Wetteri Plc
Stock Exchange Release
20 November, 2025 at 10 a.m.
Wetteri Plc's interim report for 1 January to 30 September 2025
Adjusted operating profit developed favourably - non-recurring cost items weighed on the result
The key figures and information presented in the summaries for the 2025 and 2024 financial years only include the Group's continuing operations.
Summary of the review period 1 July to 30 September 2025
- The Group's revenue was EUR 107.1 million (EUR 102.0 million), with an increase of 5%
- Adjusted EBITDA was EUR 4.0 million (EUR 3.3 million)
- The adjusted operating profit was EUR 0.1 million (EUR -0.3 million)
- The operating profit was EUR -5.3 million (EUR -1.2 million)
- The operating profit decreased due to non-recurring items, including EUR 2.8 million in costs from organisational restructuring and management changes and EUR 2.0 million in provisions related to the revaluation of the stock of cars
- The revenue of the Passenger Cars segment increased by EUR 5.0 million (7%) year-on-year; invoiced sales of used cars decreased by 0,4%
- The revenue of the Maintenance Services segment decreased by EUR 0.7 million (-3%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 0.9 million (18%) year-on-year
Summary of the review period 1 January to 30 September 2025
- The Group's revenue was EUR 331.6 million (EUR 346.1 million), with a decrease of 4%
- Adjusted EBITDA was EUR 8.6 million (EUR 10.1 million)
- The adjusted operating profit was EUR -2.7 million (EUR -0.2 million)
- The operating profit was EUR -9.4 million (EUR -3.8 million)
- The profit for the period was EUR 0.9 million as a result of the sale of Wetteri Power Oy in January 2025
- The revenue of the Passenger Cars segment decreased by EUR 18.5 million (-7%) year-on-year; invoiced sales of used cars decreased by 10.7%
- The revenue of the Maintenance Services segment decreased by EUR 3.8 million (-5%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 7.9 million (66%) year-on-year
Key Highlights for July-September 2025
- Wetteri's continuing operations achieved the best quarterly result of 2025 in Q3. The Group's result was weighed down by non-recurring items essential for Wetteri's financial development (EUR -4.8 million).
- Determined efforts to reduce interest-bearing debt have delivered results during 2025: in January-September, the company's interest-bearing liabilities decreased by a total of EUR 35.5 million. The equity ratio improved from the previous year and was 19 percent during the review period.
- Wetteri completed change negotiations during the review period, with estimated annual personnel cost savings of approximately EUR 4 million. The new organization started operating on 1 October 2025.
- Wetteri expanded its brand representation to new locations, starting Mercedes-Benz dealership in Lahti, Škoda dealership in Joensuu, and agreed to continue BYD dealership in Oulu, Rovaniemi, and Joensuu. In addition, the company announced it will start BMW authorized maintenance in Mikkeli.
Key performance indicators
| EUR thousand | 1 Jul to 30 Sep 20251 | 1 Jul to 30 Sep 20241 | Change | 1 Jan to 30 Sep 20251 | 1 Jan to 30 Sep 20241 | Change | 1 Jan to 31 Dec 20241 |
| Revenue | 107,115 | 119,713 | -11% | 331,624 | 397,754 | -17% | 514,519 |
| EBITDA | -813 | 5,918 | -114% | 3,411 | 15,009 | -77% | 17,638 |
| EBITDA, % of revenue | -1% | 5% | 1% | 4% | 3% | ||
| Adjusted EBITDA2 | 4,013 | 6,311 | -36% | 8,578 | 17,020 | -50% | 20,663 |
| Adjusted EBITDA, % of revenue | 4% | 5% | 3% | 4% | 4% | ||
| Operating profit (loss) (EBIT) | -5,254 | 1,286 | -509% | -9,431 | 1,659 | -669% | -188 |
| Operating profit (loss), % of revenue | -5% | 1% | -3% | 0% | 0% | ||
| Adjusted operating profit2 | 86 | 2,238 | -96% | -2,720 | 5,390 | -150% | 5,088 |
| Adjusted operating profit, % of revenue | 0% | 2% | -1% | 1% | 1% | ||
| Profit (loss) before tax | -7,860 | -1,854 | - | -16,700 | -7,348 | - | -12,063 |
| Profit (loss) before tax, % of revenue | -7% | -2% | -5% | -2% | -2% | ||
| Profit (loss) for the period | -6,316 | -882 | - | 924 | -3,266 | - | -7,139 |
| Profit (loss) for the period, % of revenue | -6% | -1% | 0% | -1% | -1% | ||
| Earnings per share from continuing operations, basic (EUR) | -0.04 | -0.02 | -0.09 | -0.07 | -0.10 | ||
| Earnings per share from continuing operations, diluted (EUR) | -0.04 | -0.02 | -0.09 | -0.07 | -0.10 | ||
| Earnings per share, basic (EUR) | -0.04 | -0.01 | 0.00 | -0.02 | -0.05 | ||
| Earnings per share, diluted (EUR) | -0.04 | -0.01 | 0.00 | -0.02 | -0.05 | ||
| Return on equity (ROE), % | -72% | -10% | -55% | -23% | -30% | ||
| Return on investment (ROI), % | -31% | -11% | -22% | -13% | -15% | ||
| Equity ratio, % | 19% | 17% | 19% | 17% | 15% | ||
| Liquidity, % | 80% | 80% | 80% | 80% | 74% | ||
| Average number of personnel during the review period | 826 | 1,011 | 813 | 1,030 | 1,016 | ||
| Invoiced sales of new passenger cars (pcs) | 930 | 696 | 2,919 | 2,690 | 3,472 | ||
| Invoiced sales of used passenger cars (pcs) | 2,274 | 2,282 | 6,474 | 7,247 | 9,082 | ||
| Invoiced sales of used commercial trucks (pcs) | 94 | 108 | 311 | 284 | 406 | ||
| Orders: new passenger cars (pcs) | 769 | 784 | 3,137 | 2,673 | 3,647 | ||
| Passenger cars: order backlog at the end of the period | 36,681 | 36,337 | 36,681 | 36,337 | 36,606 | ||
| Passenger car repair shop: hours sold | 86,782 | 85,153 | 260,053 | 261,545 | 349,404 |
1The financial performance figures for the 2025 and 2024 financial years include both the Group's continuing and discontinued operations unless the name of the key figure indicates otherwise. The training business operations sold in the first half of 2024 and the subsidiary Wetteri Power Oy, sold at the beginning of 2025, are presented as discontinued operations in the interim report. Correspondingly, the income statement items of the discontinued operations are presented in the consolidated income statement for the financial year as part of the profit (loss) of the Group's discontinued operations, separately from the income statement items of the Group's continuing operations.
2The adjusted EBITDA and operating profit do not take items affecting the comparability of the Group's EBITDA and operating profit into account, such as restructuring costs and other significant non-recurring items, and amortisation of the fair value of assets recognised on the balance sheet by means of acquisition calculations. The purpose of the adjusted EBITDA and operating profit is to improve the comparability of the Group's EBITDA and operating profit between periods. The reconciliation of the adjusted EBITDA and operating profit is presented on page 18 of the interim report.
CEO Pietu Parikka's review
"Wetteri's revenue from continuing operations in July-September was EUR 107.1 (102.0) million, adjusted EBITDA EUR 4.0 (3.3) million and adjusted operating result EUR 0.1 (-0.3) million. Despite the challenging market Wetteri achieved its best adjusted operating profit of 2025 in July-September, but the operating result for the review period showed a loss, at EUR -5.3 (-1.2) million. The result was burdened by non-recurring items, such as expenses related to organisational restructuring and management changes, as well as provisions related to the revaluation of the stock of cars.
In the third quarter of 2025, the revenue of Wetteri's Passenger Cars segment increased by 7% year-on-year, amounting to EUR 77.6 million. The adjusted operating profit of the Passenger Cars segment was EUR -2.1 (-1.8) million in July-September, but profitability improved compared with the first half of 2025. During the review period, we adjusted pricing in slow-moving and high-priced used cars to improve inventory turnover. In addition, we reassessed the probable resale value of demonstration cars in stock to better respond to the market for low-mileage imported cars. The non-recurring impacts of the items on the result were around EUR -2.0 million.
Wetteri's invoicing volume for new cars increased by 34 percent compared to the previous year, and the per-car sales margin improved from the first half of 2025. During the review period, we expanded our brand representation selection into potential market areas. We announced the start of a Mercedes-Benz dealership in Lahti and a Skoda dealership in Joensuu. In addition, we started dealership operations for the BYD electric car brand with a new importer partner in Oulu, Joensuu and Rovaniemi.
In used cars, we made changes to the business operating models during the review period to better respond to market demand. The efficiency and inventory turnover of the used car business improved significantly in the third quarter compared with the first half of 2025. Despite a lower inventory at the beginning of the year, we sold 2,274 (2,282) used cars in July-September. The number increased by around 10% compared with the second quarter of 2025. The inventory optimisation measures initiated at the beginning of 2025 had a positive impact on the unit profitability of cars sold during the review period. The sales of additional services, such as Wetteri Turva and financing products, developed favourably.
The revenue of the Maintenance Services segment in July-September was EUR 22.9 (23.6) million, and its adjusted operating profit was EUR 1.9 (2.2) million. Revenue grew significantly compared to the second quarter of 2025. Scheduling and resourcing of maintenance work were successfully managed during the review period, which had a positive impact on the utilization rate.Differences in work queues between locations evened out during the review period, and the booking rate showed clear growth compared to the previous quarter. Demand was particularly strong for damage repairs and annual maintenance. During the review period, we agreed to acquire the BMW authorized service business in Mikkeli. The business was transferred to Wetteri after the review period in October 2025.
The revenue of the Heavy Equipment segment developed favourably in July-September and amounted to EUR 5.8 (4.9) million. The adjusted operating profit was EUR 0.2 (-1.0) million. The positive development was driven by strong demand, which we were able to meet through efficient procurement and a high-quality inventory.
Measures under the profitability programme launched in May progressed as planned during the review period. The programme aims at an annual profitability improvement of EUR 8 million. During the review period, we succeeded in improving the efficiency of capital turnover in particular, and observed positive developments in terms of the quality of revenue and the sales margin. We have systematically reduced the capital tied up in business operations during 2025. In January-September, our interest-bearing debt decreased by a total of EUR 35.5 million, and our equity ratio improved to 19%.
During the review period, we started change negotiations due to the company's financial situation and the weaker-than-expected market development. The negotiations were completed in September and resulted in the termination of employment for a total of 52 people. In addition, the negotiations aimed to harmonise job descriptions and align organisational structures, resulting in changes to the roles of 44 employees. It is estimated that annual personnel expenses will decrease by around EUR 4 million as a result of the negotiations. The impact of the non-recurring expenses related to the change negotiations and the changes in the management on the result was around EUR -2.8 million. Our organisation started operations under the new management model on 1 October 2025. The new organisational model supports the implementation of our strategy, which is being updated, and enables us to operate more efficiently in a changing market.
After the review period, we completed the sale of our Heavy Equipment business operations in Joensuu and Kajaani, and the business was transferred to Raskone on 1 October 2025. The transaction strengthens Wetteri's equity ratio and creates a foundation for further business development.
During the remainder of the year, Wetteri will continue to focus on improving profitability and operational efficiency. As a result of the profitability measures implemented to date and the non-recurring cost items necessary for future profitability, our financial position is developing in the right direction, providing us with a strong foundation for profitable growth. All our actions are aimed at achieving a turnaround in 2026.
The strategy update process is nearing completion, and we will soon announce our updated strategy for 2026-2028."
Estimate of future developments in the industry and the company
At the end of 2024, the automotive forecasting group projected a growth rate of around 10% for 2025, but actual developments have fallen short of the forecast due to weak consumer confidence and high interest rates, among other factors. In January-September 2025, the number of registrations of new passenger cars decreased by 3% year-on-year. For 2026, the automotive industry forecasts a growth rate of 10%, which, if materialised, would mean a market of 80,000 passenger cars and 11,500 vans. Wetteri expects the scrappage incentive campaign proposed by the Finnish government to have a positive impact, particularly on the sales of low-emission vehicles during 2026. In the used car market, the price level remains low, and demand is focused on mid-priced cars.
In April, Wetteri launched a profitability program aimed at achieving an annual improvement of approximately EUR 8 million. The effects of the program are expected to be fully realized during 2026.
In May, Wetteri withdrew its guidance for 2025 due to increased market uncertainty. The company will review the possibility of issuing new guidance once the strategy work has been completed.
During the review period, the company conducted change negotiations, which concluded in September 2025. As a result of these negotiations, 52 employment contracts were terminated and 44 job descriptions were modified. These measures are estimated to generate annual personnel cost savings of around EUR 4 million.
Wetteri plans its actions and strategy based on the development of its own operations. At present, the company is focusing on strengthening profitability and laying the foundation for future growth. The automotive market has been difficult to predict in recent years. Wetteri does not base its target setting on market forecasts, but the market growth, if realized, will support the achievement of the company's targets.
Disclosure of financial information in 2025
- 13 March 2025: Financial statements bulletin for the 2024 financial year
- 24 April 2025: Annual report and financial statements for the 2024 financial year
- 19 May 2025: Interim report for January-March 2025
- 28 August 2025: Interim report for January-June 2025
- 20 November 2025: Interim report for January-September 2025
Webcast on 20 November 2025 at 1 pm
Wetteri will hold a webcast for investors, analysts and the media on 20 November 2025 at 1 pm. During the webcast, Pietu Parikka, CEO of Wetteri Plc, and Maria Halttunen, CFO of Wetteri Plc, will discuss the company's third-quarter performance and the market outlook for the automotive sector. The webcast can be followed at https://wetteri.events.inderes.com/q3-2025
Oulu 20 November 2025
Wetteri Plc
Board of Directors
Further information:
Pietu Parikka, CEO, Wetteri Plc
Tel. +358 50 344 2886, pietu.parikka@wetteri.fi
Maria Halttunen, CFO, Wetteri Plc
Tel. +358 50 325 4370, maria.halttunen@wetteri.fi
Wetteri Plc - an entrepreneur-driven growth company in the automotive industry
Wetteri Plc is an entrepreneur-driven growth company in the automotive industry. In addition to the retail trade of passenger, commercial and heavy-duty vehicles, the company provides maintenance and damage repair services ranging from passenger cars to heavy-duty vehicles. The company has 19 locations in Finland, and its head office is located in Oulu. The company employs approximately 800 people, of whom approximately 76% work in maintenance and damage repair services. Wetteri is a promoter of the digitalisation of the automotive industry and an important player in the joint journey towards emission-free driving. More information: www.sijoittajat.wetteri.fi/en/.
Distribution:
Nasdaq Helsinki
Major media
www.sijoittajat.wetteri.fi/en/