Wirtek A/S: Annual Report 2024: Driving Resilient Growth Through Strategic Transformation

Company Announcement no. 03/2025
19 March 2025

The consolidated annual report for the period 1 January to 31 December 2024 was today approved by the Board of Directors. The full annual report is attached to this company announcement and can be found on our web site under www.wirtek.com/Investor-relations.

CEO Michael Aaen comments:
"I am proud that Wirtek delivered solid results in 2024 despite a challenging business environment. Revenue reached DKK 71.9 million, an increase of 2.0%, with EBITDA of DKK 5.2 million. After adjusting for one-time costs related to the Pragmasoft and Seluxit acquisitions completed in Q3 2024, our Adjusted EBITDA stood at DKK 6.2 million.

Our strategic investments in clean energy and scalable technology are laying the groundwork for a resilient and profitable future. In 2024, our Energy business unit grew by an impressive 84%, now contributing 34% of the company's total revenue.

In response to the global challenges and market shifts of the past two years, we made the deliberate decision to evolve beyond traditional IT service delivery. By augmenting our established Services model with an innovative Solutions model, Wirtek is well positioned for long-term growth. Starting January 2025, we have structured the company into distinct Services and Solutions divisions to address the unique demands of each area. We will drive growth through both organic business development and targeted strategic acquisitions across these divisions."

Financial highlights 2024

Outlook for 2025

On 17 March 2025 Wirtek communicated the 2025 expectations (see company announcement no. 2/2025).

Revenue for 2025 is expected to be in the range of DKK 70.0 million to DKK 75.0 million, reflecting a change of -3% to +4% compared to DKK 71.9 million in 2024. EBITDA is projected to be between DKK 1.0 million and DKK 5.0 million, representing a decline of 4% to 81% relative to EBITDA of DKK 5.2 million in 2024.

These expectations account for the essential investments Wirtek is making in business development, as well as in scalable products and platforms. Although the investments will have a short-term impact on EBITDA, they are expected to deliver positive results in both revenue growth and profitability over the medium to long term.

Further information

• Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: ir@wirtek.com
  Niels Jernes Vej 10, 9220 Aalborg, Denmark, www.wirtek.com
• Kent Mousten Sørensen, Chairman, Wirtek A/S, Phone: +45 2125 9001
• Pernille Friis Andersen, HC Andersen Capital, Certified Advisor, E-mail: pernille@hcandersencapital.dk

About Wirtek

Wirtek A/S is a Danish IT Services and Solutions company that provides software development, testing, and consultancy services to help clients worldwide. Wirtek specializes in Digitalization, Energy, Workforce & Facility Management, Wireless Communication & Automation, and Trade & E-commerce.

At Wirtek, we prioritize building long-term client relationships, with some lasting over a decade. We believe that quality partnerships are just as important as software quality in achieving our client's goals. Established in 2001, we have offices in Denmark, Romania and Portugal and have been listed on Nasdaq First North Copenhagen since 2006. 

Ticker Code: WIRTEK (DK0060040913)