Martela Corporation's interim report 1 January – 30 September 2025

Martela Corporation, interim report, 12.11.2025, at 08:00 a.m.

The revenue and operating result for January-September 2025 improved compared to the same period of the previous year. Operating result was profitable in July-September 2025.

July–September 2025

• Revenue was EUR 20.7 million (20.7), representing a change of -0.1%
• Operating result was EUR 0.3 million (-0.9)
• Operating profit per revenue was 1.3% (-4.5%)
• The result for the period was EUR -0.4 million (-1.3)
• Earnings per share amounted to EUR -0.09 (-0.28)
  
  

January–September 2025

• Revenue was EUR 70.9 million (61.9), representing a change of 14.5%
• Operating result was EUR -1.2 million (-4.8)
• Operating profit per revenue was -1.6% (-7.7%)
• The result for the period was EUR -2.9 million (-6.1)
• Earnings per share amounted to EUR -0.63 (-1.32)
  
  

Outlook

Outlook for 2025

Martela anticipates its revenue to increase in full-year 2025 compared to previous year and comparable operating profit close to zero result.

Key figures, EUR million

	2025	2024	Change	2025	2024	Change	2024
	7-9	7-9	%	1-9	1-9	%	1-12
Revenue	20.7	20.7	-0.1%	70.9	61.9	14.5%	86.7
Operating result	0.3	-0.9	-128.9%	-1.2	-4.8		-6.5
Operating result %	1.3%	-4.5%		-1.6%	-7.7%		-7.5%
Result before taxes	-0.3	-1.3	-75.4%	-2.7	-5.7		-8.2
Result for the period	-0.4	-1.3	-67.6%	-2.9	-6.1		-8.7
Earnings/share, EUR	-0.09	-0.28	-67.3%	-0.63	-1.32		-1.87
Return on investment %	5.8	-14.7		-5.2	-25.1		-25.4
Return on equity % *)	n/a	-30.6		n/a	-142.9		-362.6
Equity ratio %				-3.8	9.1	-141.8%	2.5
Gearing % **)				neg.	462.1	-377.9%	1 455.2

*) Return on equity has not been informed for the review period, because the average equity of the year has been negative.
**) Gearing was negative because equity was negative.

Ville Taipale, CEO:

“During the review period, we continued on a positive earnings track despite the long-lasting and exceptionally challenging market environment. We also achieved a profitable operating result in the third quarter. This has been made possible by the Martela team's strong commitment to the company's turnaround and the trust demonstrated by our stakeholders even in difficult times.

Our revenue for January-September was EUR 70.9 million, which represents a 14.5% increase compared to the same period last year. Revenue increased during the reporting period in Finland, Sweden, and Norway, remaining at the previous year's level within the group Other. The group’s total new orders slightly decreased during the review period, by about 1% compared to the same period last year. During the review period the development of the new orders was weaker towards the end of the review period. Our revenue for July-September was EUR 20.7 million, remaining at the same level as the same period last year. Revenue increased in Finland during July-September but declined in other markets.

Our operating result improved significantly during the review period compared to the same period last year, but remained at a loss of EUR 1.2 (-4.8) million. The operating result for the review period was positively affected, compared to the same period last year, by higher revenue and a reduction in administrative and other fixed costs as a result of implemented efficiency measures. However, the review period's operating result remained negative due to the higher volume of deliveries of lower-margin projects and products, especially during the first quarter and to some extent in the second quarter. The results were also burdened by the costs related to restructuring negotiations conducted in different units of the group during the first quarter.

Our operating result significantly improved in the third quarter compared to the same period last year, ending in a profit of EUR 0.3 million (-0.9). The profit improvement in the third quarter was primarily due to cost savings from implemented efficiency measures and improved average gross margins compared to the same period last year. As we approach the end of 2025, we continue to expect an improvement in the average profit margins of the coming to be delivered projects and products.

As previously stated, in 2025 we will focus mainly on improving profitability and cash flow. We have communicated the progress of new measures aimed at enhancing efficiency and profitability during the first half of the year. Concrete commendable results have already been achieved, and full benefits are expected to be realized in during the late part of the year. The main focus is on immediate measures to improve efficiency and profitability.

We will continue to invest in active customer work and work closely with our value chain partners. We will continue to develop our service channels and maintain our circular economy service model and the offering of the sustainably designed products.

The past years have been significantly more challenging than expected, but our investments in developing the business, positive feedback received from customers, and the slight recovery of the markets give us confidence towards the end of the year 2025 and for the longer-term future. There is more remote work happening in Finland than in other European countries. Martela aims to make presence-based work environments more attractive through its products and services, which in turn helps to improve productivity. The work for the best working environments continues.”

Market situation

During the late part of 2024 and during 2025, demand in Martela's main markets has only strengthened slightly. The intense competitive situation continues to put some pressure on margins, but generally less so compared to the second half of 2024. Towards the end of 2025, we still expect the uncertainty in the market to continue.
The need for changes in office spaces arises as work methods evolve. The materialization of this need will increase demand for Martela's services and furniture in the future.

There are still significant uncertainties related to the overall economic situation and customer investment demand, mainly due to geopolitical and trade policy sentiment. Uncertainties also remain regarding the outlook for interest rates and inflation.

BRIEFING

A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Henri Berg on Wednesday November 12, 2025 from 12 a.m. to 2 p.m. EET.

Martela Corporation
Board of Directors

Ville Taipale
CEO

Further information
Ville Taipale, CEO, +358 50 557 2611
Henri Berg CFO, +358 40 836 5464

Distribution
Nasdaq OMX Helsinki
Key news media

www.martela.com

Martela is a Nordic leader specialising in user-centric working and learning environments. We create the best places to work and offer our customers the Martela Lifecycle solutions which combine furniture and related services into a seamless whole.

Attachment

• 2025_1112 Interim Report