Framery Group Plc | Stock Exchange Release | April 27, 2026 at 09:00:00 EEST
This release is a summary of Framery Group Plc's Interim Report January-March 2026. The complete report is attached to this release as a pdf file. It is also available on Framery's website at https://framery.com/sijoittajat/en/investors/
January-March 2026 in brief:
- Revenue remained stable, with a -0.1% change compared to the comparative period, amounting to EUR 58.4 (58.4) million. At comparable exchange rates, revenue growth would have been 2.4%, and revenue would have totaled EUR 60.9 million.* Excluding the share of the largest single end-customer, revenue grew by 15.2% compared to the comparison period.
- EBIT was EUR 13.9 (15.4) million, or 23.8% (26.3%) of revenue.
- Adjusted EBIT amounted to EUR 14.0 (16.7) million, or 24.0% (28.6%) of revenue.
- Operating Free Cash Flow was EUR 4.4 (7.9) million, and the cash flow conversion was 28.6% (43.3%).
- Net debt was EUR 64.8 (98.5) million, and leverage, calculated as net debt divided by the last 12 months' adjusted EBITDA, was 1.2 (2.0).
- Earnings per share (basic and diluted) were EUR 0.13 (0.12).
* Revenue at comparable exchange rate has been calculated by translating the current period's revenue using the average exchange rates of the comparative period.
Key figures
| Key figure (EUR million) | 01-03 2026 | 01-03 2025 | Change | 1-12 2025 |
| Revenue | 58.4 | 58.4 | -0.1 | 222.1 |
| Revenue Growth, % | -0.1% | 75.8% | -75.9% | 37.0% |
| EBITDA | 15.3 | 16.8 | -1.5 | 46.9 |
| EBITDA margin, % | 26.3% | 28.8% | -2.5% | 21.1% |
| Adjusted EBITDA* | 15.5 | 18.2 | -2.7 | 56.4 |
| Adjusted EBITDA margin, % | 26.5% | 31.1% | -4.6% | 25.4% |
| EBIT | 13.9 | 15.4 | -1.5 | 41.0 |
| EBIT margin, % | 23.8% | 26.3% | -2.5% | 18.5% |
| Adjusted EBIT* | 14.0 | 16.7 | -2.7 | 50.5 |
| Adjusted EBIT margin, % | 24.0% | 28.6% | -4.6% | 22.8% |
| EPS (basic and diluted), EUR | 0.13 | 0.12 | 0.01 | 0.26 |
| Operating Free Cash Flow | 4.4 | 7.9 | -3.5 | 51.6 |
| Capital Employed | 47.5 | 38.9 | 8.6 | 38.6 |
| ROCE | 100.7% | 114.5% | -13.7% | 130.9% |
| ROE | 59.2% | 96.0% | -36.8% | 39.9% |
| Investments | 1.5 | 0.7 | 0.8 | 3.1 |
| Net debt | 64.8 | 98.5 | -33.8 | 66.9 |
| Net debt / Adjusted EBITDA* | 1.2 | 2.0 | -0.8 | 1.2 |
| Cash Conversion | 28.6% | 43.3% | 14.7% | 91.6% |
| Personnel | 494 | 479 | 15 | 484 |
*Adjusted with items affecting comparability, which are considered unusual significant items outside the ordinary course of business. Items affecting comparability include, e.g., costs related to changes in group structure, non-recurring consulting and legal expenses, people related non-recurring expenses, expenses related to pre-listing share based incentive programs, non-recurring expenses related to the new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, and costs related to preparations for and the implementation of the Company's listing on the stock exchange.
Financial targets and outlook
The Company has set long-term targets for growth, profitability, and leverage. Framery targets an average annual organic revenue growth to exceed 10% compared to 2025, an adjusted EBIT margin of 25% in the mid-term, and net debt to adjusted EBITDA below 2.0x.
Framery does not publish a short-term outlook.
Framery's dividend policy is to target payout of 70-90% of the net profit. Part of the distribution may be executed through share buybacks.
President and CEO Samu Hällfors
The first quarter of 2026 got off to a favorable start for Framery. Revenue performance was strong, reaching the level of the comparison period. I am particularly pleased with this development, as the comparison period included a high volume of deliveries to our largest customer, who carried out an exceptional number of office furnishing projects across three continents during 2025. Consequently, organic growth in the first quarter, excluding our largest customer, was an excellent 15.2%. Profitability also developed positively compared to the previous quarter, although it remained below the high profitability of the comparison period. Adjusted operating profit rose to 24.0%, up from 20.4% in the final quarter of 2025. In addition to these gratifying business results, the organization worked tirelessly on our growth strategy. One outcome of this long-term work is the announcement made after the reporting period regarding the opening of manufacturing operations in the United States to serve the North American market.
The improvement in profitability relative to the final quarter of 2025 was one of the reporting period's key successes. Price increases implemented in the U.S. during the second half of 2025 and early 2026 began to have a gradual positive impact on profitability in the first quarter, helping mitigate the negative impact of tariffs. While the improved adjusted operating profit remained slightly below the exceptionally strong comparison period, earnings per share nevertheless rose to EUR 0.13 (0.12).
The company's most significant strategic project this year is the start of full-scale manufacturing operations in Michigan, USA. The factory will be realized by converting our existing logistics center into full-scale manufacturing operations. The center has previously handled small-scale local sourcing and assembly for mass product customization, but the operations will now expand into the manufacturing of complete products. The factory will produce an entirely new product line, designed exclusively for the North American market, to be launched at a later date. The Tampere factory remains the hub for the company's specialized expertise, providing the smart technology and sub-assemblies required for the new product line. The transition toward local manufacturing is an important strategic step for us: it helps us accelerate our response to market demand and strengthens our competitive advantage in one of our fastest-growing markets. Local production decreases our dependence on global supply chains and protects the business from potential new trade policy tensions. Manufacturing operations are planned to begin during the second half of 2026 and reach their planned scale during 2027.
The war in Iran, which began toward the end of the first quarter, has led to increased economic uncertainty in the markets. The conflict is expected to have a direct and at least short-term impact on Framery's sales in the Middle East. However, the negative impact on Middle East revenue for the second quarter is expected to be moderate, at less than one million euros. In addition to the direct impact, the conflict in Iran may also have indirect effects. A sudden global macroeconomic shock typically leads to delays in office furnishing projects regardless of the market area, as organizations react to market uncertainty by postponing investment decisions. We therefore consider it possible that the situation will also result in short-term delays in the completion of customer projects for Framery, should these projects not proceed or commence as expected during the second and third quarters. If materialized, this risk could have a negative impact on revenue and profitability in the second and third quarters. Despite this, the Company's medium- and long-term outlook is not seen to have changed, as the drivers for product demand and market growth have not been altered by a regional conflict.
We head into the remainder of the year with optimism and a focus on the execution of our growth strategy. Although the market environment currently appears volatile and visibility is limited, we have started the year from a strong position. We remain focused on the actions within our control: continuing our intensive work across all market areas and helping our customers build the best possible work environments. We will leverage the new production capacity in the United States to increase our competitive advantage and maintain organizational agility to react to all types of market changes whenever necessary.
Press conference on financial results:
Framery will hold a webcast for analysts, investors, and media on 27 April 2026 at 11:00 a.m. EEST. The conference will be held in English. Framery's CEO Samu Hällfors and CFO Lauri Isotalo will host the event. The webcast can be followed at https://framery.events.inderes.com/q1-2026/.
A recording of the webcast and presentation material will be available after the event on the Company's website https://framery.com/sijoittajat/en/investors/.
For further information, please contact:
CEO Samu Hällfors, samu.hallfors@framery.com
CFO Lauri Isotalo, lauri.isotalo@framery.com, tel. +358 50 410 5133
Framery in Brief
Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solution, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within many of the world's leading companies.
