Etteplan Oyj

Earnings Release • May 5, 2025

HEADER TEXT

Etteplan Q1 2025: Increased uncertainty affected demand

KEY POINTS JANUARY–MARCH 2025

• The Group's revenue decreased by 2.3 percent and was EUR 94.9 million (1–3/2024: EUR 97.1 million). At comparable exchange rates, revenue decreased by 2.5 percent.
• Operating profit (EBITA) decreased by 29.4 percent and was EUR 5.8 (8.2) million, or 6.1 (8.4) percent of revenue.
• Operating profit (EBIT) decreased by 37.9 percent and was EUR 4.2 (6.7) million, or 4.4 (6.9) percent of revenue.
• The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in January–March was EUR -1.3 (-0.2) million.
• Operating cash flow declined and was EUR 5.0 (8.1) million.
• Basic earnings per share were EUR 0.09 (0.16).
• Etteplan specifies its financial guidance for revenue and operating profit (EBIT) within the previously communicated range and estimates that revenue in 2025 will be EUR 365–395 (2024: 361.0) million, and operating profit (EBIT) in 2025 will be EUR 23–28 (2024: 18.4) million.

Etteplan also monitors non-IFRS performance measures because they provide additional information on Etteplan's development. More information on performance measures is provided at the end of the release.

KEY FIGURES

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Revenue	94,868	97,118	361,020
Operating profit (EBITA)	5,779	8,185	24,373
EBITA, %	6.1	8.4	6.8
Operating profit (EBIT)	4,155	6,695	18,410
EBIT, %	4.4	6.9	5.1
Basic earnings per share, EUR	0.09	0.16	0.41
Equity ratio, %	38.7	39.2	40.5
Operating cash flow	5,013	8,056	30,961
ROCE, %	7.8	13.3	9.4
Personnel at end of the period	3,918	3,847	3,803

PRESIDENT AND CEO JUHA NÄKKI:

The first quarter of the year was unpredictable and political tensions were very high. The market situation at the beginning of the year was weak, and our customers' decision-making remained slow. Compared to the corresponding period in the previous year, the demand situation was substantially worse and our revenue decreased. The weak market situation and significant nonrecurring expenses also led to a decline in our profit performance. In particular, the result of the Technical Communication and Data Solutions service area was weak. We had to continue to implement adaptation measures and made changes in our organization to improve our ability to execute our new strategy. Other non-recurring expenses were incurred from an acquisition and a significant credit loss in Germany.

During the review period, we nevertheless saw slight signs of a recovery in Europe in orders received by our customers, which also led to new investments getting started to some extent. This was reflected in slightly better demand in some of our customer

industries. In Finland, for example, the number of our temporary layoffs decreased towards the end of the review period. In China, the market situation remained good. However, the development of the trade war cast a new shadow on the emerging recovery of the market situation at the end of the review period, and we have already seen some postponements and cancellations of investment decisions.

Uncertainty in the markets is now at an unprecedented level. In this situation, the only thing we can do is to focus strongly on the implementation of our strategy and direct our sales efforts to the customer industries in which we see opportunities also in the future, such as the defense industry and the energy industry. In spite of the uncertainty, we do not expect the demand situation to deteriorate further from the current low level. Even after a prolonged downturn, the wheels of industry must keep turning, and prepare for the potential improvement of the market situation at some stage. The timing of the improvement is impossible to predict at this time, but we are ready to accelerate growth as soon as the opportunity presents itself.

MARKET OUTLOOK 2025

The most important factor affecting Etteplan's business is the global development of the machinery and metal industry. Uncertainty has again increased in the markets due to geopolitical tensions and the global political situation. During the first quarter of the year, the market situation already showed slight signs of a recovery, until the development of the trade war increased uncertainty in the markets and weakened our demand outlook. In the changed global situation, investments related to the defense industry continue to increase, and investments in the energy industry are at a moderate level. In our other customer industries, the uncertainty in the operating environment makes it considerably more difficult for our customers to make investment decisions and keeps the demand situation at a low level. Predicting the market situation is very difficult at this time but, in spite of everything, we do not expect the demand situation to deteriorate from its current level in 2025.

FINANCIAL GUIDANCE 2025

Etteplan specifies its financial guidance for revenue and operating profit (EBIT) within the previously communicated range and issues the following estimate:

Revenue in 2025 is as estimated to be EUR 365–395 (2024: 361.0) million, and

operating profit (EBIT) in 2025 is estimated to be EUR 23–28 (2024: 18.4) million.

Previous financial guidance 2025 (February 12, 2025):

Etteplan issues guidance for revenue and operating profit (EBIT) as a numerical range and issues the following estimate:

Revenue in 2025 is estimated to be EUR 365–400 (2024: 361.0) million, and

operating profit (EBIT) in 2025 is estimated to be EUR 23–30 (2024: 18.4) million.

OPERATING ENVIRONMENT

During the first quarter of the year, the market situation already showed slight signs of a recovery, until the development of the trade war increased uncertainty in the markets and weakened our demand outlook. In the changed global situation, investments related to the defense industry continue to increase, and investments in the energy industry are at a moderate level. In our other customer industries, the uncertainty in the operating environment makes it considerably more difficult for our customers to make investment decisions and keeps the demand situation at a modest level. The decisions made primarily concerned investments that are related to direct cost savings. As the significance of cost competitiveness increases in global competition, there was continued demand for our offshoring and nearshoring solutions.

The majority of Etteplan's customers are industrial companies with several global megatrends influencing the development of their operating environment. For example, structural changes in the global economy, urbanization, climate change and

sustainability are all influencing companies, national economies and people's lives. In addition to these megatrends, the engineering industry is influenced primarily by three trends: digitalization, accelerating technological development and the growing need for highly competent employees. In particular, the application of artificial intelligence in various applications is accelerating. These trends are creating a need for intelligent and energy-efficient solutions in all industrial sectors.

The trend of centralizing service purchasing continues as customer demand becomes increasingly international, presenting growth opportunities for global engineering companies. The continued trend of service outsourcing has a positive effect on the industry's development and it supports Etteplan's growth. The competition for employees has eased in the prevailing market situation, but there is continued competition for specialized experts in certain areas.

DEVELOPMENT OF DEMAND BY CUSTOMER INDUSTRY

Geopolitical tensions, the global political situation and the development of the trade war affect demand in all customer industries. Demand in the Defense industry was at a good level, and demand in the Energy industry was at a moderate level. Demand in the Forest industry and demand in the Metal and Mining industry were at a weak level. Demand in the ICT and Electronics industry remained at a weak level. Demand in the Automotive industry was at a moderate level. Demand in the Chemical industry remained at a weak level.

DEVELOPMENT OF DEMAND IN ETTEPLAN'S OPERATING COUNTRIES

There were slight signs of a recovery in our operating countries during the review period until the development of the trade war increased uncertainty in the markets and weakened our demand outlook. Additionally, the uncertainty caused by geopolitical tensions and the global political situation has affected demand in all of our operating countries in Europe. There was significant variation in customer-specific demand, and demand among some customers weakened further, especially in Central Europe. The development of the trade war also increases uncertainty in China. However, China's internal market is still developing positively with regard to technology services. This development is influenced by the strengthening of the trend of companies purchasing services instead of hiring employees of their own.

REVENUE

The weakening of demand due to market uncertainty, the challenges in the operating environment and customers' slow decisionmaking affected the accrual of revenue during the review period. Acquisitions increased revenue.

The weak demand situation continued in January–March, and Etteplan's revenue decreased by 2.3% in January–March to EUR 94.9 million (1–3/2024: EUR 97.1 million). Revenue decreased by 2.5 percent at comparable exchange rates. Organic revenue decreased by 7.7 percent. At comparable exchange rates, organic revenue decreased by 8.0 percent. Revenue from key accounts decreased in January–March by 5.0 percent.

Etteplan's business is subject to periodic fluctuation due to the number of working days, holiday seasons and the timing of product development and investment projects in customer companies, which mainly take place in the spring and the latter part of the year.

The revenue of acquired companies is not included in organic revenue growth for 12 months following their acquisition. STRONGIT ApS is included in Etteplan's figures starting from January 1, 2024, AFFRA AB from June 1, 2024, and Novacon Powertrain GmbH from January 1, 2025.

RESULT

The result for the review period was negatively affected by the weakening of demand due to market uncertainty, the challenges in the operating environment and the customers' slow decision-making, as well as significant non-recurring items.

Operating profit (EBITA) decreased by 29.4 percent in January–March and was EUR 5.8 (8.2) million, or 6.1 (8.4) percent of revenue.

Operating profit (EBIT) decreased by 37.9 percent in January–March and was EUR 4.2 (6.7) million, or 4.4 (6.9) percent of revenue.

The combined effect of non-recurring items on operating profit (EBITA) and operating profit (EBIT) in January–March was EUR -1.3 (-0.2) million. Without the non-recurring items, the operating profit (EBITA) for January–March would have been 7.5 percent of revenue. The non-recurring items consisted of expenses related to organizational restructuring, adaptation measures and acquisitions, as well as a significant credit loss in Germany.

The net amount of financial income and financial expenses came to EUR -1.1 (-1.1) million in January–March.

Profit before taxes for January–March was EUR 3.0 (5.6) million. Taxes in the income statement amounted to 24.8 (29.6) percent of the result before taxes. The amount of taxes was EUR 0.7 (1.7) million.

The profit for January–March was EUR 2.3 (4.0) million.

Basic earnings per share were EUR 0.09 (0.16) in January–March. Equity per share was EUR 4.87 (4.63) at the end of March. Return on capital employed (ROCE) before taxes was 7.8 (13.3) percent in January–March.

CASH FLOW AND FINANCIAL POSITION

Operating cash flow weakened and was EUR 5.0 (8.1) million in January–March. Cash flow after investments was EUR -6.7 (-3.3) million in January–March. Operating cash flow accrues unevenly over the four quarters of the year due to periodic fluctuation in business.

The Group's cash and cash equivalents stood at EUR 27.0 (28.1) million at the end of March.

The Group's interest-bearing liabilities amounted to EUR 112.2 (99.3) million at the end of March. The amount of interest-bearing liabilities was affected by acquisitions made by the Group. Lease liabilities represented EUR 23.3 (23.4) million of interest-bearing liabilities.

The total of unused short-term credit facilities stood at EUR 15.9 (14.0) million.

Total assets on March 31, 2025, were EUR 322.3 (301.0) million. Goodwill on the balance sheet was EUR 127.7 (113.9) million.

At the end of March, the equity ratio was 38.7 (39.2) percent.

CAPITAL EXPENDITURE

The Group's gross investments in January–March were EUR 20.8 (18.0) million. The gross investments mainly consisted of acquisitions, increases in lease liabilities and equipment purchases.

PERSONNEL

The number of personnel stood at 3,918 (3,847) employees at the end of March 2025. The number of personnel increased by 1.8 percent when compared to the end of March 2024. The increase was due to acquisitions. In response to the market situation, we have slowed down recruitment and implemented temporary layoffs in Finland during the review period. A total of 157 (106) employees were temporarily laid off at the end of March 2025.

The Group employed 3,871 (3,858) people on average in January–March 2025.

The number of people employed by the Group outside of Finland increased slightly from the comparison period and stood at 2,060 (1,947) at the end of March. The share of the Group's personnel employed outside of Finland increased and represented 53 (51) percent of the total number of employees.

BUSINESS REVIEW

During the first quarter of the year, the market situation already showed slight signs of a recovery, until the development of the trade war increased uncertainty in the markets and weakened our demand outlook. In January–March, Etteplan's revenue decreased by 2.3 percent, and revenue from key accounts decreased by 5.0 percent. In the changed global situation, investments related to the defense industry continued to increase, and investments in the energy industry were at a moderate level. In Europe, we had to implement adaptation measures to improve operational efficiency in almost all of our operating countries. The development of the trade war also increased uncertainty in China. However, China's internal market is still developing positively with regard to technology services. This development is influenced by the strengthening of the trend of companies purchasing services instead of hiring employees of their own. Going forward, we will focus even more heavily on serving the internal market in China. The number of hours sold in the Chinese market increased by 21.9 percent in January– March. As the significance of cost competitiveness increases in global competition, there was continued demand for our offshoring and nearshoring solutions.

In spite of the uncertain market situation, we continued the implementation of our strategy and investments to develop our business. We continued to develop our service offering, especially in relation to artificial intelligence, and continued the implementation of several customer projects that make use of AI. The market around us is changing, and the significance of AI, in particular, continues to grow strongly. With this in mind, utilizing AI plays a very central role in our new strategy period that started at the beginning of 2025. We also continued to implement our growth strategy by acquiring the German company Novacon Powertrain GmbH in January. The integration of the company into Etteplan has progressed according to plan. Novacon Powertrain's figures are included in Etteplan's income statement and balance sheet starting from January 1, 2025.

Etteplan's new strategy period began on January 1, 2025

In December 2024, Etteplan's Board of Directors approved the company's renewed strategy and updated financial targets for the years 2025–2027. The strategy and targets came into effect on January 1, 2025. Digitalization, the growing importance of artificial intelligence (AI) and data, sustainability and the growing need for experts are key trends that affect the operations of both Etteplan and its customers. The main goal of the strategy update is to generate even more value for our customers and accelerate the transformation and development of customers' and Etteplan's business.

The strategy period 2025–2027 is called "Transformation with AI" and its three cornerstones are Trusted Partner, AI and Technology-Empowered Service Solutions and Success with People. Etteplan's AI-powered service solutions are at the core of the updated strategy, and the company's target is to increase the share of revenue derived from AI-driven service solutions developed by Etteplan to 35 percent by the end of 2027. AI and technologies, efficient processes, versatile know-how and worldclass engineering methods are integrated into the service solutions. Based on a deep understanding of our customers' needs, we offer scalable solutions that bring people and technology together and create tangible business value for our customers. We develop services related to data management and data maintenance that enable the efficient use of AI. At the end of March 2025, AI-driven service solutions developed by Etteplan represented 2 percent of total revenue.

Etteplan's target is still to increase the share of revenue represented by Managed Services to 75 percent. The development of revenue from AI-driven service solutions supports this target. The share of revenue represented by Managed Services was 66 (65) percent in January–March.

We seek growth both organically and through acquisitions. The sources of organic growth include new service solutions that utilize AI and technologies that produce new added value for our customers. Current service solutions are also enhanced with the help of AI. We develop new data-related service solutions that enable the efficient use of AI for industrial product companies and companies in process industries, and support their data management and maintenance. Sources of organic growth are also our global delivery model and the utilization of nearshoring and offshoring solutions to ensure competitiveness in the growing global competition.

Inorganic growth is created through acquisitions. Our goal is to offer services from all three of our service areas in all of our operating countries. We aim to grow in our current operating countries through acquisitions that strengthen our expertise, expand our service offering and improve our market position in selected markets and/or customer segments. In January–March, revenue accumulated outside Finland amounted to EUR 51.7 (50.9) million, or 55 (52) percent of the Group's total revenue.

Etteplan's financial and strategic targets from January 1, 2025:

• Utilization of AI: The share of revenue derived from AI-driven service solutions developed by Etteplan will be 35 percent by the end of 2027
• Managed Services: 75 percent of revenue from managed services (Managed Services Index, MSI) by the end of 2027
• Growth: Revenue over EUR 500 million in 2027
• Profitability: Operating profit (EBITA) over 10 percent of revenue

ACQUISITIONS IN 2024–2025

On January 16, 2025, Etteplan announced it is strengthening its position in Central Europe by acquiring all shares in the German product engineering services company Novacon Powertrain GmbH, which focuses on electrification in the automotive industry and the development of engine technology. The acquisition brings Etteplan a new product development unit with strong expertise in the electrification of motoring and rail traffic as well as in the development of advanced powertrains. The revenue of the company, which employs about 180 professionals, was approximately EUR 18 million in 2023. Novacon Powertrain's figures are included in Etteplan's income statement and balance sheet starting from January 1, 2025.

Acquisitions in 2024:

• On May 27, 2024, Etteplan acquired AFFRA AB, a Swedish consulting company specializing in testing. Based in Gothenburg, AFFRA is a consulting company that specializes in software testing and, in particular, Hardware in the Loop (HIL) testing for the automotive and transport industry. All 23 of AFFRA's professionals in testing, software development and embedded solutions were immediately transferred to Etteplan.
• On January 8, 2024, Etteplan acquired STRONGIT ApS, a Danish technology service company that focuses on product development solutions. STRONGIT delivers its services with a team of 13 highly qualified engineering professionals and a network of around 70 freelancers in Copenhagen, Århus, and Gråsten in Denmark.
• In addition, in June 2024, Etteplan acquired a minority stake of 19.99 percent in BJIT, a globally operating IT consulting enterprise that is the largest in its industry in Bangladesh. The acquisition will strengthen our cost competitiveness in the future.

DEVELOPMENT OF THE SERVICE AREAS

ENGINEERING SOLUTIONS

We innovate and engineer machinery, equipment and plants for customers. Our customer base typically uses our services for product development projects for a new product, plant engineering projects or Engineering-to-Order projects, involving the customization of the product in accordance with end customer standards and legislation in the market area.

EUR 1,000	1-3/2025	1-3/2024	Change	1-12/2024
Revenue	52,869	52,301	1.1%	192,796
Operating profit (EBITA)	3,459	4,697	-26.4%	13,421
EBITA, %	6.5	9.0		7.0
Managed Services index	64	65		65
Personnel at end of the period	2,237	2,145	4.3%	2,114

The figures for Novacon Powertrain GmbH, acquired in January 2025, are included in the service area's figures starting from January 1, 2025.

The share of Etteplan's revenue represented by Engineering Solutions in January–March was 56 (54) percent.

The service area's revenue increased by 1.1 percent in January–March and was EUR 52.9 (52.3) million. Revenue was increased by the Novacon acquisition.

The operating profit (EBITA) of Engineering Solutions decreased by 26.4 percent in January–March and was EUR 3.5 (4.7) million, or 6.5 (9.0) percent of revenue. The service area's result was negatively affected by significant non-recurring items, which amounted to EUR 0.8 million in January–March. The non-recurring items consisted of adaptation measures and a significant credit loss in Germany. Without the non-recurring items, the service area's profitability (EBITA, %) for January–March would have been 8.1 percent.

The Engineering Solutions service area had a positive start to the year as we acquired Novacon Powertrain GmbH, a German company that focuses on electrification in the automotive industry and the development of engine technology. As a result of the acquisition, the service area's revenue increased slightly in the first quarter. However, as a whole, the Engineering Solutions service area suffers from the uncertainty in the markets and the continued slump in investment activity, and the demand situation in the service area remained weak. Customers' decision-making on new investments showed small signs of a recovery during the review period, but the development of the trade war meant that the start of investments was delayed further. In the prevailing market situation, our operational efficiency remained modest.

The Engineering Solutions service area had 2,237 (2,145) employees at the end of March. The number of personnel in the service area increased slightly due to the Novacon acquisition.

The Managed Services Index (MSI), which reflects the share of revenue represented by Managed Services, was 64 (65) percent in January–March.

SOFTWARE AND EMBEDDED SOLUTIONS

We provide product development services as well as software and technology solutions that enable the digitalization of our customers' business processes along with the intelligence and connectivity of machinery and equipment. Our customers often have a need to increase the efficiency of business processes or manufacturing, or create entirely new products for the market. Through system integration and the utilization of digitalization, we can ensure better customer service, cost-efficiency, or the creation of new income streams.

EUR 1,000	1-3/2025	1-3/2024	Change	1-12/2024
Revenue	23,138	26,268	-11.9%	97,356
Operating profit (EBITA)	1,850	2,384	-22.4%	7,866
EBITA, %	8.0	9.1		8.1
Managed Services index	51	47		48
Personnel at end of the period	676	707	-4.4%	689

The figures for STRONGIT ApS, acquired in January 2024, are included starting from January 1, 2024, and the figures for AFFRA AB, acquired in May 2024, are included starting from June 1, 2024.

The share of the Group's total revenue represented by Software and Embedded Solutions was 24 (27) percent in January– March.

The service area's revenue decreased by 11.9 percent in January–March and was EUR 23.1 (26.3) million.

The Software and Embedded Solutions service area's operating profit (EBITA) decreased by 22.4 percent in January–March and was EUR 1.9 (2.4) million, or 8.0 (9.1) percent of revenue. The service area's result was negatively affected by non-recurring items, which amounted to EUR 0.1 million in January–March. Without the non-recurring items, the service area's profitability (EBITA, %) for January–March would have been 8.4 percent.

The market situation in the Software and Embedded Solutions service area showed small signs of a recovery with regard to product development during the review period. Particularly in the area of hardware engineering, product updates and new product development projects started to some extent. At the same time, no positive development was seen in software and application engineering projects, and very few new projects were started. On the whole, uncertainty is high, and we had to implement certain adaptation measures in the service area in order to improve its operational efficiency. In the difficult market situation, profitability in the first quarter was lower than in the previous year and at a modest level compared to our expectations.

The number of personnel in the Software and Embedded Solutions service area decreased slightly and stood at 676 (707) at the end of March. In addition to our own personnel, we had 263 (300) subcontractors and partners at the end of March.

The Managed Services Index (MSI), which reflects the share of revenue represented by Managed Services, was 51 (47) percent in January–March.

TECHNICAL COMMUNICATION AND DATA SOLUTIONS

We produce user manuals for individual products as well as the documentation of technical attributes and information management for entire production facilities, such as factories. The service includes content creation and distribution in print and digital form. For an industrial customer, good technical documentation can increase the value of their products and ensure their products are used in the right way. Our solutions enable our customers to improve their cost-efficiency, reduce delivery times and decrease their environmental footprint. The name of the service area was changed to Technical Communication and Data Solutions effective from January 1, 2025, to better reflect our renewed strategy and the importance of data as a driver of business.

EUR 1,000	1-3/2025	1-3/2024	Change	1-12/2024
Revenue	18,854	18,472	2.1%	70,492
Operating profit (EBITA)	822	1,353	-39.3%	4,296
EBITA, %	4.4	7.3		6.1
Managed Services index	87	89		88
Personnel at end of the period	841	832	1.1%	841

The share of the Group's total revenue represented by Technical Communication and Data Solutions was 20 (19) percent in January–March.

The service area's revenue increased by 2.1 percent in January–March and was EUR 18.9 (18.5) million.

The Technical Communication and Data Solutions service area's operating profit (EBITA) decreased by 39.3 percent in January– March and was EUR 0.8 (1.4) million, or 4.4 (7.3) percent of revenue. The service area's result was negatively affected by nonrecurring items, which amounted to EUR 0.3 million in January–March. Without the non-recurring items, the service area's profitability (EBITA, %) for January–March would have been 5.7 percent.

The service area has successfully increased its market share during the past year, which resulted in a slight increase in revenue. Nevertheless, in the uncertain market situation, there was significant variation in customer demand during the review period, and demand among some customers weakened further, especially in Central Europe. The situation was particularly difficult in the Netherlands. We have continued to take measures to improve the situation by implementing adaptation measures, which resulted in non-recurring expenses. In the difficult and volatile market situation, the service area's operational efficiency and profitability remained weak.

Our updated strategy, which entered into effect at the beginning of the year, guides the utilization of the opportunities brought by AI and technologies and the development of new services. In particular, the importance of data as a driver of business is constantly growing, and we see significant growth potential in data-related service solutions. We have already implemented several AI-powered service solutions for our customers, and AI has had a significant impact on the growth of the service area's market share.

The Technical Communication and Data Solutions service area had 841 (832) employees at the end of March.

The Managed Services Index (MSI), which reflects the share of revenue represented by Managed Services, was 87 (89) percent in January–March.

GOVERNANCE

GENERAL MEETING

The Annual General Meeting of Etteplan Oyj was held on April 8, 2025. The Annual General Meeting approved the financial statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2024.

The Annual General Meeting resolved, in accordance with the proposal of the Board of Directors, to pay a dividend of EUR 0.22 per share for the financial year 2024 and to leave the remaining funds in unrestricted equity. The dividend decided on by the Annual General Meeting is paid to the shareholders registered on the record date in the shareholders' register maintained by Euroclear Finland Ltd. The record date of the payment of dividend was April 10, 2025, and the dividend was paid on April 17, 2025.

In accordance with the proposal of the Nomination and Remuneration Committee of the Board of Directors, the Annual General Meeting resolved that the Board of Directors shall consist of six (6) members. In accordance with the proposal of the Nomination and Remuneration Committee of the Board of Directors, the Annual General Meeting resolved on the annual remuneration of the members of the Board of Directors, the Chairman of the Board and the chairmen and members of the Nomination and Remuneration Committee and the Audit Committee.

In accordance with the proposal of the Nomination and Remuneration Committee of the Board of Directors, the Annual General Meeting re-elected Robert Ingman, Tomi Ristimäki, Sonja Sarasvuo and Mikko Tepponen as members of the Board of Directors. The Annual General Meeting further elected Outi Henriksson and Katri Piirtola as new members of the Board of Directors.

KPMG Oy Ab, Authorized Public Accountants, with Authorized Public Accountant Kim Järvi as the main responsible auditor, was elected as the company's auditor. KPMG Oy Ab was elected as the company's sustainability reporting assurance provider for the financial period 2025.

In its organization meeting subsequent to the Annual General Meeting, the Board of Directors of Etteplan Oyj elected Robert Ingman as Chairman of the Board of Directors. Mikko Tepponen was elected the Chairman and Robert Ingman and Katri Piirtola as members of the Nomination and Remuneration Committee of Etteplan Oyj. Outi Henriksson was elected the Chairman and Sonja Sarasvuo and Tomi Ristimäki as members of the Audit Committee of Etteplan Oyj.

The Annual General Meeting resolved to amend the company's Articles of Association by adding an article on the sustainability reporting assurance provider to the Articles of Association, amending the article concerning the Annual General Meeting, and adding the election of the sustainability reporting assurance provider to the agenda of the Annual General Meeting. In addition, the Annual General Meeting resolved to change the numbering of the Articles of Association to reflect these amendments.

BOARD AUTHORIZATIONS

The Annual General Meeting held on April 8, 2025, authorized the Board of Directors to resolve on the repurchase of the company's own shares in one or more tranches using the company's unrestricted equity. A maximum of 2,000,000 shares in the company may be repurchased. The Company may deviate from the obligation to repurchase shares in proportion to the shareholders' current holdings, i.e. the Board has the right to decide on a directed repurchase of the Company's own shares.

The authorization includes the right for the Board to resolve on the repurchase of the Company's own shares through a tender offer made to all shareholders on equal terms and conditions and at the price determined by the Board, or in public trading organized by the NASDAQ OMX Helsinki Ltd at the market price valid at any given time, so that the Company's total holding of own shares does not exceed ten (10) percent of all the shares in the Company. The minimum price for the shares to be repurchased is the lowest market price quoted for the shares in the company in public trading and, correspondingly, the maximum price is the highest market price quoted for the shares in the company in public trading during the validity of the authorization.

Should the shares in the company be repurchased in public trading, such shares will not be purchased in proportion to the shareholders' current holdings. In that case, there must be a weighty financial reason for the company to repurchase its own shares. The shares may be repurchased in order to be used as consideration in potential acquisitions or in other structural arrangements. The shares may also be used for carrying out the company's incentive schemes for its personnel. The repurchased shares may be retained by the company, invalidated or transferred further. The repurchase of the company's own shares will reduce the non-restricted equity of the company.

The authorization is valid for 18 months from the date of the resolution of the Annual General Meeting starting on April 8, 2025, and ending on October 7, 2026. The authorization replaces the corresponding previous authorization.

The Annual General Meeting of April 8, 2025, decided to authorize the Board of Directors to resolve on the issuance of a maximum of 2,000,000 shares through issuance of shares, option rights or other special rights entitling to shares under Chapter 10, Section 1 of the Finnish Companies Act in one or more issues. The authorization includes the right to decide to issue either new shares or shares held by the company.

The authorization includes the right to deviate from the existing shareholders' pre-emptive subscription right as set forth in Chapter 9, Article 3 of the Companies Act. Therefore, the Board of Directors has the right to direct the share issue, or issuance of the option rights or other special rights conferring entitlement to shares. The authorization also includes the right to decide on all the terms of share issue, option rights or other special rights conferring entitlement to shares. The authorization therefore includes the right to determine share subscription prices, persons entitled to subscribe the shares and other terms and conditions applicable to the subscription. In order to deviate from the shareholders' pre-emptive subscription right, the company must have a weighty financial reason such as financing of a company acquisition, other arrangement in connection with the development of the company's business or equity or an incentive scheme to the personnel. In connection with the share issuance, the Board of Directors is entitled to decide that the shares may be subscribed against contribution in kind or otherwise under special terms and conditions. The authorization includes the right to determine whether the subscription price will be entered into the share capital or into the unrestricted equity fund.

The authorization is valid for eighteen (18) months from the date of the resolution of the Annual General Meeting starting on April 8, 2025, and ending on October 7, 2026. The authorization replaces the corresponding previous authorization.

SHARES

Etteplan's shares are listed in Nasdaq Helsinki Ltd's Mid Cap market capitalization group in the Industrials sector under the ETTE ticker. The company has one series of shares. All shares confer an equal right to a dividend and the company's funds. The company's share capital on March 31, 2025, was EUR 5,000,000.00 and the total number of shares was 25,350,793.

TRADING IN SHARES

The number of Etteplan Oyj shares traded in January–March was 329,821 (1–3/2024: 70,386), for a total value of EUR 3.58 (0.94) million. The share price low was EUR 9.8, the high EUR 11.95, the average EUR 10.86 and the closing price EUR 11.95. Market capitalization on March 31, 2025, was EUR 301.74 (338.85) million. On March 31, 2025, Etteplan had 3,625 (3,556) shareholders.

OWN SHARES

Etteplan did not purchase any of its own shares in January–March 2025. The company held 100,921 of its own shares at the end of March 2025 (March 31, 2024: 100,921), corresponding to 0.40 percent of all shares and voting rights.

FLAGGINGS

Etteplan Oyj received no flagging notices in January–March 2025.

ETTEPLAN OYJ'S INCENTIVE PLAN FOR KEY PERSONNEL 2023 –2025

The Board of Directors of Etteplan Oyj decided on April 20, 2023, to establish a new share incentive plan for the Group's key personnel. The aim of the share incentive plan is to combine the objectives of the shareholders and the key personnel in order to increase the value of Etteplan, to commit the key personnel to the company, and to offer them a competitive reward plan based on earning the company shares.

The plan includes one earning period which includes the calendar years 2023–2025. The plan is in line with Etteplan's strategy and supports reaching the company's financial targets.

The earnings criteria are Etteplan Group's revenue increase and earnings per share development. The potential reward will be paid partly in Etteplan's shares and partly in cash after the end of the earning period. The cash portion is intended to cover taxes and tax-related costs arising from the reward to the key personnel.

Approximately 35 people belong to the plan, including the Management Group of Etteplan. The rewards to be paid on the basis of the plan will correspond to the value of a maximum total of 300,000 Etteplan Oyj shares (including also the portion to be paid in cash). The shares to be paid out as potential rewards will be transferred from the shares held by the company or shares acquired from the market, and therefore the incentive plan will have no diluting effect on the share value.

OPERATING RISKS AND UNCERTAINTY FACTORS

Etteplan's financial results are exposed to a number of strategic, operational and financial risks. The uncertainties caused by the general economic development continue to constitute risks for Etteplan's business. The possibility of changes in customers' business operations is a significant risk to Etteplan's operations. The company's operations are based on skilled staff. The availability of competent professionals is an important factor for ensuring profitable growth and operations. The availability of personnel, particularly in certain expert disciplines, continues to present a business risk.

Increased geopolitical tensions and the global political situation make the future more difficult to predict and increase uncertainty in the markets, which has an impact on our customers' operations and supply chains and, consequently, Etteplan's demand.

Changes in legislation and regulations may have an impact on Etteplan.

Etteplan assesses business risks annually and actively monitors their development during the year. The focus of the assessment is particularly on monitoring changes in already identified risks, identifying new business risks and developing proactive risk management. The results of the assessment are discussed in more detail in Etteplan's Corporate Governance Statement 2024.

ETTEPLAN'S ANNUAL REPORT 2024

Etteplan published its Annual Report 2024 on March 18, 2025. The Annual Report 2024, titled 'Forward Focus', consists of five parts: the Annual Review, the Board of Directors' Review (including the Sustainability Statements), the Financial Statements, the Corporate Governance Statement, and the Remuneration Report. We publish our financial statements in compliance with the European Single Electronic Format (ESEF) reporting requirements. Our Sustainability Statements 2024 have been prepared based on the European Sustainability Reporting Standards (ESRS). The Annual Report is available on Etteplan's website at www.etteplan.com.

FINANCIAL DISCLOSURES IN 2025

Half Year Financial Report for January–June 2025: Wednesday, August 6, 2025 Interim Report for January–September 2025: Wednesday, October 29, 2025

Espoo, May 5, 2025

Etteplan Oyj

Board of Directors

Additional information: Juha Näkki, President and CEO, tel. +358 10 307 2077 Outi Torniainen, SVP, Communications and Marketing, tel. +358 10 307 3302

The information presented herein has not been audited. Releases and other corporate information are available on Etteplan's website at www.etteplan.com.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Revenue	94,868	97,118	361,020
Other operating income	153	118	749
Materials and services	-11,559	-13,389	-50,582
Employee benefits expenses	-64,843	-61,812	-233,129
Other operating expenses	-9,720	-10,469	-41,285
Depreciation and amortization	-4,744	-4,871	-18,363
Operating profit (EBIT)	4,155	6,695	18,410
Financial income	237	216	1,069
Financial expenses	-1,380	-1,303	-5,885
Profit before taxes	3,012	5,609	13,594
Income taxes	-746	-1,659	-3,198
Profit for the review period	2,267	3,950	10,396
Other comprehensive income, that may be reclassified to profit or loss
Currency translation differences	2,837	-1,808	-1,318
Other comprehensive income, that will not be reclassified to profit or loss
Change in fair value of equity investments at fair value through other comprehensive
income	18	2	- 3
Remeasurement of defined benefit plan	0	0	60
Other comprehensive income, net of tax	2,855	-1,806	-1,261
Total comprehensive income for the review period	5,122	2,144	9,135
Profit for the review period attributable to
Equity holders of the parent company	2,267	3,950	10,396
Total comprehensive income for the review period attributable to
Equity holders of the parent company	5,122	2,144	9,135
Earnings per share calculated from the profit attributable to equity holders of the parent company
Basic earnings per share, EUR	0.09	0.16	0.41
Diluted earnings per share, EUR	0.09	0.16	0.41

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR 1,000	Mar 31, 2025	Mar 31, 2024	Dec 31, 2024
Assets
Non-current assets
Goodwill	127,707	113,942	117,436
Intangible assets	32,865	33,700	29,093
Tangible assets	4,362	3,364	4,482
Right-of-use of assets	23,229	23,275	19,110
Investments at fair value through other comprehensive income	9,959	2,378	9,534
Other non-current receivables	967	937	916
Deferred tax assets	266	214	263
Total non-current assets	199,356	177,810	180,834
Current assets
Inventory	647	665	658
Work in progress	36,978	36,479	28,406
Trade and other receivables	56,702	57,223	61,180
Current tax assets	1,633	672	1,432
Cash and cash equivalents	26,956	28,107	25,241
Total current assets	122,916	123,146	116,917
Total assets	322,272	300,956	297,751
Equity and liabilities
Equity
Share capital	5,000	5,000	5,000
Share premium account	6,701	6,701	6,701
Unrestricted equity fund	26,073	23,966	26,073
Own shares	-1,719	-1,719	-1,719
Cumulative translation adjustment	-5,396	-8,722	-8,233
Other reserves	88	75	70
Retained earnings	92,177	90,934	89,910
Total equity	122,925	116,235	117,803
Non-current liabilities
Deferred tax liabilities	10,903	10,401	9,583
Loans from financial institutions	78,723	46,656	49,473
Lease liabilities	8,391	8,504	8,362
Defined benefit pension liability	4,866	5,047	4,905
Other non-current liabilities	2,560	541	176
Total non-current liabilities	105,443	71,149	72,499
Current liabilities
Loans from financial institutions	10,185	29,308	27,187
Lease liabilities	14,943	14,858	10,849
Advances received	4,260	4,109	6,660
Trade and other payables	63,106	63,313	60,843
Current income tax liabilities	1,409	1,985	1,910
Total current liabilities	93,904	113,573	107,449
Total liabilities	199,348	184,721	179,948
Total equity and liabilities	322,272	300,956	297,751

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Operating cash flow
Cash receipts from customers	93,861	95,725	367,806
Operating expenses paid	-85,869	-85,439	-326,651
Operating cash flow before financial items and taxes	7,992	10,286	41,155
Interests and other payments for financial expenses	-780	-633	-5,656
Interest received	129	163	745
Income taxes paid	-2,329	-1,760	-5,283
Operating cash flow	5,013	8,056	30,961
Investing cash flow
Purchase of tangible and intangible assets	-178	-443	-2,437
Acquisition of subsidiaries, net of cash acquired	-11,516	-10,914	-12,550
Purchase of investments	0	0	-7,183
Proceeds from sale of tangible and intangible assets	23	33	234
Investing cash flow	-11,671	-11,324	-21,935
Cash flow after investments	-6,658	-3,269	9,026
Financing cash flow
Proceeds from loans	32,754	12,309	37,956
Repayments of loans	-21,528	-1,526	-26,978
Payment of lease liabilities	-2,700	-2,965	-10,644
Financing cash flow	8,527	7,818	-7,196
Variation in cash increase (+) / decrease (-)	1,869	4,549	1,830
Assets at the beginning of the period	25,241	23,442	23,442
Exchange gains or losses	-153	115	-32
Assets at the end of the period	26,956	28,107	25,241

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share	Share	Unrestricted	Other	Own	Translation	Retained
EUR 1,000	Capital	Premium	Equity Fund	Reserves	Shares	Differences	Earnings	Total
Equity Jan 1, 2025	5,000	6,701	26,073	70	-1,719	-8,233	89,910	117,803
Profit for the review period	0	0	0	0	0	0	2,267	2,267
Change in fair value of equity investments at fair value through other
comprehensive income	0	0	0	18	0	0	0	18
Cumulative translation adjustment	0	0	0	0	0	2,837	0	2,837
Total comprehensive income for the review period	0	0	0	18	0	2,837	2,267	5,122
Equity Mar 31, 2025	5,000	6,701	26,073	88	-1,719	-5,396	92,177	122,925

	Share	Share	Unrestricted	Other	Own	Translation	Retained
EUR 1,000	Capital	Premium	Equity Fund	Reserves	Shares	Differences	Earnings	Total
Equity Jan 1, 2024	5,000	6,701	23,966	73	-1,719	-6,915	86,984	114,091
Profit for the review period	0	0	0	0	0	0	3,950	3,950
Change in fair value of equity
investments at fair value through other
comprehensive income	0	0	0	2	0	0	0	2
Cumulative translation adjustment	0	0	0	0	0	-1,808	0	-1,808
Total comprehensive income for the
review period	0	0	0	2	0	-1,808	3,950	2,144
Equity Mar 31, 2024	5,000	6,701	23,966	75	-1,719	-8,722	90,934	116,235

	Share	Share	Unrestricted	Other	Own	Translation	Retained
EUR 1,000	Capital	Premium	Equity Fund	Reserves	Shares	Differences	Earnings	Total
Equity Jan 1, 2024	5,000	6,701	23,966	73	-1,719	-6,915	86,984	114,091
Profit for the review period	0	0	0	0	0	0	10,396	10,396
Change in fair value of equity investments at fair value through other comprehensive income	0	0	0	- 3	0	0	0	- 3
Cumulative translation adjustment	0	0	0	0	0	-1,318	0	-1,318
Remeasurement of defined benefit
plan	0	0	0	0	0	0	60	60
Total comprehensive income for the review period	0	0	0	- 3	0	-1,318	10,456	9,135
Transactions with owners
Dividends	0	0	0	0	0	0	-7,530	-7,530
Acquisition of a subsidiary paid in shares	0	0	2,107	0	0	0	0	2,107
Equity Dec 31, 2024	5,000	6,701	26,073	70	-1,719	-8,233	89,910	117,803

NOTES

GENERAL

Etteplan provides solutions for software and embedded solutions, industrial equipment and plant engineering as well as technical communication and data solutions to the world's leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers' products, services and engineering processes throughout the product life cycle. The results of Etteplan's innovative engineering can be seen in numerous industrial solutions and everyday products.

In 2024, Etteplan had a turnover of EUR 361 million. The company currently has some 4,000 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.

Etteplan Oyj's Board of Directors has approved this Interim Report for publication at its meeting on May 5, 2025.

BASIS FOR PREPARATION

Figures are presented in thousands or millions of euros as described in connection with each figure. The figures presented are rounded from exact figures and consequently, the sum of figures presented individually can deviate from the presented sum figure. Key figures have been calculated using exact figures.

This Interim Report has not been prepared in accordance with all the requirements in IAS 34 (Interim Financial Reporting) standard. The Financial Statement Release has been prepared according to the recognition and valuation principles presented in the 2024 Annual Financial Statements.

ACCOUNTING POLICIES REQUIRING MANAGEMENT'S JUDGMENT AND KEY SOURCES OF UNCERTAINTY CONCERNING ESTIMATES

This release includes forward-looking statements, which are based on the current expectations, known factors, decisions and plans of the management. The management believes that the expectations reflect-ed in such forward looking statements are reasonable. However, outcomes could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions as well as changes in the regulatory environment and fluctuations in exchange rates. The Group's management may also have to make judgment-based decisions relating to the choice and application of accounting policies. This particularly concerns situations, where effective IFRS standards allow alternative valuation, recording and presenting manners.

The key sources of estimation uncertainty, as well as areas requiring judgment-based decisions, were the same as those that applied to the 2024 consolidated financial statements.

Management pays special attention to fair value measurements in connection with acquisitions and revenue recognition for fixed price projects.

KEY FIGURES

EUR 1,000	1-3/2025	1-3/2024	1-12/2024	Change
Revenue	94,868	97,118	361,020	-2.3%
Operating profit (EBITA)	5,779	8,185	24,373	-29.4%
EBITA, %	6.1	8.4	6.8
Operating profit (EBIT)	4,155	6,695	18,410	-37.9%
EBIT, %	4.4	6.9	5.1
Profit before taxes	3,012	5,609	13,594	-46.3%
Profit before taxes, %	3.2	5.8	3.8
Return on equity, %	7.5	13.7	9.0
ROCE, %	7.8	13.3	9.4
Equity ratio, %	38.7	39.2	40.5
Gross interest-bearing debt	112,243	99,326	95,872	13.0%
Net gearing, %	69.4	61.3	60.0
Balance sheet, total	322,272	300,956	297,751	7.1%
Gross investments	20,836	17,958	29,216	16.0%
Operating cash flow	5,013	8,056	30,961	-37.8%
Basic earnings per share, EUR	0.09	0.16	0.41	-43.1%
Diluted earnings per share, EUR	0.09	0.16	0.41	-43.8%
Equity per share, EUR	4.87	4.63	4.67	5.1%
Personnel, average	3,871	3,858	3,859	0.3%
Personnel at end of the period	3,918	3,847	3,803	1.8%

REVENUE

The table below presents the disaggregation of external revenue by geographical area and by timing of revenue recognition. The external revenue of each geographical area is presented according to the location of the seller. The Group's operations in China sell their services both locally and through other Group companies thus this revenue is partly included in the revenue from other areas.

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Primary geographical location
Finland	43,122	46,265	170,666
Scandinavia	25,287	27,307	99,858
Central Europe	23,649	21,414	79,502
China	2,810	2,132	10,994
Total	94,868	97,118	361,020
Timing of revenue recognition
Transferred at a point in time	754	1,137	4,248
Transferred over time	94,114	95,980	356,772
Total	94,868	97,118	361,020

NON-RECURRING ITEMS

Items that are material either because of their size or their nature, and that are non-recurring, are considered as non-recurring items and are presented within the line items to which they best relate. The line items in which they are included in the income statement are specified in the table below.

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Revenue	0	0	-533
Employee benefits expenses and other operating expenses	-1,339	-228	-2,461
Operating profit (EBIT)	-1,339	-228	-2,994
Profit for the review period	-1,339	-228	-2,994

BUSINESS COMBINATIONS

Novacon Powertrain GmbH (100%)

Etteplan strengthened its position in Central Europe by acquiring Novacon Powertrain GmbH on January 14, 2025. Novacon Powertrain is a product engineering services company focused on electrification in the automotive industry and the development of engine technology. The acquisition brings Etteplan a new product development unit with strong expertise in the electrification of motoring and rail traffic as well as in the development of advanced powertrains. Novacon Powertrain has grown strongly by providing advanced technology to meet the changing needs of leading car manufacturers in a rapidly evolving industry. The turnover of the company, which employs about 180 professionals, was approximately EUR 18 million in 2023.The provisional goodwill of EUR 8,486 thousand arising from the acquisition is attributable to the technical know-how of the acquiree's personnel, and the expected synergies arising from the acquisition. Costs related to the acquisition, EUR 182 thousand, are included in other operating expenses in the consolidated statement of comprehensive income.

The following table summarizes the provisional values of acquisition considerations, assets acquired and liabilities assumed for the acquisitions in total.

Consideration transferred:	EUR 1,000
Cash payment	13,007
Contingent consideration	2,359
Total consideration transferred	15,366
Assets and liabilities
Tangible assets	480
Intangible assets	15
Customer base (intangible assets)	5,025
Non-competition agreements (intangible assets)	215
Trade and other receivables	3,648
Cash and cash equivalents	1,901
Total assets	11,285
Other non-current liabilities	248
Current liabilities	2,584
Deferred tax liability	1,572
Total liabilities	4,404
Total identifiable net assets	6,881
Formation of Goodwill:
Consideration transferred	15,366
Total identifiable net assets	-6,881
Goodwill	8,486

NON-IFRS KEY FIGURES

Etteplan presents non-IFRS key figures to supplement its consolidated financial statements which are prepared in accordance with IFRS. These key figures are designed to measure growth and provide insight into the company's underlying operational performance. This section describes the most important non-IFRS key figures used by the Group. Formulas for key figures (IFRS and Non-IFRS) are presented at the end of this release.

OPERATING PROFIT (EBITA) AND EBITA, %

Operating profit (EBITA) is presented, because it reflects the Group's operational performance better that Operating profit (EBIT). Operating profit (EBITA) does not include amortization of fair value adjustments at acquisitions. EBITA, % presents Operating profit (EBITA) as a percentage share of revenue. The table below shows a reconciliation between Operating profit (EBITA) and Operating profit (EBIT).

EUR 1,000	1-3/2025	1-3/2024	1-12/2024
Operating profit (EBIT)	4,155	6,695	18,410
Amortization on fair value adjustments at acquisitions	1,624	1,490	5,963
Operating profit (EBITA)	5,779	8,185	24,373

ORGANIC/INORGANIC GROWTH AND GROWTH IN COMPARABLE CURRENCIES

Organic (revenue) growth is presented in addition to total revenue growth, because it improves the comparability of revenue growth between periods by presenting the revenue growth without the effects of the last 12 months' acquisitions. Organic growth is calculated by comparing revenue between comparison periods excluding revenue from acquisitions that have taken place in the past 12 months. The revenue growth created by the last 12 months' acquisitions is presented as inorganic growth. Revenue growth in comparable currencies is presented, because it improves the comparability of revenue growth between periods by presenting the revenue growth with comparable exchange rates. For the calculation of growth in comparable currencies, revenue for the current period is calculated by using the comparable period's exchange rates. The figure is presented for Group revenue and organic growth.

THE SHARE OF REVENUE PRESENTED BY MANAGED SERVICES

Etteplan measures the share of revenue represented by Managed Services (MSI Index). Managed Services are service solutions, such as projects and continuous services, where the customer pays for results instead of resources. The share of revenue represented by Managed Services is presented, because it describes Etteplan's strategy implementation and explains, in part, the changes in profitability.

FORMULAS FOR KEY FIGURES

IFRS KEY FIGURES

Basic earnings per share =	(Profit for the review period attributable to equity holders of the parent company) x 100
	Issue adjusted average number of shares during the review period
Diluted earnings per share =	(Profit for the review period attributable to equity holders of the parent company adjusted with dilutive effect) x 100
	Issue adjusted average number of shares during the review period adjusted with dilutive effect

NON-IFRS KEY FIGURES

Operating profit (EBIT) + amortization on fair value adjustments in acquisitions
(Revenue current year - Revenue comparison year - Revenue from acquirees current year) x 100
Revenue comparison year
(Revenue from key accounts current year - Revenue from key accounts comparison year) x 100
Revenue from key accounts comparison year
Revenue from Managed Services x 100
Revenue
Profit for the review period x 100
(Equity, total) average
(Profit before taxes + Financial expenses) x 100
(Total equity and liabilities - non-interest bearing liabilities) average
Equity, total x 100
Total equity and liabilities - Advances received
Total investments made to non-current assets including acquisitions and capitalized development
costs
(Interest-bearing liabilities - Cash and cash equivalents) x 100
Equity, total
Equity, total
Adjusted number of shares at the end of the review period
Number of outstanding shares at the end of the review period x last traded share price of the review
period