Equity research White Pearl Technology Group, Q4 2025: Revised estimates post solid preliminary sales figures

White Pearl Technology Group has strengthened its financial transparency by introducing monthly preliminary revenue reporting. Q4 performance remained robust, with revenues of SEK 43.6 million in October, SEK 53.3 million in November and SEK 51.4 million in December, leaving the group to surpass its full‑year revenue target of approximately SEK 500 million.

The company’s year‑end report for 2025 is scheduled for release on 12 February. As preliminary sales figures have already been disclosed, investor attention is likely to centre on profitability and margin development. Below are our revised estimates ahead of the Q4 report.

• We estimate Q4 sales of SEK 148 million, consistent with the preliminary figures disclosed by the company. This represents a 9% increase compared with the projections in our most recent research report dated 7 November 2025.
• With an expectedly strong performance in Digital & Emerging Technologies, we forecast a gross margin of 37.8% and an EBITDA of SEK 23.9 million, equating to an EBITDA margin of 16.6%. Our revised estimate for the Q4 EBITDA outcome reflects an improvement of approximately 18%.
• Furthermore, we estimate an EPS of SEK 0.66, representing year‑on‑year growth of 7.2%, considering a larger share base following acquisitions in 2025.

Overall, we anticipate a strong Q4, underpinned by continued momentum in high‑margin services and solutions. This provides a solid foundation for a higher valuation. However, we are maintaining our target price of SEK 26.6 per share, within the valuation range of SEK 23–37, pending the publication of the forthcoming report.

Read our latest update here.

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