Talenom Plc, Stock exchange release, 22 October 2026 at 9:00 EEST
Talenom Plc Business Review for January-September 2026: Strengthened profitability and accelerated AI adoption
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-September 2026 in brief, continuing operations*
- Net sales EUR 86.3 million (84.7), growth 1.8%
- Comparable net sales EUR 86.3 million (83.2), growth 3.6%
- EBITDA EUR 17.0 million (18.3), 19.7% (21.6) of net sales
- Comparable EBITDA EUR 17.0 million (16.7), 19.7% (20.0) of net sales
- Operating profit (EBIT) EUR 6.5 million (7.9), 7.5% (9.3) of net sales
- Comparable EBIT EUR 6.5 million (6.5), 7.6% (7.8) of net sales
- Net profit EUR 3.4 million (4.0)
- Earnings per share EUR 0.08 (0.09)
*The profitability figures for the review period are weakened by a non-recurring impairment of EUR 1.2 million related to Spanish trade receivables, recorded in Q2/2026
July-September 2026 in brief, continuing operations
- Net sales EUR 25.4 million (24.6), growth 3.6%
- Comparable net sales EUR 25.4 million (24.6), growth 3.6%
- EBITDA EUR 5.8 million (5.1), 22.6% (20.7) of net sales
- Comparable EBITDA EUR 5.8 million (4.8), 22.6% (19.6) of net sales
- Operating profit (EBIT) EUR 2.2 million (1.6), 8.7% (6.5) of net sales
- Comparable EBIT EUR 2.2 million (1.4), 8.7% (5.8) of net sales
- Net profit EUR 1.2 million (0.6)
- Earnings per share EUR 0.03 (0.01)
Reported key figures, continuing operations
| 1-9/2026 | 1-9/2025 | Change, % | 7-9/2026 | 7-9/2025 | Change, % | |
| Net sales, EUR 1,000 | 86,257 | 84,723 | 1.8% | 25,430 | 24,551 | 3.6% |
| Net sales, growth % | 1.8% | 3.6% | ||||
| EBITDA, EUR 1,000 | 16,966 | 18,258 | -7.1% | 5,755 | 5,090 | 13.1% |
| EBITDA of net sales, % | 19.7% | 21.6% | 22.6% | 20.7% | ||
| Operating profit (EBIT), EUR 1,000 | 6,508 | 7,912 | -17.7% | 2,210 | 1,593 | 38.8% |
| Operating profit (EBIT), as % of net sales | 7.5% | 9.3% | 8.7% | 6.5% |
Comparable key figures, continuing operations
| 1-9/2026 | 1-9/2025 | Change, % | 7-9/2026 | 7-9/2025 | Change, % | |
| Net sales, EUR 1,000 | 86,257 | 83,223 | 3.6% | 25,430 | 24,551 | 3.6% |
| Net sales, growth % | 3.6% | 3.6% | ||||
| EBITDA, EUR 1,000 | 16,995 | 16,651 | 2.1% | 5,755 | 4,813 | 19.6% |
| EBITDA of net sales, % | 19.7% | 20.0% | 22.6% | 19.6% | ||
| Operating profit (EBIT), EUR 1,000 | 6,537 | 6,501 | 0.6% | 2,210 | 1,428 | 54.8% |
| Operating profit (EBIT), as % of net sales | 7.6% | 7.8% | 8.7% | 5.8% |
The comparable figures have been adjusted for:
- A change in the revenue recognition principle made in Q1/2025, which resulted in a one-off increase of EUR 1.5 million in reported Q1/2025 net sales, EBITDA, and operating profit.
- The impact of adjustments to development expenses in Spain on reported Q3/2025 EBITDA was EUR 0.1 million and on operating profit EUR -0.0 million, and on reported 1-9/2025 EBITDA EUR 0.3 million and on operating profit EUR 0.1 million.
- Income and expenses related to additional acquisition costs, which impacted reported EBITDA and operating profit by EUR 0.2 million in Q3/2025, impacted reported EBITDA and operating profit by EUR -0.2 million in 1-9/2025, and impacted reported EBITDA and operating profit by EUR -0.0 million in 1-9/2026.
Key figures, Group *)
| 1-9/2026 | 1-9/2025 | Change, % | 7-9/2026 | 7-9/2025 | Change, % | |
| Net sales, EUR 1,000 | 89,148 | 100,416 | -11.2% | 25,430 | 29,761 | -14.6% |
| Net sales, growth % | -11.2% | 3.5% | -14.6% | 2.4% | ||
| EBITDA, EUR 1,000 | 19,064 | 29,145 | -34.6% | 5,731 | 8,766 | -34.6% |
| EBITDA of net sales, % | 21.4% | 29.0% | 22.5% | 29.5% | ||
| Operating profit (EBIT), EUR 1,000 | 6,819 | 10,652 | -36.0% | 2,187 | 2,443 | -10.5% |
| Operating profit (EBIT), as % of net sales | 7.6% | 10.6% | 8.6% | 8.2% | ||
| Return on investment (ROI), % (rolling 12 months) | 0.5% | 6.9% | -92.1% | |||
| Interest-bearing net liabilities, EUR 1,000 | 78,373 | 91,361 | -14.2% | |||
| Net gearing ratio, % | 199.7% | 160.4% | 24.5% | |||
| Equity ratio, % | 26.6% | 30.7% | -13.2% | |||
| Net investments, EUR 1,000 | 9,910 | 14,025 | -29.3% | 1,433 | 3,605 | -60.3% |
| Liquid assets, EUR 1,000 | 7,797 | 12,366 | -36.9% | 7,797 | 12,366 | -36.9% |
| Earnings per share, EUR | 0.71 | 0.13 | 430.5% | 0.03 | 0.03 | -8.4% |
| Weighted average number of shares during the period | 45,626,753 | 45,477,972 | 0.3% | 45,648,632 | 45,477,972 | 0.4% |
| Net profit, EUR 1,000 | 32,318 | 6,072 | 432.2% | 1,162 | 1,267 | -8.3% |
*) The figures in the table include figures for continuing and discontinued operations
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. The balance sheet items of the software business related to discontinued operations were removed from the balance sheet in connection with the demerger on 28 February 2026. 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
The third quarter was a time of planned progress and execution of strategic priorities for Talenom. The Group's net sales grew and comparable EBITDA improved in all our operating countries. The Group's performance was highlighted by strong profitability in Finland, the continuation of the profitability turnaround in Sweden, and acquisition-driven growth in Spain. We made good progress in executing our strategy during the review period. We have continued our determined work to develop our new service company in all our operating countries. Talenom has long been a pioneer in the digital development of the financial administration industry, and we want to reinforce this position in the future as well. During the third quarter, we invested significantly in the development of artificial intelligence (AI) across the entire Group. We focus on three areas: leveraging AI in everyday work, developing processes with the help of AI, and creating new customer value. Talenom's advanced digitalization and automation create a strong foundation for leveraging AI. We see AI as a natural continuation of our long-term technological development work and believe it will open up new opportunities for us to improve the quality, productivity, and competitiveness of our services.
The Group's comparable net sales from continuing operations increased by 3.6% in the third quarter to EUR 25.4 million (24.6). The Group's comparable EBITDA from continuing operations was EUR 5.8 million (4.8) and comparable operating profit was EUR 2.2 million (1.4).
Profitability in Finland strengthened while growth was moderate
In Finland, comparable net sales from continuing operations grew by 2.0% in the third quarter to EUR 16.2 million (15.9). We are pleased with the strong profitability of the business, which supports the implementation of our strategy and investments in future growth and the utilization of AI in our business. More positive signals have emerged from the Finnish economy in recent months. Changes in demand for accounting services are typically seen with a lag, but we hope that the economic recovery will gradually begin to show in corporate activity, willingness to invest, and the launch of new businesses.
The implementation of our new software strategy progressed as planned. We can now serve an even wider customer base. We have also made broad-based progress in the development of AI and have already achieved good results in developing both our internal operations and customer experience. We will accelerate the development of AI transformation in the fourth quarter. We see AI offering significant opportunities for the development of our Finnish business in the coming years as well.
Acquisition-driven growth continued in Spain
In Spain, comparable net sales from continuing operations grew by 23.4% to EUR 5.4 million (4.4). The growth came mainly through acquisitions. Profitability was burdened by acquisition integration costs and higher software costs than in the previous year. We have continued our determined work to implement the One Talenom operating model and to leverage AI, and we estimate that these will gradually improve profitability in the future. We see significant growth potential in the Spanish market.
Profitability development in Sweden continued in the right direction
In Sweden, comparable net sales from continuing operations decreased by 10.4% to EUR 3.9 million (4.3). The decline in net sales was mainly due to the high customer churn in the previous year. The profitability trend in Sweden continued in the right direction during the review period, which has been our main priority this year. The implementation of the One Talenom concept and the benefits gained from digitalisation have played key roles. At the same time, we have succeeded in stabilising customer churn at an acceptable level. This provides a good foundation for moving to the next phase. In the future, we will focus even more strongly on sales development, building growth, and the AI transformation. We have also renewed our organisational structure to support our sales. We continue to see several operational metrics moving in the right direction, which supports our confidence in the long-term potential of the Swedish business.
Accelerating AI investments as part of our strategy execution
To sum up, the third quarter reinforced our view that our strategy is moving in the right direction. Finland's strong profitability continues to form a solid foundation for the Group. In Sweden, improving profitability has progressed according to our plans, and in Spain, we have continued to build growth while profitability is gradually developing in a better direction. AI is an integral part of our strategy, and we strongly believe that digital leadership will remain a key competitive advantage for us also in the future. We are focusing on leveraging AI in our daily work as well as in the development of processes, services, and the customer experience. We believe that AI will significantly transform the accounting and financial services industry in the coming years, and we want to be a pioneer in this development. By combining technological leadership with our traditional strengths, such as personal customer service and strong industry expertise, we are building a sustainable competitive advantage and creating value for our customers. We will continue the systematic implementation of our strategy and believe it will create strong foundation for sustainable growth and value creation in all our operating countries.
Webcast
The company's CEO Juho Ahosola and CFO Matti Säkkinen will present the main points of the business review in a live webcast on 22 October 2026 at 10:00 EEST in English. Recording of the event will be published on Talenom's website at https://investors.talenom.com/en.
You can watch the webcast live in English at 10:00 EEST at https://talenom.events.inderes.com/q3-2026
The presentation material will be published before the start of the briefing on the company's website.
Talenom Plc
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: https://investors.talenom.com/en/
