16.2.2026 09:29:18 EET | Wulff-Yhtiöt Oyj | Financial Statement Release
This is a summary of Wulff Group Plc's Financial Statements Release January-December 2025. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi
OCTOBER-DECEMBER 2025 BRIEFLY
- Net sales totalled EUR 32.9 million (27.9), increasing by 18.0%
- EBITDA was EUR 1.7 million (1.4), and comparable EBITDA was EUR 1.7 million (1.4)
- Operating profit (EBIT) was EUR 0.9 million (0.8), and comparable operating profit (EBIT) was EUR 1.0 million (0.8). Operating margin was 2.8% (2.9) and comparable operating margin was 2.9% (2.9)
- Earnings per share (EPS) were EUR -0.01 (0.04) and comparable earnings per share (EPS) were EUR 0.00 (0.04)
- The equity ratio was 40.8% (41.3)
YEAR 2025 BRIEFLY
- Net sales totalled EUR 122.3 million (102.8), increasing by 19.0%
- EBITDA was EUR 7.6 million (5.4), and comparable EBITDA was EUR 6.8 million (5.6)
- Operating profit (EBIT) was EUR 4.8 million (3.2), and comparable operating profit (EBIT) was EUR 4.0 million (3.3). Operating margin was 3.9% (3.1) and comparable operating margin was 3.3% (3.2)
- Earnings per share (EPS) were EUR 0.31 (0.26) and comparable earnings per share (EPS) were EUR 0.20 (0.29)
- The Board of Directors proposes to the Annual General Meeting to be held on April 9, 2026 that a dividend of EUR 0.17 per share (0.16) will be paid
FINANCIAL GUIDANCE 2026
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 affecting 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.
KEY FIGURES
EUR 1 000 | Q4 2025 | Q4 2024 | Q1-Q4 2025 | Q1-Q4 2024 |
Net sales | 32 926 | 27 904 | 122 326 | 102 815 |
Change in net sales, % | 18.0% | 21.7% | 19.0% | 9.6% |
EBITDA | 1 683 | 1 410 | 7 583 | 5 416 |
EBITDA margin, % | 5.1% | 5.1% | 6.2% | 5.3% |
Comparable EBITDA | 1 720 | 1 410 | 6 790 | 5 577 |
Comparable EBITDA margin, % | 5.2% | 5.1% | 5.6% | 5.4% |
Comparable EBITA | 1 028 | 831 | 4 203 | 3 430 |
Comparable EBITA margin, % | 3.1% | 3.0% | 3.4% | 3.3% |
Operating profit/loss | 930 | 807 | 4 795 | 3 180 |
Operating profit/loss margin, % | 2.8% | 2.9% | 3.9% | 3.1% |
Comparable operating profit/loss | 968 | 807 | 4 002 | 3 340 |
Comparable operating profit/loss margin, % | 2.9% | 2.9% | 3.3% | 3.2% |
Comparable profit/loss before taxes | 774 | 543 | 2 894 | 2 270 |
Comparable profit/loss before taxes margin, % | 2.4% | 1.9% | 2.4% | 2.2% |
Net profit/loss for the period attributable to equity holders of the parent company | -71 | 295 | 2 130 | 1 778 |
Net profit/loss for the period, % | -0.2% | 1.1% | 1.7% | 1.7% |
Comparable net profit/loss for the period attributable to equity | -33 | 295 | 1 337 | 1 939 |
Comparable net profit/loss for the period, % | -0.1% | 1.1% | 1.1% | 1.9% |
Earnings per share, EUR (diluted = non-diluted) | -0.01 | 0.04 | 0.31 | 0.26 |
Comparable earnings per share, EUR (diluted = non-diluted) | 0.00 | 0.04 | 0.20 | 0.29 |
Cash flow from operating activities | 2 647 | 2 278 | 6 442 | 4 114 |
Return on equity (ROE), % | 0.8% | 1.9% | 13.1% | 8.2% |
Return on investment (ROI), % | 2.3% | 2.3% | 11.6% | 9.0% |
Equity-to-assets ratio at the end of period, % | 40.8% | 41.3% | 40.8% | 41.3% |
Debt-to-equity ratio at the end of period | 57.3% | 65.6% | 57.3% | 65.6% |
Investments in non-current assets | 414 | 385 | 1 320 | 1 628 |
Personnel on average during the period | 342 | 281 | 327 | 271 |
Temporary employees on average in person-years of work | 731 | 361 | 661 | 256 |
WULFF GROUP PLC'S CEO ELINA RAHKONEN
Growth in services raised net sales to a new record
During 2025, Wulff set a new net sales record for three consecutive quarters. Q4 revenue of EUR 32.9 million is our best yet. Year 2025 net sales increased by 19.0% and were the largest in our history: EUR 122.3 million. Net sales grew in line with our expectations, especially in the service businesses. Growth in staff leasing was organic and in the accounting business growth was accelerated by acquisitions. Comparable operating profit increased to EUR 4.0 million. Comparable operating profit margin was 3.3 (3.2).
We succeeded in implementing our growth strategy despite a challenging operating environment. I am pleased with the profitable growth in the Worklife Services Segment: Wulff Works' staff leasing business grew wonderfully in line with expectations and already accounts for more than a quarter of the Group's net sales. Wulff Accounting's net sales increased mainly due to acquisitions. The profitability of accounting services is at a good level and the development is stable.
Our success in services is based on trust, presence and long-term customer relationships, which we strengthen with efficient operating models and the development of digital capabilities. In 2026, we have good opportunities to improve the profitability of the entire Group by harmonizing operating models and utilizing data and artificial intelligence in business development.
Economic and geopolitical uncertainty was felt in demand for the Products for Work Environments Segment, especially in Finland. In Scandinavia, market caution was less pronounced. The Segment's net sales in 2025 decreased by 3.1%. Measures to improve profitability continue. Key focus areas include developing digital capabilities, improving the operational efficiency of the logistics chain, and assortment work: renewal, refinement and strengthening the sustainability perspective.
Personal service and solution-oriented sales expertise will continue to be our key competitive advantage: they ensure that the renewal of the product range and the development of digital capabilities are seen by the customer as better service and smoother transactions. Our new growth strategy guides us to act together, humanely and sustainably. Measured in numbers, our goal is clear and explicitly measurable: to double our net sales by 2030. In daily work, achieving an ambitious net sales target requires making choices and staying on track. It is important for us to achieve our goals by acting sustainably, because only a responsibly implemented working life supports all life on our planet.
We have implemented our growth strategy - A better world, one encounter at a time - into our daily lives in each of our businesses. In connection with the strategy work, we also updated our values ??with our personnel. It has been great to see how customer experience, trust, entrepreneurship and renewal are visible and felt, for example, in the will to exceed customer expectations and to take a colleague with us on customer visits. We have many businesses and many of our customers can make their everyday lives easier by purchasing products and services from us to an even wider extent than they are now. We expect net sales to increase briskly also in 2026.
We propose to the AGM an increasing dividend for the eighth consecutive year. Thank you to all of you who choose Wulff! It is a pleasure to be a trusted partner for customers, an enabler of growth; a learning and career environment for employees and an interesting investment for shareholders.
GROUP'S NET SALES AND PROFIT
In October-December 2025 net sales increased by 18.0% from the previous year and totalled EUR 32.9 million (27.9). In January-December 2025 net sales increased by 19.0% and totalled EUR 122.3 million (102.8).
Worklife Services Segment's net sales increased by 62.0% in October-December, and 89.4% in January-December especially due to Wulff Works staff leasing business' strong organic growth and the expansion of Wulff's accounting services. The acquisitions of accounting companies during the financial year increased the net sales in January-December by EUR 2.5 million.
Products for Work Environments Segment's net sales decreased by 0.8% in October-December, and by 3.1% in January-December. In Finland, net sales decreased. In Scandinavia, net sales increased in October-December and were at the previous year's level in January-December.
The gross margin amounted to EUR 9.7 million (8.1) being 29.3% (29.2) of net sales in October-December 2025, and EUR 35.5 million (30.2) being 29.0% (29.4) of net sales in January-December 2025. There were no disturbances in the availability of products during the reporting period.
In October-December 2025 employee benefit expenses amounted to EUR 5.8 million (4.6) being 17.6% (16.6) of net sales. In January-December 2025 employee benefit expenses amounted to EUR 21.0 million (17.3) being 17.2% (16.8) of net sales. As a result of Wulff's change negotiations at the beginning of the year and the arrangements made at the end of the year, a one-time expense of EUR 0.1 million was incurred, which has been removed from the comparable result.
Other operating expenses amounted to EUR 2.3 million (2.2) in October-December 2025 being 6.9% (7.8) of net sales. In January-December other operating expenses amounted to EUR 8.1 million (7.7) being 6.6% (7.5) of net sales. The change in other operating expenses in relation to net sales comes from the growth in the Worklife Services segment.
In October-December 2024 EBITDA amounted EUR 1.7 million (1.4), or 5.1% (5.1) of net sales and comparable EBITDA amounted to EUR 1.7 million (1.4), or 5.2% (5.1) of net sales. In January-December EBITDA amounted EUR 7.6 million (5.4), or 6.2% (5.3) of net sales and comparable EBITDA amounted to EUR 6.8 million (5.6), or 5.6% (5.4) of net sales. In July 2025, Wulff announced the sale and leaseback of its office premises in Espoo. The transaction resulted in a one-off gain of EUR 0.8 million, which has been excluded from the comparable result.
EBIT amounted to EUR 0.9 million (0.8), or 2.8% (2.9) of net sales in October-December 2025 and comparable EBIT amounted to EUR 1.0 million (0.8), or 2.9% (2.9) of net sales. EBIT amounted to EUR 4.8 milllion (3.2), or 3.9% (3.1) of net sales in January-December and comparable EBIT amounted to EUR 4.0 milllion (3.3), or 3.3% (3.2) of net sales.
In the last quarter financial income totalled EUR 0.0 million (0.0)and financial expenses totalled EUR 0.2 million (0.3). In January-December 2025, the financial income totalled EUR 0.1 million (0.2)and financial expenses totalled EUR 1.2 million (1.2), including interest expenses of EUR 0.8 million (1.0), and mainly currency-related other financial items.
In October-December 2025 the result before taxes was EUR 0.7 million (0.5), and the comparable result before taxes was EUR 0.8 million (0.5). In January-December 2025 the result before taxes was EUR 3.7 million (2.1), and the comparable result before taxes was EUR 2.9 million (2.3).
In the last quarter of 2025 net profit attributable to equity holders of the parent company was EUR -0.1 million (0.3) and comparable net profit was EUR -0.0 million (0.3). The net profit attributable to equity holders of the parent company was EUR 2.1 million (1.8) and comparable net profit was EUR 1.3 million (1.9) in January-December.
Earnings per share (EPS) were EUR -0.01 (0.04) and comparable earnings per share (EPS) were 0.00 (0.04) in the last quarter of 2025. Earnings per share (EPS) were EUR 0.31 (0.26) and comparable earnings per share (EPS) were 0.20 (0.29) in January-December 2025.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFIT
The Group's parent company Wulff Group Plc's distributable funds totalled EUR 5.6 million (4.0). The Group's net result attributable to the owners of the parent company for the financial year was EUR 2.1 million (1.8), or EUR 0.31 per share (0.26). The Board of Directors proposes to the Annual General Meeting to be held on April 9, 2026, that a dividend of EUR 0.17 per share (0.16) be paid in two instalments 0.09 during the second quarter of 2026 and 0.08 during the last quarter of 2026, for the financial year 2025, totalling EUR 1.2 million, and the remaining distributable funds to be transferred in retained earnings in the shareholders' equity. The effective dividend yield of the proposed dividend is 4.3 percent (calculated at the 31.12.2025 share price, which was EUR 3.98/share).
SUBSEQUENT EVENTS
On January 9, 2025, Wulff announced the purchase of Yrittäjäin Tilitieto Oy and Lännen Tilitieto Oy. The transaction was completed on January 8, 2025 (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 12, 2026 and January 26, 2026)
STRATEGY
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 accelerated 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 considered acquisitions that support the strategy. Wulff's goal is to make the world and working life better - one interaction 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
FINANCIAL REPORTING
Wulff Group Plc will release the following financial reports in 2026:
Annual Review 2025 | Thursday March 5, 2026 |
Interim Report January-March 2026 | Monday April 27, 2026 |
Half-Year Report January-June 2026 | Thursday July 16, 2026 |
Interim Report January-September 2026 | Monday October 19, 2026 |
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.
In Espoo on February 16, 2026
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Elina Rahkonen
tel. +358 40 647 1444
e-mail: elina.rahkonen@wulff.fi
DISTRIBUTION
Nasdaq Helsinki Oy
Key media
www.wulff.fi/en
What Wulff?
Worklife services ranging from staff leasing solutions to consulting and accounting services, products for work environments to workplace, remote and mobile work, as well as exhibitions, event services, and commercial interior design. We deliver also Canon printing and document management services. Founded in 1890, Wulff operates, in addition to Finland, in Sweden, Norway and Denmark. The company has been listed on the stock exchange since 2000 and its net sales in 2024 were EUR 102.8 million. Focusing on sustainable products, services, and operations, Wulff aims for profitable growth and net sales of EUR 230 million in 2030.
