WPTG.

Reinforcing WPTG’s Nordic strategy

With these appointments, WPTG further reinforces its commitment to Sweden as its strategic home market and the Nordics as a cornerstone for long-term growth. The strengthened management structure supports the Group’s ambition to build a leading Nordic-anchored technology group, combining local presence with global delivery capabilities.

WPTG continues to focus on acquiring profitable, well-run technology companies and supporting them through shared governance, capital access, and operational expertise.

Monthly revenue performance:

• October 2025: SEK 43.635 million
• November 2025: SEK 53.330 million
  

Revenue growth from October to November reflects continued execution across the Group’s operating subsidiaries in Europe, Africa, the Middle East, Asia and Australia, supported by a diversified client base across IT services, digital transformation, cloud, cybersecurity and managed services.

The Company notes a quarter-on-quarter increase after 2 months of 2025:Q4 from 2025:Q3 demonstrating positive operational momentum across several core markets. Revenue continues to be generated across multiple currencies and geographies, reflecting WPTG’s international delivery model and diversified technology portfolio. Particular focus is drawn on improved revenues in the Nordics.

WPTG intends to continue publishing monthly revenue figures going forward as part of its broader strategy to provide shareholders and the market with increased operational visibility.

Important information

Monthly revenue figures are provided as unaudited management information and are intended to complement, not replace, the Company’s interim and annual financial reporting prepared in accordance with applicable accounting standards.

As part of the loan terms, the board of directors in WPTG, with the support of an authorization from the annual general meeting 2025, has decided to carry out a directed issue of in total 1,000,000 warrants to the Lender without consideration and with an exercise price of SEK 26.47. An additional 522,091 warrants will be issued after the AGM in June.

WPTG is currently executing its strategy to accelerate investments with particular focus on Sweden and the Nordic region to balance its global footprint. This strategy includes both strategic acquisitions in high-tech, innovative businesses and organic growth by scaling its local workforce through new hires and investing in existing teams as well as leveraging global hubs by integrating outsourcing capacity from its lower-cost hubs.

Loan terms and structure

In order primarily to finance future growth and acquisitions, WPTG has agreed with Fenja Capital on a loan in the maximum amount of SEK 50m with a maturity date of May 31, 2027. Half of the loan capacity will immediately be paid to WPTG. In conjunction with this, WPTG will repay a current loan from another lender in the amount of SEK 5m and pay the “Arrangement Fee” to Fenja of SEK 2m.

The board of directors considers that the terms of the loan are market-based and advantageous for the company and its shareholders for the purpose of further growth and in line with the company’s communicated strategy.

The second tranche of SEK 25 m under this Agreement can be called upon by WPTG over a maximum of two occasions, up until September 30, 2026.

The drawn amount of the loan shall accrue at an annual interest rate of STIBOR 3M, where STIBOR is set at minimum 2 percent (the “Interest Rate Benchmark”) plus an interest margin of 8 percent. The undrawn amount of the loan will accrue Interest equal to the Interest Rate Benchmark plus an interest margin of 2 percent until drawn upon by the company.

WPTG may repay the loan, in whole or in part, at any time prior to the Maturity Date without separate costs.

Reasons for the deviation from shareholders’ preferential rights

The reason for the deviation from shareholders’ preferential rights is that the directed issue forms part of the loan terms negotiated between WPTG and Fenja Capital. The board of directors considers the loan terms to be in line with market conditions. Through the directed issue, WPTG can more quickly and smoothly secure the capital required to complete future acquisitions, which is a central part of WPTG’s overall growth strategy. Future acquisitions are expected not only to strengthen the company’s market position but also to increase its long-term value, which is beneficial to both the company and its shareholders. The private placement to the Lender is therefore a strategic choice to ensure the company’s continued growth and development. The deviation from the shareholders’ preferential rights is well justified by the company’s communicated growth strategy and the fact that the planned acquisition will benefit the company’s operations and create value for the shareholders. In light of this, the board of directors considers that this is the best option for the company and its shareholders, as well as for achieving the company’s long-term goals.

Issue of warrants, number of shares, share capital and dilution

The subscription period for subscribing for shares based on the warrants runs from the date on which the warrants are registered with the Swedish Companies Registration Office (Bolagsverket) until 5 December 2030. The warrants are subject to customary terms and conditions, including provisions for recalculation if the company carries out a directed issue.

WPTG will carry out a directed issue of in total 1,522,091 warrants to the Lender without consideration of which 1,000,000 warrants will be issued immediately with an exercise price of SEK 26.47 and the remaining 522,091 warrants will be issued after the AGM in June, pending the approval at the AGM. Should the company not issue the full amount of Warrants before July 30, 2026, the lender shall have the right to call for cash compensation at any point up to and including December 5, 2030 to be calculated as the in-the-money value for the warrants.

Upon full exercise of warrants, the number of shares in the company will increase by 1,522,091 from 28,919,738 to 30,441,829 and the share capital will increase by SEK 33,486 from SEK 636,234 to SEK 669,720 resulting in a dilution effect of approximately 5.3 percent.

If all warrants issued to the Lender are exercised, the Company will receive approximately SEK 40.1 million.

ECC, a White Pearl subsidiary, has secured one of the largest government-sector IT initiatives in Saudi Arabia with a total contract value of approx. SEK 17.9 m, a majority to be recognized in 2026.

The project is an integrated electronic system for government use in Saudi Arabia, meant to unify management of finance, human resources, procurement, and supply-chain operations across government entities. The project aims to replace multiple fragmented legacy systems (or manual processes) with a central, standardized “shared services” platform. This ensures consistent procedures across ministries, municipalities, and other agencies. The system includes modules for a full financial cycle: general ledger, payables/receivables, fixed assets, cash management; HR and payroll; procurement and contract/tender management; inventory and supply-chain.

WPTG subsidiaries ECC, NDF and Cloud have also signed a 6-month managed services engagement, a 12-month remote managed services deal and a cloud-based sales force project, all in KSA to a total value of an additional approx. SEK 2.7 m.

“These wins underscore the strong confidence our clients place in White Pearl’s expertise and proven delivery capabilities across the Gulf region,” said Vikas Gupta, Chief Operating Officer of White Pearl Technology Group. “Our teams within ECC and NDF continue to demonstrate exceptional performance, and these contracts mark another important step in our expansion strategy in Saudi Arabia. We will begin mobilization immediately for the government IT project under ECC, while managed-services delivery under ECC and NDF will commence within the current quarter.”

White Pearl Technology Group is a Swedish Global Tech Company delivering digital transformation, managed services, and enterprise technology solutions across the Middle East, Africa, and Europe. Through its subsidiaries ECC and NDF, the Group serves government entities, major enterprises, and regulated industries with mission-critical solutions.

This strategic development has already translated into significant new business in South Africa and material project wins in Burkina Faso (three new solar projects), Kenya, and Zambia, with further growth planned through additional strategic partnerships and geographic expansion into the Middle East and Europe, with a particular focus on Sweden. For continuity, this update follows WPTG’s previously announced agreement with ITsMine, also the acquisitions of Afrison and Premier Brands into the Group.

Key Points:

• Integrated execution: Afrison (industrial lighting & smart infrastructure) and Premier Brands (energy/solar) integration completed, enabling end-to-end delivery across lighting retrofits, energy efficiency, and solar generation.
• Agri-Tech scale-up: New division established to industrialise data-driven farming, water/energy optimisation and ERP/IoT integration across multi-farm operations.
• Project momentum: Three solar projects secured in Burkina Faso; additional mining and agri projects in Kenya and Zambia primarily delivered by Afrison and the Agri-Tech division, reflecting early integration benefits.
• Regional expansion: WPTG is executing a plan to extend its cybersecurity, smart infrastructure and Agri-Tech offerings into the Middle East and Europe, with Sweden a near-term priority. The Agri-Tech division is already in discussions with Swedish agri-tech companies to incorporate their offerings, starting with smart irrigation systems into WPTG’s global platform.
• Cybersecurity build-out: Portfolio expansion beyond the initial ITsMine announcement is underway, with additional partnerships targeted to create one of Africa’s most comprehensive enterprise security offerings and to support roll-out into new regions.
• WPTG Cross–sell and Up-sell model showing it’s effectiveness with the recent acquistions

This phase connects product, delivery and region. By combining smart infrastructure (lighting, energy and solar), an industrial Agri-Tech stack, and a hardening cybersecurity layer, WPTG is packaging solutions that solve immediate, high-value problems for enterprise and public-interest clients backed by a partner strategy that scales across borders.

Strategic Rationale

• Synergies that matter: Lighting and energy retrofits from Afrison, paired with Premier Brands’ solar capabilities, reduce client OPEX and emissions; the Agri-Tech division digitises operations end-to-end; the cybersecurity stack protects data and uptime.
• Speed and repeatability: A common delivery playbook, partner certification and regional escalation paths support fast pilots and clean production roll-outs.
• Diversified growth: Multi-country execution in Africa with line-of-sight to the Middle East and Europe improves revenue mix and lowers concentration risk.
• Margin discipline: Standardised architectures and vendor frameworks reduce bespoke engineering and protect gross margins at scale.

Executive Comments

“We said we’d integrate and execute, and that’s exactly what we’ve done,” said Johan Cloete, Vice President, Global Cybersecurity, Smart Infrastructure & Agri-Tech at WPTG. “Afrison and Premier Brands are operating as one engine; our Agri-Tech division is landing real projects; and our cybersecurity portfolio is expanding beyond the initial ITsMine announcement. The immediate wins in South Africa, Burkina Faso, and importantly our Kenya and Zambia projects being delivered by Afrison and Agri-Tech prove the model. Next up is scaling this platform into the Middle East and Europe, with Sweden a priority as we engage Swedish innovators, starting with smart irrigation to strengthen the offering.”

Market Impact and Implementation

WPTG has aligned sales engineering, programme governance and post-sales support across its three pillars to compress time-to-value. Smart infrastructure projects will prioritise energy-efficiency retrofits and solar deployments in heavy-use environments; Agri-Tech engagements will standardise telemetry, ERP/IoT integration and compliance; and the cybersecurity stack will harden data, endpoints and collaboration layers against modern ransomware and exfiltration threats. The playbook is designed to lift win-rates, standardise delivery, and create re-usable assets for entry into the Middle East and Europe, with Sweden as an initial landing zone for Agri-Tech partnerships.

Financial and Growth Projections

While individual project values and timelines vary by country and sector, around SEK 20 million of new business has already been secured at this early stage of integration. Management expects continued conversion from pilots to production over the coming quarters, supported by a growing book of cross-pillar opportunities and an expanding partner network. Capital deployment will remain disciplined, with a focus on margin protection through standard architectures and scalable delivery.

Forward-Looking Statements
This release includes forward-looking statements, including expected growth, deployment timelines, regional expansion and partnership outcomes. These statements are based on current assumptions and are subject to risks, uncertainties and changes in market conditions. Actual results may differ materially. WPTG undertakes no obligation to update forward-looking statements.

I order to increase transparency; White Pearl Technology Group has decided to initiate a routine to publish last month’s revenue number for the entire group. The publication of this information will be around 15-20 days after month’s end. The Group revenue for November will thus be published around December 15-20.

Next full financial report from WPTG is the full year report on February 12. Recently, on November 5, the company published its 9 moths report for fiscal year 2025, including strong improvements in revenue, margins and cash flow. Revenue for the nine months increased 61% to 363.8 MSEK (225.9), EBIT for the nine months increased by 84% to 65.7 (35.8) with an EBIT margin of 18.0% (15.8%)

The full report can be found in the attached pdf and on the company’s website https://whitepearltech.com/financial-reports-2/

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For more information, please contact:

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

About White Pearl Technology Group AB:

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The client is the South African Local Government Association and the scope of the contract includes comprehensive revenue optimisation services based on WPTG’s AI Nexus platform to drive revenue collections in Local Government.

The project will leverage advanced analytics and optimisation technologies to enhance revenue collection and operational efficiency for the municipality’s services.

Nazeem Ebrahim, CEO of Omnitell Tech, stated: “This contract demonstrates our ability to deliver sophisticated revenue optimisation solutions in partnership with local expertise. This engagement allows us to combine our proprietary AI platform with deep market knowledge of Local Government to create lasting value for our client.”

Ashley de Klerk, Executive Vice President of WPTG, added: “This project exemplifies our strategy of partnering with government and leveraging our technical platforms, own IP and solutions to add value to our customers. Revenue optimisation represents a significant opportunity across the continent, and this project positions us to expand our footprint in this critical vertical.”

This contract marks a significant milestone in WPTG’s expansion of intelligent revenue and AI services across African markets. WPTG AI platform Nexus has driven significant wins over the last year. This project is expected to roll over from 2025 to 2027 in several different phases.