Talkpool Update
A Massive 42% EBITDA Guidance Hike, Strategic M&A, and the Strategic Raise
A lot of people have been asking for my current take on Talkpool, so here is the update. In short: I still believe Talkpool is way undervalued. The market hasn’t even begun to price in the execution currently happening behind the scenes.
Q4 2025: Growth is Outpacing the Plan
Q4 was an excellent quarter that confirmed Talkpool is now entering its growth phase. Management’s Vision 2030 set a revenue target of 40m EUR based on a 16.8% CAGR. In Q4, the company delivered 20.1% year-on-year growth, management saying that they are already ahead of their own aggressive schedule.
The market’s muted reaction likely came down to the EBITDA margin, which landed at 8.2% (compared to 10.7% in Q4 2024). For investors scarred by Talkpool’s old history of scaling too fast and losing money, a margin dip looks scary.
This wasn’t due to loss of efficiency, it was deliberate investment. These are “ramp-up costs” involving hiring engineers, training, and project infrastructure for massive contracts like with Huawei and Nokia USA. As management stated, these investments are expected to convert into high-margin recurring revenue starting in the second half of 2026.
The Hidden Guidance Upgrade
The most fascinating detail, which must have entirely gone unnoticed by the market is update to their 2030 guidance.
Q3 2025 Guidance: 40m EUR Revenue / 14% EBITDA margin.
Q4 2025 Guidance: 40m EUR Revenue / 20% EBITDA margin.
The strangest part is that this guidance update wasn’t even highlighted in the text of the report. The figure was simply changed in the tables. All in all, Talkpool just hiked their long-term EBITDA target by 42% and the share price didn’t budge. Whether that previous 14% was an error or just ultra-conservative, which I speculated on in my last post, the reality is that management now expects to be significantly more profitable by 2030. A 20% margin on 40m EUR revenue is a massive jump in absolute earnings, yet the market didn’t reacted at all.
The Strategic Raise
Talkpool recently closed a 1.65 million EUR directed share issue. Usually, dilution is a red flag, but this wasn’t a distressed raise. This was a strategic move to expand their network in the telecom industry by bringing in prominent people as shareholders.
The issue was led by Applied Invest Nordics AB, the family office of Bruce Grant. For those who don’t know, Grant was the Chairman of Tele2 and worked with Jan Stenbeck, one of Sweden’s wealthiest people, who earned their money in the telecom and media industry. Other investors who joined include industry veterans like Kristian Teär and Bert Nordberg. (Full list of investors & their roles at the end of the write-up)
I do not believe these people would spend their time and money on nano-caps unless they see a path to something much larger. As Bruce Grant noted, the telecom industry is close to his heart from the Stenbeck era, and he intends to contribute to Talkpool’s growth using his global network.
M&A Execution: The Netcom Acquisition
We are already seeing this network in action. Yesterday on 7th of April, Talkpool announced the acquisition of Netcom Global Partners. On the capital allocation & strategic side, this is a great deal:
Price: 1.1m EUR total.
Upfront: Only 300k EUR.
Earn-outs: 800k EUR paid through 2030 only if they perform.
The strategic rationale: Netcom will continue providing specialist consulting while promoting Talkpool’s high-margin remote and technology services.
The deal: Netcom generates roughly 200k EUR in annual EBITDA, 5.5x the full price. If they perform well enough for Talkpool to pay the full price, the acquisition has most likely paid for itself. Essentially, Talkpool is acquiring a high-margin platform for a net cost of just the 300k EUR upfront payment.
It is also no coincidence that the name of the acquisition is Netcom. Netcom was the original name of the mobile operator that became Tele2. While they are separate entities today, they share the name, a Swedish heritage, and a link to the Bruce Grant and Stenbeck network. This acquisition is most likely a direct result of their new network due to the recent share issue.
The Bottom Line
Talkpool has the growth, they just massively upgraded their profit targets, and they now have the strongest board of advisors in the nano-cap space I have ever seen. The Netcom deal proves they are focused on smart capital allocation and I believe it is unlikely that they do the same mistake as with their IoT semgent.
Here are the list of investors that were included in the directed share issue:
