Slides
Page 1
Etteplan 2025: Strong cash flow despite challenges JUHA NÄKKI, PRESIDENT AND CEO February 12, 2026 Espoo, Finland
Page 2
E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 2 • Highlights and overview 2025 • Financial development Q4 2025 • Service areas Q4 2025 • Etteplan’s strategy and financial guidance 2026 • Q&A Contents
Page 3
E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 3P U B L I C Highlights 2025 + New AI -driven strategy – New strategy launched in the beginning of 2025. Strategy implementation progressed according to the plan, and we managed to increase the AI -driven revenue to 5%. + TCDS development – Thro ugh new AI -driven offering, TCDS gained market share, managed to grow in a difficult market, and improved its profitability in the second half of the year. + Strong cash flow – Due to efficiency improvement measures and the optimization of working capital, our cash flow was strong throughout the year. + Acquisitions – Two acquisitions completed during the year; acquisitions helped maintain revenue at the previous year's level despite the challenging market situation. – Market uncertainty – Geopolitical tensions, trade policy uncertainty, and weak consumer demand slowed customer decision -making and weakened demand, especially in Europe. – Weak demand – Most industries showed low demand except defense and energy; Finland and Sweden were particularly challenging markets. – Non -recurring items – Profitability was affected by significant non -recurring expenses in the first half of the year, and losses resulting from customer bankruptcies.
Page 4
E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 4P U B L I C Operating environment in 2025 • The year 2025 was a challenging period with regard to the operating environment. Geopolitical and trade policy tensions were at a very high level, and uncertainty made decision-making difficult for our customers. • These factors, combined with weak consumer demand, led to a slowdown in our customers’ investments and the postponement of decisions, which weakened our demand situation. • The decisions made primarily concerned investments related to direct cost savings and investments in AI. • In the uncertain market situation, our demand outlook was weak in all of our operating countries in Europe. • The demand situation has been particularly challenging in Finland and Sweden. • In China, the market situation was better than in Europe, but the trade war increased uncertainty also in China. In China's internal market, the demand for technology services remained at a good level, as demand is influenced by the strengthening of the trend of companies purchasing services instead of hiring employees of their own. Development in the main markets
Page 5
Key figures 2025 E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 5P U B L I C R e v e n u e 3 6 1 . 4 M € +0 .1% E B I T A 24 . 2 M € 6.7 % EBIT 17 . 9 M € 4 .9% E P S ( B a s i c e a r n i n g s p e r s h a r e ) 0.42€ Board of Directors’ proposal for dividend 0.22 €/share
Page 6
6P U B L I C Engineering Solutions 57% (53%) Software and Embedded Solutions 23% (27%) Technical Communication and Data Solutions 20% (20%) Revenue by service area 361.4 M€ Finland 47% (49%) Scandinavia 18% (19%) Central Europe 24% (21%) China 11% (10%) Personnel by area 3,777 Finland 45% (47%) Scandinavia 26% (28%) Central Europe 26% (22%) China 3% (3%) Revenue by area 361.4 M€ Revenueand personnel 2025 E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 7
7P U B L I C Revenue by customer segment 2025 16% (16%) 14% (12%) 10% (11%) 10% (10%) 10% (10%) 8% (6%) 5% (6%) 5% (5%) 4% (5%) 4% (3%) 3% (4%) 3% (4%) 2% (2%) 6% (6%) 0% 4% 8% 12% 16% 20% Energy Automotive Industrial Machinery Forest Industry Metal and Mining Aerospace and Defence ICT and Electronics Chemical Building technology Marine and Transportation Material handling Healthcare and Medical technology Consumer Other Increase Decrease E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 8
Placeholder for brand image Financial development Q4 2025
Page 9
9P U B L I C Key figures E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N M€ 10-12/2025 10-12/2024 Change % 1-12/2025 1-12/2024 Change % Revenue 92.9 91.3 1.7 361.4 361.0 0.1 Revenue from outside Finland 50.8 48.3 5.3 199.0 190.4 4.5 Operating profit (EBITA) 6.8 6.4 5.8 24.2 24.4 -0.6 EBITA, % 7.3 7.1 6.7 6.8 Operating profit (EBIT) 5.3 5.0 6.4 17.9 18.4 -3.0 EBIT, % 5.7 5.4 4.9 5.1 Basic earnings per share, EUR 0.13 0.12 10.0 0.42 0.41 2.4 Operating cash flow 16.8 14.2 18.7 32.0 31.0 3.4 Share of AI-driven revenue, % 5 5 Managed Services Index 67 65 2.2 67 65 2.5 Personnel at end of the period 3 777 3 803 -0.7 3 777 3 803 -0.7
Page 10
10P U B L I C • The weak demand situation continued throughout the year • Full -year revenue was at the previous year’s level, supported by acquisitions • Revenue from key accounts +0.9% in Q4 and -1.0% in Q1 -Q4 • At comparable exchange rates 0.8% • Organic -3.2% • Organic a t comparable exchange rates -4.1% REVENUE Q4 92.9 M€ (91.3 M€) 1 .7% REVENUE 1-12 2025 361.4 M€ (361.0 M€) 0.1% • At comparable exchange rates -0.5% • Organic -5.0% • Organic at comparable exchange rates -5.6 % Revenue – Market uncertainty continues 80 91.3 94.9 91.4 82.2 92.9 0 20 40 60 80 100 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 M€ E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 11
11P U B L I C • In the challenging market situation, we implemented various adaptation measures resulting significant non -recurring expenses, particularly in the first half of the year • During the year, our profitability was negatively affected by unusually high losses resulting from customer bankruptcies • For the full year, the n on - recurring items were -2.8 M€ ( -3.0) • Without the non -recurring items, the profitability (EBITA -%) for the full year would have been 7.5% EBITA Q4 6.8 M€ (6.4 M€) EBITA 1-12 202 5 24.2 M€ (24 .4 M€) EBITA – Modest profitability for the full year E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N EBITA -% 7.3 % ( 7.1 %) • Non-recurring items -0.3 M€ (-0.9) EBITA -% 6. 7% ( 6.8%) • Non-recurring items -2.8 M€ (-3.0) 6.4 6.8 7.1% 7.3% 0 5 10 15 0 5 10 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 EBITA, % M€ %
Page 12
12P U B L I C • For Q4, amortizations related to acquisitions were -1.5 M€ (-1.5) • For Q1 -Q4, amortizations related to acquisitions were -6.4 M€ (-6.0) EBIT Q4 5.3 M€ (5.0 M€) EBIT 1-12 202 5 17.9 M€ (18.4 M€) M€ % EBIT E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N EBIT -% 5.7% ( 5.4 %) • Non-recurring items -0.3 M€ (-0.9) EBIT -% 4. 9% ( 5.1%) • Non-recurring items -2.8 M€ (-3.0) 5.0 5.3 5.4% 5.7% 0 2 4 6 0 2 4 6 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 EBIT, %
Page 13
13P U B L I C • Basic earnings per share improved due to lower financial items and taxes • The Board of Directors’ dividend proposal is EUR 0.22 (0.22) per share EARNINGS PER SHARE Q4 0.13 € (0. 12 €) 10.0% EARNINGS PER SHARE 1-12 2025 0.42 € (0. 41 €) 2.4% EPS – Increased due to lower non-operative items Earnings per share € Dividend €€ 0.73 0.66 0.41 0.42 Q1 0.16 Q1 0.09 Q2 0.13 Q2 0.10 Q3 0.10 Q4 0.12 Q4 0.130.36 0.30 0.22 0.00 0.20 0.40 0.60 0.80 1.00 2022 2023 2024 2025 2024 2025 Q1-Q4 0.41 Q1-Q4 0.42
Page 14
14P U B L I C • Due to efficiency improvement measures and the optimization of working capital, cash flow was strong throughout the year • Operating cash flow accrues unevenly over the four quarters of the year due to periodic fluctuation in business OPERATING CASH FLOW Q4 16.8 M€ (14 .2 M€) OPERATING CASH FLOW 1-12 2025 32.0 M€ (31.0 M€) Operating cash flow – Strong throughout the year 35.6 31 32 14.2 16.828.7 9.0 18.3 13.5 16.6 -10 0 10 20 30 40 2023 2024 2025 Q4/2024 Q4/2025 Operating cash flow Cash flow after investmentsM€ E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 15
15P U B L I C • At the end of the period 3,777 (3,803 ) • Average 3,8 46 (3,8 59) • The number of personnel decreased by 0.7% compared to the end of December 202 4 • In the weak market situation, we have slowed down recruitment and had to increase temporary layoffs in Finland when compared to the preceding quarter • A total of 168 ( 178) employees were temporarily laid off at the end of December 2025 3,629 3,929 3,902 3,803 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2021 2022 2023 2024 2025 China Central Europe Scandinavia Finland 3,777 Personnel E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 16
16P U B L I C Income statement E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N M€ 10-12/2025 10-12/2024 1-12/2025 1-12/2024 Change % Revenue 92.9 91.3 361.4 361.0 0.1 Other operating income 0.4 0.3 1.2 0.7 Materials and services -12.0 -13.1 -45.7 -50.6 Employee benefits expenses -61.7 -59.1 -242.5 -233.1 Other operating expenses -9.6 -10.0 -38.0 -41.3 Depreciation and amortization -4.7 -4.5 -18.6 -18.4 Operating profit (EBIT) 5.3 5.0 17.9 18.4 -3.0 Financial income -0.1 0.3 0.4 1.1 Financial expenses -1.0 -1.6 -4.8 -5.9 Profit before taxes 4.2 3.6 13.4 13.6 -1.4 Income taxes -0.8 -0.5 -2.8 -3.2 Profit for the review period 3.4 3.1 10.6 10.4 1.7 Other comprehensive income, that may be reclassified to profit or loss Currency translation differences 1.4 -0.4 2.6 -1.3 Other comprehensive income, that will not be reclassified to profit or loss Change in fair value of equity investments at fair value through other comprehensive income -2.2 0.0 -3.4 0.0 Remeasurement of defined benefit plan 0.2 0.1 0.2 0.1 Other comprehensive income, net of tax -0.6 -0.4 -0.7 -1.3 Total comprehensive income for the review period 2.7 2.7 9.9 9.1 8.3
Page 17
17P U B L I C Balance sheet E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N M€ M€Dec 31, 2025 Dec 31, 2024 Goodwill L i 126.7 117.4 Other non-current assets M u 62.3 63.4 Non-current assets, total Pitkäaikaiset varat yhteensä189.0 180.8 Inventory V a 0.6 0.7 Trade and other receivables M y 83.9 91.0 Cash and cash equivalents R a 30.4 25.2 Current assets, total Lyhytaikaiset varat yhteensä114.9 116.9 Total assets Varat yhteensä304.0 297.8 Equity, total Oma pääoma yhteensä122.1 117.8 Non-current liabilities, total Pitkäaikaiset velat yhteensä64.4 72.5 Current liabilities, total Lyhytaikaiset velat yhteensä117.4 107.4 Total equity and liabilities Oma pääoma ja velat yhteensä304.0 297.8
Page 18
Placeholder for brand image Service areas Q4 2025 18
Page 19
19P U B L I C Q4 2025 • Revenue 53.0 M€ (48.9) +8.3% • Revenue from Managed Services 65% (65%) • EBITA 3.8 M€, (3.6 M€) • EBITA% 7.2% (7.3%) 1-12 2025 • Revenue 204.7 M€ (192.8) +6.2% • Revenue from Managed Services 65% (65%) • EBITA 15.0 M€ (13.4 M€) • EBITA% 7.3% (7.0%) • Personnel 2,175 (2,114) at the end of the period • Demand situation remained weak as customers delayed investment decisions and started fewer new product development projects, requiring continued efficiency -enhancing measures and resulting in modest profitability. • Acquisitions completed during the year supported the revenue growth. • The service area's result was negatively affected by significant non -recurring expenses, especially in the first half of the year. For Q1 -Q4, the service area’s non -recurring expenses amounted to EUR -1.4 million. • Without the non -recurring items, the service area's profitability (EBITA, %) for Q1 -Q4 would have been 8.0%. M€ Revenue from Managed Services Revenue EBITA, % Engineering Solutions E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 65% 65% 48.9 M€ 53 M€ 7.3% 7.2% 0 2 4 6 8 10 0 10 20 30 40 50 60 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 %
Page 20
49% 24.4 M€ 20.8 M€ 8.7% 7% 53% 0 2 4 6 8 10 0 6 12 18 24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 % 20P U B L I C M€ Revenue from Managed Services Revenue EBITA, % Q4 2025 • Revenue 20.8 M€ (24.4) -14.9% • Revenue from Managed Services 53% (49%) • EBITA 1.4 M€, (2.1 M€) • EBITA% 7.0% (8.7%) 1-12 2025 • Revenue 83.3 M€ (97.4) -14.5% • Revenue from Managed Services 52% (48%) • EBITA 5.6 M€ (7.9 M€) • EBITA% 6.7% (8.1%) • Personnel 620 (689) at the end of the period Software and Embedded Solutions • The market situation in the service area remained difficult, and that was reflected in the service area's result, which was modest. • Service area’s new management created an action plan to accelerate strategy execution, drive revenue growth and improve profitability in the service area. Implementation has started and is progressing on schedule. • The service area's result was negatively affected by significant non -recurring expenses, especially in the first half of the year. For Q1-Q4, the service area’s non -recurring expenses amounted to EUR -0.6 million. • Without the non -recurring items, the service area's profitability (EBITA, %) for Q1 -Q4 would have been 7.4%. E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 21
21P U B L I C 87% 17.9 M€ 19.1M€ 5.9% 9% 85% 0 2 4 6 8 10 12 0 4 8 12 16 20 24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 %M€ Revenue from Managed Services Revenue EBITA, % Q4 2025 • Revenue 19.1 M€ (17.9) +6.9% • Revenue from Managed Services 85% (87%) • EBITA 1.7 M€ (1.1 M€) • EBITA% 9.0% (5.9%) 1-12 2025 • Revenue 73.4 M€ (70.5) +4.1% • Revenue from Managed Services 86% (88%) • EBITA 4.7 M€ (4.3 M€) • EBITA% 6.5% (6.1%) • Personnel 824 (841) at the end of the period Technical Communication and Data Solutions • Through AI -driven service solutions, the service area gained market share and won several new outsourcing agreements. • Revenue grew despite the difficult market and profitability improved substantially in the second half of the year. • The service area's result was negatively affected by significant non -recurring expenses, especially in the first half of the year. For Q1-Q4, the service area’s non -recurring expenses amounted to EUR -0.4 million. • Without the non -recurring items, the service area's profitability (EBITA, %) for Q1 -Q4 would have been 7.0%. E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 22
Etteplan’s strategy and financial guidance 2026
Page 23
Transformation with AI Etteplan strategy 2025-2027 Trusted partner AI and technology empowered service solutions Success with people We bring people and technology together to change things for the better Purpose Widening solution portfolio to boost customers’ sustainable growth and improve efficiency Targeting a leading position in industrial product companies and asset companies Growing in Europe and Asia Business Focus The best service solutions to boost customers’ sustainability, productivity and digital business Vision E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 24
E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N Financial and strategic targets 2027 >500 Revenue (MEUR) 35% AI-driven solutions share of revenue 1-12/2025: 5% >10% Operating profit (EBITA) 1-12/2025: 6.7% 24P U B L I C 75% Managed Services share of revenue 1-12/2025: 67% Rolling 12 months: EUR 361 million
Page 25
Financial guidance 2026 E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N 25 Etteplan issues guidance for revenue and operating profit (EBIT) as a numerical range and issues the following estimate: Revenue in 2026 is estimated to be EUR 360-380 (2025: EUR 361.4) million, and Operating profit (EBIT) in 2026 is estimated to be EUR 19-25 (2025: 17.9) million. Market outlook The most important factor affecting Etteplan’s business is the global development of the machinery and metal industry. Market uncertainty remains at a high level due to geopolitical and trade policy tensions. Due to the uncertainty and the resulting weak consumer demand, our customers are saving costs and decision-making on new investments remains slow. Projects are still being suspended and postponed. This weakens our demand situation and makes it very difficult to predict the market situation. The defense industry and the energy industry remain the segments in which demand is developing favorably. In our other customer industries, investments are generally at a low level, and the demand situation remains challenging. P U B L I C
Page 26
Questions? 26
Page 27
27P U B L I C *Includes continued and discontinued operations -5 0 5 10 15 20 25 30 35 0 50 100 150 200 250 300 350 400 Revenue Operating profit (EBIT)M€ M€ Revenue and EBIT 2000-2025 E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N
Page 28
28P U B L I C InvestorRelationscontacts E T T E P L A N Q 4 2 0 2 5 I N V E S T O R P R E S E N T A T I O N OUTI TORNIAINEN SVP, MARKETING AND COMMUNICATIONS +358 10 307 3302 JUHA NÄKKI CEO +358 10 307 2077 HELENA KUKKONEN CFO +358 10 307 2003
Page 29
For the better