Equity Research White Pearl Technology Group, Q1 2026: Revenue beat confirmed, margin quality in focus

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White Pearl Technology Group (WPTG) reports Q1 2026 on 20 May. Preliminary sales are already out, with net sales of SEK 141.9m, up 43.5% YoY. That is a SEK 5.4m (4.0%) beat versus our mid-March estimate, though it landed in line with management’s prior guidance. We estimate organic growth for the quarter to a solid 20-25%, broad-based across core markets per the company’s own commentary.

Management has guided that Q1 acquisition activity will begin contributing more meaningfully from Q2. That points to a to a somewhat stronger revenue base heading into H2, consistent with the group’s reiterated FY 2026 revenue target of SEK ~620m. Meanwhile, the M&A pipeline stays active. Beyond LOIs signed for ServIT (Sweden) and Saltycustoms (Malaysia and Singapore), a non-binding LOI was recently signed with Profit Solutions Sweden AB, a cash-flow-positive digital marketing agency doing roughly SEK 13.5m in annual revenue.

Two areas to watch at the Q1 print are management colour on the pace of gross margin recovery post Q4 2025, and the trajectory of European revenues, which accounted for more than 30% of group sales in February 2026 and continues to build. We have trimmed our Q1 EBITDA estimate marginally to SEK 24.3m (17.1% margin), reflecting a somewhat lower gross margin than previous, tied to an assumed high activity at Lumin4ry. Our estimate still implies 53,5% EBITDA growth YoY, reflecting scalability.

Ahead of the report, we marginally revise our fair value per share to SEK 30.1 (29.9), partially due to higher valuation multiples in the market. Our fair value corresponds to an implied NTM P/E discount of ~25%. The share is currently trading at a ~66% discount, framing the investment opportunity.

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