Martela Corporation’s Financial Statements 1 January – 31 December 2025

Martela Corporation, Financial Statements, 25.2.2026, at 8:00 a.m.

The January–December 2025 revenue and operating result increased compared to previous year. Operating result was slightly profitable in October-December 2025, but the operating result for the year remained on loss.

October–December 2025

• Revenue was EUR 22.8 million (24.7), representing a change of -8.0%
• Operating result was EUR 0.1 million (-1.8)
• Operating profit per revenue was 0.5% (-7.1%)
• The result for the period was EUR -0.5 million (-2.6)
• Earnings per share amounted to EUR -0.12 (-0.55)
  
  

January–December 2025

• Revenue was EUR 93.7 million (86.7), representing a change of 8.1%
• Operating result was EUR -1.1 million (-6.5)
• Operating profit per revenue was -1.1% (-7.5%)
• The result for the period was EUR -3.5 million (-8.7)
• Earnings per share amounted to EUR -0.75 (-1.87)
  
  

Outlook for 2026

Martela anticipates its revenue to decerese slightly in full-year 2026 compared to previous year and comparable operating result to be on profit.

Key figures, EUR million

	2025	2024	Change	2025	2024	Change
	10-12	10-12	%	1-12	1-12	%
Revenue	22.8	24.7	-8.0%	93.7	86.7	8.1%
Operating result	0.1	-1.8		-1.1	-6.5
Operating result %	0.5%	-7.1%		-1.1%	-7.5%
Result Before taxes	-0.4	-2.3	-82.1%	-3.2	-8.2
Result for the period	-0.5	-2.6	-79.2%	-3.5	-8.7
Earnings/share. EUR	-0.12	-0.55	-79.15%	-0.75	-1.87
Return on investment %	0.7	-27.5		-5.1	-25.4
Return on equity % *)	n/a	-107.2		n/a	-362.6
Equity ratio %				-5.1	2.5	-304.5%
Gearing % **)				neg.	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:

“Generally, the year 2025, like previous years, was challenging due to the continued unfavorable market conditions in the industry. In the Nordic countries, weak economic development continued to cause caution among organizations when making procurement decisions. Employment trends, particularly in Finland and in Sweden, were weak, and vacancy rates in office real estate markets remained high across all our main market areas. In 2025, we improved our operating result compared to the previous year, and the operating result was slightly profitable in the last quarter of the year.

Our revenue in 2025 was EUR 93.7 million, which was an 8.1% increase compared to the previous year. Revenue grew in Finland and other countries in 2025, while it decreased in Norway and remained around at the previous year's level in Sweden. The company’s total new orders decreased by approximately 12% during the fiscal year 2025 compared to the previous year. The development of order intake in the second half of 2025 was unsatisfactory, which shall weaken also the delivery volumes on the early part of 2026. Additionally, the new order intake in the comparative period second half of 2024 was strong primarily due to a few large delivery projects. Our revenue in the fourth quarter of 2025 declined to EUR 22.8 million, which was 8.0% lower compared to the same period in the previous year. We fell short of our revenue target maninly due to weak market demand. Revenue declined in October-December in Finland, in Sweden and in Norway and increased in other countries compared to the same period last year.

Operating profit for January-December was EUR -1.1 million, compared to EUR -6.5 million during the same period of the previous year. The significant improvement in operating profit in 2025 compared to the previous year was due to higher revenue and reductions in administrative and other fixed costs as a result of implemented efficiency measures. However, the operating profit for the 2025 financial year remained in loss primarily due to a higher proportion of deliveries involving 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 fourth quarter of 2025 compared to the same period last year and ended in a profit of EUR 0.1 million (-1.8). The profit improvement in the fourth quarter was primarily due to cost savings from implemented efficiency measures and improved average margin levels compared to the same period last year.

In 2026 we will continue to focus strongly especially on improving operative profitability and on further enhancing administrative cost efficiency. Additionally, we continue to keep other cash flow-improving measures at the core of our activities. We will continue to invest in active customer work and work closely with our value chain partners.

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 for the year 2026 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

The economic development remained challenging in the Nordic Countries in 2025. During 2025, demand in Martela's main markets only slightly strengthened on average, and the overall economic outlook even worsened in the second half of the year. The ongoing intense competition continued to put pressure on margins.

Revenue and operating result

Revenue and result for October–December 2025

Revenue for October–December was EUR 22.8 million (24.7) and decreased 8.0% compared to previous year. Revenue decreased in Finland by 3.7%, in Sweden by 44.1% and in Norway by 10.4% compared to the previous year. In other countries revenue increased by 12.3% compared to the previous year.

The Group’s operating result in October–December was EUR 0.1 million (-1.8).

The October–December result before taxes was EUR -0.4 million (-2.3) and net result EUR -0.5 million (-2.6).

Revenue and result for January–December 2025

Revenue for January–December was EUR 93.7 million (86.7) and increased by 8.1% from previous year. Revenue increased in Finland by 10.5% in other countries by 2.6% compared to previous year. In Sweden revenue decreased by 0.5% and in Norway by 2.5% compared to previous year.

The Group’s operating result in January–December was EUR -1.1 million (-6.5).

The January–December result before taxes was EUR -3.2 million (-8.2) and net result EUR -3.5 million (-8.7).

EVENTS AFTER THE END OF THE FINANCIAL YEAR

There were no events after the reporting period.

SHORT-TERM RISKS

The company's most significant short-term risks that may affect operations are related to earnings development and, consequently, the development of cash flow and liquidity. The key risks to earnings performance and liquidity are related to general economic and industry uncertainty, which impacts the overall demand in Martela’s business environment and the relative success of Martela’s offerings in the broader market.

Maintaining the company's liquidity requires, not only sufficient operational cash flow, but also the successful implementation of liquidity-improving measures planned by management to the necessary extent. The Board of Directors and the managemsnt have identified new efficiency, and operational as well as administrative saving measures in late 2025 and early 2026, which are to be implemented in the early part of 2026. Some of these actions are also targeting to decrease the funds tied to working capital. Furthermore, the company has identified and preparing structural changes, which are improving the short-term liquidity. The above mentioned actions are improving the company’s cash flow and liquidity situation during 2026.        

Due to the project-based nature of the industry the near-term forecasting is challenging.

PROPOSAL OF THE BOARD OF DIRECTORS FOR DISTRIBUTION OF PROFIT

The Board of Directors proposes to the Annual General Meeting that no dividend will be distributed for 2025.

ANNUAL GENERAL MEETING

The Annual General Meeting is planned to be held on Wednesday 8 April 2026. The notice of the Annual General Meeting will be published in a separate release later.

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 February 25, 2026 from 12 a.m. to 2 p.m. EET.

The Annual Report for 2025 will be published on Martela’s website during week 11/2026.

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

• 2026_0225 Financial Statements