Earnings release
Page 1
Netum Group Plc Business review 1 January–30 September 2026
Page 2
Netum Group Plc | Business review 1 January–30 September 2026 2 (10) Contents Netum Group Plc’s business review 1 January–30 September 2026 (unaudited).............................. 3 July–September 2026 in brief ..................................................................................................................... 3 January–September 2026 in brief ............................................................................................................... 3 Group key figures .......................................................................................................................................... 4 Guidance for 2026 (revised on 24 September 2026) .................................................................................. 4 CEO's statement ............................................................................................................................................ 5 Events after the reporting period .................................................................................................................. 6 Reconciliation of alternative performance measures ................................................................................. 8 Calculation of key figures ............................................................................................................................. 9
Page 3
Netum Group Plc | Business review 1 January–30 September 2026 3 (10) Netum Group Plc’s business review 1 January–30 September 2026 (unaudited) The operating environment remained challenging – profitability improved in the third quarter Unless otherwise stated, the figures in parenthesis refer to the comparison period and are in the same unit as the figures for the review period. The figures for 2026 contained in this business review are unaudited. July–September 2026 in brief • Revenue decreased 11.1% on the comparison period and was EUR 6.7 (7.5) million. • EBITDA was EUR 0.2 (0.01) million or 2.7 (0.2) % of revenue • EBITA was EUR 0.1 (-0.1) million or 1.0 (-1.9) % of revenue • Comparable EBITA was EUR 0.1 (0.1) million or 1.0 (1.8) % of revenue • Operating profit was EUR 0.1 (-0.1) million or 1.0 (-1.9) % of revenue • Result for the period was EUR -0.1 (-0.3) million or -1.7 (-3.4) % of revenue January–September 2026 in brief • Revenue decreased 21.7% on the comparison period and was EUR 22.6 (28.9) million • EBITDA amounted to EUR 0.01 (1.9) million or 0.2 (6.6) % of revenue • EBITA was EUR -0.3 (1.4) million or -1.4 (5.0) % of revenue • Comparable EBITA was EUR -0.1 (1.8) million or -0.5 (6.2) % of revenue • Operating profit was EUR -0.3 (1.4) million or -1.4 (5.0) % of revenue • Result for the period was EUR -0.8 (0.7) million or -3.4 (2.5) % of revenue • Number of personnel at the end of the period was 308 (346) • During 2026, Netum has initiated change negotiations and an organisational restructuring as part of measures to adjust its operations and improve profitability.
Page 4
Netum Group Plc | Business review 1 January–30 September 2026 4 (10) Group key figures EUR thousand unless otherwise stated 7–9/2026 7–9/2025 Change 1–9/2026 1–9/2025 Change 1–12/2025 Revenue 6,670 7,504 -11.1% 22,624 28,905 -21.7% 37,814 Revenue growth, % -11.1% -22.6% -21.7% -11.0% Organic growth, % -12.0% -22.6% -22.3% -11.0% EBITDA 178 13 1,221.8% 44 1,914 -97.7% 2,176 EBITDA, % of revenue 2.7% 0.2% 0.2% 6.6% 5.8% EBITA 64 -140 145.4% -318 1,432 -122.2% 1,532 EBITA, % of revenue 1.0% -1.9% -1.4% 5.0% 4.1% Comparable EBITA1 66 135 -51.0% -113 1,796 -106.3% 2,081 Comparable EBITA, % of revenue 1.0% 1.8% -0.5% 6.2% 5.5% Operating profit (loss) 64 -140 145.4% -318 1,432 -122.2% 1,532 Operating profit (loss), % of revenue 1.0% -1.9% -1.4% 5.0% 4.1% Result for the reporting period -116 -257 55.0% -770 731 -205.3% 858 Result for the reporting period, % of revenue -1.7% -3.4% -3.4% 2.5% 2.3% Basic earnings per share (EPS), EUR -0.01 -0.02 -0.06 0.06 0.07 Diluted earnings per share (EPS), EUR -0.01 -0.02 -0.06 0.06 0.07 Number of employees, at the end of the period 308 346 308 346 329 Overall capacity, own personnel (FTE), at the end of the period 276 337 276 337 318 1) Items affecting comparability are presented in the table Comparable EBITA. Guidance for 2026 (revised on 24 September 2026) Netum estimates that revenue will decrease clearly from the previous year’s level (2025: EUR 37.8 million) and that comparable EBITA will be negative (2025: 5.5% of revenue). Netum revised its 2026 financial guidance regarding comparable profitability on 24 September 2026. The revenue estimate remained unchanged. Previously, Netum estimated that comparable EBITA margin would fall below the previous year’s level. The updated guidance is based on the slower -than-expected start of new projects, lower- than- anticipated volumes in existing projects, and factors affecting delivery capacity and utilisation rates. The impact of these factors on the full-year result is greater than previously estimated.
Page 5
Netum Group Plc | Business review 1 January–30 September 2026 5 (10) CEO's statement “The third quarter was better than the first half of the year, although we still fell short of our targets. Our revenue was EUR 6.7 million, down 11.1 per cent year-on-year, compared with a 25.7 per cent decline in the second quarter. Comparable EBITA was EUR 0.1 million, or 1.0 per cent of revenue, and EBITDA was 2.7 per cent. The comparison period figures still included significant revenue and profit from two major customer projects that ended in July 2025. The slowdown in revenue is positive, but our profitability is still clearly below our targets. Our revenue for January–September was EUR 22.6 million, a decrease of 21.7 per cent from the previous year. Comparable EBITA was −0.5 per cent of revenue. We have not been able to replace the volume of completed projects with new business quickly enough, which is why we revised our guidance on 24 September 2026. In our half-year report, we expected performance to improve as the won projects are launched. This has happened gradually, but more slowly than we expected. In September, revenue clearly increased compared with previous months. However, our operating profitability still has considerable room for improvement. Our new sales performance has continued at a very good level despite the challenging market situation. The total value of contracts won so far this year is already nearly double the total value of contracts secured throughout last year. During the review period, we won, among other projects, integration projects for the cities of Järvenpää and Turku, as well as a new cybersecurity testing customer, Statistics Finland. In September, we also launched AI-lukkari, an AI-powered timetable- planning solution. Our strong new sales performance reinforces our confidence in our competitiveness and lays the foundation for future growth, provided the contracts won convert fully into revenue. Price competition in Finland remains intense. Customer investment activity varies significantly, with no signs of a broader market recovery yet. At the same time, the rapid development of artificial intelligence is changing the entire industry and our customers' needs. The importance of modernising information systems, leveraging data and AI, and ensuring cybersecurity continues to grow. We see opportunities for Netum in these areas, but exploiting them will require us to operate more efficiently and more cohesively. During the review period, we have also paid special attention to managing our financial position and cash flow. We have implemented internal measures and developed our financing arrangements. We will continue to strengthen our financial position through planned cost savings, working capital management and converting won sales into revenue. In the half-year financial report, we announced that we had begun restructuring our organisation and simplifying Netum's operating methods. We continued this work in the third quarter as part of the strategy work for 2027–2029. We identified the need to sharpen our focus on our core strengths, streamline our cost structure, and make better use of our experts’ skills and expertise. After the end of the review period, this work has materialised into significant decisions: • On 12 October 2026, we published our refined strategy for 2027–2029. Its focus areas include core systems and integrations, data and artificial intelligence, as well as cyber security and regulatory expertise.
Page 6
Netum Group Plc | Business review 1 January–30 September 2026 6 (10) • We decided to renew our organisation to be competence-oriented, simplify management and strengthen the Group's common sales and resourcing practices. The new organisation will start operating at the beginning of December and will officially take effect on 1 January 2027. • We completed the change negotiations related to the organisational restructuring. With the reform, we aim to achieve annual cost savings of approximately EUR 1.8 million, the financial effects of which will mainly be visible in 2027. Following the review period, on 22 October 2026, we were also informed that KEHA Centre selected us for two significant six-year framework agreements for IT expert services, covering three sub-areas in total. Particularly noteworthy is our first-place ranking in the priority order for data warehouse services and integrations. These selections strengthen the prerequisites for the continuity of our long - term customer relationship and support our strategic priorities, even though the framework agreements do not guarantee any purchase volumes. The past year has been difficult for our personnel. Long-term changes, change negotiations, and uncertainty have strained our entire organisation. I hope the change negotiations that have now ended, and the organisational restructure to be carried out, will bring an end to this long-lasting phase of structural change. Our goal is to restore peace of mind and return to a more normal everyday life together, including both successes and setbacks. We want to refocus on what matters most: our customers, our people’s expertise and what we can achieve together. Financially, 2026 will be clearly weaker than we expected. However, we have succeeded in new sales and made significant decisions to strengthen our competitiveness in the coming years. We are more confident about the future, even though we still have a lot of work to do. I believe the decisions we have made will provide an even stronger foundation for profitable growth and for building a stronger One Netum. I would like to thank our customers for their trust and good cooperation, as well as our employees for their commitment and hard work during this difficult year. We will report on the full-year results in our Financial statements release on 23 February 2027.” Repe Harmanen CEO Events after the reporting period On 12 October 2026, Netum Group Plc announced that it will refine its strategy and set new medium - term financial targets for the strategy period 2027–2029. The refined strategy builds on Netum’s proven strengths in systems critical to society. Strategic priorities: • Maintain and further strengthen our position in the public sector. • Grow our private-sector business in selected areas of expertise. • Differentiate through continuity services, integrations, data and analytics, cybersecurity and data protection, as well as expertise in the related regulatory requirements. • Embed artificial intelligence across all activities as an integral part of service delivery and project work. • Pursue primarily organic growth, while retaining the option of corporate transactions and other structural arrangements. • Pursue international expansion based on our proven areas of strength.
Page 7
Netum Group Plc | Business review 1 January–30 September 2026 7 (10) Financial targets for the strategy period 2027–2029: • Growth: We aim to achieve average annual organic growth of approximately 10% during the 2027–2029 strategy period. • Profitability: We aim to achieve an EBITA margin of at least 10% by the end of the strategy period. • International business: We aim for international revenue to account for 10% of total revenue by the end of the strategy period. • Dividend policy: Our dividend policy considers the investment and financing requirements associated with achieving our financial targets. Subject to its financial position, the company aims to distribute approximately 40% of its annual operating profit (EBITA) as dividends. These financial targets are medium-term objectives. They do not constitute a forecast or guidance for any individual financial year. On the same day, the company also announced an organisational restructuring in line with the refined strategy, aiming for annual cost savings of EUR 1.4–1.8 million. The new organisation will be built around strategic strengths. Netum’s new operating model will comprise four business areas: • Data, Digital & AI • Core Systems, Integrations & Operations • Cybersecurity, Regulation & Data Protection • Education Solutions & Products The new organisation will take effect no later than 1 January 2027. The organisational restructuring will not change the company’s financial reporting structure. On 22 October 2026, Netum Group Plc announced that the KEHA Centre has selected Netum Ltd as a supplier for three sub-areas in two framework agreements for IT expert services. The duration of the contracts is six years. The estimated total value of the sub-areas is EUR 65 million. The figure covers procurements from all selected suppliers and therefore does not represent the contract value allocated to Netum or oblige the customer to make minimum purchases. The procurement decisions will become legally valid after the appeal period has ended. On 28 October 2026, Netum Group Plc announced that the company and its CFO, Peter Ahlskog, ha ve mutually agreed that Ahlskog would leave the company no later than the end of June 2027. Ahlskog will continue in his role during the agreed transition period and support the onboarding of his successor. The company has launched the recruitment process for a new CFO and is considering both internal and external candidates for the position.
Page 8
Netum Group Plc | Business review 1 January–30 September 2026 8 (10) Reconciliation of alternative performance measures EBITA and EBITDA EUR 1,000 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Operating profit (-loss) 64 -140 -318 1,432 1,532 Amortisation of intangible assets related to acquisitions Impairment of goodwill EBITA 64 -140 -318 1,432 1,532 Depreciation and amortisation 114 154 362 482 645 EBITDA 178 13 44 1,914 2,176 Comparable EBITA EUR 1,000 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 EBITA 64 -140 -318 1,432 1,532 Items affecting comparability: Transaction costs from acquisitions 19 IFRS transition 45 32 Change negotiations1) 2 275 141 364 516 Items affecting comparability in operating profit total 2 275 206 364 549 Comparable EBITA 66 135 -113 1,796 2,081 1) This figure includes the wage costs and social security expenses of dismissed persons for the period of notice, which did not include an obligation to work. In addition, the figure takes into account legal, change security and retraining costs related to the implementation of the change negotiations.
Page 9
Netum Group Plc | Business review 1 January–30 September 2026 9 (10) Calculation of key figures Organic growth, % = Change in revenue excluding the impact of acquisitions EBITDA = Operating profit + depreciation and amortisation EBITA = Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwill Operating profit (loss) = Profit before taxes and net finance items Items affecting comparability of results = Transactions and integration costs related to business acquisitions + profit or loss effects of contingent consideration + non-recurring costs related to the IFRS transition + restructuring costs + significant gains, losses and impairments on the disposal of assets + other items Comparable EBITA = Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwill + items affecting comparability in operating profit Basic earnings per share (EPS), EUR = Profit for the period attributable for shareholders of the company / Share issue-adjusted weighted average number of shares outstanding during financial year, excluding the company’s own shares Diluted earnings per share (EPS), EUR = Profit for the period attributable for shareholders of the company / (Share issue-adjusted weighted average number of shares outstanding during financial year, excluding the company’s own shares + potential new shares) Number of employees, at the end of the period Number of employees at the end of the review period Overall capacity, own personnel (FTE) The Overall Capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group’s personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, overtime leave, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The capacity of acquired companies’ personnel has been considered as of the acquisition date.
Page 10
Netum Group Plc | Business review 1 January–30 September 2026 10 (10) In Helsinki, 3 November 2026 Netum Group Plc Board of Directors Additional information: Netum Group Plc Repe Harmanen, CEO +358 400 467 717 repe.harmanen@netum.fi Certified advisor: Evli Plc +358 40 579 6210