25.2.2026 08:40:01 EET | Gofore Oyj | Financial Statement Release
Gofore Plc
Financial Statements Release
25 February 2026 at 8.40 am EET
Gofore Plc's Financial Statements Release January-December 2025: Last quarter profitability was strong, adjusted EBITA 14.0%
October-December 2025
- Net sales grew by 19.6%, net sales excluding acquisitions on previous year's level.
- Profitability was strong considering the market and at the highest level of the year. Adjusted EBITA was 8.3 (6.7) million euros, 14.0%.
- Quarter's adjusted EBITA improved by a 1.2 million euro compensation from a dispute.
- Customer price change was -0.2%. Average salary change was +1.9% (+0.5%).
- The number of employees increased to 1,791 (1,471) and total capacity was 1,851 (1,539).
- As a post-reporting period event, Gofore completed the acquisition of the entire share capital of the German digital transformation expert company Esentri AG on 2 January 2026, with a debt-free price of 10 million euros.
January-December 2025
- Net sales increased from the previous year by 2.8%, totaling 191.4 (186.2) million euros. Organic growth -4.0%.
- Adjusted EBITA was 16.8 (23.9) million euros, 8.8% (12.8%) of net sales. Delivery challenges in certain projects and the write-down of one fixed-price project, which mainly affected January-June, also reduced profitability for the whole year.
- Change negotiations carried out in H1 2025 were reflected in improved profitability and utilisation rate in H2, strengthening the company's view of the adaptive impact of the negotiations.
- The change in customer prices during January-December was +0.7% (-0.3%) excluding projects that exceeded work estimates, and including these, -2.3%. Projects that exceeded work estimates mainly affected price development in January-June.
- Average salary development was moderate, January-December +0.9% (+1.0%).
- On 1 September 2025, Gofore completed its largest acquisition to date by purchasing the Finnish technology and design company Huld. The debt-free price for the entire share capital of Huld was 54.5 million euros.
Disclosure and guidance
As of February 2026, Gofore does not provide guidance on the net sales or profitability for the financial year.
Board of Director's proposal for dividends
The parent company's distributable assets as at 31 December 2025 amounted to EUR 96.4 million. The Board of Directors proposes to the Annual General Meeting on 17 April 2026 that dividends be distributed for the financial period ended on 31 December 2025 in the amount of EUR 0.49 per share from the retained earnings, equaling a total of 7.9 million euros in dividend payout. Profit of the period will be transferred to retained earnings.
At the date of the proposal, there are 16,161,492 outstanding shares that yield dividends, equaling a total of 7.9 million euros in dividend payout. The proposed dividend is 83.1% of earnings per share. Of the year 2024 profit, a dividend of 0.48 euros per share was distributed, a total of 7.5 million euros.
The 2025 dividend is paid to a shareholder who is on the company's list of shareholders maintained by Euroclear Finland Oy on the record date 21 April 2026. A dividend will not be paid for the shares in the company's possession on the record date. According to the proposal, dividends are paid on estimate on 28 April 2026.
Key Figures
Thousand euros, unless otherwise stated | 10-12/2025 | 10-12/2024 | 2025 | 2024 |
Net sales | 59,589 | 49,829 | 191,382 | 186,166 |
Change in Net sales, % | 19.6% | -3.6% | 2.8% | -1.6% |
EBITDA | 10,863 | 7,630 | 20,335 | 28,461 |
EBITDA, % | 18.2% | 15.3% | 10.6% | 15.3% |
Adjusted EBITA | 8,341 | 6,674 | 16,806 | 23,916 |
Adjusted EBITA, % | 14.0% | 13.4% | 8.8% | 12.8% |
EBITA | 9,519 | 6,607 | 15,668 | 24,429 |
EBITA, % | 16.0% | 13.3% | 8.2% | 13.1% |
Operating Profit (EBIT) | 8,200 | 5,731 | 11,659 | 20,776 |
Operating Profit (EBIT), % | 13.8% | 11.5% | 6.1% | 11.2% |
Profit for the period | 6,820 | 4,918 | 9,802 | 16,806 |
Return on equity (ROE), % | 25.3% | 19.1% | 9.0% | 16.9% |
Return on investment (ROI), % | 21.0% | 19.2% | 8.7% | 17.8% |
Equity ratio, % | 51.2% | 62.1% | 51.2% | 62.1% |
Net gearing, % | 9.0% | -34.1% | 9.0% | -34.1% |
Number of employees at the end of period | 1,791 | 1,471 | 1,791 | 1,471 |
Average own capacity, FTE | 1,683 | 1,379 | 1,462 | 1,373 |
Average subcontracting, FTE | 183 | 164 | 158 | 149 |
Average overall capacity, FTE | 1,867 | 1,543 | 1,620 | 1,522 |
Earnings per share (EPS), undiluted | 0.42 | 0.31 | 0.59 | 1.04 |
Earnings per share (EPS), diluted | 0.41 | 0.30 | 0.58 | 1.02 |
Cash flow from operative activities per share | 1.38 | 2.37 | ||
Equity per share | 6.93 | 6.69 | ||
Dividend per share | 0.49 | 0.48 | ||
DPS/EPS, % | 83.1% | 46.2% | ||
Effective dividend yield (DPS/Price), % | 3.6% | 2.2% | ||
Price-Earnings ratio, P/E | 22.8 | 21.3 |
CEO Mikael Nylund:
"Gofore's performance in the last quarter of 2025 was positive in both growth and profitability. Net sales grew to 59.6 million euros (+19.6%) and profitability improved compared to both the previous quarter and the same period last year, reaching 14.0%. These are impressive results, reflecting both the courage to invest and renew the organisation, as well as the valuable contribution of every Gofore employee.
A closer look at the full year 2025 reveals two very different halves. The first half of the year was the toughest period of a weaker economic cycle. The prolonged challenging situation forced us to adapt, resulting in the reduction of 80 jobs. High level of idle capacity, the focus required by adaptation measures, and difficulties in a few customer projects left the result for the first half at a modest 5.4% (adjusted EBITA).
In the second half of the year, corrective measures already began to yield results. A skill structure that better meets customer needs, cost reductions, new investments in industries, and a slightly more active customer demand supported improved profitability, which reached 11.9%. Based on this, we are able to continue our business operations in the new year and pursue a continued positive trend. During 2026, the cost synergies from the Huld acquisition will further support this.
In 2025, we invested in future growth. In the summer, we announced the acquisition of Huld, our largest acquisition to date. In December, we decided to invest in growth in the DACH region with the acquisition of Esentri.
The Huld investment was already reflected in the growth of the fourth quarter and the pro forma net sales at the end of December (215.2 million euros), which was 16% above the previous year. With the Esentri investment, our January net sales were 18.7 million euros, 20% higher than a year earlier.
We also saw positive development in organic growth. We reached zero growth after four quarters of negative growth. Turning organic growth back to positive is one of our top priorities for the year ahead. Made investments strongly support this goal, especially in our strategic sectors Defence & Space and Intelligent Industry.
For the Defence & Space sector, the year 2025 was a year of initiation. We got off to a flying start when Gofore's national security expertise was strengthened by Huld's defense industry knowhow and extensive experience in space business. We have made progress even better than expected and anticipate relatively the strongest growth from this sector in 2026.
Customers' cautious approach to investments was particularly evident last year in the Intelligent Industry sector. However, there were successes, especially in cybersecurity, which we have significantly strengthened. We have also continued to invest in the development of our services, and especially in our Digital Product Lifecycle concept, whose value proposition for the digitalisation of product development has proven strong among our customers.
It is also noteworthy that, although competition in consulting business has remained intense, product sales based on our own simulator technology has grown well, by some 60% last year.
Digitalisation continues in the industry, and customers are especially investing in services that provide specific value to the sector. We believe that the Intelligent Industry segment will be the sharp spearhead of our growth this year and in the years to come.
Intense competition persisted in the Digital Society segment. Strict budget discipline in the public sector also affected business operations. However, we succeeded in maintaining net sales at the 2024 level. We established new framework agreements in Germany and Austria, which we expect to yield results during 2026 and beyond.
In 2025, we strengthened our position as a service provider in the AI era. We have conceptualised and productised our expertise and accumulated experience. Our advisory services have supported numerous customers in designing AI understanding, strategy, and development portfolios. We are also involved in a new, AI-native consulting company called Valimo. This ensures that we have a sharp focus on our clients' AI needs, from broad transformations to individual flagship projects.
January 2026 opened the new year with cautiously positive signs. Although the beginning of the month was still largely spent on holidays, customer activity appears stronger than in the previous two years of weak economic conditions. With these prospects, it is a good time to start the new year."
Events after the review period
2 January 2026: Gofore's Esentri acquisition completed
Gofore announced on 22 December 2025 that it would acquire Esentri AG in the DACH region. The acquisition was completed on 2 January 2026. Esentri's enterprise value was 10 million euros and the estimated purchase price was 11.7 million euros. Of the purchase price, 30 percent was paid in shares and 70 percent in cash, and for minority sellers, 100 percent in cash. At the time of the transaction, the company employed 110 professionals and had customers in Germany, Switzerland, and Liechtenstein.
13 January 2026: Gofore's Shareholders' Nomination Committee proposals for the 2026 Annual General Meeting
Proposal regarding the number and composition of Board members
The Shareholders' Nomination Committee proposes to the Annual General Meeting that the Board consists of six (6) members, and that for the term ending at the conclusion of the Annual General Meeting in 2026, the following current board members be re-elected: Mammu Kaario, Piia-Noora Kauppi, Antti Koskelin, Timur Kärki, and Sami Somero, as well as Saara Lehmuskoski as a new employee representative elected from among the staff. All candidates have given their consent to the positions. The Nomination Committee proposes that the Board be elected as a single entity.
The Nomination Committee's proposals can be found in full in the stock exchange release published on 13 January 2026.
15 January 2026: December 2025 business review
Gofore Group's net sales in December 2025 were EUR 17.8 (13.4) million. The number of employees at the end of the review period was 1,791 (1,471). There were 20 (18) working days in Finland during the period. Own capacity Full Time Equivalent (FTE) was 1,680 (1,382) and subcontracting FTE was 176 (157).
The full review can be found in the stock exchange release published on 15 January 2026.
January 2026
January started in a typically slower manner than other months, as both Gofore employees and customers were on holiday in the beginning of the month, and the calendar allowed for an unusually long vacation period. This affected the total hours and net sales for the entire month of January more than is typical. On the other hand, the utilisation rate was better than in the previous two years, so there was no actual idle time.
In January and February, we are carrying out the most intensive phase of the Huld integration, as all Huld employees are operationally joining Gofore's organisation. The integration has progressed well and we are excited on both sides, but an integration of this scale inevitably requires some work that takes away from customer projects.
The numbers are unaudited.
Month | Net sales, | Net sales, | No. of employees | No of working | Own capacity, | Subcontracting, |
January | 18.7 (15.6) | 227.9 | 1,892 (1,470) | 20 (21) | 1,767 (1,387) | 180 (148) |
Webcast of the Financial Statements Release
Gofore's CEO Mikael Nylund will present the financial statements release in a live webcast today, February 25, 2026, starting at 1:00 PM EET. The broadcast will also feature Gofore's new CFO Saara Ukkonen, Gofore's AI expert Tommi Rasinmäki, and Osmo Haapaniemi, CEO of Valimo, Gofore's new AI consulting associate company.
The broadcast will be held in English and can be followed live or as a recording at https://gofore.events.inderes.com/q4-2025.
Participants can send questions during the broadcast, which will be answered at the end. Registration is not required for the event. Presentations and the webcast recording will be available after the event on Gofore's IR pages.
More information:
Mikael Nylund, CEO, Gofore Plc
Tel. 040 540 2280
mikael.nylund@gofore.com
Contacts
- Emmi Berlin, IR & PR Lead, +358400903260, emmi.berlin@gofore.com
About Gofore Oyj
Gofore is an international digital transformation consultancy with Finnish roots. We employ nearly 1,800 experts across 23 cities in Finland, Germany, Austria, Czech Republic, Spain, and Estonia. With our technology and business expertise, we work for functional, secure and equal services for the digital society and sustainable solutions for the intelligent industry. Our diverse group of professionals share a pioneering ambition to create a more humane and responsible digital world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2024, our net sales amounted to EUR 186,2 million. Gofore Plc's share is listed on the Nasdaq Helsinki Ltd. in Finland. Our vision is to be the most significant digital transformation consultancy in Europe.
