Annual report
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Digital Workforce Services Plc THE BOARD REPORT AND THE FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2025 Corporate ID: 2704792-5 Domicile: Helsinki
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet TABLE OF CONTENTS Board report 3-8 10 14 12 24 9 11 15-23 13 Parent Profit and loss statement Group Balance sheet Parent Cash Flow statement Signatures Group Profit and loss statement Parent Balance sheet Group Cash Flow statement Notes to the Financial Statements The Consolidated Financial Statements have been prepared by Staria Oyj Mikonkatu 7 00100 Helsinki Financial statements and their supporting documents are subject to the retention requirements stipulated by the Finnish Accounting Act. 2 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet REPORT OF THE BOARD OF DIRECTORS 2025 Digital Workforce Services Plc is a leader in business automation and technology solutions. With the Digital Workforce Outsmart platform and services—including Enterprise AI agents—organizations transform knowledge work, reduce costs, accelerate digitization, grow revenue, and improve customer experience. More than 200 large customers use our services to drive the transformation of work through automation and Agentic AI. Digital Workforce has particularly strong expe- rience in healthcare, automating care pathways across clinical and administrative workflows to reduce burden, enhance patient safety, and return time to patient care. Following the acquisition of e18 Consulting Ltd., the company has further strengthened its position in the UK healthcare pathway automation. We focus on repeatable, outcome-based use cases, and we operate with high integrity and close customer collaboration. Founded in 2015, Digital Workforce employs approxi- mately 190 automation professionals in the US, UK, Ireland, and Northern and Central Europe. revenue in 2025 Share of revenue, Continuous Services in 2025 Adjusted EBITDA in 2025 EUR 28,7 M 64 % 4 % DIGITAL WORKFORCE SERVICES PLC 1 000 euroa 1-12/2025 1-12/2024 1-12/2023 Revenue 28 659 27 256 24 919 Change in revenue % 5.1 % 9.4 % -2.2 % Revenue from Professional Services 10 219 9 981 9 693 Revenue from Continuous Services 18 440 17 275 15 226 Continuous Services share of revenue 64.3 % 63.4 % 61.1 % Gross profit 10 258 9 581 8 226 % of revenue 35.8 % 35.2 % 33.0 % EBITDA 57 614 -649 % of revenue 0.2 % 2.3 % -2.6 % Adjusted EBITDA 1 265 988 155 % of revenue 4.4 % 3.6 % 0.6 % EBIT -625 268 -844 % of revenue -2.2 % 1.0 % -3.4 % Net income -851 590 -697 Earnings per share (EPS) -0.07 0.05 -0.06 Dividend (proposals) 0.09 0.09 0.00 Capital expenditure -3 806 -609 -809 Net debt -5 512 -12 199 -12 247 Equity ratio % 43.1 % 72.9 % 70.8 % Return on equity % -5.9 % 4.0 % -4.6 % Financial review Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year. Board report Our vision is Transforming Work – Beyond Productivity. 3 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Board Report Development of revenue and profitability Digital Workforce’s revenue for financial year 2025 was EUR 28.7 (27.3) million. Revenue of the second half of 2025 was EUR 15.1 (13.6) million. Growth from the second half of 2024 was 11%. Full year 2025 revenue growth of 5% was partly driven by the acquisition of e18 Consulting Ltd. that became part of the group at the beginning of the fourth quarter. Of the Digital Workforce pre-acquisition customers, PS revenue grew year-on-year, and CS revenue declined slightly year- on-year, due to one larger customer’s technology platform switch. The Group’s gross profit has improved significantly from the comparison periods. In the second half, gross profit was 38.3% (33.2%) of revenue. The full financial year gross prof- it was slightly lower, 35.8% (35.2%) of revenue, mainly due to the lower utilization rates of professional services teams dur- ing the first quarter. Overall gross profit improvement is relat- ed to improved utilization of own resources, improved direct purchasing agreements and other efficiencies. Adjusted EBITDA also improved through the financial year. Second half adjusted EBITDA was 7.8% (3.6%) of revenue and full-year adjusted EBITDA was 4.4% (3.6%) of revenue. The improvement is partly due to the profitable business of e18 Consulting, and partly to the continuous efforts to maintain a balanced cost structure supporting the business. Net result for the year was EUR -0.9 (0.6) million. Financial income and expenses were EUR -0.1 (0.3) million. Earnings per share (EPS) was EUR -0.07 (0.05). The acquisition of e18 Consulting Ltd was completed on 1 Oc- tober 2025, and its figures have been included in the Group’s consolidated numbers as of the acquisition date. The com- parative figures are the Group’s reported figures and do not include e18’s contribution. The company published illustrative financial information on 12 December 2025 in a company re- lease, assuming that the acquisition had been in effect since the beginning of the 2024 financial year. Items affecting comparability, IAC Adjusted EBITDA is the EBITDA adjusted with items that are of one-off nature, caused by a specific event (such as M&A transaction) and not expected to continue or repeat. IAC ad- justments to EBITDA in the reporting period were the follow- ing: IAC category 1-6/2025 7-12/2025 1-12/2025 Restructuring -881 -58 -939 M&A 0 -216 -216 Other 0 -53 -53 IAC total -881 -327 -1208 Subsidiary Country Ownership share Digital Workforce Svenska AB Sweden 100% Digital Workforce AS Norway 100% Digital Workforce A/S Denmark 100% Digital Workforce Services Ltd UK 100% e18 Consulting Ltd. UK 100% Digital Workforce Ireland Limited Ireland 100% Digital Workforce Sp.z.o.o Poland 100% Digital Workforce Services Inc. USA 100% DWF Digital Workforce Services GmbH Germany 100% Group balance sheet, financing and cash flow The balance sheet total at the end of the reporting period was EUR 40.1 (24.3) million. The equity ratio was 43.1% (72.9%) and net debt was EUR -5.5 (-12.2) million. The Group’s cash flow from operations in the period 1 July – 31 December was EUR 0.1 (2.0) million and the Group’s cash flow from investing activities was EUR -3.1 (-0.4) million. Group’s full-year operating cash flow was EUR -1.8 (0.9) mil- lion and cash flow from investing activities was EUR -3.8 (-0.6) million. Cash flow from operations included the restructuring expenses that were mostly paid in the first half of the year. Cash flow from investing activities includes the acquisition of e18 Consulting Ltd. deducted by the cash of the acquired en- tity. At the end of the reporting period the Group had EUR 5.0 (0.6) million in loans from credit institutions. Increase in the loans from credit institutions is due to a new loan of EUR 4.6 million raised for the e18 Consulting Ltd. acquisition cash compensation payment. Research and development Digital Workforce continued its research and development work on the Outsmart service offering, focusing on AI-based solutions that complement the business process automation solutions. The capitalized balance of development expendi- ture at the end of the reporting period is EUR 1.5 million, and development has led to the launch of first commercial prod- ucts in early 2026. During the reporting period, the company implemented a new research and development project on agentic AI. Capitalized expense of the project was approximately EUR 0.3 million, against which a Business Finland grant of approximately half of the expense is expected. The capitalized residual amount of development costs at the end of the reporting period was EUR 2.1 (0.8) million. Organizational structure The group’s parent company is Digital Workforce Services Plc, with subsidiaries in Sweden, Norway, Denmark, the UK, Ireland, Germany, Poland and the United States. At the end of the reporting period, Digital Workforce Group comprised, in addition to the parent company, its fully owned subsidiaries: During 2025, the group dissolved The Eclair Group (Ireland) Limited subsidiary. Personnel and locations The Group employed an average of 174 (178) people during the financial year. The offices are in Finland, Sweden, the Unit- ed Kingdom, Ireland, Germany, Poland and the United States. Management team During the financial year, following changes took place in the Management team: • Mikko Lampi was appointed as Chief Operating Officer (COO) in January 2025. He succeeded Tuomo Sievilä who left the company • Antti Karjalainen was appointed as Chief Technology Officer in January 2025. He left his position in July 2025, to continue as Executive advisor to the AI agent development • Laura Viita was appointed as Chief Financial Officer (CFO) in May 2025. She succeeded Heini Kautonen who left the company • Louise Wall was appointed as Managing Director, UK & Ireland Healthcare in October 2025, following the acquisition of e18 Consulting Ltd. Board report 4 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Board Report At the end of the financial year, the Group Management team consisted of Jussi Vasama (CEO), Karli Kalpala (Head of Strategy & AI Agent Business), Mikko Lampi (COO), Karri Lehtonen (Head of Sales, North America and Head of Legal ), Stefan Meller (Head of Enterprise & Public, Europe), Juha Nieminen (Head of Healthcare, Nordics), Eila Onniselkä (Head of People & Culture), Laura Viita (CFO), Louise Wall (Managing Director, Healthcare UK & Ireland), Kristiina Åberg (Head of Marketing). On January 26, 2026, Digital Workforce announced changes in its business areas and management team. Going forward, the business will be managed through two global business areas: Healthcare and Enterprise & Public. Juha Nieminen was appointed as Chief Growth Officer of the Healthcare business area. Tapio Niinikoski, joining from out- side the company, was appointed as Chief Growth Officer of the Enterprise and Public business area. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kris- tiina Åberg (Head of Marketing) will continue in their current roles but will step down from the management team. Stefan Meller who has been responsible for Europe region sales to the Enterprise & Public business customers, will take on re- sponsibility for business area accounts and continue in the company but will step down from the management team. All changes became applicable on February 2, 2026. Board of Directors Heikki Länsisyrjä was elected Chair of the Board of Directors in the Annual General Meeting held on April 10, 2025. At the end of the reporting period, the Board of Directors of Dig- ital Workforce Services Plc consisted of Heikki Länsisyrjä, Chair, Marika Auramo, Miika Huttunen, Juha Mikkola, Leena Niemistö and Jukka Virkkunen. Annual General Meeting The Annual General Meeting of Digital Workforce Services Plc was held on April 10, 2025 in Helsinki. The Meeting confirmed the financial statements for the financial year 2024, and dis- charged the members of the Board and CEO from liability for 2024. The Annual General Meeting resolved that a dividend of EUR 0.03 per share and an additional dividend of EUR 0.06 per share will be paid from the company’s distributable assets for the financial period January 1, 2024 - December 31, 2024. The dividend was paid in one installment to shareholders who are registered in the Company’s shareholder register main- tained by Euroclear Finland Ltd on the dividend record date of April 14, 2025. The dividend payment date is April 23, 2025. The Annual General Meeting authorized the Board of Di- rectors to decide on the acquisition of the Company’s own shares in one or more tranches as follows: The total number of own shares to be acquired may be a maximum of 1 129 576 shares. The number of shares repre- sents approximately 10 percent of all the shares of the Com- pany on the date of the Notice of the Annual General Meet- ing. Based on authorization, the Company’s own shares may only be acquired with unrestricted equity. The Board of Directors will decide how the Company’s own shares will be acquired. Financial instruments such as deriv- atives may be used in the acquirement. The Company’s own shares may be acquired in other proportion than the share- holders’ proportional shareholdings (directed acquisition). Own shares can be purchased at a price formed in public trading on the Nasdaq Helsinki Oy on the date of acquisition. The authorization will be in force until the next Annual General Meeting but no later than until June 30, 2026. The Annual General Meeting authorized the Board of Direc- tors to decide on issuance of new shares and the conveyance of the Company’s own shares held by the Company (treasury shares) and the issuance of option rights and other special rights entitling to shares as specified in Chapter 10, Section 1 of the Finnish Companies Act. The Board would, pursuant to the authorization, be entitled to decide on the issuance of a maximum of 1 129 576 new shares in one or several instal- ments. The number of shares represents approximately 10 percent of all the shares of the Company on the date of the Annual General Meeting. The issuance of shares, the conveyance of treasury shares and the granting of option rights and other special rights en- titling to shares may be done in deviation from the sharehold- ers’ pre-emptive right (directed issue). The Board of Directors will decide on all other factors related to share issues and the assignment of shares and decide on all terms and conditions of the option rights and other special rights entitling to shares. The Board may use the authorization to implement mergers and acquisitions or other arrangements relating to the Com- pany’s operations and capital structure, to implement incen- tive or commitment schemes for the group personnel or for other purposes decided by the Board. The authorization is valid until the end of the next Annual General Meeting, but not later than 30 June, 2026. The annual general meeting decided to appoint six (6) mem- bers to the Board of Directors. The appointed members were Marika Auramo, Miika Huttunen, Heikki Länsisyrjä, Juha Mik- kola, Leena Niemistö, and Jukka Virkkunen. In its meeting the Board of Directors elected Heikki Länsisyrjä as Chair. KPMG Oy Ab, authorized public accountants, was chosen as the Company’s Auditor with Petri Sammalisto, APA, as the auditor with principal responsibility. Shares and shareholders The total number of Digital Workforce Plc shares at the end of the reporting period was 11 690 525 (11 281 818). The average number of shares during January-December 2025 was 11 486 172 (11 266 473). The average number of shares during July-De- cember 2025 was 11 518 687 (11 275 331). At the end of the reporting period, the company had 2 514 (2 404) shareholders. Top ten shareholders at the end of the reporting period: Number of shares % of shares 1 Capman Growth Equity Fund 2017 Ky 1 792 713 15.33 2 Länsisyrjä Heikki Juha Tapio 1 317 120 11.27 3 Lifeline Ventures Fund II Ky 1 029 885 8.81 4 Virkkunen Jukka 943 714 8.07 5 Niemistö Leena Katriina 825 225 7.06 6 Vainio-Mattila Mika Juhani 679 941 5.82 7 Ilmarinen Mutual Pension Insurance Company 558 000 4.77 8 Varma Mutual Pension Insurance Company 320 000 2.74 9 Danske Invest Finnish Equity Fund 315 815 2.70 10 Special investment fund Aktia Mikro Markka 313 495 2.68 Board report 5 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Board Report On October 1, 2025, the Board of Directors resolved on a di- rected share issue to Louise Wall, seller of e18 Consulting Ltd, as part of the payment of the consideration in accordance with the share sale and purchase agreement. A total of 342 477 new shares were subscribed at the price of 3.36 euros per share. At the beginning of the financial year 2025, Digital Workforce Services Plc held 123 441 of its own shares. In May 2025, the company transferred 11 380 treasury shares held by the com- pany free of charge to key employees who participated in the Performance Share Plan 2022-2026 for the performance period 2022-2024 in order to pay rewards in accordance with the terms of the plan. Based on the authorization granted to the Board of Directors, 61 038 own shares were acquired dur- ing the reporting period. At the end of the reporting period company held 173 099 of its own shares. The company announced in December 2025 a new share re-purchase program that was started in January 2026. Trading on Nasdaq First North Growth Market Finland Between 1 January 2025 – 31 December 2025, a total of 1 765 811 shares or 15.1 per cent of the total number of Digital Workforces Services Plc. shares were traded on the Nasdaq First North Growth Market Finland market place. Value of the turnover was EUR 6.1 million. The closing price of the share on the last trading day of the reporting period was EUR 2.65 per share. The lowest trading price during the reporting period was EUR 2.53 per share, the highest EUR 4.32 per share and the weighted average price for the period EUR 3.35 per share. Stock option programs The company has offered its personnel share option pro- grams as part of the incentive and commitment program. The purpose of the option programs is to commit option holders to the company’s financial growth and share valuation, and to create a long-term relationship between the company and option holders that benefits the company both financially and operationally. The company has six option programs and on December 31, 2025, there were a total of 733 402 unsubscribed stock op- tions. Each stock option under the 2017, 2018 and 2020 plans entitle the holder to subscribe for fifteen new shares, while the 2023, 2024 and 2025 plans entitle the holder to subscribe for one new share per stock option. During the reporting period, a total of 25 731 options (63 965 shares) were subscribed. In the 2017, 2018 and 2020 plans, the subscription rights will expire on 30 April 2027, while the subscription periods for the 2023 plan will expire on 31 December 2030. For the 2024 plan, the subscription period will expire on 31 December 2032, and the subscription right for the 2025 plan will expire on 31 De- cember 2033. There have been no changes in the terms and conditions of the plans during the financial year 2025. Under the stock op- tion plan 2024, 216 980 options were distributed to managers during 2025, entitling them to subscribe for a total of 216 980 shares of the company. Under the stock option plan 2025, 100 000 options were distributed to a manager during 2025, en- titling them to subscribe for a total of 100 000 shares of the company. During 2025, a total of 77 000 options were redeemed under the 2024 share option program, which will revert to the com- pany and become redistributable. The number of shares subscribed with stock options and the subscription prices are specified in the table below. Stock option scheme Total Unsubscribed Subscription price, EUR/share Subscription period 2017 119 175 5 010* 0.0667 Until 30/04/2027 2018 140 130 15 225* 0.6667 Until 30/04/2027 2020 86 085 20 535* 0.6667 Until 30/04/2027 2022 70 652 70 652 4.60 Until 31/12/2030 2023 45 000 45 000 4.68 Until 31/12/2030 2024 499 980 476 980 3.09 Until 31/12/2032 2025 100 000 100 000 3.32 Until 31/12/2033 Total number of options 733 402 The table below shows the ownership and voting rights that can be obtained by virtue of the issued stock options and the ef- fect of the options on the number of shares. *Note that the option programs include option subscriptions made during the last subscription window in 2025, which will enti- tle the holder to 11 685 shares. These shares are included in the unsubscribed shares’ group on the table above. Maximum number of shares to be issued on the basis of stock options that are still unsubscribed and eligible for subscription 733 402 Number of shares 31 December 2025 11 690 525 Number of shares, if all shares available for subscription based on stock options* 12 423 927 Voting rights and ownership from options, if all shares available for subscription based on stock options are subscribed 5.9 % Board report 6 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Board Report Performance-based Matching Share Plan The company has a long-term performance-based matching share plan, which was introduced at the time of the IPO. The purpose of the incentive plan is to align the objectives of Dig- ital Workforce’s shareholders and key employees to increase the value of the company’s shares over the long term, to en- gage key employees in the implementation of the company’s strategy and to provide them with a competitive remunera- tion scheme based on the earning and accumulation of the company’s shares. The incentive plan is based on a participant’s investment in the company’s shares, which allow the participant to earn additional shares as a reward for continued share owner- ship and continued employment and for achieving perfor- mance-based goals set by the Board of Directors. The plan consists of vesting periods 2022—2024, 2023—2025 and 2024—2026. The Board of Directors of the company sepa- rately determines the vesting criteria, the targets to be set for each criterion, the target group of the incentive plan and the vesting opportunity for each vesting period. The potential reward for each performance period will be paid in the form of company shares after the end of the performance period. If the key person’s employment ends before the award is paid, the award will not normally be paid. The Board of Directors has decided not to launch the perfor- mance period 2024–2026. The plan’s only ongoing perfor- mance period 2023—2025 has ended and will lead to some share-based incentive payments in the first half of 2026. Dividend The distributable funds of the Group’s parent company on December 31, 2025 were EUR 23 680 652. The Board of Di- rectors proposes to the Annual General Meeting that a divi- dend of EUR 0.09 per share be paid for 2025. Short-term risks and uncertainties Geopolitical turbulence and general economic uncertainty in many of the Digital Workforce’s operating markets may con- tinue through 2026, potentially affecting new customer ac- quisition and the timing of investments in existing customer relationships. There have been many changes in the political and economic environment of the United States. These may affect the operations of foreign companies in the U.S. or co- operation with local partners. The company is currently expanding its Outsmart offering, developing solutions based on AI agent technology, and its operations continue to internationalize rapidly. Success in implementing these changes will be key to the company’s success. AI agent technologies are rapidly shaping the mar- ket through high investments from technology companies. The uncertainties and changes in technology landscape may impact DWF’s technology partners rapidly and change the competitive situation and financial success of technology vendors. The banking and insurance sector, one of the company’s strategic business areas, is highly competitive internationally, and its customers are advanced adopters of software robot- ics. However, end-to-end business process automation and agentic AI is likely to open new competitive advantages and opportunities for success for Digital Workforce. The healthcare market in the Nordic countries and the UK relies heavily on public finances, and any changes in budgets and investment guidance could affect decision timelines and change investment targets. The economic environment and interest rates remain uncer- tain. These affect, among other things, companies’ ability to invest in new digital services. On the other hand, companies need to improve the efficiency of their business processes by investing in automation and artificial intelligence. The uncertain global political situation may have a direct or indirect impact on a company’s business. Although the com- pany has a large customer base, the potential loss of a sin- gle large customer could pose a risk to short-term revenue growth. Assessment of the company’s future development Automation of business processes is a very large market that is growing rapidly. Development of agentic AI solutions for enterprise-grade customers creates new, untapped busi- ness opportunities and enables large-scale transformation of knowledge work. Many large organisations are still in early stages of their digitalisation journey and only using business process automation in a limited way. Enterprises and public sector entities and benefit from comprehensive process au- tomation that combines rules-based robotics and agentic AI to a controlled and systematically orchestrated solution. Dig- ital Workforce has focused its efforts on selected industries and created a knowledge base that will allow creation and deployment of scalable customer solutions, especially in the healthcare, insurance and manufacturing industries. The com- pany also believes that providing automation expertise as an outsourced service to large industrial customers will create business opportunities, especially in Finland and the Nordic countries. Outlook for 2026 Digital Workforce Group’s full-year 2026 revenue is expected to grow 15% or more from the year 2025. Adjusted EBITDA margin is expected to be 6 – 12% of revenue. Financial targets for the strategy period (modified) 1. Growth: The company aims for an annualized revenue level of EUR 50 million exiting year 2026. Revenue level of approx- imately EUR 40 million is expected through organic growth and approximately EUR 10 million through inorganic growth. The share of strategically important continuous services is aimed to increase from the level of 2025. 2. Profitability: The company aims to reach an adjusted EBITDA level of over 15% by the end of 2026. Events after reporting period On 26 January 2026, Digital Workforce announced changes in its business areas and management team. Going forward, the business will be managed through two global business areas: Healthcare and Enterprise & Public. Juha Nieminen was appointed as Chief Growth Officer of the Healthcare business area. Tapio Niinikoski, joining from out- side the company, was appointed as Chief Growth Officer of the Enterprise and Public business area. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kris- tiina Åberg (Head of Marketing) will continue in their current roles but will step down from the management team. Stefan Meller who has been responsible for Europe region sales to the Enterprise & Public business customers, will take on re- sponsibility for business area accounts and continue in the company but will step down from the management team. All changes became applicable on February 2, 2026. The company started re-purchase program of its own shares on January 14, 2026 and completed it on February 19, 2026 after reaching the maximum allocated value. Lago Kapi- tal continued as liquidity provider, after a pause during the re-purchase program, on February 23, 2026. On February 20, 2026 the company announced its strategic partnership with Davies, to bring AI agents to the insurance and other regulated industries. The partnership is a frame agreement, enabling the parties to sign client-specific ser- vice agreements. It can potentially become a significant de- ployment of Agent Workforce, Digital Workforce’s AI agent product. At the same time, it represents a new opening for the company in the London-based insurance and other regulated industries market. Board report 7 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Calculation of key figures Professional Services revenue Professional Services revenue, project-based or time-based consulting services Continuous Services revenue Continuous Services revenue, mostly recurring Managed services, licenses or combinations of the two Gross profit Revenue - materials and services, and direct personnel costs Gross profit margin % Gross profit as percentage of revenue EBITDA Operating profit before depreciation and amortization Adjusted EBITDA EBITDA – Items Affecting Comparability, IAC EBIT (Operating profit) Profit before income taxes, finance income and finance costs Items Affecting Comparability, IAC Expenses or income that are of one-off nature, caused by a specific event (such as M&A transaction) and not expected to continue or repeat Earnings per share, EPS Net income divided by shares outstanding Capital expenditure Investments in tangible and intangible assets Net debt Interest-bearing liabilities (loans from financial institutions) - cash and cash equivalents Net debt ratio Net debt divided by equity Equity ratio Shareholder's Equity divided by (Total balance sheet – advances received) Average number of personnel Sum of end-of-month employees divided by number of months during the period Board report 8 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Group Group EURO 1.1-31.12.2025 1.1-31.12.2024 REVENUE 28 659 361.16 27 255 998.34 Other operating income 24 036.59 14 419.38 Raw materials and services External services -10 200 656.10 -9 170 319.65 -10 200 656.10 -9 170 319.65 Personnel expenses Wages and salaries -12 588 070.59 -11 323 220.45 Social security expenses Pension expenses -1 311 605.69 -1 171 679.65 Other social security expenses -785 193.47 -1 272 414.99 -14 684 869.75 -13 767 315.09 Depreciation, amortisation and write-offs Depreciation and amortisation according to plan -205 750.19 -202 165.55 Group goodwill amortisation -475 842.39 -144 319.77 -681 592.58 -346 485.32 Other operating expenses -3 741 094.83 -3 718 320.62 OPERATING PROFIT (LOSS) -624 815.51 267 977.04 Financial income and expenses Financial income Interest and other financial income From others 300 416.77 392 984.19 Financial expenses To others -367 454.74 -63 599.47 Financial income and expenses total -67 037.97 329 384.72 PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES -691 853.48 597 361.76 Income taxes Income taxes -159 293.87 -7 364.55 PROFIT (LOSS) FOR THE FINANCIAL YEAR -851 147.35 589 997.21 Group Profit and loss statement Group Profit and loss statement 9 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Group Group EURO 31.12.2025 31.12.2024 A S S E T S NON-CURRENT ASSETS Intangible assets Development expenditure 2 087 802.44 794 496.30 Group goodwill 13 314 074.05 1 226 693.12 Other intangible assets 269 240.98 242 808.17 15 671 117.47 2 263 997.59 Tangible assets Machinery and equipment 104 420.82 17 251.12 104 420.82 17 251.12 NON-CURRENT ASSETS TOTAL 15 775 538.29 2 281 248.71 CURRENT ASSETS Long-term debtors Other debtors 101 758.86 48 286.14 101 758.86 48 286.14 Short-term debtors Trade debtors 7 469 349.56 4 788 953.52 Other debtors 70 679.45 67 409.32 Prepayments and accrued income 6 117 970.60 4 203 841.81 13 657 999.61 9 060 204.66 Securities Other securities 3 440 928.60 4 464 025.83 3 440 928.60 4 464 025.83 Cash in hand and at banks 7 119 084.75 8 489 533.33 CURRENT ASSETS TOTAL 24 319 771.82 22 062 049.96 ASSETS TOTAL 40 095 310.11 24 343 298.67 Group Group EURO 31.12.2025 31.12.2024 E Q U I T Y A N D L I A B I L I T I E S EQUITY Share capital 80 000.00 80 000.00 Invested unrestricted equity reserve 28 652 726.85 27 608 160.23 Retained earnings (loss) -13 879 881.77 -13 464 369.57 Translation difference 117 497.13 35 712.29 Profit (loss) for the financial year -851 147.35 589 997.21 EQUITY TOTAL 14 119 194.86 14 849 500.17 LIABILITIES Non-current liabilities Loans from credit institutions 3 916 408.50 552 817.00 Liabilities from corporate acquisitions 3 078 920.09 0.00 6 995 328.59 552 817.00 Current liabilities Loans from credit institutions 1 131 408.50 201 408.50 Advances received 7 350 566.83 3 970 237.03 Trade creditors 2 286 838.30 1 840 321.16 Liabilities from corporate acquisitions 3 626 206.34 0.00 Other creditors 1 680 232.07 1 421 310.29 Accruals and deferred income 2 905 534.62 1 507 704.51 18 980 786.66 8 940 981.50 LIABILITIES TOTAL 25 976 115.25 9 493 798.50 EQUITY AND LIABILITIES TOTAL 40 095 310.11 24 343 298.67 Group Balance sheet Group Balance sheet 10 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Group Group EURO 1.1-31.12.2025 1.1-31.12.2024 Cash flow from operations Profit (loss) before appropriations and taxes -691 853.48 597 361.76 Adjustments: Depreciation and amortisation according to plan 681 592.58 346 485.32 Unrealized exchange gains and losses 112 452.00 -84 273.00 Financial income and expenses 67 207.71 -307 098.36 Other adjustments -6 724.21 0.00 Cash flow before change in net working capital 162 674.60 552 475.72 Change in net working capital: Increase (-)/ decrease (+) of short and long term receivables -2 476 178.56 -1 019 230.00 Increase (+)/ decrease (-) of short term interest-free liabilities 536 376.57 1 208 339.00 Cash flow from operations before financial income and expenses and taxes -1 777 127.39 741 584.72 Paid interest and payments of other operational financial expenses -296 326.88 -53 749.00 Received interest from operations 300 247.03 261 430.00 Paid immediate taxes -48 520.00 -7 365.00 Cash flow before appropriations -1 821 727.24 941 900.72 Cash flow from operations (A) -1 821 727.24 941 900.72 Cash flow from investments: Investments in tangible and intangible assets -1 596 506.15 -608 735.00 Purchased subsidiary shares -2 209 714.45 0.00 Cash flow from investments (B) -3 806 220.60 -608 735.00 Cash flow from financing: Paid share emission 93 842.00 17 534.92 Acquisition of own shares -199 996.88 -398 833.00 Repayment of short term loans -356 408.50 -201 409.00 Withdrawal of long term loans 4 650 000.00 0.00 Dividend distribution -1 005 509.43 0.00 Cash flow from financing (C) 3 181 927.19 -582 707.08 Change in cash (A + B + C) increase (+) / decrease (-) -2 446 020.65 -249 541.36 Exchange gains/losses on cash ans cash equivalents -52 474.84 0.00 Cash at the beginning of the period 12 953 559.16 13 203 100.52 Cash at the end of the period 10 560 013.35 12 953 559.16 -2 446 020.65 -249 541.36 Group Cash Flow statement Group Cash Flow statement 11 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Parent Parent EURO 1.1-31.12.2025 1.1-31.12.2024 REVENUE 20 381 707.51 19 491 390.31 Other operating income 872 047.35 789 323.00 Raw materials and services External services -11 412 871.55 -11 160 099.79 -11 412 871.55 -11 160 099.79 Personnel expenses Wages and salaries -5 969 987.92 -5 257 016.38 Social security expenses Pension expenses -1 081 707.58 -974 137.64 Other social security expenses -212 297.91 -162 104.46 -7 263 993.41 -6 393 258.48 Depreciation, amortisation and write-offs Depreciation and amortisation according to plan -203 831.27 -201 264.25 -203 831.27 -201 264.25 Other operating expenses -2 630 864.68 -2 178 134.15 OPERATING PROFIT (LOSS) -257 806.05 347 956.64 Financial income and expenses Financial income Interest and other financial income From group undertakings 212 315.25 206 623.71 From others 381 632.67 243 295.36 Financial expenses Reduction of value in subsidiaries 0.00 -448 421.43 To group undertakings 0.00 -35.14 To others -226 318.62 -50 064.28 Financial income and expenses total 367 629.30 -48 601.78 PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES 109 823.25 299 354.86 PROFIT (LOSS) FOR THE FINANCIAL YEAR 109 823.25 299 354.86 Parent Profit and loss statement Parent Profit and loss statement 12 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Parent Parent EURO 31.12.2025 31.12.2024 A S S E T S NON-CURRENT ASSETS Intangible assets Development expenditure 2 087 802.44 794 496.30 Other intangible assets 269 240.98 242 808.17 2 357 043.42 1 037 304.47 Tangible assets Machinery and equipment 89 114.13 16 139.20 89 114.13 16 139.20 Investments Holdings in group undertakings 22 681 635.66 8 526 469.57 22 681 635.66 8 526 469.57 NON-CURRENT ASSETS TOTAL 25 127 793.21 9 579 913.24 CURRENT ASSETS Long-term debtors Other debtors 73 300.00 0.00 73 300.00 0.00 Short-term debtors Trade debtors 3 929 954.71 1 793 739.26 Amounts owed by group undertakings 7 528 918.27 6 795 302.82 Other debtors 1 940.00 1 940.00 Prepayments and accrued income 4 740 519.70 3 922 057.13 16 201 332.68 12 513 039.21 Securities Other securities 3 440 928.60 4 464 025.83 3 440 928.60 4 464 025.83 Cash in hand and at banks 162 868.28 5 495 758.75 CURRENT ASSETS TOTAL 19 878 429.56 22 472 823.79 ASSETS TOTAL 45 006 222.77 32 052 737.03 Parent Parent EURO 31.12.2025 31.12.2024 E Q U I T Y A N D L I A B I L I T I E S EQUITY Share capital 80 000.00 80 000.00 Invested unrestricted equity reserve 28 652 726.85 27 608 160.23 Retained earnings (loss) -2 994 095.66 -2 287 941.09 Profit (loss) for the financial year 109 823.25 299 354.86 EQUITY TOTAL 25 848 454.44 25 699 574.00 LIABILITIES Non-current liabilities Loans from credit institutions 3 916 408.50 552 817.00 Liabilities from corporate acquisitions 3 078 920.09 0.00 6 995 328.59 552 817.00 Current liabilities Loans from credit institutions 1 131 408.50 201 408.50 Advances received 1 843 619.83 2 054 056.45 Trade creditors 1 681 293.70 1 736 130.71 Liabilities from corporate acquisitions 3 626 206.34 0.00 Amounts owed to group undertakings 1 243 200.67 161 321.37 Other creditors 818 731.74 676 918.67 Accruals and deferred income 1 817 978.96 970 510.33 12 162 439.74 5 800 346.03 LIABILITIES TOTAL 19 157 768.33 6 353 163.03 EQUITY AND LIABILITIES TOTAL 45 006 222.77 32 052 737.03 Parent Balance sheet Parent Balance sheet 13 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Parent Parent EURO 1.1-31.12.2025 1.1-31.12.2024 Cash flow from operations Profit (loss) before appropriations and taxes 109 823.25 299 354.86 Adjustments: Depreciation and amortisation according to plan 203 831.27 201 264.25 Unrealized exchange gains and losses 1 043.59 -1 129.81 Other income and expenses without payment 0.00 448 421.43 Financial income and expenses 226 149.76 -398 689.89 Cash flow before change in net working capital 540 847.87 549 220.84 Change in net working capital: Increase (-)/ decrease (+) of short and long term receivables -3 761 593.47 -363 721.00 Increase (+)/ decrease (-) of short term interest-free liabilities 942 460.76 1 368 353.00 Cash flow from operations before financial income and expenses and taxes -2 278 284.84 1 553 852.84 Paid interest and payments of other operational financial expenses -155 021.90 -50 099.37 Received interest from operations 0.00 449 919.95 Cash flow before appropriations -2 433 306.74 1 953 673.42 Cash flow from operations (A) -2 433 306.74 1 953 673.42 Cash flow from investments: Investments in tangible and intangible assets -1 596 545.15 -608 735.89 Purchased subsidiary shares -5 508 063.00 0.00 Cash flow from investments (B) -7 104 608.15 -608 735.89 Cash flow from financing: Paid share emission 93 842.00 17 535.00 Acquisition of own shares -199 996.88 -398 833.00 Repayment of short term loans -356 408.50 -201 409.00 Withdrawal of long term loans 4 650 000.00 0.00 Dividend distribution -1 005 509.43 0.00 Cash flow from financing (C) 3 181 927.19 -582 707.00 Change in cash (A + B + C) increase (+) / decrease (-) -6 355 987.70 762 230.53 Cash at the beginning of the period 9 959 784.58 9 197 554.05 Cash at the end of the period 3 603 796.88 9 959 784.58 -6 355 987.70 762 230.53 Parent Cash Flow statement Parent Cash Flow statement 14 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Digital Workforce Services Plc is a leader in business auto- mation and technology solutions. With the Digital Workforce Outsmart platform and services - including Enterprise AI agents - organizations transform knowledge work, reduce costs, accelerate digitization, grow revenue, and improve customer experience. More than 200 large customers use our services to drive the transformation of work through automa- tion and Agentic AI. Digital Workforce has particularly strong experience in healthcare, automating care pathways across clinical and administrative workflows to reduce burden, en- hance patient safety, and return time to patient care. Follow- ing the aqcuisition of e18 Consulting Ltd, the company has further strengthened its postion in the UK healthcare path- way automation. We focus on repeatable, outcome-based use cases, and we operate with high integrity and close cus- tomer collaboration. Founded in 2015, Digital Workforce em- ploys approximately 180 automation professionals in the US, UK, Ireland, and Northern and Central Europe. Our vision for a profound renewal of knowledge work is: Transforming Work - Beyond Productivity. Notes on the preparation of the Consolidated Financial Statements, including the parent company The financial statements have been prepared in accordance with the accrual basis, the going concern principle and the precautionary principle independent of the result for the fi- nancial year. The company has prepared financial statements that go beyond the minimum provisions in accordance with the presentation in accordance with the Accounting Regula- tion, as applicable. The financial statements are presented in euros. Going concern The Consolidated Financial Statements have been prepared in accordance with the going concern principle. Consolidation principles Digital Workforce Services Oyj’s Consolidated Financial Statements include the parent company Digital Workforce Services Oyj and all its subsidiaries. The Group’s mutual shareholding has been eliminated using the acquisition cost method. Acquired subsidiaries are consolidated from the date on which control is transferred to the Group until the date that control ceases. All intra-group transactions, receiv- ables, liabilities and unrealized gains, as well as internal profit distribution, have been eliminated in the preparation of the Consolidated Financial Statements. Conversion of foreign currency items The income statement data of foreign group companies have been translated into euros in accordance with the av- erage exchange rate for the month and the balance sheet data according to the exchange rate on the closing date of the financial year. The translation of the result for the financial year at different exchange rates in the income statement and balance sheet causes a translation difference, the change of which is recognized in equity. The translation difference also consists of the difference between the initial acquisition cost of the subsidiaries’ investments and the exchange rate on the balance sheet date. Revenue recognition principles The Group’s revenue consist mainly of consulting services related to software robotics and ongoing services. Consulting services are recognized as income when the services are pro- vided. Revenue from continuing services is amortized over the contract period. Valuation principles and methods Trade, loan and other receivables as well as prepayments and accrued income recorded as receivables are valued at their nominal value or a lower probable value. Financial secu- rities are valued at their acquisition cost or a lower probable transfer price. Liabilities are valued at their nominal value or at a higher benchmark value. Liabilities from corporate acquisitions are valued at fair value. The acquisition costs of non-current assets with a proba- ble economic life of less than three years and minor acqui- sitions (less than EUR 1 200) have been recognized in full as an expense during the acquisition period. Group goodwill is recorded in intangible assets and is amortized over 10 years. Subsidiary shares are valued at their acquisition cost or lower probable value. The acquisition costs of intangible and tangible assets includ- ed in the company’s fixed assets are depreciated according to a pre-established plan. Depreciation is adjusted for tax depreciation. Depending on the depreciation method, an amount corresponding to the maximum allowable deprecia- tion or residual depreciation is recognized as an expense for the financial year. Deprecation periods are the following: Development expenditures 3 y Other intangible assets 5 y Goodwill 10 y Machinery and equipment 25 % according to declining bal- ance method Research and development expenditure The Group records research costs, such as the acquisition and surveying of new information, as an expense on an accru- al basis, ie at the time the costs are incurred. Product devel- opment costs that generate income for three or more years are capitalized in the balance sheet as development costs and are depreciated over 3 years. Capitalized development costs include those subcontracting costs that are directly attributable to bringing the asset to its working condition for its intended use. Development costs are depreciated on a straight-line basis over 3 years according to plan. The capi- talized balance of development costs at the end of the finan- cial year is EUR 2 087 802.44. The depreciation of the devel- opment expenses for the financial year 2025 is a total of EUR 138 481.60. The capitalized development expenses include an amount of EUR 311 606.59, for which a subsidy decision from Business Finland is expected to cover approximately half of the costs. Notes to the Consolidated Financial Statements Notes 15 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Notes 16 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025 Revenue by geographical area 2025 2024 Group Parent Group Parent Finland 13 762 042.84 13 658 153.09 13 179 598.57 13 042 280.10 Sweden 3 675 584.79 1 960 779.32 4 151 181.43 1 771 728.81 Other Nordics 1 894 990.58 1 360 624.06 2 284 565.85 1 493 282.58 UK 3 733 843.22 1 257 448.59 1 796 451.89 1 082 685.30 Other EU 2 297 963.10 1 485 526.08 2 259 086.09 1 383 759.89 Outside EU 3 294 936.64 659 176.37 3 585 114.51 717 653.63 Total 28 659 361.16 20 381 707.51 27 255 998.34 19 491 390.31 Comparative figures for 2024 adjusted for the location of individual customer accounts. Other operating income 2025 2024 Group Parent Group Parent Management fees from group undertakings 0.00 872 047.35 0.00 789 323.00 Other 24 036.59 0.00 14 419.38 0.00 Total 24 036.59 872 047.35 14 419.38 789 323.00 Raw materials and services 2025 2024 Group Parent Group Parent External services -10 200 656.10 -11 412 871.55 -9 170 319.65 -11 160 099.79 Total -10 200 656.10 -11 412 871.55 -9 170 319.65 -11 160 099.79 Notes to the staff 2025 2024 Personnel expenses Group Parent Group Parent Wages and salaries -12 588 070.59 -5 969 987.92 -11 323 220.45 -5 257 016.38 Pension expenses -1 311 605.69 -1 081 707.58 -1 171 679.65 -974 137.64 Other social security expenses -785 193.47 -212 297.91 -1 272 414.99 -162 104.46 Total -14 684 869.75 -7 263 993.41 -13 767 315.09 -6 393 258.48 Personnel 2025 2024 Average number of persons employed Group Parent Group Parent during the financial year White-collar 174 78 178 72 Notes to the Profit and Loss Statement Management salaries and fees 2025 2024 Group Parent Group Parent CEO -261 133.00 -261 133.00 -265 840.00 -265 840.00 Management team -1 175 900.00 -870 800.00 -1 093 153.00 -837 613.00 Total -1 437 033.00 -1 131 933.00 -1 358 993.00 -1 103 453.00 Remuneration of key personnel The company has management-related statutory pension arrangements and commitments, which have been managed with a contribution-based pension insurance. The company’s management has an option program and a long-term share-based incentive system. Board members have been paid EUR 124 186 in fees in the 2025 fiscal year (EUR 115 017 in the 2024 fiscal year).
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Notes 17 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025 Notes to the Profit and Loss Statement Auditor's fees 2025 2024 Group Parent Group Parent Audit fees -105 217,97 -38 910,83 -83 224.91 -51 606.63 Assignments referred to in the Audit Act 1 §:n 1 point 2 -8 220,00 -8 220,00 -3 470.00 -3 470.00 Tax consulting 0,00 0,00 -6 572.25 -6 572.25 Other services -155 899,00 -150 480,00 0.00 0.00 -269 336,97 -197 610,83 -93 267.16 -61 648.88 Depreciation, amortisation and write-offs 2025 2024 Group Parent Group Parent Depreciation and amortisation according to plan Development expenses -138 481.60 -138 481.60 -138 481.61 -138 481.61 Intangible rights -60 528.22 -60 528.22 -57 402.90 -57 402.90 Machinery and equipment -6 740.37 -4 821.45 -6 281.04 -5 379.74 Group goodwill amortisation -475 842.39 0.00 -144 319.77 0.00 Total -681 592.58 -203 831.27 -346 485.32 -201 264.25 Financial income and expenses 2025 2024 Group Parent Group Parent Interest income from loans to group undertakings 0.00 212 315.25 0.00 206 623.71 Interest and other financial income 295 574.32 376 922.20 261 429.98 242 165.35 Foreign exchange gains 4 842.45 4 710.47 131 554.21 1 130.01 Financial income total 300 416.77 593 947.92 392 984.19 449 919.07 Reduction in value, subsidiaries 0.00 0.00 0.00 -448 421.43 Reduction in value, subsidiaries 0.00 0.00 0.00 -448 421.43 Interest expenses -86 893.94 -83 086.24 -4 995.20 -3 551.93 Other financial expenses -165 911.86 -142 318.15 -48 754.19 -46 512.35 Foreign exchange losses -114 648.94 -914.23 -9 850.08 -35.14 Financial expenses total -367 454.74 -226 318.62 -63 599.47 -50 099.42 Financial income and expenses total -67 037.97 367 629.30 329 384.72 -48 601.78 Income taxes 2025 2024 Group Parent Group Parent Income taxes on ordinary activities -159 293.87 0.00 -7 364.55 0.00 Total -159 293.87 0.00 -7 364.55 0.00
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Notes 18 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025 Intangible / tangible assets 2025 2024 Group Parent Group Parent Development expenses 1.1. 1 348 626.28 1 348 626.28 831 093.19 831 093.19 Additions 1 431 787.74 1 431 787.74 517 533.09 517 533.09 Acquisition cost 31.12. 2 780 414.02 2 780 414.02 1 348 626.28 1 348 626.28 Accumulated depreciations 1.1. -554 129.98 -554 129.98 -415 648.37 -415 648.37 Depreciation of the financial year -138 481.60 -138 481.60 -138 481.61 -138 481.61 Development expenses - book value 31.12. 2 087 802.44 2 087 802.44 794 496.30 794 496.30 Other intangible assets 1.1. 300 211.07 300 211.07 209 008.27 209 008.27 Additions 86 961.03 86 961.03 91 202.80 91 202.80 Acquisition cost 31.12. 387 172.10 387 172.10 300 211.07 300 211.07 Accumulated depreciations 1.1. -57 402.90 -57 402.90 0.00 0.00 Depreciation of the financial year -60 528.22 -60 528.22 -57 402.90 -57 402.90 Other intangible assets - book value 31.12. 269 240.98 269 240.98 242 808.17 242 808.17 Group goodwill 1.1. 1 617 617.35 0.00 1 740 737.35 0.00 Additions 12 563 223.32 0.00 0.00 0.00 Deductions 0.00 0.00 -123 120.00 0.00 Acquisition cost 31.12. 14 180 840.67 0.00 1 617 617.35 0.00 Accumulated depreciations 1.1. -390 924.22 0.00 -246 604.46 0.00 Depreciation of the financial year -475 842.39 0.00 -144 319.77 0.00 Group goodwill - book value 31.12. 13 314 074.05 0.00 1 226 693.12 0.00 Machinery and equipment 1.1. 139 814.15 85 437.60 140 323.82 85 437.60 Translation difference 0.00 0.00 -509.67 0.00 Additions 93 910.07 77 796.38 0.00 0.00 Acquisition cost 31.12. 233 724.22 163 233.98 139 814.15 85 437.60 Accumulated depreciations 1.1. -122 563.03 -69 298.40 -116 705.92 -63 918.66 Translation difference 0.00 0.00 410.95 0.00 Accumulated depreciations related to the deductions 0.00 0.00 12.98 0.00 Depreciation of the financial year -6 740.37 -4 821.45 -6 281.04 -5 379.74 Machinery and equipment - book value 31.12. 104 420.82 89 114.13 17 251.12 16 139.20 Investments 2025 2024 Group Parent Group Parent Holdings in group undertakings 1.1. 0.00 8 526 469.57 0.00 8 974 891.00 Additions 0.00 14 155 166.09 0.00 0.00 Impairment loss 0.00 0.00 0.00 -448 421.43 Holdings in group undertakings - book value 31.12. 0.00 22 681 635.66 0.00 8 526 469.57 Notes to the Balance Sheet Assets
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Notes 19 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025 Group subsidiaries Country Parent ownership Group ownership 31.12.2025 31.12.2024 31.12.2025 31.12.2024 Digital Workforce Svenska AB Sweden 100 % 100 % 100 % 100 % Digital Workforce AS Norway 100 % 100 % 100 % 100 % Digital Workforce A/S Denmark 100 % 100 % 100 % 100 % Digital Workforce Services Ltd UK 100 % 100 % 100 % 100 % e18 Consulting Limited UK 100 % 0 % 100 % 0 % Digital Workforce Ireland Limited Ireland 100 % 100 % 100 % 100 % Digital Workforce Sp.z.o.o. Poland 100 % 100 % 100 % 100 % Digital Workforce Services, Inc. USA 100 % 100 % 100 % 100 % DWF Digital Workforce Services GmbH Germany 100 % 100 % 100 % 100 % Short-term debtors 2025 2024 Group Parent Group Parent Trade debtors 7 469 349.56 3 929 954.71 4 788 953.52 1 793 739.26 Amounts owed by group undertakings 0.00 7 528 918.27 0.00 6 795 302.82 Other debtors 70 679.45 1 940.00 67 409.32 1 940.00 Prepayments and accrued income 6 117 970.60 4 740 519.70 4 203 841.81 3 922 057.13 Total 13 657 999.61 16 201 332.68 9 060 204.66 12 513 039.21 Amounts owed by group undertakings Trade debtors 0.00 3 819 813.10 0.00 3 167 966.04 Loan debtors 0.00 3 709 105.17 0.00 3 627 336.78 Total 0.00 7 528 918.27 0.00 6 795 302.82 Materials items included in the prepayments 2025 2024 Group Parent Group Parent Prepaid license fees and other expenses 6 089 391.68 4 734 867.79 4 174 995.05 3 893 210.37 Other prepayments and accrued income 28 578.92 5 651.91 28 846.76 28 846.76 Total 6 117 970.60 4 740 519.70 4 203 841.81 3 922 057.13 Material items included in the cash assets 2025 2024 Group Parent Group Parent Other securities 3 440 928.60 3 440 928.60 4 464 025.83 4 464 025.83 Cash in hand and at banks 7 119 084.75 162 868.28 8 489 533.33 5 495 758.75 Total 10 560 013.35 3 603 796.88 12 953 559.16 9 959 784.58 During the financial year, the company has invested funds in a short-term investment fund, which aims to obtain a risk-free return. The funds can be liquidated if necessary. Group companies The Group’s parent company is Digital Workforce Services Plc, domiciled in Helsinki. Changes in group structure The group dissolved The Eclair Group (Ireland) Limited sub- sidiary. Digital Workforce Services Plc aqcuired a 100% own- ership stake in E18 Consulting Ltd. Notes to the Balance Sheet Assets
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Notes 20 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025 Equity 2025 2024 Group Parent Group Parent Restricted funds Share capital 1.1. 80 000.00 80 000.00 80 000.00 80 000.00 Share capital 31.12. 80 000.00 80 000.00 80 000.00 80 000.00 Restricted funds total 80 000.00 80 000.00 80 000.00 80 000.00 Unrestricted funds Invested unrestricted equity reserve 1.1. 27 608 160.23 27 608 160.23 27 989 457.99 27 989 457.99 Additions 1 244 563.50 1 244 563.50 17 535.00 17 535.00 Deductions -199 996.88 -199 996.88 -398 832.76 -398 832.76 Invested unrestricted equity reserve 31.12. 28 652 726.85 28 652 726.85 27 608 160.23 27 608 160.23 Translation difference 1.1. 35 712.29 0.00 141 195.47 0.00 Change in translation difference 81 784.84 0.00 -105 483.18 0.00 Translation difference 31.12. 117 497.13 0.00 35 712.29 0.00 Retained earnings (loss) 1.1. -12 874 372.36 -1 988 586.23 -13 464 369.57 -2 287 941.09 Dividend distribution -1 005 509.43 -1 005 509.43 0.00 0.00 Retained earnings (loss) 31.12. -13 879 881.77 -2 994 095.66 -13 464 369.57 -2 287 941.09 Profit (loss) for the financial year -851 147.35 109 823.25 589 997.21 299 354.86 Unrestricted funds total 14 039 194.86 25 768 454.44 14 769 500.16 25 619 574.00 Equity total 14 119 194.86 25 848 454.44 14 849 500.16 25 699 574.00 Calculation of distributable funds 31.12.2025 31.12.2024 Invested unrestricted equity reserve 28 652 726.85 27 608 160.23 Retained earnings (loss) -2 994 095.66 -2 287 941.09 Profit (loss) for the financial year 109 823.25 299 354.86 - Capitalized development expenses -2 087 802.44 -794 496.30 Distributable funds total 23 680 652.00 24 825 077.70 The number of the company’s shares by share class and the main provisions of the Articles of Association that apply to each share class The number of shares at the end of the financial year was 11 690 525 (11 281 818). The company has one share class. All the company’s shares carry one vote at the Annual General Meeting. Notes to the Balance Sheet Equity The proposal of the Board concerning the profit and other distributable equity The Board proposes that a dividend of EUR 0.09 per share will be paid for 2025.
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Options and other special rights The issuance of special rights has been decided on 5 May 2017. The maximum number of shares to be issued with the rights is 246 400. The decision has been updated on 14 Octo- ber 2021 and 1 December 2021. The issuance of special rights has been decided on 22 Octo- ber 2018. The maximum number of shares to be issued with the rights is 222 600. The decision has been updated on 14 October 2021 and 1 December 2021. The issuance of special rights has been decided on 15 Sep- tember 2020. The maximum number of shares to be issued with the rights is 140 000. The decision has been updated on 14 October 2021 and 1 December 2021. The issuance of special rights has been decided on 26 April 2022. The maximum number of shares to be issued with the rights is 70 652. The issuance of special rights has been decided on 11 April 2024. The maximum number of shares to be issued with the rights is 500 000. The issuance of special rights has been decided on 23 May 2024. The maximum number of shares to be issued with the rights is 45 000. The issuance of special rights has been decided on 26 August 2026. The maximum number of shares to be issued with the rights is 300 000. After the end of the financial year, 11 685 shares were sub- scribed for with stock options 2017, 2018, and 2020. For sub- scriptions made with the stock options, the entire subscription price of EUR 3 992 has been entered in the reserve for invest- ed unrestricted equity. The shares subscribed were registered in the Trade Register on3 February 2026, as of which date the new shares will establish shareholder rights. The shares were traded on the First North Growth Market Finland market- place maintained by Nasdaq Helsinki Oy together with the old shares as of 4 February 2025. After the trade registration, the total number of shares is 11 702 210. At the beginning of the financial year 2025, Digital Workforce Services Plc held 123 441 of its own shares. In May 2025, the company transferred 11 380 treasury shares held by the com- pany free of charge to key employees who participated in the Performance Share Plan 2022-2026 for the performance period 2022-2024 in order to pay rewards in accordance with the terms of the plan. Based on the authorization granted to the Board of Directors, 61 038 own shares were acquired dur- ing the reporting period. At the end of the reporting period company held 173,099 of its own shares. Authorization The Annual General Meeting authorized the Board of Direc- tors on 11 April 2025 to decide on the acquisition of the Com- pany’s own shares in one or more tranches as follows: The total number of own shares to be acquired may be a max- imum of 1 129 576 shares. The proposed number of shares represents approximately 10 percent of all the shares of the Company on the date of the Notice of the Annual Gener- al Meeting. Based on the authorization, the Company’s own shares may only be acquired with unrestricted equity. The Board of Directors will decide how the Company’s own shares will be acquired. Financial instruments such as derivatives may be used in the acquirement. The Company’s own shares may be acquired in other proportion than the shareholders’ proportional shareholdings (directed acquisition). Own shares could be purchased at a price formed in public trading on the Nasdaq Helsinki Oy on the date of acquisition. The authorization will be in force until the next Annual General Meeting but no later than until June 30, 2026. The Annual General Meeting authorized the Board of Direc- tors on 11 April 2024 to decide on issuance of new shares and the conveyance of the Company’s own shares held by the Company (treasury shares) and the issuance of option rights and other special rights entitling to shares as specified in Chapter 10, Section 1 of the Finnish Companies Act. The Board would, pursuant to the authorization, be entitled to de- cide on the issuance of a maximum of 1 129 576 new shares in one or several instalments. The number of shares represents approximately 10 percent of all the shares of the Company on the date of the Annual General Meeting. The issuance of shares, the conveyance of treasury shares and the granting of option rights and other special rights en- titling to shares may be done in deviation from the sharehold- ers’ pre-emptive right (directed issue). The Board of Directors will decide on all other factors related to share issues and the assignment of shares and decide on all terms and condi- tions of the option rights and other special rights entitling to shares. The Board may use the authorization to implement mergers and acquisitions or other arrangements relating to the Com- pany’s operations and capital structure, to implement incen- tive or commitment schemes for the group personnel or for other purposes decided by the Board. The authorization is valid until the end of the next Annual General Meeting, but not later than 30 June 2026. Performance-based Matching Share Plan The company has a long-term performance-based matching share plan, which was introduced at the time of the IPO. The purpose of the incentive plan is to align the objectives of Dig- ital Workforce’s shareholders and key employees to increase the value of the company’s shares over the long term, to en- gage key employees in the implementation of the company’s strategy and to provide them with a competitive remunera- tion scheme based on the earning and accumulation of the company’s shares. The incentive plan is based on a participant’s investment in the company’s shares, which allow the participant to earn additional shares as a reward for continued share owner- ship and continued employment and for achieving perfor- mance-based goals set by the Board of Directors. The plan consists of vesting periods 2022-2024, 2023-2025 and 2024- 2026. The Board of Directors of the company separately de- termines the vesting criteria, the targets to be set for each criterion, the target group of the incentive plan and the vest- ing opportunity for each vesting period. The potential reward for each performance period will be paid in the form of com- pany shares after the end of the performance period. If the key person’s employment ends before the award is paid, the award will not normally be paid. The Board of Directors has decided not to launch the perfor- mance period 2024–2026. The plan’s only ongoing perfor- mance period 2023-2025 has ended and will lead to some share-based incentive payments in the first half of 2026. Structural and financial arrangements Notes 21 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Non-current liabilities 2025 2024 Group Parent Group Parent Loans from credit institutions 3 916 408.50 3 916 408.50 552 817.00 552 817.00 Liabilities from corporate acquisitions 3 078 920.09 3 078 920.09 0.00 0.00 Total 6 995 328.59 6 995 328.59 552 817.00 552 817.00 Current liabilities 2025 2024 Group Parent Group Parent Loans from credit institutions 1 131 408.50 1 131 408.50 201 408.50 201 408.50 Advances received 7 350 566.83 1 843 619.83 3 970 237.03 2 054 056.45 Trade creditors 2 286 838.30 1 681 293.70 1 840 321.16 1 736 130.71 Liabilities from corporate acquisitions 3 626 206.34 3 626 206.34 0.00 0.00 Amounts owed to group undertakings 0.00 1 243 200.67 0.00 161 321.37 Other creditors 1 680 232.07 818 731.74 1 421 310.29 676 918.67 Accruals and deferred income 2 905 534.62 1 817 978.96 1 507 704.51 970 510.33 Total 18 980 786.66 12 162 439.74 8 940 981.50 5 800 346.03 Amounts owed to group undertakings Trade creditors 0.00 374 986.38 0.00 149 649.82 Other creditors 0.00 868 214.29 0.00 11 671.55 Total 0.00 1 243 200.67 0.00 161 321.37 Materials items included in the accruals 2025 2024 Group Parent Group Parent Accrual of personnel expenses 1 872 970,43 1 350 839,42 1 353 501,53 843 579,06 Other accurals 1 032 564,19 467 139,54 154 202,98 126 931,27 Total 2 905 534.62 1 817 978.96 1 507 704.51 970 510.33 Notes to the Balance sheet liabilities Notes 22 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet Deferred taxes In accordance with the precautionary principle, the Group has not recognized deferred tax assets for confirmed losses. The Group has confirmed losses of EUR 12,9 M at 31.12.2025 and EUR 12,2 M at 31.12.2024. Deferred tax assets are presented in the table below. 2025 2024 Group Parent Group Parent Deferred tax assets 2 606 546.69 389 944.03 2 474 067.88 412 528.90 Total 2 606 546.69 389 944.03 2 474 067.88 412 528.90 The financial results for 2025 have not yet been approved by the tax authorities in any of the group companies. The 2025 net losses account for EUR 113 860.61 of the total deferred tax assets. The losses for 2024 have been corrected according to the final taxation decisions. Collateral, contingent liabilities and other liabilities Off-balance sheet financial liabilities Lease liabilities for premises 2025 2024 Group Parent Group Parent Payable in the next financial year 189 524.00 117 372.00 179 473.00 76 950.00 Payable later 177 906.00 17 906.00 33 670.00 0.00 Total 367 430.00 135 278.00 213 143.00 76 950.00 Other leasing liabilities 2025 2024 Group Parent Group Parent Payable in the next financial year 88 995.00 88 995.00 59 869.00 59 869.00 Payable later 84 361.00 84 361.00 38 716.00 38 716.00 Total 173 356.00 173 356.00 98 585.00 98 585.00 Other liabilities 2025 2024 Group Parent Group Parent Loans from credit institutions 31.12. 4 495 000.00 4 495 000.00 0.00 0.00 Business mortgages pledged as collateral 6 200 000.00 6 200 000.00 1 400 000.00 1 400 000.00 Total 10 695 000.00 10 695 000.00 1 400 000.00 1 400 000.00 After repayment of the financial institution loan, business mortgages are no longer collateral for any loans. Related party transactions The parties are considered to be related if the other party is able to exercise control or significant influ- ence or joint control over the other party in making decisions about its finances and business. The Com- pany’s related parties include the Company’s subsidiaries. In addition, related parties include the mem- bers of the Company’s Board of Directors, the CEO and members of the Management Team, close family members of these persons and entities that are controlled or jointly controlled by a related party. Infor- mation on the remuneration and benefits paid to the members of the Board of Directors and the Man- agement Team is presented in the note Remuneration of key personnel. Transactions between the company and its related parties were conducted at arm’s length, their value is not significant. Events after the financial year On 26 January 2026, Digital Workforce announced changes in its business areas and management team. Going forward, the business will be managed through two global business areas: Healthcare and Enterprise & Public. Juha Nieminen was appointed as Chief Growth Officer of the Healthcare business area. Tapio Niinikoski, joining from outside the company, was appointed as Chief Growth Officer of the Enterprise and Public business area. Karri Lehtonen (Head of Sales, North America and Head of Legal) and Kristiina Åberg (Head of Marketing) will continue in their current roles but will step down from the management team. Stefan Meller who has been responsible for Europe region sales to the Entertainment & Public business customers, will take on responsibility for business area accounts and continue in the company but will step down from the management team. All changes became applicable on February 2, 2026. The company started a repurchase program of its own shares on January 14, 2026 and completed it on February 19, 2026, when the maximum amount allocated for the program was attained. Lago Kapital liquidity guarantee, paused during the repurchase program, was re-started on February 23, 2026. On February 20, 2026 the company announced its strategic partnership with Davies, to bring AI agents to the insurance and other regulated industries. The partnership is a frame agreement, enabling the par- ties to sign client-specific service agreements. It can potentially become a significant deployment of Agent Workforce, Digital Workforce’s AI agent product. At the same time, it represents a new opening for the company in the London-based insurance and other regulated industries market. Other Notes Notes 23 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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Board report Group Profit and loss statement Parent Cash Flow statementGroup Balance sheet Group Cash Flow statement NotesParent Profit and loss statement SignaturesParent Balance sheet In Helsinki, March 3, 2026 Vasama Jussi Samuli Länsisyrjä Heikki Juha Tapio Huttunen Miika Johannes CEO Chairman of the Board Board member Auramo Marika Tuulikki Mikkola Juha Väinö Tapani Niemistö Leena Katriina Board member Board member Board member Virkkunen Jukka Tapani Board member Auditor’s note Our auditor’s report has been issued today. In Helsinki, March 3, 2026 KPMG Oy Ab Authorized Public Accountants Sammalisto Petri Mikael, KHT Signatures of the Board report and the Financial Statements Signatures 24 Digital Workforce Services Plc: The Board Report and the Financial Statements, January 1 - December 31, 2025
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For further information, please contact Jussi Vasama, CEO Tel. +358 50 380 9893 Laura Viita, CFO, Investor Relations Tel. +358 50 487 1044 Certified advisor Aktia Alexander Corporate Finance Oy, Tel. +358 50 520 4098 About Digital Workforce Services Plc Digital Workforce Services Plc (Nasdaq First North: DWF) is a leader in business automation and technology solutions. With the Digital Workforce Outsmart platform and services—including Enterprise AI agents—organizations transform knowledge work, reduce costs, accelerate digitization, grow revenue, and improve customer experience. More than 200 large customers use our services to drive the transformation of work through automation and Agentic AI. Digital Workforce has particularly strong experience in healthcare, automating care pathways across clinical and administrative workflows to reduce burden, enhance patient safety, and return time to patient care. Following the acquisition of e18 Consulting Ltd, the company has further strengthened its position in the UK healthcare pathway automation. We focus on repeatable, outcome-based use cases, and we operate with high integrity and close customer collaboration. Founded in 2015, Digital Workforce employs more than 200 automation professionals in the US, UK, Ireland, and Northern and Central Europe. Our vision: Transforming Work – Beyond Productivity. https://digitalworkforce.com