Revenue growth 37% and adjusted EBITDA 7% in the first half, new orders and operational execution driving performance improvement
17.7.2026 08:00:09 EEST | Digital Workforce Services Oyj | Half year financial report
Digital Workforce Services Plc: Half Year Financial report, January 1 - June 30, 2026
Digital Workforce Services Plc
Half-year financial report | July 17, 2026 at 8:00 EEST
Half-year financial report, January 1 - June 30, 2026 (unaudited)
Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year.
Revenue growth 37% and adjusted EBITDA 7% in the first half, new orders and operational execution driving performance improvement
Digital Workforce’s revenue from both continuous services and professional services continued to grow in all businesses and regions. Company improved profitability in the first half while accelerating hiring and continuing its investments in growth, particularly in agentic AI solutions and healthcare business. After the reporting period, company announced the acquisition of Agentic AI for Customer Service business from Front AI Oy, expanding the Agentic AI offering within Digital Workforce’s continuous services business.
April-June 2026 (second quarter):
- Revenue was EUR 7.8 (5.9) million and increased by 31%
- Revenue from Continuous Services increased by 29% and was EUR 4.3 (3.3) million. The percentage of revenue was 56% (56%)
- Revenue from Professional Services increased by 33% and was EUR 3.5 (2.6) million
- Adjusted EBITDA was EUR 0.5 (0.4) million, 7% (7%) of revenue
- Operating profit was EUR -0.2 (0.3) million
- Earnings per share (EPS) was EUR -0.03 (0.02)
- At the end of the reporting period, cash and bank receivables and other liquid assets were EUR 7.8 (9.1) million
- The number of employees at the end of the reporting period was 188 (179)
January-June 2026 (first half):
- Revenue increased by 37% and was EUR 15.4 (11.2) million
- Revenue from Continuous Services increased by 34% and was EUR 8.9 (6.6) million. Their percentage of revenue was 58% (59%)
- Revenue from Professional Services increased by 43% and was EUR 6.5 (4.6) million
- Adjusted EBITDA was EUR 1.0 (0.1) million, 7% (1%) of revenue
- Operating profit was EUR -0.3 (-1.0) million
- Earnings per share (EPS) was EUR -0.05 (-0.10)
Other events during the period
Business
On February 20, 2026, Digital Workforce announced a strategic partnership with Davies. Davies is a global specialist professional services and technology firm working in partnerships with leading insurance and other regulated industries. The intention is to pursue joint client deliveries of agentic AI solutions, initially focused on insurance and other regulated industries. The arrangement is a framework agreement with no minimum commitment; client-specific orders will be announced separately. The agreement does not change the 2026 financial outlook.
On April 9, 2026, the company announced that it had received a significant order of approximately EUR 2.6 million from a major utility company in the United States. The new order is a continuation of an existing partnership, whereby Digital Workforce delivers services to support the client in their business process automation.
On May 19, 2026, the company announced that it has joined the Lloyd’s Market Association as Associate Member. The membership, while marking an important step in the company’s focus on the UK insurance market, also reflects a growing market demand for Agent Workforce use cases. These might include claims, risk governance, contract compliance and policy interpretation across both open market and delegated authority books.
Management team and organization
On January 26, 2026, Digital Workforce announced a new operating model with two global business areas (Healthcare and Enterprise & Public). Juha Nieminen was appointed as Chief Growth Officer for Healthcare and Tapio Niinikoski as Chief Growth Officer for Enterprise & Public. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kristiina Åberg (Head of Marketing), as well as Stefan Meller (Europe region sales of Enterprise & Public) stepped down from the management team but continued with the company.
Governance
On February 20, 2026, the company announced it had completed its share repurchase program (January–February 2026), acquiring 98,648 own shares for EUR 249,974.30 (average price EUR 2.5340 per share). Potential intended uses for the treasury shares can be e.g., acquisitions, incentive schemes, reassignment, holding, or cancellation. The company also confirmed that Lago Kapital Plc will continue as liquidity provider after the program.
On March 17, 2026, the company announced that it will change the accounting and presentation for license sales in its financial reporting, to improve visibility into the development of the recurring services business. Qualifying license sales will be reported net (customer payment deducted by fee to license supplier), and for new contracts from January 1, 2026, revenue will be recognized in the period when the customer agreement enters into force rather than being allocated over the contract term. The change lowers reported revenue but does not affect gross margin or EBITDA in absolute terms. In addition, the company aligned its 2026 outlook and strategy-period targets with the new presentation.
Outlook for 2026 (updated on July 16, 2026)
Digital Workforce Group’s full-year 2026 revenue is expected to grow 27–37% from the year 2025. Adjusted EBITDA margin is expected to be 7–13% of revenue.
Financial targets for the strategy period (unchanged)
Growth: The company aims for an annualized revenue level of EUR 40 million exiting year 2026, including potential acquisitions. The share of strategically important continuous services is aimed to increase from the level of 2025.
Profitability: The company aims to reach an adjusted EBITDA level of over 15% by the end of 2026.
Key figures
|
1 000 euros |
4-6 2026 |
4-6 2025 |
Change % |
1-6 2026 |
1-6 2025 |
Change % |
2025 |
|
Revenue |
7 782 |
5 943 |
31% |
15 417 |
11 222 |
37% |
24 263 |
|
Professional Services revenue |
3 453 |
2 597 |
33% |
6 528 |
4 581 |
42% |
10 218 |
|
Continuous Services revenue |
4 329 |
3 346 |
29% |
8 889 |
6 641 |
34% |
14 045 |
|
Continuous Services' share of revenue |
56 % |
56 % |
58 % |
59 % |
58 % |
||
|
Gross profit |
3 070 |
2 674 |
15% |
6 122 |
4 463 |
37% |
10 258 |
|
% of revenue |
39 % |
45 % |
40 % |
40 % |
42 % |
||
|
EBITDA |
373 |
401 |
-7% |
795 |
-802 |
199% |
57 |
|
% of revenue |
5 % |
7 % |
5 % |
-7 % |
0.2 % |
||
|
EBITDA adjusted |
507 |
401 |
26% |
1 006 |
79 |
1172% |
1 265 |
|
% of revenue |
7 % |
7 % |
7 % |
1 % |
5 % |
||
|
EBIT |
-178 |
309 |
-157% |
-303 |
-985 |
131% |
-625 |
|
% of revenue |
-2 % |
5 % |
-2 % |
-9 % |
-3 % |
||
|
Net income |
-367 |
220 |
-267% |
-590 |
-1 097 |
154% |
-851 |
|
EPS, eur |
-0.03 |
0.02 |
-0.05 |
-0.10 |
-0.07 |
||
|
Capital expenditure |
-609 |
-665 |
-3 806 |
||||
|
Operating cash flow |
-131 |
-1 885 |
-1 822 |
||||
|
Net debt |
-3 448 |
-8 590 |
-3 448 |
-8 590 |
-5 512 |
||
|
Net debt ratio, % |
-28 % |
-67 % |
-28 % |
-67 % |
-39 % |
||
|
Equity ratio, % |
43 % |
72 % |
43 % |
72 % |
43 % |
||
|
Personnel at the end of the period |
188 |
179 |
188 |
179 |
181 |
||
|
Average number of personnel |
187 |
174 |
185 |
173 |
174 |
- Gross profit for previous periods has been modified after initial publication due to incorrectly reported expense account. Difference is included in indirect expenses. EBITDA remains as initially published.
- EBITDA adjustments are described in the table included in the Financial review section of this report.
CEO Jussi Vasama:
Our performance was very solid across the board in the first half of 2026. I am particularly pleased with the strong 37% revenue growth, driven by a record-high new order intake, and the very good performance in our services business. We have both grown the business organically within the existing customers and won new customers in all regions and both business areas, Healthcare and Enterprise & Public. Our customers expressed willingness to recommend us as we reached an all-time high customer NPS (Net Promoter Score) 72 in the latest June measurement.
As we are executing our profitable growth strategy, we continue to balance our growth investments and actions that drive scalability, repeatability and profitability improvements. We accelerated our hiring activities for new professionals to support especially the growth of our Healthcare business in the United Kingdom and the United States, and our Agentic AI business internationally. Investments in growth are expected to continue in the second half. Even with the additional investments, our adjusted EBITDA improved by nearly 1 million euro from the comparison period to the level of 7% of revenue in the first half of the year.
We continue to develop our business model and to build on our strengths. Digital Workforce’s deep expertise, especially in Healthcare and Financial Services and Insurance (FSI) verticals has enabled us to build unique modular offerings aimed at transforming knowledge work of large organizations. Our scalable care pathway solutions have gained traction especially in the Nordic countries. Our care pathway sales pipeline is growing rapidly in the UK NHS market, largest public health system in the world. Patients’ access to services and treatment, as well as public health funding and labor shortage are critical drivers for fundamental operational change. We are in a good position to support our customers on their journey to improve patient care and to relieve the burden on clinical staff.
Agent Workforce, Digital Workforce’s Agentic AI product, is a growth engine for us. Our deep expertise, especially in the FSI vertical, combined with strong industry partnerships, resulted in several contract wins with both existing and new customers. Many of these initiatives aim high: to revolutionize our customers’ core business. We take pride in being a key contributor for business transformation, not only as providers of automation and agentic expertise, but as a company that can own the execution of critical workflows.
On July 1, 2026, we announced the acquisition of Agentic AI for Customer Service business from Front AI Oy. The business assets and liabilities, employees and agreements transferred to the company on the same date, and I would like to wish our new employees warmly welcome. With this acquisition, we can expand the use of agentic AI for customer services and combine that with Digital Workforce’s robust managed services. Going forward, we will orchestrate complex business processes and customer journeys even more extensively than before.
I am very pleased with our accomplishments in the first half of 2026, and the positive momentum of the business. I would like to take the opportunity to wish all our professionals, customers, and partners a good, well-deserved summer break. Our agents never sleep, they will keep working through the summer, and the rest of the team are looking forward to our continued collaboration.
Events after reporting period
Digital Workforce announced on July 1, 2026 that it has acquired Agentic AI for customer service business from Front AI Oy. The transaction is a business acquisition, whereby the business assets and liabilities, employees and agreements transferred to the company on July 1, 2026. The consideration was EUR 3 million, payable in cash. Of this, EUR 2 million was paid immediately and EUR 1 million in 12 months from the acquisition. In addition, the seller is entitled to a conditional consideration (earn-out) of up to EUR 600,000. The earn-out is based on the profitability of the acquired business in financial year 2027. Annual revenue of the acquired business was EUR 2.9 million in financial year 2025 and EUR 2.6 million in 2024. EBITDA, adjusted with estimated impacts of group level costs, has been EUR 0.59 million in 2025 and EUR 0.48 million in 2024. After the transaction, Digital Workforce can provide the agentic AI -based customer service as part of the automation of its customers’ processes.
Financial reporting
Digital Workforce Services Plc will publish a business review for January-September on 21 October 2026 at 8:00 EEST.
Financial reports are published in a company release and on the company's website at https://digitalworkforce.com/investors/reports-and-presentations/.
This is a summary of Digital Workforce Services Plc’s Half-year financial report. The complete report is attached to this release and available at the company website
https://digitalworkforce.com/investors/releases/
Helsinki July 16, 2026
Digital Workforce Services Plc
Board of Directors
About Digital Workforce Services Oyj
About Digital Workforce Services Plc
Digital Workforce Services Plc (Nasdaq First North: DWF) is a leader in business automation and technology solutions. With the Digital Workforce Outsmart platform and services—including Enterprise AI agents—organizations transform knowledge work, reduce costs, accelerate digitization, grow revenue, and improve customer experience. More than 200 large customers use our services to drive the transformation of work through automation and Agentic AI. Digital Workforce has particularly strong experience in healthcare, automating care pathways across clinical and administrative workflows to reduce burden, enhance patient safety, and return time to patient care. Following the acquisition of e18 Innovation, the company has further strengthened its position in the UK healthcare pathway automation. We focus on repeatable, outcome-based use cases, and we operate with high integrity and close customer collaboration. Founded in 2015, Digital Workforce employs more than 200 automation professionals in the US, UK, Ireland, and Northern and Central Europe. Our vision: Transforming Work – Beyond Productivity.