Wirtek changes expectations for 2022 and announces expectations for 2023

Company announcement no. 1/2023
13 February 2023

This announcement contains inside information

Fiscal year 2022

The Board of Directors for Wirtek A/S clarifies and decreases the financial expectations for 2022 based on preliminary and non-audited financial results for the fiscal year 2022:

• Revenue is expected at DKK 65.7m, corresponding to a growth of 45% compared to 2021. The revenue is within the latest announced range of DKK 64.0m – 69.0m.
• The EBITDA expectation is decreased to DKK 7.1m – 7.5m, a growth of 14% - 20% compared to 2021. The adjusted EBITDA is below the latest announced range of DKK 8.6m – 9.6m.
  
  The decrease in expected EBITDA is primarily caused by significant costs from inflation packages we have implemented during Q4 2022 to support our employees in Romania as well as one-off costs related to the acquisition process that Wirtek chose to end during October 2022 based on a due diligence risk evaluation.

During 2022 Wirtek has delivered the best revenue and EBITDA results in the company’s history despite the decrease in expectations.

Expectations for 2023

The Board of Directors for Wirtek A/S has today approved the final budget for 2023 after the conclusion of the annual customer negotiations and announces the expectations for the fiscal year 2023:

(*) Wirtek will publish the annual report for 2022 on 22 March 2023.

Wirtek expects an organic revenue growth of 11% - 19% during 2023 with an EBITDA-margin of 8% - 12% despite a possible recession in Europe and significant market uncertainties.

Wirtek’s EBITDA-margin will in the short-run be impacted by rising costs due to continued inflation pressure as well as further investments in the digitalisation of the company to support a continued strong and profitable growth.

In addition, in 2023 Wirtek is planning further investments in the strengthening of our sales organisation as well as moving into new, larger facilities in both Bucharest and Cluj-Napoca.

The long-term financial goals in our Accelerate25XL strategy remain unchanged with a revenue goal in 2025 of DKK 130m and an EBITDA-goal in 2025 of DKK 18m.

Further information

• Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: ir@wirtek.com
  Niels Jernes Vej 10, 9220 Aalborg Ø, www.wirtek.com
• Kent Mousten Sørensen, Chairman, Wirtek A/S, Phone: +45 2125 9001
• Per Vestergaard, Certified Advisor, CDI Global, Phone: +45 2176 4317

About Wirtek

Wirtek is a Danish IT outsourcing company. Since 2001, we have been teaming up with companies to help them create great software solutions and electronic equipment products.

Several clients have been with us for more than 10 years, so we can confidently say that in outsourcing, the quality of the relationship matters just as much as the quality of the delivered software. Our clients get state-of-the-art technical solutions and a committed team that works with them as if it were their own.

Wirtek has offices in Denmark (HQ + sales) and four development and test centres in Romania, and we are close to 200 colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.

Ticker Code: WIRTEK (DK0060040913)