Siili Solutions Plc, Business review, 1 January-31 March 2026 (unaudited)
Revenue and profitability weakened - measures to improve profitability in a challenging market continue
Siili Solutions Plc Stock Exchange Release 28 April 2026 at 9:30 am EEST
JANUARY-MARCH 2026
- We continued our strategic renewal as planned and strengthened the sales organisation
- We strengthened our offering to meet current customer demand and launched the Managed AI service
- The revenue for the first quarter was EUR 25.7 (29.9) million, representing decrease of 14.1% year on year
- Adjusted EBITA for the first quarter was EUR -0.2 (1.3) million, which corresponds to -0.7% (4.2%) of revenue
| EUR million | 1-3/2026 | 1-3/2025 |
| Revenue | 25.7 | 29.9 |
| Revenue growth, % | -14.1% | 0.3% |
| Organic revenue growth, % | -14.1% | -1.6% |
| Share of international revenue, % | 25.7% | 27.1% |
| Adjusted EBITA | -0.2 | 1.3 |
| Adjusted EBITA, % of revenue | -0.7% | 4.2% |
| EBITA | -0.3 | 1.2 |
| EBIT | -0,7 | 0,9 |
| Earnings per share, EUR | -0,11 | 0,05 |
| Number of employees at the end of the period | 848 | 957 |
| Average number of employees during the period | 843 | 950 |
| Number of full-time employees (FTE) at the end of the period | 806 | 931 |
| Number of full-time subcontractors (FTE) at the end of the period | 116 | 144 |
Outlook of 2025
Revenue for 2026 is expected to be EUR 102-126 million and adjusted EBITA EUR 3.7-6.9 million.
CEO Tomi Pienimäki:
The first quarter of the year did not meet our expectations. Group revenue for January-March amounted to EUR 25.7 million, EUR 4.2 million decline from last year. Adjusted EBITA for the first quarter amounted to EUR -0.2 million, corresponding to -0.7% of revenue.
The main reason for declining in revenue and profitability is that the AI transformation is progressing more slowly than expected, as well as losing some customers and declined revenue in other customers at the end of 2025. The market has developed more weakly than signals last autumn suggested, and Finnish companies' AI investments still lag significantly behind the rest of Europe. Client projects and international openings during the beginning of the year have confirmed that our strategic direction is right. However, reaching scale will still take time. As a result, we have initiated measures to safeguard profitability and adjust the cost structure.
Improving profitability requires a return to a growth trajectory, and ensuring this is our top priority over the coming quarters. To ensure profitability, we have among other measures initiated change negotiations on temporary layoffs. However, cost adjustments alone will not resolve profitability challenges in a business where value is created through the expert work for clients. Our focus is therefore in accelerating sales, sharpening our offering, and strengthening the areas most critical to growth - such as our Managed AI business and international client relationships. At the same time, we are adjusting our cost structure to reflect current demand levels, while safeguarding our ability to grow.
Last autumn we renewed our sales organisation and we continued to strengthen it during the beginning of this year. The first signals are promising, but we will see the full impact only during the coming quarters.
Our goal is to be our clients' partner throughout the ongoing AI transformation. We strengthened our offering earlier this year by launching Managed AI, which ensures that more AI experiments end up in production to create business value for companies. This is one concrete example of the steps we have taken to strengthen our offering, which we will continue to take in the coming months. We supported our clients' AI transformation in numerous interesting projects during January-March. Siili is recognised among clients as a strong AI expert.
During the quarter, we for example finalized an AI agent for Lähitapiola Rahoitus that helps automate customer service in a regulated industry. We are the first listed company in Finland to hold the ISO 42001 certification for AI management systems last autumn, and this is precisely the type of delivery where it shows in practice: we build and maintain the solution through our Managed AI service, taking responsibility for the functionality, security, and continued development of the AI also after deployment.
We also strengthened our foothold in the European markets during the early part of the year. Siili's subsidiary Supercharge was for example selected to supply a market integration platform for NeuConnect, which is building the first direct energy link between the United Kingdom and Germany. Thanks to new EU regulations, the Airport Operational Status (AOS) situational awareness system we delivered to Finavia is attracting increasing international interest. We are currently implementing a similar system for a major European airport operator. These represent significant steps towards international growth in line with our strategy.
Our experts' strong competence profile is the base of our business. We will continue to strengthen our employees' data and AI capabilities through various training programmes and certifications. I am particularly proud that approximately 80% of all Siili consultants are now capable of either utilising or implementing AI solutions in client projects. Our pioneering position is also demonstrated by our internal AI transformation, which progressed systematically during the first months of the year.
I would like to thank all Siilis for their valuable work and commitment to creating client value during the quarter. I would also like to thank our clients and cooperation partners for good collaboration. The first quarter of the year was not easy, but together, we will continue our determined efforts to advance AI transformation.
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This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company's financial performance. The financial information presented in this business review is unaudited.
FURTHER INFORMATION:
CEO Tomi Pienimäki
Tel: +358 40 834 1399,
email: tomi.pienimaki(at)siili.com
CFO Tuomas Toropainen
Tel: +358 50 911 9598,
e-mail: tuomas.toropainen(at)siili.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Main media
www.siili.com/en
SIILI SOLUTIONS IN BRIEF:
Siili Solutions Plc is a forerunner in AIpowered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc's shares are listed on the Nasdaq Helsinki Stock Exchange.
www.siili.com/en
