Interim report
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Luotea Luotea Plc Stock exchange release 6 August 2026 at 8.00 a.m. Luotea Plc : Half - Year Financial Report 1 January - 30 June 2026 Adjusted EBITA improved as net sales grew , turnaround in Sweden continues APRIL - JUNE • Net sales for the second quarter were EUR 88.1 million ( 86.8 ) . Net sales increased by 1.5 % . • Adjusted EBITA for the second quarter was EUR 2.5 million ( 1.9 ) , representing 2.9 % ( 2.1 % ) of net sales . Adjusted operating profit for the second quarter was EUR 2.2 million ( 1.5 ) , representing 2.5 % ( 1.7 % ) of net sales . Operating profit was EUR 0.9 million ( 0.7 ) , representing 1.0 % ( 0.8 % ) of net sales . Earnings per share for the second quarter were EUR 0.01 ( 0.01 ) . JANUARY - JUNE • Net sales for January - June were EUR 174.2 million ( 173.4 ) . Net sales increased by 0.4 % . Adjusted EBITA for January - June was EUR 2.9 million ( 2.3 ) , representing 1.6 % ( 1.3 % ) of net sales . • Adjusted operating profit for January - June was EUR 2.1 million ( 1.6 ) , representing 1.2 % ( 0.9 % ) of net sales . Operating profit was EUR 0.5 million ( 0.7 ) , representing 0.3 % ( 0.4 % ) of net sales . Earnings per share for January - June were EUR -0.01 ( 0.01 ) . Net cash flow from operating activities after investments for January - June was EUR -1.3 million ( 2.4 ; the comparison period includes both continuing and discontinued operations ) . Outlook for the year 2026 ( unchanged ) The adjusted EBITA for 2026 is expected to increase or increase significantly compared with the adjusted EBITA for 2025 ( EUR 7.0 million ) . Unless otherwise stated , all income statement figures presented in this report for quarterly and full - year periods refer to continuing operations only . The balance sheet at the reporting date includes continuing operations . The comparative period balance sheet includes both continuing and discontinued operations , and the comparative period cash flow includes both continuing and discontinued operations .
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PRESIDENT AND CEO ANTTI NIITYNPÄÄ: Luotea's net sales grew by 1.5% in the second quarter to EUR 88.1 million, and adjusted EBITA grew by 36% to EUR 2.5 million. Net sales improved by 9% in Sweden and by 5% in property maintenance and technical services in Finland. A disappointment, however, was the 7% decline in net sales in cleaning and support services in Finland compared with last year. During the review period, the Finnish facility services market continued to be characterised by intense price competition, customers' ongoing cost-saving programmes and delayed investment decisions. Net sales development in Finland was also affected by the fact that the comparison period included a major project in the technical services project business that was completed during the latter half of last year. Despite this, net sales in property maintenance and technical services grew. Price competition in cleaning and support services in Finland remained tight during the quarter. We were successful in several significant tenders in Finland during the review period, and this success has continued after the period as well. The medium-term market outlook is supported by outsourcing of wellbeing services counties' facility services as well as the reform of the Public Procurement Act ("Hankintalaki"), which is expected to increase competition and tendering in the municipal sector. The first significant outsourcing arrangements are expected to be implemented within the next 12 months. We believe that growth in the Finnish economy will support positive development in facility services during the remainder of the year. In Sweden, profitability improvement continued in line with the plan during the review period. As in the previous quarter, add-on sales increased significantly, driven particularly by systematic improvements in service quality and customer satisfaction. Energy efficiency and cost savings are emphasised in our customers' decision-making. We believe that leveraging data will meet this customer need and offer significant business opportunities. Shifting from simple, schedule-based operating models to data-driven, needs- based ways of working improves our efficiency, our competitiveness and customer satisfaction. Customer deployments of our strategically important spearhead product, the Smartti energy management system, which utilises data, automation and artificial intelligence, progressed as planned during the review period. Further development of the Smartti system progressed during the review period, and the first pilots of the more advanced version of the system are now in use by our customers. We increased the size of our revolving credit facility from EUR 10 million to EUR 15 million and, at the same time, repaid the EUR 5 million term loan in full. As a result of this change, our balance sheet no longer includes any traditional bank loans, only lease liabilities.
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GROUP NET SALES AND FINANCIAL PERFORMANCE April–June Net sales for the second quarter were EUR 88.1 million (86.8), an increase of EUR 1.3 million from the comparison period. In Finland, the decline in net sales was driven by intense competition in cleaning and support services, which reduced contract-based sales. In addition, add-on sales in cleaning and support services decreased significantly. The decrease in net sales in cleaning and support services was offset by growth in net sales of property maintenance and technical services, both in contract-based and add-on sales. The decline in net sales in the first quarter within technical services turned into slight growth in the second quarter. In Sweden, net sales increased due to growth in add-on sales outside contract-based services and new private-sector contracts. Net sales increased despite the comparison period still including a significant public- sector contract. Adjusted EBITA was EUR 2.5 million (1.9). Price competition in cleaning and support services in Finland remained intense, leading to both a decline in net sales and a slight decline in the sales margin. In Finland, profitability in property maintenance and technical services improved, supported by growth in net sales. In Sweden, the improvement in adjusted EBITA was driven by increased net sales, efficiency measures and new profitable private-sector contracts. Adjusted EBITA for the Group administration and other segment was EUR -0.3 million (-1.0). Adjusted operating profit was EUR 2.2 million (1.5), representing 2.5% (1.7%) of net sales. Operating profit was EUR 0.9 million (0.7), representing 1.0% (0.8%) of net sales. Operating profit included a total of EUR 1.3 million in items affecting comparability, related to brand renewal following the demerger, the efficiency programme, consulting costs and a legal case. Earnings per share were EUR 0.01 (0.01). Net financial expenses for the second quarter were EUR 0.2 million (0.0). January–June Net sales for January–June were EUR 174.2 million (173.4), an increase of EUR 0.8 million from the comparison period. In Finland, the decline in net sales was driven by intense competition in cleaning and support services, which reduced contract-based sales. In addition, add-on sales in cleaning and support services decreased significantly. Net sales in property maintenance and technical services declined by EUR 0.1 million because of the completion of a major project in the technical services project business that was included in the comparison period. In Sweden, net sales increased due to growth in add-on sales outside contract-based services and new private-sector contracts. Net sales increased despite the comparison period still including a significant public-sector contract. Adjusted EBITA was EUR 2.9 million (2.3). In Finland, the decline in profitability was mainly driven by the decrease in net sales and sales margin in cleaning and support services. In Sweden, the
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improvement in adjusted EBITA was driven by efficiency measures and new profitable private- sector contracts, whose profitability was higher than that of the loss-making public-sector contract that ended at the end of 2025. Adjusted EBITA for the Group administration and other segment was EUR -0.6 million (-1.6). Adjusted operating profit was EUR 2.1 million (1.6), representing 1.2% (0.9%) of net sales. Operating profit was EUR 0.5 million (0.7), representing 0.3% (0.4%) of net sales. Operating profit included a total of EUR 1.7 million in items affecting comparability, related to brand renewal following the demerger, the efficiency programme, consulting costs and a legal case. Earnings per share were EUR -0.01 (0.01). Net financial expenses for January–June were EUR 0.4 million (0.1). Key figures 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Net Sales, MEUR, continuing operations 88.1 86.8 174.2 173.4 346.0 Adjusted operating profit, MEUR, continuing operations 2.2 1.5 2.1 1.6 5.5 Operating profit, MEUR, continuing operations 0.9 0.7 0.5 0.7 3.0 Adjusted EBITDA, MEUR, continuing operations 4.3 4.3 7.4 7.3 17.3 EBITDA, MEUR, continuing operations 3.0 3.6 5.7 6.4 14.8 Adjusted EBITA, MEUR, continuing operations 2.5 1.9 2.9 2.3 7.0 Earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Diluted earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Net cash flow from operating activities after investments per share, EUR -0.33 -0.26 -0.03 0.06 1.16 Gross capital expenditure, MEUR, continuing operations 0.2 0.1 0.6 0.6 1.3 Equity per share, EUR 0.99 5.31 1.08 Capital employed, MEUR 51.0 398.1 60.9 Return on capital employed (ROCE), % 71.3 4.9 77.8 Equity ratio, % 29.9 34.0 29.1 Gearing, % 24.6 87.9 10.1 Net interest-bearing liabilities, MEUR 9.3 178.2 4.1 Average number of employees in full-time equivalents 3,917 6,025 5,864 Total number of full-time and part-time employees at end of the period 5,554 7,303 5,007 Number of outstanding shares adjusted for issues, 1,000 shares average during the period 38,205 38,174 38,180 at the end of the period 38,238 38,212 38,212 average during the period, diluted 38,284 38,360 38,246
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NET SALES AND OPERATING PROFIT BY SEGMENT Facility Services Finland April–June Net sales of Facility Services Finland were EUR 55.7 million (57.0). The decline in net sales was driven by intense competition in cleaning and support services, which reduced contract-based sales. In addition, add-on sales in cleaning and support services decreased significantly due to customers' cost-saving programmes. The decrease in net sales in cleaning and support services was offset by growth in net sales of property maintenance and technical services, both in contract-based and add-on sales. The decline in net sales in the first quarter within technical services turned into slight growth in the second quarter. Adjusted EBITA was EUR 3.4 million (4.2). Price competition in the cleaning business remained intense, leading to both a decline in net sales and a slight decline in the sales margin. In property maintenance and technical services, profitability improved, supported by growth in net sales. Adjusted operating profit was EUR 3.4 million (4.1). Operating profit was EUR 3.1 million (4.1). Operating profit was reduced by a total of EUR 0.3 million in items affecting comparability, mainly related to brand renewal associated with the demerger. January–June Net sales of Facility Services Finland were EUR 110.6 million (115.3). The decline in net sales was driven by intense competition in cleaning and support services, which reduced contract-based sales. In addition, add-on sales in cleaning and support services decreased significantly. Net sales in property maintenance and technical services declined by EUR 0.1 million because of the completion of a major project in the technical services project business that was included in the comparison period. Adjusted EBITA was EUR 4.5 million (6.4). The decline in profitability was mainly driven by the decrease in net sales and sales margin in cleaning and support services. Adjusted operating profit was EUR 4.5 million (6.3). Operating profit was EUR 3.9 million (6.3). Operating profit was reduced by a total of EUR 0.6 million in items affecting comparability, mainly related to brand renewal associated with the demerger.
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Facility Services Sweden April–June Net sales of Facility Services Sweden were EUR 32.5 million (29.9). Net sales increased due to growth in add-on sales outside contract-based services and new private-sector contracts. Net sales increased despite the comparison period still including a significant public-sector contract. Adjusted EBITA was EUR -0.6 million (-1.3). The improvement in adjusted EBITA was driven by increased net sales, efficiency measures and new profitable private-sector contracts. Adjusted operating profit was EUR -1.0 million (-1.6). Operating profit was EUR -1.3 million (-1.4). Operating profit was reduced by a total of EUR 0.4 million in items affecting comparability, mainly related to start-up costs for significant new customer accounts, the efficiency programme and a legal case. January–June Net sales of Facility Services Sweden were EUR 63.7 million (58.2). Net sales increased due to growth in add-on sales outside contract-based services and new private-sector contracts. Net sales increased despite the comparison period still including a significant public-sector contract. Adjusted EBITA was EUR -1.0 million (-2.4). The improvement in adjusted EBITA was driven by efficiency measures and new profitable private-sector contracts, whose profitability was higher than that of the loss-making public-sector contract that ended at the end of 2025. Adjusted operating profit was EUR -1.7 million (-3.1). Operating profit was EUR -2.4 million (-2.8). Operating profit was reduced by a total of EUR 0.7 million in items affecting comparability, related to start-up costs for new customer accounts, the efficiency programme and a legal case. FINANCING The balance sheet at the reporting date includes continuing operations. The comparative period balance sheet includes both continuing and discontinued operations, and the comparative period cash flow includes both continuing and discontinued operations. Net cash flow from operating activities for the first half of 2026 was EUR -0.5 million (16.9). Net cash flow from operating activities after investments was EUR -1.3 million (2.4). During the first half of the year, EUR 2.7 million was tied up in working capital (tied up 14.2). During the second quarter, Luotea repaid the EUR 5 million bank loan in full and increased the size of its revolving credit facility from EUR 10 million to EUR 15 million. During the quarter, Luotea exercised a one-year extension option, following which the EUR 15 million revolving credit facility will mature in the second quarter of 2029. The revolving credit facility is subject to the
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following financial covenants: equity ratio and net debt to EBITDA. Compliance with the covenant terms is monitored on a quarterly basis. At the end of the review period, the EUR 100.0 million commercial paper programme was completely unused (comparison period: EUR 10 million in use). Two EUR 10.0 million overdraft facilities and the above-mentioned EUR 15.0 million committed revolving credit facility were unused (comparison period: one EUR 10 million overdraft facility and a total of EUR 50 million in committed revolving credit facilities were unused). The equity ratio was 29.9% (34.0%) and the gearing ratio was 24.6% (87.9%). The ratio of net debt to adjusted EBITDA was 0.6. The Group's equity totalled EUR 37.8 million (202.8). Cash and cash equivalents amounted to EUR 3.9 million (17.1) at the end of the review period, and net debt was EUR 9.3 million (178.2). The decrease in equity, cash and cash equivalents, and net debt compared with the comparison period was mainly due to the partial demerger executed at the turn of the year. In the second quarter, cash and cash equivalents decreased due to the dividend payment, the repayment of the bank loan and seasonal variation in working capital. EFFICIENCY PROGRAMME At the beginning of 2025, the company launched an efficiency programme aimed at improving profitability. During January–December 2025, comparable costs in continuing operations decreased by approximately EUR 3 million compared with January–December 2024 because of the programme's measures. In 2026, the programme's actions will focus primarily on improving the efficiency of the operations in Sweden. The efficiency programme supported by an external consultant ended at the end of the review period. Going forward, productivity and efficiency will be managed within the company's normal management system. DIVIDEND DISTRIBUTION The Annual General Meeting held on 29 April 2026 resolved that a dividend of EUR 0.07 per share, totalling EUR 2.7 million, be paid based on the confirmed balance sheet for the financial year 2025. The dividend was paid to shareholders on 11 May 2026. CAPITAL EXPENDITURE Gross capital expenditure during the review period amounted to EUR 0.6 million (0.6). Investments consisted mainly of digital development, property and equipment.
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SUSTAINABILITY The sustainability development of Luotea's continuing operations remained strong during the review period. The company's carbon footprint (Scope 1–2) decreased by 8% compared with the comparison period. The total recordable injury frequency (TRIF) decreased from the comparison period and was 13 (17). Sickness-related absences increased by 0.3 percentage points. PERSONNEL The average number of employees converted into full-time equivalents during January–June 2026 was 3,917 (4,112). At the end of the review period, the company employed a total of 5,554 (5,690) full-time and part-time employees. Metric Q2 2026 Q2 2025 Target Target achievable 2026 target Environmental responsibility Carbon footprint (tCO2-ekv.) Scope 1 & 2 1,086 1,180 Net zero 2045 1,920 Energy savings delivered to customers (MWh) 2,574 3,763 15,878 2026 15,878 Social responsibility Total Recordable Injury Frequency (TRIF)1 13 17 13 2026 13 Sickness absence rate (%) 5.1 4.8 4.9 2026 4.9 1) From 2026 onwards, the TRIF calculation includes only occupational injuries requiring medical treatment by a physician, whereas previously all cases requiring a medical visit were reported. Number of employees at the end of review period 30.6.2026 30.6.2025 2025 Finland 4,312 4,508 3,835 Sweden 1,242 1,182 1,172 Luotea Group 5,554 5,690 5,007 Full-time employees on average 1-6/2026 1-6/2025 2025 Finland 3,105 3,289 3,158 Sweden 812 823 785 Luotea Group 3,917 4,112 5,864
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SHARES AND SHARE CAPITAL At 30 June 2026, the number of treasury shares held by Luotea corresponded to 1.4% of all the company's shares and votes. Share capital The company's registered share capital is EUR 1,000,000. Shareholders At the end of the review period, the company had 22,862 shareholders. The proportion of nominee-registered holdings was 15.7% of the shares. Share-based incentive plans The company's Board of Directors established a share-based incentive plan 2023–2027 for the company's key employees in 2022. The share-based incentive plan 2023–2027 has included three performance periods, calendar years 2023–2025, 2024–2026 and 2025–2027. The key terms and conditions of the share-based incentive plan 2023–2027 were published in a stock exchange release on 15 December 2022. The company announced on 13 March 2026 that, due to the partial demerger, the Board of Directors resolved to make necessary updates to the ongoing earning periods of the share-based incentive scheme for 2024–2026 and 2025–2027 for the remaining years 2026 and 2027. The update concerned the content of the ESG criterion. For the remaining years of the earning periods, the ESG criterion was changed from reduction of carbon footprint to eNPS measuring employee experience. Following the partial demerger, the target group of the incentive scheme Shares 30 Jun 2026 31 Dec 2025 Number of shares 38,798,874 38,798,874 Treasury shares 560,960 587,150 Shares outstanding 38,237,914 38,211,724 Market capitalisation, EUR million 67.7 67.6 Trading of shares H1 2026 H1 2025 Number of shares traded 8,718,501 #N/A Total value, EUR million 21.4 #N/A Highest price, EUR 3.18 #N/A Lowest price, EUR 1.74 #N/A Volume-weighted average price, EUR 2.45 #N/A Closing price, EUR 1.77 #N/A
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comprises only those individuals transferred to Luotea Plc. The size of the rewards and the other earning criteria remained unchanged. In the earning period 2024–2026, the earning of rewards is based on the following performance criteria: • Relative total shareholder return (TSR) in 2024–2026 (weighting 30%) • Return on capital employed (ROCE) in 2024–2026 (weighting 50%) • Carbon footprint reduction, Scope 1, 2 and 3 (ESG) in 2024–2025 and eNPS (ESG) in 2026 (weighting 20%) The rewards to be paid based on the performance period 2024–2026 are estimated to correspond to a maximum amount of approximately the value of 183,000 Luotea Plc shares, including also the proportion to be paid in cash. The target group of the share-based incentive plan for the performance period 2024–2026 includes approximately 9 key employees, including the Group's CEO and part of the Group Management Team. In the earning period 2025–2027, the earning of rewards is based on the following performance criteria: • Relative total shareholder return (TSR) in 2025–2027 (weighting 20%) • Return on capital employed (ROCE) in 2025–2027 (weighting 30%) • Carbon footprint reduction, Scope 1, 2 and 3 (ESG) in 2025 and eNPS (ESG) in 2026–2027 (weighting 20%) • Revenue growth in 2025–2027 (weighting 30%) The rewards to be paid based on the performance period 2025–2027 are estimated to correspond to a maximum amount of approximately the value of 291,000 Luotea Plc shares, including also the proportion to be paid in cash. During the performance period 2025–2027, the target group of the share-based incentive plan consists of approximately 16 key employees, including the CEO and part of the Group Management Team. The Board of Directors of Luotea Plc has decided to establish a new long-term share-based incentive scheme for the Group's key employees for the period 2026–2030. The objective of the new scheme is to align the interests of the company, its shareholders and key employees in increasing the company's long-term value, to retain key employees, and to provide them with competitive incentive schemes based on the earning and accumulation of the company's shares and the appreciation of the share price. The share-based incentive plan 2026–2030 consists of three (3) three-year (3) performance periods, calendar years 2026–2028, 2027–2029 and 2028–2030. In the plan, the participant could earn shares in Luotea Plc based on the achievement of the performance criteria. The Board of Directors decides on the performance criteria of the plan and the targets to be set for each performance criterion at the beginning of the performance period. The potential rewards of the plan will be paid after the end of each performance period.
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In the performance period 2026–2028, the earning of rewards is based on the following performance criteria: • Cash conversion (20%) in 2026–2028 • Earnings per share (EPS) (40%) in 2026–2028 • eNPS (ESG) (20%) in 2026–2028 • Revenue growth (CAGR) (20%) in 2026–2028 The rewards payable for the 2026–2028 earning period correspond in total to an estimated maximum value of approximately 389,000 Luotea Plc shares, including the cash portion payable. The target group of the share-based incentive scheme for the 2026–2028 earning period comprises approximately 18 key employees, including the Group's President and CEO and the Executive Management Team. Rewards under the share-based incentive scheme are paid partly in Luotea Plc shares and partly in cash. The cash portion of the rewards is intended to cover taxes and tax-related charges arising from the rewards paid to participants. As a rule, no reward is paid if the participant's employment or executive contract terminates during the earning or vesting period. A member of the Group Executive Management Team is required to hold at least 50% of the net shares received under the new incentive schemes until the value of the executive's shareholding in the company corresponds to the value of their annual salary in total. This number of shares must be held for as long as the individual remains a member of the Group Executive Management Team. Flagging Notifications There were no flagging notifications during the review period. Authorisations of the Board of Directors The Annual General Meeting of Luotea Plc held on 29 April 2026 resolved to authorise the Board of Directors to repurchase the company's own shares using the company's unrestricted equity. In addition, the Annual General Meeting resolved to authorize the Board of Directors to decide on a share issue and the issuance of special rights entitling their holders to shares. The Board of Directors is authorized to acquire a maximum of 2,000,000 of the company's own shares, corresponding to 5.2% of the total number of shares. The authorisation is valid for 18 months. The Board of Directors is authorized to decide on the issuance of new shares or shares possibly held by the company through a share issue and/or the issuance of option rights or other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act, so
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that under the authorisation a maximum of 2,000,000 shares may be issued and/or transferred, corresponding to 5.2% of the total number of shares. The authorisation is valid for 18 months. RESOLUTIONS BY THE ANNUAL GENERAL MEETING The Annual General Meeting of Luotea Plc held on 29 April 2026 adopted the Financial Statements and the Consolidated Financial Statements for the financial year 2025, discharged the members of the Board of Directors and the President and CEO from liability, and adopted the Remuneration Report for the governing bodies. The Annual General Meeting resolved on the use of the profit shown on the balance sheet and the payment of dividend, the composition and remuneration of the Board of Directors, the election and remuneration of the Auditor, the election of the Sustainability Reporting Assurance Provider, and authorised the Board of Directors to repurchase the company's own shares and to decide on a share issue and the issuance of special rights entitling to shares. The Annual General Meeting resolved that a dividend of EUR 0.07 per share be paid based on the balance sheet to be adopted for the financial year 2025. The dividend payment date was set as 11 May 2026. The resolutions of the Annual General Meeting were described in more detail in a stock exchange release published on 29 April 2026. BOARD OF DIRECTORS The members of the Board of Directors of Luotea Plc are Pasi Tolppanen, Anna-Maria Ronkainen and Juuso Maijala, as well as Johan Mild, Timo Karppinen and Soile Kankaanpää. The Annual General Meeting of Luotea Plc held on 29 April 2026 elected Johan Mild as Chair of the Board and Pasi Tolppanen as Vice Chair. The persons elected as members of the Board of Directors have announced that they will appoint the members of the Audit Committee and the Personnel and Sustainability Committee from among themselves as follows: the Audit Committee consists of Timo Karppinen (Chair), Soile Kankaanpää and Juuso Maijala, and the Personnel and Sustainability Committee consists of Johan Mild (Chair), Anna-Maria Ronkainen and Pasi Tolppanen. EVENTS AFTER THE REVIEW PERIOD On 5 August 2026, the company announced, that Rikard Nyhrén has been appointed as the new CEO of Luotea Sweden and a member of the Group Management Team. He will assume the position no later than 5 February 2027. The CEO of Luotea Sweden and a member of the Luotea's Group Management Team Mikko Taipale, has decided to step down from his position, effective immediately. In the interim, Saman Khalilian, CFO of Luotea Sweden, will assume responsibility for the position.
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NEAR-TERM RISKS AND UNCERTAINTIES General economic uncertainty may affect customers' economic activity, which could reduce demand for Luotea's services. Luotea's business is exposed to economic cycles, and changes in market conditions as well as fluctuations in the industries of Luotea's customers may affect demand for Luotea's services and solutions. Luotea operates in highly competitive markets, and increased competition, unsuccessful pricing or failure to respond appropriately to competitive situations could result in a loss of EBITDA or market share for Luotea. The company has ongoing IT system renewal projects. Temporary additional costs related to system implementation and the stabilisation of operating models, as well as tied-up working capital, may weaken the company's result. Luotea's potential mergers and acquisitions and other corporate transactions expose the company to various risks that may have an adverse effect on its business. Luotea operates in a labour-intensive industry, and failures in recruiting skilled personnel, loss of senior executives or other key employees, or other disturbances in the availability or work ability of personnel may adversely affect Luotea's business. The company may not always succeed in recruiting and/or retaining individuals with the required competencies. Luotea's operations and services are highly dependent on data networks and digital solutions. Disruptions, breaches or attacks targeting these systems, potential failures in IT development projects, or insufficient data-processing agreements may adversely affect Luotea's business and financial position and could also cause reputational harm. There is uncertainty related to the geopolitical situation due to Russia's war of aggression, U.S. trade policy and the crisis in the Middle East. Direct impacts on fuel prices and indirect impacts on general economic activity in Finland and Sweden may weaken net sales and profit. Due to the partial demerger, risks may arise, for example, related to the retention of skilled personnel, customer relationships or costs. Prior to the partial demerger, some shared costs were allocated across Lassila & Tikanoja's other businesses and following the demerger these costs may increase. The dispute between Luotea FM AB and Micasa Fastigheter i Stockholm AB was resolved in Luotea's favour in April 2026. On 30 April 2026, Micasa appealed against the judgment to the Court of Appeal and announced that the SEK 43 million awarded to Luotea would be paid into an escrow account held by the judicial authority. The Court of Appeal has announced that it has granted leave to appeal.
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More detailed information on Luotea's risks and risk management is presented in the 2025 Annual Report as well as in the Report by the Board of Directors and the consolidated financial statements. Webcast Luotea will host a webcast for analysts, institutional investors and the media on 6 August 2026 at 11:00 a.m. EEST. The presentation material will be published on the company's website. The event will be held in English. The webcast will be hosted by the company's President and CEO Antti Niitynpää and CFO Mika Stirkkinen. The webcast can be followed at: https://luotea.events.inderes.com/2026-q2 Helsinki 6 August 2026 LUOTEA PLC Board of Directors Antti Niitynpää President and CEO For additional information: Antti Niitynpää, President and CEO, tel. +358 400 231 167 Mika Stirkkinen, CFO, tel. +358 40 55 88 520 Luotea IR, ir@luotea.com Luotea is a pioneer in facility services, offering comprehensive lifecycle solutions for buildings. We combine energy efficiency with innovative thinking to maximise property value and ensure the best conditions for every user. Our services range from advanced property maintenance, building technology and consultancy to professional cleaning and support. We grow sustainably and profitably, mindful of our impact on buildings, the environment and society. Leading the way, we drive our industry forward and shape a better tomorrow. For us, success is measured in trust – the trust our people, clients and owners have in us. Luotea operates in Finland and Sweden, with 2025 net sales EUR 346 million and a workforce of approximately 5,000. Luotea is publicly listed on Nasdaq Helsinki. Distribution: Nasdaq Helsinki Major media www.luotea.com/en/
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Financial Statements Release 1 January - 30 June 2026: Tables Contents Key figures of the Group Key figures Reconciliation of alternative performance measures Calculation of key figures Primary financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of cash flows Consolidated statement of changes in equity Notes 1. Accounting policies 2. Segment information 3. Segment information by quarter, continuing operations 4. Disaggregation of revenue 5. Discontinued operations 6. Intangible and tangible assets 7. Capital commitments 8. Provisions 9. Financial assets and liabilities by category 10. Related party transactions 11. Commitments and contingent liabilities
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Key figures of the Group Key figures 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Net Sales, MEUR, continuing operations 88.1 86.8 174.2 173.4 346.0 Adjusted operating profit, MEUR, continuing operations 2.2 1.5 2.1 1.6 5.5 Operating profit, MEUR, continuing operations 0.9 0.7 0.5 0.7 3.0 Adjusted EBITDA, MEUR, continuing operations 4.3 4.3 7.4 7.3 17.3 EBITDA, MEUR, continuing operations 3.0 3.6 5.7 6.4 14.8 Adjusted EBITA, MEUR, continuing operations 2.5 1.9 2.9 2.3 7.0 Earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Diluted earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Net cash flow from operating activities after investments per share, EUR -0.33 -0.26 -0.03 0.06 1.16 Gross capital expenditure, MEUR, continuing operations 0.2 0.1 0.6 0.6 1.3 Equity per share, EUR 0.99 5.31 1.08 Capital employed, MEUR 51.0 398.1 60.9 Return on capital employed (ROCE), % 71.3 4.9 77.8 Equity ratio, % 29.9 34.0 29.1 Gearing, % 24.6 87.9 10.1 Net interest-bearing liabilities, MEUR 9.3 178.2 4.1 Average number of employees in full-time equivalents 3,917 6,025 5,864 Total number of full-time and part-time employees at end of the period 5,554 7,303 5,007 Number of outstanding shares adjusted for issues, 1,000 shares average during the period 38,205 38,174 38,180 at the end of the period 38,238 38,212 38,212 average during the period, diluted 38,284 38,360 38,246 2 2025 proposal by the Board of Directors 1Unless otherwise stated, the figures include both continuing and discontinued operations. The figures of the statement of financial position as of 31 December 2025 do not included discontinued operations.
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Reconciliation of alternative performance measures RECONCILIATION OF ADJUSTED OPERATING PROFIT TO OPERATING PROFIT, CONTINUING OPERATIONS MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Operating profit, continuing operations 0.9 0.7 0.5 0.7 3.0 Items affecting comparability: - costs arising from business restructurings 1.1 0.0 1.5 0.1 0.2 - other items1 0.2 0.8 0.2 0.8 2.3 Adjusted operating profit 2.2 1.5 2.1 1.6 5.5 RECONCILIATION OF ADJUSTED EBITDA TO OPERATING PROFIT, CONTINUING OPERATIONS MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Operating profit, continuing operations 0.9 0.7 0.5 0.7 3.0 + Depreciation, amortisation and impairment 2.1 2.8 5.2 5.7 11.8 EBITDA, continuing operations 3.0 3.6 5.7 6.4 14.8 Items affecting comparability: - costs arising from business restructurings 1.1 0.0 1.5 0.1 0.2 - other items1 0.2 0.8 0.2 0.8 2.3 Adjusted EBITDA, continuing operations 4.3 4.3 7.4 7.3 17.3 The company discloses certain other widely used performance measures that can for the most part be derived from the income statement and balance sheet. The formulas for these performance measures are provided in the section Calculation of key figures. In the company’s view, these measures clarify the result of operations and financial position based on the income statement and balance sheet. 1 Other items in 2025 consist mainly of costs related to the ongoing efficiency programme as well as changes in provisions related to Facility Services Sweden's onerous contracts and disputes. 1 Other items in 2025 consist mainly of costs related to the ongoing efficiency programme as well as changes in provisions related to Facility Services Sweden's onerous contracts and disputes.
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RECONCILIATION OF ADJUSTED EBITA TO OPERATING PROFIT, CONTINUING OPERATIONS MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Operating profit, continuing operations 0.9 0.7 0.5 0.7 3.0 from acquisitions 0.4 0.4 0.7 0.7 1.5 EBITA, continuing operations 1.3 1.1 1.2 1.4 4.4 Items affecting comparability: - costs arising from business restructurings 1.1 0.0 1.5 0.1 0.2 - other items1 0.2 0.8 0.2 0.8 2.3 Adjusted EBITA, continuing operations 2.5 1.9 2.9 2.3 7.0 RECONCILIATION OF GROSS CAPITAL EXPENDITURE, CONTINUING OPERATIONS MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Increases to intangible assets 0.3 0.3 0.3 Increases to tangible assets 0.3 0.3 1.0 Gross capital expenditure, continuing operations - - 0.6 0.6 1.3 RETURN ON CAPITAL EMPLOYED (ROCE), %, BY SEGMENT 30 Jun 2026 30 Jun 202531 Dec 2025 Facility Services Finland Capital employed (MEUR), average of the end of the period and the end of the comparison period 15.5 18.4 14.6 Operating profit (rolling 12 months) 8.7 13.8 11.1 + financial income (rolling 12 months) 0.7 0.6 0.6 Return on capital employed, MEUR 9.4 14.4 11.7 Return on capital employed (ROCE), % 60.5 78.1 80.2 Facility Services Sweden Capital employed (MEUR), average of the end of the period and the end of the comparison period 29.4 44.0 30.5 Operating profit (rolling 12 months) -4.9 -33.3 -5.3 + financial income (rolling 12 months) 0.1 0.1 0.1 Return on capital employed, MEUR -4.8 -33.2 -5.2 Return on capital employed (ROCE), % -16.4 -75.3 -17.2 1 Other items in 2025 consist mainly of costs related to the ongoing efficiency programme as well as changes in provisions related to Facility Services Sweden's onerous contracts and disputes.
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Calculation of key figures Interest-bearing financial liabilities: Borrowings + lease liabilities Capital employed: equity + interest-bearing financial liabilities Return on capital employed, % (ROCE): (operating profit + financial income + share of result in associated companies and joint ventures, rolling 12 months) / equity + Interest bearing financial liabilities (average of the end of the period and at the end of the comparison period) x 100 Equity ratio, %: equity / (total equity and liabilities - advances received) x 100 Gearing, %: net interest-bearing liabilities / equity x 100 Net interest-bearing liabilities: Interest bearing financial liabilities - cash and cash equivalents Gross capital expenditure: Investments in intangible and tangible assets excluding right-of-use assets, including assets Adjusted operating profit: operating profit +/- items affecting comparability Items affecting comparability: substantial costs arising from business restructurings or acquisitions, gains and losses from divestments and costs arising from the discontinuation of businesses as well as other material items outside ordinary course of business EBITDA: operating profit + depreciation, amortisation and impairment Adjusted EBITDA: EBITDA +/- items affecting comparability excluding depreciation, amortisation and impairment EBITA: operating profit + amortisation and impairment of purchase price allocations to intangible assets from acquisitions Adjusted EBITA: EBITA +/- items affecting comparability Equity per share: equity attributable to the equity holders of the parent company / adjusted basic number of shares at the balance sheet date Earnings per share: result for the period attributable to the equity holders of the parent company / adjusted average basic number of shares Diluted earnings per share: result for the period attributable to the equity holders of the parent company / adjusted average diluted number of shares Net cash flow from operating activities after investments/share: Net cash flow from operating and investing activities / adjusted average basic number of shares
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Primary financial statements Consolidated income statement MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Note Continuing opearations Net sales 88.1 86.8 174.2 173.4 346.0 2, 3, 4 Other operating income 0.3 0.1 0.8 0.5 0.8 Materials and services -25.7 -23.9 -51.7 -48.8 -99.3 2.0 Employee benefit expenses -50.2 -52.4 -100.8 -103.0 -201.6 2.0 Other operating expenses -9.5 -7.2 -16.8 -15.7 -31.1 2.0 Depreciation, amortisation and impairment -2.1 -2.8 -5.2 -5.7 -11.8 2, 6 Operating profit 0.9 0.7 0.5 0.7 3.0 2, 3 Financial income 0.1 0.1 0.1 0.3 0.5 Financial expenses -0.2 -0.1 -0.6 -0.3 -1.1 Exchange rate differences (net) -0.0 -0.0 0.0 -0.1 -0.1 Financial income and expenses -0.2 0.0 -0.4 -0.1 -0.7 Result before taxes 0.8 0.8 0.0 0.6 2.3 Income taxes -0.3 -0.3 -0.4 -0.3 -1.1 Result for the period for continuing operations 0.4 0.4 -0.4 0.3 1.2 Result for the period for discontinued operations - 7.8 - 11.3 160.4 5.0 Result for the period 0.4 8.2 -0.4 11.6 161.7 Attributable to: Equity holders of the company 0.4 8.2 -0.4 11.6 161.7 Continuing operations 0.4 0.4 -0.4 0.3 1.2 Discontinued operations - 7.8 - 11.3 160.4 Earnings per share attributable to the equity holders of the parent company: Earnings per share, EUR 0.01 0.21 -0.01 0.30 4.23 Diluted earnings per share, EUR 0.01 0.21 -0.01 0.30 4.23 Earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Diluted earnings per share, EUR, continuing operations 0.01 0.01 -0.01 0.01 0.03 Earnings per share, EUR, discontinued operations - 0.20 - 0.30 4.20 Diluted earnings per share, EUR, discontinued operations - 0.20 - 0.30 4.20
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Consolidated statement of comprehensive income MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 1-12/2025 Result for the period 0.4 8.2 -0.4 11.6 161.7 Other comprehensive income, net of tax Items not to be recognised through profit or loss Items arising from re-measurement of defined benefit plans, continuing operations - - - - 0.0 Items not to be recognised through profit or loss, total - - - - 0.0 Items potentially to be recognised through profit or loss Currency translation differences, continuing operations -0.2 -0.5 -0.5 0.6 1.2 Currency translation differences, discontinued operations - -0.3 - 0.2 0.7 Items potentially to be recognised through profit or loss, total -0.2 -0.8 -0.5 0.8 1.9 Other comprehensive income, total -0.2 -0.8 -0.5 0.8 1.9 Total comprehensive income, after tax 0.2 7.4 -0.8 12.4 163.6 Attributable to: Equity holders of the company 0.2 7.4 -0.8 12.4 163.6 Continuing operations 0.2 -0.1 -0.8 0.9 2.4 Discontinued operations - 7.5 - 11.6 161.2
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Consolidated statement of financial position MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Note ASSETS Non-current assets Intangible assets Goodwill 38.6 160.9 38.8 6 Other intangible assets 3.8 44.2 4.8 6 42.3 205.1 43.6 Tangible assets 5.3 158.0 6.3 6 Right-of-use assets 12.9 67.7 14.6 6 18.3 225.6 20.9 Other non-current assets Shares in associated companies and joint ventures - 18.6 - Other shares and holdings 0.1 0.2 0.1 Deferred tax assets 2.4 3.2 2.1 Other receivables 0.4 0.9 0.4 9 2.8 22.8 2.6 Total non-current assets 63.4 453.6 67.1 Current assets Inventories - 10.5 - Trade receivables 38.0 98.0 36.7 9 Contract assets 11.6 23.9 8.8 Income tax receivables 3.3 0.5 0.6 Other receivables 7.1 9.2 13.1 9 Cash and cash equivalents 3.9 17.1 15.7 9 Total current assets 63.9 159.3 74.9 Total assets 127.2 612.9 142.0
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Consolidated statement of financial position MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Note EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the parent com Share capital 1.0 19.4 1.0 Translation reserve -12.1 -12.7 -11.6 Invested unrestricted equity reserve 0.1 0.6 0.1 Retained earnings 48.8 195.4 51.6 Total equity 37.8 202.8 41.1 Liabilities Non-current liabilities Deferred tax liabilities 4.5 26.7 4.5 Retirement benefit obligations 0.8 1.1 0.9 Provisions 0.0 8.7 - 8 Borrowings 0.0 114.8 5.0 9 Lease liabilities 7.5 52.5 8.8 9 Other liabilities - 6.2 - 9 12.9 210.0 19.2 Current liabilities Borrowings - 10.5 - 9 Lease liabilities 5.7 17.5 6.0 9 Trade and other payables 68.6 169.7 73.7 9 Income tax liabilities 0.6 0.4 0.2 Provisions 1.6 2.0 1.8 8 76.5 200.1 81.6 Total liabilities 89.4 410.1 100.9 Total equity and liabilities 127.2 612.9 142.0
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Consolidated statement of cash flows MEUR 1-6/2026 1-6/2025 1-12/2025 Note Cash flow from operating activities Result for the period -0.4 11.6 161.7 Adjustments Income taxes 0.4 2.5 7.7 Depreciation, amortisation and impairment 5.2 27.8 53.3 2, 6 Financial income and expenses 0.4 3.8 7.8 Gains and losses on sale of tangible and intangible assets -0.2 -0.3 -0.6 Share of result of associated companies and joint ventures - -1.2 -1.9 Provisions -0.1 -1.4 -3.8 8 Non-cash adjustments related to the demerger - - -133.8 Other adjustments 0.2 -2.1 0.9 Net cash generated from operating activities before change in wo 5.6 40.7 91.4 Change in working capital Change in trade and other receivables 1.3 -20.5 -12.7 9 Change in inventories -0.0 -0.9 -0.2 Change in trade and other payables -3.9 7.1 8.2 9 Change in working capital -2.7 -14.2 -4.7 Interest and other financial expenses paid -0.6 -6.2 -10.6 Interest and other financial income received 0.1 0.3 0.6 Income taxes paid -3.0 -3.7 -1.1 Net cash from operating activities -0.5 16.9 75.6 Cash flow from investing activities Acquisition of subsidiaries and businesses, net of cash acquired - -7.9 -11.1 Purchases of tangible and intangible assets -0.9 -9.4 -23.4 Proceeds from the sale of tangible and intangible assets 0.1 1.3 1.5 Dividends received from joint venture 0.0 1.6 1.6 9 Dividends received from other non-current investments - - 0.0 Net cash from investing activities -0.8 -14.5 -31.4 Net cash flow from operating activities after investments -1.3 2.4 44.2 Cash flow from financing activities Proceeds from short-term borrowings - 20.0 30.0 9 Repayments of short-term borrowings - -10.0 -30.0 9 Proceeds from long-term borrowings - 40.0 55.0 9 Repayments of long-term borrowings -5.0 -40.2 -40.9 9 Repayments of lease liabilities -2.8 -9.9 -20.2 9 Dividends paid -2.7 -19.1 -19.1 Net cash from financing activities -10.5 -19.3 -25.2 Net change in cash and cash equivalents -11.8 -16.9 19.0 Cash and cash equivalents at the beginning of the period 15.7 33.9 33.9 9 Impact of the demerger on cash and cash equivalents2 - - -37.4 5 Effect of changes in foreign exchange rates 0.0 0.1 0.1 Cash and cash equivalents at the end of the period 3.9 17.1 15.7 9 2 The impact of the demerger on cash and cash equivalents includes the cash balances in subsidiaries transferred to Lassila & Tikanoja. 1 Includes the cash flow for both continuing and discontinued operations.
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Consolidated statement of changes in equity MEUR Share capital Translation reserve Invested unrestricted equity reserve Retained earnings Total equity Equity 1 January 2026 1.0 -11.6 0.1 51.6 41.1 Total comprehensive income Result for the period, continuing operations -0.4 -0.4 Other comprehensive income, continuing operations - -0.5 - - -0.5 Total comprehensive income - -0.5 - -0.4 -0.8 Transactions with shareholders Share-based benefits - - - 0.3 0.3 Dividends paid - - - -2.7 -2.7 Returned dividends - - - - - - - - Transactions with shareholders, total - - - -2.4 -2.4 Equity 30 June 2026 1.0 -12.1 0.1 48.8 37.8 MEUR Share capital Translation reserve Invested unrestricted equity reserve Retained earnings Total equity Equity 1 January 2025 19.4 -13.5 0.6 202.7 209.2 Total comprehensive income Result for the period, continuing operations 11.6 11.6 Other comprehensive income, continuing operations - 0.8 - - 0.8 Total comprehensive income - 0.8 - 11.6 12.4 Transactions with shareholders Share-based benefits - - - 0.3 0.3 Dividends paid - - - -19.1 -19.1 Returned dividends - - - 0.0 0.0 Transactions with shareholders, total - - - -18.8 -18.8 Equity 30 June 2025 19.4 -12.7 0.6 195.4 202.8
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Notes 1. Accounting policies This Interim Report is in compliance with the IAS 34 Interim Financial Reporting standard. The Interim Report has been prepared with application of the IFRS standards and interpretations in effect on 31 December 2025 and the new and amended standards and interpretations entered into force on 1 January 2026. On 7 August 2025, Luotea Plc published the Demerger Plan concerning the carve out of the company's Circular Economy Business by means of a partial demerger. The Extraordinary General Meeting approved the Demerger Plan on 4 December 2025, and the demerger was implemented on 31 December 2025. Following the resolution of the Extraordinary General Meeting, Luotea classified the items related to the circular economy business as discontinued operations in accordance with IFRS 5. The figures for 2026 do not include discontinued operations. In this Interim Report the results of Circular Economy are presented as discontinued operations in accordance with IFRS 5, and the results of discontinued operations for the comparative period are presented in a separate line in the consolidated income statement, separate from the income and expenses of continuing operations. The presentation of financial statements related to the demerger is explained in Note 5 (Discontinued operations). All information regarding comparative periods in the income statement in this Interim Report has been adjusted. The adjustment was published in the stock exchange release on 26 February 2026. Upon completion of the demerger on 31 December 2025, the assets and liabilities relating to the discontinued operations were transferred to Lassila & Tikanoja Plc. Consequently, the Company's statement of financial position at the reporting date does not include assets and liabilities related to discontinued operations. In all other respects, the preparation of this Interim Report has followed the same accounting principles as applied in the Consolidated Financial Statements as at 31 December 2025.
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2. Segment information MEUR 4-6/2026 4-6/2025 Change % 1-6/2026 1-6/2025 Change % 1-12/2025 Net sales Facility Services Finland 55.7 57.0 -2.3 110.6 115.3 -4.1 224.4 Facility Services Sweden 32.5 29.9 8.7 63.7 58.2 9.4 121.9 Interdivisional net sales -0.0 -0.1 47.3 -0.1 -0.2 29.4 -0.4 The Group total 88.1 86.8 1.5 174.2 173.4 0.4 346.0 Operating profit Facility Services Finland 3.1 4.1 -24.9 3.9 6.3 -37.8 11.1 Facility Services Sweden -1.3 -1.4 2.1 -2.4 -2.8 14.6 -5.3 Group administration and other -0.8 -2.0 58.5 -1.0 -2.8 63.0 -2.7 The Group total 0.9 0.7 26.4 0.5 0.7 -31.1 3.0 Adjusted operating profit Facility Services Finland 3.4 4.1 -17.1 4.5 6.3 -28.9 12.4 Facility Services Sweden -1.0 -1.6 40.6 -1.7 -3.1 45.0 -3.9 Group administration and other -0.3 -1.0 72.5 -0.6 -1.6 61.5 -2.9 The Group total 2.2 1.5 46.3 2.1 1.6 35.4 5.5 EBITDA Facility Services Finland 4.2 5.5 -23.4 6.4 9.1 -30.4 16.2 Facility Services Sweden -0.5 -0.1 -453.3 0.1 -0.3 122.5 -0.3 Group administration and other -0.7 -1.9 61.5 -0.8 -2.5 69.9 -1.2 The Group total 3.0 3.6 -15.3 5.7 6.4 -10.7 14.8 Adjusted EBITDA Facility Services Finland 4.6 5.5 -17.7 6.9 9.1 -24.3 17.6 Facility Services Sweden -0.1 -0.3 64.7 0.8 -0.5 251.2 1.1 Group administration and other -0.2 -0.9 80.8 -0.4 -1.4 73.9 -1.4 The Group total 4.3 4.3 -1.1 7.4 7.3 1.3 17.3 Adjusted EBITA Facility Services Finland 3.4 4.2 -17.4 4.5 6.4 -29.2 12.6 Facility Services Sweden -0.6 -1.3 50.9 -1.0 -2.4 57.3 -2.7 Group administration and other -0.3 -1.0 72.5 -0.6 -1.6 61.5 -2.9 The Group total 2.5 1.9 36.1 2.9 2.3 22.4 7.0 % 4-6/2026 1-6/2026 4-6/2025 1-12/2025 Operating margin Facility Services Finland 5.6 3.5 7.2 4.9 Facility Services Sweden -4.1 -3.8 -4.6 -4.4 The Group total 1.0 0.3 0.8 0.9 Adjusted operating margin Facility Services Finland 6.1 4.0 7.2 5.5 Facility Services Sweden -2.9 -2.6 -5.4 -3.2 The Group total 2.5 1.2 1.7 1.6 Segment information is presented only for continuing operations, unless otherwise stated.
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Other segment information MEUR 4-6/2026 1-6/2026 4-6/2025 1-12/2025 Materials and services Facility Services Finland 10.4 22.4 10.0 42.6 Facility Services Sweden 15.3 29.3 13.8 56.7 The Group total 25.7 51.7 23.9 99.3 Employee benefit expenses Facility Services Finland 32.5 65.1 35.3 138.9 Facility Services Sweden 15.2 30.5 15.8 58.3 Group administration and other 2.5 5.2 1.3 4.3 The Group total 50.2 100.8 52.4 201.6 Other operating expenses Facility Services Finland 8.7 17.1 6.1 27.3 Facility Services Sweden 2.6 4.0 0.5 7.3 Group administration and other -1.8 -4.3 0.6 -3.5 The Group total 9.5 16.8 7.2 31.1 Depreciation, amortisation and impairment Facility Services Finland 1.2 2.5 1.4 5.2 Facility Services Sweden 0.8 2.5 1.3 5.1 Group administration and other 0.1 0.3 0.1 1.6 The Group total 2.1 5.2 2.8 11.8 Items affecting comparability Facility Services Finland 0.3 0.6 - 1.3 Facility Services Sweden 0.4 0.7 -0.2 1.4 Group administration and other 0.6 0.4 1.0 -0.2 The Group total 1.3 1.7 0.8 2.5 MEUR 4-6/2026 1-6/2026 4-6/2025 1-12/2025 Gross capital expenditure Facility Services Finland 0.1 0.2 0.5 0.9 Facility Services Sweden 0.0 0.0 0.1 0.1 Group administration and other 0.1 0.3 0.0 0.3 The Group total 0.2 0.6 0.6 1.3 Capital employed Facility Services Finland 15.5 15.5 12.1 Facility Services Sweden 29.0 29.9 31.0 Group administration and other1 6.5 352.7 17.8 The Group total1 51.0 398.1 60.9 % 1-6/2026 4-6/2025 1-12/2025 Return on capital employed (ROCE) Facility Services Finland 60.5 78.1 80.2 Facility Services Sweden -16.4 -75.3 -17.2 The Group total1 71.3 4.9 77.8 1 The figures for 2025 includes continuing and discontinued operations.
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MEUR 4-6/2026 1-3/2026 10-12/2025 7-9/2025 4-6/2025 Net sales Facility Services Finland 55.7 54.9 54.3 54.9 57.0 Facility Services Sweden 32.5 31.2 34.6 29.1 29.9 Interdivisional net sales -0.0 -0.1 -0.1 -0.1 -0.1 The Group total 88.1 86.0 88.7 83.9 86.8 Operating profit Facility Services Finland 3.1 0.8 -0.0 4.8 4.1 Facility Services Sweden -1.3 -1.1 -2.2 -0.3 -1.4 Group administration and other -0.8 -0.2 0.6 -0.5 -2.0 The Group total 0.9 -0.4 -1.7 4.0 0.7 Adjusted operating profit Facility Services Finland 3.4 1.0 1.3 4.8 4.1 Facility Services Sweden -1.0 -0.7 -1.0 0.1 -1.6 Group administration and other -0.3 -0.3 -0.9 -0.4 -1.0 The Group total 2.2 -0.0 -0.6 4.5 1.5 EBITDA Facility Services Finland 4.2 2.1 1.2 5.9 5.5 Facility Services Sweden -0.5 0.6 -0.9 0.9 -0.1 Group administration and other -0.7 -0.0 1.0 0.4 -1.9 The Group total 3.0 2.7 1.3 7.2 3.6 Adjusted EBITDA Facility Services Finland 4.6 2.4 2.6 5.9 5.5 Facility Services Sweden -0.1 0.9 0.3 1.3 -0.3 Group administration and other -0.2 -0.2 -0.5 0.5 -0.9 The Group total 4.3 3.1 2.4 7.7 4.3 Adjusted EBITA Facility Services Finland 3.4 1.1 1.3 4.9 4.2 Facility Services Sweden -0.6 -0.4 -0.7 0.4 -1.3 Group administration and other -0.3 -0.3 -0.9 -0.4 -1.0 The Group total 2.5 0.3 -0.3 4.9 1.9 Operating margin, % Facility Services Finland 5.6 1.5 -0.1 8.8 7.2 Facility Services Sweden -4.1 -3.4 -6.5 -0.9 -4.6 The Group total 1.0 -0.5 -1.9 4.8 0.8 Adjusted operating margin, % Facility Services Finland 6.1 1.9 2.4 8.8 7.2 Facility Services Sweden -2.9 -2.3 -2.9 0.4 -5.4 The Group total 2.5 -0.0 -0.7 5.4 1.7 3. Segment information by quarter, continuing operations
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4. Disaggregation of revenue 1-6/2026, MEUR Long-term service agreements Separately ordered services Project business Total net sales Facility Services Finland 82.4 25.7 2.5 110.6 Facility Services Sweden 24.5 37.4 1.8 63.7 Total 106.9 63.2 4.3 174.3 Interdivisional sales -0.1 External net sales, total 174.2 1-6/2025, MEUR Long-term service agreements Separately ordered services Project business Total net sales Facility Services Finland 85.9 26.0 3.4 115.3 Facility Services Sweden 24.7 31.2 2.3 58.2 Total 110.7 57.2 5.7 173.6 Interdivisional sales -0.2 External net sales, total 173.4 1-12/2025, MEUR Long-term service agreements Separately ordered services Project business Total net sales Facility Services Finland 166.8 52.9 4.7 224.4 Facility Services Sweden 49.1 67.0 5.9 121.9 Total 215.9 119.9 10.5 346.3 Interdivisional sales -0.4 External net sales, total 346.0 Disaggregation of revenue is presented only for continuing operations. Net sales of the continuing operations consist sales revenue from long-term service agreements, separately ordered services and the project business.
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5. Discontinued operations Income statement, discontinued operations MEUR 1-6/2026 1-6/2025 1-12/2025 Net sales - 199.4 426.7 Other operating income - 3.8 3.4 Materials and services - -55.0 -126.2 Employee benefit expenses - -70.4 -142.0 Other operating expenses - -39.7 -76.3 Depreciation, amortisation and impairment - -22.1 -41.5 Operating profit - 16.0 44.2 Financial income - 0.0 0.1 Financial expenses - -3.8 -7.4 Exchange rate differences (net) - 0.1 0.2 Financial income and expenses - -3.7 -7.1 Share of the result of associated companies and joint ventures - 1.2 1.9 Result before taxes - 13.6 39.0 Income taxes - -2.2 -7.7 Gains recognised from the fair value measurement of the net assets of discontinued operations. - - 134.0 Costs related to the demerger - - -5.7 Income taxes on costs related to the demerger - - 1.1 Translation differences - - -0.2 Result for the period - 11.3 160.4 Luotea (formerly Lassila & Tikanoja) published the demerger plan concerning the separation of the Company’s circular economy business through a partial demerger on 7 August 2025. The Extraordinary General Meeting of the Company approved the demerger plan on 4 December 2025, and the demerger was completed on 31 December 2025. Presented below are the income statement, statement of financial position and cash flows of the discontinued operations. The income statement of discontinued operations includes the revenue of the circular economy business and the expenses directly attributable to the circular economy business that were deconsolidated from the Group following the demerger. In addition, the result of discontinued operations includes the demerger gain, costs related to the demerger, and cumulative translation differences arising from the circular economy business that were recognised in profit or loss in connection with the demerger. The statement of financial position presents the assets and liabilities related to the circular economy business as at 31 December 2025, which were transferred to Lassila & Tikanoja in the demerger.
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Assets and liabilities, discontinued operations ASSETS MEUR 31 Dec 2025 Non-current assets Intangible assets 164.3 Tangible assets 153.1 Right-of-use assets 60.8 Shares in associated companies and joint ventures 19.2 Other shares and holdings 0.1 Deferred tax assets 0.3 Other receivables 0.4 Total non-current assets 398.2 Current assets Inventories 9.9 Trade receivables 51.5 Contract assets 12.3 Other receivables 1.4 Cash and cash equivalents 37.4 Total current assets 112.5 Total assets 510.7 LIABILITIES MEUR 31 Dec 2025 Non-current liabilities Deferred tax liabilities 23.5 Retirement benefit obligations 0.1 Provisions 6.3 Borrowings 125.0 Lease liabilities 48.3 Other liabilities 7.0 Total non-current liabilities 210.2 Current liabilities Borrowings 0.2 Lease liabilities 13.6 Trade and other payables 101.0 Income tax liabilities 6.1 Provisions 0.3 Total current liabilities 121.1 Total liabilities 331.4 Cash flows, discontinued operations MEUR 1-12/2025 Cash flow from operating activities 57.9 Cash flow from investing activities -31.5 Cash flow from financing activities -4.6
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6. Intangible and tangible assets Changes in goodwill MEUR 1-6/2026 1-12/2025 Carrying amount at the beginning of the period 38.8 157.0 Business acquisitions - 6.4 Impairments - - Other capital expenditure Disposals - - Impact of the demerger - -125.7 Exchange differences -0.2 1.1 Carrying amount at the end of the period 38.6 38.8 Changes in other intangible assets MEUR 1-6/2026 1-12/2025 Carrying amount at the beginning of the period 4.8 42.2 Business acquisitions - 5.1 Other capital expenditure 0.3 2.7 Disposals -0.2 -0.1 Amortisation and impairment -1.1 -6.9 Impact of the demerger - -38.6 Exchange differences -0.0 0.4 Carrying amount at the end of the period 3.8 4.8 Changes in tangible assets MEUR 1-6/2026 1-12/2025 Carrying amount at the beginning of the period 6.3 164.3 Business acquisitions - 1.0 Other capital expenditure 0.3 22.2 Disposals -0.0 -1.3 Depreciation and impairment -1.2 -27.2 Impact of the demerger - -153.1 Exchange differences -0.0 0.4 Carrying amount at the end of the period 5.3 6.3 Changes in right-of-use assets MEUR 1-6/2026 1-12/2025 Carrying amount at the beginning of the period 14.6 69.1 Business acquisitions - 1.0 Other capital expenditure 2.4 29.6 Disposals -1.1 -5.5 Depreciation and impairment -2.9 -19.3 Transfers between items - -60.8 Exchange differences -0.2 0.4 Carrying amount at the end of the period 12.9 14.6
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7. Capital commitments MEUR 30 Jun 2026 31 Dec 2025 Tangible assets, continued operations 2.0 1.6 Total 2.0 1.6 8. Provisions Obligations covered by environmental provisions Provisions for onerous contracts Provisions in the statement of financial position MEUR 30 Jun 2026 31 Dec 2025 Non-current provisions 0.0 8.7 0.0 Current provisions 1.6 2.0 1.8 Total 1.6 10.8 1.8 Changes in provisions MEUR Environmental provisions Onerous contracts Other provisions Total Provisions 1 Jan 2025 - - 1.8 1.8 Additions - - 0.2 0.2 Used - - -0.1 -0.1 Reversals - - -0.3 -0.3 Effect of discounting - - - - Effect of exchange rate changes - - - - Provisions 31 Dec 2025 - - 1.6 1.6 MEUR Environmental provisions Onerous contracts Other provisions Total Provisions at 1 Jan 2024 6.3 3.3 1.9 11.5 Additions 0.5 - 1.8 2.4 Used -0.4 -0.3 -1.3 -1.9 Reversals - -2.9 -0.5 -3.4 Effect of discounting -0.1 -0.2 - -0.3 Provisions 31 Dec 2024 - - 1.8 1.8 The Group has operated landfill sites, and upon the closure of their operations the Group is responsible for site restoration comprising landscaping and post-closure environmental monitoring, in accordance with the terms and conditions of the environmental permits. These obligations have been covered by environmental provisions. Provisions for onerous contracts are related to Facility Services Sweden’s fixed-priced contracts with public sector customers, for which the estimated future costs were assessed, in connection with the preparation of the 2024 financial statements, to exceed the expected revenues. During 2025, the profitability of the contracts improved due to enhanced efficiency and operational quality as well as increased volumes, and the remaining provisions were therefore released in 2025. Obligations covered by environmental provisions were transferred to Lassila & Tikanoja in the demerger. Capital commitments for tangible assets are related to machine and equipment purchases.
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9. Financial assets and liabilities by category 30 June 2026, MEUR Amortised costs Fair value through profit or loss Carrying amounts by balance sheet item Fair value hierarchy level Non-current financial assets Other shares and holdings 0.1 0.1 3 Other receivables 0.4 0.4 Current financial assets Trade and other receivables 38.1 38.1 Cash and cash equivalents 3.9 3.9 Total financial assets 42.4 0.1 42.5 Non-current financial liabilities Borrowings 0.0 0.0 2 Lease liabilities 7.5 7.5 Current financial liabilities Lease liabilities 5.7 5.7 Interest liabilities 0.0 0.0 Trade and other payables 21.9 21.9 Total financial liabilities 35.1 - 35.1 30 June 2025, MEUR Amortised costs Fair value through profit or loss Carrying amounts by balance sheet item Fair value hierarchy level Non-current financial assets Other shares and holdings - 0.1 0.1 3 Other receivables 0.4 0.4 Current financial assets Trade and other receivables 44.2 44.2 Cash and cash equivalents 15.7 15.7 Total financial assets 60.2 0.1 60.3 Non-current financial liabilities Borrowings 5.0 5.0 2 Lease liabilities 8.8 8.8 Current financial liabilities Lease liabilities 6.0 6.0 Interest liabilities 0.0 0.0 Trade and other payables 28.5 28.5 Total financial liabilities 48.3 - 48.3 The fair values of the balance sheet items measured at amortised cost do not significantly differ from the carrying amounts. The following financing arrangements of the Company were transferred to Lassila & Tikanoja as part of the Demerger: EUR 75 million unsecured notes, EUR 35 million and EUR 15 million term loans, and a EUR 40 million revolving credit facility. A summary of the net assets transferred to Lassila & Tikanoja is presented on note 5. Discontinued operations. In the demerger, EUR 0.1 million from the financial assets measured at fair value according to the level 3 were transferred to Lassila & Tikanoja. There were no other changes in these financial assets during the financial year or the comparative period.
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Reconciliation of financial liabilities measured at fair value according to the level 3 MEUR 1-6/2026 1-6/2025 1-12/2025 Carrying amount at the beginning of the period - 6.7 6.7 Additions during the period - - 1.1 Change in fair value - -2.3 -0.9 Exchange differences - 0.2 0.4 Impact of the demerger - - -7.3 Carrying amount at the end of the period - 4.6 - Deferred consideration is related to the acquisition of 70 per cent share of Sand & Vattenbläst i Tyringe AB (”SVB”) that offers process cleaning services in Sweden. The acquisition took place on 1 February 2022. In the Demerger, SVB was transferred to Lassila & Tikanoja. Until the Demerger, SVB was consolidated with 100 per cent share in the Group and, in connection with the arrangement, Luotea had recognised in financial liabilities an estimate of the deferred consideration for the acquisition. The deferred consideration relates to the acquisition of non-controlling interest and is measured at fair value, which is reflected in the present value of the estimated liability. It will mature on 1 February 2026 at the earliest. The valuation of the deferred Addition in 2025 is related to the acquisition of RecondConcept i Ånge AB in December 2025. In connection with the transaction, Luotea recognised a EUR 1.1 million contingent consideration (earn ‑ out) within non ‑ current liabilities. The contingent consideration is measured at fair value and is based on the development of RecondConcept i Ånge AB’s EBITDA in 2026 and 2027. In the demerger, RecondConcept i Ånge AB and assets and liabilities related to it were transferred to Lassila & Tikanoja.
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10. Related party transactions Business transactions with the joint venture MEUR 1-6/2026 1-6/2025 1-12/2025 Net sales - 2.1 2.7 Purchases of materials and services - -0.4 -0.8 Trade- and other receivables - 0.2 - The contributions paid by the group companies to the Luotea sickness fund during the reporting period amounted to EUR 0.3 million. The Group has transactions between the group companies in the ordinary course of business. The Group's transactions with Laania Oy are presented in the following table. In the final quarter of 2025, the guarantees for Laania's financing arrangements provided by the Group were released. In 2025, Laania paid dividends totalling EUR 1.6 million (1.8) to Luotea. The Group has no significant transactions with other related parties. In connection with the demerger, the subsidiaries L&T Ympäristöpalvelut Oy, L&T Teollisuuspalvelut Oy, Suomen Keräystuote Oy, Viemärihuolto Reinikka Oy, Sand & Vattenbläst i Tyringe AB and RecondConcept i Ånge AB, as well as the joint venture Laania Oy, were transferred to Lassila & Tikanoja. Until the date of the demerger, 31 December 2025, these companies belonged to the related parties of the Luotea Group. The related parties of the Luotea Group are the senior management (members of the Board of Directors, President and CEO of Luotea Plc and the other members of the Group Executive Board) and the immediate family of the senior management and companies controlled by the aforementioned persons, the Group's subsidiaries, and the Luotea sickness fund (previously L&T sickness fund).
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11. Commitments and contingent liabilities MEUR 30 Jun 2026 31 Dec 2025 Securities for own commitments Mortgages on rights of tenancy - - Company mortgages - - Other securities 0.0 0.0 Bank guarantees required for environmental permits - - Other bank guarantees 2.3 2.7 Mortgages under own control Company mortgages - - Bank guarantees - - The company announced on 10 April that the Solna District Court has issued its judgment in the dispute between Luotea FM AB ("Luotea") and Micasa Fastigheter i Stockholm AB ("Micasa"). The District Court upheld the majority of Luotea's claims, both in terms of merit and amount, and dismissed almost all of Micasa's claims. Micasa was ordered to pay Luotea SEK 18.6 million (approximately EUR 1.7 million) plus interest and Luotea's legal costs, totalling approximately SEK 43 million (approximately EUR 4.0 million). The judgment is not yet legally binding. The parties have the right to appeal the judgment. Micasa appealed against the judgment to the Court of Appeal on 30 April 2026 and announced that the SEK 43 million awarded to Luotea would be paid into an escrow account held by the judicial authority. The judgment has no impact on the Luotea Group's financial guidance. Luotea will not recognise the positive outcome of the judgment in the result until the judgment is legally binding and there is sufficient certainty that the receivables will be collected.
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Luotea is a pioneer in facility services, offering comprehensive lifecycle solutions for buildings. We combine energy efficiency with innovative thinking to maximise property value and ensure the best conditions for every user. Our services range from advanced property maintenance, building technology and consultancy to professional cleaning and support. We grow sustainably and profitably, mindful of our impact on buildings, the environment and society. Leading the way, we drive our industry forward and shape a better tomorrow. For us, success is measured in trust – the trust our people, clients and owners have in us. Luotea operates in Finland and Sweden, with 2025 net sales EUR 346 million and a workforce of approximately 5,000. Luotea is publicly listed on Nasdaq Helsinki. Helsinki, 6 August 2026 Luotea Plc Board of Directors Antti Niitynpää President and CEO For additional information, please contact: Antti Niitynpää, President and CEO, tel. +358 400 231 167 Mika Stirkkinen, CFO, tel. +358 40 55 88 520