Analyst report highlights Q1 2026 bookings of c.€2.5 million, implying an annualised run-rate above €10 million

Bilbao, May 28, 2026.- Virtualware (EPA: ALVIR), a leading expert in enterprise XR and industrial simulation software, listed on Euronext Growth Paris, has received an initiation of coverage report published on May 20 by LKS Next research team.

The report estimates a fair value range of €5.9–€6.5 per share, with a central value of c.€6.3, based on a combined DCF and peer-multiple approach. At the date of the report, the shares last traded at €5.95.

The report highlights that Q1 2026 bookings already reached c.€2.5 million, with c.29% generated in the US, implying an annualised booking run-rate above €10 million, ahead of the record €8 million achieved in full-year 2025.Revenue is projected to grow from €4.3 million in 2025 to €5.7 million in 2026 and €8.4 million by 2028.

EBITDA margins are expected to expand from 14.5% in 2025 to 25.6% in 2026 and 46.6% by 2028. Recurring subscription revenues (ARR) are forecast to reach €4.9 million by 2028, up from €1.9 million in 2025.

The full report is available on the company’s investor relations website.

Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and 3D technologies for industry and education.

Virtualware serves global organizations and institutions, including GE Vernova, Volvo, Gestamp, Alstom, ADIF, Bosch, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, the University of El Salvador, Ohio University, the Spanish Ministry of Defense, or the Basque Government.

The company’s headquarters are in Bilbao, Spain, with offices in Orlando, US, Toronto, Canada, and Skövde, Sweden.

Press and investors contacts

Press: Aida Otaola: aotaola@virtualwareco.com

Investor Relations: ir@virtualwareco.com