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Teleste Oyj Annual Report 2025
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Annual Report
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Annual Report 2025
TELESTE
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Contents
YEAR 2025 AND STRATEGY 3
Key Figures 5
CEO's Review 6
Sustainability 9
BROADBAND NETWORKS 11
Global Business Environment and Trends 12
Highlighted Success Stories of 2025 15
PUBLIC SAFETY AND MOBILITY 16
Business Overview 17
Highlighted Success Stories of 2025 20
OUR WAY OF WORKING 22
Operations, Logistics and Sourcing 23
MANAGEMENT 27
Board of Directors 28
Leadership Team 29
Broadband Networks Advisory Board 30
Information for Shareholders 31
Link to Teleste's Financial Statements 2025
Year 2025 and Strategy
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Established 1954
Turnover 138.6 milj. €
TelesteTeam members 630
HQ Turku, Finland
Broadband Networks
Our solutions enable reliable, ultrafast broadband connections and TV services for households and businesses.
Digital technologies and access to fast and secure internet form the backbone of a networked society. They bring services available to people and go hand in hand with sustainable development.
Public Safety and Mobility
Our solutions increase safety and security and improve the smooth mobility of people.
The digitalisation of travel-related information makes public transport easy and attractive. Smart technologies bring security to public places. Evolving smart cities create new services for people's everyday life.
100 million
internet users benefit from our solutions.
Our technology serves
1.5 billion
public transport passengers annually.
Customer Centricity | Respect | Reliability | Result Orientation
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
KEY FIGURES
Key Figures
ORDERS RECEIVED
Orders received by the Group increased by 10.7% and amounted to EUR 138.2 (124.9) million. Growth in Broadband Networks segment orders was primarily from North America, DOCSIS 4.0 intelligent network technology and from video business. Growth in orders received by the Public Safety and Mobility business segment was driven primarily by orders from public transportation operators, compensating for decreases in orders received in service and video surveillance business lines.
NET SALES
The Group's net sales increased by 4.6% and amounted to EUR 138.6 (132.5) million. Growth in the Broadband Networks segment was mainly due to a doubling in the delivery volumes of intelligent amplifiers in the North American market, which offset the strong deliveries in Europe at the beginning of the comparison period. In the Public Safety and Mobility segment, business areas showed variation; net sales grew for public transport operators, services, and video surveillance business, compensating for lower net sales from rolling stock manufacturers.
PROFITABILITY
The adjusted operating profit was EUR 7.1 (4.2), showing significant growth due to higher net sales, a three percentage point improvement in gross margin, and cost reductions implemented in the previous year. Operating profit increased in both segments, especially in Public Safety and Mobility. Operating profit of EUR 6.8 (-5.4) included EUR 0.3 million in adjusted items, whereas the previous year was burdened by restructuring costs and write-downs of product development capitalizations.
CASH FLOW AND BALANCE SHEET
Cash flow from operations was EUR 12.9 (12.4) million, supported by increased net sales and more efficient use of net working capital. The Group's equity ratio strengthened to 48% (45%), and the net gearing decreased to 34% (46%).
Figures inside brackets refer to fiscal year 2024.
Orders Received, EUR million
Order Book, EUR million
Net Sales, EUR million
Adjusted Operating Result, EUR million
During 2025, we achieved growth in the Group's net sales and improved profitability. We expect this positive trend to continue in 2026 as well. The main driver of Broadband Networks' growth is North America. In the Public Safety and Mobility business, we have expanded our customer base, which supports steady future growth. We are progressing toward our long-term goals set for 2030.
Mervi Kerkelä-Hiltunen, CFO
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
CEO'S REVIEW
Building the Next Chapter
At Teleste, the year 2025 marked a period of steady progress and strategic focus.
Despite continued volatility in the global geopolitical and macroeconomic environment, we successfully delivered value to our customers while improving our financial performance in both of our business segments. Our geographical expansion to North America continued and our customer base continued to expand globally.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
BROADBAND NETWORKS: GROWTH MOMENTUM
In North America, investments in DOCSIS 4.0 hybrid fiber-coax (HFC) technology started to accelerate and operators deployed our 1.8 GHz ICON intelligent amplifiers in high volumes. Our growing customer footprint strengthened our position as a trusted technology partner in the growing large-scale infrastructure upgrade market. We also started to expand our production capabilities into Mexico, to be close to our key customers. At the same time, ongoing consolidation among the largest operators is reshaping market expectations and increasing the need for closer collaboration between technology suppliers and service providers. Teleste is actively engaging in these areas to support seamless integration and to deliver long-term value for customers.
In Europe, market demand showed signs of recovery as select customers initiated DOCSIS 4.0 network upgrades, while we continued to gain market share from competitors. Supported by long-standing customer relationships, we remain the preferred technology partner for our customers. Throughout the year, we maintained disciplined execution and prioritised resources to safeguard operational efficiency.
PUBLIC SAFETY AND MOBILITY: SOLID PERFORMANCE AND EXPANDING BUSINESS
Our Public Safety and Mobility business delivered steady performance. Investments in new trains and intelligent urban transport systems continued to support market growth for digital passenger information systems. During the year, our broad product portfolio and expanding service business strengthened recurring revenue streams and deepened customer relationships. Train manufacturers remained our largest customer segment, but we successfully expanded our customer base in stationary display systems with several leading European public transport operators and system integrators.
At the same time, the need to secure critical infrastructure through intelligent digital technologies is creating new market opportunities. Supported by our longstanding customer base, particularly in video security solutions, this market continues to offer attractive growth potential for us.
We are increasingly positioning ourselves as an end-to-end information and security systems provider for public transport and critical public infrastructure. During the year, we successfully delivered multiple projects to our key customers, whilst improving our profitability.
Despite ongoing volatility in the global geopolitical and macroeconomic landscape, our orders and net sales increased in 2025, and profitability improved significantly. We will continue to execute consistently toward our long-term strategic growth targets in 2026.
Esa Harju, CEO of Teleste
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
FINANCIAL PERFORMANCE
Our full-year 2025 orders and net sales increased from the prior year, and profitability improved considerably, with full-year operating profit landing at the top end of the guidance range. Both business segments performed well in the continuously evolving operating landscape. The company's operating cash flow was positive, and our balance sheet strengthened: the equity ratio improved and net gearing ratio decreased. Our financial guidance for financial year 2026 is indicating continuing growth in revenue and profitability.
We continued to enhance operational excellence by implementing AI-driven solutions and process automation, streamlining workflows, improving throughput and consistency, and allowing our teams to focus on higher-value activities.
With a strategically re-focused organization and renewed Leadership Team, we focused on delivering high levels of customer satisfaction while ensuring operational efficiency and robust risk management, particularly in relation to geopolitical uncertainties.
COMMITMENT TO SUSTAINABILITY
We remain strongly committed to sustainability and are continuously strengthening our environmental management practices. Our products and solutions play a key
role in enabling a more environmentally sustainable future. At the same time, our social sustainability principles reflect our responsibility toward customers, employees, and partners. We have been awarded EcoVadis Gold Medal for two consecutive years in a row, placing us amongst the top 5% of all evaluated companies globally.
LOOKING AHEAD
In April 2025, we announced our long-term strategic growth targets until 2030.
We aim for:
- Profitable growth in both of Teleste's business segments (Broadband Networks and Public Safety and Mobility).
- Average annual revenue growth of 10% until 2030. There may be variations between individual years.
- Adjusted operating profit margin of 7% to 12% by 2030.
We see multiple growth opportunities across our target markets, where we plan to leverage our world-class professional capabilities. In the Broadband Networks business, North America remains the primary growth driver, whilst Europe remains very important. In the Public Safety and Mobility business, our focus is on expanding our market share across the whole product portfolio in Europe and beyond. We are
increasingly integrating innovation, digitalization, and AI across our operations, while further strengthening collaboration with our industry ecosystem.
I am proud of the strong momentum our teams continue to build with customers and partners. I want to express my sincere thanks to our employees for their dedication and adaptability, and to our customers and partners for their continued trust. With a strong technological foundation and a clear strategic direction, Teleste is well positioned to deliver sustainable long-term value and capture new opportunities in the years ahead.
Esa Harju
CEO of Teleste
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
SUSTAINABILITY
Sustainability in Action: Priorities and Progress
Teleste supports the green transition through smart solutions that enable and encourage the use of public transport. Our energy-efficient, remotely accessible network equipment helps reduce environmental impact. We also operate responsibly across the value chain, with due consideration for environmental and ethical standards.
Teleste's sustainability strategy is built on three key priorities: climate and the circular economy, personnel and well-being, and responsibility and fairness. These priorities reflect both global trends and the expectations of our stakeholders. Our commitment to sustainability is demonstrated through structured and measurable actions, guided by internationally recognized frameworks such as the EU CSRD-directive, EU taxonomy, ISO 14001 Environmental Management System, ISO 27001 Information Security Management System, Science based targets and UN Global Compact Framework.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
In 2025, Teleste received a gold medal in the Ecovadis sustainability rating for the second consecutive year, ranking us among the top 5 % of evaluated companies. A significant portion, 39 % of our net sales, is EU taxonomy-aligned, contributing to climate change mitigation. We are committed to setting science-based climate targets and have enhanced our emissions calculation methodology and accuracy.
An equally important part of our sustainability agenda is the focus on personnel well-being and safety. Teleste's commitment to health and safety is supported by established operational practices and measurable performance indicators that enable us to track progress and drive continuous improvement.
Our sustainability actions are designed to meet customer requirements, enhance our attractiveness as an employer, and support profitable business growth. The company's Board of Directors provides strategic oversight and confirms the material sustainability themes, while the Group Leadership Team and the Sustainability Steering Group coordinate and implement sustainability initiatives across all business segments.
At Teleste, quality and sustainability are embedded at both organizational and operational levels, with quality management practices helping to reinforce sustainability across our activities. Every Telestian shares responsibility for integrating quality and sustainability into day-to-day work. Our ongoing focus is to further incorporate sustainability into core processes and operations and to strengthen collaboration with suppliers, employees, and customers—ensuring our values of responsibility and fairness are reflected throughout the value chain.
In 2025, we achieved clear progress in our health and safety performance. Our key indicators all improved: the sickness rate decreased to 1.8% (2024: 1.9%, target 2026: 2%), the Industrial Injury Frequency Rate (IIFR) dropped to 0.0 (2024: 8.5, target 2026: 0.0), and no workdays were lost due to work-related accidents (2024: 2 days, target 2026: 0 days).
Together, these results underscore our long-term ambition to maintain a safe, healthy, and supportive working environment for all employees while contributing to Teleste's broader sustainability goals.
Broadband Networks
TELESTE
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
GLOBAL BUSINESS ENVIRONMENT AND TRENDS
Growth Acceleration with a Renewed Strategy
Global telecom and datacom trends, and the growing importance of fast and reliable internet as an everyday necessity, continued to shape Teleste's Broadband Networks business in 2025. Most of our Multiple System Operator (MSO) customers in North America and Europe remained focused on convergence, i.e. delivering bundled offerings that combine high-speed internet access, content/video services, and mobility. At the same time, a new investment cycle in cable access upgrades, including DOCSIS 4.0 and 1.8 GHz spectrum, continued to support competitiveness versus fiber and fixed wireless alternatives.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Many of our MSO customers continued to face pressure on top-line performance due to subscriber losses and have increasingly shifted from competing primarily on access speed to differentiating through reliability, service quality, and operational efficiency. In this context, analytics, machine learning, automation, and AI are being actively evaluated and deployed to enhance network management, reduce costs, and support improved profitability.
In Teleste's target customer base, a key industry development in 2025 was Charter's announced merger with Cox in the United States, along with the market's focus on the potential near- and longer-term implications for the technology supplier ecosystem following completion of the transaction.
Despite ongoing volatility in the global geopolitical and macroeconomic environment, we made steady progress towards our longer-term strategic objectives.
REGIONAL PERFORMANCE IN 2025
While fiber deployments continue to drive the European market focus, in 2025 we finally saw a healthy return to investments and DOCSIS 4.0 upgrades in Hybrid Fiber-Coaxial (HFC) networks in Europe as well. We managed to stabilize our previously declining European business, both by earning new contracts with key customers who returned to HFC focus in 2025, as well as by
capturing market share from our weakened competition in Europe. Teleste remains the premier European cable access vendor and our investments in product excellence and long-term customer relationships are now paying off, despite an overall gradual longer-term decline in the market.
In North America – a market much larger than Europe and with a solid growth trajectory – our growth momentum continued, with the region's share of total business doubling compared with 2024. Over the course of the year, we expanded our customer base from a handful of accounts in 2024 to more than 20 customers by the end of 2025, including Canada's largest MSO. Our go-to-market approach is optimized around our customer preferences and relationships and ranges from direct key account management to working closely with value-added resellers. During 2025, our North American-based sales operations team has doubled in size. We also strengthened the Teleste Broadband Networks Advisory Board by appointing two industry veterans to support our continued expansion in the North American market.
In our region ROW (Rest of World), which includes Asia, Oceania and the rest of the Americas, we have focused on business development and have earned a handful of commercial contracts that we hope to expand on in 2026.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
BROADBAND NETWORKS STRATEGY
In early 2025, we carried out a comprehensive strategic review. We assessed our portfolio, business opportunities, market trends, capabilities, resourcing, and investment priorities, and refined both our near-term execution roadmap as well as our longer-term direction.
The most important elements of the renewed strategy include:
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North American Market Requirement Alignment: To enable further growth and strengthen our ability to win new customer relationships in North America, we re-prioritized and optimized our technology roadmaps to align more closely with customer requirements and deployment plans. The updated roadmap has already delivered concrete results, underpinned by close, agile cross-functional collaboration.
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Production Capability Enhancement: In Q3 2025, we expanded our partnership with our manufacturing partner GPV to launch a high-scale production site for the American market in Mexico. Fast delivery from our new factory location to our key customers will bring substantial benefits to both Teleste and our customers in 2026 and onwards. The first fully Mexican-built and tested products will be ready to ship in early Q1 2026.
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New Technology Focus Beyond the 3-5 Year Planning Horizon: We reaffirmed our commitment and investments to further develop cable and fiber technology products and standards together with the industry and are now exploring 3 GHz, 6 GHz, Next Gen DOCSIS, NRoC (5G over cable) and other technologies together with our key customers.
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Portfolio Innovation for the Long-term Evolution and Growth of Our Business: We have increased our focus on software solutions by significantly increasing our software team resourcing. We have also enhanced software production with AI-assisted programming methods. In 2025, we generated initial revenue in North America from our updated, fully software-based intelligent Network Management Solutions, with a clear roadmap to expand the offering further into analytics, automation, and AI. This is a longer-term transformation, but an essential one for our strategy. Alongside organic team growth, we are establishing go-to-market partnerships to bring best-of-breed solutions to customers in 2026. In parallel with the expansion of our software business, we have also been actively evaluating opportunities to scale our network operations outsourcing services together with key customers. We have also strengthened our customer service through AI-generated training videos and AI-powered chatbots, providing scalable, consistent, and efficient technical guidance to customers around the clock, regardless of time zone.
We are confident that our strategy positions us to capitalize on our market-leading portfolio in the near term while supporting Teleste's long-term growth through continued technology innovation and customer-driven business development globally.
Ulf Andersson,
Broadband Networks, Executive Vice President
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
HIGHLIGHTED SUCCESS STORIES OF 2025
VodafoneZiggo: Europe's First 1.8 GHz Upgrade Setting the Stage for DOCSIS 4.0 and 10G Broadband
VodafoneZiggo, a leading cable broadband operator in the Netherlands, partnered with Teleste to future-proof its network through Europe's first major DOCSIS 4.0 deployment. This landmark rollout includes intelligent amplifiers, multitaps, and telemetry solutions, enabling higher capacity, improved reliability, and real-time network monitoring. The first phase, completed in Amsterdam, marks a significant step toward transforming the Netherlands' broadband landscape. By combining innovation with operational excellence, Teleste helps VodafoneZiggo provide seamless streaming, gaming, and digital experiences to millions of customers, ensuring long-term competitiveness and establishing a new benchmark for next-generation connectivity.
Partnering to Reach Customers in North America
Utilizing the model we have operated for decades in Europe, we have launched key Value-Added Reseller (VAR) partnerships in North America with great success. We have established a substantial footprint in 2025, ending the year with business relationships with over 20 customers in North America. Approximately half of our engagements have been carried out in partnership with market-leading VARs like MegaHertz. Our approach is simple: closely engaging with the customer, we build a compelling technical offering tailored to customer needs and preferences at the local level, and then, utilizing Teleste's scale and expertise, we deliver and support the customer throughout its entire lifecycle.
Launching Teleste's Future Business Lines
While Teleste has built and sold software solutions for several years, during 2025 we re-launched our software portfolio. Our Teleste Virtual Device Manager and Teleste Argus Network Management System are fully virtualized, scalable and resilient software solutions that allow our customers to utilize their network investments to their full potential, unlocking all promised operational benefits and bottom-line savings. The products were launched for North American customers in early Q3 2025, with first revenue for the full products recognized by the end of 2025.
Public Safety and Mobility
| 15 | Östra centrum (M)
via Vik |
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| 15 | Östra centrum (M) - via Vik |
| 15 | Östra centrum (M) - via Vik |
| 15.28 | Äggelby centrum |
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| 15.30 | Äggelby station |
| 15.31 | Kringbacka |
| 15.33 | Kiks forskarpark |
| 15.36 | Tadugården |
| 15.38 | Kylmålsjusn |
| 15.40 | Bandelstaxbrook |
| 15.41 | Östra centrum (M) |
TELESTE
INFO
15
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
BUSINESS OVERVIEW
Teleste at the Core of Smart Mobility and Safe Infrastructure
The year 2025 marked a significant step forward for the Public Safety and Mobility business, as we made measurable progress toward our predefined goals: growth, customer base expansion, and systematic profitability improvement. Our strategy, renewed in 2024, has guided our development toward a scalable, resilient business that meets our customers' needs both today and in the future.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Across our markets, digitalization continues to increase the importance of real-time data in public transportation and supports long-term industry growth. Demand for seamless, door-to-door travel experiences is driving the adoption of advanced passenger information solutions.
In line with our strategy, we operate across several sectors:
Passenger information and security solutions for train manufacturers.
Passenger information and security solutions for public transport operators and station system integrators.
- Security solutions for public infrastructure, specifically video surveillance and situational awareness systems.
Our business primarily consists of comprehensive end-to-end projects covering development, delivery, and maintenance, enabling long-term customer relationships and recurring service revenues. These projects include both hardware and software deliveries, as well as services. The importance of software solutions in our business has continued to increase, and our expertise is particularly evident in the development of complex, large-scale real-time systems. As customer requirements for systems evolve more towards increasingly integrated, data-driven operations, lifecycle management services, system upgrade and modernization projects are becoming increasingly important
alongside new-build deliveries. These are expected to represent a growing portion of our future business, contributing to a more resilient and predictable revenue mix.
NEW CUSTOMER WINS AND SUCESSSES
In 2025, the Public Safety and Mobility business made significant progress in supporting customer needs across different lifecycle stages. We delivered solutions for new rolling stock and acted as a partner in several modernization projects. The rail market is expected to grow steadily, with opportunities in both new vehicle production and refurbishment. Growth is driven by increasing passenger volumes and a growing emphasis on passenger experience and safety, which aligns strongly with Teleste's solution portfolio.
During the year, we secured several major new customer accounts. Orders from these customers demonstrate customer confidence and reinforce Teleste's competitive position. These new accounts also provide a solid foundation for future growth.
Teleste and Hitachi Rail entered into an agreement to deliver advanced passenger information systems for trams in Florence, Italy. In France, the national railway operator SNCF selected Teleste's passenger information displays for its rail network.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Ruter AS, responsible for public transport in Oslo and Akershus, chose Teleste's displays for its passenger information systems. For Helsinki Regional Transport (HSL), the new displays delivered by Teleste to PunaMusta Oy enhance digital advertising visibility and system engagement.
These projects further strengthen Teleste's position in the large and steadily expanding passenger information and security segment.
GROWTH THROUGH CYBERSECURITY
As digitalization advances and smart systems become more widespread, cybersecurity has become an increasingly important success factor. At the EU level, this is reflected in the Cyber Resilience Act (CRA), which entered into force at the end of 2024 and sets new security requirements for products. As passenger information and security systems become more connected, cybersecurity is critical to ensuring reliable operations and supporting long-term scalability.
Teleste considers this development essential and actively supports customers in meeting evolving security requirements. We expect cybersecurity-related requirements to continue to increase, driving demand for Teleste's solutions. During 2025, we made solid progress in cybersecurity development and will continue this work in 2026. Our proactive approach positions Teleste as a trusted partner in increasingly regulated markets.
Looking ahead, artificial intelligence is expected to increasingly influence our development activities. Teleste is researching and investing in AI-driven solutions with a clear focus on commercially viable use cases that can introduce new functionalities, optimize system performance, and enhance operational efficiency, strengthening both customer value and Teleste's competitive edge.
TECHNOLOGY MEETS MEGATRENDS
In 2025, we focused on advancing areas central to our business. Our alignment with global megatrends is expected to support customer demand and create a favorable environment for profitable growth. Urbanization continues to drive the need for efficient public transportation and security systems, as a growing share of the global population lives in cities and investments in smart, safe, and data-driven infrastructure increase.
At the same time, climate policy is shaping transport investments. Supranational and multilateral organizations have set ambitious targets to reduce emissions, placing public transportation at the center of the transition toward more sustainable mobility.
Together, digitalization, urbanization, and climate objectives support structurally attractive, long-term demand for reliable real-time information, security, and infrastructure solutions.
Teleste is well positioned to support customers in addressing these developments through its technology, system expertise, and lifecycle services, delivering solutions that drive both operational reliability and sustainable growth.
Valerian Sand
Public Safety and Mobility, Executive Vice President
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
HIGHLIGHTED SUCCESS STORIES OF 2025
A Modern Passenger Experience in a Historic City
In 2025, Teleste and Hitachi Rail signed an agreement to deliver advanced passenger information systems for new battery-powered trams in Florence, Italy. The contract covers 16 five-car vehicles and includes an option for 14 additional units.
Teleste's delivery includes a complete passenger information system featuring information displays, CCTV video surveillance, Ethernet connectivity and an automated passenger counting system. These technologies enhance the passenger experience, strengthen on-board security, and support operational efficiency through accurate tracking of passenger flows.
The project represents a major step in modernizing Florence's urban transit as Hitachi Rail's innovative battery-powered trams are deployed in the historic city. These new vehicles enable efficient and comprehensive public transport in the city center without overhead lines, improving the visual unity of the cityscape and promoting sustainable mobility.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
HIGHLIGHTED SUCCESS STORIES OF 2025
Revolutionizing Digital Advertising in Helsinki Region Public Transport
Starting in 2025, the information displays delivered by Teleste to PunaMusta Oy will enhance the visibility of digital advertising content across more than a thousand HSL buses, trains, trams, and metro cars. With approximately one million trips made daily within the HSL network, this renewal helps create an impactful new advertising medium at its core. Teleste's advanced TFT-LCD displays provide excellent visibility for advertising content, featuring precise color reproduction, high brightness, and superb readability in varying lighting conditions.
Next-Generation Passenger Information Displays for Norway
Teleste's advanced displays, delivered to our partner ZetaDisplay, will replace existing passenger information displays in the Ruter transit network across the Oslo and Akershus region. The displays feature Teleste's proprietary control unit, designed to meet the growing demands of modern public transport networks. This unit ensures excellent display performance, robust cybersecurity, and optimized operational efficiency.
Real-Time Passenger Information for French Rail
Teleste was selected as the supplier for the modernization of passenger information displays for SNCF, the French national railway operator. The French rail network is one of the largest and busiest in Europe, serving millions of passengers annually across thousands of stations. Our next-generation outdoor TFT-LCD displays ensure excellent visibility in all weather conditions and at all times of day. Real-time passenger information improves the traveler experience and modernizes the communication infrastructure of the entire rail network.
Our Way of Working
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
OPERATIONS, LOGISTICS AND SOURCING
Building Resilient Operations and Strengthening Profitability in a Volatile World
In 2025, Operations, Logistics, and Sourcing advanced through continued operational improvements and towards a whole new strategic direction, despite a backdrop of heightened global uncertainty.
Annual Report 2025
Year of Award for Program, Breakband Networks
Public Safety and Mobility
For Way of Working
Management
BROADBAND NETWORKS OPERATIONS
A YEAR OF DISCIPLINED EXECUTION UNDER GEOPOLITICAL VOLATILITY
In the first half of 2025, changing geopolitical landscape and U.S. tariff actions created uncertainty around our North American business. We contained the impact through proactive scenario planning, agile logistics and supply chain optimization. This included bringing forward deliveries before effective dates, selectively holding loads until pricing and tariff codes were clarified, and preparing local final assembly capabilities in the USA. As a result, tariff exposure was controlled and financial impact contained. European deliveries continued largely unimpacted by the external environment.
SCALING MANUFACTURING CAPACITY WITH PARTNERS — CLOSER TO CUSTOMERS
We launched a strategic manufacturing partnership with GPV Americas in Guadalajara, Mexico, to ramp up production of high volume ICON DOCSIS 4.0 technology or our North American customers. This operational model complements our own center of excellence in Finland and our European manufacturing partner network, enhancing lead-time agility, mitigating tariff exposure, optimizing working capital, and reducing transport costs and emissions.
We also strengthened our collaboration with GPV Estonia, which provided the flexible capacity needed to meet customer commitments through the mid-year volume peak. By June, we had scaled combined ICON capacity to approximately 10,000 units per month by leveraging both our in-house capabilities and our manufacturing partner.
PROFIT-DRIVEN SUPPLIER MANAGEMENT
We implemented a more structured supplier management model and updated our Sourcing Policy and Responsible Sourcing Principles. In practice, this included a category-owner operating in cadence with clearly defined KPIs, a Supplier Playbook, and closer integration with volume forecasting and R&D programs. These actions resulted in significant Cost of Goods Sold (COGS) reduction as the year progressed.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
1
PUBLIC SAFETY AND MOBILITY OPERATIONS
RESILIENCE AND PRODUCTION EXCELLENCE
In 2025, we focused on securing continuity, improving productivity and strengthening resilience.
OPTIMIZING OUR MANUFACTURING FOOTPRINT
During the year, we advanced strategic transfers within our manufacturing network to strengthen in-house capability and improve scalability. These transitions were managed through phased readiness checks, process validations and quality assurance routines to ensure compliance and excellence in delivery performance. The outcome was a more resilient production base, aligned with future demand and complex requirements.
SUPPLY RELIABILITY AND SOURCING ALIGNMENT
We strengthened collaboration with our key suppliers and manufacturing partners, ensuring predictable delivery performance under demanding project schedules. We also started to apply our new company-wide Sourcing Policies and Principles, towards a more profit-led sourcing, whilst not compromising on quality.
DRIVING PRODUCTION EXCELLENCE
We increased production capacity, improved visual management and enhanced agility for project deliveries. These measures, combined with rigorous quality routines, ensured stable throughout for complex projects and supported strong delivery performance in 2025.
In parallel, we expanded the use of AI across daily operations to support employees in improving efficiency, consistency, and decision-making in everyday work. We have also prepared to further strengthen our AI capabilities by applying advanced analytics to manufacturing data and by integrating AI into material and order handling processes, supporting a shift toward more predictive, data-driven, and resilient operations.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
OPERATIONS - KEY TAKEAWAYS
SUSTAINABILITY, CIRCULARITY AND LOGISTICS DECARBONIZATION
Sustainability remained integrated into our Operations, Logistics and Sourcing decision-making. Teleste maintained its EcoVadis Gold status and continued the Science Based Targets initiative (SBTi) process initiated in 2024. We advanced toward our 2026 target of a 10% reduction in Scope 3 transport CO₂ compared with 2022, supported by moving production closer to end markets and preparing to adopt lower-emission logistics options.
Despite a volatile policy and global trade environment, Operations, Logistics & Sourcing delivered meaningful outcomes: scaling capacity closer to customers, improving material economics, and building more resilient multi-footprint supply chains—supporting the profitability improvements reported by both segments during the year.
> Working toward our sustainability targets has reinforced one lesson: meaningful climate action demands a united value chain. From sourcing decisions to logistics partners, and ultimately to customers whose use of our products contributes to total lifecycle emissions, every link plays a critical role in reducing our overall footprint.
Management
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Board of Directors
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Jussi Himanen, M.Sc. (Eng)
Member of the Board since 2019 -
Mirel Leino-Haltia, PhD (Econ.), CFA
Member of the Board since 2020
Chairman of the Audit Committee since 2020 -
Anni Ronkainen, M.Sc. (Econ.)
Member of the Board since 2024 -
Timo Luukkainen, B.Sc. (Econ.), M.Sc. (Eng.), MBA (IMD)
Chairman of the Board since 2020
Member of the Board 2016-2020 -
Vesa Korpimies, M.Sc. (Econ.)
Member of the Board since 2019 -
Kai Telanne, M.Sc. (Econ.)
Member of the Board since 2008
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Leadership Team
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Esa Korolainen, Operations, Logistics & Sourcing, COO
Joined Teleste in 2024, Member of the Leadership Team since 2024 -
Valerian Sand, Public Safety and Mobility, Executive Vice President
Joined Teleste in 2022, Member of the Leadership Team since 2022 -
Esa Harju, President and CEO
Joined Teleste in 2016, Member of the Leadership Team since 2016 -
Ulf Andersson, Broadband Networks, Executive Vice President
Joined Teleste in 2024, Member of the Leadership Team since 2024 -
Pasi Järvenpää, Research and Development, Senior Vice President
Joined Teleste in 1994-, Member of the Leadership Team 2013-2025 -
Mervi Kerkelä-Hiltunen, CFO
Joined Teleste in 2024, Member of the Leadership Team since 2024 -
Linda Kallas, Strategy, Communications & Sustainability, Senior Vice President
Joined Teleste in 2023, Member of the Leadership Team since 2023 -
Tuomas Vanne, People and Culture, Senior Vice President
Joined Teleste in 2019, Member of the Leadership Team since 2019
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
Broadband Networks Advisory Board
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Shane Portfolio, PhD
EVP Engineering & Operations, SRI Telecom 2025 - CTO, Congruex 2024-2025
SVP Engineering and Technology, Charter Communications 2022-2024
SVP, Network Services, Comcast 2019-2022
Several senior & VP positions, Comcast 1997-2019 -
Neil Tang, M.Sc. (E.Eng.)
President/CEO, Antronix Inc., 2013 - Joined Antronix Inc. in 1997. -
Guy McCormick, BS in ME, MBA
SVP and Head of Engineering, Vyve Broadband, 2025 -
SVP Engineering, Cox Communications, 2013-2024
Several VP positions, Cox Communications, 2004-2013
VP, Technical Operations, Cox Media, 1994-2004 -
Stephanie Mitchko Beale, B.Sc. (E.Eng.)
EVP, Global Media Operations & Technology, AMC Networks 2024 -
EVP, CTO, Charter Communications 2019 - 2022
COO/CTO, Cadent TV 2014-2019
SVP, Cablevision Systems Corp, 1999-2014
Annual Report 2025
News 2.5 and January
Nasdaq Helsinki
Public Safety and Mobility
Our Way of Working
Management
INFORMATION FOR SHAREHOLDERS
Information for Shareholders
TELESTE SHARE
Teleste Corporation is listed on Nasdaq Helsinki in the Technology sector. The company shares are included in the book-entry securities system. The company has one series of shares. In Annual General Meeting each share carries one vote and confers an equal right to a dividend.
On 31 December 2025, the company's registered share capital stood at EUR 6,966,932.80, divided into 18,985,588 shares. As to the company share price in 2025, the low was EUR 2.47 (2.07) and the high EUR 4.28 (3.45). Closing price on 31 December 2025 stood at EUR 3.76 (2.64).
- Trading code TLT1V
- ISIN code FI0009007728
- Reuter's ticker symbol TLT1V.HE
- Bloomberg ticker symbol TLT1VFH
FINANCIAL RELEASES IN 2026
Teleste Corporation Financial Statement Release 2025 was published on 13 February 2026.
Other Releases During 2026:
- Interim Report January–March on 8 May 2026
- Half-Year Financial Report January–June on 14 August 2026
- Interim Report January–September on 6 November 2026
Financial reports are published as stock releases. Publications are available on Teleste's website both in English and in Finnish. Teleste hosts a webcast for investors, analysts and representatives of the media in connection with the publication of its financial reports.
Annual Report 2025
Year 2025 and Strategy
Broadband Networks
Public Safety and Mobility
Our Way of Working
Management
SILENT PERIOD
Silent period begins 30 calendar days before the publishing of the Interim Reports, Half-Year Financial Report, and Financial Statement Release and lasts until the publishing of the Interim Reports, Half-Year Financial Report, and Financial Statement Release. During silent periods, Teleste's spokespersons refrain from discussing and commenting on issues related to the company's financial performance or meeting with capital market representatives.
ANNUAL GENERAL MEETING
Teleste Corporation's Annual General Meeting (AGM) will be held on 22 April 2026 commencing at 4 p.m., in Helsinki Expo and Convention Centre, 2nd floor, meeting room 208, address: Rautatieläisenkatu 3, Helsinki. Registration and distribution of voting tickets begin at 3 p.m. Shareholders registered on the list of shareholders with Euroclear Finland Oy on 10 April 2026 are entitled to participate in the Annual General Meeting. A shareholder who wants to participate in the meeting shall register no later than 13 April 2026 at 4 p.m.
More information: www.teleste.com/AGM or by e-mail [email protected]
PROPOSAL FOR DISTRIBUTION OF DIVIDEND
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.08 (0.03) be distributed on outstanding shares for the financial period that ended on 31 December 2025. In addition, the Board proposes that the dividend will be paid in two instalments, the first during the third quarter of 2026 and the second at the latest during the first quarter of 2027.
More information: www.teleste.com/AGM
CHANGES IN SHAREHOLDERS' CONTACT INFORMATION
The shareholder register is maintained by Euroclear Finland Oy. Shareholders are kindly requested to inform the custodian of their book-entry account of any changes in contact details.
For more information: www.teleste.com/investors
Teleste Corporation was listed on Nasdaq Helsinki 30 March 1999. Listing price was 8.20 EUR.
TELESTE CORPORATION
Postal address:
P.o. Box 323, 20101 Turku, Finland
Headquarter Visiting Address:
Telestenkatu 1, 20660 Littoinen, Finland
Business ID: 1102267-8
www.teleste.com
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