Lemonsoft Oyj | Company Release | April 29, 2026 at 10:00:00 EEST
JANUARY - MARCH 2026, IFRS
- Net sales were EUR 7,503 thousand (7,585) and decreased by 1.1%
- EBITDA was EUR 2,104 thousand (2,944), 28.0% (38.8) of net sales
- Adjusted EBITDA was EUR 2,254 thousand (2,026), 30.0% (26.7) of net sales
- EBIT was EUR 1,527 thousand (2,421), 20.4% (31.9) of net sales
- Adjusted EBIT was EUR 1,935 thousand (1,750), 25.8% (23.1) of net sales
- Profit of the review period was EUR 1,047 thousand (957), 14.0% (12.6) of net sales
Key Figures, IFRS
| EUR 1,000 | 1-3/2026 | 1-3/2025 | Change | 1-12/2025 |
| Net sales | 7,503 | 7,585 | -1.1 % | 29,454 |
| SaaS | 5,998 | 5,607 | 7.0 % | 22,177 |
| Transaction | 642 | 793 | -19.0 % | 2,974 |
| Consulting and other | 863 | 1,185 | -27.2 % | 4,303 |
| Gross margin | 6,402 | 6,595 | -2.9 % | 24,927 |
| Gross margin, % of net sales | 85.3 % | 86.9 % | 84.6 % | |
| EBITDA | 2,104 | 2,944 | -28.5 % | 9,290 |
| EBITDA, % of net sales | 28.0 % | 38.8 % | 31.5 % | |
| Adjusted EBITDA | 2,254 | 2,026 | 11.3 % | 8,201 |
| Adjusted EBITDA, % of net sales | 30.0 % | 26.7 % | 27.8 % | |
| EBIT | 1,527 | 2,421 | -36.9 % | 7,041 |
| EBIT, % of net sales | 20.4 % | 31.9 % | 23.9 % | |
| Adjusted EBIT | 1,935 | 1,750 | 10.6 % | 6,942 |
| Adjusted EBIT, % of net sales | 25.8 % | 23.1 % | 23.6 % | |
| Profit (Loss) for the period | 1,047 | 957 | 9.4 % | 4,363 |
| Profit (Loss) for the period, % of net sales | 14.0 % | 12.6 % | 14.8 % | |
| Equity ratio, % | 55.8 % | 63.0 % | 61.5 % | |
| Net debt | 7,492 | 2,466 | 203.8 % | 4,016 |
| Gearing, % | 24.7 % | 7.6 % | 13.6 % | |
| Earnings per share (EPS) | 0.06 | 0.05 | 13.0 % | 0.25 |
| Return on invested capital, % (ROIC) | 3.5 % | 5.8 % | 17.7 % | |
| Return on equity, % (ROE) | 3.5 % | 2.9 % | 14.1 % | |
| Number of employees at the end of the period | 208 | 230 | -9.6 % | 193 |
| Outstanding shares at the end of the period | 17,794,367 | 18,514,153 | 17,882,821 | |
| Average outstanding shares during the period | 17,817,659 | 18,580,528 | 18,149,850 |
CEO Alpo Luostarinen
During the first quarter, we have taken several important steps to advance our strategic objectives. We have strengthened our industry focus through the acquisition of Jakamo, continued to improve customer experience, and expanded the use of artificial intelligence across our operations. Our net sales amounted to EUR 7.5 million and decreased by 1.1% from the comparison period. SaaS income increased by 7.0%, and its share of total net sales rose significantly to 79.9%. Our adjusted EBIT increased by 10.6% to EUR 1.9 million, and the adjusted EBIT margin was 25.8%.
The industrial market is showing signs of recovery with development trending positively over the past six consecutive months. However, geopolitical developments and fluctuations in oil prices may impact on the industrial and logistics sectors. Our sales efforts focused particularly on solutions for the wholesale and industrial sectors, our key focus areas, where the total value of new ERP deals continued to grow slightly. Customer churn has been lower, and net revenue retention (NRR) higher, compared to the previous year.
The rapid development of artificial intelligence, particularly agent-based architecture, is creating new opportunities in software development. At the end of March, we introduced an agent-based model, enabling us to accelerate development and continuously deliver new functionalities to our product. We see this as a significant long-term competitive advantage.
Customer experience is important to us, and we have strengthened resourcing across all customer-facing functions. Our customer event held in March, after a break for several years, received positive feedback and supports our goal of developing customer experience more systematically. We will increase our investments in customer engagement through events, trade fairs, webinars, and direct customer interactions.
During the review period, we completed a strategically significant acquisition by acquiring a majority stake in Jakamo Oy. Jakamo provides a cloud-based platform for supplier collaboration, connecting manufacturing companies with their supplier networks. The acquisition supports our strategy by strengthening our position across the industrial value chain and throughout the supply chain. Several integration points between Jakamo's and Lemonsoft's solutions have been identified, and we will productize Jakamo's supply chain management solution also for SME customers.
During the year, we have continued to develop our organization to ensure competitiveness and long-term profitability. With the appointment of a new COO, our management team is now fully established, strengthening our ability to execute our strategy effectively.
Group Financial Development
Group financial result and profitability
January-March 2026
Net sales for the review period were EUR 7,503 thousand (7,585). Net sales decreased by EUR 82 thousand, 1.1%. Organic growth of the review period was -3.5%, organic growth of the recurring revenue was 1.0% and SaaS income increased by 7.0%. Net sales were increased by the acquisition of Jakamo Oy completed in early March 2026, the company's net sales were not included in the comparison period.
The share of SaaS income was 79.9% (73.9), the share of transaction income 8.6% (10.5), and consulting and other income 11.5% (15.6).
EBITDA was EUR 2,104 thousand (2,944), 28.0% (38.8) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 2,254 thousand (2,026), 30.0% (26.7) of net sales. In the comparison period the most significant adjustment item is the recognition of additional purchase price as revenue.
EBIT was EUR 1,527 thousand (2,421), 20.4% (31.9) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 1,935 thousand (1,750), 25.8% (23.1) of net sales. In the comparison period the most significant adjustment item is the recognition of additional purchase price as revenue.
Profit for the review period was EUR 1,047 thousand (957), 14.0% (12.6) of net sales.
Cash flow from operating activities was EUR 1,642 thousand (1,857).
Balance sheet, financing and investments
The balance sheet total at the end of the review period was EUR 54,581 thousand (48,090 at the end of the year 2025).
The Group has capitalized development expenses of EUR 128 thousand during the year 2026 (223 during the comparison period 2025). At the end of the review period, the Group's balance sheet included capitalized development expenses totaling EUR 3,572 thousand (2,809 at the end of the year 2025).
Total equity was EUR 30,311 thousand (29,516 at the end of the year 2025), equity increased EUR 613 thousand.
Equity ratio was 55.8% (61.5 at the end of the year 2025) and interest-bearing debt was EUR 13,648 thousand (10,569 at the end of the year 2025).
Cash and cash equivalents at the end of the review period were EUR 6,205 thousand (6,553 at the end of the year 2025).
Mandatory public tender offer for the shares in Lemonsoft Oyj
Lemonsoft Oyj announced on 7 March 2026 that, as a result of the share purchases carried out on 6 March 2026, Rite LS SPV AB's holding of all shares and voting rights in Lemonsoft, excluding own shares held by Lemonsoft, exceeded 50 percent. As a result, Rite LS SPV AB and the Rite Ventures - entities acting in concert with Rite LS SPV AB, became obligated under the Finnish Securities Markets Act to launch a mandatory public tender offer for all shares and securities entitling to shares in Lemonsoft. The offer period commenced on 27 March 2026.
On 1 April 2026, Lemonsoft announced that the Board of Directors of Lemonsoft Oyj had issued its statement regarding the mandatory public tender offer made by Rite Ventures. According to the statement, the Board of Directors of Lemonsoft, acting through its non-conflicted members, recommends that the shareholders of Lemonsoft decline the tender offer.
Personnel
The Group's number of employees was 208 (230) on 31 March 2026. We reported our Group personnel as follows:
- R&D 99 employees
- Customer functions 88 employees
- Other functions, a total of 21 employees
Share-based incentive plan
The Board of Directors of Lemonsoft Oyj has established a share-based incentive plan for the key employees of the company in March 2024. The aim of the new plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company's shares, to retain the management at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.
The Performance Matching Share Plan 2024 - 2028 includes three performance periods, covering financial years 2024 - 2026, 2025 - 2027 and 2026 - 2028. The Board will decide annually on the commencement and details of a performance period. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Lemonsoft Oyj shares held by him or her to the plan or acquires the company's shares in a number determined by the Board.
The rewards from the plan will be paid partly in the company's shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant's employment or service in the group ends before the reward payment.
The performance criterion in the first performance period 2024 - 2026 is the Total Shareholder Return of the company's share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consisted of 4 persons (the CEO and three members of the Management Team). The gross rewards for the first period correspond to a maximum total of 77,000 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and the achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2024 - 2026 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 2 persons at the end of the reporting period.
The performance criterion in the second performance period 2025 - 2027 is the Total Shareholder Return of the company's share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consists of 4 persons (the CEO and three members of the Management Team). The gross rewards for the second period correspond to a maximum total of 102,675 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2025 - 2027 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 3 persons at the end of the reporting period.
The performance criterion in the third performance period 2026 - 2028 is the Total Shareholder Return of the company's share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consists of 6 persons (the CEO and five members of the Management Team). The gross rewards for the third period correspond to a maximum total of 142,500 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2026 - 2028 are exceeded.
Shares and shareholders
Share capital and number of shares
The company has one series of shares, and all shares have equal rights. At the end of the review period, the number of Lemonsoft Oyj's outstanding shares was 17,794,367 (18,514,153). The average number of outstanding shares during the review period January-March was 17,817,659 (18,580,528). Lemonsoft Oyj held 468,401 of its own shares at the end of the reporting period.
The company's share is traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Oy. During the review period January-March, the highest share price was EUR 6.46 and the lowest EUR 4.52. The closing price on 31 March 2026 was EUR 4.88. The market value of the company at the closing price of the review period was approximately EUR 89.12 million. Average daily trading volume during the review period was 28,413 shares (EUR 137,821).
On 31 March 2026, the company had a total of 2,168 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/share/shareholders/.
Authorizations of the Board of Directors
Lemonsoft Oyj has decided in its Annual General Meeting on 14 April 2026 to authorize the Board of Directors to decide on the repurchase of the company's own shares on the following terms and conditions:
- By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company's own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.9% of the company's shares. The authorization includes the right to accept the company's own shares as a pledge.
- The company's own shares can be repurchased otherwise than in proportion to the existing shareholdings of the company's shareholders (directed repurchase).
- The company's own shares can be repurchased at the Nasdaq First North Growth Market Finland marketplace or outside of the marketplace.
- Own shares can be repurchased at a price formed on First North Growth Market Finland on the date of the repurchase or at a price otherwise determined by the markets.
- The shares shall be repurchased using the company's unrestricted equity.
- The shares shall be repurchased for the purpose of financing or carrying out acquisitions or other arrangements, to implement the company's incentive schemes, to develop the company's capital structure, or for other purposes as decided by the Board of Directors.
- The Board of Directors shall decide on the other conditions related to the repurchase of the company's own shares.
The authorization is valid until the 2027 Annual General Meeting, but not beyond 30 June 2027. The authorization shall replace the authorization granted to the Board of Directors by the Annual General Meeting of 9 April 2025 regarding the repurchase of a maximum of 1,800,000 of the company's own shares.
The Annual General Meeting authorized the Board to decide on an ordinary or bonus issue of shares and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments:
- This issue may total a maximum of 1,800,000 shares corresponding to a maximum of approximately 9.9% of all shares of the company. The authorization applies to both new shares and treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for offering share-based incentive schemes, to develop the company's capital structure, or for other purposes decided by the Board of Directors.
- The authorization entitles the Board of Directors to resolve on all conditions of the issuance of shares and special rights entitling to shares, including the right to deviate from the shareholders' pre-emptive right.
The authorization is in force until the next Annual General Meeting; however, no longer than until 30 June 2027, and it replaces the previous authorizations.
Significant short-term risks and uncertainties
The deterioration of the economic situation and geopolitical changes may have direct and indirect effects on Lemonsoft's business. These may be reflected in the business operations of Lemonsoft's customer companies, for example, in reduced investments by industrial manufacturing companies and decreased needs of subcontracting chains, as well as business and bankruptcy risks. In turn, customers' business challenges may affect Lemonsoft's new customer acquisition, upsells from existing customers, and customer retention.
In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.
In Lemonsoft's cost structure, the single most significant factor is personnel costs, and an increase in the general price level may increase the pressure to increase personnel costs. Lemonsoft constantly monitors the development of the situation from a risk management perspective and strives to ensure the continuation of profitable growth by optimizing its cost structure and pricing.
The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in Lemonsoft's operating markets may intensify due to existing competitors or agile new entrants. With the acceleration of product development enabled by advances in AI, entry into the industry may become easier, the number of competitors may increase, and price competition in the market may intensify.
Risks related to information security and the IT systems of service providers, as well as potential misuse, are a significant factor affecting the security and continuity of the Group's business. Lemonsoft constantly invests in high reliability and high security systems and strives to ensure the high quality of the services it purchases by selecting leading players in the industry as its key partners. European data protection regulations may also bring unexpected risks to Lemonsoft's operating environment.
Success in acquisitions and related integration work is a key factor for Lemonsoft's growth. The company has made several acquisitions in recent years and aims to continue to grow through acquisitions. There may be unexpected risks associated with target companies and their integration into Lemonsoft.
Dividends paid
The Annual General Meeting decided on 14 April 2026 that a dividend of EUR 0.14 per share will be paid according to the confirmed balance sheet for the accounting period ending on 31 December 2025. A total of approximately EUR 2.5 million was paid in dividends after the review period, 28 April 2026.
Events after the review period
There were no significant events after the review period.
Profit forecast for 2026 (unchanged)
Lemonsoft estimates that the net sales for the financial year 2026 will increase by 5-13 percent compared to the financial year 2025, and that adjusted EBIT will be 23-29 percent of net sales in the financial year 2026.
Financial information
Lemonsoft Oyj will publish the following financial information in 2026:
- Half-year Report January - June 2026 on Friday, 14 August 2026
- Interim Report January - September 2026 on Thursday, 5 November 2026
Webcast for investors and media
Lemonsoft will host a live webcast for investors and the media in English on April 29, 2026 at 1:00pm EET. The webcast can be followed online live via this link: https://events.inderes.com/lemonsoft/2026-q1
A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.
Lemonsoft Oyj
Board of Directors
Further information
Alpo Luostarinen
CEO
alpo.luostarinen@lemonsoft.fi
+358 50 911 3507
Mari Erkkilä
CFO
mari.erkkila@lemonsoft.fi
+358 40 768 1415
Certified Adviser:
Aktia Alexander Corporate Finance Oy, +358 50 520 4098
About Us
Lemonsoft is a Finnish software company that designs, develops and sells ERP software solutions to streamline its customers' processes across different business lines and administration. The extensive offering of software solutions and related services enables the Company to provide its customers with holistic service. The Company's standardised and scalable software solutions are delivered mainly from the cloud and are based on the SaaS model in which customers pay a monthly service fee for the use of the software. The Company operates in the ERP software market in Finland primarily as a service provider for SMEs. The Company's customer base consists of customers from especially industrial manufacturing, wholesale and retail, professional services automation, construction and accounting.
