Talenom Plc, Stock Exchange Release 11 March 2026 at 9:00 EET
Talenom Plc's Financial Statement Release 2025: A year of major strategic changes; demerger completed after the review period
The implementation of Talenom Plc's partial demerger and the establishment of the new Easor Plc were registered in the Trade Register on 28 February 2026. In the demerger, Talenom's accounting business remained within the current company (continuing operations). In the demerger, the software business was transferred to a new independent company, named Easor Plc (discontinued operations).
January-December 2025 in brief, continuing operations
- Net sales EUR 109.1 million (105.7), growth 3.2% (3.4)
- Comparable net sales EUR 107.6 million (105.7), growth 1.8%
- EBITDA EUR 20.6 million (20.8), 18.9% (19.7) of net sales
- Comparable EBITDA EUR 19.0 million (18.2), 17.6% (17.2) of net sales
- Operating profit (EBIT) EUR 6.2 million (7.0), 5.7% (6.7) of net sales
- Comparable operating profit (EBIT) EUR 5.3 million (4.5), 4.9% (4.3) of net sales
- Net profit EUR 2.9 million (2.7)
- Earnings per share EUR 0.06 (0.06)
- The Board of Directors' proposal for a dividend of a maximum of EUR 0.05 (0.20) per share, of which EUR 0.03 per share would be paid after the Annual General Meeting and a maximum of EUR 0.02 per share at a later date at the discretion of the Board of Directors
- Dividend policy: The company's goal is to enable sustainable and growing dividend distribution. Any potential dividend distribution will be planned so as not to jeopardise the achievement of the company's strategic goals or its financial position
October-December 2025 in brief, continuing operations
- Net sales EUR 24.4 million (23.9), growth 1.9%
- Comparable net sales EUR 24.4 million (23.9), growth 1.9%
- EBITDA EUR 2.3 million (2.7), 9.6% (11.3) of net sales
- Comparable EBITDA EUR 2.3 million (2.3), 9.5% (9.5) of net sales
- Operating profit (EBIT) EUR -1.7 million (-0.8), -7.1% (-3.5) of net sales
- Comparable operating profit (EBIT) EUR -1.2 million (-1.3), -4.9% (-5.4) of net sales
- Net profit EUR -1.1 million (-0.6)
- Earnings per share EUR -0.02 (-0.01)
Reported key figures, continuing operations
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 109,112 | 105,716 | 3.2% | 24,389 | 23,927 | 1.9% |
| Net sales, growth % | 3.2% | 3.4% | 1.9% | |||
| EBITDA, EUR 1,000 | 20,606 | 20,828 | -1.1% | 2,346 | 2,702 | -13.2% |
| EBITDA of net sales, % | 18.9% | 19.7% | 9.6% | 11.3% | ||
| Operating profit (EBIT), EUR 1,000 | 6,180 | 7,046 | -12.3% | -1,734 | -845 | -105.3% |
| Operating profit (EBIT), as % of net sales | 5.7% | 6.7% | -7.1% | -3.5% | ||
| Earnings per share, EUR | 0.06 | 0.06 | 5.3% | -0.02 | -0.01 | -90.5% |
| Net profit, EUR 1,000 | 2,862 | 2,716 | 5.4% | -1,130 | -593 | -90.5% |
Comparable key figures, continuing operations
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 107,612 | 105,716 | 1.8% | 24,389 | 23,927 | 1.9% |
| Net sales, growth % | 1.8% | 3.4% | 1.9% | |||
| EBITDA, EUR 1,000 | 18,978 | 18,184 | 4.4% | 2,327 | 2,283 | 1.9% |
| EBITDA of net sales, % | 17.6% | 17.2% | 9.5% | 9.5% | ||
| Operating profit (EBIT), EUR 1,000 | 5,301 | 4,516 | 17.4% | -1,200 | -1,281 | 6.4% |
| Operating profit (EBIT), as % of net sales | 4.9% | 4.3% | -4.9% | -5.4% |
Key figures, discontinued operations
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 20,867 | 20,515 | 1.7% | 5,174 | 5,280 | -2.0% |
| Net sales, growth % | 1.7% | 5.3% | -2.0% | 7.3% | ||
| EBITDA, EUR 1,000 | 12,406 | 13,927 | -10.9% | 1,522 | 3,357 | -54.7% |
| EBITDA of net sales, % | 59.5% | 67.9% | 29.4% | 63.6% | ||
| Operating profit (EBIT), EUR 1,000 | -1,831 | 4,371 | -141.9% | -4,569 | 900 | -607.6% |
| Operating profit (EBIT), as % of net sales | -8.8% | 21.3% | -88.3% | 17.0% | ||
| Earnings per share, EUR | -0.05 | 0.07 | -171.1% | -0.10 | 0.02 | -703.0% |
| Net profit, EUR 1,000 | -2,398 | 3,374 | -171.1% | -4,478 | 743 | -703.0% |
Key figures, Group
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 129,979 | 126,231 | 3.0% | 29,563 | 29,207 | 1.2% |
| Net sales, growth % | 3.0% | 3.7% | 1.2% | -1.7% | ||
| EBITDA, EUR 1,000 | 33,013 | 34,754 | -5.0% | 3,868 | 6,060 | -36.2% |
| EBITDA of net sales, % | 25.4% | 27.5% | 13.1% | 20.7% | ||
| Operating profit (EBIT), EUR 1,000 | 4,349 | 11,417 | -61.9% | -6,303 | 55 | -11,527.4% |
| Operating profit (EBIT), as % of net sales | 3.3% | 9.0% | -21.3% | 0.2% | ||
| Return on investment (ROI), % (rolling 12 months) | 3.0% | 7.8% | -61.3% | |||
| Cash flow from operations, EUR 1,000 | 31,704 | 29,225 | 8.5% | |||
| Interest-bearing net liabilities, EUR 1,000 | 97,484 | 87,618 | 11.3% | |||
| Net gearing ratio, % | 207.3% | 161.1% | 28.6% | |||
| Equity ratio, % | 26.1% | 30.6% | -14.7% | |||
| Net investments, EUR 1,000 | 19,396 | 22,724 | -14.6% | 5,371 | 5,353 | 0.3% |
| Liquid assets, EUR 1,000 | 7,448 | 8,669 | -14.1% | 7,448 | 8,669 | -14.1% |
| Weighted average number of shares during the period | 45,477,972 | 45,472,919 | 0.0% | 45,477,972 | 45,477,972 | 0.0% |
Guidance for 2026 (continuing operations) unchanged (published on 16 December 2025)
Talenom estimates that 2026 net sales will be around EUR 110-120 million and comparable EBITDA around EUR 18-22 million.
The software business is presented as a discontinued operation due to the demerger
Talenom Plc's Extraordinary General Meeting, held on 27 January 2026, approved the separation of Talenom's software business through a partial demerger into a new company named Easor Plc. The effective date of the demerger was 28 February 2026.
Talenom presents the software business as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations from the last quarter of 2025 onwards. The net profit from discontinued operations is presented separately from the income and expenses of continuing operations in the consolidated income statement. The comparison periods have been adjusted accordingly. In the Group's balance sheet, assets and liabilities related to discontinued operations are presented separately as assets held for sale and related liabilities. The comparison period of the balance sheet has not been adjusted accordingly.
Presented discontinued operations include net sales and expenses directly related to the software business, as well as other income and expenses related to continuing operations that are not expected to continue after the demerger or would have been avoided without the demerger. Therefore, the financial information presented as Talenom's continuing operations and Easor's discontinued operations does not reflect the past or future profitability of either business as separate entities before or after the demerger.
CEO Juho Ahosola:
2025 was a significant year of structural change. In 2024, we continued to implement our updated strategy and moved towards a clearer business structure, where the accounting and software businesses can develop independently in line with their own growth targets.
In the first half of the year, independent growth strategies were adopted for both business areas. During the year, the software business began selling software products also to external accounting firms, and the results were encouraging. In addition, the Easor brand for the software business was launched in the first half of the year.
In September 2025, the company's Board of Directors initiated a strategic review of the potential separation of the Easor software business into an independent listed company. The objective of the review was to clarify shareholder value creation and enable a stronger strategic focus for both businesses.
As a result of the strategic review, the company prepared a demerger, which was completed after the end of the review period. With the demerger, Talenom will fully focus on providing financial administration services, and Easor became an independent, publicly listed software company. Going forward, Talenom will utilise the best software in the industry and leverage AI, automation, and the best technologies in its service processes.
Thus, 2025 formed a natural continuation of the 2024 strategy update and created a structure that supports the long-term growth and performance of both companies.
2025 financial targets and performance
We did not achieve our financial targets in 2025, which we are not satisfied with. The market environment in Finland and Sweden was challenging, but we do not consider it the sole reason, and we have a strong desire to improve our performance in all our operating countries.
In Sweden, we managed to slightly improve euro-denominated profitability through the introduction of the ONE Talenom concept and the harmonization of processes. However, net sales development clearly fell short of our targets, which was reflected in the development of profitability.
In Spain, we progressed according to our growth strategy and completed two acquisitions during the year. Growth was a combination of strong organic and inorganic growth. In addition, we started the systematic implementation of the ONE Talenom concept in Spain.
In Finland, despite a challenging market environment, we achieved a 4.2% comparable net sales growth and a 5.5% comparable EBITDA growth for continuing operations. Although the development was stable given the circumstances, we aimed at stronger growth.
We see good opportunities to improve our performance in all markets within the framework of the new strategy. Our strategy has been perceived as good and inspiring within the organization, and we have been able to demonstrate the positive impact of the ONE Talenom concept on employee experience, customer experience, and financial performance in all our operating countries.
Particularly, in the last quarter, the organization's focus was on activities and changes related to the demerger. We did not achieve the quarterly growth and profitability targets. However, the demerger that took place after the review period allows the organization to fully focus on strategy implementation, and we believe this provides a good foundation for growth and profitability development in 2026.
Strategy and future
After the demerger, Talenom will focus on financial administration services with the aim of growing in all operating countries. Talenom's strategy is based on the following key strengths:
- A growing and stable market: The accounting services market in Europe is estimated to be around EUR 100 billion and is growing steadily. Talenom operates in Finland, Sweden and Spain, where the company has significant organic and inorganic growth potential.
- Demonstrated ability to internationalize: Talenom has been operating internationally for over six years and has built an organization capable of scaling operations in new markets. The company has an international executive board, and in addition, viable country-specific executive boards have been established in each country to implement the strategy.
- ONE Talenom concept: The ONE Talenom concept includes unified management and service principles, as well as best practices for scaling the accounting business. The concept aims for higher customer satisfaction, an improved employee experience, and the utilization of technology according to requirement levels, which enables an excellent customer experience cost-effectively.
- Strong cash flow: The business is based on recurring invoiced services and long-term customer relationships, which generate predictable cash flow and form the basis for long-term dividend payment capacity.
Talenom is targeting over 10% annual net sales growth in the medium term.
We are positive about the future. We believe that our strategy is a viable and correct response to market dynamics. The clearer business structure resulting from the demerger enables a stronger focus, clearer shareholder value creation, and improved operational efficiency. We expect these factors to be reflected in long-term growth and profitability.
Talenom's goal is to create an excellent customer experience and further strengthen the employee experience. We believe that an excellent employee experience and customer experience create the foundation for sustainable success. We want to be a pioneer in the accounting business in the future as well and build solutions that make the daily lives of entrepreneurs and SMEs smoother and more predictable than before.
I would like to thank our customers for their trust, our personnel for their commitment, and our partners for their constructive cooperation. Our work continues, and we are motivated to develop the company for the next phase of growth and development.
Board of Director's proposal concerning the result for the period
The Board of Directors proposes that the parent company's profit for the financial year EUR 4,859,020.72 is transferred to the retained earnings/loss account. The Board of Directors' proposal for a dividend of a maximum of EUR 0.05 (0.20) per share, of which EUR 0.03 per share would be paid after the Annual General Meeting and a maximum of EUR 0.02 per share at a later date at the discretion of the Board of Directors.
The company's financial position has not changed substantially since the end of the fiscal year.
Webcast
The company's CEO Juho Ahosola and CFO Matti Säkkinen will present the main points of the release in a live webcast today on 11 March 2026 at 9:30 EET (in Finnish) and at 11:00 EET (in English). Recordings of the events will be published on Talenom's website https://investors.talenom.com/fi/ and https://investors.talenom.com/en
You can watch the webcast live in Finnish at 9:30 EET at https://talenom.events.inderes.com/q4-2025-fi
You can watch the webcast live in English at 11:00 EET at https://talenom.events.inderes.com/q4-2025-en
Further information:
Juho Ahosola
CEO, Talenom Oyj
+358 50 525 6043
juho.ahosola@talenom.fi
Talenom in brief
Talenom is a customer-centric and advanced accounting firm founded in 1972. Our mission is to help entrepreneurs succeed. We want to be a genuine partner to our customers and we help our customers with comprehensive accounting, payroll and expert services. Our vision is to be the most recommended financial partner. Talenom operates in Finland, Sweden and Spain. Talenom's share is listed on the main market of Nasdaq Helsinki. Read more: investors.talenom.com/en
