Equity research White Pearl Technology Group: First impression, Q3 2025 – Strong EBITDA margin

Today, White Pearl Technology Group published its interim report for Q3 2025. Below is a compilation of our first impressions of the outcome, including deviations from our estimates. The company will host a webcast with a telephone conference today at 2 p.m.

White Pearl’s sales figures increased by 52 per cent in line with the communication in the preannouncement on 28 September. Operating profit increased by 81 per cent, underpinned by expanding margins. This far exceeded our somewhat conservative forecast, implying better revenue mix and scalability than anticipated.

The company also generally reiterates its financial targets from the September preannouncement. This includes a projection to exceed the previous (from the Q2 2025 report) FY 2025 target of SEK 470m by 5-10 per cent. However, there are no further comments on the 2026-2028 targets. We expect a positive initial share reaction following the substantial margin uptick.

• In Q3 2025, White Pearl Technology Group reported net sales of SEK 131m, corresponding to a 52% growth. Our forecast for the quarter was SEK 133m.
• The main deviation was lower revenue in the People Solutions/BPO segment, mitigated by solid development, e.g., in the Systems Integration and Digital & Emerging Technologies segment. We believe this overall implies organic growth at the upper end of our expectations.
• Gross profit calculated on net sales increased by 56% to SEK 49m. Our forecast was SEK 49m.
• Reported EBITDA increased 81% to SEK 29m, corresponding to a margin of 21.8%. Our forecast was SEK 18m, equivalent to a margin of 13.7%. The main deviation from our forecast is lower OPEX than expected.

We intend to provide a research update on White Pearl Technology Group shortly. Read the last research update report here.

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