Page 1

WULFF GROUP PLC Interim Report | April 26 , 2021 at 10.00 A.M. WULFF GROUP PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31 , 2021 Netsales increased by 4 % and operating profit doubled 1.1 . - 31.3.2021 BRIEFLY • Net sales totalled EUR 15.3 million ( 14.7 ) , increased by 4.0 % . EBITDA and comparable EBITDA were EUR 0.9 million ( 0.7 ) . • Operating profit and comparable operating profit ( EBIT ) amounted to EUR 0.6 million ( 0.3 ) . • Earnings and comparable earnings per share ( EPS ) were EUR 0.04 ( 0.00 ) . • Equity - to - assets ratio was 43.1 % ( 38.6 ) . Kari Juutilainen , Lauri Sipponen , Jussi Vienola , and Kristina Vienola were elected as members to the Board of Directors . Kari Juutilainen was elected as the Chairman of the Board by the Board of Directors . The outlook for the comparable operating profit remains the same ; Wulff estimates that the net sales will grow from 2020 ( EUR 57.5 million ) and the comparable operating profit of will remain at a good level in 2021 . WULFF GROUP'S CEO ELINA PIENIMÄKI I thank our customers , staff , and partners for a good start to the year ! The positively developed net sales and earnings for the first quarter reflect confidence in Wulff and our expertise . These figures are result of sales force , adaptability , responsiveness , and a strong confidence in our strategy A better world - one workplace at a time . In exceptional circumstances , the world has been made better , especially by enabling safe ways to work , and it is remarkable that we have managed to do just that . Current hygiene , cleaning and protective products have come to our product range and people's everyday lives in part to stay . At the same time , we are already looking strongly ahead at a more normal everyday life and , in particular , how we can serve companies , communities and entrepreneurs in the future . The changes in ways of working and for example the increasing amount of remote work from all work done changes the need for workplace products and services . For Wulff it is important to invest in new product and service areas , the best customer experience in the industry , digital development and strengthening its market position . In the future , value - based decision - making will also have an increasing impact on the choice of both individual products and contract partners . At Wulff , all development work and our own operations are guided by responsibility and the company is a natural choice for its customers as a responsible partner . GROUP'S NET SALES AND RESULT PERFORMANCE In January - March 2021 net sales totalled EUR 15.3 million ( 14.7 ) . Net sales increased by 4.0 % ( 6.4 ) . Succeeding in sales and due to the expansion of the product portfolio and the sales of hygiene , cleaning and protective products nets sales increased even though , due to restrictions on traveling and gathering , international exhibitions still are not held . The increase in net sales resulted mainly from expertise sales both in Finland and Scandinavia . As a result of an increase in the net sales the gross margin amounted to EUR 5.3 million ( 5.2 ) being 34.8 % ( 35.1 ) of net sales in January - March 2021 . In January - March 2021 employee expenses amounted to EUR 3.3 million ( 3.3 ) being 21.3 % ( 22.1 ) of net sales . Employee expenses decreased from the comparison period when the company streamlined for example the Contract Customers segment and its back - office operations during 2020. There were fewer employees than in the comparison period . Other operating expenses amounted to EUR 1.2 million ( 1.3 ) in January - March 2021 being 7.9 % ( 9.1 ) of net sales . The group used fewer external services than in the comparison period . In January - March 2021 EBITDA and the comparable EBITDA amounted to EUR 0.9 million ( 0.7 ) , 6.1 % ( 4.4 ) of net sales . The operating profit ( EBIT ) and the comparable operating profit ( EBIT ) amounted to EUR 0.6 million ( 0.3 ) , 3.7 % ( 1.8 ) of net sales . The first quarters of 2021 and 2020 did not include items affecting comparability . In January - March 2021 the financial income and expenses totalled ( net ) EUR -0.1 million ( -0.2 ) including interest expenses of EUR -0.0 million ( -0.0 ) and mainly currency - related other financial items and bank expenses EUR -0.1 million ( -0.2 ) . The f financial expenses were EUR 0.1 million less than in the comparison period due to currency exchanges . WO WO Wulff Group Plc | Kilonkartanontie 3 FI - 02610 Espoo WO WO tel . +358 300 870 414 info@wulff.fi www.wulff.fi/en/ WO 1890 F FF F F WULFF F