Earnings release
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Operating Profit and Revenue Close to the Comparison Period Level Figures in parentheses refer to the corresponding period of the previous year. The figures are unaudited and rounded from exact values. Highlights July–September 2025 • Revenue was EUR 23.8 (24.0) million, remaining close to the level of the comparison period. • EBITDA was EUR 2.3 (2.4) million, or 9.5% (10.0%) of revenue. • Operating profit (EBIT) was EUR 1.8 (1.9) million, or 7.7% (8.1%) of revenue. Highlights January–September 2025 • Revenue was EUR 73.7 (65.6) million, an increase of 12.3%. • EBITDA was EUR 5.4 (5.0) million, or 7.4% (7.6%) of revenue. • Operating profit (EBIT) was EUR 4.2 (3.7) million, or 5.6% (5.7%) of revenue. Key Figures, IFRS (unaudited) EUR (million) 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Revenue 23,8 24,0 73,7 65,6 91,6 EBITDA 2,3 2,4 5,4 5,0 7,5 EBITDA % 9,5 % 10,0 % 7,4 % 7,6 % 8,1 % Operating profit (EBIT) 1,8 1,9 4,2 3,7 5,7 EBIT % 7,7 % 8,1 % 5,6 % 5,7 % 6,3 % Cash conversion 1) 79,2 % 142,9 % 86,5 % 76,3 % 60,5 % Cash and cash equivalents 6,3 10,0 6,3 10,0 10,1 1) Cash conversion is calculated as: Cash flow from operating activities before financial items and taxes / EBITDA. Financial Guidance for 2025 (unchanged) The Company estimates that revenue for the financial year 2025 will be between EUR 90–100 million and operating profit (EBIT) for the financial year will be between EUR 5.8–7.4 million.
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CEO Heikki Pesu’s Review: “Operating Profit and Revenue Close to the Comparison Period Level” “In the third quarter of 2025, our operating profit (EBIT) amounted to EUR 1.8 (1.9) million, remaining close to the level of the comparison period. Our relative profitability (EBIT margin) was 7.7% (8.1%), also close to the comparison period. Revenue for the review period amounted to EUR 23.8 (24.0) million. The third quarter progressed largely in a challenging market environment, and the reported figures ultimately met our expectations under the prevailing market conditions. Compared to the strong comparison period, cost-saving measures implemented by our ind ustrial customers continued and had an impact on the profitability of certain shutdown projects within our maintenance business. In project operations, we continued to execute ongoing projects as planned. In the challenging market and amid intensified competition for investment projects, we have continued our selective approach from previous years in offering new projects. Our operating profit (EBIT) for January–September amounted to EUR 4.2 (3.7) million, an increase of 11.1%. Our EBIT margin was 5.6% (5.7%), remaining at the level of the comparison period. Revenue for January – September amounted to EUR 73.7 (65.6) million, an increase of 12.3%. Of total revenue, EUR 64.6 (53.4) million, or 88% (81%), was generated from maintenance operations and EUR 9.1 (12.2) million, or 12% (19%), from project operations. Cash flow from operating activities before financial items and taxes amounted to EUR 4.7 (3.8) million, and cash conversion was 86.5% (76.3%). We expect the current market uncertainty to continue into 2026. This is reflected, among other things, in cost-saving measures by our industrial customers, which we expect to continue to affect both our maintenance and project operations. We continue to expect that the relative share of the second half of the year in total revenue will remain below the comparison period. Despite market uncertainties, we continue to actively and systematically evaluate acquisition opportunities in line with our strategy, with a strong focus on shareholder value creation. We will continue investing in ensuring that we remain a local, entrepreneurial, customer-oriented and cost-efficient service partner in our markets.” Events After the Review Period • No material events have occurred after the review period. Financial Targets 2023–2025 • Profitability: The Company targets an operating profit (EBIT) margin of 8%. • Cash conversion: The Company targets annual cash conversion above 100%. Formula: Cash flow from operating activities before financial items and taxes / EBITDA. • Revenue: The Company targets average annual revenue growth of 10%. • Dividend: The Company aims to distribute a progressively increasing dividend annually.