Wetteri Plc
Stock Exchange Release
21 May 2026 at 10 a.m.
Wetteri Plc's interim report for 1 January to 31 March 2026
Revenue decreased compared to the comparison period, the order backlog for new cars showed strong growth, increasing by 39%
Summary of the review period 1 January to 31 March 2026
- The Group's revenue was EUR 107.8 million (EUR 115.5 million), with a decrease of 7%
- Adjusted EBITDA was EUR 2.2 million (EUR 2.3 million)
- The adjusted operating profit was EUR -1.5 million (EUR -1.4 million)
- The operating profit was EUR -2.1 million (EUR -2.1 million)
- The revenue of the Passenger Cars segment decreased by EUR 6.9 million (-8%) year-on-year
- The comparable revenue of the Maintenance Services segment increased by approximately EUR 1.4 million (7%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 0.1 million (1%) year-on-year
Outlook for 2026
Revenue is expected to grow from the previous year, and the adjusted operating profit is expected to grow and turn profitable.
Key Performance indicators
| EUR thousand | 1 Jan to 31 Mar 2026 | 1 Jan to 31 Mar 2025 | Change | 1 Jan to 31 Dec 2025 |
| Revenue | 107,761 | 115,509 | -7% | 434,057 |
| EBITDA | 2,141 | 2,018 | 6% | 12,787 |
| EBITDA, % of revenue | 2% | 2% | 3% | |
| Adjusted EBITDA1 | 2,193 | 2,268 | -3% | 8,874 |
| Adjusted EBITDA, % of revenue | 2% | 2% | 2% | |
| Operating profit (loss) (EBIT) | -2,087 | -2,141 | - | -4,538 |
| Operating profit (loss), % of revenue | -2% | -2% | -1% | |
| Adjusted operating profit1 | -1,520 | -1,377 | - | -6,393 |
| Adjusted operating profit, % of revenue | -1% | -1% | -1% | |
| Profit (loss) before tax | -3,965 | -4,293 | - | -13,764 |
| Profit (loss) before tax, % of revenue | -4% | -4% | -3% | |
| Profit (loss) for the period | -3,100 | 10,879 | -128% | 4,267 |
| Profit (loss) for the period, % of revenue | -3% | 9% | 1% | |
| Earnings per share from continuing operations, basic (EUR) | -0.02 | -0.02 | -0.07 | |
| Earnings per share from continuing operations, diluted (EUR) | -0.02 | -0.02 | -0.07 | |
| Earnings per share, basic (EUR) | -0.02 | 0.07 | 0.02 | |
| Earnings per share, diluted (EUR) | -0.02 | 0.07 | 0.02 | |
| Return on equity (ROE), % | -36% | -36% | -30% | |
| Return on investment (ROI), % | -20% | -17% | -16% | |
| Equity ratio, % | 20% | 22% | 21% | |
| Liquidity, % | 82% | 86% | 85% | |
| Average number of personnel during the review period | 755 | 779 | 803 | |
| Invoiced sales of new passenger cars (pcs) | 836 | 1,029 | 3,837 | |
| Invoiced sales of used passenger cars (pcs) | 1,952 | 2,117 | 8,950 | |
| Invoiced sales of used commercial trucks (pcs) | 87 | 103 | 423 | |
| Orders: new passenger cars (pcs) | 1,316 | 1,069 | 4,138 | |
| Passenger cars: order backlog at the end of the period | 61,556 | 38,543 | 44,318 | |
| Passenger car gross profit (EUR) | 1,376 | 1,252 | 1,153 | |
| Passenger car repair shop: hours sold (h) | 89,804 | 87,333 | 354,568 |
1The adjusted EBITDA and operating profit do not take items affecting the comparability of the Group's EBITDA and operating profit into account, such as expenses arising from reorganisation and other significant non-recurring items, as well as amortisation of the fair value of assets recognised on the balance sheet by means of acquisition calculations. The purpose of the adjusted EBITDA and operating profit is to improve the comparability of the Group's EBITDA and operating profit between periods. The reconciliation of the adjusted EBITDA and operating profit is presented on page 21 of the interim report.
CEO Pietu Parikka's review
"The Finnish automotive market entered 2026 on a subdued note but picked up towards the end of the first quarter. At the national level, first registrations increased by 3.0% in the review period year-on-year. Sales of used cars bought through dealerships also showed signs of improvement, particularly in March. As in the previous year, the competitive situation remained tight in both the new-car and used-car markets, which reflected in pricing and showed up as aggressive marketing campaigns.
Wetteri's revenue in January-March decreased by 7% year-on-year, amounting to EUR 107.8 (115.5) million. The decrease in revenue was mainly attributable to lower delivery and invoicing volumes for both new and used cars compared with the previous year, as well as to the sold business of heavy equipment maintenance service operations in Joensuu and Kajaani, which had an impact of around EUR -2.4 million. The adjusted operating profit was EUR -1.5 (-1.4) million.
The revenue of the Passenger Cars segment was EUR 77.3 (84.2) million, and its adjusted operating profit was EUR -2.4 (-2.4) million. The development and restructuring measures implemented in 2025 began to show concrete results during the review period and, despite the tight market situation, we succeeded in improving the segment's relative profitability and enhancing inventory turnover. Gross profit per car increased by 10% compared to the comparison period and amounted to EUR 1,376.
Sales of new cars outpaced the market, supported by the strong demand for the attractive new models in our brand representation portfolio. Orders of new cars increased by 23% year-on-year and the order book grew by 39% from the turn of the year. The sales of long-range electric vehicles strengthened, driven in part by the geopolitical situation and the resulting rise in fuel prices. However, the impact of the increased order backlog was not reflected in the first-quarter result, as a significant proportion of the deliveries are scheduled for later in 2026.
In used cars, profitability improved despite the decline in volume, and inventory turnover strengthened by an average of 18 days from the comparison period. The market recovery became evident in March, when our sales volumes exceeded the level of the comparison period. Demand for electric vehicles also strengthened in the used car market, and in March their sales at Wetteri increased by as much as 82% compared to March of the previous year. Sales of financing and insurance products developed positively.
Overall, the development of the Passenger Cars business has turned in the right direction, providing a solid foundation for achieving our strategic targets.
The revenue of the Maintenance Services segment was EUR 23.3 (24.1) million, and its adjusted operating profit was EUR 0.8 (1.1) million. The decrease in revenue and profitability was mainly attributable to the divestment of the heavy equipment operations in Joensuu and Kajaani, completed in October 2025. The divested business contributed EUR 2.4 million to revenue and EUR 0.4 million to adjusted operating profit in January-March 2025. On a comparable basis, the Maintenance Services segment delivered a strong performance in the first quarter of 2026, with revenue increasing by EUR 1.4 million (7%). The improvement was driven by efficiency measures and operating model changes implemented in passenger car maintenance, enabling higher profitability with a leaner cost structure compared to the previous year.
In the Heavy Equipment segment, business performance remained stable, and both revenue and profitability stayed at the level achieved in the second half of 2025. Revenue was EUR 6.5 million (6.4), and the adjusted operating profit was EUR 0.07 million (0.01).
Our strategy, updated in November 2025, focuses on profitable growth in the brand business, doubling used-car sales and further improving the employee and customer experience. We advanced the implementation of our strategy as planned during the first quarter of 2026 by developing our used-car sourcing and investing in employee competence and resourcing, as well as by focusing on local leadership and even closer management of the business areas. As a result of advancing our strategy, our financial position has strengthened, and our fixed cost structure is developing in the right direction. This is evidenced, among other things, by a 27% improvement in inventory turnover and lower personnel and financing costs compared to the previous year.
Our strategy is increasingly focused on the passenger car business. During the review period, we launched an authorised Volvo maintenance service in Kuopio, and after the period, we announced the acquisition of the maintenance service business of Sports Car Center Airport Helsinki. Upon completion of the transaction, we also established our own used car business at the location. The new full-service site in the Helsinki metropolitan area is a significant strategic step for us and will accelerate the achievement of our strategic targets.
We will continue our efforts to improve profitability and further strengthen our competitiveness. A markedly stronger order book for new cars, improved profitability in used-car sales, stable performance in maintenance services and a new store in a key market location in the Helsinki metropolitan area create a strong foundation for achieving a turnaround in 2026."
Estimate of future developments in the industry and the company
For 2026, the automotive sector forecasts a 6% increase in registrations of new passenger cars, amounting to around 80,000 passenger cars. The market is expected to benefit, among other factors, from the ongoing scrappage premium and reductions in earned income taxation, although their impact was not yet visible in the first quarter. In addition, the extension of the tax incentive for fully electric company cars until the end of 2029 is expected to have a positive effect on the market.
The growth rate predicted for vans is around 3%, translating into around 11,000 first registrations of vans.
Wetteri published its updated strategy in November 2025. The strategy focuses on redefining business priorities and reviewing regional service and product portfolios. During the 2026-2028 strategy period, Wetteri will allocate resources to those business areas and brands that most effectively improve profitability in a challenging market environment. The four focus areas of the strategy are profitable growth in the brand business, doubling the sales of used cars, an excellent customer experience and top experts in the sector.
The company is currently focusing on strengthening profitability, laying the foundation for future growth. Wetteri does not base its target-setting on market forecasts for the industry, but any realised market growth would support the achievement of the company's targets. The new locations opened in recent years, the expansion of brand representation to new locations, and the attractive model updates introduced by the brands represented by Wetteri all contribute to boosting Wetteri's new car sales.
Annual General Meeting 2026
The Annual General Meeting will be held on Wednesday 27 May 2026 at 2 pm. Registration for the meeting is available at https://sijoittajat.wetteri.fi/en/corporate_governance/agm_2026. Registration closes at 10 am on 22 May 2026.
Disclosure of financial information in 2026
In 2026, Wetteri Plc will publish the following financial reports:
- Interim report for January-March, Thursday 21 May 2026 at 10 am
- Half-year report for January-June, Thursday 20 August 2026 at 10 am
- Interim report for January-September, Thursday 19 November 2026 at 10 am
Oulu 21 May 2026
WETTERI PLC
Board of Directors
Further information:
Pietu Parikka, CEO, Wetteri Plc
Tel. +358 50 344 2886, pietu.parikka@wetteri.fi
Maria Halttunen, CFO, Wetteri Plc
Tel. +358 50 325 4370, maria.halttunen@wetteri.fi
Webcast on 21 May 2026 at 1 pm
Wetteri will hold a webcast for investors, analysts and the media on 21 May 2026 at 1 pm. During the webcast, Pietu Parikka, CEO of Wetteri Plc, and Maria Halttunen, CFO of Wetteri Plc, will discuss the company's first-quarter 2026 performance and the market outlook for the automotive sector. The webcast can be followed at https://wetteri.events.inderes.com/q1-2026.
Wetteri Plc - A car dealership from the north, across Finland
Wetteri Plc is a full-service car dealership with more than 60 years of history in the Finnish car trade. Its business consists of three segments: passenger cars, maintenance services and heavy equipment. The company has grown from a local car dealership in Oulu into a national operator with 19 locations in Finland. Wetteri employs around 800 automotive professionals. Our goal is to deliver unrivalled car trade services and to be an excellent partner for our customers throughout the entire automotive life cycle. We are a key player in the Finnish car market on the journey towards zero-emission driving. Wetteri is listed on Nasdaq Helsinki. More information: sijoittajat.wetteri.fi/en/.
Distribution:
Nasdaq Helsinki
Key media
sijoittajat.wetteri.fi/en/
