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ER - Wulff Group Plc's Half-Year Financial Report January—June 2025: Wulff's Q2 net sales highest in history and operating profit at a good level

Company: Wulff-Yhtiöt Oyj Date: 2025-07-17 Language: English Register to download
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 Wulff Group Plc's Half-Year Financial Report January—June 2025: Wulff's Q2 net sales highest in history and operating profit at a good level

# Wulff Group Plc's Half-Year Financial Report January—June 2025: Wulff's Q2 net sales highest in history and operating profit at a good level

17.7.2025 09:30:00 EEST | Wulff-Yhtiöt Oyj | Half Year financial report

This is a summary of Wulff Group Plc’s Half-Year Financial Report January—June 2025. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website [www.wulff.fi](http://www.wulff.fi)

**APRIL–JUNE 2025 BRIEFLY**

-   Net sales totalled EUR 31.0 million (25.5), increasing by 21.7%
-   EBITDA was EUR 1.9 million (1.7), and comparable EBITDA was EUR 1.9 million (1.7)
-   Operating profit (EBIT) was EUR 1.2 million (1.2), and comparable operating profit (EBIT) was EUR 1.2 million (1.2)
-   Earnings per share (EPS) were EUR 0.07 (0.15) and comparable earnings per share (EPS) were EUR 0.07 (0.15)
-   The equity ratio was 36.1% (39.4)

**JANUARY–JUNE 2025 BRIEFLY**

-   Net sales totalled EUR 58.2 million (48.8), increasing by 19.3%
-   EBITDA was EUR 2.8 million (2.6), and comparable EBITDA was EUR 2.9 million (2.8)
-   Operating profit (EBIT) was EUR 1.5 million (1.6), and comparable operating profit (EBIT) was EUR 1.6 million (1.7)
-   Earnings per share (EPS) were EUR 0.06 (0.18) and comparable earnings per share (EPS) were EUR 0.07 (0.20)

**FINANCIAL GUIDANCE 2025 (UNCHANGED)**

Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2025.

The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow from 2024. Key uncertainties affecting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and tightened competition between superpowers.

**KEY FIGURES**

|     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- |
| EUR 1 000 | Q2<br><br>2025 | Q2 2024 | Q1-Q2 2025 | Q1-Q2 2024 | Q1-Q4 2024 |
| Net sales | 31 013 | 25 474 | 58 179 | 48 753 | 102 815 |
| Change in net sales, % | 21.7% | 4.6% | 19.3% | \-1.7% | 9.6% |
| EBITDA | 1 868 | 1 733 | 2 842 | 2 622 | 5 416 |
| EBITDA margin, % | 6.0% | 6.8% | 4.9% | 5.4% | 5.3% |
| Comparable EBITDA | 1 901 | 1 718 | 2 875 | 2 783 | 5 577 |
| Comparable EBITDA margin, % | 6.1% | 6.7% | 4.9% | 5.7% | 5.4% |
| Operating profit/loss | 1 195 | 1 171 | 1 524 | 1 561 | 3 180 |
| Operating profit/loss margin, % | 3.9% | 4.6% | 2.6% | 3.2% | 3.1% |
| Comparable operating profit/loss | 1 228 | 1 155 | 1 557 | 1 722 | 3 340 |
| Comparable operating profit/loss margin, % | 4.0% | 4.5% | 2.7% | 3.5% | 3.2% |
| Comparable profit/loss before taxes | 895 | 1 041 | 891 | 1 292 | 2 270 |
| Comparable profit/loss before taxes margin, % | 2.9% | 4.1% | 1.5% | 2.7% | 2.2% |
| Net profit/loss for the period attributable to equity holders of the parent company | 450 | 1 024 | 409 | 1 225 | 1 778 |
| Net profit/loss for the period, % | 1.5% | 4.0% | 0.7% | 2.5% | 1.7% |
| Comparable net profit/loss for the period attributable to equity  <br><br>holders of the parent company | 483 | 1 008 | 442 | 1 385 | 1 939 |
| Comparable net profit/loss for the period, % | 1.6% | 4.0% | 0.8% | 2.8% | 1.9% |
| Earnings per share, EUR (diluted = non-diluted) | 0.07 | 0.15 | 0.06 | 0.18 | 0.26 |
| Comparable earnings per share, EUR (diluted = non-diluted) | 0.07 | 0.15 | 0.07 | 0.20 | 0.29 |
| Cash flow from operating activities | 880 | \-463 | 903 | \-1 202 | 4 114 |
| Return on equity (ROE), % | 3.3% | 4.3% | 2.9% | 4.6% | 8.2% |
| Return on investment (ROI), % | 2.9% | 3.7% | 3.5% | 4.6% | 9.0% |
| Equity-to-assets ratio at the end of period, % | 36.1% | 39.4% | 36.1% | 39.4% | 41.3% |
| Debt-to-equity ratio at the end of period | 79.5% | 80.5% | 79.5% | 80.5% | 65.6% |
| Investments in non-current assets | 367 | 391 | 629 | 885 | 1 628 |
| Personnel on average during the period | 321 | 272 | 315 | 267 | 271 |
| Temporary employees on average in person-years of work | 649 | 220 | 539 | 126 | 256 |

**WULFF GROUP PLC’S CEO ELINA RAHKONEN**

Spring 2025 brought record-breaking achievements for Wulff. We reached the highest net sales in the company’s history during the second quarter. Growth has remained strong for a full year: this marks the fourth consecutive quarter with double-digit net sales growth. I am especially pleased that our growth has been profitable – we have solid foundations to continue improving our profitability going forward.

We have performed exceptionally well in our newer service offerings for working life. Operating profit in the Worklife Services Segment more than sextupled during the first half of the year, surpassing the operating profit of the Products for Work Environments Segment for the first time. Net sales in Worklife Services also grew significantly, in line with our expectations. Staff leasing and consulting services have expanded vigorously, and we’ve driven growth in accounting services with deliberate and active acquisitions.

In the Products for Work Environments Segment, the market situation remains cautious, and this is reflected in purchasing decisions. Net sales for the segment decreased by 3.0% from the comparison period in the second quarter. Purchasing decisions are increasingly influenced by sustainability considerations. Today, purchases are made with care – based on need and as responsibly as possible. That’s why we are consistently developing our product range to become even more sustainable. Improving logistics to be more cost-effective and faster, without compromising on sustainability or speed, is also a key focus for us.

At Wulff, our culture is to stay focused on opportunities even in challenging times. There’s energy for growth and development when change is approached with understanding and a positive mindset. As working life evolves, more and more companies recognize the attractiveness of the work environment as a key part of employee satisfaction and well-being. Engaging encounters, quality coffee, or fresh snacks – such as the delicious options from our new Wulff FruitBar – help make workdays better and workplaces more appealing. We are building growth in workplace products by listening closely to our customers and staying firmly committed to our strategic choices.

Our new growth strategy, published in April, charts a path to success for us, our customers, and the planet – together and with a human touch. We believe that good working life and a good life stem from deep trust, bold renewal, and the mindset that every encounter is a chance to exceed customer expectations. Entrepreneurship is our way of operating – sustainably, responsibly, and with heart.

People thrive and succeed when values are lived daily and the culture supports them. We also have a clear, shared direction and a concrete metric for our goal: to double our net sales by 2030. Executing our strategy is not only goal-oriented but also inspiring – it gives purpose and direction to our daily work. To realize this growth, acquisitions will be necessary, with a particular focus on expanding our service businesses.

We are fully committed to our strategy, “A better world – one interaction at a time”, as well as to our financial guidance. We expect our net sales to grow and our comparable operating profit to remain at a good level in 2025.

Thank you for joining us on this journey of sustainable growth!

**GROUP’S NET SALES AND RESULT PERFORMANCE**

In April–June 2025 net sales increased by 21.7% (4.6) from the previous year and totalled EUR 31.0 million (25.5). In January–June 2025 net sales increased by 19.3% (-1.7) and totalled EUR 58.2 million (48.8).

Worklife Services Segment’s net sales increased by 118.8% (150.1) in April–June and 131.6% (97.8) in January–June. The acquisitions of accounting companies implemented in January and February increased the net sales in January–June by EUR 1.0 million.

Products for Work Environments Segment’s net sales decreased by 3.0% (-5.0) in April–June and by 4.6% (-7.5) in January–June. Net sales decreased both in Finland and in Scandinavia.

The gross margin amounted to EUR  9.1 million (7.9) being 29.2% (31.1) of net sales in April–June 2025 and EUR 17.1 million (15.0) being 29.4% (30.8) of net sales in January–June 2025.

In April–June 2025 employee benefit expenses amounted to EUR 5.3 million (4.4) being 17.0% (17.2) of net sales. In January–June 2025 employee benefit expenses amounted to EUR 10.4 million (8.7) being 17.9% (17.8) of net sales. Wulff’s change negotiations during the reporting period resulted in a one-time expense of EUR 0.03 million, which has been removed from the comparable result.

Other operating expenses amounted to EUR 2.0 million (1.9) in the second quarter of 2025 being 6.5% (7.3) of net sales. In January–June other operating expenses amounted to EUR 4.0 million (3.8) being 6.9% (7.7) of net sales.

In April–June 2025 EBITDA amounted EUR 1.9 million (1.7), or 6.0% (6.8) of net sales and comparable EBITDA amounted to EUR 1.9 million (1.7), or 6.1% (6.7) of net sales. In January–June EBITDA amounted EUR 2.8 million (2.6), or 4.9% (5.4) of net sales and comparable EBITDA amounted to EUR 2.9 million (2.8), or 4.9% (5.7) of net sales.

Operating profit (EBIT) amounted to EUR 1.2 million (1.2), or 3.9% (4.6) of net sales in April–June 2025 and comparable operating profit amounted to EUR 1.2 million (1.2), or 4.0% (4.5) of net sales. Operating profit (EBIT) amounted to EUR 1.5 milllion (1.6), or 2.6% (3.2) of net sales in January–June 2025 and comparable operating profit amounted to EUR 1.6 milllion (1.7), or 2.7% (3.5) of net sales.

In the second quarter, financial income and expenses totalled (net) EUR -0.3 million (-0.1). In January–June 2025, the financial income and expenses totalled (net) EUR -0.7 million (-0.4), including interest expenses of EUR -0.5 million (-0.5), and mainly currency-related other financial items (net) totalled EUR -0.2 million (0.1).

In April–June 2025 the result before taxes was EUR 0.9 million (1.1), and the comparable result before taxes was EUR 0.9 million (1.0). In January–June 2025 the result before taxes was EUR 0.9 million (1.1), and the comparable result before taxes was EUR 0.9 million (1.3).

In the second quarter of 2025 net profit attributable to equity holders of the parent company was EUR 0.5 million (1.0) and comparable net profit was EUR 0.5 million (1.0). The net profit attributable to equity holders of the parent company was EUR 0.4 million (1.2) and comparable net profit was EUR 0.4 million (1.4) in January–June.

Earnings per share (EPS) were EUR 0.07 (0.15) and comparable earnings per share (EPS) were 0.07 (0.15) in the second quarter of 2025. Earnings per share (EPS) were EUR 0.06 (0.18) and comparable earnings per share (EPS) were 0.07 (0.20) in January–June 2025.

**SUBSEQUENT EVENTS**

On July 3, 2025, Wulff announced the sale and leaseback arrangement of its Espoo premises i.e. Mutual Real Estate Company Kilonkallio 1. The transaction was valued at EUR 6.25 million. In connection with the purchase, Wulff signed a ten-year lease agreement for the premises. The lease liability recorded in the balance sheet was approximately EUR 4.1 million. As a part of the arrangement Wulff repaid bank loans in the amount of EUR 3.0 million. (Stock exchange release)

**STRATEGY**

Wulff Group Plc’s Board of Directors confirmed the company’s updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability.

Growth is sought especially in the company’s Worklife Services Segment. The company’s staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accelerated by M&A, especially in Wulff’s accounting business.

The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and considered acquisitions that support the strategy. Wulff’s goal is to make the world and working life better — one interaction at a time.

The company’s targets for the strategy period are:

• Net sales of EUR 230 million in 2030

• Comparable operating profit of EUR 20 million in 2030

• Growing dividend per share

**FINANCIAL REPORTING**

Wulff Group Plc will release the following financial reports in 2025:

Interim Report January–September 2025           Monday October 20, 2025

The publication time is approximately at 9:30 a.m. on the day of publication.

Wulff Group Plc’s financial announcements and the IR calendar can be found from our website [https://www.wulff.fi/en/ir-calendar](https://www.wulff.fi/en/ir-calendar).

In Espoo on July 17, 2025

WULFF GROUP PLC  

BOARD OF DIRECTORS

Further information:  

CEO Elina Rahkonen  

tel. +358 40 647 1444  

e-mail: [elina.rahkonen@wulff.fi](mailto:elina.rahkonen@wulff.fi) 

DISTRIBUTION  

Nasdaq Helsinki Oy  

Key media  

[www.wulff.fi/en](http://www.wulff.fi/en)

***What Wulff?***  

*Worklife services ranging from staff leasing solutions to consulting and accounting services, products for work environments to workplace, remote and mobile work, as well as exhibitions, event services, and commercial interior design. We deliver also Canon printing and document management services. Founded in 1890, Wulff operates, in addition to Finland, in Sweden, Norway and Denmark. The company has been listed on the stock exchange since 2000 and its net sales in 2024 were EUR 102.8 million. Focusing on sustainable products, services, and operations, Wulff aims for profitable growth and net sales of EUR 230 million in 2030.*