Digitalist Group Plc’s Business Review, 1 January – 30 September 2026
SUMMARY
July–September 2026 (comparable figures for 2025 in parentheses):
- Turnover: EUR 3.3 million (EUR 3.3 million), decrease of 0.9%.
- EBITDA: EUR -0.3 million (EUR -0.6 million), -10.3% of turnover (-18.8%).
- EBIT: EUR -0.5 million (EUR -0.8 million), -14.3% of turnover (-22.7%).
- Net income: EUR -1.3 million (EUR -1.5 million), -37.8% of turnover (-45.7%).
- Earnings per share: EUR -0.45 (EUR -0.54).
- Earnings per share (diluted): EUR -0.45 (EUR -0.54).
January–September 2026 (comparable figures for 2025 in parentheses):
- Turnover: EUR 11.3 million (EUR 12.4 million), decrease of 8.8%.
- EBITDA: EUR -1.1 million (EUR -1.0 million), -9.3% of turnover (-8.1%).
- EBIT: EUR -1.4 million (EUR -1.4 million), -12.7% of turnover (-11.3%).
- Net income: EUR -3.7 million (EUR -3.6 million), -33.0% of turnover (-28.7%).
- Earnings per share: EUR -1.35 (EUR -1.27).
- Earnings per share (diluted): EUR -1.35 (EUR -1.27).
- Number of employees at the end of the review period: 111 (118), decrease of 5.9%.
CEO’s review
The third quarter of 2026 showed an improvement in operational performance. Turnover for the quarter was in line with the corresponding period last year, while EBITDA improved to EUR -0.3 million from EUR -0.6 million. The underlying development was slightly stronger than the reported result indicates, as EBITDA was negatively impacted by one-off costs related to the project announced on 13 October 2026 concerning a potential share exchange and other related arrangements.
For the first nine months of the year, turnover amounted to EUR 11.3 million, compared with EUR 12.4 million in the corresponding period last year. EBITDA was EUR -1.1 million, compared with EUR -1.0 million. The weaker development earlier in the year therefore continues to affect the year-to-date figures, despite the improved, though not sufficient, performance during the third quarter.
Price competition remains intense, particularly in Finland and within the public sector, and continues to affect our ability to improve profitability. We are therefore continuing to adapt our cost base and commercial focus. The number of employees decreased to 111 at the end of the review period, compared with 118 a year earlier, reflecting our efforts to align capacity with demand and improve operational efficiency.
At the same time, we continue to sharpen our offering and strengthen our focus on areas where we see better opportunities for profitable growth. Applied AI remains an important part of this development, both as a way of improving our own efficiency and as an increasingly integrated part of the solutions we provide to our clients.
The business priorities remain clear: to continue improving operational efficiency, strengthen our commercial performance and accelerate the use of AI throughout our business. The development during the third quarter shows that the actions we are taking are having an effect, even though further progress is required to reach sustainable profitability.
I would like to thank our employees for their continued commitment and adaptability, and our clients and shareholders for their continued trust.
/CEO Magnus Leijonborg
FUTURE PROSPECTS
In 2026, turnover and EBITDA are expected to decrease in comparison with 2025.
EVENTS AFTER THE REVIEW PERIOD
Digitalist Group Plc is negotiating a potential share exchange release and reverse listing 13.10.2026
Digitalist Group Plc is negotiating with the owners of an unlisted Finnish limited liability company (the “Target Company”) regarding a potential share exchange and other arrangements related thereto, as a result of which the Target Company would be listed on the regulated market maintained by Nasdaq Helsinki Ltd through a so-called reverse listing. No binding agreement has been entered into regarding the transaction.
Digitalist Group Plc decreases its earlier guidance regarding EBITDA development 15.10.2026
The new guidance is: In 2026, turnover and EBITDA are expected to decrease in comparison with 2025.
The previous guidance of the company was: In 2026, it is expected that turnover will decrease in comparison with 2025. EBITDA is expected to improve in comparison with 2025 but remain negative.
The development of the EBITDA during the third quarter has not been sufficient, and the EBITDA forecasts for the remainder of the year appear challenging. In addition, we expect one-off costs to increase in connection with the negotiations, announced on 13 October 2026, for a potential share exchange and other related arrangements.
Digitalist Group structures its financing 20.10.2026
Digitalist Group Plc has agreed with Turret Oy Ab on a loan amounting to EUR 1,100,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the loan in instalments by 31 December 2026 at the latest. The Loan was granted on market terms and it will fall due on 30 September 2027. Turret is Digitalist Group’s largest shareholder.
The stock exchange releases are on the company’s website at https://digitalist.global/investors/releases
Despite the implemented efficiency measures and financial arrangements, the cash flow for the next 12 months is likely to be negative, according to the forecast. However, at the time of publishing the business review, the company estimates that its working capital is sufficient for the needs of the next 12 months, taking into account the financing support provided by the main owner if needed.
DIGITALIST GROUP OYJ
Board of Directors
Additional information:
Digitalist Group Plc
CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
https://digitalist.global
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