Interim report
Page 1
Wulff Group Plc | Q1-Q3 2026 Wulff Group Plc INTERIM REPORT January–September 2026
Page 2
Wulff Group Plc | Q1-Q3 2026 WULFF GROUP PLC’S INTERIM REPORT January–September 2026 WULFF’S RAPID GROWTH CONTINUED AND COMPARABLE OPERATING PROFIT ROSE TO A NEW RECORD JULY–SEPTEMBER 2026 BRIEFLY • Net sales totalled EUR 36. 1 million (3 1.2), increasing by 1 5.8% • EBITDA was EUR 2.7 million (3. 1), and comparable EBITDA was EUR 2.8 million (2.2) • Operating profit (EBIT) was EUR 2.0 million (2.3), and comparable operating profit (EBIT) was EUR 2. 1 million (1.5) • Earnings per share (EPS) were EUR 0. 1 4 (0.26) and comparable earnings per share (EPS) were EUR 0. 16 (0. 1 4) • The equity ratio was 39.0% (39.4) JANUARY–SEPTEMBER 2026 BRIEFLY • Net sales totalled EUR 104. 1 million (89.4), increasing by 16.4% • EBITDA was EUR 8.4 million (5.9), and comparable EBITDA was EUR 6.9 million (5. 1) • Operating profit (EBIT) was EUR 6.2 million (3.9), and comparable operating profit (EBIT) was EUR 4.6 million (3.0) • Earnings per share (EPS) were EUR 0.59 (0.32) and comparable earnings per share (EPS) were EUR 0.36 (0.20) FINANCIAL GUIDANCE 2026 (UNCHANGED) Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2026. The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow from 2025. Key uncertainties affec- ting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and tightened competition between superpowers.
Page 3
Wulff Group Plc | Q1-Q3 2026 EUR 1 000 Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q4 2025 Net sales 36 1 39 31 2 21 104 058 89 400 12 2 32 6 Change in net sales, % 1 5.8% 1 9.4% 16.4% 1 9.3% 1 9.0% EBITDA 2 737 3 058 8 416 5 900 7 583 EBITDA margin, % 7.6% 9.8% 8. 1% 6.6% 6.2% Comparable EBITDA 2 832 2 195 6 86 1 5 070 6 790 Comparable EBITDA margin, % 7.8% 7.0% 6.6% 5.7% 5.6% Comparable EBITA 2 178 1 530 4 857 3 175 4 203 Comparable EBITA margin, % 6.0% 4.9% 4.7% 3.6% 3.4% Operating profit/loss 2 015 2 341 6 200 3 865 4 795 Operating profit/loss margin, % 5.6% 7.5% 6.0% 4.3% 3.9% Comparable operating profit/loss 2 11 0 1 478 4 645 3 035 4 002 Comparable operating profit/loss margin, % 5.8% 4.7% 4.5% 3.4% 3.3% Comparable profit/loss before taxes 1 870 1 229 3 790 2 12 0 2 894 Comparable profit/loss before taxes margin, % 5.2% 3.9% 3.6% 2.4% 2.4% Net profit/loss for the period attributable to equity holders of the parent company 984 1 792 4 03 1 2 201 2 1 30 Net profit/loss for the period, % 2.7% 5.7% 3.9% 2.5% 1.7% Comparable net profit/loss for the period attributable to equity holders of the parent company 1 079 929 2 476 1 371 1 337 Comparable net profit/loss for the period, % 3.0% 3.0% 2.4% 1.5% 1.1 % Earnings per share, EUR (diluted = non-diluted) 0 .14 0.26 0.59 0.32 0.3 1 Comparable earnings per share, EUR (diluted = non-diluted) 0 .16 0 .14 0.36 0.20 0.20 Cash flow from operating activities 3 185 2 892 4 369 3 795 6 442 Return on equity (ROE), % 5.2% 9.3% 1 8.9% 1 2.3% 13 .1 % Return on investment (ROI), % 4.5% 5.8% 1 3.7% 9.3% 1 1.6% Equity-to-assets ratio at the end of period, % 39.0% 39.4% 39.0% 39.4% 40.8% Debt-to-equity ratio at the end of period 50.7% 60.3% 50.7% 60.3% 57.3% Investments in non-current assets 12 2 276 689 905 1 320 Personnel on average during the period 345 329 347 320 327 Temporary employees on average in person-years of work 1 098 833 918 637 6 61 KEY FIGURES
Page 4
Wulff Group Plc | Q1-Q3 2026 WULFF GROUP PLC’S CEO SAMI ASIKAINEN RECORD-BREAKING PERFORMANCE CONTINUES The narrative of profitable growth hasn’t changed much since the beginning of the year. We are progressing according to plan. It is monotonous to repeat myself, but it is great when things are going well. Wulff’s net sales saw double-digit growth in Q3 for the ninth consecutive quarter. This marks the second time in a row that we have improved upon our all-time high for comparable operating profit. Importantly, the strong growth in net sales is primarily organic, service businesses serving as our growth engine. In product businesses, growth is stable, and earnings capacity has improved thanks to a more efficient cost structure. The third quarter was our best ever in terms of comparable operating profit. Comparable operating profit stood at EUR 2. 1 million, an increase of 42.8%. Operating profit grew in both of Wulff’s segments. Strong cash flow and our solid financial position put us in an excellent position to execute our growth strategy. Net sales in the Worklife Services segment increased by 43.5% during the January–September period. Net sales increased across all service business areas: staff leasing services grew organically and financial management services through acquisitions. All regional Wulff Works companies are growing significantly faster than the marketa and as a result, profitability has improved despite the resources allocated to growth. We have opened several new locations in Finland and the first office abroad in Romania. The operations there have gotten off to a promising start. We have discontinued unprofitable summer events and physician staff leasing services due to lower-than-expected earnings capacity. Wulff Entre, a exhibition stand design company that has long been part of Wulff (though small in terms of overall earnings impact), achieved a remarkable profitability improvement, reflecting a brighter outlook for Finnish export companies. In 2026, financial management services have grown primarily through acquisitions. In this business, we have sharpened our operational focus in several ways. We adopted a new shared name—Wulff Ekonomi—while retaining the strong local brands of our accounting firms. We are now focusing on renewing our leadership model and streamlining our organizational structure. At the end of the year, we are merging our smallest offices into larger units. While these changes will weigh somewhat on earnings in the short term, they lay the foundation for acquisition-led growth. At the core of our strategy are four key pillars: growth, profitability, internationalization, and sustainability We significantly improved our results in the Products for Work Environments segment. Earnings from our Finnish operations benefited from increased logistics efficiency and lower fixed costs. In Scandinavia, net sales grew thanks to an excellent customer and product strategy; this growth was achieved by expanding beyond traditional office supplies. We have begun implementing the same strategy in Finland. This opens new growth opportunities for us and expands our total potential addressable market. Wulff plays a vital role in Finnish working life. Our products are used in thousands of workplaces across Finland and Scandinavia. Wulff Ekonomi serves five thousand Finnish companies. Over three thousand professionals have worked at Wulff Works’ client companies this year. Wulff makes the world a better place, one encounter at a time. In the realm of workplace products, sustainability translates into more responsible choices, smarter logistics, and solutions that make the workday meaningful. In financial management services, value is created through trust, expertise, and high-quality, personalized service. In our staff leasing services, it is important to us that our employees enjoy their time with our clients and that employment relationships are managed responsibly. Thank you to the Wulff team and our clients: it is inspiring to continue our growth story together. The best results come from skilled people and a positive atmosphere.
Page 5
Wulff Group Plc | Q1-Q3 2026 GROUP’S NET SALES AND PROFIT JULY–SEPTEMBER 2026 Net sales increased by 1 5.8% from the previous year and totalled EUR 36. 1 million (3 1.2). Worklife Services Segment’s net sales increased by 37.7%. Products for Work Environments Segment’s net sales increased by 0.4%. Net sales decreased in Finland by 2.0% and increased in Scandinavia by 6.6%. The gross margin amounted to EUR 9.8 million (8.7) being 27. 1% (27.9) of net sales. Employee benefit expenses amounted to EUR 5.0 million (4.8) being 1 3.9% (1 5.2) of net sales. A one-off cost of EUR 0. 1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result. Other operating expenses amounted to EUR 2. 1 million (1.8) being 5.8% (5.8) of net sales. EBITDA amounted EUR 2.7 million (3. 1), or 7.6% (9.8) of net sales and comparable EBITDA amounted to EUR 2.8 million (2.2), or 7.8% (7.0) of net sales. Operating profit (EBIT) amounted to EUR 2.0 million (2.3), or 5.6% (7.5) of net sales and comparable operating profit amounted to EUR 2. 1 million (1.5), or 5.8% (4.7) of net sales. Financial income totalled EUR 0. 1 million (0.0) and financial expenses totalled EUR 0.3 million (0.2), including interest expenses of EUR 0.3 million (0.2), and mainly currency-related other financial items. Result before taxes was EUR 1.8 million (2. 1), and the comparable result before taxes was EUR 1.9 million (1.2). Net profit attributable to equity holders of the parent company was EUR 1.0 million (1.8) and comparable net profit was EUR 1. 1 million (0.9). Earnings per share (EPS) were EUR 0. 1 4 (0.26) and comparable earnings per share (EPS) were 0. 16 (0. 1 4). JANUARY–SEPTEMBER 2026 Net sales increased by 16.4% and totalled EUR 104. 1 million (89.4). Worklife Services Segment’s net sales increased by 43.5%. The acquisitions of accounting companies implemented in January 2026 increased the net sales in January–September by EUR 0.9 million. Products for Work Environments Segment’s net sales increased by 0.5%. Net sales decreased in Finland by 1.8% and increased in Scandinavia by 6.3%. The gross margin amounted to EUR 29.4 million (25.8) being 28.3% (28.9). Employee benefit expenses amounted to EUR 16.6 million (1 5.2) being 16.0% (1 7.0) of net sales. As a result of the change negotiations carried out in January, a one-time expense of EUR 0.2 million was incurred, which has been removed from the comparable result. A one-off cost of EUR 0. 1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result. Other operating expenses amounted to EUR 6.4 million (5.9) being 6.2% (6.5) of net sales. EBITDA amounted EUR 8.4 million (5.9), or 8. 1% (6.6) of net sales and comparable EBITDA amounted to EUR 6.9 million (5. 1), or 6.6% (5.7) of net sales. Operating profit (EBIT) amounted to EUR 6.2 million (3.9), or 6.0% (4.3) of net sales in and comparable operating profit amounted to EUR 4.6 million (3.0), or 4.5% (3.4) of net sales. Financial income totalled EUR 0.2 million (0. 1) and financial expenses totalled EUR 1.0 million (1.0), including interest expenses of EUR 0.7 million (0.7), and mainly currency-related other financial items. Result before taxes was EUR 5.3 million (3.0), and the comparable result before taxes was EUR 3.8 million (2. 1). Net profit attributable to equity holders of the parent company was EUR 4.0 million (2.2) and comparable net profit was EUR 2.5 million (1.4). Earnings per share (EPS) were EUR 0.59 (0.32) and comparable earnings per share (EPS) were 0.36 (0.20). WULFF GROUP’S NET SALES, EUR MILLION WULFF GROUP’S COMPARABLE OPERATING PROFIT, EUR MILLION AND COMPARABLE OPERATING PROFIT-% 31.2 32.9 31.5 36.4 36.1 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 38.0 40.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1.5 1.0 0.9 1.7 2.1 4.7% 2.9% 2.8% 4.6% 5.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Page 6
Wulff Group Plc | Q1-Q3 2026 WORKLIFE SERVICES SEGMENT JULY–SEPTEMBER 2026 Worklife Services Segment’s net sales increased by 37.7% and totalled EUR 1 8. 1 million (1 3.2). Wulff Works’ staff leasing net sales of EUR 1 3.8 million (9.9) increased organically both in growth centers and due to expansion into new locations. Wulff Ekonomi’s net sales of EUR 2.4 million (1.9) increased due to acquired accounting firms and organic growth. The net sales of Wulff Consulting EUR 0.2 million (0.2), decreased from prior year. Wulff Entre, which specializes in the event industry, saw its net sales of EUR 1.5 million (0.9) increase from the comparison period due to changes in the event portfolio. Canon Business Center Vantaa’s net sales of EUR 0.4 million (0.4) decreased from the comparison period. Operating profit (EBIT) increased from the comparison period and was EUR 1. 1 million (0.9), being 6.2% (6.7) of net sales. Wulff Works’ operating profit increased. The most profitable seasonal months are April—September. Wulff Ekonomi’s operating profit dereased from the comparison period. Wulff Consulting’s operating profit fell slightly short of the previous year’s level. Wulff Entre’s operating profit increased. Canon Business Center Vantaa’s operating results increased slightly compared to the reference period. JANUARY–SEPTEMBER 2026 Worklife Services Segment’s net sales increased by 43.5% and totalled EUR 47.8 million (33.3). Wulff Works’ staff leasing net sales of EUR 34. 1 million (23.2) grew organically both in growth centers and due to expansion into new locations. Wulff Ekonomi’s net sales of EUR 8.2 million (5.7) grew due to acquired accounting firms and organic growth. The net sales of Wulff Consulting EUR 0.7 million (0.6), increased. Wulff Entre, which specializes in the event industry, saw its net sales of EUR 3.7 million (2.6) increase as a result of more events than in the comparison period. Canon Business Center Vantaa’s net sales of EUR 1.4 million (1.4) increased thanks to new customer contracts. Operating profit (EBIT) increased from the comparison period and was EUR 2.4 million (1.9), being 5. 1% (5.7) of net sales. Wulff Works’ operating profit increased. Due to industry focus, January—March is the weakest quarter for Wulff Works, in terms of profitability, in the staff leasing business. The most profitable seasonal months are April—September. Wulff Ekonomi’s operating profit decreased from the comparison period. Wulff Consulting’s result improved from the comparison period. Wulff Entre’s operating result increased from the comparison period. Canon Business Center Vantaa’s operating profit declined slightly from the comparison period. The Worklife Services Segment includes staff leasing services, financial management services, consulting services, exhibition, event, and interior design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. Wulff Works makes job search and partnership personal, fun, and easy. Wulff Ekonomi is a reputable, digital-capable and responsible financial management partner. Wulff Consulting is a master of project management. Wulff Entre is a brave innovator in the international exhibition and event industry and, in addition to Finland, it serves customers in Germany, Sweden, Norway and the United States, among others. Nowadays, printing is increasingly handled as a service. Canon Business Center Vantaa, part of the Wulff Group, offers companies high-quality office and professional printing and document management solutions and services.
Page 7
Wulff Group Plc | Q1-Q3 2026 WORKLIFE SERVICES SEGMENT PRODUCTS FOR WORK ENVIRONMENTS SEGMENT The Products for Work Environments Segment consists of the business of workplace products and services in Finland, Sweden, Norway, and Denmark. Wulff offers a high-quality selection of different work environment solutions. The filling service model makes everyday life easier, helping with procurement of for example snacks, office supplies, and property consumables. Wulff is an expert partner also in production solutions, such as industrial packaging material and in protective products important for the care sector. Companies invest in meeting people at workplaces and many employers take care of its attractiveness in addition to the ergonomics of workstations, for example with smoothies, high-quality coffee, tea and refreshments, energy drinks and snack bars offered to the staff. JULY–SEPTEMBER 2026 Products for Work Environments Segment’s net sales totalled EUR 1 8.3 million (1 8.3). The general market conditions affected the development of net sales both in Finland and in Scandinavia. Net sales, EUR 1 3.0 million (1 3.3), decreased by 2.0% in Finland from the comparison period. In Scandinavia net sales, EUR 5.3 million (5.0), increased by 6.6%. In July—September sales grew particularly for cafeteria and snack products, facility supplies, and healthcare products. Sales of more traditional workplace products and services followed the general economic and employment condition, declining from the comparison period. Uncertainty about the economic outlook affected the purchasing behavior of major customers and retailers. Savings programs in welfare areas were reflected in demand from public sector customers. The significant improvement in profit from Finnish operations was driven by streamlined logistics and reduced fixed costs. Operating profit (EBIT) increased from the comparison period and was EUR 1.0 million (0.7), being 5.3% (3.9) of net sales. A one-off cost of EUR 0. 1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result. JANUARY–SEPTEMBER 2026 Products for Work Environments Segment’s net sales totalled EUR 57.0 million (56.7). Net sales increased by 0.5%. The general market situation affected the development of net sales both in Finland and in Scandinavia. Net sales, EUR 40. 1 million (40.8), decreased by 1.8% in Finland from the comparison period. In Scandinavia net sales, EUR 16.9 million (1 5.9), increased by 6.3%. In January—September, sales grew particularly for cafeteria and snack products, industrial tapes, facility supplies, and healthcare products. Sales of more traditional workplace products and services followed the general economic and employment situation, declining from the comparison period. Uncertainty about the economic outlook affected the purchasing behavior of major customers and retailers. Savings programs in welfare areas were reflected in demand from public sector customers. The significant improvement in profit from Finnish operations was driven by streamlined logistics and reduced fixed costs. Operating profit (EBIT) increased from the comparison period and was EUR 4. 1 million (1.5), being 7.2% (2.7) of net sales. As a result of change negotiations held in the segment’s Finnish operations in January, the employment of six individuals was terminated and a one-time expense of EUR 0.2 million was incurred, which has been removed from the comparable result. At the end of March, Wulff sold and leased back its logistics center in Tuusula; a one-off gain on the sale of EUR1.8 million was recorded from the transaction and excluded from the comparable result. The Lahti store was closed in April. A one-off cost of EUR 0. 1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result.
Page 8
Wulff Group Plc | Q1-Q3 2026 FINANCING, INVESTMENTS AND FINANCIAL POSITION In January–September 2026 the cash flow from operating activities was EUR 4.4 million (3.8). Cash flow from investments during the review period totalled EUR 5.0 million (3. 1). The accounting firm purchases made in January 2026 affected cash flow by EUR -1.6 million. The sale and leaseback of the Tuusula warehouse, confirmed in April, increased cash flow by EUR 9.6 million. Of the sale proceeds, EUR 2.0 million was invested in six-month term deposits. The cash flow impact of the sale-and-leaseback of the Kilo premises, executed in July 2025, was EUR 6.2 million in the comparison period. Investments in intangible and tangible assets during the reporting period amounted to EUR 0.7 million (0.9). The cash flow of financing activities was EUR -4.0 million (-6.4) in January–Septmeber 2026. Long-term loans were repaid in total of EUR 2.7 million (4.9) and withdrawn in total EUR 1.3 million (1.0). Short-term loans were repaid amounting to EUR 0.0 million (0.9). Dividends were paid in the amount of EUR 0.9 million (0.8). Lease agreement payments were EUR 1.6 million (0.9). Recognition of lease agreements within the balance sheet increased group assets EUR 4.9 million (4.7) and liabilities EUR 7.9 million (6.7) at the end of reporting period. The Group’s cash balance changed by EUR 5.4 million (0.4) in January–June. The Group’s bank and cash funds totalled EUR 2. 1 million (1. 1) at the beginning of the year and EUR 7.5 million (1.5) at the end of the reporting period. Equity attributable to the equity holders of the parent company was EUR 3.82 per share (3.40). The equity ratio was 39.0% (39.4). The balance sheet total was EUR 7 1.9 million (6 1.2). Wulff Group Plc’s share is listed on Nasdaq Helsinki in the Small Cap segment under the Industrial Goods and Services sector. The company’s trading code is WUF1V. At the end of the reporting period, the share was valued at EUR 4.3 1 (2.88) and the market capitalization of the outstanding shares totalled EUR 29.3 million (1 9.6). At the end of September 2026, the Group held 1 1 1,624 (1 1 1,624) own shares representing 1.6% (1.6) of the total number and voting rights of Wulff shares. SHARES AND SHARE CAPITAL On June 9, 2026, Wulff Group Plc received a notification from Laine Capital Oy pursuant to Chapter 9, Section 5 of the Securities Markets Act, stating that Laine Capital Oy’s shareholding exceeded the 5% threshold following share transactions executed on June 8, 2026. According to the information received by Wulff Group Plc, Laine Capital Oy’s shareholding increased to 350,272 shares, representing 5.07% of the total number of shares and votes in Wulff Group Plc. MANAGEMENT TRANSACTIONS AND FLAGGING NOTICES
Page 9
Wulff Group Plc | Q1-Q3 2026 PERSONNEL Wulff employs people working in group companies and temporary workers mediated by Wulff Works staff leasing. In January– September 2026 the Group’s personnel totalled 347 (3 10) employees on average. At the end of September, the Group had 340 (323) employees of which 45 (45) persons were employed in Sweden, Norway, or Denmark. Of the Group’s personnel 36% (42) work in sales operations and 64% (58) of the employees work in sales support, logistics and administration. Of the personnel, 58% (54) are women and 42% (46) are men. In January–September 2026, there were an average of 9 1 8 (637) temporary employees arranged by Wulff Works calculated in person-years. Due to the nature of the staffing business, the total number of employees employed by Wulff is greater than the average number of personnel. In calculating the average number of temporary employees, the employees’ work input has been converted into person-years of work (FTE). CHANGES IN MANAGEMENT On May 22, 2026, Wulff announced the resignation of CEO Elina Rahkonen. On June 16, 2026, Wulff announced that the Board of Directors of Wulff Group Plc had appointed Sami Asikainen, 54, as the company’s CEO and Chair of the Group Executive Board, effective June 16, 2026. OTHER EVENTS DURING THE REPORTING PERIOD SUBSEQUENT EVENTS On January 9, 2026, Wulff announced the purchase of Yrittäjäin Tilitieto Oy and Lännen Tilitieto Oy. The transaction was completed on January 8, 2026 (Press release) Wulff renewed the business operations of Finland’s Products for Works Environments by restructuring the organization. The aim of the arrangements is to strengthen Wulff’s competitiveness and operational efficiency. As part of the arrangement, change negotiations were carried out, which ended on January 26, 2026. There were 34 people involved in the negotiations and the employment of 6 people ended as a result of the negotiations. The company estimates that the measures will have a positive effect on the result by around EUR 0.6 million annually. (Stock Exchange release January 1 2, 2026 and January 26, 2026) On March 3 1, 2026, Wulff announced the sale and leaseback of its warehouse in Tuusula. The transaction was valued at EUR 9.6 million, and a twelve-year lease agreement was signed in connection with it, resulting in a lease liability of EUR 7.3 million being recorded on the balance sheet. At the same time, the company repaid bank loans by EUR 1.0 million. A one-time gain of EUR 1.8 million was recorded on the transaction, which has been removed from comparable results. (Stock exchange release) Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 9, 2026. For more information, see ”Decisions of the Annual General Meeting and Board of Directors”. (Stock exchange release April 9, 2026) On May 22, 2026, Wulff announced the resignation of the Group’s CEO, Elina Rahkonen. Rahkonen’s last working day is August 1 4, 2026 (Stock Exchange Release) On June 16, 2026, Wulff announced that the Board of Directors of Wulff Group Plc had appointed Sami Asikainen, 54, as the company’s CEO and Chair of the Group Executive Board, effective June 16, 2026. (Stock Exchange Release) The Group has not had any significant events after the reporting period.
Page 10
Wulff Group Plc | Q1-Q3 2026 FINANCIAL REPORTING STRATEGY Wulff Group Plc will release the following financial reports in 2027: • Financial Statements Release 2026 Monday February 1 5, 2027 • Annual Report 2026 Thursday March 4, 2027 • Interim Report January–March 2027 Monday April 26, 2027 • Half-Year Report January–June 2027 Thursday July 1 5, 2027 • Interim Report January–September 2027 Monday October 1 8, 2027 The publication time is approximately at 9:30 a.m. on the day of publication. Wulff Group Plc’s financial announcements and the IR calendar can be found from our website https://www.wulff.fi/en/ir-calendar. Wulff Group Plc’s Board of Directors confirmed the company’s updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability. Growth is sought especially in the company’s Worklife Services Segment. The company’s staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accel- erated by M&A, especially in Wulff’s accounting business. The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and con- sidered acquisitions that support the strategy. Wulff’s goal is to make the world and working life better — one encounter at a time. The company’s targets for the strategy period are: • Net sales of EUR 230 million in 2030 • Comparable operating profit of EUR 20 million in 2030 • Growing dividend per share
Page 11
Wulff Group Plc | Q1-Q3 2026 RISKS AND UNCERTAINTIES The general economic and market development and the employment rate have a significant impact on the demand for products and services. In addition to rising prices, monetary policy decisions aimed at curbing inflation are affecting the development of global and local economies. Geopolitical tensions and conflicts, growing protectionism, as well as extreme weather events and the expansion of the climate crisis can affect product prices, availability and the intensity of inflation through rising costs of energy goods and logistics. In addition, global economic megatrends, such as the green transition, responsibility, digitalization and artificial intelligence, the sharing economy and the aging population, are affecting market changes. Developing a product and service portfolio in line with changing markets and needs involves both risks and many positive opportunities. Standard business risks include the success of Wulff’s strategy implementation, cybersecurity risks and operational risks arising from the personnel, logistics and IT environment. Fierce competition in the workplace product and service sector can affect the profitability of the business. Changes in exchange rates affect the Group’s net profit and balance sheet. More information about risk management can be found on our website https://www.wulff.fi/en and in the annual review. Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 9, 2026. The Annual General Meeting adopted the financial statements for the financial year 2025 and discharged the members of the Board of Directors and CEO from liability for the financial period 1. 1.–3 1. 1 2.2025. The Annual General meeting decided to pay a dividend of EUR 0. 1 7 per share for the financial year 2025. The Annual General Meeting approved the 2025 remuneration report. Lauri Sipponen, Jussi Vienola and Kristina Vienola were re-elected as members of the Board, and Petteri Kilpinen and Heikki Vienola were elected as new members of the Board of Directors. The organizing meeting of Wulff Group Plc’s Board of Directors, held after the Annual General Meeting, decided that the Chair of the Board is Heikki Vienola. It was confirmed that the members of the Board of Directors will receive a monthly fee of EUR 1,500. BDO Oy, a company of Authorized Public Accountants, with Authorized Public Accountant Joonas Selenius as the lead audit partner, was chosen as the auditor of Wulff Group Plc. The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of maximum 300,000 own shares. The authorization is effective until April 30, 2027. The Annual General Meeting authorised the Board to decide on the issue of new shares, disposal of treasury shares and/or the issue of special rights. The authorisation entitles the Board to issue a maximum of 1,300,000 shares, representing approximately 20% of the company’s currently outstanding stock, based on a single decision or several decisions. The authorisation remains in force until April 30, 2027. DECISIONS OF THE ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS Members of the Board of Directors of Wulff Group Plc. From left: Jussi Vienola, Petteri Kilpinen, Heikki Vienola, Lauri Sipponen and Kristina Vienola.
Page 12
Wulff Group Plc | Q1-Q3 2026 MARKET SITUATION AND FUTURE OUTLOOK Among the global megatrends, Wulff’s operating environment is heavily affected by the increase in the share of knowledge work. The development of the demographic structure is currently reducing the number of people actively working, and the integration of technology into products and services changes the structures of working life. The rapid development and adoption of artificial intelligence is bringing about changes in working life and knowledge work, the full impact of which is not yet known. It remains to be seen to what extent and on what timeline AI will alter the nature of work, job requirements, and roles. However, this transformation is already seen to be significantly affecting the daily lives of knowledge workers and the operating models of organizations. At Wulff, the digital transformation is viewed as providing the company—which already operates across multiple channels—with new ways to reach and serve customers and to boost its own operational productivity. The most significant megatrend for Wulff’s operations and future is corporate responsibility, and the green transition: is the environment treated as a resource or is the goal to improve the state of the environment. Future success will be strongly built on these themes, and their importance will increase in the decision-making of companies and consumers. Wulff has chosen responsibility and especially positive climate actions, increasing equality and decent work and economic growth (UN Sustainable Development Goals 2030) as important elements of his strategy. Products for Work Environments The outlook for the global economy, as well as the geopolitical and economic cycle situation, remain uncertain and continue to cause instability in the markets. The demand for Wulff’s products and services is essentially influenced by the general development of the economy and the market, as well as the employment rate. According to the September 2026 forecast of the Bank of Finland, Finland’s GDP is expected to grow by 1.7% in 2026, inflation to reach 2.4%, and the unemployment rate to rise to 10.4%. According to the September 2026 forecast of the Riksbank of Sweden, the Swedish economy is estimated to grow by 2.8% in 2026 and the unemployment rate to fall to 8.6%. Norway’s economy is expected to grow by 0.9% in 2026 and the unemployment rate to remain almost unchanged at 2. 1% according to Norges Bank’s September 2026 forecast. Economic uncertainty and consumer caution persist in the Nordic countries. Retailers, in particular, remain prudent regarding inventories, which affects demand in this customer segment. The outlook is uncertain. An improvement in business and household confidence could bring positive surprises, and the recovery of private consumption and investment might be faster than forecast. If price inflation and interest rate levels remain moderate despite the conflict in the Middle East, it will facilitate the recovery. Despite the challenging business cycle, the market for workplace products and services has developed steadily in the Nordic countries. Work performed in multiple locations has increased, increasing the number of workstations and the demand for products needed at workstations. Encouraging close work and common face-to-face meetings in the workplace, which is on the rise, can be facilitated with, for example, a versatile selection of snacks. Worklife Services According to preliminary information published by Statistics Finland in September 2026, the annual net sales change of the service industries was 6.0% in August 2026. In Finland, the cyclical development of the service industries has been varying depending on the industry. In the staff leasing industry, net sales grew by 4.2% in August, and net sales for the period from January to August increased by 2.4% (August Revenue Report, Employment Industry Finland association HELA). According to the September 2026 Business Barometer of the Confederation of Finnish Industries (EK), confidence among service-sector companies weakened slightly in September, but it remains somewhat stronger than the long-term average. The growth of the staff leasing market correlates with the general GDP development. Financial management business is a defensive, steadily growing and profitable industry, regardless of economic cycles. There are many small companies in the industry and it is consolidating. Digitalization brings efficiency to the industry. Wulff’s goal is to grow profitably, especially in the service businesses, both organically and through acquisitions. In Espoo on October 1 9, 2026 WULFF GROUP PLC BOARD OF DIRECTORS Further information: CEO Sami Asikainen tel. +358 40 700 99 1 5 e-mail: sami.asikainen@wulff.fi DISTRIBUTION Nasdaq Helsinki Oy Key media www.wulff.fi/en What Wulff? Worklife Services from staff leasing to recruitment, direct searches and consulting, and from financial management to employment services. Products and solutions for work environments: we are a partner for international corporations, the public sector and SMEs. We bring everything from coffee to copy paper, from refreshments to toner cartridges and from fruit to care products to the workplace. Our experts also provide services in branding solutions and ergonomics. Founded in 1890 and listed on the stock exchange in 2000, Wulff operates in Finland, Sweden, Norway and Denmark and its net sales in 2025 was EUR 1 22.3 million. The aim is to achieve net sales of EUR 230 million in 2030 by continuously developing own and customers’ businesses to be more sustainable.
Page 13
Wulff Group Plc | Q1-Q3 2026 CONSOLIDATED STATEMENT OF INCOME (IFRS) III III I-III I-III I-IV EUR 1 000 2026 2025 2026 2025 2025 Net sales 36 139 31 2 21 104 058 89 400 122 326 Other operating income 58 908 2 020 1 132 1 224 Materials and services -26 353 -22 503 -7 4 6 1 2 -63 595 -86 864 Employee benefit expenses -5 01 9 -4 750 -16 622 - 15 184 -20 990 Other operating expenses -2 089 -1 8 1 9 -6 428 -5 855 -8 1 1 3 EBITDA 2 737 3 058 8 416 5 900 7 583 Depreciation and amortization -722 - 717 -2 2 16 -2 035 -2 787 Operating profit/loss 2 015 2 341 6 200 3 865 4 795 Financial income 90 0 15 6 58 105 Financial expenses - 331 -248 -1 01 1 -973 -1 2 1 3 Profit/Loss before taxes 1 775 2 092 5 345 2 950 3 687 Income taxes - 312 108 -38 1 -100 - 619 Net profit/loss for the period 1 463 2 200 4 964 2 850 3 068 Attributable to: Equity holders of the parent company 984 1 792 4 03 1 2 201 2 1 30 Non-controlling interest 479 408 933 649 938 Earnings per share for profit attributable to the equity holders of the parent company: (diluted = non-diluted) 0 .14 0.26 0.59 0.32 0.3 1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) EUR 1 000 Net profit/loss for the period 1 463 2 200 4 964 2 850 3 068 Other comprehensive income which may be reclassified to profit or loss subsequently (net of tax) Change in translation differences -6 23 -39 -108 18 3 Total other comprehensive income -6 23 -39 -108 18 3 Total comprehensive income for the period 1 457 2 223 4 925 2 7 43 3 250 Total comprehensive income attributable to: Equity holders of the parent company 979 1 811 4 000 2 075 2 282 Non-controlling interest 478 412 925 668 969 The information presented in the Interim Report has not been audited. INTERIM REPORT 1. 1.–30.9.2026: TABLE PART
Page 14
Wulff Group Plc | Q1-Q3 2026 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) EUR 1 000 30.9.2026 30.9.2025 3 1. 1 2.2025 ASSETS Non-current assets Goodwill 1 4 205 1 2 697 1 3 7 48 Other intangible assets 4 824 4 1 55 4 256 Property, plant and equipment 8 688 9 399 9 380 Non-current financial assets Interest-bearing financial assets 34 53 52 Non-interest-bearing financial assets 3 013 74 6 736 Deferred tax assets 2 097 3 063 1 773 Total non-current assets 32 862 30 1 1 2 29 945 Current assets Inventories 1 1 1 48 12 321 1 1 235 Current receivables Interest-bearing receivables 23 40 38 Non-interest-bearing receivables 20 372 1 7 200 16 964 Cash and cash equivalents 7 513 1 546 2 12 0 Total current assets 39 056 3 1 106 30 357 TOTAL ASSETS 71 918 61 219 60 302 EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the parent company: Share capital 2 650 2 650 2 650 Share premium fund 7 662 7 662 7 662 Invested unrestricted equity fund 676 676 676 Retained earnings 1 4 994 12 12 6 12 174 Non-controlling interest 2 036 902 1 285 Total equity 28 019 24 017 24 447 Non-current liabilities Interest-bearing liabilities 1 1 403 7 095 7 248 Leasing liabilities 6 423 5 4 74 5 318 Non-interest-bearing liabilities 55 356 181 Deferred tax liabilities 322 1 239 297 Total non-current liabilities 1 8 202 14 16 4 13 044 Current liabilities Interest-bearing liabilities 2 499 2 366 2 394 Leasing liabilities 1 435 1 1 88 1 226 Non-interest-bearing liabilities 21 76 2 1 9 484 19 19 0 Total current liabilities 25 696 23 038 22 8 10 TOTAL EQUITY AND LIABILITIES 71 918 61 219 60 302
Page 15
Wulff Group Plc | Q1-Q3 2026 CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS) I-III I-III I-IV EUR 1 000 2026 2025 2025 Cash flow from operating activities: Cash received from sales 9 8 515 81 11 9 114 2 7 9 Cash received from other operating income 192 263 355 Cash paid for operating expenses -93 500 -76 575 -106 979 Cash flow from operating activities before financial items and income taxes 5 207 4 807 7 655 Interest paid -350 -526 -633 Interest received 108 37 49 Income taxes paid -596 -524 -628 Net cash flow from operating activities 4 369 3 795 6 442 Cash flow from investing activities: Investments in intangible and tangible assets -689 -905 -1 320 Acquisition of subsidiary company shares -1 7 46 -2 332 -3 278 Short-term investments -2 260 - - Proceeds from sales of intangible and tangible assets 9 673 6 289 6 290 Loans granted -23 - 17 - 18 Repayments of loans receivable 60 23 26 Net cash flow from investing activities 5 015 3 057 1 701 Cash flow from financing activities: Dividends paid -923 -764 -1 3 10 Dividends received - - 37 Repayments of finance lease liabilities -1 6 1 8 -878 -1 268 Changes in the sharess of minority shareholders - - -0 Withdrawals and repayments of short-term loans -28 -876 -840 Withdrawals of long-term loans 1 260 1 000 1 700 Repayments of long-term loans -2 682 -4 9 1 3 -5 467 Net cash flow from financing activities -3 99 1 -6 432 -7 1 48 Change in cash and cash equivalents 5 393 4 21 995 Cash and cash equivalents at the beginning of the period 2 12 0 1 12 5 1 12 5 Cash and cash equivalents at the end of the period 7 513 1 546 2 12 0
Page 16
Wulff Group Plc | Q1-Q3 2026 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS) EUR 1 000 Equity attributable to equity holders of the parent company Share capital Share premium fund Fund for invested non-restricted equity Own shares Translation differences Retained earnings Total Non- controlling interest TOTAL Equity on Jan 1, 2026 2 650 7 662 676 -332 -924 13 429 23 1 62 1 285 24 447 Net profit / loss for the period 4 03 1 4 03 1 933 4 964 Net profit / loss for the period Total 4 03 1 4 03 1 933 4 964 Other comprehensive income (net of taxes): Change in translation difference - 31 - 31 -8 -39 Comprehensive income - 31 4 03 1 4 000 925 4 925 Dividens paid -1 1 55 -1 1 55 -1 99 -1 354 Changes in ownership -24 -24 24 0 Equity on Sep 30, 2026 2 650 7 662 676 -332 -955 16 281 25 983 2 036 28 019 Equity on Jan 1, 2025 2 650 7 662 676 -332 -1 075 1 2 546 22 1 27 354 22 48 1 Net profit / loss for the period 2 201 2 201 649 2 850 Net profit / loss for the period Total 2 201 2 201 649 2 850 Other comprehensive income (net of taxes): Change in translation difference - 12 6 - 12 6 19 -108 Comprehensive income - 126 2 201 2 075 668 2 7 43 Dividens paid -1 087 -1 087 - 11 9 -1 207 Equity on Sep 30, 2025 2 650 7 662 676 -332 -1 201 13 659 23 1 1 5 902 24 017
Page 17
Wulff Group Plc | Q1-Q3 2026 NOTES TO THE INTERIM REPORT 1. 1.–30.9.2026 BASIS OF PREPARATION This Interim Report has been prepared in accordance with IAS 34 Half-Year Financial Reporting. The accounting principles used in the preparation of this report are consistent with those used in the 2025 financial statements and taking into account the IFRS standard changes adopted as of Jan 1, 2026. The Group complies with the Guidelines on Alternative Performance Measures (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative performance measures, such as the gross margin, comparable EBITDA, comparable operating profit before puchase price allocation amortisation and impairments (EBITA) and comparable operating profit, are used to present the underlying business performance and to enhance comparability between financial periods. The comparable EBITDA and comparable operating profit do not include items affecting comparability. Items affecting comparability are income and expenses that are not included in normal business activities, such as results from sales and acquisitions of subsidiaries, and non-recurring costs related to their implementation, and write-downs of goodwill and significant one-time expenses. The Alternative Performance Measures should not be taken as substitutes for the standards presented in the Generally Accepted Accounting Principles for IFRS. The seasonality of the international exhibition business and the timing of the same annual exhibitions in different months affect the accumulation of net sales and operating profit in the group. Likewise, seasonality of staff leasing business customers for example construction industry and restaurant industry can affect the accumulation of net sales and operating profit in the Group. Due to industry focus, the January–March period is the weakest quarter in terms of profitability for Wulff Works’ staff leasing operations; the most profitable months fall between April and September. The IFRS principles require the management to make estimates and assumptions when preparing financial statements. The valuation of inventories and trade receivables have been monitored closely. Although these estimates and assumptions are based on management’s best knowledge of today, the outcome may differ from the estimated values presented in the financial statements. The geopolitical tensions and crises, extending protectionism as well as extreme weather phenomena and the expansion of the climate crisis, can affect product prices, availability, and the strength of inflationary trends through higher costs of energy commodities and logistics. The Group has no knowledge of any significant events after the end of the reporting period that would have had a material impact on this report in any other way that has already been presented in this financial report. All figures in the tables have been rounded to the nearest thousand euros. The information presented in the Interim Report has not been audited. This Report has been translated from the Finnish equivalent. In case of any differences, the Finnish Interim Report is the official one.
Page 18
Wulff Group Plc | Q1-Q3 2026 NOTES TO THE INTERIM REPORT 1. 1.–30.9.2026 BUSINESS ACQUISITIONS Acquisitions During the financial year, the Group made an acquisition in the Worklife Services segment. The goodwill generated in business acquisitions typically consists of the value of the acquired personnel and the future profit potential of the acquisi- tion target. Expenses arising from acquisitions have been recorded with effect on profit. The impact of the acquisitions on the operating profit for the financial year was EUR 329 thousand and on the net sales EUR 899 thousand. If the acquisi- tions had taken place at the beginning of the fiscal year 2026, their estimated impact would have been approximately EUR 329 thousand on the operating profit of the fiscal year and approximately EUR 908 thousand on the net sales. The contingent consideration recorded as a liability for acquisitions made in 2026 is a total of EUR 1 2 thousand. The recorded contingent consideration is based on the management’s assessment of the likely realization of the financial and operational goals separately agreed upon in connection with the transactions. Acquisition details in table below: EUR 1 000 Date of acqusition Acquisition type Method of payment Purchase price* Yrittäjäin Tilitieto Oy** 8. 1.2026 Share purchase Cash 1 983 Total 1 983 *The purchase price presented in the tables includes management’s estimate of the contingent consideration and the cash assets of the acquisition target. **In the acquisition on January 8, 2026, the entire share capital of Yrittäjäin Tilitieto Oy was acquired and in addition, Lännen Tilitieto Oy, a 100% owned subsidiary of Yrittäjäin Tilitieto Oy was added to the group. The figures presented in the tables take into account the figures of the entire subgroup. FAIR VALUE OF THE ASSETS AND LIABILITIES ACQUIRED AT THE TRANSACTION DATE EUR 1 000 Yrittäjäin Tilitieto Oy** Total Property, plant and equipment 13 13 Customer relationships 891 891 Right-of-use-assets 241 241 Cash and cash equivalents 348 348 Other current assets 405 405 Total assets 1 899 1 899 Trade payables and other payables 209 209 Leasing liabilities 241 241 Total liabiliites 4 51 4 51 Net assets 1 448 1 448 Paid in cash 1 971 1 971 Contingent consideration recognized 12 12 Consideration booked 1 983 1 983 Net assets of acquisition target -1 448 -1 448 Goodwill 535 535
Page 19
Wulff Group Plc | Q1-Q3 2026 FAIR VALUE OF THE ASSETS AND LIABILITIES ACQUIRED AT THE TRANSACTION DATE EUR 1 000 Hämeen TiliDiili Oy Convido Ab Oy Tili-Aatu Oy Tilitoimisto Lahti Oy Total Immaterial rights - 4 - - 4 Property, plant and equipment - 24 - 1 25 Customer relationships 113 409 20 254 796 Right-of-use-assets 79 269 - 77 425 Cash and cash equivalents 210 71 - 66 346 Other current assets 20 241 - 111 372 Total assets 422 1 017 20 509 1 968 Trade payables and other payables 69 257 - 11 0 436 Leasing liabilities 79 269 - 77 425 Total liabiliites 14 8 525 - 187 860 Net assets 274 492 20 322 1 107 Paid in cash 750 928 20 1 000 2 698 Contingent consideration recognized - 172 - 118 290 Consideration booked 750 1 100 20 1 118 2 988 Net assets of acquisition target (less minority interest) - 274 -344 -20 -322 -1 107 Goodwill 4 76 756 - 796 2 028 OTHER CHANGES IN THE GROUP STRUCTURE There were no other changes to the Group structure in the financial years 2026 or 2025 except changes in minorities in Wulff Works -companies. The changes do not have a material impact to the group. 2025 acquisitions: EUR 1 000 Date of acqusition Acquisition type Method of payment Purchase price* Hämeen TiliDiili Oy 9.1.2025 Share purchase Cash 750 Convido Ab Oy, 70% of shares 1 3.2.2025 Share purchase Cash 1 100 Tili-Aatu Oy 1 7.6.2025 Business acquisition Cash 20 Tilitoimisto Lahti Oy 1.7.2025 Share purchase Cash 1 118 Total 2 988 NOTES TO THE INTERIM REPORT 1. 1.–30.9.2026
Page 20
Wulff Group Plc | Q1-Q3 2026 SEGMENT INFORMATION III III I-III I-III I-IV EUR 1 000 2026 2025 2026 2025 2025 Net sales by operating segments Worklife Services segment 18 12 6 13 16 7 47 845 33 338 46 777 Products for Work Environments segment 18 324 1 8 259 56 996 56 729 76 413 Group Services 204 283 624 866 1 160 Intersegment eliminations - 515 -487 -1 406 -1 532 -2 023 TOTAL NET SALES 36 139 31 2 21 104 058 89 400 122 326 Operating profit/loss by segments Worklife Services segment 1 127 882 2 432 1 888 2 230 Products for Works Environments segment 974 710 4 101 1 506 2 249 Group Services and non-allocated items -85 74 8 -334 4 71 316 TOTAL OPERATING PROFIT/LOSS 2 015 2 341 6 200 3 865 4 795 Comparable operating profit/loss by segments Worklife Services segment 1 1 55 882 2 46 1 1 888 2 230 Products for Works Environments segment 1 040 716 2 517 1 529 2 310 Group Services and non-allocated items -85 - 121 -334 -383 -538 TOTAL COMPARABLE OPERATING PROFIT/LOSS 2 11 0 1 478 4 645 3 035 4 002 NOTES TO THE INTERIM REPORT 1. 1.–30.9.2026
Page 21
Wulff Group Plc | Q1-Q3 2026 NOTES TO THE INTERIM REPORT 1. 1.–30.9.2026 KEY FIGURES III III I-III I-III I-IV EUR 1 000 2026 2025 2026 2025 2025 Net sales 36 1 39 31 2 21 104 058 89 400 12 2 32 6 Change in net sales, % 1 5.8% 1 9.4% 16.4% 1 9.3% 1 9.0% Gross profit 9 786 8 719 29 446 25 806 35 462 Gross profit, % 27.1 % 27.9% 28.3% 28.9% 29.0% EBITDA 2 737 3 058 8 416 5 900 7 583 EBITDA margin, % 7.6% 9.8% 8. 1% 6.6% 6.2% Comparable EBITDA 2 832 2 195 6 86 1 5 070 6 790 Comparable EBITDA margin, % 7.8% 7.0% 6.6% 5.7% 5.6% EBITA 2 015 2 341 6 200 3 865 4 795 EBITA margin, % 5.6% 7.5% 6.0% 4.3% 3.9% Comparable EBITA 2 178 1 530 4 857 3 175 4 203 Comparable EBITA margin, % 6.0% 4.9% 4.7% 3.6% 3.4% Operating profit/loss 2 015 2 341 6 200 3 865 4 795 Operating profit/loss margin, % 5.6% 7.5% 6.0% 4.3% 3.9% Comparable operating profit/loss 2 11 0 1 478 4 645 3 035 4 002 Comparable perating profit/loss margin, % 5.8% 4.7% 4.5% 3.4% 3.3% Profit/Loss before taxes 1 775 2 092 5 345 2 950 3 687 Profit/Loss before taxes margin, % 4.9% 6.7% 5.1 % 3.3% 3.0% Comparable profit/Loss before taxes 1 870 1 229 3 790 2 12 0 2 894 Comparable profit/Loss before taxes margin, % 5.2% 3.9% 3.6% 2.4% 2.4% Net profit/loss for the period attributable to equity holders of the parent company 984 1 792 4 03 1 2 201 2 1 30 Net profit/loss for the period, % 2.7% 5.7% 3.9% 2.5% 1.7% Comparable net profit/loss for the period attributable to equity holders of the parent company 1 079 929 2 476 1 371 1 337 Comparable net profit/loss for the period, % 3.0% 3.0% 2.4% 1.5% 1.1 % Earnings per share, EUR (diluted = non-diluted) 0 .14 0.26 0.59 0.32 0.3 1 Comparable earnings per share, EUR (diluted = non-diluted) 0 .16 0 .14 0.36 0.20 0.20 Return on equity (ROE), % 5.2% 9.3% 1 8.9% 1 2.3% 13 .1 % Return on investment (ROI), % 4.5% 5.8% 1 3.7% 9.3% 1 1.6% Equity-to-assets ratio at the end of period, % 39.0% 39.4% 39.0% 39.4% 40.8% Debt-to-equity ratio at the end of period 50.7% 60.3% 50.7% 60.3% 57.3% Equity per share at the end of period, EUR * 3.82 3.40 3.82 3.40 3.41 Investments in non-current assets 12 2 276 689 905 1 320 Investments in non-current assets, % of net sales 0.3% 0.9% 0.7% 1.0% 1.1 % Treasury shares held by the Group at the end of period 111 6 2 4 111 6 2 4 111 6 2 4 111 6 2 4 111 6 2 4 Treasury shares, % of total share capital and votes 1.6% 1.6% 1.6% 1.6% 1.6% Average number of outstanding shares 6 796 004 6 796 004 6 796 004 6 796 004 6 796 004 Number of total issued shares at the end of period 6 907 628 6 907 628 6 907 628 6 907 628 6 907 628 Personnel on average during the period 345 329 347 320 327 Personnel at the end of period 340 323 340 323 343 Temporary employees on average in person-years of work 1 098 833 918 637 6 61 * Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares.
Page 22
Wulff Group Plc | Q1-Q3 2026 NOTES TO THE HALF-YEAR FINANCIAL REPORT 1. 1.–30.6.2026 CALCULATION OF KEY FIGURES Gross profit Net sales – Materials and services Gross profit-% (Net sales – Material and services) / Net sales x 100 EBITDA Operating profit before interest, taxes, depreciation, and amortization EBITDA-% Operating profit before interest, taxes, depreciation, and amortization / Net sales x 100 EBITA EBIT before impairment Comparable EBITA EBIT before impairment + Amortization of purchase price allocations +/- Items affecting comparability Operating margin, EBIT-% Operating profit / Net sales x 100 Return on Equity (ROE), % Net profit/loss for the period (total including the non-controlling interest of the result) x 100 Shareholders’ equity total on average during the period (including non-controlling interest) Return on Investment (ROI), % (Profit/loss before taxes + Interest expenses) x 100 Balance sheet total - Non-interest-bearing liabilities on average during the period Equity-to-assets, % (Shareholders’ equity + Non-controlling interest at the end of the period) x 100 Balance sheet total - Advances received at the end of the period Net interest-bearing debt Interest-bearing liabilities - Interest-bearing receivables - Cash and cash equivalents Gearing, % Net interest-bearing debt x 100 Shareholders’ equity + Non-controlling interest at the end of the period Earnings per share (EPS), EUR Net profit attributable to the equity holders of the parent company Share issue adjusted number of outstanding shares on average during the period (without own shares) Equity per share, EUR Equity attributable to equity holders of the parent company at the end of the period Share issue-adjusted number of outstanding shares at the end of period (without own shares) Market capitalisation Share issue-adjusted number of outstanding shares at the end of the reporting (without own shares) x the closing price at the end of the reporting period
Page 23
Wulff Goup Plc | Kilonkartanontie 3 | 026 1 0 Espoo | tel. +358 300 870 4 1 1 | info@wulff.fi | wulff.fi/en A BETTER WORLD ONE ENCOUNTER AT A TIME