ETTEPLAN OYJ Interim Report October 29, 2025, at 1.00 p.m. (EET)
Etteplan Q3 2025: Profitability developed positively despite the weak market situation
Key points July-September 2025
- The Group's revenue increased by 2.8 percent and was EUR 82.2 million (7-9/2024: EUR 80.0 million). At comparable exchange rates, revenue increased by 2.4 percent.
- Operating profit (EBITA) increased by 92.7 percent and was EUR 5.6 (2.9) million, or 6.9 (3.7) percent of revenue.
- Operating profit (EBIT) increased by 184.1 percent and was EUR 4.1 (1.4) million, or 4.9 (1.8) percent of revenue.
- The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in July-September was EUR -0.2 (-1.4) million.
- Operating cash flow improved and was EUR 3.2 (-0.3) million.
- Basic earnings per share was EUR 0.10 (0.00).
- Etteplan issued a profit warning on October 28, 2025, and lowered its previous estimate of revenue and operating profit (EBIT) for 2025 due to weaker-than-expected development of market demand. According to the new estimate, revenue is estimated to be EUR 355-370 (2024: 361.0) million, and operating profit (EBIT) will be EUR 17-20 (2024: 18.4). In connection with the profit warning, Etteplan provided preliminary information on its revenue and operating profit (EBIT) for the third quarter.
Key points January-September 2025
- The Group's revenue decreased by 0.4 percent and was EUR 268.5 million (1-9/2024: EUR 269.7 million). At comparable exchange rates, revenue decreased by 0.9 percent.
- Operating profit (EBITA) decreased by 2.9 percent and was EUR 17.4 (17.9) million, or 6.5 (6.6) percent of revenue.
- Operating profit (EBIT) decreased by 6.4 percent and was EUR 12.6 (13.5) million, or 4.7 (5.0) percent of revenue.
- The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in January-September was EUR -2.5 (-2.1) million.
- Operating cash flow declined and was EUR 15.2 (16.8) million.
- Basic earnings per share was EUR 0.29 (0.29).
- The share of revenue derived from AI-driven service solutions developed by Etteplan increased during the review period and was 5 percent at the end of September.
Etteplan also monitors non-IFRS performance measures because they provide additional information on Etteplan's development. More information on performance measures is provided at the end of the release.
Key figures
| EUR 1,000 | 7-9/2025 | 7-9/2024 | 1-9/2025 | 1-9/2024 | 1-12/2024 |
| Revenue | 82,237 | 79,964 | 268,535 | 269,705 | 361,020 |
| Operating profit (EBITA) | 5,634 | 2,923 | 17,415 | 17,935 | 24,373 |
| EBITA, % | 6.9 | 3.7 | 6.5 | 6.7 | 6.8 |
| Operating profit (EBIT) | 4,052 | 1,426 | 12,595 | 13,457 | 18,410 |
| EBIT, % | 4.9 | 1.8 | 4.7 | 5.0 | 5.1 |
| Basic earnings per share, EUR | 0.10 | 0.00 | 0.29 | 0.29 | 0.41 |
| Equity ratio, % | 40.3 | 40.2 | 40.3 | 40.2 | 40.5 |
| Operating cash flow | 3,200 | -261 | 15,159 | 16,767 | 30,961 |
| ROCE, % | 7.5 | 3.3 | 7.9 | 9.2 | 9.4 |
| Personnel at end of the period | 3,830 | 3,870 | 3,830 | 3,870 | 3,803 |
President and CEO Juha Näkki:
Our profitability developed positively in the third quarter despite the weak market situation. The previously implemented adaptation measures improved our operational efficiency, and investments in AI-driven service solutions supported the positive development.
However, the demand situation continued to be very challenging, as uncertainty in the markets remained high. Orders received by our customers provided a modest boost to delivery project demand in the beginning of the review period, but this demand softened towards the end of the review period. Several of our customers implemented reorganizations and cost-saving measures in response to the uncertain market environment. Very few new investment projects were still initiated. Decision-making on new projects remains slow, and even existing projects are being suspended, postponed and even canceled. Product development activity also slowed down substantially after the summer holiday season. This was particularly evident in our Software and Embedded Solutions service area, where revenue declined clearly and profitability was weak. Due to weak market development, we had to implement new adaptation measures, and for example in Finland, the number of temporary layoffs turned to a clear increase in the end of the review period. The defense industry and the energy industry remained the segments in which demand developed favorably.
In spite of the weak market situation, we will continue investing in the development of our business and, in particular, our service solutions. The share of revenue derived from AI-driven service solutions increased to five percent during the review period. New solutions have enabled us to gain market share and improve profitability, especially in the Technical Communication and Data Solutions service area. During the review period, we also acquired Eltech Automation AB in Sweden. The acquisition strengthens our service offering in Sweden, particularly in production solutions.
As we enter the fourth quarter, the market situation is difficult. High market uncertainty and our customers' cost-saving measures are weakening our demand outlook. Although we have succeeded in improving our profitability, we were forced to adjust our financial guidance downwards due to weak demand. In spite of the situation, we will continue to purposefully implement our strategy. We are convinced that we are heading in the right direction and that our business will develop towards our goals when the market situation improves.
Market outlook 2025
The most important factor affecting Etteplan's business is the global development of the machinery and metal industry. Market uncertainty remains high due to geopolitical tensions and the trade war. Due to the uncertainty, our customers are implementing cost-saving measures and decision-making on new investments remains slow. Even projects that have already started are being suspended, postponed or even canceled. This weakens our demand situation and makes it very difficult to predict the market situation. The defense industry and the energy industry remained the segments in which demand developed favorably. In our other customer industries, investments are at a low level, and the demand situation remains very challenging.
Financial guidance 2025
Etteplan issued a profit warning on October 28, 2025, and lowered its previous estimate of revenue and operating profit (EBIT) for 2025.
Current financial guidance for 2025:
Etteplan issues guidance for revenue and operating profit (EBIT) as a numerical range and issues the following estimate:
Revenue in 2025 is estimated to be EUR 355-370 (2024: EUR 361.0) million, and
operating profit (EBIT) in 2025 is estimated to be EUR 17-20 (2024: 18.4) million.
Previous financial guidance for 2025 (August 6, 2025):
Etteplan issues guidance for revenue and operating profit (EBIT) as a numerical range and issues the following estimate:
Revenue in 2025 is estimated to be EUR 365-385 (2024: EUR 361.0) million, and
operating profit (EBIT) in 2025 is estimated to be EUR 19-24 (2024: 18.4) million.
Disclosure procedure
This stock exchange release is a summary of Etteplan's January-September 2025 Interim Report. The complete Interim Report is attached to this stock exchange release in pdf format and is also available on Etteplan's website at www.etteplan.com.
Conference call and live webcast today, October 29, 2025
Etteplan's President and CEO Juha Näkki will present the Company's results for January-September 2025 in a conference call and a live webcast, held in English language, on October 29, 2025 starting at 2.30 p.m. (EET).
Questions can be asked in Finnish and in English after President and CEO's presentation only through conference call connection. Participants must register through this link https://events.inderes.com/etteplan/q3-2025/dial-in to ask questions through the conference call lines. After registering the participants will receive a teleconference number and a code to join the call. The participants are asked to press *5 to join the queue for questions.
Juha Näkki's presentation can be followed as a live webcast on https://etteplan.events.inderes.com/q3-2025. The webcast starts at 2.30 p.m. (EET). A recording of the webcast will be available later at www.etteplan.com.
Espoo, October 29, 2025
Etteplan Oyj
Board of Directors
Additional information:
Juha Näkki, President and CEO, tel. +358 10 307 2077
Outi Torniainen, SVP, Marketing and Communications, tel. +358 10 307 3302
The information presented herein has not been audited.
Releases and other corporate information are available on Etteplan's website at www.etteplan.com.
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.etteplan.com
Etteplan in brief
Etteplan is a growing technology service company with the purpose of bringing people and technology together to change things for the better. Together with our customers, we are building a world where every system, process, and product can be made smarter, more efficient, and more sustainable. Our customers include world's leading companies in the manufacturing industry. In 2024, we had a revenue of EUR 361.0 million and around 4,000 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. www.etteplan.com