ETTEPLAN OYJ Financial Statement Review February 12, 2026 at 1.00 p.m. (EET)
Etteplan 2025: Strong cash flow despite challenges
Key points October-December 2025
- The Group's revenue increased by 1.7 percent and was EUR 92.9 million (10-12/2024: EUR 91.3 million). At comparable exchange rates, revenue increased by 0.8 percent.
- Operating profit (EBITA) increased by 5.8 percent and was EUR 6.8 (6.4) million, or 7.3 (7.1) percent of revenue.
- Operating profit (EBIT) increased by 6.4 percent and was EUR 5.3 (5.0) million, or 5.7 (5.4) percent of revenue.
- The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in October-December was EUR -0.3 (-0.9) million.
- Operating cash flow improved and was EUR 16.8 (14.2) million.
- Basic earnings per share was EUR 0.13 (0.12).
Key points January-December 2025
- The Group's revenue increased by 0.1 percent and was EUR 361.4 million (10-12/2024: EUR 361.0 million). At comparable exchange rates, revenue decreased by 0.5 percent.
- Operating profit (EBITA) decreased by 0.6 percent and was EUR 24.2 (24.4) million, or 6.7 (6.8) percent of revenue.
- Operating profit (EBIT) decreased by 3.0 percent and was EUR 17.9 (18.4) million, or 4.9 (5.1) percent of revenue.
- The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in January-December was EUR -2.8 (-3.0) million.
- Operating cash flow improved and was EUR 32.0 (31.0) million.
- Basic earnings per share was EUR 0.42 (0.41).
- The implementation of the strategy continued, and the share of revenue derived from AI-driven service solutions developed by Etteplan developed favorably and was 5 percent at the end of December.
- The Board of Directors' dividend proposal is EUR 0.22 (0.22) per share.
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 | 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 | 1-12/2024 |
| Revenue | 92,881 | 91,315 | 361,417 | 361,020 | 361,020 |
| Operating profit (EBITA) | 6,809 | 6,438 | 24,224 | 24,373 | 24,373 |
| EBITA, % | 7.3 | 7.1 | 6.7 | 6.8 | 6.8 |
| Operating profit (EBIT) | 5,271 | 4,953 | 17,866 | 18,410 | 18,410 |
| EBIT, % | 5.7 | 5.4 | 4.9 | 5.1 | 5.1 |
| Basic earnings per share, EUR | 0.13 | 0.12 | 0.42 | 0.41 | 0.41 |
| Equity ratio, % | 40.8 | 40.5 | 40.8 | 40.5 | 40.5 |
| Operating cash flow | 16,846 | 14 194 | 32,005 | 30,961 | 30,961 |
| ROCE, % | 9.5 | 10.1 | 8.3 | 9.4 | 9.4 |
| Personnel at end of the period | 3,777 | 3,803 | 3,777 | 3,803 | 3,803 |
President and CEO Juha Näkki:
In terms of the operating environment, the year 2025 was full of surprises. Geopolitical tensions were at a very high level, and the erratic nature of trade policy made our customers' decision-making difficult. These factors, combined with weak consumer demand, led to a slowdown in our customers' investments and the postponement of decisions, which weakened our demand situation in Europe throughout the year. In China, the market situation was better than in Europe and the demand situation was at a good level throughout the year. Among our customer industries, demand remained at a good level only in the defense industry and at a moderate level in the energy industry. In the other customer industries, the demand situation was difficult and there were large customer-specific differences in demand.
However, supported by acquisitions, we managed to maintain our revenue at the previous year's level. In the challenging market situation, we had to implement various adaptation measures in order to improve our operational efficiency. This caused significant non-recurring expenses, particularly in the first half of the year. In addition, our profitability was negatively affected by losses resulting from customer bankruptcies. Profitability for the full year was at a modest level. However, due to efficiency improvement measures and the optimization of working capital, our cash flow was strong throughout the year.
At the beginning of the year 2025, we published our updated strategy "Transformation with AI" to respond to the changes driven by the development of AI in our industry. During the year, we have taken numerous measures and continued to invest in the implementation of the strategy. We continuously develop our competence base through training and recruitment, and we see significant growth opportunities in leveraging AI. The company's transformation is progressing, and we will continue to invest and take actions to accelerate the implementation of the change and our strategy also in 2026. As part of the transformation, however, we must also make difficult decisions and in some areas adjust our operations to meet future needs.
Our largest investments in leveraging AI in our business have focused on developing our service offering. During the year, we increased the share of revenue derived from AI-driven service solutions to five percent, which is a good start. Our Technical Communication and Data Solutions service area was especially successful in increasing the share of AI-driven service solutions. With the help of new solutions, we gained market share in the service area, achieved growth despite the difficult market situation and clearly improved the service area's profitability towards the end of the year, which is a good indication of the effectiveness of our strategy. During the year, we made changes to the management of the Software and Embedded Solutions service area to accelerate the implementation of the strategy in that service area as well. The new management has created an action plan for the implementation of the strategy. With the action plan, we aim to return the service area to a growth path and achieve a clear improvement in its profitability. The implementation of the plan has started well and is progressing on schedule.
Even though 2025 was a difficult year in many ways, we managed to develop the company further and improved our profitability in several businesses. With that in mind, I want to thank our personnel for their good work, excellent attitude and fighting spirit in a difficult market situation. The outlook for the market situation in 2026 is largely similar to what we faced at the end of 2025. Uncertainty is high. We do not know what will happen in our operating environment at any given time, and for example January was extremely challenging due to the Greenland controversy. However, we are confident that, through our own actions and strong implementation of our strategy, we can continue to develop the company and focus on profitable growth in 2026.
Market outlook 2026
The most important factor affecting Etteplan's business is the global development of the machinery and metal industry. Market uncertainty remains at a high level due to geopolitical and trade policy tensions. Due to the uncertainty and the resulting weak consumer demand, our customers are saving costs and decision-making on new investments remains slow. Projects are still being suspended and postponed. This weakens our demand situation and makes it very difficult to predict the market situation. The defense industry and the energy industry remain the segments in which demand is developing favorably. In our other customer industries, investments are generally at a low level, and the demand situation remains challenging.
Financial guidance 2026
Etteplan issues guidance for revenue and operating profit (EBIT) as a numerical range and issues the following estimate:
Revenue in 2026 is estimated to be EUR 360-380 (2025: EUR 361.4) million, and
operating profit (EBIT) in 2026 is estimated to be EUR 19-25 (2025: 17.9) million.
Disclosure procedure
This stock exchange release is a summary of Etteplan's 2025 Financial Statement Review. The complete Financial Statement Review 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, February 12, 2026
Etteplan's President and CEO Juha Näkki will present the Company's result for 2025 in a conference call and a live webcast, held in English language, on February 12, 2026 starting at 3.00 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/q4-2025/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/q4-2025. The webcast starts at 3.00 p.m. (EET). A recording of the webcast will be available later at www.etteplan.com.
Espoo, February 12, 2026
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 2025, we had a revenue of EUR 361.4 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
