MARTELA CORPORATION’S INTERIM REPORT 1 JANUARY – 31 MARCH 2026

Martela Corporation, Interim report, 12.5.2026, at 08:00 a.m.

The revenue and operating result for January-March 2026 decreased compared to the same period of the previous year.

January–March 2026

• Revenue was EUR 17.5 million (25.6), representing a change of -31.9%
• Operating result was EUR -1.9 million (-1.6)
• Operating profit per revenue was -11.0% (-6.1%)
• The result for the period was EUR -2.4 million (-2.1)
• Earnings per share amounted to EUR -0.52 (-0.45)
  
  

Outlook

Outlook for 2026

Martela Group’s revenue for the full year 2026 is estimated to amount to EUR 75–85 million. The comparable operating result is estimated to be from EUR +1 million to −2 million.

Key figures, EUR million

	2026	2025	Change	2025
	1-3	1-3	%	1-12
Revenue	17.5	25.6	-31.9%	93.7
Operating result	-1.9	-1.6	23.2%	-1.1
Operating result %	-11.0%	-6.1%		-1.1 %
Result before taxes	-2.4	-2.1	15.4%	-3.2
Result for the period	-2.4	-2.1	15.4%	-3.5
Earnings/share, EUR	-0.52	-0.45	15.4%	-0.75
Return on investment %	-11.3	-6.8		-5.1
Return on equity % *)	n/a	-784.1		n/a
Equity ratio %	-13.5	-1.5	801.6%	-5.1
Gearing % **)	neg.	neg.		neg.

*) 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:

“In the first quarter, customer demand weakened compared with a year earlier and the development of revenue and order intake has been weaker than expected during early 2026. The market situation has been characterized by greater-than-anticipated caution, uncertainty, and a decrease in average project size. In particular, the number of large office projects has declined sharply compared with a year earlier.

The Group’s new orders decreased in the first quarter by approximately 29% compared with the corresponding period of the previous year. Orders declined in the first quarter in all Nordic countries. Outside the Nordic countries the new orders were approximately at the same level as in the corresponding period of the previous year.

Our revenue decreased in the first quarter to EUR 17.5 million (25.6), which was 31.9% lower than in the corresponding period of the previous year. Revenue decreased in all market areas. The decrease of large office projects explains roughly half of the overall decline. During the first half of 2025 the share of larger office projects was at high -level.

Our operating result weakened in the first quarter compared with the corresponding period of last year and was EUR -1.9 million (-1.6). Compared with the corresponding period of the previous year, the operating result for the review period was strengthened by a reduction in administrative and other fixed expenses as a result of the efficiency measures implemented. In addition, the margin development of projects and deliveries was, on average, at a higher level than in the comparison period. However, improved project margins and administrative efficiency measures were not sufficient to offset the sharp decline in revenue.

We continue to implement new efficiency measures with accelerated speed, which are targeted to further improve the company’s relative profitability and competitiveness during 2026, in oder to adapt for the lower volume -levels. In addition, we continue to keep other measures to improve cash flow at the core of our operations. We will also continue to invest in active customer work and cooperate closely with partners across our value chain.

The past few years have been clearly more challenging than expected, and particularly in Finland the recovery of the economy has been delayed compared with forecasts several times already. Expectations for order intake development remain cautious for the next coming months, and the slight recovery, together with increasing demand among larger projects, is likely to be postponed to the second half of the year.

Our investments in developing the business and the positive feedback received from customers create confidence for 2026 and further into the future. In Finland, more remote work is done than in other European countries. With its products and services, Martela aims to make on-site work environments even more attractive, which in turn increases the opportunities to improve productivity. Martela has introduced an expanded Sono range of meeting pods to the market. As a modular solution, it responds to the rapidly growing demand for acoustic space solutions in work environments. The new range helps create even better conditions for comfortable and efficient on-site work. In addition, the newly launched modular Maia sofa series gives offices a softer, more inviting look and enables flexible, customizable furnishing.

Our work for the best work environments continues.”

Market situation

The general economic situation continued to be more challenging than anticipated in the Nordic countries during the first half of 2026. Vacancy rates in office properties were on average at a higher level in the first half of 2026 than in the previous year. The general economic situation and customers’ demand for office-related investments continue to involve significant uncertainties going forward as well. The geopolitical and trade policy situation is adding to uncertainty, which also affects the outlook for interest rates and inflation. For 2026, we therefore do not expect demand in our main markets to strengthen materially before possibly toward the end of the year. The persistently intense competitive environment continues to put pressure on margin development as well.

The need for changes to premises continues to arise as ways of working evolve. As these needs materialize, they will, over the long term, increase demand for Martela’s services and furniture as well.

BRIEFING

A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Henri Berg on Tuesday May 12, 2026 from 12 p.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

• 2026_0512 Interim Report