Vaisala Oyj

Quarterly Report • Apr 24, 2025

Interim Report

January–March 2025

Q1

Vaisala Corporation Interim Report January–March 2025

Strong start of the year amid increasing market uncertainty

First quarter 2025 highlights

• Orders received EUR 121.4 (123.2) million, decrease 1%
• Order book at the end of the period EUR 212.5 (190.4) million, increase 12%
• Net sales EUR 135.6 (112.1) million, increase 21%
• EBITA EUR 20.5 (8.8) million, 15.1 (7.9) % of net sales
• Operating result (EBIT) EUR 17.9 (7.1) million, 13.2 (6.4) % of net sales
• Earnings per share EUR 0.33 (0.14)
• Cash flow from operating activities EUR 18.7 (17.1) million
• Vaisala was selected to deliver seven weather radars and a lightning detection network to Greece.

Business outlook for 2025

Vaisala estimates, excluding potential significant changes in market conditions, that its full-year 2025 net sales will be in the range of EUR 590–620 million and its EBITA will be in the range of EUR 90–105 million.

As of 2025, in its outlook, Vaisala has changed EBIT to EBITA to align with its long-term financial targets.

Market outlook for 2025

Markets for industrial and life science market segments grew during the first quarter. Similar development is expected during the rest of the year. Power market segment is expected to grow. However, the market environment remains uncertain, affecting the predictability of these segments' development.

Markets for the more mature markets, meteorology, aviation, and roads, are expected to be stable. Market for renewable energy is expected to decline during this year.

Key figures

MEUR	1-3/2025	1-3/2024	Change	1-12/2024
Orders received	121.4	123.2	-1%	565.6
Order book	212.5	190.4	12%	215.0
Net sales	135.6	112.1	21%	564.6
Gross profit	77.8	60.7	28%	318.1
Gross margin, %	57.3	54.2		56.3
Operating expenses	59.9	53.7	12%	235.8
EBITA	20.5	8.8		90.3
% of net sales	15.1	7.9		16.0
Operating result (EBIT)	17.9	7.1		82.9
% of net sales	13.2	6.4		14.7
Result before taxes	15.1	6.6		80.8
Result for the period	11.9	5.2		63.7
Earnings per share	0.33	0.14	130%	1.76
Return on equity, %	16.0	8.0		22.1
Research and development costs	16.9	16.4	3%	68.6
Capital expenditure*	4.9	2.0	147%	19.1
Depreciation, amortization and impairment	7.0	5.7	22%	24.3
Cash flow from operating activities	18.7	17.1	9%	78.9
Cash conversion	1.0	2.4		1.0
Cash and cash equivalents	100.8	105.0	-4%	88.8
Interest-bearing liabilities	128.7	61.4	110%	129.5
Gearing, %	9.7	-17.8		13.2

*Excluding impact of acquired businesses

Rolling five quarter development

President and CEO Kai Öistämö

"We had a strong start of the year 2025 despite the uncertainty in the market environment. Both our net sales and profitability improved from the previous year, with particularly strong performance in the Industrial Measurements business area. We also saw significantly accelerated growth in our Xweather business, fueled by the recent acquisitions of WeatherDesk and Speedwell Climate.

Vaisala's first quarter order intake was on the same level as in the previous year. Our organic net sales grew by 17%, excluding the acquisitions closed during Q4/2024. We were able to mitigate the impacts of industrial actions in Finland without them affecting our net sales. Our operating result margin improved to 13.2% followed by increased net sales. We closed the quarter with a strong EUR 212.5 million order book.

In the Industrial Measurements business area, the demand continued to develop favorably, and we had a strong quarter in orders received as well as in net sales. Positive development was seen across all regions and segments. It was especially positive to see the life science market continue to grow after a challenging last year.

In the Weather and Environment business area, we had a good quarter in net sales in meteorology and aviation market segments. We continued to deliver on our strong order book. One of the highlights of the quarter was winning a delivery of seven weather radars and a lightning detection network to Greece. However, in the renewable energy market segment, the first quarter was disappointing. New renewable energy investments slowed down, impacting negatively both net sales and orders received in our renewable energy business. Subscription sales increased by 63%, boosted by our recently acquired new businesses and double-digit organic growth.

We also started the year with a renewed Leadership Team with Anne Jalkala and Jarkko Sairanen in their new roles and

Lorenzo Gulli and Samuli Hänninen as new members in the Leadership Team.

Looking ahead to the rest of this year, we continue to deliver our strategy as a global leader in measurement instruments and intelligence for climate action. The first quarter gave us a strong start for the year. Nevertheless, we expect the market uncertainty to continue as a result of geopolitical tensions and the risk of trade war escalation. We monitor the situation and prepare for different scenarios to mitigate the possible impacts to our business.

We continue to estimate, excluding potential significant changes in market conditions, that our full-year 2025 net sales will be in the range of EUR 590–620 and EBITA will be in the range of EUR 90–105 million."

Financial review Q1/2025

Orders received and order book

MEUR	1-3/2025	1-3/2024	Change	FX*	1-12/2024
Orders received	121.4	123.2	-1%	-3%	565.6
Order book, end of period	212.5	190.4	12%		215.0

* Change with comparable exchange rates

First quarter 2025 orders received were on the previous year's level and totaled EUR 121.4 (123.2) million. Orders received increased in Industrial Measurements business area and decreased Weather and Environment business area. The delivery of seven weather radars and a lightning detection network to Greece is included in the Weather and Environment business area orders received.

At the end of March 2025, order book totaled EUR 212.5 (Dec 31, 2024: 215.0) million. Order book scheduled to be delivered during the current year is EUR 144.2 (Mar 31, 2024: 141.4) million. EUR 25 million award for a project of airport weather systems and equipment to modernize 14 Indonesian airports, announced in August 2024, is not included in order book. The project will be included in orders received once the customer's financing arrangements have been confirmed. This is not expected to happen before 2026.

Financial performance

MEUR	1-3/2025	1-3/2024	Change	FX**	1-12/2024
Net sales	135.6	112.1	21%	19%	564.6
Product sales	87.7	79.8	10%		397.3
Project sales	20.2	11.8	71%		77.7
Service sales	11.8	10.9	8%		48.5
Subscription sales	15.3	9.4	63%		39.0
Lease income	0.6	0.2	200%		2.2
Gross margin, %	57.3	54.2			56.3
EBITA	20.5	8.8			90.3
of net sales, %	15.1	7.9			16.0
Operating result (EBIT)	17.9	7.1			82.9
of net sales, %	13.2	6.4			14.7
R&D costs	16.9	16.4	3%		68.6
Amortization*	2.6	1.7			7.5

* Amortization and impairment of intangible assets and income and expenses related to (non-operative) earn-outs related to acquired businesses ** Change with comparable exchange rates

First quarter 2025 net sales increased by 21% compared to the challenging first quarter in the previous year and were EUR 135.6 (112.1) million. In constant currencies, net sales increased by 19%. Acquisitions closed during Q4/2024 – Maxar's WeatherDesk, Speedwell Climate and Nevis Technology – increased net sales by EUR 5 million. Excluding the recent acquisitions, net sales increased by 17% and subscription sales by 12% compared to the previous year. Net sales increased very strongly in both business areas, with good performance in the Americas region. Net sales increased very strongly in the life science, power, aviation, and meteorology market segments, and strongly in the industrial instruments market segment. The renewable energy market segment faced very strong decline in net sales, while in the roads market segment, net sales declined slightly.

Gross margin increased to 57.3 (54.2) % mainly due to growth in net sales and favorable sales mix.

First quarter 2025 operating result (EBIT) increased compared to the previous year following the increased net sales and was EUR 17.9 (7.1) million, 13.2 (6.4) % of net sales. Operating expenses increased compared to the previous year mainly as a result of

operating expenses related to acquired businesses in the Weather and Environment business area and investments in digital sales channels in the Industrial Measurements business area.

First quarter 2025 financial income and expenses were EUR -2.8 (-0.5) million. This was mainly a result of valuation of foreign currency denominated items, currency hedging and interest expenses. Income taxes were EUR 3.2 (1.5) million and estimated effective tax rate for the whole year was 21.3 (22.4) %. Result before taxes was EUR 15.1 (6.6) million and result for the period EUR 11.9 (5.2) million. Earnings per share was EUR 0.33 (0.14).

Statement of financial position and cash flow

Vaisala's financial position remained strong during January–March 2025. At the end of March, statement of financial position totaled EUR 586.6 (Dec 31, 2024: 589.4) million. Net debt amounted to EUR 27.8 (40.6) million. Cash and cash equivalents totaled EUR 100.8 (88.8) million. Dividend liability, decided by the Annual General Meeting on March 25, 2025, totaled EUR 30.9 million. On March 31, 2025, Vaisala had interest-bearing borrowings totaling EUR 105.0 (Dec 31, 2024: 105.0) million, from which EUR 35 million related to an unsecured term loan due in 2026 and EUR 70 million related to an unsecured term loan due in 2027. The loans have a financial covenant (gearing) tested semi-annually. Vaisala had not issued any domestic commercial papers on March 31, 2025, as at the end of 2024. Vaisala has also a EUR 50 million committed revolving credit facility, which was undrawn on March 31, 2025, as at the end of 2024. In addition, interest-bearing lease liabilities totaled EUR 23.6 (Dec 31, 2024: 24.5) million.

In January-March 2025, cash flow from operating activities increased to EUR 18.7 (17.1) million. This was mainly a result of increased net result. Net working capital improved following the collection of trade receivables, partly off-set by increase in inventory as a result of expedited shipments to the US.

Capital expenditure and acquisitions

In January–March 2025, capital expenditure in intangible assets and property, plant, and equipment totaled EUR 4.9 (2.0) million. Capital expenditure was mainly related to investments in machinery and equipment to develop and maintain Vaisala's production, R&D, and service operations as well as facilities.

In 2024, Vaisala started building an automated logistics center in Vantaa, Finland. With new automation technology, the facility will centralize Vaisala's logistics operations in Finland, ensuring fast deliveries to customers around the world. The new logistics center is expected to be fully operational by the end of 2025. The total estimated value of the investment is around EUR 10 million and it will be recognized in the statement of financial position during 2024 and 2025.

Depreciation, amortization, and impairment were EUR 7.0 (5.7) million. This included EUR 2.4 (1.7) million of amortization of identified intangible assets related to the acquired businesses.

Personnel

The average number of personnel employed during January–March 2025 was 2,452 (2,306). At the end of March 2025, the number of employees was 2,464 (2,313). 76 (77) % of employees were located in EMEA, 16 (16) % in Americas and 8 (7) % in APAC. 63 (66) % of employees were based in Finland.

Q1/2025 review by business area

Industrial Measurements business area

MEUR	1-3/2025	1-3/2024	Change	FX**	1-12/2024
Orders received	60.4	51.7	17%	14%	228.1
Order book, end of period	36.8	36.5	1%		37.0
Net sales	59.7	48.0	24%	22%	226.5
Product sales	52.9	41.7	27%		199.4
Service sales	6.8	6.3	8%		27.1
Gross margin, %	64.4	58.4			61.9
EBITA	12.9	6.7			48.9
of net sales, %	21.7	14.0			21.6
Operating result (EBIT)	12.7	6.5			47.9
of net sales, %	21.3	13.5			21.2
R&D costs	6.8	6.6	4%		26.6
Amortization*	0.2	0.2			1.0

* Amortization and impairment of intangible assets and income and expenses related to (non-operative) earn-outs related to acquired businesses ** Change with comparable exchange rates

Rolling five quarter development

Q1/2025 review

Industrial Measurements business area had a strong first quarter of 2025 in orders received. Orders received increased by 17% compared to the previous year, totaling EUR 60.4 (51.7) million. Orders received increased very strongly in the life science and power market segments and slightly in the industrial instruments market segment.

At the end of March 2025, Industrial Measurements business area's order book amounted to EUR 36.8 (Dec 31, 2024: 37.0) million and was close to the level at the end of 2024. Order book scheduled to be delivered during the current year is EUR 30.9 (Mar 31, 2024: 32.5) million. Order book increased in the industrial instruments and life science market segments and decreased in the power market segment.

Industrial Measurements business area's first quarter 2025 net sales were EUR 59.7 (48.0) million and increased by 24% compared to the previous year, driven by good performance in the Americas region. In constant currencies, net sales increased by 22%. Net

sales increased very strongly in the power and life science market segments and strongly in the industrial instruments market segment.

Gross margin improved compared to the previous year to 64.4 (58.4) % following growth in net sales and favorable sales mix.

Industrial Measurements business area's first quarter 2025 operating result (EBIT) increased compared to the previous year following growth in net sales and totaled EUR 12.7 (6.5) million, 21.3 (13.5) % of net sales. Operating expenses increased compared to the previous year mainly as a result of investments in digital sales channels.

Weather and Environment business area

MEUR	1-3/2025	1-3/2024	Change	FX**	1-12/2024
Orders received	61.1	71.5	-15%	-15%	337.6
Order book, end of period	175.7	153.9	14%		178.0
Net sales	75.9	64.1	18%	17%	338.2
Product sales	34.8	38.1	-9%		197.9
Project sales	20.2	11.8	71%		77.7
Service sales	5.0	4.6	9%		21.4
Subscription sales	15.3	9.4	63%		39.0
Lease income	0.6	0.2	200%		2.2
Gross margin, %	51.8	51.0			52.6
EBITA	7.6	2.1			41.3
of net sales, %	9.9	3.3			12.2
Operating result (EBIT)	5.2	0.6			34.8
of net sales, %	6.9	1.0			10.3
R&D costs	10.0	9.8	2%		42.0
Amortization*	2.3	1.5			6.5

* Amortization and impairment of intangible assets and income and expenses related to (non-operative) earn-outs related to acquired businesses ** Change with comparable exchange rates

Rolling five quarter development

Q1/2025 review

Weather and Environment business area's first quarter 2025 orders received decreased by 15% compared to the previous year and totaled EUR 61.1 (71.5) million. Orders received increased very strongly in the aviation market segment and decreased very strongly in the renewable energy and roads market segments. In the meteorology market segment, orders received decreased slightly.

At the end of March 2025, Weather and Environment business area's order book amounted to EUR 175.7 (Dec 31, 2024: 178.0) million and was close to the level at the end of 2024. Order book scheduled to be delivered during the current year is EUR 113.2 (Mar 31, 2024: 108.9) million. Order book increased in the meteorology and renewable energy market segments and decreased in the aviation and roads market segments. EUR 25 million award for a project of airport weather systems and equipment to modernize 14 Indonesian airports, announced in August 2024, is not included in order book. The project will be included in orders received once the customer's financing arrangements have been confirmed. This is not expected to happen before 2026.

Weather and Environment business area's first quarter 2025 net sales were EUR 75.9 (64.1) million and increased by 18% compared to the previous year (organic net sales growth was 11%). In constant currencies, net sales increased by 17%. Net sales increased very strongly in the aviation and meteorology market segments and decreased very strongly in the renewable energy market segment. In the roads market segment, net sales decreased slightly. Growth in subscription sales was very strong, 63%, with recent acquisitions closed during Q4/2024, boosting the performance. Excluding the recent acquisitions, subscription sales increased by 12%.

Gross margin improved compared to the previous year and was 51.8 (51.0) % following growth in net sales and favorable sales mix.

Weather and Environment business area's first quarter 2025 operating result (EBIT) increased compared to the previous year following growth in net sales and totaled EUR 5.2 (0.6) million, 6.9 (1.0) % of net sales. Operating expenses increased compared to previous year mainly as a result of operating expenses related to acquired businesses.

Leadership Team

Vaisala made changes in its leadership team as of January 1, 2025, as announced in Q4/2024.

Members of the Vaisala Leadership Team on March 31, 2025

• Kai Öistämö, President and CEO, Chair of the Leadership Team
• Girish Agarwal, Chief Digital and Information Officer
• Lorenzo Gulli, EVP, Strategy and M&A
• Samuli Hänninen, EVP, Xweather
• Anne Jalkala, EVP, Weather, Energy and Environment
• Timo Leskinen, EVP, People and Corporate Affairs
• Heli Lindfors, Chief Financial Officer
• Vesa Pylvänäinen, EVP, Operations
• Jarkko Sairanen, EVP, Industrial Measurements
• Katriina Vainio, EVP, Group General Counsel

Annual General Meeting 2025

Vaisala Corporation's Annual General Meeting was held on March 25, 2025. The meeting approved the financial statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial period January 1– December 31, 2024.

Dividend

The Annual General Meeting resolved a dividend of EUR 0.85 per share. The record date for the dividend payment was March 27, 2025, and the payment date was April 3, 2025

Board of Directors

The Annual General Meeting confirmed that the number of Board members is seven. Annica Bresky, Antti Jääskeläinen, Lotte Rosenberg, Kaarina Ståhlberg, Tuomas Syrjänen, Raimo Voipio and Ville Voipio will continue as members of the Board of Directors.

The Annual General Meeting confirmed that the annual remuneration payable to the Chair of the Board of Directors is EUR 75,000 and each Board member EUR 50,000 per year. Approximately 40% of the annual remuneration will be paid in Vaisala Corporation's series A shares acquired from the market and the rest in cash. In addition, the Annual General Meeting confirmed that the meeting fee for the Chair of the Audit Committee will be EUR 2,000 per attended meeting, EUR 1,500 for the Chair of People and Sustainability Committee, the Nomination Committee and any other committee established by the Board of Directors, and EUR 1,200 for each member of a committee for each attended meeting. In addition, members of the Board residing outside of Finland will be paid a meeting fee of EUR 1,000 per physical meeting attended, however, if two or more meetings are held during a day, the maximum fee is EUR 1,000. The attendance fees are paid in cash. Possible travel expenses are reimbursed according to the travel policy of the company.

Auditor

The Annual General Meeting elected PricewaterhouseCoopers Oy as the auditor of the company and APA Ylva Eriksson will act as the auditor with the principal responsibility. The Auditor is reimbursed according to invoice presented to the company.

Sustainability reporting assurer

The Annual General Meeting elected PricewaterhouseCoopers Oy as the sustainability reporting assurer of the company and Ylva Eriksson, Authorized Sustainability Auditor (KRT), as the assurer with principal authority. The assurer is reimbursed according to invoice presented to the company.

Authorization for the directed repurchase of own series A shares

The Annual General Meeting authorized the Board of Directors to resolve on the directed repurchase of a maximum of 800,000 of the company's own series A shares in one or more instalments by using company's unrestricted equity. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than September 25, 2026.

Authorization on the issuance of the company's own series A shares

The Annual General Meeting authorized the Board of Directors to resolve on the issuance of the shares, transfer of treasury shares and issuance of special rights entitling to shares. The authorization concerns only series A shares. The Board may issue either new shares or transfer treasury shares held by the company to a maximum of 3,000,000 shares. The authorization can also be used as part of the company's incentive plans for up to 1,000,000 shares. The shares can be issued or transferred for consideration or without consideration. Shares or special rights entitling to shares can be issued in deviation from the shareholders' pre-emptive rights by way of a directed issue if there is a weighty financial reason from company's point of view, such as using the shares as a consideration in potential mergers or acquisitions, to finance investments, or as a part of the company's incentive plans. The subscription price of the shares can instead of cash also be paid in full or in part as contribution in kind. The authorization is valid until September 25, 2026. The authorization for the company's incentive program shall however be valid until March 25, 2030.

The organizing meeting of the Board of Directors

At its organizing meeting held after the Annual General Meeting the Board elected Ville Voipio as the Chair of the Board of Directors and Raimo Voipio as the Vice Chair.

Kaarina Ståhlberg was elected as the Chair and Lotte Rosenberg, and Raimo Voipio as members of the Audit Committee. The majority of the Audit Committee members are independent both of the company and of significant shareholders. Antti Jääskeläinen was elected as the Chair and Annica Bresky, Tuomas Syrjänen, and Ville Voipio as members of the People and Sustainability Committee. The majority of the members of the People and Sustainability Committee are independent both of the company and of significant shareholders. Ville Voipio was elected as the Chair and Annica Bresky, Tuomas Syrjänen, and Raimo Voipio as members of the Nomination Committee. The majority of the members of the Nomination Committee are independent of the company.

Shares and shareholders

Share capital and shares

Vaisala share capital totaled EUR 7,660,808 on March 31, 2025. Vaisala has 36,436,728 shares of which 3,093,128 are series K shares and 33,343,600 series A shares. During the first quarter, number or series K shares decreased by 533,725 and number of number of series A shares increased by 533,725 as the Board of Directors decided that 533,725 series K shares were converted to series A shares. This conversion was registered into the Trade Register on February 26, 2025. Series A shares are listed on the Nasdaq Helsinki Ltd. The series K shares and series A shares are differentiated by the fact that each series K share entitles its owner to 20 votes at a General Meeting of Shareholders while each series A share entitles its owner to 1 vote. The series A shares represented 91.5% of the total number of shares and 35% of the total votes. The series K shares represented 8.5% of the total number of shares and 65% of the total votes.

Trading and share price development

In January–March 2025, a total of 2,617,365 series A shares with a value totaling EUR 128.1 million were traded on the Nasdaq Helsinki Ltd. The closing price of the series A share on the Nasdaq Helsinki stock exchange was EUR 44.65. Shares registered a high of EUR 54.90 and a low of EUR 44.05. Volume-weighted average share price was EUR 48.93.

The market value of series A shares on March 31, 2025, was EUR 1,483.2 million, excluding company's treasury shares. Valuing the series K shares – which are not traded on the stock market – at the rate of the series A share's closing price on the last trading day of March, the total market value of all the series A and series K shares together was EUR 1,621.3 million, excluding company's treasury shares.

Treasury shares

In March 2025, a total of 26,167 of Vaisala Corporation's series A treasury shares were conveyed without consideration to the 47 key employees participating in the Performance Share Plans 2022–2024, 2023–2025, and 2024–2026 under the terms and conditions of the plans. The directed share issue was based on an authorization given by the Annual General Meeting held on March 26, 2024.

The total number of series A treasury shares on March 31, 2025, was 125,982, which represents 0.38% of series A shares and 0.35% of total shares.

Shareholders

At the end of March 2025, Vaisala had 16,725 (15,362) registered shareholders. Ownership outside of Finland and nominee registrations represented 21.7 (21.4) % of the company's shares. Households owned 40.5 (40.6) %, private companies 13.8 (13.8) %, financial and insurance institutions 9.3 (10.0) %, non-profit organizations 6.9 (10.0) % and public sector organizations 7.9 (4.2) % of the shares.

More information about Vaisala's shares and shareholders are presented on the company's website at vaisala.com/investors.

Near-term risks and uncertainties

The increasing risk of escalating trade policy measures brings uncertainties to the global market environment. The length and impact of these uncertainties are difficult to estimate. Tariffs and the potentially resulting economic slowdown may have a material negative impact on Vaisala's operative efficiency and financial performance.

Vaisala's delivery capability may deteriorate due to disruptions in suppliers' operations, Vaisala's production or project delivery operation, or disruptions in incoming and/or outgoing logistics. Temporary component shortage may cause delays or interruptions in deliveries or generate additional material costs. Cyber risk and long disruptions in IT systems may negatively impact operations and delivery capability.

Vaisala's capability to successfully complete investments, acquisitions, divestments and restructurings on a timely basis and to achieve related financial and operational targets includes uncertainties and risks, which may negatively impact net sales and profitability.

New and changing regulations impacting product acceptance, operation's capability to meet changing compliance requirements, and changes in international trade policies may cause delays or interruptions in supply chain. Customers' preference for local manufacturing may reduce demand for Vaisala's products and services. Customers' budgetary constraints, complex decision-making processes, and missing financing solutions may postpone closing of infrastructure contracts in Weather and Environment business area.

Further information about risk management and risks are available in Governance/Risk management section of Governance and Financial Review 2024 and on the company's website at vaisala.com.

Financial calendar 2025

Half Year Financial Report 2025: July 25, 2025 Interim Report January–September 2025: October 23, 2025

Vantaa, April 23, 2025

Vaisala Corporation Board of Directors

The forward-looking statements in this statement are based on the current expectations, known factors, decisions, and plans of Vaisala's management. Although the management believes that the expectations reflected in these forward-looking statements are reasonable, there is no assurance that these expectations would prove to be correct. Therefore, the results could differ materially from those implied in the forward-looking statements, due to for example changes in the economic, market and competitive environments, regulatory or other government-related changes, or shifts in exchange rates.

Financial information

This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting, following the same accounting policies and principles as in the annual financial statements for 2024. All figures in this Interim Report are group figures. All presented figures have been rounded and consequently the sum of individual figures may deviate from the sum presented. The Interim Report is unaudited.

Preparation of Interim Report in accordance with IFRS requires Vaisala's management to make estimates and assumptions that affect the valuation of the reported assets and liabilities and the recognition of income and expenses in statement of income. Although estimates are based on management's best knowledge at the date of the Interim Report, actual results may differ from those estimates.

Changes in accounting principles

New and amended IFRS standards effective for the year 2025

Amendments to IAS 21 (Lack of exchangeability) has been adopted from January 1, 2025. The adoption of these amendments may have an impact on the group's consolidated financial statements in future periods should such transactions arise.

Consolidated statement of income

EUR million	1-3/2025	1-3/2024	1-12/2024
Net sales	135.6	112.1	564.6
Cost of goods sold	-57.8	-51.4	-246.5
Gross profit	77.8	60.7	318.1
Sales, marketing and administrative costs	-43.0	-37.3	-167.2
Research and development costs	-16.9	-16.4	-68.6
Other operating income and expenses	0.0	0.0	0.6
Operating result	17.9	7.1	82.9
Share of result in associated company	-	-	0.2
Financial income	2.3	1.5	9.4
Financial expenses	-5.0	-2.0	-11.8
Result before taxes	15.1	6.6	80.8
Income taxes	-3.2	-1.5	-17.0
Result for the period	11.9	5.2	63.7
Attributable to
Owners of the parent company	11.9	5.2	63.7
Earnings per share for result attributable to the equity holders of the parent
company
Earnings per share, EUR	0.33	0.14	1.76
Diluted earnings per share, EUR	0.33	0.14	1.75

Consolidated statement of comprehensive income

EUR million	1-3/2025	1-3/2024	1-12/2024
Items that will not be reclassified to profit or loss (net of taxes)
Actuarial profit (loss) on post-employment benefits	0.0	0.0	0.0
Total	0.0	0.0	0.0
Items that may be reclassified subsequently to profit or loss
Translation differences	-3.4	1.3	4.3
Total	-3.4	1.3	4.3
Total other comprehensive income	-3.4	1.3	4.4
Comprehensive income for the period	8.4	6.4	68.1
Attributable to
Owners of the parent company	8.4	6.4	68.1

Consolidated statement of financial position

EUR million

Assets	Mar 31, 2025	Mar 31, 2024	Dec 31, 2024
Non-current assets
Intangible assets	146.9	61.3	151.9
Property, plant and equipment	105.2	94.4	105.6
Right-of-use assets	20.5	12.5	21.4
Investments in shares	0.1	0.1	0.1
Investment in associated company	1.6	1.4	1.6
Non-current receivables	1.1	1.3	1.2
Deferred tax assets	14.9	8.8	12.7
Total non-current assets	290.4	179.7	294.5
Current assets
Inventories	63.5	62.5	57.8
Trade and other receivables	92.5	84.4	111.0
Contract assets and other accrued revenue	32.6	21.9	32.2
Income tax receivables	6.9	2.8	5.2
Cash and cash equivalents	100.8	105.0	88.8
Total current assets	296.3	276.7	295.0

Total assets 586.6 456.4 589.4

Equity and liabilities	Mar 31, 2025	Mar 31, 2024	Dec 31, 2024
Equity Share capital	7.7	7.7	7.7
Other reserves Translation differences	0.7 1.7	0.6 2.1	0.7 5.1
Treasury shares	-3.7	-3.4	-4.1
Retained earnings Total equity attributable to owners of parent company	279.4 285.8	238.5 245.5	299.2 308.6
Total equity	285.8	245.5	308.6
Non-current liabilities
Interest-bearing borrowings	70.0	50.0	105.0
Interest-bearing lease liabilities	20.4	8.6	21.4
Post-employment benefits	2.2	2.1	2.1
Deferred tax liabilities	5.8	2.2	5.3
Provisions	0.6	0.4	0.6
Other non-current liabilities	10.9	4.4	6.7
Total non-current liabilities	109.9	67.6	141.2
Current liabilities
Interest-bearing borrowings	35.0	-	-
Interest-bearing lease liabilities	3.3	2.7	3.1
Trade and other payables	110.2	104.3	95.7
Contract liabilities and other deferred revenue	35.9	28.8	28.4
Income tax liabilities	3.6	4.9	9.9
Provisions	2.9	2.6	2.7
Total current liabilities	190.9	143.3	139.7
Total liabilities	300.9	210.9	280.9
Total equity and liabilities	586.6	456.4	589.4

Consolidated cash flow statement

EUR million	1-3/2025	1-3/2024	1-12/2024
Result for the period	11.9	5.2	63.7
Depreciation, amortization and impairment	7.0	5.7	24.3
Financial income and expenses	2.8	0.5	2.4
Gains and losses on sale of intangible assets and property, plant and equipment	-	-	0.0
Share of result in associated company	-	-	-0.2
Income taxes	3.2	1.5	17.0
Other adjustments	0.3	-0.7	-0.4
Inventories, increase (-) / decrease (+)	-6.0	-4.0	0.2
Non-interest-bearing receivables, increase (-) / decrease (+)	18.5	3.1	-31.8
Non-interest-bearing liabilities, increase (+) / decrease (-)	-2.7	7.4	20.9
Changes in working capital	9.8	6.5	-10.7
Interest and other financial items received	0.4	0.8	2.2
Interest and other financial items paid	-3.6	-0.7	-3.7
Income taxes paid	-12.9	-1.6	-15.8
Cash flow from operating activities	18.7	17.1	78.9
Acquisition of subsidiaries, net of cash acquired	-	-	-20.9
Capital expenditure on intangible assets and property, plant and equipment	-4.9	-2.0	-84.8
Proceeds from sale of intangible assets and property, plant and equipment	0.1	0.1	0.1
Cash flow from investing activities	-4.9	-1.9	-105.6
Dividends paid	-	-	-27.2
Purchase of treasury shares	-	-	-0.8
Change in loan receivables	-0.4	-0.0	0.1
Proceeds from borrowings	-	-	70.0
Repayment of borrowings	-0.0	-	-15.0
Principal payments of lease liabilities	-0.6	-0.7	-2.8
Cash flow from financing activities	-1.0	-0.7	24.2
Change in cash and cash equivalents increase (+) / decrease (-)	12.8	14.5	-2.4
Cash and cash equivalents at the beginning of period	88.8	90.3	90.3
Change in cash and cash equivalents	12.8	14.5	-2.4
Effect from changes in exchange rates	-0.9	0.2	1.0
Cash and cash equivalents at the end of period	100.8	105.0	88.8

Consolidated statement of changes in equity

			Equity attributable to owners of the parent company
EUR million		Share capital Other reserves	Translation differences	Treasury shares	Retained earnings	Total equity
Equity at Dec 31, 2023	7.7	0.6	0.8	-4.2	263.0	267.9
Result for the period					5.2	5.2
Other comprehensive income			1.3			1.3
Dividend distribution					-27.2	-27.2
Share-based payments				0.8	-2.4	-1.6
Equity at Mar 31, 2024	7.7	0.6	2.1	-3.4	238.5	245.5
Equity at Dec 31, 2024	7.7	0.7	5.1	-4.1	299.2	308.6
Result for the period					11.9	11.9
Other comprehensive income			-3.4			-3.4
Dividend distribution					-30.9	-30.9
Share-based payments				0.4	-0.8	-0.4
Equity at Mar 31, 2025	7.7	0.7	1.7	-3.7	279.4	285.8

Notes to the report

Reportable segments

Orders received

EUR million	1-3/2025	1-3/2024	1-12/2024
Industrial Measurements	60.4	51.7	228.1
Weather and Environment	61.1	71.5	337.6
Total	121.4	123.3	565.6

Order book

EUR million	1-3/2025	1-3/2024	1-12/2024
Industrial Measurements	36.8	36.5	37.0
Weather and Environment	175.7	153.9	178.0
Total	212.5	190.4	215.0

Net sales

EUR million	1-3/2025	1-3/2024	1-12/2024
Industrial Measurements
Product sales	52.9	41.7	199.4
Service sales	6.8	6.3	27.1
Total	59.7	48.0	226.5
Weather and Environment
Product sales	34.8	38.1	197.9
Project sales	20.2	11.8	77.7
Service sales	5.0	4.6	21.4
Subscription sales	15.3	9.4	39.0
Lease income	0.6	0.2	2.2
Total	75.9	64.1	338.2
Total net sales	135.6	112.1	564.6

Operating result (EBIT)

EUR million	1-3/2025	1-3/2024	1-12/2024
Industrial Measurements	12.7	6.5	47.9
Weather and Environment	5.2	0.6	34.8
Other	0.0	0.0	0.1
Total	17.9	7.1	82.9

Geographical segments

Net sales

EUR million	1-3/2025	1-3/2024	1-12/2024
Americas	56.0	34.7	197.8
APAC	35.2	36.6	173.2
EMEA	44.4	40.8	193.6
Total	135.6	112.1	564.6

Timing of revenue recognition

EUR million	1-3/2025	1-3/2024	1-12/2024
Performance obligations satisfied at a point in time	95.9	89.3	427.2
Performance obligations satisfied over time	39.1	22.7	135.2
Lease income recognized on a straight-line basis	0.6	0.2	2.2
Total	135.6	112.1	564.6

Personnel

	1-3/2025	1-3/2024	1-12/2024
Average personnel	2,452	2,306	2,368
Personnel at the end of period	2,464	2,313	2,439

Derivative financial instruments

EUR million	Mar 31, 2025	Mar 31, 2024	Dec 31, 2024
Nominal value of derivative financial contracts	72.9	40.8	94.5
Fair values of derivative financial contracts, assets	1.6	0.1	0.1
Fair values of derivative financial contracts, liabilities	0.2	0.6	1.5

Derivative financial instruments consist solely of foreign exchange forward contracts and they are measured based on price information derived from active markets and commonly used valuation methods (Fair value hierarchy 2). Derivative financial contracts are executed only with counterparties that have high credit ratings.

Share information

EUR/thousand	1-3/2025	1-3/2024	1-12/2024
Number of shares outstanding	36,311	36,301	36,285
Number of treasury shares	126	136	152
Number of shares, weighted average, diluted	36,399	36,333	36,388
Number of shares, weighted average	36,292	36,268	36,285
Number of shares traded	2,617	619	2,809
Share price, highest	54.90	39.75	50.00
Share price, lowest	44.05	35.10	32.60

Key ratios

EUR	1-3/2025	1-3/2024	1-12/2024
Earnings per share	0.33	0.14	1.76
Diluted earnings per share	0.33	0.14	1.75
Equity per share	7.87	6.76	8.50
Return on equity, %	16.0	8.0	22.1
Cash flow from operating activities per share	0.51	0.47	2.18
Solvency ratio, %	48.8	53.8	52.4
Gearing, %	9.7	-17.8	13.2

Key exchange rates

	Average rates		Period end rates
	1-3/2025	1-3/2024	Mar 31, 2025	Mar 31, 2024	Dec 31, 2024
USD	1.0398	1.0904	1.0815	1.0811	1.0389
CNY	7.5659	7.8062	7.8442	7.8144	7.5833
JPY	160.34	159.68	161.60	163.45	163.06
GBP	0.8305	0.8600	0.8354	0.8551	0.8292

Calculation of key figures

	=	Result of the period +/- non-controlling interest
Earnings/share, EUR		Average number of shares outstanding
	=	Cash flow from business operations
Cash flow from business operations/share, EUR		Number of shares outstanding at the end of the period
Equity/share, EUR		Total equity attributable to owners of parent company
	=	Number of shares outstanding at the end of the period
		Dividend
Dividend/share, EUR	=	Number of shares outstanding at the end of the period
		Dividend
Dividend/earnings, %	=	Result for the period +/- non-controlling interest	x	100
Effective dividend yield %		Dividend / share
	=	Closing price for the series A share at the end of the period	x	100
		Closing price for the series A share at the end of the period
Price/earnings (P/E)	=	Earnings / share
Market capitalization, MEUR	=	Closing price for the series A share x number of shares outstanding

Alternative performance measures

Vaisala presents in its financial reporting alternative performance measures describing businesses' financial performance and its development as well as e.g. investments and return on equity in order to complement presented information. Vaisala presents in its financial reporting the following alternative performance measures:

Net sales with comparable exchange rates, MEUR	=	Net sales converted to euros with exchange rates used during the comparison period
		Net sales – Cost of sales
Gross margin, %	=	x 100 Net sales
Operating expenses, MEUR	=	Sales, marketing, and administrative costs + research and development costs
EBITA, MEUR	=	Result before income taxes, financial income, and expenses, share of result in associated company, and amortization and impairment of identified intangible assets related to the acquired businesses and income and expenses related to (non-operative) earn-outs of acquired businesses as presented in Consolidated Statement of Income. EBITA describes profitability and development of business areas' performance.
Operating result (EBIT), MEUR	=	Result before income taxes, financial income, and expenses, and share of result in associated company as presented in Consolidated Statement of Income. Operating result (EBIT) describes profitability and development of business areas' performance.
Result before taxes, MEUR	=	Result before taxes as presented in Consolidated Statement of Income
Return on equity (ROE), %	=	Result for the period x 100
		Total equity (average)
Solvency ratio, %	=	Total equity x 100
		Statement of financial position total – advances received
Cash conversion	=	Cash flow from operating activities
		Operating result (EBIT)
Investments, MEUR	=	Gross investments in non-current intangible assets as well as property, plant, and equipment
Order book, MEUR	=	Performance obligations that were unsatisfied or partially unsatisfied and undelivered part the lease agreements at the end of the period
Net debt, MEUR	=	Interest-bearing liabilities - cash and cash equivalents
Gearing, %	=	Interest-bearing liabilities – cash and cash equivalents x 100 Total equity
Net working capital, MEUR	=	Inventories + non-interest-bearing receivables (trade receivables + contract assets and other non-interest-bearing receivables) – non interest-bearing liabilities (trade payables + contract liabilities and other accrued revenue + other non-interest-bearing liabilities)

Reconciliation of key figures

EBITA

Vaisala Group

EUR million	1-3/2025	1-3/2024	1-12/2024
Operating result (EBIT)	17.9	7.1	82.9
Amortization and impairment*	2.4	1.7	7.0
Earn-outs**	0.2	-	0.4
EBITA	20.5	8.8	90.3

Industrial Measurements

EUR million	1-3/2025	1-3/2024	1-12/2024
Operating result (EBIT)	12.7	6.5	47.9
Amortization and impairment*	0.2	0.2	1.0
Earn-outs**	-	-	-
EBITA	12.9	6.7	48.9

Weather and Environment

EUR million	1-3/2025	1-3/2024	1-12/2024
Operating result (EBIT)	5.2	0.6	34.8
Amortization and impairment*	2.2	1.5	6.1
Earn-outs**	0.2	-	0.4
EBITA	7.6	2.1	41.3

* Amortization and impairment of intangible assets related to the acquired businesses

** Income and expenses related to (non-operative) earn-outs of acquired businesses

Further information

Niina Ala-Luopa +358 400 728 957, ir@vaisala.com Vaisala Corporation

Audiocast and teleconference

An audiocast and a conference call for analysts, investors and media will be held in English on Thursday, April 24, 2025, starting at 1:00 p.m. (Finnish time).

You can participate in the live audiocast via following link: https://vaisala.events.inderes.com/q1-2025

Questions may be presented by participating in the teleconference. You can access the teleconference by registering on the link below. After the registration, you will receive an email with the dial-in numbers and a conference ID. https://palvelu.flik.fi/teleconference/?id=50051621

A recording will be available at vaisala.com/investors later the same day.

Distribution Nasdaq Helsinki Key media vaisala.com

Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of close to 2,500 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com

Vaisala Oyj Vanha Nurmijärventie 21 FI-01670 Vantaa, Finland

vaisala.com