Tulikivi Corporation Interim report 1–9/2025: Despite the challenging market, investments continued in strategic projects.

TULIKIVI CORPORATION  INTERIM REPORT  7 NOV 2025 AT 1 PM

- The Tulikivi Group’s net sales were EUR 7.0 million (EUR 7.2 million, 7–9/2024) in the third quarter and EUR 21.6 million (EUR 25.0 million, 1–9/2024) in the review period.
- The Tulikivi Group’s operating profit was EUR 0.2 (0.5) million in the third quarter and EUR 0.0 (1.6) million in the review period.
- The Tulikivi Group’s profit before taxes was EUR 0.0 million (0.3 million) in the third quarter and EUR -0.6 (1.0) million in the review period.
- The equity ratio at the end of the review period was 48.6 per cent (50.9).
- Order books stood at EUR 3.1 (3.1) million at the end of the review period.
- The Suomussalmi talc project made good progress.
- Future outlook: Net sales in 2025 are expected to be EUR 29 to 33 million and the comparable operating profit is expected to be EUR 1 to 2 million.

Key financial ratios
	1-9/25	1-9/24	Change, %		1-12/24	7-9/25	7-9/24	Change, %
Sales, MEUR	21.6	25.0	-13.3 %		33.3	7.0	7.2	-1.6 %
Operating profit/loss, MEUR	0.0	1.6	-101.9 %		2.1	0.2	0.5	-65.8 %
Operating profit/loss without impairment loss, MEUR	0.0	1.6	-101.9 %		2.1	0.2	0.5	-65.8 %
Profit before tax, MEUR	-0.6	1.0	-155.7 %		1.4	0.0	0.3	-87.5 %
Total comprehensive income for the period, MEUR	-0.5	0.8	-167.1 %		1.2	0.0	0.2	-88.8 %
Earnings per share, Euro	-0.01	0.01			0.02	0.00	0.00
Net cash flow from operating activities, MEUR	1.2	1.6			3.6	0.8	0.8
Operating profit/loss without impairment loss, %	-0.1	6.3			6.3	2.3	6.6
Equity ratio, %	48.6	50.9			51.9
Net indebtness ratio, %	63.7	55.4			58.0
Return on investments, %	-0.1	7.6			7.9

Comments by Heikki Vauhkonen, Managing Director:

In the third quarter, net sales were lower than in the comparison period due to general economic uncertainty, which caused consumers to further postpone their renovation and new construction projects. The company’s order intake in the third quarter was lower than anticipated at EUR 6.4 (6.8) million.  Due to the challenging market situation in construction, additional investments were made in marketing and sales, and production was adjusted accordingly. In the review period, export sales of Tulikivi sauna heaters and domestic sales of interior stone products continued to grow. Because of the decline in net sales and the lower share of fireplace exports, relative profitability was weak in the third quarter. The company’s balance sheet remained strong, and its equity ratio was 48.6%.

During the period under review, Tulikivi advanced its strategic projects as planned. The projects are to grow the market share in the Central European fireplace market, to increase the net sales of the sauna business, and to advance the Suomussalmi talc project to the investment stage.

In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Consumers in Central Europe prefer products in the heater-size range, and the new Jero collection will enable Tulikivi to reach new customer groups. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were some 450 dealer locations. The popularity of the Jero collection has been steadily growing, and it became the largest export collection in the third quarter.

In the sauna business work was continued on the launch of the new Kevo electric sauna heater collection by starting cooperation with new retailers in Finland and abroad. The collection highlights the great features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot.

The most significant events in the Suomussalmi talc project during the review period were the submission of the environmental permit application to the Regional State Administrative Agency of Northern Finland in May and the enrichment trial carried out at the Geological Survey of Finland’s Mintec pilot plant in April. In addition, studies have been continued on the exploitation of the magnesite contained in the ore.

TULIKIVI CORPORATION

Board of Directors

Distribution: Nasdaq Helsinki, key media

www.tulikivigroup.com

Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593

Attachment

• Interim report 1-9 2025