Slides
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Lemonsoft Oyj – Clarifying strategy lays the foundation for profitable growth Financial Statements Bulletin – January-December 2025
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Presenters Alpo Luostarinen CEO 2
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A turning point: updated strategy and clear direction for 2026 Net sales grew 1.9% to €29.5M, driven by SaaS income growth of 6.8%. Recurring revenue reached 85.2% of total net sales. Adjusted EBIT improved to 23.6% of net sales Platform migrations to Azure completed during 2025, creating a strong foundation for product strategy execution. Performance, scalability and cost-efficient capacity management improved, enabling a faster development pace Headcount reduced to 193 (228) through organizational restructuring. Updated strategy places stronger focus on selected customer segments, strengthening competitiveness and creating foundations for profitable growth 2026 guidance: net sales growth 5-13%, adjusted EBIT 23-29% of net sales. Dividend proposal: €0.14 per share Key takeaways in 2025 Net sales growth 1-12/2025 1.9% (9.7%) Adjusted EBIT 1-12/2025 23.6% (22.3%) Personnel 31.12.2025 193 (228) Recurring revenue 85.4 % (83.3 %) Net sales 1-12/2025 €29.5M (28.9)
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Q4’25: Net sales declined 3.5%, SaaS income grew 1.9% Financial development Net sales declined 3.5% to EUR 7.4M, driven by lower transaction income and consulting income, while SaaS income grew by 1.9%. Share of recurring revenue increased clearly during 2025 and accounted for 85.2% of total net sales. Organic growth was -3.5%; organic growth of recurring revenue was 0.1% Share of SaaS income 75.1% (71.1%), transaction income 10.1% (11.0%), consulting 14.9% (17.9%) Gross margin was 82.6% (86.1%), impacted by lower consulting revenue and revenue mix shift toward SaaS Adjusted EBIT was EUR 1.5M (1.5M), 20.6% (19.6%) of net sales. Cash flow from operating activities EUR 3.1M (2.0M) Main events Updated strategy published with stronger focus on manufacturing and wholesale segments, providing a clear direction for 2026 Management team renewed in December 2025 Post-period events: Reeti Saarinen appointed COO (Feb 2026), and acquisition of 76% stake in Jakamo Oy (industrial procurement software) signed in Feb 2026 Recurring revenue 85.2% (82.1%) Net sales growth -3.5% (9.7%) Gross margin 82.6% (86.1%) Adj. EBIT 20.6% (19.6%) 4 Personnel 31.12.2025 193 (228)
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4,0 5,7 3,9 5,4 8,5 2021 2022 2023 2024 2025 Cash flow from operations (MEUR) Key financial trends 5,4 7,1 7,2 6,4 6,9 2021 2022 2023 2024 2025 Adjusted EBIT (MEUR) 17,2 22,6 26,3 28,9 29,5 2021 2022 2023 2024 2025 Net sales (MEUR)
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Q4’25: Strategy update and operational progress set the foundations for 2026 Technology transition Accelerating AI integration in product development and internal processes Infrastructure supports faster development cycle and improved cost management Sales and customers Sales improved towards year-end particularly in manufacturing segment Improving delivery capability and customer experience were key priorities Post-period events Reeti Saarinen appointed COO as of 9 February 2026 Acquisition of 76% stake in Jakamo Oy signed 13 Feb 2026, closing expected 2 March 2026 Strategy update Updated strategy published with stronger focus on manufacturing and wholesale segments Key elements: 1) deep and wide solution 2) value for money 3) high-quality services Organizational development Renewed management team organized around year-end Headcount reduced to 193 (228) Focus on improving core industry competences and customer service functions Product development Clear ERP roadmap developed for 2026 to establish Lemonsoft as leading cloud ERP for SMEs in the manufacturing industry AI integration progressing: focus on improving internal efficiency in product development and bringing AI to customers’ daily operations
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Jakamo provides a SaaS platform for manufacturing companies that connects manufacturers and suppliers in a shared collaboration layer integrated with the customer’s ERP environment. The platform supports core supplier relationship processes, including supplier onboarding, RFQs, orders and forecasts, delivery communication, and shared documentation in one workflow. Jakamo’s customer base is concentrated in industrial manufacturing, and the platform is used by ~50 customer companies and 4,000+ suppliers. The acquisition adds a supplier-collaboration layer alongside Lemonsoft’s ERP offering and brings an established supplier network that can be leveraged across Lemonsoft’s manufacturing footprint. Jakamo – Strengthening Lemonsoft’s position in manufacturing and enhancing industrial procurement capabilities Jakamo’s offering and customers Financial development 1 145 1 466 1 620 1 954 72 219 191 2022 2023 2024 2025 Net sales EBITDA Personnel (2/2026) 18 Suppliers on platform +4 000 Net sales FY 2025 €2.0m (€1.6m) Jakamo’s key figures EBITDA FY 2025 9.6% (13.5%) Recurring revenue >90% Customers ~50
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Financials
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Net sales reached EUR 7.4 million, down 3.5% from EUR 7.7 million in Q4’25 SaaS revenue continued to grow by 1.9% Organic growth for the quarter was −3.5%, reflecting decline in consulting and transaction-based revenue Organic growth of recurring revenue was 0.1% due to challenges in transaction growth Transaction revenue lower mainly due to lower invoice financing volume SaaS growth continued – Lower transaction and consulting income turned organic growth negative Performance Overview – Q4’25 10 17,0 19,1 20,8 22,2 5,5 5,6 1,2 2,3 3,3 3,0 0,8 0,7 4,4 4,9 4,8 4,3 1,4 1,1 22,6 26,3 28,9 29,5 7,7 7,4 2022 2023 2024 2025 Q4/24 Q4/25 SaaS Transactions Consulting and other CAGR 9,3 % -0,7 % 36,4 % 9,3 % -19,6 % -12,0 % 1,9 % Growth -3,5 %
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85% (83%) Recurring revenue 71,9 % 11,4 % 16,7 % 75,3 % 10,1 % 14,6 % SaaS Transactions Consulting and other 20252024 Churn rose slightly in 2025, with a downwards trend in H2’25 – recurring revenue share increased to 85.2% of net sales 6.3% (4.4%) Revenue churn 98.2% (97.6%) Net Revenue Retention (NRR)
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ARR development during 2025 100,0 % 0,9 % 3,2 % -1,9 % 102,2 % 1,1 % -0,4 % -1,7 % 101,2 % 0,6 % 1,2 % -1,3 % 101,8 % 0,9 % 0,5 % -1,4 % 101,8 %21,9 22,322,322,222,4
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Gross margin decreased from the previous year to 82.6%, affected by increased platform costs after the platform transition Personnel expenses decreased compared to the reference period as a result of the personnel reductions implemented in Q2. The effects of these measures were reflected as expected in the third and fourth quarters results. Employee benefit expenses and materials and services affected in total by 111 KEUR of capitalized development expenses Cash flow from operating activities was EUR 3.098 thousand (1.973) highlighting stronger working capital management Overall cost base improved driven by restructuring efforts – Azure transition continued to pressure gross margin Cost structure 14 * adjusted to exclude amortisation of intangible assets related to business combinations (IFRS) * adjusted to exclude depreciation related to merged group companies and amortisation of goodwill (FAS) ** adjusted to exclude M&A expenses +/- Other significant non-recurring items affecting comparability 2,4 % 2,9 % 6,7 % 7,6 % 6,8 % 7,3 %8,1 % 9,5 % 12,2 % 11,7 % 13,5 % 11,6 % 46,8 % 46,9 % 49,0 % 45,1 % 49,5 % 46,5 % 11,4 % 13,5 % 13,6 % 15,4 % 13,9 % 17,4 % 2022 IFRS 2023 IFRS 2024 IFRS 2025 IFRS Q4/24 IFRS Q4/25 IFRS Costs as % of net sales Depreciation and amortisation* Other operating expenses** Employee benefit expenses Materials and services
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184 208 228 193 2022 2023 2024 2025 Number of employees Renewed management team organized around year-end adding key commercial and product leadership in late 2025. Headcount reduced to 193 (228) Increased focus on developing core industry competencies Q4’25: Renewed management team and leaner organization Organizational development in Q4’25 15 * Other functions includes financial administration, HR, information management and business development R&D 94 Customer functions 83 Other functions* 16 Personnel by function
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Market conditions for key customer segments are expected to gradually improve during 2026, though geopolitical uncertainty remains Profitability is expected to improve from 2025 with cost reductions executed in 2025. Outlook for 2026 Net sales growth 5-13% compared to 2025 Growth Profitability Adjusted EBIT 23-29% of net sales Comments 16 Lemonsoft’s profit forecast for 2026:
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More information Publication of 2025 Annual Report during week 12 Annual General Meeting on 14 April 2026 Interim Report January – March 2026 on 29 April 2026 Half-year Report January – June 2026 on 14 August 2026 Interim Report January – September 2026 on 5 November 2026 Upcoming events in 2026 Investor Relations contact Alpo Luostarinen CEO alpo.luostarinen@lemonsoft.fi +358 50 911 3507 Mari Erkkilä CFO mari.erkkila@lemonsoft.fi +358 40 768 1415 Links Visit our investor website: investors.lemonsoft.fi 17