Talenom Plc, Stock exchange release on 17 October 2025 at 9:00 EEST
Talenom Plc Business Review for January-September 2025: Cash flow improved significantly and we initiated a review of the potential separation of the Easor software business into an independent listed company
January-September 2025 in brief
- Net sales EUR 100.4 million (97.0), growth 3.5% (5.4)
- Comparable net sales EUR 98.9 (97.0) million, growth 1.9% (5.4)
- EBITDA EUR 29.1 million (28.7), 29.0% (29.6) of net sales
- Comparable EBITDA EUR 27.8 million (26.9), 28.1% (27.8) of net sales
- Operating profit (EBIT) EUR 10.7 million (11.4), 10.6% (11.7) of net sales
- Comparable EBIT EUR 9.4 million (9.6), 9.5% (9.9) of net sales
- Net profit EUR 6.1 million (5.9)
- Earnings per share EUR 0.13 (0.13)
July-September 2025 in brief
- Net sales EUR 29.8 million (29.1), growth 2.4% (2.7)
- Comparable net sales EUR 29.8 (29.1) million, growth 2.4% (2.7)
- EBITDA EUR 8.8 million (9.0), 29.5% (30.8) of net sales
- Comparable EBITDA EUR 8.6 (8.1) million, 28.8% (27.7) of net sales
- Operating profit (EBIT) EUR 2.4 million (3.0), 8.2% (10.3) of net sales
- Comparable EBIT EUR 2.3 million (2.1), 7.6% (7.3) of net sales
- Net profit EUR 1.3 million (1.2)
- Earnings per share EUR 0.03 (0.03)
Reported key figures
| Group | 1-9/ 2025 | 1-9/ 2024 | Change, % | 7-9/ 2025 | 7-9/ 2024 | Change, % |
| Net sales, EUR 1,000 | 100,416 | 97,024 | 3.5% | 29,761 | 29,053 | 2.4% |
| Net sales, growth % | 3.5% | 5.4% | 2.4% | 2.7% | ||
| EBITDA, EUR 1,000 | 29,145 | 28,695 | 1.6% | 8,766 | 8,954 | -2.1% |
| EBITDA of net sales, % | 29.0% | 29.6% | 29.5% | 30.8% | ||
| Operating profit (EBIT), EUR 1,000 | 10,652 | 11,362 | -6.2% | 2,443 | 3,006 | -18.7% |
| Operating profit (EBIT), as % of net sales | 10.6% | 11.7% | 8.2% | 10.3% | ||
| Return on investment (ROI), % (rolling 12 months) | 6.9% | 8.8% | -21.9% | |||
| Interest-bearing net liabilities, EUR 1,000 | 91,361 | 87,763 | 4.1% | |||
| Net gearing ratio, % | 160.4% | 162.1% | -1.1% | |||
| Equity ratio, % | 30.7% | 30.7% | -0.1% | |||
| Net investments, EUR 1,000 | 14,025 | 17,371 | -19.3% | 3,605 | 4,245 | -15.1% |
| Liquid assets, EUR 1,000 | 12,366 | 8,456 | 46.2% | 12,366 | 8,456 | 39.6% |
| Earnings per share, EUR | 0.13 | 0.13 | 2.2% | 0.03 | 0.03 | 1.5% |
| Weighted average number of shares during the period | 45,477,972 | 45,471,240 | 0.0% | 45,477,972 | 45,477,972 | 0.0% |
| Net profit, EUR 1,000 | 6,072 | 5,941 | 2.2% | 1,267 | 1,249 | 1.5% |
Comparable key figures
| 1-9/ 2025 | 1-9/ 2024 | Change, % | 7-9/ 2025 | 7-9/ 2024 | Change, % | |
| Net sales, EUR 1,000 | 98,916 | 97,024 | 1,9% | 29,761 | 29,053 | 2,4% |
| Net sales, growth % | 1.9% | 5.4% | 2.4% | 2.7% | ||
| EBITDA, EUR 1,000 | 27,844 | 26,932 | 3.4% | 8,581 | 8,058 | 6.5% |
| EBITDA of net sales, % | 28.1% | 27.8% | 28.8% | 27.7% | ||
| Operating profit (EBIT), EUR 1,000 | 9,351 | 9,599 | -2.6% | 2,258 | 2,110 | 7.0% |
| Operating profit (EBIT), as % of net sales | 9.5% | 9.9% | 7.6% | 7.3% |
The comparable key figures exclude a one-off increase of EUR 1.5 million in January-September net sales due to a change in the net sales recognition policy. In January-September, a EUR 0.2 million expense related to additional purchase prices from acquisitions and a EUR 1.8 million income recognition in the comparison period have also been deducted from EBITDA and operating profit.
Guidance for 2025 unchanged
Talenom estimates that 2025 net sales will be around EUR 130-140 million and EBITDA around EUR 36-42 million.
CEO Otto-Pekka Huhtala
The Group's comparable net sales increased by 2.4% (2.7) to EUR 29.8 million (29.1) in the third quarter. The comparable net sales of the Accounting business were EUR 24.5 million and net sales of the continuously billed Software business were EUR 5.2 million. In January-September, comparable Group net sales grew by 1.9% (5.4) to EUR 98.9 million (97.0). The net sales of the Accounting business were EUR 83.0 million and comparable net sales of the continuously billed Software business were EUR 15.9 million. Organic growth in the Finnish and Spanish businesses was good, while Sweden weighed on the growth rate.
Thanks to new customer acquisition, Finnish net sales grew by some 3.5% (-0.5) in the third quarter. Although growth has been slower than before, we are satisfied with the growth, considering recent industry development. According to a study by Taloushallintoliitto, industry growth was negative in the second quarter.
Sweden's net sales declined, even though efforts to turn around net sales growth have progressed. In Sweden, actions towards a profitability turnaround have started to show in relative profitability. We systematically continue with ONE Talenom operating models, processes and the implementation of our software.
Organic growth in Spain strengthened, and we made an acquisition in line with our strategy in April. During the summer, we completed a feature in our software required for the transition to e-invoicing. We also continued to roll out our software to our customers to facilitate their business management and prepare them for the e-invoicing transition. In addition, we started distributing the software to accounting firms outside the company.
The Group's profitability was good. The comparable EBITDA for the third quarter was EUR 8.6 million (8.1) and the comparable operating profit was EUR 2.3 million (2.1). Of the third quarter's comparable EBITDA, the accounting business generated EUR 4.8 million and the software business generated EUR 3.8 million. EBITDA improved in Finland and Sweden. Operating profit rose slightly, and its development was still hampered by increased depreciation.
The comparable EBITDA for January-September improved by approximately EUR 0.9 million. In the same period, investments in own software decreased by around EUR 2.7 million from the comparison period. As a result, cash flow after investments improved by some 45% year on year.
In the fall of 2024, we announced a strategy update in which we decided to start selling our software to other accounting firms as well. The strategy work has progressed with the separation of business operations at the beginning of the year and the launch of the Software business's own Easor brand. In the summer, the Board approved independent, finalized growth strategies for both businesses, in line with the long-term financial targets. In September, we announced that we would initiate a strategic review of the potential separation of the Easor software business into an independent listed company. We appointed Juho Ahosola (M.Sc. (Econ.), Master of Administrative Sciences, eMBA, born 1988), who has long been a member of the Board of Executives and is responsible for the accounting business, as Deputy CEO. This enables the Group CEO to focus more on the separation and management of the software business.
The future looks bright for the company. The company can leverage its expertise as the digitalization of the accounting industry progresses in Europe, both in its accounting and software businesses. According to our assessment, a potential demerger is expected to improve the performance of the Easor software business and the Talenom accounting business through organizational clarity and independent, focused decision-making bodies. As two separate companies, Easor and Talenom would be positioned to grow and develop faster.
Webcast
A live webcast will be held today 17 October 2025 starting at 10:00 EEST in English. In the webcast, the company's CEO Otto-Pekka Huhtala and CFO Matti Eilonen will present the key highlights of the reporting period. In addition, Juho Ahosola, the company's Deputy CEO, Lourdes Santisteban, Chief Country Officer, Accounting business Spain and Anxo Barreiro, Country Director, Software business Spain will discuss the company's business area strategies and market opportunities.
You can watch the webcast live at 10:00 EEST at https://talenom.events.inderes.com/q3-2025
Recording of the event will be published on Talenom's website at https://investors.talenom.com/en
The presentation material will be published before the start of the briefing on the company's website.
Talenom Plc
Board of Directors
Further information:
Otto-Pekka Huhtala
CEO, Talenom Plc
+358 40 703 8554
otto-pekka.huhtala@talenom.fi
Talenom in brief
Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to help entrepreneurs succeed by making their daily lives easier with the market's easiest-to-use digital tools and highly automated personal services. In addition to comprehensive accounting services, we support our customers' business with a wide range of expert services and our partners' services. Our vision is to be the preferred partner in financial management.
Talenom's growth history is strong - average annual net sales growth was approximately 16% between 2005 and 2024. Talenom Group has two business areas: Software business and Accounting business. In 2024, Talenom's net sales was some EUR 126 million and the company had 1,554 employees in Finland, Sweden, Spain and Italy at the end of the year. Talenom's share is quoted on the Main Market of Nasdaq Helsinki. Read more: investors.talenom.com/en
