Wulff-Yhtiöt Oyj

74370016PW2V4W02LX912024-01-012024-12-3174370016PW2V4W02LX912023-01-012023-12-3174370016PW2V4W02LX912024-12-3174370016PW2V4W02LX912023-12-3174370016PW2V4W02LX912024-01-012024-12-0174370016PW2V4W02LX912023-01-012023-12-0174370016PW2V4W02LX912022-12-3174370016PW2V4W02LX912023-12-31ifrs-full:IssuedCapitalMember74370016PW2V4W02LX912023-12-31ifrs-full:SharePremiumMemberiso4217:EURiso4217:EURxbrli:shares74370016PW2V4W02LX912023-12-31wulf:InvestedUnrestrictedEquityFundMember74370016PW2V4W02LX912023-12-31ifrs-full:TreasurySharesMember74370016PW2V4W02LX912023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember74370016PW2V4W02LX912023-12-31ifrs-full:RetainedEarningsMember74370016PW2V4W02LX912023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember74370016PW2V4W02LX912023-12-31ifrs-full:NoncontrollingInterestsMember74370016PW2V4W02LX912024-01-012024-12-31ifrs-full:RetainedEarningsMember74370016PW2V4W02LX912024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember74370016PW2V4W02LX912024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember74370016PW2V4W02LX912024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember74370016PW2V4W02LX912024-12-31ifrs-full:IssuedCapitalMember74370016PW2V4W02LX912024-12-31ifrs-full:SharePremiumMember74370016PW2V4W02LX912024-12-31wulf:InvestedUnrestrictedEquityFundMember74370016PW2V4W02LX912024-12-31ifrs-full:TreasurySharesMember74370016PW2V4W02LX912024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember74370016PW2V4W02LX912024-12-31ifrs-full:RetainedEarningsMember74370016PW2V4W02LX912024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember74370016PW2V4W02LX912024-12-31ifrs-full:NoncontrollingInterestsMember74370016PW2V4W02LX912022-12-31ifrs-full:IssuedCapitalMember74370016PW2V4W02LX912022-12-31ifrs-full:SharePremiumMember74370016PW2V4W02LX912022-12-31wulf:InvestedUnrestrictedEquityFundMember74370016PW2V4W02LX912022-12-31ifrs-full:TreasurySharesMember74370016PW2V4W02LX912022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember74370016PW2V4W02LX912022-12-31ifrs-full:RetainedEarningsMember74370016PW2V4W02LX912022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember74370016PW2V4W02LX912022-12-31ifrs-full:NoncontrollingInterestsMember74370016PW2V4W02LX912023-01-012023-12-31ifrs-full:RetainedEarningsMember74370016PW2V4W02LX912023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember74370016PW2V4W02LX912023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember74370016PW2V4W02LX912023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember ANNUAL REVIEW 2024 1 Annual Review 2024 | TABLE OF CONTENTS 2024 in brief.................................................................................................................................................................................2 CEO’s review: Sustainable growth – together! ...........................................................................................................................................3 STRATEGY AND BUSINESS ENVIRONMENT .................................................................................................................5 Worklife services .....................................................................................................................................................................6 Products for works environments .......................................................................................................................................... 14 SUSTAINABILITY ........................................................................................................................................................................18 Our sustainability efforts today ............................................................................................................................................ 23 Sustainability Program 2019-2024 ..................................................................................................................................... 25 MANAGEMENT ........................................................................................................................................................................ 29 Board and management ......................................................................................................................................................29 Corporate governance statement .......................................................................................................................................31 FINANCIAL STATEMENTS ......................................................................................................................................................36 Review of the board of directors .........................................................................................................................................36 Key figures ............................................................................................................... ................................................................ 42 Shares and shareholders ............................................................................ .........................................................................46 Information for Shareholders...................................................................................... .......................................................... 50 Consolidated Financial Statements, IFRS ..........................................................................................................................51 Consolidated Income Statement and Statement of Comprehensive Income .......................................................52 Consolidated Statement of Financial Position .............................................................................................................53 Consolidated Cash Flow Statement ..............................................................................................................................54 Consolidated Statement of Changes in Equity ............................................................................................................55 Notes to the Consolidated Financial Statements ........................................................................................................ 56 Parent Company’s Financial Statements, FAS ...................................................................................................................100 Notes to the Parent Company’s Financial Statements, FAS ......................................................................................104 Signatures to the Financial Statements ...............................................................................................................................116 Auditor’s Report .......................................................................................................................................................................117 Auditor’s Report on the ESEF Financial Statements .......................................................................................................... 121 WORKLIFE SERVICES AND PRODUCTS FOR WORK ENVIRONMENTS At the start of 2024, we updated our reporting structure to align better with our business operations and strategic fo- cus. This change helps investors and customers track better our business performance and strategy. Increased revenue and profit have strengthened Wulff’s financial foundation and problem-solving sales culture, preparing us to thrive even in challenging market conditions. We focused on growing our service business and boost- ing profitability in both Worklife services and Products for works environments. Our profit growth was driven by a sustainable strategy that prioritizes continuous customer experience improvement and the development of sustainability goals and digital services. Making our products and services more sustaina- ble is essential for protecting the planet, and it is also good business sense, as more customers choose partners based on sustainability. GROWTH IN SERVICE BUSINESS Wulff’s Worklife services segment benefited from the ongoing transformation in the world of working life. The demand for flexible service-based work arrangements continued to grow, allowing businesses to acquire the right workforce and expertise as needed. Our newly estab- 2024 IN BRIEF Restructuring of Reporting Framework Sustainability and Development of Digital Services Sustainable Growth Strategy lished staffing company, Wulff Works, aims to provide the best employee and customer experience in the industry. Wulff Works is a community where employees thrive, find employment, and develop in line with their life situations and career paths. In the consolidating accounting and financial services industry, Wulff Accounting focuses on employee satisfac- tion and skills development while offering customers the local and personal service they value. We expanded our accounting services in eastern Uusimaa, Ostrobothnia, and Åland. At the end of the year, we entered the consulting sector. Wulff Consulting is a versatile partner for sustainable business development, project management, and regional development. SUSTAINABLE DEVELOPMENT Through our 2019-2024 Sustainability Program, we have advanced the UN’s sustainable development goals with a focus on climate action, equality, and fostering decent work and economic growth. We achieved five out of our nine sustainability targets. In 2024, we examined all our business operations through a sustainability lens, and in 2025, we will take sustainability work to the next level in both strategy and practice. Growth in Service Business and Profitabilit | Annual Review 2024 2 3 Annual Review 2024 | In 2025, we have excellent opportunities to improve the profitability of the entire group. Most of the investments required to launch Wulff Works were made in 2024. Moving forward, achieving the best customer experi- ence will require determined efforts that align with our values. As a strong team of sales and expert profession- als, we at Wulff are ready for this challenge. The theme of 2024 for us at Wulff and our customers was #GROWTOGETHER. The year concluded with the highest revenue in our history: 102.8 million euros. The comparable operating profit margin was 3.2% (3.8%), and the group’s revenue in Q4 2024 grew by 21.7%. We successfully executed our growth strategy despite an increasingly challenging operating environment. I am particularly pleased with the profitable growth of the Worklife services segment: our staffing business, Wulff Works, launched in January 2024, grew impres- sively as expected, already accounting for over 10% of the group’s revenue. Wulff Accounting’s revenue and operating profit more than doubled, maintaining solid profitability and stable growth. Our service businesses help companies grow sustain- ably and operate ethically. They also provide flexibility and adaptability to businesses. With Wulff Works and Wulff Accounting, our customers can grow more efficiently by optimizing their internal resources. ELINA RAHKONEN toimitusjohtaja Wulff-Yhtiöt Oyj SUSTAINABLE GROWTH – TOGETHER! CEO’s review It is essential that we create value for our customers, employees, and shareholders alike. | Annual Review 2024 4 Economic and geopolitical uncertainty impacted de- mand in the Products for works environments segment in Finland and Scandinavia, leading to a 6.2% decline in revenue in 2024 (excluding the comparison impact of the Scandinavian Expert Sales divestment in autumn 2023). However, the integration and streamlining efforts in Wulff’s workplace business have reduced fixed costs in Finland, helping to balance the decline in revenue. In 2025, our goal is to strengthen profitability by developing even more efficient operational models and enhancing our competitiveness. Key focus areas include improving the operational efficiency of the logistics chain and refining and making the product selection more sustainable. Promoting sustainability and responsible business prac- tices remains at the core of our strategy and values. Our mission “A better world, one workplace at a time” Thank you to all employees, our customers, and par- tners for 2024 – together, we have built success and sustainable growth. It is a privilege to work with you! reflects the strength of our sustainable business strat- egy: responsible choices create a positive impact on both the environment and people’s well-being while driving business success. An increasing number of customers choose partners who align with their values, prioritizing ethical and sustainable business practices. Our strong develop- ment and strategic direction are further demonstrated by our proposal for a seventh consecutive dividend increase – a testament to the continued confidence of our customers, employees, partners, and shareholders in Wulff. In 2025, we are committed to further strengthening growth and collaboration with determined actions and a clear focus on sustainability. Welcome 2025 and #SUSTAINABLEGROWTHTOGETHER! Thank you for trusting Wulff again this year! Elina Rahkonen 5 Annual Review 2024 | STRATEGY AND BUSINESS ENVIRONMENT STRATEGY 2022–2026 MISSION We make the world a better place, one workplace at a time. VISION Wulff is the most recommended and responsible partner and employer. CUSTOMER PROMISE We enable better and more sustainable work environments and the perfect workday. | Annual Review 2024 6 Skilled people as competitive advantage The staffing industry is highly competitive, with relatively low barriers to entry for new players. Wulff Works differentiates itself through experienced industry profes- sionals, an entrepreneurial mindset, a strong focus on customer needs and business understanding and the support of the trusted and well-known Wulff Group. Wulff Works’ team includes some of the most ex- perienced experts in the staffing industry, with deep knowledge of both employees’ and corporate clients’ expectations and goals. The local offices are led by owner-entrepreneurs, ensuring strong commitment and a drive for growth. When a company’s success is directly linked to the dedication and decisions of its local leaders, a moti- vated, responsible, and customer-focused work culture thrives. Every employee plays a key role in the growth story and contributes to the company’s success. WULFF WORKS – Making job searching and partnerships personal, fun, and easy. Our staffing services empower our customers’ business growth by building job markets where skills and opportunities connect more effectively. Launched in early 2024, Wulff Works is a specialist in staffing and recruitment, experiencing strong growth in Finland. The company aims to significantly strengthen its market position and challenge the largest players in the industry. In 2024, Wulff’s staffing services met expec- tations, and in 2025, Wulff Works targets doubling its revenue. Despite the initial investments required in its first year of operation, Wulff Works has maintained strong profita- bility. By the end of the year, it had eight local offices in Espoo, Jyväskylä, Kuopio, Rauma, Seinäjoki, Turku, Tampere, and Vaasa, with further expansion planned for 2025. Worklife services The Worklife services segment includes staffing services, accounting and financial management services, consulting services, exhibition, event, and space design services, both internationally and domestically, as well as professional printing and document management solutions. Wulff Works makes job searching and partnerships personal, enjoyable, and effortless. Wulff Accounting is a reputable, digitally advanced, and responsible financial management partner. Wulff Consulting supports sustainable business devel- opment, project management, and regional development. Wulff Entre is a bold innovator in the exhibition and event indus- try, serving clients not only in Finland but also in Germany, Sweden, Norway, and the United States. Printing is increasingly offered as a service. Canon Business Center Vantaa, part of the Wulff Group, provides high-quality office and professional printing solutions as well as document management services to businesses. Local presence, agile service Local teams have in-depth knowledge of their regional job markets, understand clients’ businesses, and can respond quickly to changing needs. This flexibility and deep local insight make Wulff Works a trusted and agile partner for companies across Finland. Beyond a strong brand and extensive business network, Wulff Works benefits from Wulff Group’s support, ena- bling rapid scalability and the sharing of best practices. Operating environment and market The staffing market has undergone significant changes in recent years. In 2023, the market contracted by 5%, reflecting the impact of economic uncertainty caused by the COVID-19 pandemic and Russia’s invasion of Ukraine. This uncertainty has led businesses to re-eval- uate their investments and business decisions more cautiously. In Finland, the overall decline in employment levels has also affected the demand for temporary labor. Structur- 7 Annual Review 2024 | significant opportunities. Temporary staffing is a strategic solution that offers companies the flexibility they need. It allows businesses to quickly scale their workforce, adapt staffing levels to changing market conditions without the burden of complex recruitment or layoff processes, and efficiently allocate resources where they are needed most. By reducing risk in times of uncertainty, temporary staffing serves as a flexible workforce solution – supporting both business growth and economic fluctuations. Future prospects As the economy recovers, demand for staffing and recruitment services rises immediately. Long-term meg- atrends such as an aging population, skills shortages, and the increasing prevalence of flexible work models support Wulff Works’ growth. For an increasing number of companies, sustainability is becoming a central factor in all operations. As part of the Wulff Group, Wulff Works is well-positioned to be a pioneer in sustainable lifestyles and business practic- es within the staffing industry. A pioneer in sustainable lifestyles and business practices al changes in the job market and shifts in employment practices have led companies to be more selective in hiring decisions. While construction and hospitality sectors remained slow in 2024, industries such as manufacturing, logis- tics, facility management, and maintenance have seen higher demand for workforce solutions. The staffing industry presents both challenges and The use of temporary staffing is a strategic solution that provides companies with the flexibility they need. Jobs offered: approx. 1,500 Total hours worked in client companies: over 500,000 Candidate pool: nearly 24,000 applicants WULFF WORKS 2024 | Annual Review 2024 8 WULFF ACCOUNTING – A domestic and personalized financial management expert. As a strategic partner, Wulff Accounting supports the sustainability and growth of its clients’ businesses. An increasing number of companies are outsourcing their financial management to a partner who under- stands their business and can provide tailored solutions. Wulff Accounting is a highly skilled strategic partner, offering not only traditional bookkeeping and payroll services but also a broad range of expert consulting and advisory services. Wulff Accounting offers companies high-quality, cost-ef- fective accounting, financial management, payroll and human resources management services that are always tailored to the needs of their customers. It also provides expert advice on tax and corporate law matters, cor- porate restructurings and owner-entrepreneur matters. Wulff Accounting also offer solutions such as account- ing for holding and franchise companies. International services are possible through a strong and experienced business partner. Wulff Accounting utilize market-leading financial management software, including Fennoa, Netvisor and Procountor enabling automated and up-to-date report- ing. Its expert local teams provide comprehensive, proactive service, ensuring that each client receives the best financial solutions tailored to their specific needs. In 2024, Wulff Accounting strengthened its position in the industry through strategic acquisitions and organic growth. It expanded its operations significantly by acquiring several accounting firms in different parts of Finland. The company significantly expanded its operations by acquiring several accounting firms across Finland, including Lundström and Sandström & Lundström, Ab Bokföringsbyrå and Tilitoimisto Esse (Eastern Uusimaa), Raahen Tase (Northern Ostrobothnia) and Aktiva Redovisning (Åland). The growth has continued in early 2025 with the acquisition of Hämeen Tilidiili (Hämeenlinna) and the acquisition of Convido (Ostrobothnia). With these latest acquisitions, Wulff has become a highly regarded and competitive accounting partner in Finland’s Swedish-speaking regions. Key competitive strengths: trust, continuity, and a designated expert A designated financial expert is the most valued aspect for Wulff Accounting’s clients when selecting a A customer-focused financial management partner committed to quality and personalized service. financial management partner. Wulff Accounting deliv- ers on this promise brilliantly, ensuring that every client has a trusted point of contact who understands their business. Accounting partners play a critical role in a company’s operations, as clients entrust them with their core finan- cial matters. With great responsibility comes great trust – this is why Wulff Accounting invests heavily in quality, customer experience, and continuous professional development for its team. Two different trends can be seen in the accounting office sector: an efficiency-based mass service, where accounting is done as cheaply as possible and in serial production, or alternatively, a high-quality, expert service, where personal advice and customer-specific solutions are the focus. Wulff Accounting has chosen to invest in quality and expertise. Clients appreciate working with financial pro- fessionals who understand the unique characteristics of their industries and can provide customized, value-add- ing solutions. Wulff Accounting serves businesses of all sizes across various industries. Its diverse client portfolio includes investment companies, law firms, healthcare providers, veterinary clinics and other animal service businesses. 9 Annual Review 2024 | broader operational systems, enhancing efficiency and real-time financial oversight. The accounting industry has been undergoing strong consolidation for several years. Larger players continue to increase their market share, intensifying competition within the sector. Additionally, Finnish accounting firms are exploring international expansion opportunities. The accounting services market is expected to grow by 3–7% annually. Future prospects Wulff aims to outpace market growth in its accounting business. The company’s goal is to become the most recommended partner and employer in the industry. To achieve this, Wulff is actively investing in professional development through the Wulff Accounting Academy, supporting employees’ career growth and expertise. By fostering continuous learning, Wulff ensures both an outstanding customer experience and strong profes- sional commitment within its team. With high-quality, locally tailored service, Wulff Accounting competes with the largest industry players. The future of financial management is a blend of efficiency, expertise, and personalized service. Wulff Accounting ensures that its clients benefit from both cutting-edge technology and expert financial advisory services, providing long-term business support and strategic insights. The accounting services market is consolidating, and competition is intensifying. By combining deep industry expertise with tailored financial solutions, Wulff Accounting continues to be a trusted and strategic financial management partner. Operating environment and market The accounting industry is undergoing a transforma- tion, driven by several megatrends. Automation and artificial intelligence are streamlining basic bookkeep- ing tasks, shifting the focus toward advisory services. As a result, the role of financial experts is evolving, with greater emphasis on strategic financial guidance and business consulting. Looking ahead, financial management is expected to become even more integrated with companies’ WULFF ACCOUNTING 2024 Clients: approx. 2,700 Employees: 55 professionals Local offices: Espoo, Hyvinkää, Maarianhamina, Nivala, Porvoo, Raahe, Sipoo and Tampere At the beginning of 2025, Wulff Accounting expanded through two acquisitions, increasing the client base to over 3,500 and the team to 85 employees. | Annual Review 2024 10 WULFF ENTRE – A design and project agency for meeting spaces. Wulff Entre designs spaces and environments that enhance its clients’ business growth by cre- ating impactful and engaging meeting places. Wulff Entre brings brands to life, transforms spaces into commercially effective environments, and makes businesses more influential. Its experts create settings where stakeholders can connect with brands in a meaningful and immersive way, utilizing every square meter efficiently. Traditionally recognized as a leading internation- al exhibition specialist, Wulff Entre strengthened its position in the domestic trade show and event industry last year. The company gained new clients, particularly in the healthcare, defense, and technology sectors. Additionally, commercial space design, such as retail environments, became an increasingly important part of its service offering. Wulff Entre provides a comprehensive service portfolio, covering everything from concept design to execution, ensuring clients can manage their entire project seam- lessly with a single partner. Competitive edge: designing inspiring and high-impact spaces Wulff Entre possesses extensive expertise and a strong partner network in the trade show and event industry. With the solid backing of Wulff Group, the company can facilitate larger investments and secure highly competitive international exhibition spaces. Wulff Entre’s experts maintain direct connections with both international and domestic trade show and event organizers, ensuring strategically advantageous and cost-effective exhibition locations for its clients. This enables a seamless booking process and optimal visibility at the right events. Promoting reuse and a circular economy are integral parts of Wulff Entre’s operations. Standing out at trade shows and events requires strategic planning—an area where Wulff Entre excels. The company combines top-tier design, project management, execution, customer-centric service, and sustainable solutions, making it a distinct and valuable partner in exhibition and space design. Wulff Entre is actively reshaping the perception of trade shows as single-use, disposable events. The company prioritizes reuse and recycling, ensuring that booth structures, walls, and furniture are repurposed for future events, such as fabric graphics are reused as new printed textile materials and carpets are recycled for packaging materials or donated for repurposing. By integrating sustainability into its design and execu- tion processes, Wulff Entre ensures that businesses can showcase their brand effectively while minimizing their environmental footprint. Operating environment and market The trade show and event industry has undergone significant changes in recent years. Following the pandemic, demand has returned, and trade show calendars are gradually resembling pre-pandemic schedules. However, the market remains sensitive to global economic conditions and corporate investment decisions. 11 Annual Review 2024 | In 2024, the industry experienced structural shifts, with larger players strengthening their market positions, while smaller companies exited the industry. The key growth areas for Wulff Entre are the healthcare, defense, security, and technology industries, where trade shows and events are becoming increasingly essential for building customer relationships. In retail and office space design, there is a growing emphasis on user experience, with businesses seeking to create more functional, brand-enhancing, and cus- tomer-centric spaces. Wulff Entre’s success is built on agility and deep industry knowledge, particularly in understanding trade The key growth areas are healthcare, defense, security, and technology industries. shows, events, and their organizers. The company’s ex- perts seamlessly combine commercial thinking, space design, and user experience to help clients achieve their business goals effectively. Future prospects While the industry remains in a state of constant transformation and Wulff Entre’s revenue declined in 2024, long-term trends support the company’s growth. Businesses are increasingly seeking differentiation, and physical encounters remain the most effective way to make a lasting impact. In the longer term, the use of recycled and environ- mentally friendly materials will become the industry standard. Wulff Entre is already a leader in adopting and demanding sustainable solutions from its partners. On a global scale, Finnish companies are recognized as trusted partners, and the appreciation for Finnish design expertise is growing. Wulff Entre continues to execute its growth strategy, focusing on expanding international trade show oper- ations, strengthening its position in the domestic market and advancing commercial space design. The com- pany is confident in its ability to transform spaces into experiences—and make those experiences immersive and engaging. In 2025, Wulff Entre aims for positive financial growth, particularly by strengthening its sales force through organizational expansion. WULFF ENTRE 2024 Over 60 events in 11 countries Trusted by more than 250 clients for trade show and event services Expanded portfolio includes My Remote Studio virtual meeting solutions and space and interior design projects | Annual Review 2024 12 CANON BUSINESS CENTER VANTAA – efficiency and security in document management. A printing and document management expert, ensuring seamless and secure workflows. Canon Business Center Vantaa helps companies streamline document management and free up time for essential tasks. Their high-quality solutions ensure seamless, secure, and cost-efficient printing, scanning, and document handling. As part of Canon’s nationwide network, Canon Business Center Vantaa holds a strong market position in Finland. The company aims to further strengthen its presence by offering advanced solutions that meet the evolving demands of hybrid work, data security, and sustainability. In 2024, Canon Business Center Vantaa maintained steady growth, with its printing and document manage- ment services meeting revenue expectations. The com- pany successfully responded to the increasing demand for recycled devices and energy-efficient solutions through its circular economy model – refurbished devic- es now account for nearly 70% of equipment sales. The Wulff Easy Print service, a fixed-price Canon print- ing and scanning solution, had a strong sales launch at the end of the year. Looking ahead to 2025, Canon Business Center Vantaa aims to expand its customer base and further increase the share of sustainable and circular econo- my devices in its sales. Competitive edge: expertise and industry-leading customer experience Canon Business Center Vantaa operates in a rapidly evolving market, where technological advancements and data security play an increasingly critical role. The company’s experts are industry pioneers with deep technical expertise and a strong customer-centric approach. The renowned Canon brand is a guarantee of quality and reliability for its customers. Nowadays, people want to manage and print documents remotely. The Canon Business Center Vantaa team has a strong vision for the future of document management and a deep understanding of customer needs. The compa- ny’s goal is to make printing and document manage- ment as seamless and secure as possible, catering to both large organizations and smaller businesses. Security is at the core of Canon’s solutions. Secure printing and data protection measures ensure that documents remain confidential and accessible only to authorized personnel. Canon Business Center’s services are also scalable, adapting to the needs of hybrid work environments. With Canon’s solutions, document management is possible from anywhere – including remote locations. Canon Business Center Vantaa combines a custom- er-driven approach with a commitment to sustainabili- ty. The company understands the unique requirements of various industries and provides tailored solutions for logistics, healthcare, and facility management sectors. Its ability to introduce innovative services to the market while reducing businesses’ carbon footprints makes Canon Business Center a powerful player for the future. 13 Annual Review 2024 | Operating environment and market Basic printing has declined due to digitalization, and this trend is expected to continue, with the market contracting by approximately 8% annually. In recent years, hybrid work models and remote work have sig- nificantly impacted traditional office printing solutions. Companies are increasingly looking for cost-effective and secure solutions that integrate physical and digital document management, enabling remote and hybrid printing. While digitalization has reduced printing needs in some industries, sectors such as healthcare and defense still rely heavily on physical documents, with demand even increasing. Paper documents often provide higher data security compared to digital files, which can be vulner- able to cyber threats. Canon and Wulff see growth opportunities in printing and document management, particularly in solutions that support multi-location work. The need to print confidential documents and high-value materials will remain, ensuring the ongoing demand for secure and reliable printing solutions. Future prospects Looking ahead, companies will place greater empha- sis on security, automation, and sustainability in their document management strategies. Customers will seek smarter and more responsible printing solutions that enhance both efficiency and sustainability. As part of the global Canon network, Canon Business Center Vantaa remains at the forefront of industry advancements, providing solutions that help businesses adapt to changing work environments. By combining sustainability and circular economy solutions, strong local expertise, and the sales develop- ment support of Wulff Group, Canon Business Center Vantaa is well-positioned to meet future challenges and opportunities with a winning approach. CANON BUSINESS CENTER VANTAA 2024 Nearly 70% of sold devices were circular economy products Despite an 8% decline in the printing market, Canon Business Center Vantaa successfully increased both revenue and profitability. Canon Business Center Vantaa is a pioneer in the sale of circular economy products. | Annual Review 2024 14 Products for works environments and Solutions The Products for works environments and Solutions segment consists of business operations in Finland and Scandinavia, providing a high-quality selection of products for works environments and solutions. Custom- ers can also utilize an automated replenishment service for snacks, office supplies, and facility maintenance essentials. Companies are investing in workplace interactions, with many employers enhancing their attractiveness by offer- ing employees smoothies, premium coffee, tea, refreshments, energy drinks, and snack bars. Wulff provides all these products – and in the Helsinki metropolitan area, it also offers a sustainable catering service and healthy Wulff FruitBar fruit deliveries. Wulff is the strongest player in its sector in Finland and one of the leading providers in Scandinavia, trusted by some of the largest companies in the Nordic region. Among the cost- and time-saving procurement channels, the most popular ones in Finland are Wulff’s MiniBar and in Scandinavia, Cabinet Service, which can be found in hundreds of large companies and corporations. The replenishment and shelving service MiniBar functions like its namesake in hotels. Thanks to the automatic replenishment service, the shelves are stocked and ready for use with up-to-date and traditional products for works environments. In different industries, the replenishment service product selection and MiniBar can look very different: in the IT sector, the shelves contain energy bars, and in the healthcare sector, essential medical supplies. SUSTAINABLE WORKING ENVIRONMENTS OF THE FUTURE ARE CREATED TODAY Making everyday working life easier for customers Wulff is shaping Nordic workplaces to become smoother, more sustainable, and more efficient. We provide com- panies and organizations with solutions that allow their employees to focus on what matters most – their work. Our comprehensive product and service selection covers everything from essential supplies to specialized solutions for various work environments. We offer everything a workplace or office needs from coffee and hand creams to copy paper, from health- Everything you need for a variety of work environments. WORKPLACE PRODUCTS IN 2024 T Delivered products and solutions: over 30,000,000 units Main markets: Finland, Sweden, Norway, Denmark Market size in the Nordic region: approx. 700 million euros 15 Annual Review 2024 | care and caregiving products to IT accessories, from cleaning and facility maintenance supplies to a diverse selection of café and snack products. Additionally, we supply retail, industry, logistics, and large-scale kitchens, ensuring that businesses across sectors have the right products and solutions to support their operations. A changing market requires adaptability The increasing importance of sustainability is reshaping purchasing decisions, as customers seek environmental- ly responsible and ethical choices. Wulff is recognized for its high-quality products and solutions, fast deliveries, and seamless service experience. Trust as the foundation of competitiveness Today, a significant portion of purchases are made online. Wulff provides customers with clear and user-friendly digital services across all its operating countries. Large corporate clients, municipalities, and cities benefit from customized e-commerce solutions, while in Finland, consumers, micro-enterprises, and small businesses are served through the open-access online store Wulffinkulma.fi and brick-and-mortar stores in Helsinki, Lahti, and Turku. While diverse online services enhance efficiency and streamline procurement, the value of expert sales is more critical than ever. As digitalization progresses, trust becomes increasingly important. In major and strategic purchasing decisions, the insights and advice of an experienced professional are irreplaceable. Wulff is committed to investing in digital solutions while maintaining personalized service as a core part of its strategy. This ensures that customers benefit from mod- ern technology while always having expert support available when needed. Wulff professionals know their customers While market practices and customer segments vary between Finland and Scandinavia, one key factor remains constant: Wulff’s success is built on deep customer understanding. Across all its operating countries, Wulff is committed to long-term customer relationships and ensuring a profound understanding of its clients’ business needs, challenges, and goals. This customer-centric approach is reflected in a care- fully curated product and service portfolio, solution-ori- ented sales practices and the continuous development of Wulff’s operations to meet evolving customer expectations. Finland In Finland, Wulff serves its customers through a com- prehensive sales network. Contract Sales supports Nordic countries and strengthen business profitability. In the coming years, Wulff will focus particularly on products and solutions that align with sustainable devel- opment and support environmentally friendly practices. Additionally, the development of digital services will be a priority, enabling customers to place orders and manage their purchases more easily and quickly. WHY WULFF? Everything you need – effortlessly from one partner • SAVING CUSTOMERS TIME – One partner, all solutions • QUALITY AND SUSTAINABILITY – Ethical, sustainable, and premium products • MULTICHANNEL SERVICE – Online, sales network, contract partnerships, and stores • FAST AND RELIABLE DELIVERIES – Competitive logistics solutions Making everyday life easier for customers – everything you need from one partner | Annual Review 2024 16 logistics solution that combines automation with human expertise. The company’s domestic logistics center is lo- cated in Tuusula, complemented by outsourced logistics through Posti. Additionally, the Expert Sales logistics hub operates from Wulff House in Espoo, adjacent to the company’s headquarters, ensuring efficient and flexible operations. In 2024, Wulff’s workplace product business in Finland focused on streamlining product selection, enhancing operational efficiency, and optimizing customer ex- perience as part of the Staples Finland Oy acquisition integration plan. Scandinavia In Sweden, Norway, and Denmark, Wulff Supplies serves customers as one of the leading workplace product companies in Scandinavia. It provides products and solutions primarily for retail, industry, logistics, the restaurant and hospitality sector, and traditional office environments. The diverse product range ensures that customers can find everything they need in one place, streamlining MEGATRENDS SHAPING THE WORKPLACE PRODUCT BUSINESS: • ECOLOGICAL RECONSTRUCTION – Customers prioritize sustainable product • TECHNOLOGICAL TRANSFORMATION – Digital ordering channels and automation are advancing • CHANGING WORK AND SKILLS LANDSCAPE – The role of work environments in competitiveness is increasing • GROWING IMPORTANCE OF TRUST – Customers prefer reliable partners large corporate clients and public sector procurement, while Expert Sales provides tailored solutions for busi- nesses of all sizes. Expert Sales specializes in branded and personalized products, workplace well-being and ergonomic solu- tions and a wide range of equipment and supplies for construction sites and industrial projects. With a broad service offering and a personalized ap- proach, Wulff ensures that customers receive the right products and solutions to meet their specific needs— efficiently and reliably. Wulff’s contract customers in Finland benefit from a Sustainability as a competitive advantage – high-quality and ethical products 17 Annual Review 2024 | procurement processes and improving cost efficiency. In 2024, Wulff Supplies focused on enhancing its digital customer experience and advancing sustainabil- ity efforts. The company has successfully implemented Wulff Group’s strategy of continuously improving prod- uct selection and operations to be more sustainable and ethically responsible. Wulff Supplies operates its own logistics center in Ljungby, Sweden, strategically located for efficient distribution across Scandinavia. The company’s Scan- dinavian headquarters is based in Oslo, Norway, with additional offices in Sweden’s Malmö, Gothenburg, and Stockholm, Norway’s Bergen and Stavanger and Denmark’s Copenhagen. Operating environment and market The products for works environments market in the Nor- dic region has slightly contracted in recent years, as industry growth closely follows the general economic climate. At the same time, businesses are increasingly looking for new solutions to enhance productivity and employee well-being. Wulff is continuously developing its services to meet this growing demand by offering ethical and sustaina- ble products, advancing digital ordering channels, and expanding comprehensive worklife services. Future prospects By understanding our customers’ daily lives and oper- ating environments, we create value for their business- es. Wulff’s workplace product business has expanded and adapted to rapidly changing market conditions. The Group’s goal is to increase its market share in the DRIVERS OF GROWTH IN THE WORKPLACE PRODUCT BUSINESS • SOLUTIONS FOR THE HEALTHCARE AND CARE SECTOR– A growing segment • ECOLOGICAL AND SUSTAINABLE PRODUCTS, RECYCLING, AND CIRCULAR ECONOMY SOLUTIONS – Increasing demand • DIGITAL ORDERING CHANNELS AND CUSTOMER EXPERIENCE – Leveraging technology for seamless service • OPERATIONAL EFFICIENCY – Reliability, speed, profitable growth, and competitive logistics Innovations in working environments – sustainable solutions and digitalization | Annual Review 2024 18 SUSTAINABILITY 19 Annual Review 2024 | A COMMITMENT TO SUSTAINABLE BUSINESS GROWTH At Wulff, we believe that sustainable business prac- tices are the only viable path to long-term success. In 2024, all of the company’s business operations were evaluated by experts through the lens of sustainability. The Group experienced strong growth, particularly in its expanding service business areas, and sustainability initiatives were implemented with consideration for each segment’s specific characteristics. INTEGRATING THE SUSTAINABILITY PROGRAM INTO WULFF’S CORE STRATEGY Impactful actions now and in the future Wulff’s greatest opportunity to drive positive change for the planet and people lies in focusing its sustainability efforts on three key areas: a sustainable product and service offering that considers climate and biodiversity, employee and partner well-being, and a corporate culture and leadership approach that actively supports sustainability. A strong foundation has already been established through Wulff’s sustainability program, launched in 2019. By the end of 2024, the company had successfully achieved five of its nine sustainability goals. By fully integrating the sustainability program and principles of sustainable development into the Group’s overarching strategy, Wulff ensures that sustainability will continue to drive business growth, decision-making, and long-term value creation across all its operations. Building Wulff’s strong sustainability Sustainability focus areas where Wulff will have the most significant impact on the well-being of the planet and people. | Annual Review 2024 20 KEY SUSTAINABILITY FOCUS AREAS FOR WULFF Environmental responsibility • climate change • biodiversity and ecosystems • water resources and marine natural assets • pollution • circular economy Social responsibility • own workforce • working conditions in the value chain • consumers and end users Economic responsibility and good governance Wulff’s long-term goal is to transition from simply reduc- ing its carbon footprint to creating a carbon handprint – actively generating positive environmental impact through its own operations and the solutions it offers to customers. This is achievable by prioritizing planetary sustainability in product selection and continuously updating the range with more sustainable alternatives. Third-party certifications ensure that the products meet strict environmental and health standards. For exam- ple, the cleaning products sold by Wulff comply with rigorous criteria regarding biodegradability and the minimization of harmful chemicals. When it comes to workplace furniture, certifications verify that products are made from responsibly sourced materials and de- signed for long-term durability. Through these initiatives, Wulff helps its customers make more sustainable choic- es while actively promoting environmentally responsible business practices on a broader scale. MANY OPPORTUNITIES TO CREATE A POSITIVE IMPACT ON THE ENVIRONMENT AND SOCIETY Products for Work Environments Wulff’s most established business is the sale of products and solutions for work environments. Our customers know that when making decisions about workplace solutions, the expertise of Wulff’s spe- cialists ensures the best possible outcome—both today and in the future. In an increasingly digital and AI-driven world, workplaces still require products whose production and logistics inherently consume natural resources. That is why it is essential for Wulff to continuously develop its product selection and supply chains in ways that actively reduce the carbon footprint relative to revenue. The remaining emissions from business operations are offset through certified carbon sink projects. Wulff’s experts guide customers toward more sustain- able choices, supported by comprehensive data on procurement and its environmental impact. Thoughtful planning and optimized ordering cycles help reduce the real emissions from transportation. Customers receive detailed reporting from Wulff on both the emissions impact of procurement-related logistics and the sustainability of their product choices. Together with our customers, we continuously work to make both areas more sustainable. A growing number of our customers are selecting sustainable products for their MiniBar shelving service, with some even committing to stocking only the most environmentally responsible solutions. …the product selection is updated primarily with items that prioritize pla- netary sustainability. 21 Annual Review 2024 | Continuously reducing emissions throughout the supply chain is a key priority for Wulff. In import logistics, warehousing, and customer deliveries, the company prioritizes low-emission solutions, and packaging materials are fully recyclable. In 2024, Wulff launched an innovative recycling initiative for transport boxes, allowing customer-returned boxes to be reused multiple times. In the Workplace Products segment, Wulff will im- plement a harmonized emissions reporting system across all operating countries in 2025, following the GHG Protocol. Transparency in environmental impact reporting will be enhanced through commitment to the Science Based Targets initiative (SBTi), ensuring that emissions reduction targets are aligned with scientific climate goals. Additionally, an updated audit plan will help identify and manage potential environmental, human rights, and ethical risks within the supply chain. In 2024, Wulff launched an innovative recycling initiative for transport boxes. WULFF’S WORKPLACE PRODUCT BUSINESS VALUE CHAIN In Wulff’s workplace product business value chain, we examine the entire process from product sourcing to customer delivery. This assessment includes procurement, warehousing, order processing, and logistics, ensuring an efficient, trans- parent, and sustainable supply chain. | Annual Review 2024 22 Worklife Services Wulff’s worklife services are united by a commitment to promoting ethical corporate culture and reducing the carbon footprint of client companies. Wulff’s experts and temporary employees bring sustainable values into the daily operations of businesses. Accounting firms are trusted partners for businesses. Properly managed financial administration ensures transparent, lawful, and responsible operations, forming the foundation for ethical and accountable business practices. Wulff Accounting provides digital bookkeep- ing and payroll solutions for companies of all sizes, Ongoing skills development enhances employabil- ity and professional value, helping individuals build meaningful careers. Wulff Works demonstrates its broad industry expertise by having placed employees in positions covered by 46 different collective labor agreements (TES). Wulff’s newest business area, consulting, focuses on enhancing the competitiveness of businesses and organizations in a sustainable way. Growth in worklife services means expansion into new business areas. particularly helping small and medium-sized enterpris- es transition from paper-based financial processes to more environmentally friendly digital solutions. Wulff’s staffing services advance social responsibility and workplace well-being in Finland. Equality, diversi- ty, and the matching of the right skills with a company’s values and culture are key considerations in workforce recruitment. Wulff Works supports the growth and career development of its temporary employees by providing continuous dialogue and coaching with staffing industry professionals. WULFF’S WORKLIFE SERVICES VALUE CHAIN Wulff’s worklife services value chain consists of the development, customization, and implementation of expert services tailored to meet customer needs. It includes the recruitment and placement of skilled workforce across various industries, as well as accounting, payroll, and consulting services. Additionally, the value chain encompasses services related to international and domestic trade shows and events, as well as printing and document management solutions that enhance business efficiency and growth for Wulff’s customers. 23 Annual Review 2024 | OUR SUSTAINABILITY EFFORTS TODAY Determining our own emissions in accordance with the GHG Protocol and developing a science-based climate roadmap (SBTi) Reducing the carbon footprint of our product and service portfolio Increasing the share of products made from recycled and renewable materials Supporting customers’ sustainability efforts Next: Assessing our ecological footprint. | Annual Review 2024 24 We humans represent only about 0.01% of life on Earth, yet our actions have the power to impact 100% of life on this planet. A sustainable future is built on the understanding that humans are part of nature and dependent on its well-being. The carrying capacity of nature forms the foundation for social and economic sustainability – without ecological balance, there can be no sustainable society or strong economy. 25 Annual Review 2024 | SUSTAINABILITY PROGRAM 2019–2024 Our sustainability program, launched in 2019 and in effect until the end of 2024, has helped us make our operations more sustainable. Out of our nine goals, we successfully achieved five. Now, it is time to build the next phase of our sustainability journey. Driving positive climate actions and advancing equality, decent work, and economic growth Our sustainability program has been built around the United Nations’ Sustainable Development Goals (SDGs) for 2030, specifically supporting gender equal- ity, decent work and economic growth, reducing ine- qualities, responsible consumption, and climate action. Within our program, these goals have been integrated into three core areas: Happy Wulff employees, Car- bon-Neutral Wulff, and a Responsible Supply Chain. Happy Wulff employees A strong employee experience is the foundation for an outstanding customer experience, which is why the Happy Wulff employees initiative focuses on meaningful work, an inclusive and equal workplace, and the posi- tive contributions of Wulff and its employees to society and the environment. Meaningful work Wulff measures the meaningfulness of work through an extensive annual employee survey conducted across the Group. Employee satisfaction at Wulff is consistently high, with a 2024 score of 3.83 on a scale of 1 to 5. Employee satisfaction has been systematically meas- RESPONSIBLE SUPPLY CHAIN 1. Code of conduct update and Supplier implementation by 2022 • Metric: Signed contracts 2. Customer responsibility work support • when you become aware, you become responsible - Indicator: Number of encounters 3. Offering sustainable products • Indicator: Share of sustainable products (%) sales (Note. Responsible product Definition important) CARBON NEUTRAL WULFF 1. Carbon-neutral locations 2022 • Indicator: Emission reduction and offsetting actual emissions 2. Carbon-neutral supply chain 2022 • Indicator: Reduction of emissions and actual Offsetting emissions 3. Carbon-neutral products by 2030 • Indicator: Number of carbon-neutral products (%) HAPPY WULFFIANS 1. Meaningful work • Indicator: Workplace well-being survey, Well-being index 2. Equal workplace • Indicator: Wulff employees (workers, Trains, trainees, students) Diverse and diverse profile 3. Responsible actions for the benefit of society • Indicator: Amount of volunteer work personnel (h or % of staff), Number of partnerships and donations (pcs, €) Wulff is an inspirer and builder of sustainable work environments Goal achieved WULFF’S SUSTAINABILITY PROGRAM 2019-2024 | Annual Review 2024 26 numerous trainees, interns, and individuals in rehabilita- tion programs, introducing more than ten new people to Wulff as a workplace. Responsible actions for society Wulff and its employees contribute to building a more sustainable society in various ways. Wulff 4H encour- ages employees to make a positive impact through meaningful volunteer work by offering them four hours of paid working time per year for voluntary activities of their choice. Wulff supports this initiative by provid- ing recommendations on nonprofit organizations and associations that align with its sustainability strategy. Many Wulff employees choose to spend their 4H hours together with colleagues, engaging in activities such as collecting litter from nature or donating blood. A long-standing tradition at Wulff is donating the company’s employee Christmas gift fund to charity. In 2024, the donation went to Deaconess Founda- tion’s Vamos youth service, which supports young people aged 16–29 facing significant challenges. By ensuring that children grow into well-being-focused and responsible young adults with the ability to make good decisions, Wulff contributes to long-term positive societal change. Each year, Wulff supports various volunteer organiza- tions as well as clubs and associations that promote healthy and meaningful lifestyles. Additionally, the company provides product donations in response to urgent crises. In 2024, Wulff made a significant donation of first aid supplies to Ambulances for Ukraine association, reinforcing its commitment to social respon- sibility. Carbon-neutral Wulff Ensuring a livable planet requires a commitment to low-emission and ultimately carbon-neutral operations. Wulff’s Carbon-neutral Wulff initiative is built on three key areas: facilities, supply chain, and products. From 2019 to 2024, Wulff successfully reduced its carbon footprint relative to revenue. With the company’s ex- pansion into new business areas, emissions calculations and reduction targets will be updated in 2025 to reflect its evolving operations. Carbon-neutral facilities All Wulff-owned properties in every operating country are equipped with solar power plants, and both owned and leased facilities operate using climate-friendly electricity. These solar plants generate a significant amount of emission-free electricity, covering a large share of the energy needs of Wulff’s own facilities. In Finland, for example, Wulff’s solar power plants in Espoo and Tuusula produce 162,000 kWh annually, which is equivalent to the annual electricity consump- tion of approximately ten electrically heated detached homes (calculated based on Motiva standards). Utilizing solar energy is a concrete step toward more sustainable and environmentally responsible business ured at the Group level for nearly a decade, showing positive development in recent years. In addition to the comprehensive annual survey, Wulff conducts two shorter Pulse surveys each year to gather real-time insights that support operational development and leadership improvements. Based on the Pulse survey results, leadership and management practices have been continuously refined, ensuring that employees’ voices are heard and acted upon. An inclusive workplace Wulff aims to become an even more diverse and inclusive company. Diversity is a strength, as differ- ent backgrounds, perspectives, and skills enrich and strengthen workplace collaboration. We are actively working to foster a more diverse and inclusive work community, with a key focus on recognizing and over- coming unconscious biases. We also promote equality through active collaboration with educational institutions, employment centers, and rehabilitation organizations. Wulff’s Trainee, intern- ship, and work experience programs follow a 50/50 model, balancing learning and opportunities for success. Interns spend approximately 50% of their time on tasks they are already familiar with, allowing them to experience success and focus on integrating into the work community. The remaining 50% is dedicated to learning new skills, receiving guidance, networking, or working on projects such as thesis writing. In 2024, Wulff provided work experience opportunities for All Wulff-owned properties in every operating country have their own solar power plant. 27 Annual Review 2024 | goods delivered to customers each year. In Finland alone, Wulff supplied customers with over 20 million products in 2024. The company has systematically focused on making its product selection more sustaina- ble. Following the 2021 acquisition of Staples Finland Oy, a major project to integrate enterprise resource planning (ERP) systems and product selections was completed in 2024, with further efforts now direct- ed toward streamlining the product assortment. The product portfolio continues to evolve toward greater sustainability, with the guiding principle that every new product introduction must align with sustainable development goals. At Wulff, the belief is that the best choices are those that benefit both business and the planet. Responsible supply chain A responsible supply chain considers not only environ- mental impact but also social and ethical responsibility throughout the value chain. Code of Conduct -agreement update round The Code of Conduct agreements of Wulff’s procure- ment partners in the Products for Work Environments Segment were updated to take into account the principles of responsibility, honesty and sustainable development. A major revision of these agreements was completed by the end of 2022, ensuring that all new partners commit to ethical business practices through signed agreements. In 2025, Wulff will further evaluate and update its Code of Conduct agreements, extending the review across all business segments to ensure alignment with the company’s broader sustain- ability strategy. practices, demonstrating how renewable energy can effectively reduce a company’s carbon footprint. Wulff understands that energy-efficient operations, cir- cular economy principles, and smarter resource utiliza- tion within facilities help reduce costs. That is why Wulff actively guides both employees and customers toward more sustainable practices at all its locations. As recog- nition of its commitment to environmental responsibility, Wulff’s headquarters, Wulff House in Espoo, has been awarded the WWF Green Office certification. Carbon-neutral supply chain Wulff has been actively working to reduce real emis- sions within the supply chains of its Workplace Products segment. Emission reductions have been made in line with GHG Protocol targets, and remaining emissions have been offset through certified climate projects. Carbon-beutral products The Products fro Work Environments Segment has an extensive product range, with a significant volume of Responsible operations benefit both the environment and the economy. | Annual Review 2024 28 Supporting customers in their sustainability efforts “At the moment you become aware, you become responsible” is a mindset deeply embedded in Wulff’s way of working, driving responsible actions and sus- tainable solutions. Whenever we see an opportunity to operate more sustainably, we seize it. A great exam- ple of this is our delivery optimization model, which has received overwhelmingly positive feedback. Our sales team guides customers in optimizing their order cycles to reduce unnecessary deliveries, saving both time and environmental resources. By minimizing the frequency of shipments, we help cut real emissions significant- ly. Wulff’s experts also provide professional advice on reducing material waste and improving energy efficiency, knowing that even the smallest changes can lead to major improvements. With over 200,000 customer interactions every year, we recognize that each encounter presents an opportunity to drive more sustainable business practices. Offering sustainable product choices By encouraging customers to make climate-friendly product choices, Wulff has the potential to gener- ate a meaningful positive impact on environmental well-being. The share of sustainable products in total sales has been increasing since 2018, and in 2025, thanks to the completed integration of ERP systems and product selections in Finland, customers will have the opportunity to review their entire order history through a sustainability lens. This will allow them to see how their purchasing choices have evolved toward a more environmentally friendly direction. Wulff employees Wulff offers diverse career growth opportunities and is committed to being an equal employer that values diversity. We employ professionals of all ages and backgrounds, with a wide range of educational and work experiences. In 2024, Wulff Group employed a total of 291 people, of whom 53% were women and 47% men. The age distribution is equally diverse, with 33% of employees under 40 years old and 67% over 40. Geographically, 85% of Wulff employees worked in Finland, 12 % in Sweden, 3% in Norway, and less than 1% in Denmark. Within Wulff, 42% of employees work in sales, while 58% work as experts, in administration, support func- tions, and logistics. In our solution-driven sales organization, the mindset that “everyone sells” is deeply rooted in our culture. Every Wulff employee is committed to delivering an exceptional customer experience, facilitating successful sales and enabling business growth. One of our most cherished traditions is ensuring that all employees, including those in administrative and support functions, get to experience customer interactions firsthand by accompanying sales teams on client visits. These shared sales days are highly valued learning experiences. By meeting customers, all of us at Wulff gain a deeper appreciation for our role in enhancing the service experience and advancing more sustainable business practices. 29 Annual Review 2024 | KARI JUUTILAINEN b. 1966 Chairman of the Board, Responsibilities: Sales development and management coaching Substantial experience and education: InHunt Group Oy, Partner/CEO since 2014 InHunt Group Oy, Partner/Headhunter 2012-2014 GT Design Oy, CEO 2004-2011 Securitas Direct Oy, Sales Director 2004–2004 Leo Longlife Group Ltd, Sales Director, vice president 1991–2004 Qualification in Business and Administration Positions of trust: Interi Oy, Board Member since 2023 InHunt Holding Oy, Board Member since 2023 InHunt Boards Oy, only Board Member since 2019 Wulff Group Plc, Chairman of the Board since 2019 Wulff Group Plc, Board Member since 2018 InHunt World Oy, only Board Member since 2017 InHunt Group Oy, Board Member since 2014 GT Design Oy, Chairman of the Board 2004–2011 Wulff ownership as of December 31, 2024: 29 519 Wulff shares repre- senting 0.4% of the company’s shares and votes KRISTINA VIENOLA b. 1996 Board Member, Responsibilities: Communications and marketing Substantial experience and education: Tahko Spa, Marketing Manager since 2024 Google LLC, Account Manager 2022-2023 Leadfeeder, Business Development Specialist 2021-2022 Azets Oy, Customer Success Trainee 2019-2021 Turku School of Economics, M.Sc. (Econ), Marketing, 2021 Positions of trust: Wulff Group Plc, Board Member since 2018 Wulff ownership as of December 31, 2024: 33 875 Wulff shares repre- senting 0.5% of the company’s shares and votes JUSSI VIENOLA b. 1995 Board Member, Responsibilities: Finance Substantial experience and education: Suomen Vaihtoauto Oy, CEO since 2020 PwC, Trainee 2019–2020 JOOL Group, Trainee 2019–2019 PYN Fund Management, Trainee 2017–2017 Aalto-yliopisto, Master of Science in Business Administration, Finance, 2024 Aalto-yliopisto, Bachelor of Science in Business Administration, Finance, 2019 Positions of trust: Wulff Group Plc, Board Member since 2018 Wulff ownership as of December 31, 2024: 34 240 Wulff shares representing 0.5% of the company’s shares and votes LAURI SIPPONEN b. 1969 Board Member, Responsibilities: Business development Substantial experience and education: Laitilan Wirvoitusjuomatehdas Oy, CEO 2022-2023 VR Group, CEO 2021-2022 Lidl Suomi Ky, CEO 2010–2019, Administrative Director 2008–2010, Regional Director 2003–2008, Internal Audit Manager 2002–2003, Manager, Business Control 2001–2002 University of Jyväskylä, M.Sc. (Econ), Accounting and marketing 1998 Wirtschaftsakademie Schleswig-Holstein, Groß- und Außenhandelskaufmann, 1993 Positions of trust: Broman Group Oy, Board Member since 2025 HKFoods Oyj, Board Member since 2024 Raisio Oyj, Board Member 2023-2025 Wulff Group Plc, Board Member since 2020 CAP-Group Oy, Chairman of the Board 2020-2022, Board Memeber since 2023 Deutsch-Finnische Handelskammer DFHK, Board Member since 2021 Repolar Pharmaceuticals Oy, Board Member since, 2006 Laitilan Wirvoitusjuomatehdas Oy, Board Member 2020-2023 Kaupan Liitto, Finnish Commerce Federations, Board Member 2015-2019 PTY Finnish Grocery Trade Association, Board Vice Chairman and Member 2011–2019 Wulff ownership as of December 31, 2024: 26 260 Wulff shares representing 0.4% of the company’s shares and votes BOARD AND MANAGEMENT | BOARD | Annual Review 2024 30 ELINA RAHKONEN b. 1979 Wulff Group Plc CEO, Chairman of the Executive Board Responsibilities: Wulff Group Plc’s CEO Substantial experience and education: Wulff Group Plc ,CEO since 2019 Aallon Group Plc, CEO 2018–2019 Ahlsell Ltd, CFO 2017–2018 Wulff Group Plc CFO 2014–2017 and interim CEO 2016–2017 Deloitte & Touche Ltd, auditor (APA) 2011–2014 Other positions within financial management 2002–2011 M.Sc. (Econ), University of Tampere, 2009 Positions of trust: Olas Group Oy, Board Member since 2023 LapWall Oyj, Board Member and Chair of the Audit Committee since 2023 Kreate Group Oyj, Board Member since 2020 and Chair of the Audit Committee since 2024 Wulff Group Plc, Executive Board Member since 2019 Wulff ownership as of December 31, 2024: 40 000 Wulff shares representing 0.6% of the company’s shares and votes TROND FIKSEAUNET b. 1963 Wulff Supplies AB’s Managing Director, Executive Board Member Responsibilities: Wulff Supplies AB’s management, development of Skandinavia’s Products for Work Environments operations Substantial experience and education: Wulff Supplies AB, Managing Director since 2009 Strålfors, various positions 1998–2009, Skandinavian Director in Supplies business area 2006–2009 Strålfors Norway, Managing Director 2002–2006 3M Sales and Marketing Manager, 1986–1998 Positions of trust: Wulff Group Plc, Executive Board Member since 2011 Member of the Scandinavian Management Group in Supplies business area 2006–2009 Wulff ownership as of December 31, 2024: 0 shares IIRIS POHJANPALO b. 1980 Wulff Group Plc Chief Financial Officer (CFO), Executive Board Member Responsibilities: Finance, Investor Communications, Secretary of the Board Substantial experience and education: Wulff Group Plc, CFO since 2023 Nurminen Logistics Oyj, CFO 2020-2023 Nurminen Logistics Oyj, Director Group Business Control 2019-2020 Fira Group Ltd, Group Controller 2017-2019 Diacor Healthcare Ltd, Business Controller 2014-2017 Management Events, Group Controller 2011-2014 VR Group, Controller 2009-2011 Accenture Ltd, Management Consultant 2007-2009 M.Sc. (Econ), Helsinki School of Economics, 2005 Positions of trust: Wulff Group Plc, Executive Board Member since 2023 Railgate Finland Ltd Board Member 2023-2024 Wulff ownership as of December 31, 2024: 0 shares TARJA TÖRMÄNEN b. 1974 Communications and Marketing Director, Executive Board Member Responsibilities: Communications, Marketing and HR and their development Substantial experience and education: Wulff Group Plc, Communications and Marketing Director since 2009 Wulff Group Plc, Communications Manager/Brand Manager 2002-2009 Vista Communications Instruments Ltd, Office Manager 2001–2002 Previta Ltd, Communications Manager 2000–2001 Beltton Group, Brand Manager 1999–2000 Specialist Qualification in Marketing Communications 2013 NLP Trainer, NLP Coach, CxO Certified Business Mentor Positions of trust: Stepfamily Association of Finland, Board Member since 2021 Era Nova Bookshop Oy, Chairman of the Board since 2018 Wulff Group Plc, Executive Board Member since 2009 Finnish NLP Association, Board Member 2007-2018, Chairman of the Board 2018-2021, Board Member since 2021 Wulff ownership as of December 31, 2024: 134 Wulff shares representing 0.0% of the company’s shares and votes BOARD AND MANAGEMENT | GROUP EXECUTIVE BOARD 31 Annual Review 2024 | Wulff Group Plc is a Nordic listed Company and the most significant Nordic player in office supplies. The Group consists of the parent company Wulff Group Plc and its subsidiaries in Finland, Sweden, Norway and Denmark. Wulff’s product and service range includes workplace products and services, staff leasing services, accounting and financial management services, consulting services, exhibition, event, and commercial interior design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. The Group also serves its customers online with a webshop for workplace products at wulffinkulma.fi. Wulff Group Plc’s corporate governance is based on Finnish legislation, such as the Limited Liability Companies Act, Securities Market Act, the regula- tions concerning the companies in the Helsinki Stock Exchange, and regulations regarding corporate governance of public listed companies, as well as the Articles of Association. Wulff Group Plc adheres also to the Securities Market Association’s Finnish Corporate Governance Code which is publicly available on the Securities Market Association’s web pages (cgfinland.fi). The current Articles of Association are available on the Group’s website wulff.fi. The Corporate Governance Code is based on a Comply or Explain principle which means that a company can deviate from individual guidelines if it explains and gives reasons for the deviation. The entire document describing the Group’s corporate governance principles and practices is available on the Group’s investor pages (wulff.fi). This Corporate Governance Statement is presented separately from the Board of Directors’ Report. GENERAL MEETING Wulff Group’s highest decision-making power is exercised by shareholders at the general meeting held at least once a year. The Annual General Mee- ting (AGM) is held annually on a date determined by the Board of Directors within six months of the end of the financial period either in the company’s domi- cile, Helsinki, or in Espoo. Shareholders may exercise their rights to speak, request information and vote. Shareholders are invited to general meetings by publishing a notice at Wulff’s corporate website. The notice and instructions for participating in the meeting are also published as a stock exchange release. The Board’s proposed agenda as well as the proposed Board Members and auditors are announced in the notice or in a separate stock exchange release before the general meeting. The Annual General Meeting handles the tasks per- taining to it according to the Limited Liability Compa- nies Act and Wulff Group’s Articles of Association, which include: • adopting the income statement and balance sheet • handling the profit or loss according to the adopted balance sheet, dividend distribution • discharging the Members of the Board of Directors and the CEO from liability • determining the number of Board Members and appointing members for one year at a time • electing auditors • determining the fees of Board Members and auditors, as well as the criteria for reimburse- ment of travel expenses • remuneration policy and the approval of the remuneration report • other matters mentioned in the notice of the meeting. The Annual General Meeting is also authorised to amend the Articles of Association. An Extraordinary General Meeting is summoned, if required, by the Board of Directors. In 2024 Wulff Group Plc’s Annual General Meeting was held on April 4. The Annual General Meeting adopted the financial statements for the financial year 2023 and discharged the Members of the Board of Directors and CEO from liability. The AGM decided to pay a dividend of EUR 0.15 per share and authorised the Board of Directors to decide on the repurchase of the company’s own shares. The Annual General Meeting also accepted the Board’s proposal concerning the authorisation to perform share issues. The AGM adopted the remuneration policy. The AGM also approved the remuneration report for 2023. Kari Juutilainen, Lauri Sipponen, Jussi Vienola, and Kristina Vienola were re-elected as Board Members. The organising meeting of Wulff Group Plc’s Board of Directors, held after the Annual General Meeting, decided that the Chairman of the Board is Kari Juutilainen. BDO Oy, with Authorized Public Accountant Joonas Selenius as the lead audit partner, was chosen as the auditor of Wulff Group Plc. The Annual General Meeting decided that the reimbursements to the Auditors are paid on the basis of reasonable invoicing. In 2025, Wulff Group Plc’s Annual General Meeting will be held on April 3. BOARD OF DIRECTORS The Board of Directors is responsible for the admi- nistration and the proper organisation of the ope- rations of the company. The Board supervises and controls the operative management of the company, appoints and dismisses the managing director, ap- proves the strategic goals and the risk management principles for the company and ensures the proper operation of the management system. The Annual General Meeting elects three to six members to the Board of Directors and at most as many deputy members. The Board’s term ends at the termination of the first Annual General Meeting following the elec- tion. In the organising meeting held after the AGM, the Board elects a Chairperson among its members. If the Chairperson is disqualified or prevented from attending to his/her duties, a Deputy Chairperson is elected among Board Members for the duration of a meeting. The Board of Directors supervises the management of company operations, administration and accounting. It annually confirms a written charter for its activities, which it complies with in addition to the Articles of Association, Finnish legislation and other regulations. The charter lays out the Board’s meeting procedu- res and tasks. According to the Board’s charter, in addition to the issues specified in legislation and the Articles of Association, Wulff Group’s Board of Directors: • approves the company’s long-term goals and strategy • approves the company’s action plan, budget and financing plan and supervises their implementation • handles and adopts interim and half-year reports and the financial statements • decides on individual big and strategically significant investments, such as company acquisitions and acquisitions and disposals CORPORATE GOVERNANCE STATEMENT | Annual Review 2024 32 of business operations • preparation and presentation of the remunerati- on policy and report at the AGM • appoints the CEO and decides on his/her salaries and other remuneration • approves risk management and reporting procedures • draws up the dividend policy • sets up committees, if needed, to enhance Board work • appoints the Group Executive Board: • supervises auditing • assesses the auditor’s independence and additional auditing services. Wulff Group’s Annual General Meeting held on April 4, 2024 elected four members to the Board of Directors. In the preparation of the proposal for the compo- sition of the Board of Directors, the requirements placed by the company’s strategy, operations and development phase as well as the sufficient diversity of the Board of Directors are taken into account. The diversity of the Board of Directors is examined from different perspectives. Important factors for the com- pany are academic and professional backgrounds as well as strong, versatile and mutually comple- mentary expertise, experience and knowledge in the different business areas important to the company, internationality, independence of the company, an appropriate number of members, and the age and gender distribution. The Board must have sufficient economic and financial knowledge and manage- ment, marketing, and sales expertise. In 2024, Wulff Group Plc’s Board of Directors fulfil- led the principles concerning diversity and expertise taking into consideration the company’s strategy and the market and business environment as well as development projects. The focus of the strategy is customer experience, sales expertise and operating through multiple channels. Important strategic proje- cts are taking advantage of digitalization, supporting sales with marketing communications, development of product and service portfolio especially with environmentally sustainable solutions and enhancing personnel’s expertise. Especially important for the Bo- ard of Directors is developing the sales management according to the company’s growth strategy. The company’s target is that both genders are represented on the Board of Directors. Currently, one of the four Board Members is a female, which means that the company’s goal concerning the representati- on of both genders has been fulfilled. In the selection and evaluation process of new Board Members, the primary criterion is the qualifications of the individual and the possibility to devote a sufficient amount of time to the work, thus both genders are taken into consideration equally. The majority of Board Members must be indepen- dent of the company. In addition, at least two of the members in this majority must be independent of the company’s major shareholders. The independence is evaluated in compliance with recommendations of the Finnish Corporate Governance Code. The Members of the Board of Directors own shares of the company. The Chairman of the Board (since 2019) Kari Juutilainen owned 0.4%, and Members of the Board Jussi Vienola and Kristina Vienola owned 0.5% each and Lauri Sipponen owned 0.4% of the outstanding shares on 31.12.2024. Considering the portion of the shareholding the dependence of the company is considered insignificant. The Members of the Board were not employed by the company in 2024 or 2023. According to the Board’s assessment, the Members of the Board were independent of the company and significant shareholders in 2024 and 2023. Due to the Group’s small size, setting up Bo- ard committees or a supervisory board has not been considered necessary. The entire Board of Directors has handled all its tasks. The Board of Directors con- venes on average once a month during the financial year and more often if needed. The Chairman of the Board is responsible for convening meetings and for meeting activities. The meeting agenda is prepared by the CEO together with the Secretary of the Board. Wulff Group Plc’s Board of Directors convened 20 times (15) in 2024. The average meeting attendance of the Board Members was 99 percent (100). At its organising meeting the Board approved the charter and action plan for 2024 and evaluated the inde- pendence of its members. According to the meeting plan for 2025, the Board of Directors will convene 12 times. The Board carries out annual assessments of its operations and working styles based on a self-evaluation form. Based on the assesment, which was carried out in writing, Board work was succes- sfull in 2024. More information on Board Members and their Wulff shareholdings is presented in Board and Management. CEO The Board appoints the Chief Executive Officer (CEO) who supervises the company’s operational management in accordance with the Limited Liability Companies Act with the instructions and guidelines provided by the Board. The CEO ensures that the accounting practices of the Group comply with the law and that the financial management of the group has been arranged in a reliable manner. The CEO ensures that the Board has sufficient information to assess the company’s operations and financial situati- on. The CEO is responsible for the accomplishment of the Board’s decisions and reports the results to the Board. The CEO may undertake acts which, considering the scope and nature of the operations of the company, are unusual or extensive, only with the authorisation of the Board. The CEO of the parent company Wulff Group Plc also acts as the Chairman of the Group Executive Board. Elina Rahkonen has acted as the Wulff Group Plc’s CEO from September 2019 onwards. GROUP EXECUTIVE BOARD The Group Executive Board led by the Group CEO is responsible for the Group’s operations in practice. The Group Executive Board convenes regularly to analyse and evaluate the financial and busi- ness performance as well as the key development initiatives of the segments. The management team has no official statutory position but, in practice, it has a significant role in the organisation of the company management. Based on the CEO’s proposal, the Board of Directors confirms the composition and new nominations to the Group Executive Board. The Managing Directors of subsidiaries are in charge of the business operations in each subsidiary. Significant decisions, such as significant investments, are subject to the Group CEO’s approval. Each subsidiary has its own financial administration, while the Group’s Chief Financial Officer has responsibility of group-wide financial administration. More information on Group Executive Board 33 Annual Review 2024 | Members, their responsibilities, and their Wulff shareholdings is presented in the section Board and Management. REMUNERATION Board of Directors According to the company’s Articles of Association, the Annual General Meeting determines the remu- neration of the Board Members on a proposal from the Board of Directors. A fixed, monthly fee of EUR 1,250 resolved by the Annual General Meeting is paid to the Chairman and Board Members. The Board Members are not rewarded by share-ba- sed remuneration plans or in any other way. The Group has not granted loans, guarantees or other contingencies to the Board Members. . A summary of the remuneration of the Board of Directors is presented in Note 4.4 of the Consolidated Financial Statements and in the table presented. According to the authorization granted by the Annual General Meeting on April 4, 2024, the Board of Directors has the right to continue the repurchase of the company’s own shares by acquiring at most 300,000 own sha- res. The authorisation is in force until April 30, 2025. According to the authorization the company can acquire treasury shares to support the implementation of an incentive scheme or to be otherwise disposed of. No own shares were reacquired in 2024 nor in 2023. CEO The Board prepares a proposal and determines the Group CEO’s remuneration and other contractual issues. A part of the Group’s CEO’s benefits is a statutory pension. The contract does not specify a retirement age. No supplementary pension benefits were agreed or paid. The Board appointed Elina Rahkonen, M.Sc. (Econ), as the Wulff Group Plc CEO on September 17, 2019 and she started in her position on September 30, 2019. In 2024, the remuneration of CEO Elina Rahkonen consisted of monetary wages and fringe benefits of the amount of EUR 218 thousand (208). The Group CEO’s service contract includes the above-mentioned sharebased incentive. The Group CEO is entiled to the holiday pay and possibly to a bonus scheme to be determined later. The period of notice is three months from the Group CEO side and six months from the company’s side. In case the com- pany resigns the Group CEO contract unilaterally the Group CEO is entitled to a severance payment equal to three months salary. Group Executive Board The Group CEO prepares and determines the cont- ractual terms, salaries and possible other benefits and incentives of the Group’s Executive Board Mem- bers. The pay raises of the Executive Board Members are approved by the Chairman of the Board. Remuneration of the Group Executive Board consist of fixed monetary wages, fringe benefits, additional pensions, annually-determined performance-based bonuses and possible share-based incentives. The performance-based bonuses are determined by the company’s financial Performance and the person’s individual goal-setting. The Group does not have any option schemes or share-based incentives currently in force as a part of Group Executive Board Members’ remuneration plan. Of the Executive Board Members, Tarja Törmänen’s communication and marketing director service is obtained as an outsourced service during 2024, the service costs amounted to EUR 108 thousand (108). The outsourced service is included in other operating expenses and has been presented also in the Note for Related Party transactions. In 2024 and 2023, the Group Executive Board consisted of Atte Ailio until August 4, 2023, Sami Hokkanen until August 21, 2023, Veijo Ågerfalk until August 21, 2023, Iiris Pohjanpalo from August 21, 2023, Tarja Törmänen, Trond Fikseaunet, and CEO Elina Rahkonen. The employment benefits presented in the table abo- ve, include the above-mentioned employee benefits received by the Group CEO. RISK MANAGEMENT, INTERNAL CONTROL AND INTERNAL AUDIT The Board of Directors is responsible for the internal control and the Group CEO arranges the manage- ment and supervision of internal controls’ effective- ness in practice. Ultimate responsibility for accounting, accuracy of the financial statements and supervision of asset management is carried out by Wulff Group’s Board SUMMARY OF BOARD MEMBERS’ BENEFITS EUR 1 000 2024 2023 Board members' salaries and fees 15 15 Kari Juutilainen 4/2018- Chairman of the Board 4/2019- 15 15 Jussi Vienola 4/2018- 15 15 Kristina Vienola 4/2018- 15 15 Lauri Sipponen 4/2020- 15 15 Board Members’ benefits total 60 60 SUMMARY OF GROUP EXECUTIVE BOARD’S EMPLOYMENT BENEFITS EUR 1 000 2024 2023 Salaries and other short term remuneration 590 690 Fringe Benefits 23 39 Bonuses 56 56 Other long term remuneration, additional pension benefits 8 23 Group Executive Board’s employee benefits total 677 808 | Annual Review 2024 34 of Directors. Business control and supervision are carried out through a group-wide reporting system. Each business area’s and subsidiary’s net sales, sales margin, main expenses and operating profit with comparison data are reported to the Board each month. Additionally the Group CEO presents an overview of the current situation and future outlook based on weekly and monthly analyses. The segments’ financial reports and the situation of the businesses’ key development projects are on the agenda of the Group Executive Board which convenes regularly. The subsidiaries’ own Boards of Directors and management teams discuss their own business issues which are taken also to the Group Executive Board if those issues have influence also on other group companies. The Group CEO and CFO analyse and control each subsidiary’s and busi- ness area’s operations, performance and financial status regularly. Wulff Group follows the risk management policy de- vised by the Board of Directors, which determines the objectives and responsibilities of risk management, as well as the reporting procedures. The company’s risk management supports the achievement of stra- tegic objectives and ensures business continuity. The realisation of risk management policies is controlled with internal audits regularly and also external audi- tors supervise the adequacy and effectiveness of the risk management as a part of the audit procedures related to Group’s governance. Risk management is a part of Wulff Group’s business operations management. Wulff’s risk management is guided by legislation, business objectives set by shareholders as well as the expectations of custo- mers, personnel and other important stakeholders. The Group’s risk management aims to systematically and extensively identify and understand any risks that may prevent the achievement of the Group’s business objectives, as well as to ensure that risks are appropriately managed when making business-relat- ed decisions. Threats to business include risks related to changes in the market and business acquisitions, IT risks, risks related to the staff and its availability, as well as factors related to the general economic development and the company’s reputation. Risks are classified into categories of strategic, operational and market risks. The risk management process aims to identify and assess risks and then plan and implement practical measures to mitigate each risk. Possible measures include, for example, avoiding the risk, reducing it in different ways or transferring it with insurance or agreements. Wulff Group carries out annual risk surveys to deter- mine the main risks in terms of their significance and probability. The business unit leaders are responsible for carrying out the surveys and risk monitoring on which they report to the Group Executive Board. Se- lected persons are responsible for the monitoring of specific issues within each risk category i.e. strategic, operative or market risks. The Group has not set up a separate organisation for risk management. Instead, risk management is arranged in compliance with the company’s other business operations and organisa- tion structure. The main risks determined in the risk survey, changes in the significance and probability of the risks, as well as the persons responsible, actions completed and results achieved are reported to the Group’s Board of Directors annually. Special attention is paid to any possible new risks that are detected. More informa- tion on risks and risk management is presented in a separate section. The goal of Wulff Group Plc’s internal audit is to ensure that the Group’s internal processes and operating methods are efficient and correct taking into consideration significant risks of the business operations. Internal audits are carried out on the basis of an annually prepared audit plan, which the Board of Directors approves at the beginning of the year. The Group’s internal auditor draws up the plan, presents it to the Board of Directors and reports on the implementation of the measures. The internal auditor reports directly to the Board of Directors. EXTERNAL AUDIT Based on the Articles of Association, Wulff Group Plc shall have 1-2 auditors. If the Annual General Mee- ting elects only one auditor and if the auditor is not a firm of Authorised Accountants, additionally one de- puty auditor shall be elected. Based on the Articles of Association, the auditors are appointed until further notice. BDO Oy, a company of Authorized Public Accountants, with Authorized Public Accountant Joo- nas Selenius as the lead audit partner, was chosen as the auditor of Wulff Group Plc in 2024. In addition to their statutory duties, the auditors report their audit findings to the Chairman of the Board when necessary, and at least once a year to the Board of Directors. The Annual General Meeting decides on the audi- tors’ fees and the expense compensation principles. Based on the Board’s decision, auditors can be paid reasonable fees for non-recurring other service assignments. The total audit fees for all Wulff Group companies were EUR 132 (91) thousand in 2024, of which EUR 0 thousand (9) were expenses other than audit fees (please see Note 2.6 for further informa- tion). Following the corporate governance regulations, the auditors do not own shares of Wulff Group Plc or its subsidiaries. INSIDER ADMINISTRATION Wulff Group Plc complies with applicable EU regulations, especially the Market Abuse Regulation (EU 596/2016, “MAR”), and any regulation and guidance given by the European Securities Markets Authority (“ESMA”). Further, the company observes Finnish legislation, especially the Securities Markets Act (746/2012, as amended) and the Finnish Penal Code (39/1889, as amended), including the insider and other guidelines of Nasdaq Helsinki Ltd and the standards and guidance of the Finnish Financial Su- pervisory Authority (“FIN-FSA”) and other authorities. Managers, according to the definition given by MAR, include the Members of the Board of Directors and Group Executive Board Members. MAR requires that each manager and his/her closely associated persons notify the company and FIN-FSA of their transactions in the financial instruments of or linked to the company conducted on his/her own account after a total of EUR 20 000 per calendar year has been reached. The notifications shall be made promptly and no later than three business days after the date of transaction (T+3). Wulff will issue stock exchange releases to disclose information on transactions by managers and their closely associat- ed persons, as specified in MAR and within two days of the receipt of the notification, in accordance with the rules of the Stock Exchange. Wulff no longer maintains a list of permanent insiders. Instead, all persons involved with insider projects will be listed as project-specific insiders. Pro- ject-specific lists will be established and maintained for each project or event constituting inside infor- mation, based on a separate decision. All persons working for Wulff, representatives of external entities, stakeholders and authorities who have information concerning an insider project or have access to project-specific inside information, as well as persons 35 Annual Review 2024 | who are working for the implementation of an insider project, will be entered in a project-specific insider list. Persons that belong to a project-specific list are forbidden from trading with the company’s financial instruments during an insider project. Preparation of periodic disclosure (half-year financial statements, interim reports, Financial statements bulletins) or regular access to unpublished financial information is not regarded as an insider project. However, due to the sensitive nature of unpublished information on the company’s financial results, the persons determined by the company, based on their position or access rights, to have authorised access to unpublished financial result information are added to a list of Financial Information Recipients. Wulff applies an absolute trading prohibition (a ‘clo- sed window’ principle) during a period beginning 30 calendar days before the announcement of each of the periodic financial reports and the year-end report (the financial statements bulletin) and ending at the end of the trading day following the day of publication of such a report. At the minimum, a closed period commences at the end of the reporting period in question. The closed window principle applies to the managers (as defined by MAR) as well as the Financial Information Recipients. The person in charge of Wulff’s insider register is the CFO. REPORTING BREACHES Wulff has a confidential channel for reporting suspected violations of securities markets regulations. The channel is maintained by an external company independent of the Group. RELATED PARTY TRANSACTIONS As part of the Group’s key management personnel, the Group’s related parties consist of the Members of Board of Directors, members of the Group Executive Board, their family members and the companies under their control, and subsidiaries, associated companies and joint ventures of Wulff Group Plc. The company does not hold shares in affiliates or joint ventures. Wulff Group Plc monitors transactions with its related parties on a quarterly basis and on the basis of related party’s own announcements. The company’s financial management is responsible for supervising and reporting related party transactions to the Board as needed. A related party transaction in accordan- ce with normal commercial terms does not require a decision by the Board of Directors to execute the related party transaction. The nature and the terms of related party transactions are assessed in relation to the company’s normal operations and commercial terms. In making decisions concerning related party transactions, the company ensures that potential conflicts of interest are duly taken into account, and a potential related party does not participate in deci- sion-making on significant related party transactions. Related party transactions are reported as required by the Companies Act and the provisions on the preparation of Financial statements in the notes to the company’s Financial Statements and, if necessary, in the activity report and interim and half-year reports. In addition, the necessary related party transactions are announced in accordance with the Securities Market Act and the Stock Exchange’s rules. In 2024, related party transactions consisted of normal, market-based business transactions. Related party transactions have been presented in Note 4.4 of the Consolidated Financial Statements. The Group’s parent company and subsidiary relation- ships have been presented in Note 4.2. COMMUNICATIONS The Group publishes all its stock Exchange relea- ses and other matters related to listed companies’ disclosure requirements on its website in Finnish and English. The Annual Report is published in electronic format so that it is equally available to all sharehol- ders. The Group’s stock exchange releases, Corporate Governance principles and insider information is available at the Group’s investor page Board and corporate governance (wulff.fi/en/investors). Before the end of the year, the investors’ calen- dar with dates for the Group’s Financial reporting during the next calendar year is published in a stock exchange release and on the Group’s website. The Group applies an absolute trading prohibition, a 30-day ‘closed window’ principle, during which the company does not comment on questions regar- ding its outlook and development and during which insiders are prohibited from trading with the Group’s financial instrument. BOARD OF DIRECTORS’ REPORT | Annual Review 2024 37 WULFF GROUP BOARD OF DIRECTORS: The year 2024 ended at Wulff with the highest net sales figure in our history: EUR 102.8 million. The comparable operating profit margin was 3.2% (3.8). The group’s net sales for October-December 2024 increased by 21.7%. We succeeded in implementing our growth strategy in a more challenging operating environment than before. The profitable growth in the Worklife Services segment is something to be very happy about: the staff leasing business of Wulff Works, which started in January 2024, grew wonderfully in line with expectations and its share of the group’s net sales is already above 10%. Wulff Accountings’ net sales and operating profit more than doubled. The profi- tability of accounting services is at a good level and the development is stable. Our service operations help companies grow sustai- nably and operate ethically. They also bring flexibility and adaptability to companies’ operations. With Wulff Works and Wulff Accounting, it is easy for our client companies to grow when they can use their own resources efficiently. In 2025, we have good opportunities to improve the profitability of the entire Group. For example, the initial efforts related to starting the operation of Wulff Works have mostly been made during 2024. In addition, determined and value-driven work is needed to enable the best customer experience. As a strong team of sales and experts, we at Wulff are ready for this. Economic and geopolitical uncertainty impacted the demand for the Products for Work Environments segment in Finland and Scandinavia, and the seg- ment’s net sales in 2024 decreased by 6.2%, with the Scandinavian Expert Sales sold in the fall of 2023 removed from the comparison figure. Wulff’s con- solidation and efficiency measures for workplace businesses have contributed to the reduction of the segment’s fixed costs in Finland, which has balanced the decline in net sales. The goal is to strengthen profitability during 2025 by developing even more efficient operating models and strengthening competitiveness. The key focus areas are improving the operational efficiency of the logistics chain and refining the selection and making it more responsible. Promoting sustainable development and responsible operations is an important part of our strategy and values. Our mission, a better world one job at a time, encapsulates the finesse of a sustainable business strategy: more responsible choices are an oppor- tunity to positively influence the well-being of the environment and people, while at the same time suc- ceeding as a company and operating commercially profitably. More and more of our customers choose as their partner a company that operates ethically and sustainably - compatible with their own values. Our strong development and strategy is also indicat- ed by the fact that we are proposing an increasing dividend for the seventh time in a row. For this, we would like to thank all our customers, personnel, SERVICE BUSINESS BUILDING GROWTH IN 2024 • Net sales totalled EUR 102.8 million (93,8), increasing by 9.6% • EBITDA was EUR 5.4 million (5,1) i.e. 5.3% (5.4) of net sales, and comparable EBITDA was EUR 5.6 million (5.5) i.e. 5.4% (5.8) of net sales • Operating profit (EBIT) was EUR 3.2 million (3.2) i.e. 3.1% (3.4) of net sales and comparable operating profit (EBIT) was EUR 3.3 million (3.5) i.e. 3.2% (3.8) of net sales • Earnings per share (EPS) were EUR 0.26 (0.31) and comparable earnings per share (EPS) were EUR 0.29 (0.36) • The equity ratio was 41.3 % (45.5) • The Board of Directors proposes to the Annual General Meeting to be held on April 3, 2025 that a dividend of EUR 0.16 per share will be paid • Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2025 partners and shareholders who have made growth possible. Thank you for trusting Wulff. GROUP’S NET SALES AND RESULT PERFORMANCE In January—December 2024 net sales totalled EUR 102.8 million (93.8), and in the last quarter EUR 27.9 million (22.9). Net sales for the financial year increased by 9.6% (-8.2) and for the fourth quarter by 21.7% (-17.1). Worklife Services segment’s net sales increased by 339.3% in October—December, and 214.1% in January—December especially due to the new staff leasing business’ strong organic growth — the business was launched at the beginning of the year, — and the expansion of Wulff’s accounting services business. The acquisitions of accounting companies during the financial year increased the net sales in January—December by EUR 1.9 million. Products for Work Environments segment’s net sales decreased by 5.8% in October—December, and by 6.2% in January—December, excluding the Scandi- navian Expertise Sales sold in autumn 2023 from the comparison. Net sales decreased both in Finland and in Scandinavia. The gross margin amounted to EUR 8.1 million (7.4) being 29.2% (32.4) of net sales in October—De- cember 2024, and EUR 30.2 million (28.7) being 29.4% (30.6) of net sales in January–December 2024. There were no disturbances in the availability of products during the reporting period. In October—December 2024 employee benefit expenses amounted to EUR 4.6 million (4.0) being 16.6% (17.3) of net sales. In January—December 2024 employee benefit expenses amounted WULFF GROUP: KEY FIGURES 1.1. –31.12.2024 38 Annual Review 2024 | to EUR 17.3 million (16.5) being 16.8% (17.6) of net sales. The decrease in personnel costs relative to net sales during the reporting period is related to the organizational reforms implemented both in early spring and previous years. Wulff’s change negotiations during the reporting period resulted in a one-time expense of EUR 0.2 million, which has been removed from the comparable result. Other operating expenses amounted to EUR 2.2 mil- lion (1.9) in the last quarter of 2024 being 7.8% (8.3) of net sales. In January—December other operating expenses amounted to EUR 7.7 million (7.3) being 7.5% (7.8) of net sales. The change in other operating expenses in relation to net sales comes from the growth in the Worklife Services segment. In October—December 2024 EBITDA amounted EUR 1.4 million (1.6), or 5.1% (6.9) of net sales and comparable EBITDA amounted to EUR 1.4 million (1.6), or 5.1% (7.2) of net sales. In January—De- cember EBITDA amounted EUR 5.4 million (5.1), or 5.3% (5.4) of net sales and comparable EBITDA amounted to EUR 5.6 million (5.5), or 5.4% (5.8) of net sales. Operating profit (EBIT) amounted to EUR 0.8 million (1.1), or 2.9% (4.8) of net sales in October—De- cember 2024 and comparable operating profit amounted to EUR 0.8 million (1.2), or 2.9% (5.1) of net sales. Operating profit (EBIT) amounted to EUR 3.2 milllion (3.2), or 3.1% (3.4) of net sales in January—December 2024 and comparable opera- ting profit amounted to EUR 3.3 milllion (3.5), or 3.2% (3.8) of net sales. In the last quarter financial income and expenses totalled (net) EUR -0.3 million (-0.3). In January—De- cember 2024, the financial income and expenses totalled (net) EUR -1.1 million (-1.0), including interest expenses of EUR -1.0 million (-0.9), and mainly currencyrelated other financial items (net) totalled EUR -0.1 million (-0.1). In October—December 2024 the result before taxes was EUR 0.5 million (0.8), and the comparable result before taxes was EUR 0.5 million (0.9). In January— December 2024 the result before taxes was EUR 2.1 million (2.1), and the comparable result before taxes was EUR 2.3 million (2.5). In the last quarter of 2024 net profit attributable to equity holders of the parent company was EUR 0.3 million (0.8) and comparable net profit was EUR 0.3 million (0.9). The net profit attributable to equity holders of the parent company was EUR 1.8 million (2.1) and comparable net profit was EUR 1.9 million (2.4) in January—December. Earnings per share (EPS) were EUR 0.04 (0.12) and comparable earnings per share (EPS) were 0.04 (0.13) in the last quarter of 2024. Earnings per share (EPS) were EUR 0.26 (0.31) and comparable ear- nings per share (EPS) were 0.29 (0.36) in January— December 2024. WORKLIFE SERVICES SEGMENT The Worklife Services segment includes staff leasing services, accounting services, consulting services, exhibition, event, and space design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. Worklife Services segment’s net sales increased by 214.1% and totalled EUR 24.7 million (7.9). Net sales increased thanks to the start of Wulff Works’ staff leasing business and both, acquisitions and organic growth of Wulff Accounting. Net sales of Wulff Entre, which specializes in events, decreased from the comparison period as expected. It is typical for the events industry that large events are not organized every year, and this affected net sales relative to the comparison period. Canon Business Center Vantaa’s net sales increased from the comparison period. Operating profit (EBIT) increased from the com- parison period and was EUR 0.6 million (0.2), being 2.5% (3.1) of net sales. Staff leasing business grew according to expectations and the result was profitable since June. The operating profit of Wulff Accounting increased from the comparison period due to organic growth and acquisitions carried out during the year. The operating result of Wulff Entre, which specializes in events, decreased from the comparison period. Canon Business Center Vantaa’s operating profit increased. During the reporting period, Wulff expanded its services to the consulting industry. Wulff Consulting, founded in October, impacted EUR 0.1 million to the net sales and EUR -0.1 million to the operating profit of the segment. PRODUCTS FOR WORK ENVIRONME- NTS The Products for Work Environments segment consists of the business of workplace products and services in Finland, Sweden, Norway, and Denmark. Wulff offers a high-quality selection of different work environment solutions. The filling service model makes everyday life easier, helping with procurement of for example snacks, office supplies and property consu- mables. Wulff is an expert partner also in production solutions, such as industrial packaging material and in protective products important for the care sector. Products for Work Environments segment’s net sales totalled EUR 78.8 million (86.0). Net sales decrea- sed by 6.2%, excluding the Scandinavian Expertise Sales sold in autumn 2023 from the comparison. The general market situation affected the develop- ment of net sales both in Finland and in Scandinavia. Net sales decreased by 5.5% in Finland from the comparison period and by 8.6% in Scandinavia, excluding the Scandinavian Expertise Sales sold in autumn 2023 from the comparison. The political stri- kes that took place in Finland in March affected cus- tomer demand in early spring. In January—Decem- ber 2024, the net sales of property consumables, school accessories and health products in particular increased. Sales of more traditional workplace pro- ducts and services followed the general economic and employment situation, decreasing from the comparison period. The school sales has been more moderate than expected, but profitable. Operating profit (EBIT) decreased from the compa- rison period and was EUR 2.7 million (3.2), being 3.4% (3.7) of net sales. Wulff’s change negotiations held during the reporting period affected the Products for Work Environments segment’s person- nel in Finland. The change negotiations resulted in a non-recurring cost of EUR 0.2 million, which burdened the segment’s operating profit. In early spring gross margin was reduced by additional costs related to optimizing material flows and the supply chain, which had an estimated 1% impact on the gross margin percentage. FINANCING, INVESTMENTS AND FINANCIAL POSITION TIn January—December 2024 the cash flow from operating activities was EUR 4.1 million (4.6). Cash flow from investments during the review period totalled EUR -4.7 million (-2.0). The acquisition of | Annual Review 2024 39 Tilitoimisto Lundström Oy and its subsidiary Sand- ström & Lundström Oy, carried out in February 2024, affected the cash flow by EUR -1.4 million. The acquisition of Raahen Tase Oy, carried out in June 2024, affected the cash flow by EUR -1.4 million. The acquisitions of accounting companies carried out in November-December affected the cash flow by EUR -0.2 million. Investments in intangible and tangible assets during the reporting period amounted to EUR 1.6 million (1.6). The cash flow of financing activities was EUR 1.5 mil- lion (-3.4) in January—December 2024. Long-term loans were withdrawn amounting to EUR 4.2 million (0.0) and repaid in total of EUR 0.7 million (2.7). Short-term loans were repaid amounting to EUR 0.2 million (withdrawn 1.0). Dividends were paid in the amount of EUR 1.1 million (1.0). Lease agreement payments were EUR 0.7 million (0.6). Recognition of lease agreements within the ba- lance sheet increased group assets EUR 1.4 million (0.7) and liabilities EUR 1.7 million (0.9) at the end of reporting period. The Group’s cash balance changed by EUR 1.0 million (-0.9) in January—December. The Group’s bank and cash funds totalled EUR 0.2 million (1.0) at the beginning of the year and EUR 1.1 million (0.2) at the end of the reporting period. The group has a credit limit of EUR 5.5 million, of which EUR 4.6 million was unused at the end of the reporting period. At the end of December 2024 equity attributable to the owners of the parent company was EUR 3.26 per share (3.17). The equity ratio was 41.3% (45.5). The balance sheet total was EUR 54.8 million (49.6) OTHER KEY EVENTS Wulff renewed the business operations of Finland’s workplace products and services by restructuring the organization. The aim of the arrangements is to strengthen Wulff’s competitiveness and operational efficiency. As part of the arrangement, change negotiations were carried out, which ended on February 20, 2024. There were 48 people involved in the negotiations and the eployment of 9 people ended as a result of the negotiations. The company estimates that the measures will have a positive effect on the result by around EUR 0.5 million annually. (Stock exchange release January 31, 2024 and February 20, 2024) On February 16, 2024, Wulff announced the purchase of Tilitoimisto Lundström Oy and Sandström & Lundström Oy Ab. (Stock exchange release) Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 4, 2024. More has been said about the decisions of the mee- ting in ”Decisions of the Annual General Meeting and Board of Directors”. (Stock exchange release April 4, 2024) On April 11, 2024, Wulff announced the change in the reporting structure and published the comparison data of the segments. (Stock exchange release) On June 10, 2024, Wulff announced the purchase of Tilitoimisto Raahen Tase Oy. (Stock exchange release) On November 6, 2024, Wulff announced the purchase of Toda Consulting Oy’s business. (Press release) On November 27, 2024, Wulff announced the purchase of Ab Bokföringsbyrå Esse Tilitoimisto Oy. (Press release) On December 12, 2024, Wulff announced the purchase of Aktiva Redovisning Åland Ab. (Press release) SHARES AND SHARE CAPITAL Wulff Group Plc’s share is listed on Nasdaq Helsinki in the Small Cap segment under the Industrial Goods and Services sector. The company’s trading code is WUF1V. At the end of the reporting period, the share was valued at EUR 3.07 (1.95) and the market capitalization of the outstanding shares totalled EUR 20.9 million (13.3). In 2024, the trade volume for the stock was 848,570 (1,633,934), and the number of shareholders as of 31 December 2024 was 2,675 (2,780). At the end of December 2024, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number and voting rights of Wulff shares. DECISIONS OF THE ANNUAL GE- NERAL MEETING AND BOARD OF DIRECTORS Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 4, 2024. The Annual General Meeting adopted the financial sta- tements for the financial year 2023 and discharged the members of the Board of Directors and CEO from liability for the financial period 1.1.–31.12.2023. The Annual General meeting decided to pay a dividend of EUR 0.15 per share for the financial year 2023. The Annual General Meeting approved the remu- neration policy presented by the Board of Directors and the 2023 remuneration report. Kari Juutilainen, Lauri Sipponen, Jussi Vienola and Kristina Vienola were re-elected as members of the Board. The organizing meeting of Wulff Group Plc’s Board of Directors, held after the Annual General Meeting, decided that the Chairman of the Board is Kari Juutilainen. It was confirmed that the members of the Board of Directors will receive a monthly fee of EUR 1,250. BDO Oy, a company of Authorized Public Ac- countants, with Authorized Public Accountant Joonas Selenius as the lead audit partner, was chosen as the auditor of Wulff Group Plc. The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of maximum 300,000 own shares. The authorization is effective until April 30, 2025. The Annual General Meeting authorised the Board to decide on the issue of new shares, disposal of treasury shares and/or the issue of special rights. The authorisation entitles the Board to issue a maximum of 1,300,000 shares, representing approximately 20% of the company’s currently outstanding stock, based on a single decision or several decisions. The authorisation remains in force until April 30, 2025. LOANS, COMMITMENTS AND CON- TINGENCIES TO RELATED PARTIES Wulff Group Plc has granted a total of EUR 2.6 mil- lion in loans without repayment period nor collateral to its subsidiaries, i.e. related parties. The interest rates on the loans are tied to the 12-month euribor and their margins vary between 1-6%. The parent company has also pledged the Wulff Supplies AB’s loan to Nordea in 2019. The loan was withdrawn to finance a logistics center, and the capital of of the loan was EUR 1.6 million at the end of the reporting period. 40 Annual Review 2024 | MANAGEMENT TRANSACTIONS The chairman of the board, Kari Juutilainen, acquired a total of 5,320 Wulff Group Plc shares in February at an average price of EUR 2.44. The chairman of the board, Kari Juutilainen, acquired a total of 4,000 Wulff Group Plc shares in Decem- ber at an average price of EUR 3.02 PERSONNEL Wulff employs people working in group companies and temporary workers mediated by Wulff Works staff leasing. In January—December 2024 the Group’s personnel totalled 271 (262) employees on average. At the end of December, the Group had 292 (234) emp- loyees of which 45 (46) persons were employed in Sweden, Norway, or Denmark. Of the Group’s personnel 41 % (40) work in sales operations and 59% (60) of the employees work in sales support, logistics and administration. Of the personnel, 55% (53) are women and 45% (47) are men. In January—December 2024, there were an avera- ge of 256 (0) temporary employees arranged by Wulff Works calculated in person-years. Due to the nature of the staff business, the total number of employees employed by Wulff is greater than the average number of personnel. In calcula- ting the average number of temporary employees, the employees’ work input has been converted into person-years of work. RISKS AND UNCERTAINTIES The general economic and market development and the employment rate have a significant impact on the demand for products and services. The development of global and local economies is affected by rising prices and monetary policy deci- sions aimed at taming inflation. Geopolitical tensions and conflicts, growing protectionism as well as ext- reme weather phenomena and the expansion of the climate crisis, can affect product prices, availability, and the strength of inflationary trends through higher costs of energy commodities and logistics. In addition, megatrends, for example green transition, sustainability, digitalization and artificial intelligence, the sharing economy and the aging of the population, affect the market change. The development of a product and service selection in line with changing markets and changing needs involves both risks and lots of positive opportunities. Usual business risks include the successful imple- mentation of Wulff’s strategy, cyber security risks, as well as operational risks arising from the personnel, logistics and IT environment. Tight competition in the workplace product and service industry can affect business profitability. Changes in exchange rates affect the group’s net profit and balance sheet. SUBSEQUENT EVENTS On January 10, 2025, Wulff announced the purcha- se of Hämeen TiliDiili Oy. (Press release) On February 13, 2025, Wulff announced the purchase of 70% of Convido Ab Oy’s shares. (Stock exchange release) BOARD OF DIRECTORS’ PROPOSAL FOR THE DISTRIBUTION OF PROFIT The Group’s parent company Wulff Group Plc’s distributable funds totalled EUR 4.0 million (1.5). The Group’s net result attributable to the owners of the parent company for the financial year was EUR 1.8 million (2.1), or EUR 0.26 per share (0.31). The Board of Directors proposes to the Annual General Meeting to be held on April 3, 2025, that a dividend of EUR 0.16 per share (0.15) be paid in two instal- ments 0.08 during the second quarter of 2025 and 0.08 during the last quarter of 2025, for the financial year 2024, totalling EUR 1.1 million, and the remai- ning distributable funds to be transferred in retained earnings in the shareholders’ equity. The effective dividend yield of the proposed dividend is 5.2 percent (calculated at the 31.12.2024 share price, which was EUR 3.07/share). STRATEGY In December 2021, Wulff Group Plc’s Board of Directors approved an updated strategy and me- dium-term targets for the company for 2022–2026. Profitable growth in the current business operations is at the heart of the strategy, which will be accelerat- ed through acquisitions. The company’s goal is to be the market leader for workplace products and services, and the most re- commended and responsible partner in the sector – making a better world, one workplace at a time. The foundation of the growth strategy is an expansion of the product and service portfolio, and acquisitions in the Nordic countries. The medium-term financial targets approved by Wulff Group Plc’s Board of Directors seek to double net sales, reaching net sales of EUR 200 million by 2026: • average net sales growth of 15-20% per year • growth of comparable operating profit percen- tage and • increasing dividend per share MARKET SITUATION AND FUTURE OUTLOOK Among the global megatrends, Wulff’s operating environment is affected by the increase in the share of knowledge work in all work performed. The de- velopment of the demographic structure is currently reducing the number of people actively working. The integration of technology into products and services changes the structures of working life. Digitization brings new ways for the already multi-channel com- pany to reach and serve customers and increase the productivity of its own operations. The most significant of the megatrends in terms of Wulff’s operation and future is responsible operation and the green transi- tion: is the environment treated as a resource or is the goal to improve the state of the environment. Future success will be strongly built on these themes, and their importance will increase in the decision-making of companies and consumers. Wulff has chosen responsibility and especially positive climate actions, increasing equality and decent work and economic growth (UN Sustainable Development Goals 2030) as important elements of its strategy. Products for Work Environments The uncertainty of the global economic outlook as well as the geopolitical and economic policy situati- on has increased and continues to create instability in the market. The demand for Wulff’s products and services is essentially influenced by the general development of the economy and the market, as well as the employment rate. According to the Decem- ber 2024 forecast of the Bank of Finland, Finland’s GDP is expected to grow by 0.8% in 2025 and the unemployment rate to increase by 0.4%-points from 2024 to 8.7%. According to the December 2024 forecast of the Riksbank of Sweden, the Swedish economy is estimated to grow by 1.8% in 2025 and the unemployment rate to remain in 8.4%. Norway’s | Annual Review 2024 41 economy is expected to grow by 1.4% in 2025 and the unemployment rate to remain almost unchanged at 2.1% according to Norges Bank’s December 2024 forecast. The uncertainty of the economic situation and consumer caution continue in the Nordic countries. Retailers, in particular, are still cautious about invento- ry, which affects demand in this customer segment. The outlook is uncertain. The improvement in business and household confidence may bring positive surprises, and the recovery of private consumption and investments may be faster than predicted. Price inflation is expected to stabilize and interest rates to moderate, which will facilitate the recovery. Despite the challenging business cycle, the market for workplace products and services has developed steadily in the Nordic countries. Work performed in multiple locations has increased, increasing the num- ber of workstations and the demand for products needed at workstations. Encouraging close work and common face-to-face meetings in the workplace, which is on the rise, can be facilitated with, for example, a versatile selection of snacks. Worklife Services According to preliminary information published by Statistics Finland in February 2025, the turnover of the service industries increased by 3.6% in 2024. In Finland, the cyclical development of the service industries has been varying depending on the industry in recent months. The development in the staff leasing industry has been descending. According to EK’s January 2025 business cycle barometer, the confidence of companies in the service sector is stable and slow growth is expected in the coming months. The growth of the staff leasing market correlates with the general GDP development. Accountancy busi- ness is a defensive, steadily growing and profitable industry, regardless of economic cycles. There are many small companies in the industry and it is consolidating. Digitization brings efficiency to the industry. Wulff’s goal is to grow profitably, especially in the service businesses, both organically and through acquisitions. FINANCIAL GUIDANCE 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 compared to 2024. Key uncer- tainties affecting the outlook are the general econo- mic and employment situation, the development of in- flation and interest rates as well as geopolitics: crises, tensions, protectionism and tightened competition between superpowers. ACCOUNTING PRINCIPLES FOR ALTERNATIVE PERFORMANCE MEASURES The Group complies with the Guidelines on Alter- native (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative performance measures, such as the gross margin, comparable EBITDA and comparable operating profit, are used to present the underlying business performance and to enhance comparability between financial periods. The comparable EBITDA and comparable operating profit do not include items affecting comparability. These are income and expenses that are not included in normal business ac- tivities, such as profits from sales of subsidiaries, and non-recurring costs related to their implementation, and writedowns of goodwill and significant one-time expenses. The Alternative Performance Measures should not be taken as substitutes for the standards presented in the Generally Accepted Accounting Principles for IFRS. 42 Annual Review 2024 | KEY FIGURES EUR 1 000 2024 2023 2022 2021 2020 Net sales 102 815 93 782 102 171 90 424 57 541 Change in net sales % 9.6% -8.2% 13.0% 57.1 % 2.1% Earnings before taxes, depreciation and amortization (EBITDA) 5 416 5 111 6 213 9 128 5 204 % of net sales 5.3% 5.4% 6.1% 10.1% 9.0% Comparable earnings before taxes, depreciation and amortization (EBITDA) 5 577 5 470 6 213 6 073 5 204 % of net sales 5.4% 5.8% 6.1% 6.7% 9.0% Operating profit/loss 3 180 3 171 3 988 6 940 3 541 % of net sales 3.1% 3.4% 3.9% 7.7% 6.2% Comparable operating profit/loss 3 340 3 530 3 988 3 885 3 541 % of net sales 3.2% 3.8% 3.9% 4.3% 6.2% Profit/Loss before taxes 2 109 2 132 3 273 6 552 3 101 % of net sales 2.1% 2.3% 3.2% 7.2% 5.4% Comparable profit/loss before taxes 2 270 2 492 3 273 3 497 3 101 % of net sales 2.2% 2.7% 3.2% 3.9% 5.4% Net profit/loss for the financial year attributable for the shareholders of the 1 778 2 087 3 052 5 896 2 174 parent company 1.7% 2.2% 3.0% 6.5% 3.8% % of net sales 1 939 2 446 3 052 2 841 2 174 Comparable net profit/loss for the financial year attributable for the shareholders of the parent company 1.9% 2.6% 3.0% 3.1% 3.8% Cash flow from operations 4 144 4 560 3 990 4 974 2 783 Return on equity (ROE) % 8.2% 9.9% 15.5% 36.3% 19.1% Return on investment (ROI) % 9.0% 9.0% 11.2% 25.0% 15.2% Equity ratio % 41.3% 45.5% 40.5% 38.1% 41.9% Gearing, % 65.6% 52.5% 60.6% 62.1% 57.3% Balance sheet total 54 801 49 550 5 4 119 52 045 35 353 Gross investments in fixed assets 1 628 1 649 2 479 1 388 719 % of net sales 1.6% 1.8% 2.4% 1.5% 1.2% Average number of personnel during the financial year 271 262 286 248 189 Number of personnel at the end of financial year 292 234 280 278 176 | Annual Review 2024 43 SHARE-RELATED KEY FIGURES EUR 1 000 2024 2023 2022 2021 2020 Earnings per share (EPS), EUR 0.26 0.31 0.45 0.87 0.32 Comparable earnings per share (EPS), EUR 0.29 0.36 0.45 0.42 0.32 Equity per share, EUR 3.26 3.17 3.02 2.73 2.00 Dividend per share, EUR 0.16 0 .15 0 .14 0 .13 0 .12 Payout ratio % 61% 49% 31 % 15% 38% Comparable payout ratio % 56% 41% 31 % 31 % 38% Effective dividend yield % 5.2% 7.7% 4.3% 2.6% 3.7% Price/Earnings (P/E) 11 . 7 6.3 7.4 5.6 10 .1 Comparable price/earnings (P/E) 10.8 5.4 7.4 11 . 7 10 .1 P/BV 0.94 0.62 1.09 1.80 1.62 EBITDA / share, EUR 0.80 0.75 0 .91 1.35 0.77 Comparable EBITDA / share, EUR 0.82 0.80 0.91 0.90 0.77 Cash flow from operations / share, EUR 0.61 0.67 0.59 0.73 0.41 Share prices: Lowest share price, EUR 1.95 1.70 2.47 2.90 1. 31 Highest share price, EUR 3.20 4 .13 5.20 5.34 3.40 Average share price, EUR 2.61 3.13 3.94 4 .14 2.01 Closing share price, EUR 3.07 1.95 3.29 4.92 3.24 Market value as of Dec 31, MEUR 20.9 13. 3 22.4 33.3 21.9 Number of outstanding shares on average during the financial year 6 796 004 6 796 004 6 852 051 6 769 352 6 791 043 Number of outstanding shares at the end of the financial year 6 796 004 6 796 004 6 796 004 6 770 368 6 763 368 Number of shares traded 848 570 1 633 934 2 039 645 6 403 381 3 538 157 % of average number of shares 12.5% 24.0% 29.8% 94.6% 52.1% Shares traded, EUR 2 169 926 4 652 372 7 790 740 25 279 930 7 459 624 * The Board of Directors’ dividend proposal from year 2024 to the Annual General Meeting to be held on April 3, 2025. The Group complies with the Guidelines on Alternative Performance Measures (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative performance measures, such as the gross margin, comparable EBITDA and comparable operating profit, are used to present the underlying business performance and to enhance comparability between financial periods. The comparable EBITDA and comparable operating profit do not include items affecting comparability. These are income and expenses that are not included in normal business activities, such as profits from sales of subsidiaries, and write-downs of goodwill. The Alternative Performance Measures should not be taken as substitutes for the standards presented in the Generally Accepted Accounting Principles for IFRS. 44 Annual Review 2024 | CALCULATION PRINCIPLES OF KEY FIGURES Return on equity (ROE), % Net profit/loss for the period (total including the non-controlling interest of the result) x 100 Shareholders’ equity total on average during the period (including non-controlling interest) Return on investment (ROI), % (Profit before taxes + Interest expenses) x 100 Balance sheet total - Non-interest-bearing liabilities on average during the period Equity ratio, % (Shareholders’ equity + Non-controlling interest at the end of the period) x 100 Balance sheet total - Advances received at the end of the period Gearing, % Net interest-bearing debt x 100 Shareholders’ equity (including Non-controlling interest at the end of the period) Earnings per share (EPS), EUR Net profit attributable to the equity holders of the parent company Share issue adjusted number of outstanding shares on average during the period Equity /share, EUR Equity attributable to equity holders of the parent company Share issue-adjusted number of outstanding shares at the end of period Dividend per share, EUR Dividend for the financial period Share issue-adjusted number of outstanding shares at the end of period Payout ratio, % (Dividend per share) x 100 Earnings per share (EPS) Effective dividend yield, % (Dividend per share) x 100 Share issue-adjusted closing share price at the end of period Price/earnings (P/E) Closing share price at the end of period Earnings per share (EPS) | Annual Review 2024 45 P/BV ratio Share issue-adjusted closing share price at the end of period Equity per share Earnings before depreciation and amortization, financial items, and taxes per share, EUR Earnings before depreciation and amortization, financial items, and taxes (EBITDA) Share issue adjusted number of outstanding shares on average during the period Cash flow from operations per share Cash flow from operations (in the cash flow statement) Share issue-adjusted average number of outstanding shares during the period Net interest-bearing debt Interest-bearing liabilities - Interest-bearing receivables - Cash and cash equivalents Market value of outstanding shares Share issue-adjusted number of outstanding shares at the end of period x Closing share price at the end of period EBITDA Net sales + Other operating income - Materials and services - Employee benefit expenses - Other operating expenses EBITDA, % Operating profit before interest, taxes, depreciation, and amortization / Net sales x 100 Comparable EBITDA EBITDA +/- Items affecting comparability Operating profit (EBIT) EBITDA - Depreciation and amortization - Impairment Operating profit (EBIT), % Operating profit (EBIT) / Net sales x 100 Comparable operating profit (EBIT) Operating profit (EBIT) +/- Items affecting comparability CALCULATION PRINCIPLES OF KEY FIGURES 46 Annual Review 2024 | SHARE CAPITAL The parent company’s share capital of EUR 2.65 mil- lion consists of 6,907,628 shares with one vote each and with no par value. There were no changes in share capital in 2024 or 2023. AUTHORIZATIONS OF THE BOARD OF DIRECTORS Authorizing the Board of Directors to decide on a Share Issue and the Special Entitlement of Shares The Annual General Meeting on April 4, 2024 authorised the Board to decide on the issue of new shares, disposal of treasury shares and/or the issue of special rights referred to in Chapter 10, Section 1 of the Companies Act in the following way: The authorisation entitles the Board to issue a maximum of 1,300,000 shares, representing approximately 20% of the company’s current outstanding stock, based on a single decision or several decisions. This maximum number encompasses the share issue and the shares issued on the basis of special rights. The share issue may be subject to or exempt from fees and may be carried out for the company itself as provided in the law. The authorisation remains in force until April 30, 2025. The authorisation entitles the Board to deviate from shareholders’ pre-emptive rights is provided in the law (private placement). The authorisation can be used to carry out acquisitions or other business-related arran- gements, to finance investments, to improve the com- pany’s capital structure, to support the implementation of the company’s incentive scheme or for other purposes as decided by the Board. The authorisation includes the right to decide on the way in which the subscription price is entered in the company’s balance sheet. The subscription price can be paid in cash or as a non-cash contribution, either partly or in full, or by offsetting the subscription price with a receivable of the subscriber. The Board of Directors has the right to decide on other matters related to the share issue. The Company did not use the authorization in 2024 or 2023. Authorizing the Board of Directors to decide on the Repurchase of the Company’s own Shares The Annual General Meeting on April 4, 2024 authorised the Board of Directors to resolve on the acquisition of maximum 300,000 own shares. The aut- horization is effective until 30.4.2025. The authoriza- tion encompasses the acquisitions of the own shares through the public trading arranged by Nasdaq Helsinki Ltd in pursuance of its rules or through a purchase offer made to the shareholders. The conside- ration paid for the acquired shares must be based on the market price. To carry out treasury share acqui- sitions, derivative, stock loan and other agreements may be made on the capital market in accordance with the relevant laws and regulations. The company can acquire treasury shares to carry out acquisitions or other business-related arrangements, to improve the company’s capital structure, to support the imple- mentation of the company’s incentive scheme or to be cancelled or disposed of. The Board of Directors has the right to decide on other matters related to the acquisition of treasury shares. The Company did not use the authorization in 2024 or 2023. TREASURY SHARES At the end of December 2023, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number and voting rights of Wulff shares. SHARE-BASED PAYMENTS The Group does not have any option schemes current- ly in force. Wulff Group Plc’s Board of Directors draws up the rules for the share reward plans and approves the key persons to be included in the plan. The Group does not have any share reward plans in force. SHARE QUOTATION Wulff Group Plc’s stock exchange history started in October 2000 when the company’s share was first listed on the Helsinki Stock Exchange’s NM list. On April 22, 2003, Wulff transferred its shares to the main list, where they were listed in the Consumer Discretionary sector. Until February 2012, Wulff Group Plc’s shares were listed on NASDAQ OMX Helsinki in the Small Cap segment under the Consumer Discre- tionary sector. In February 2012, the sector changed to the Industrial Goods and Services sector. Wulff shares’ trading code is WUF1V. NASDAQ OMX Helsinki commenced trading in round lots of one share on September 25, 2006. The share series’ ISIN code used for international settlement of securities is FI0009008452 TRADING AND PRICE DEVELOPMENT OF WULFF SHARES In 2024 a total of 848,570 (1,633,934) Wulff shares were traded which represents 12.5% (24.0%) of the total outstanding number of shares. The trading was worth EUR 2,169,926 (4,652,372). In 2024 the highest share price was EUR 3.20 euroa (4.13) and the lowest price was EUR 1.95 (1.70). At the end of 2024, the share was valued at EUR 3.07 (1.95) and the market capitalization of the outstanding shares totalled EUR 20.9 million (13.3). DIVIDEND POLICY Wulff Group Plc follows an active dividend policy. The goal is to distribute around 50% of the period’s net profit in dividend. The Board of Directors of Wulff- Group has decided to propose to the Annual General Meeting on April 3, 2025 that dividend of EUR 0.16 per share be paid in two installments during the se- cond and last quarters of 2025, for the financial year 2024 totalling EUR 1.1 million. Rest of the distributable funds shall remain in the shareholders’ retained earnings. SHAREHOLDERS AND OWNERSHIP STRUCTURE Wulff Group Plc’s shares are registered in the book-entry securities system maintained by Euroclear Finland Ltd. The most significant sharehol- ders and the ownership structure are presented in the graphs attached. INSIDER REGULATIONS Wulff Group Plc complies with applicable EU regulations, especially the Market Abuse Regulation (EU 596/2016, “MAR”), and any regulation and guidance given by the European Securities Markets Authority (“ESMA”). Further, the company complies with Finnish legislation, especially the Secu- rities Markets Act (746/2012, as amended) and the Finnish Penal Code (39/1889, as amended), SHARES AND SHAREHOLDERS | Annual Review 2024 47 including the insider and other guidelines of Nasdaq Helsinki Ltd and the standards and guidance of the Finnish Financial Supervisory Authority (“FIN-FSA”) and other authorities. Wulff hasn’t maintained a list of permanent insiders since July 3, 2016. Instead, all persons involved with insider projects will be listed as project-specific insi- ders. Project-specific lists will be established and maintained for each project or event constituting inside information, based on a separate decision. All persons working for Wulff, representatives of external entities, stakeholders and authorities who have infor- mation concerning an insider project or have access to project-specific inside information, as well as persons who are working for the implementation of an insider project, will be entered in a project-spe- cific insider list. Preparation of periodic disclosure (an- nual and half year financial statements, interim reports, financial statements bulletins) or regular access to unpublished financial information is not regarded as an insider project. However, due to the sensitive nature of unpublished information on the compa- ny’s financial results, the persons determined by the company, based on their position or access rights, to have authorised access to unpublished financial result information are added to a list of Financial Information Recipients. Wulff applies an absolute trading prohi- bition (a ‘closed window’ principle) during a period beginning 30 calendar days before the announce- ment of each of the periodic financial reports and the year-end report (the financial statements bulletin) and ending at the end of the trading day following the day of publication of such a report. SHARES AND SHAREHOLDERS 48 Annual Review 2024 | MAJOR SHAREHOLDERS DECEMBER 31, 2024 Major shareholders December 31, 2024 Number of shares % of shares 1 Vienola Heikki 2,521,000 36,5% 2 LähiTapiola 761,10 0 11,0% Keskinäinen Työeläkevakuutusyhtiö Elo 350,000 5,1% LähiTapiola Keskinäinen Vakuutusyhtiö 283,900 4,1% LähiTapiola Keskinäinen Henkivakuutusyhtiö 127,200 1,8% 3 Nordea 324,697 4,7% Sijoitusrahasto Nordea Nordic Small Cap 29 6 ,12 8 4,3% Nordea Henkivakuutus Suomi 20,000 0,3% Nordea Bank Abp 8,569 0,1% 4 Skandinaviska Enskilda BankenAB 251,843 3,6% 5 TCF-Myynti Oy 170,000 2,5% 6 Wulff-Yhtiöt Oyj 111 , 6 2 4 1,6% 7 Keskinäinen työeläkevakuutusyhtiö Varma 67,984 1,0% 8 Laine Capital Oy 64,665 0,9% 9 Laakkonen Mikko 64,18 5 0,9% 10 Lindsay von Julin & Co Ab 64,000 0,9% 11 Salonen Jari 52,000 0,8% 12 Heikki Tervonen Oy 45,000 0,7% 13 Tolppola Kim 42,512 0,6% 14 Progift Oy 41,162 0,6% 15 Pim Partners Ab 40,000 0,6% Total of 15 biggest shareholders 4,621,772 66,9% Total of other shareholders 2,285,856 33,1% Total number of shares 6,907,628 100,0% - Own shares - 111 , 6 2 4 Total number of outstanding shares 6,796,004 The shareholders information is based on the shareholders’ register main- tained by Euroclear Finland Ltd. Shareholders are grouped according to the known direct holdings of individual shareholders, individuals under their guardianship and the shares held by associations where they exer- cise authority and stated as aggregate amounts and specified category. The shareholdings of companies belonging to the same group are stated both as aggregate amounts and specified by category. The list of major shareholders can be found on the Group’s website at wulff.fi/en/ | Annual Review 2024 49 Owner group Number of shareholders % Number of shares % Companies 97 3.6% 747, 8 51 10.8% Financial and insurance institutions 7 0.3% 740,928 10.7% Public entities 2 0.1% 417,984 6.1% Non-profit organisations 4 0.1% 18 ,11 0 0.3% Private persons 2,539 94.9% 4,693,306 67.9% Foreign shareholders 18 0.7% 5,191 0.1% Nominee-registered shareholders 8 0.3% 284,258 4.1% Total 2,675 100.0% 6,907,628 100.0% SHAREHOLDERS BY GROUP AS OF DECEMBER 31, 2024 SHAREHOLDERS BY THE NUMBER OF SHARES OWNED DECEMBER 31, 2024 Number of shares Number of shareholders % Number of shares % 1-500 1,930 72.1 % 278,937 4.0 % 501-1000 344 12.9 % 268,812 3.9 % 1 001-10 000 348 13.0 % 1,018,140 14.7 % 10 001-100 000 45 1.7 % 1,230,044 17.8 % 100 001- 8 0.3 % 4,111,695 59.5 % Total 2,675 100.0 % 6,907,628 100.0 % 50 Annual Review 2024 | ANNUAL GENERAL MEETING 2025 Wulff Group Plc’s Annual General Meeting will be held on April, 3 2025 at 11:00 a.m. The meeting is held in the Wulff house at Kilonkartanontie 3, Espoo. The company’s shareholders and their representatives may attend the meeting and exercise their shareholder rights also by voting in advance and by submitting counter-proposals and questions in advance. The meeting can be followed via remote connection. Instructions for participating in the Annual General Meeting, submitting counter-proposals and submitting questions and voting in advance to shareholders have been published by invitation to the Annual General Meeting and are available on the company’s website www.wulff.fi/en/annual-general-meeting/. A shareholder who is registered in the company’s shareholder register maintained by Euroclear Finland Ltd on Monday March, 24 2025 has the right to parti- cipate in the Annual General Meeting by voting in advance. Advance voting will begin on Thursday March 6, 2025 at 9.00 a.m. A shareholder entered in the company’s shareholder register who wishes to participate in the Annual General Meeting must vote in advance no later than Monday March 31, 2025 at 10.00 a.m., by which time the votes must be received. The holder of nominee-registered shares has the right to participate in the Annual General Meeting by voting in advance on the basis of those shares that would allow them to be entered in the shareholder register maintained by Euroclear Finland Ltd on the record date of the Annual General Meeting on March 24, 2025. Participation also requires that the shareholder be temporarily entered in the shareholder register maintained by Euroclear Finland Ltd on the basis of these shares no later than March 31, 2025 at 10.00 a.m. The owner of a nominee-registered share is advised to request the necessary instructions from his / her cus- todian in good time regarding temporary registration in the shareholder register, issuance of proxies and registration for the Annual General Meeting. The cus- todian’s account manager must notify the owner of the nominee-registered share to be temporarily entered in the company’s shareholder register by the abo- ve-mentioned date at the latest and take care of vo- ting on behalf of the nominee-registered shareholder. DIVIDEND FOR 2024 The Board of Directors of Wulff Group Plc proposes to the Annual General Meeting that a dividend of EUR 0.16 share in total shall be paid for the financial year 2024 in two instalments. The first instalment EUR 0.08 per share will be paid on April 14, 2025, to share- holders who have been registered in the Company’s shareholder list maintained by Euroclear Finland Ltd on the record date of the dividend payment, April 7, 2025. The second instalment EUR 0.08 per share will be paid on October 13, 2025, to shareholders who have been registered in the Company’s shareholder list maintained by Euroclear Finland Ltd on the record date of the dividend payment, October 6, 2025. FINANCIAL REPORTING 2025 Wulff Group Plc will release the following financial reports in 2025: Interim Report January-March 2025 Monday April, 28 2025 Half-Year Report January-June 2025 Thursday July 17, 2025 Interim Report January-September 2025 Monday October, 20 2025 Wulff Group Plc’s financial reports are published in Finnish and English and they are also available at www.wulff.fi/en. To receive Wulff Group Plc’s interim reports and releases by email, shareholders can join the company’s email distribution list by sending a request by email to [email protected] CONTACT INFORMATION FOR ORDERING THE ANNUAL REPORT Wulff Group Plc Kilonkartanontie 3, FI-02610 Espoo, Finland tel: +358 300 870 414 email: [email protected] The Annual Report is published as a PDF document in Finnish and English. It can be viewed at the Group’s website at www.wulff.fi/en. CONTACT PERSON FOR INVESTOR RELATIONS Group CEO Elina Rahkonen Kilonkartanontie 3 FI-02610 Espoo, Finland tel: +358 300 870 414 mobile: +358 40 647 1444 email: [email protected] INFORMATION FOR THE SHAREHOLDERS CONSOLIDATED FINANCIAL STATEMENTS | Annual Review 2024 52 CONSOLIDATED INCOME STATEMENT (IFRS) EUR 1 000 Note Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023 Net sales 2.1, 2.2 10 2 815 93 782 Other operating income 2.3 21 6 15 8 Materials and services 2.4 -72 617 -65 038 Employee benefit expenses 2.5 -17 299 -16 489 Other operating expenses 2.6 -7 700 -7 303 Earnings before depreciation (EBITDA) 5 416 5 110 Depreciation and amortization 2.7 -2 237 -1 940 Operating profit (EBIT) 3 180 3 170 Financial income 2.8 15 9 68 Financial expenses 2.8 -1 230 -1 106 Profit before taxes 2 109 2 132 Income taxes 2.9 -285 13 Net profit/loss for the period 1 824 2 145 Equity holders of the parent company 1 7 78 2 087 Non-controlling interests 46 58 Earnings per share for profit attributable to the equity holders of the parent company: Earnings per share, EUR (diluted = non-diluted) 2.10 0,2 6 0,3 1 Attributable to: CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) EUR 1 000 Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023 Net profit/loss for the period 1 824 2 145 Other comprehensive income which may be reclassified to profit or loss subsequently (net of tax) Change in translation differences -1 56 -1 59 Total other comprehensive income -15 6 -15 9 Total comprehensive income for the period 1 668 1 986 Total comprehensive income attributable to: Equity holders of the parent company 1 636 1 941 Non-controlling interests 32 45 53 Annual Review 2024 | CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) EUR 1 000 Note Dec 31, 2024 Dec 31, 2023 ASSETS Non-current assets Goodwill 3.1, 3.3 10 933 8 824 Intangible assets 3.1 3 647 2 475 Property, plant and equipment 3.2 9 514 9 049 Non-current financial assets Long-term receivables from others 13 8 12 3 Other investments 6 41 312 Deferred tax assets 2.9 1 645 1 454 Total non-current assets 2 6 518 22 236 Current assets Inventories 3.4 12 814 12 300 Short-term receivables Loan receivables from others 6 10 Trade receivables from related parties 4 - Trade receivables from others 3.5 12 78 7 12 743 Other receivables 3.5 92 77 Accrued income and expenses 3.5 1 455 2 034 Cash and cash equivalents 3.5 1 12 5 151 Total current assets 28 283 27 314 TOTAL ASSETS 54 801 49 550 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) EUR 1 000 Note Dec 31, 2024 Dec 31, 2023 EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the parent company: Share capital 2 650 2 650 Share premium fund 7 662 7 662 Invested unrestricted equity fund 6 76 6 76 Retained earnings 11 13 9 10 522 Equity attributable to the equity holders of the parent company 22 127 21 510 Non-controlling interests 354 4 76 Total equity 3.6 22 481 21 986 Non-current liabilities Interest-bearing liabilities 3.7 10 527 9 666 Leasing liabilities 3.7 1 013 324 Non-interest-bearing liabilities 3.7 17 - Deferred tax liabilities 2.9 25 0 17 7 Total non-current liabilities 11 807 10 167 Current liabilities Interest-bearing liabilities 3.7 3 723 1 281 Leasing liabilities 3.7 684 527 Trade payables 3.7 7 18 9 8 590 Advance payments 3.7 313 1 248 Other liabilities 3.7 3 130 2 156 Accrued income and expenses 3.7 5 473 3 595 Total current liabilities 20 513 17 3 97 TOTAL EQUITY AND LIABILITIES 54 801 49 550 | Annual Review 2024 54 CONSOLIDATED CASH FLOW STATEMENT (IFRS) EUR 1 000 Note Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023 Cash flow from operating activities: Cash received from sales 103 332 95 714 Cash received from other operating income 14 8 121 Cash paid for operating expenses -98 166 -90 116 Cash flow from operating activities before financial items and income taxes 5 314 5 719 Interest paid - 9 31 -89 8 Interest received 14 9 41 Income taxes paid -417 -302 Cash flow from operating activities 4 114 4 560 Cash flow from investing activities: Investments in intangible and tangible assets -1 628 -1 649 Acquisition of subsidiary company shares 4.1 -2 962 -233 Short-term invesments in other shares - 12 9 - Proceeds from sales of intangible and tangible assets 69 37 Sale of subsidiaries reduced by cash at the time of sale 4.1 - -1 64 Repayments of loans receivable - 12 3 Cash flow from investing activities -4 662 -2 007 Cash flow from financing activities: Dividends paid 3.6 -1 072 -1 001 Dividens received 2.8 - 17 Changes in the shares of minority shareholders 4.1 - - 81 Repayments of lease liabilities -7 08 -618 Withdrawals and repayments of short-term loans -1 86 1 008 Withdrawals of long-term loans 4 173 - Repayments of long-term loans -684 -2 744 Cash flow from financing activities 1 522 -3 420 Change in cash and cash equivalents 9 75 -86 7 Cash and cash equivalents at the beginning of the period 151 1 028 Translation difference of cash - - 11 Cash and cash equivalents at the end of the period 1 12 5 151 55 Annual Review 2024 | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, IFRS EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY EUR 1 000 Note Share Sharepre- Fund for invested Treasury Translation Retained Total Non-control- TOTAL capital mium fund non-restricted shares differences earnings ling interes equity Equity on Jan 1, 2024 2 650 7 662 6 76 -33 2 -9 33 11 78 7 21 510 4 76 21 986 Net profit/loss for the period 1 778 1 778 46 1 824 Other comprehensive income: Change in translation differences -14 2 -1 42 -14 -1 56 Comprehensive income * -1 42 1 778 1 636 32 1 668 Transactions with the shareholders: Dividends paid -1 019 -1 019 -1 53 -1 173 Transactions with the shareholders total -1 019 -1 019 -1 53 -1 173 Equity on Dec 31, 2024 3.6 2 650 7 662 6 76 -33 2 -1 075 12 546 22 127 354 22 481 Equity on Jan 1, 2023 2 650 7 662 6 76 -33 2 -7 66 10 652 20 542 7 74 21 316 Net profit/loss for the period 2 087 2 087 58 2 14 5 Other comprehensive income: Change in translation differences -1 46 -1 46 -13 - 15 9 Comprehensive income * -1 46 2 087 1 941 45 1 986 Transactions with the shareholders: Dividends paid -9 51 -95 1 -50 -1 001 Sale of subsidiaries -22 -22 - 212 -2 34 Changes in ownership -81 -81 Transactions with the shareholders total -22 -9 51 -9 73 -3 43 -1 316 Equity on Dec 31, 2023 3.6 2 650 7 662 6 76 -33 2 -9 33 11 78 7 21 510 4 76 21 986 with tax impact included NOTES TO THE CON- SOLIDATED FINAN- CIAL STATEMENTS 57 Annual Review 2024 | 1.1. GENERAL INFORMATION ABOUT THE GROUP The Group’s parent company, Wulff Group Plc is a Finnish public limited company, established in accordance with Finnish law. It is domiciled in Helsinki and the address of its headquarters is Kilonkartanontie 3, 02610 Espoo, Finland. Copies of the consoli- dated financial statements are available at the above address. The Group consists of the parent company Wulff Group Plc and its subsidiaries in Finland, Sweden, Norway and Denmark. Wulff’s product and service range includes workplace products and services, staff leasing services, accounting and financial management services, consulting services, exhibition, event, and commercial interior design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. Wulff Group’s reporting segments are Worklife Services and Products for Work Environments. In addition to business segments, group services and eliminations not allocated to business segments are reported separately. The Board of Directors of Wulff Group Plc has approved these financial statements for publication at its meeting on March 5, 2025. According to the Finnish Limited Liability Companies Act, the shareholders at the general meeting held after the publication may approve or reject the financial statements or decide on amendments to be made to the financial statements. 1.2. BASIS OF PREPARATION These consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) including the IAS and IFRS standards as well as the SIC and IFRIC interpretations in effect on December 31, 2024. The term ‘IFRS standards’ refers to standards and interpretations which are approved and adopted by the European Union (regulation EY 1606/2002) and thus are in force in the Finnish legislation. The Group has not adopted any new, revised or amended standards or interpretations that are not yet effective. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation, which supplement the IFRS regulations. In compliance with the IFRS standards, the consolidated finan- cial statements are based on original cost except for availab- le-for-sale financial assets, financial assets recognised at fair value through profit and loss as well as share-based transactions to be settled in cash and measured at fair value. Equity-settled share-based payments (share rewards) have also been measu- red at fair value at the grant date. The Group complies with the Guidelines on Alternative Per- formance Measures (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative performance measures, such as the comparable operating profit and comparable EBITDA, are used to present the underlying business performance and to enhance compa- rability between financial periods. The comparable operating profit and comparable EBITDA do not include items affecting comparability. These are items that are not included in normal business activities, like profits from sales of subsidiaries, and non-recurring costs from implementation of business acquisitions, write-downs of goodwill, and significant one-time expenses. The Alternative Performance Measures should not be taken as subs- titutes for the standards presented in the Generally Accepted Accounting Principles for IFRS. All figures are presented as thousands of euros and have been rounded to the nearest thousand euros. Therefore the total sums do not necessarily fully reconcile to the sum of individual figures. 1.3 CONSOLIDATION PRINCIPLES The consolidated financial statements include the parent com- pany Wulff Group Plc and all its subsidiaries. Subsidiaries are companies in which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The subsi- diaries are consolidated from the date the Group gains control until the Group loses control in them. The subsidiaries have the same financial period as the parent company. Intra-Group holdings have been eliminated using the acquisition cost method, according to which the acquisition cost as well as the assets and liabilities of the subsidiary are measured at fair value at the acquisition date. If the acquisition cost, the non-cont- rolling interests and the previously owned share in total exceed the fair value of the net assets acquired, the excess is recognized as goodwill which is not amortized but tested for impairment at least annually. If the goodwill is negative, it is recognized dire- ctly through income statement. Acquisition transaction costs are expensed when incurred and they are not included in goodwill. The non-controlling interests i.e. the minority shares in a subsidia- ry acquired are measured at either fair value or at the amount corresponding to the minority shareholders’ proportional share of the net assets acquired. When the Group acquires shares from the minority shareholders, the difference between the acquisition cost and the book value of the share of the net assets acquired is recognized directly to equity and the goodwill does not change anymore after the original acquisition of controlling majority. Also the gains and losses from the sale of shares to mi- nority shareholders are recognized directly in equity. The losses incurred are allocated also to the minority shareholders, even if this would lead to a negative share. The Group’s equity and ear- nings attributable to the non-controlling interests are presented separately. Changes in ownership of subsidiaries, which do not lead to loss of control, are recognised as equity transactions. All intra-Group business transactions, internal receivables and liabilities, internal margins for inventories and fixed assets, as well as internal profit distribution have been eliminated when preparing the consolidated financial statements. The Group does not have associated companies or joint ventu- 1. GENERAL ACCOUNTING PRINCIPLES | Annual Review 2024 58 res. 1.4 FOREIGN CURRENCY ITEMS Items in each group company’s financial statements are measu- red using the currency of that company’s country (“functional currency”). The consolidated financial statements are present- ed in euro, which is the Company’s functional and reporting currency. Foreign currency transactions are translated into functional currency using the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency using the exchange rates prevailing at the balance sheet date. Non-monetary items denominated in foreign currency, measu- red at fair value, are translated using the exchange rates at the date when the fair value was determined. Foreign exchange gains and losses from operating business transactions are recorded in the appropriate, corresponding income statement accounts included in operating profit. Also foreign exchange gains and losses arising from the translati- on of foreign-currency-denominated trade receivables and trade payables are recorded in the related income statement accounts included in operating profit. Foreign exchange gains and losses from the translation of foreign-currency-denominated loan receivables and liabilities as well as monetary assets are recognized in financial income and expenses. Exchange diffe- rences arising on a monetary item that forms a part of a net in- vestment in a foreign operation are recognized in the statement of other comprehensive income and finally on the disposal of the net investment they are recognized in the income statement. Income statements of foreign subsidiaries, whose functional and reporting currency is not euro, are translated into euro using the monthly average exchange rates. Their balance sheets are translated using the exchange rates of balance sheet date. The translation differences arising from the translation of income statements and balance sheets as well as from the elimination of internal ownership and the exchange differences resulting from translating equity incurred after the date of acquisition are recognized in the statement of other comprehensive income and the cumulative translation differences are presented in equity. On the disposal of a subsidiary functioning in foreign currency, that entity’s cumulative translation difference is recognized in the income statement as part of the gain or loss on the sale. Any goodwill arising from the acquisition of a foreign company and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign subsidiary and retranslated using the exchange rate of balance sheet date. 1.5 CRITICAL ACCOUNTING ESTIMA- TES AND MANAGEMENT JUDGMENTS The IFRS principles require the management to make estimates and assumptions when preparing financial statements. Mana- gement’s estimates and assumptions are based on historical experience and plausible future scenarios which are evaluated constantly. Possible changes in estimates and assumptions are recognized in the accounting period during which estimates and assumptions were revised, and in all subsequent accounting periods. Market and general economic situation development may affect the variables underlying the estimates and the final outcome may differ significantly from estimates. The changes in estimates affect the income and expenses for the financial pe- riod as well as the values of assets and liabilities in the balance sheet. Estimates and judgments are needed also for applying the Group’s accounting policies. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next accounting pe- riod, are related to the valuation of the Group’s assets (invento- ries, receivables), goodwill impairment testing (future cash flow estimates, discount rates) and recognition of deferred taxes (the probability of utilizing tax losses). 1.6 ADOPTION OF NEW AND UPDAT- ED IFRS STANDARDS The consolidated financial statements have been prepared in accordance with the previous years’ accounting standards, adopting also the new and updated IFRS standards and inter- pretations that have come into effect as of January 1, 2024. Wulff Group has not yet adopted the new and amended stan- dards and interpretations already issued by the IASB. The Group will adopt them as of the effective date or, if the date is other than the first day of the financial year, from the beginning of the subsequent financial year. According to the management’s assessment amended standards and interpretations that come into force on 1.1.2025 do not have a significant effect on the consolidated financial statements. 1.7 EUROPEAN SINGLE ELECTRONIC FORMAT (ESEF) Annual Report of 2024 has also been published according to the European Single Electronic Format (ESEF) -reporting requi- rements as XHTML-file. which is the official version of this report. The ESEF-statement of Wulff Group Plc has been audited. 59 Annual Review 2024 | 2.1 NET SALES 2. FINANCIAL PERFORMANCE NET SALES EUR 1 000 2024 2023 Revenue recognized at a single point in time 78 797 85 950 Revenue recognized over time 24 018 7 831 Total 102 815 93 782 Revenues recognized at a single point in time include net sales of workplace products and services. Revenues recognized over time consist of exhibition services, staff leasing services, accounting and financial management services, printing and document management solutions and consulting services. ACCOUNTING PRINCIPLES Wulff Group companies offer workplace products and ser- vices, staff leasing services, accounting and financial manage- ment services, consulting services, exhibition, event, and space design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. In the group’s income statement, net sales includes the sales re- venue of goods and services, from which indirect taxes, granted discounts, customer rebates and exchange rate differences on trade receivables denominated in foreign currency have been deducted. Sales revenue from the sale of goods is recognized when the performance obligation has been fulfilled. The perfor- mance obligation has been fulfilled when control has passed to the customer, typically when the product has been delivered to the customer in accordance with the terms of delivery. The sale of workplace products and services is recognized as revenue when the parties have accepted the customer agree- ment in writing or orally or in another usual way (for example, dealing in stores), when the separable goods and/or service have been handed over, control has passed to the customer and the performance obligation has been fulfilled. Monetary revenue is based on the values according to the customer agreement of the goods and services delivered by the time of review. The return according to the customer contracts is not changeable afterwards. . Invoicing is done normally at time of delivery of the products and services. The sale of solutions and services for office and professional printing and document management, accounting and financial management services, and staff leasing services is recognized as revenue when the parties have accepted the customer agreement in writing or in another conventional way and when the customer receives and consumes the benefit from the service. Regarding the consulting business, individual work-based definition and delivery projects are recognized as income according to the progress of the performance over time. Long- term, fixed-price projects are recognized over time based on the degree of completion, when the final result of the project can be reliably estimated. The degree of completion is defined for each project as a share of the expenses resulting from the work completed up to the time of review of the estimated total expenses of the project. If the estimates of the project change, the realized sales and margin are changed in the period when the change is known and can be estimated for the first time. The exhibition services of Wulff Entre Oy, subsidiary that offers exhibition, event, and space design services, are monetized over time, i.e. essentially at the start of the exhibition, when the customer receives and consumes the benefit from the service. The group’s net sales do not include the internal business transa- ctions of the group companies. | Annual Review 2024 60 NET SALES BY GROUP COMPANIES’ LOCATIONS EUR 1 000 2024 2023 Finland 81 251 79% 68 420 73% Sweden 16 922 16% 19 908 21 % Norway 9 828 10% 11 12 7 12 % Denmark 991 1% 1 150 1% Net sales between countries -6 176 -6% -6 823 -7% Net sales total 102 815 100% 93 782 100% Wulff Group companies are located in the Nordic countries. According to IFRS 8, the consolidated net sales are presented by the geographical location of both the group companies and the customers. Non-current assets of the group companies located in different countries consist of goodwill as well as other intangible and tangible assets. As required by IFRS 8, these geographical segments’ assets do not include non-current financial assets and deferred tax assets. GEOGRAPHICAL INFORMATION NET SALES BY CUSTOMERS’ LOCATIONS EUR 1 000 2024 2023 Finland 76 758 75% 67 326 72% Sweden 10 855 11 % 12 906 14 % Norway 9 843 10% 11 223 12% Denmark 1 010 1% 1 462 2% Other European countries 3 173 3% 283 0% Other countries 1 177 1% 582 1% Net sales total 102 815 100% 93 782 100% NON-CURRENT ASSETS BY GROUP COMPANIES’ LOCATIONS EUR 1 000 2024 2023 Finland 20 029 83% 16 047 79% Sweden 4 055 17% 4 297 21 % Norway 3 0% 4 0% Total non-current assets 24 087 100% 20 347 100% 61 Annual Review 2024 | 2.2 SEGMENT INFORMATION ACCOUNTING PRINCIPLES From January 1, 2024, the two actual reporting segments of the Wulff Group are the Worklife Services Segment and Products for Work Environ- ments Segment. The data for the comparison period have been adjusted to reflect the current organizational structure. Wulff Group’s top operational decision-maker, the Group’s Board of Directors, regularly monitors the results of the reporting segments in order to evaluate the business units and decide on the allocation of resources. The Worklife Services Segment includes staff leasing services, accounting and financial management ser- vices, consulting services, exhibition, event, and space design services both internationally and domestically, as well as solutions and services for office and professional printing and document management. The Products for Work Environments Segment consists of the business of workplace products and services in Finland and Scandinavia. Additionally the Group’s parent company Wulff Group Plc, its subsidiary with leasing operations, Wulff Leasing Oy, Wulff Finances Oy with financial services and Mutual Real Estate Company Kilonkallio 1 make the Group Services segment which includes group management’s general costs which cannot be allocated on a reasonable basis to Worklife Services and Products for Work Environme- nts Segments. The segments’ performance is reviewed and the Group Executive Board’s and the Board of Directors’ decision-making related to resource allocation is based on the segments’ operating result (IFRS). Intersegment transactions are market-priced. Intra-segment transactions are eliminated from the seg- ment’s income and the inter-segment eliminations are presented separately in the following reconciliation. Fixed management expenses from group services are allocated to Worklife Services and Products for Work Envi- ronments in proportion of the usage of those internal services. Impairment of goodwill arising from an acquisition of a subsidiary is allocated to the segment of that subsidiary. The principles for preparing the segments are the same as for preparing the financial statements. Financial items and income taxes are handled at the group level and are therefore not allocated to operating segments. NET SALES BY OPERATING SEGMENTS EUR 1 000 2024 2023 Worklife Services Segment Sales to external customers 24 017 7 830 Intragroup sales to other segments 678 33 Total Worklife Services Segment 24 695 7 862 Products for Work Environments Segment Sales to external customers 78 797 85 950 Intragroup sales to other segments 24 2 Total Products for Work Environments Segment 78 821 85 953 Group Services Sales to external customers 1 1 Intragroup sales to other segments 1 377 1 300 Total Group Services 1 378 1 301 Intragroup eliminations between sgements -2 079 -1 335 Total net sales 102 815 93 782 Revenue from any individual customer did not exceed 10 percent share of the consolidated revenue in 2024 or 2023. | Annual Review 2024 62 RESULT BY OPERATING SEGMENTS 2024 EUR 1 000 Worklife Services Products for Work Environments Group Services and non-allocated items Group Net sales 24 695 78 821 -701 102 815 Expenses -23 551 -74 765 918 -97 399 Earnings before depreciation (EBITDA) 1 143 4 056 217 5 416 Depreciations -528 -1 377 -332 -2 237 Operating profit (EBIT) 615 2 679 - 115 3 180 Financial income (non-allocated) 159 159 Financial expenses (non-allocated) -1 230 -1 230 Profit before taxes 615 2 679 -1 186 2 109 RESULT BY OPERATING SEGMENTS 2023 EUR 1 000 Worklife Services Products for Work Environments Group Services and non-allocated items Group Net sales 7 862 85 953 -34 93 782 Expenses -7 532 -82 081 941 -88 671 Earnings before depreciation (EBITDA) 331 3 872 907 5 110 Depreciations -87 - 674 -1 179 -1 940 Operating profit (EBIT) 244 3 198 -272 3 170 Financial income (non-allocated) 68 68 Financial expenses (non-allocated) -1 106 -1 106 Profit before taxes 244 3 198 -1 309 2 132 2.2 SEGMENT INFORMATION 63 Annual Review 2024 | 2.3 OTHER OPERATING INCOME EUR 1 000 2024 2023 Sales gains from tangible assets 33 34 Rental income 50 49 Other 133 75 Total 216 158 EUR 1 000 2024 2023 Materials, supplies and products Purchases during the financial year 66 614 57 984 Change in inventories -623 1 022 Freights 5 382 5 206 External services 1 244 826 Total 72 617 65 038 2.4 MATERIALS AND SERVICES ACCOUNTING PRINCIPLES Other operating income includes income other than the actual sale of goods and services, such as capital gains, rental income and other similar income, which are not included in net sales. Rental income is recorded in equal installments in the income statement on an accrual basis during the rental period. | Annual Review 2024 64 EUR 1 000 2024 2023 Salaries and fees 14 090 13 261 Pension expenses (defined contribution plans) 2 301 2 090 Other personnel expenses 908 1 139 Total 17 299 16 489 Average number of employees in accounting period 271 262 Personnel at the end of period 292 234 2.5 EMPLOYEE BENEFITS Information about the management’s employment benefits and loans is presented in Note 4.4 Related party information. Details about related party shareholdings are presented under Board and management. ACCOUNTING PRINCIPLES PENSION OBLIGATIONS Group companies have pension plans based on local conditions and practices. Pension plans are classified as either defined contribution or defined benefit plans. In payment-based arrangements, the group makes fixed payments to a separate unit. If the unit is unable to pay the pension benefits in question, the group has no legal or factual obligation to make additional payments. All such plans that do not meet these criteria are defined benefit pension plans The statutory pension insurance for the group’s Finnish personnel is defined contribution. The costs arising from the payment-based system are recorded in the income statement for the periods during which the obligation to pay has arisen. According to IFRS, the group’s pension arrangement for Swedish employees is defined benefit. In the group, the arrangement is processed as a payment basis, because the insurance company is unable to provide the necessary information. 65 Annual Review 2024 | 2.6 OTHER OPERATING EXPENSES EUR 1 000 2024 2023 Rents 129 171 Travel expenses 963 937 ICT expenses 1 438 1 043 External logistics expenses 964 1 277 Marketing, PR and entertainment expenses 947 763 Credit losses and amortization of sales receivables 42 9 Credit loss allowance of customer contracts according to IFRS 9 15 -17 Fees to auditors 132 91 Other 3 069 3 029 Total 7 700 7 303 APPROVED AUDIT FIRM BDO EUR 1 000 2024 2023 Audit 60 23 Total 60 23 Fees to auditors total in all group companies. The Group did not have material research and development expenses in the current or previous year. OTHER APPROVED AUDIT FIRMS EUR 1 000 2024 2023 Audit 72 58 Tax services - 7 Other services - 2 Total 72 68 | Annual Review 2024 66 2.7 AMORTIZATION, DEPRECIATION AND IMPAIRMENT There was no impairment of goodwill in other long-term intangible or tangible assets during 2024 or 2023. EUR 1 000 2024 2023 Amortization and depreciation during the period: Amortization of intangible assets: Other intangible assets 433 389 Customer relationships 299 68 Total amortization of intangible assets 732 457 Depreciation of tangible assets: Buildings 424 429 Machinery and equipment 337 373 Other tangible assets 11 13 Total depreciation of tangible assets 772 815 Depreciation of right-of-use assets Buildings 499 423 Machinery and equipment 234 245 Total depreciation of right-of-use assets 733 668 Total amortization and depreciation 2 237 1 940 2.8 FINANCIAL INCOME AND EXPENSES EUR 1 000 2024 2023 Financial income: Interest income 149 41 Dividend income - 17 Foreign exchange gains and other financial income 10 11 Financial income total 159 68 Financial expenses: Interest expenses 931 898 Interest expenses on finance leases 61 24 Other financing expenses 141 159 Foreign exchange losses and other financial expenses 97 25 Financial expenses total 1 230 1 106 67 Annual Review 2024 | INCOME TAXES IN THE INCOME STATEMENT EUR 1 000 2024 2023 Income taxes for the financial years -397 -282 Income taxes for the previous financial years -4 - Deferred taxes: Change in deferred tax assets 192 311 Change in deferred tax liabilities -77 -16 Total -285 13 INCOME TAX RECONCILIATION EUR 1 000 2024 2023 Profit before taxes 2 109 2 132 Income taxes according to the Finnish tax rate (2024-2023: 20.0%) -422 -426 Different tax rates abroad -37 -28 Non-deductible expenses and tax-free income 0 -80 Tax impact from the current year's losses for which no deferred tax asset is recognized -199 - 71 Income taxes from previous financial years -4 - Changes in deferred tax assets and liabilities from previous years 424 674 Group consolidation and eliminations -47 -57 Income taxes in the income statement -285 13 Effective tax rate 13.6% -0.6% 2.9 INCOME TAXES ACCOUNTING PRINCIPLES The Group’s income taxes consist of current taxes based on the group companies’ profits, the taxes related to previous years and the changes in deferred taxes. Taxes related to other comprehensive income are recognized in the statement of other comprehensive in- come. Current tax is calculated for the taxable income with the tax rates enacted in each country. The taxes are adjusted with previous years’ tax impacts, if necessary. Deferred tax liabilities and assets are recorded from the temporary differences between the accounting and tax values of assets and liabilities using tax rates approved or practically approved at the time of closing the ac- counts. Deferred tax liability is recorded in full for taxable temporary differences. Deferred tax assets are recorded from deductible temporary diffe- rences, unused losses and tax credits to the extent that it is likely that taxable income will be generated in the future or there are taxable temporary differences against which unused tax losses, tax credits and deductible temporary differences can be utilized. The usability of deferred tax assets is assessed at the end of each reporting period. If it does not seem likely that sufficient taxable income will be accumulated to cover the utilization of deferred tax assets, the amount of deferred tax assets is reduced. Correspondingly, if it seems likely that sufficient taxable income will be accumulated, the write-down of deferred tax assets is cancelled. | Annual Review 2024 68 CHANGES IN DEFERRED TAXES 2024 EUR 1 000 1.1.2024 Income statement Other changes 31.12.2024 Deferred tax assets: Confirmed losses and tax credits 891 239 -1 1 128 Provisions 60 -4 1 56 Depreciation differences 440 -45 395 Other temporary differences 63 3 66 Deferred tax assets total 1 454 192 0 1 645 Deferred tax liabilities: Other temporary differences 177 77 -3 250 Deferred tax liabilities total 177 77 -3 250 Deferred tax assets, net 1 277 116 3 1 395 2.9 INCOME TAXES CHANGES IN DEFERRED TAXES 2023 EUR 1 000 1.1.2023 Income statement Business arrangements Other changes 31.12 .2023 Deferred tax assets: Confirmed losses and tax credits 614 294 -16 891 Provisions 52 8 60 Depreciation differences 448 -7 440 Other temporary differences 134 17 -89 63 Deferred tax assets total 1 248 311 -16 -89 1 454 Deferred tax liabilities: Other temporary differences 244 16 -84 177 Deferred tax liabilities total 244 16 0 -84 17 7 Deferred tax assets, net 1 004 295 -16 -4 1 277 For the Group companies’ previous years’ confirmed taxable losses, a deferred tax asset of EUR 1 128 thousand (891) has been booked, of which EUR 624 thousand (853) will fall due in five to ten years and EUR 504 thousand will fall due within five years. As of December 31, 2024, the Group had confirmed tax losses carried forward of EUR 5 546 thousand (7 060) for which the deferred tax asset of EUR 1 109 thousand (1 412) has not been recognized in the consolidated financial statements because the realization of the tax benefit before their expiry is uncertain. The consolidated balance sheet as of December 31, 2024 includes defer- red tax assets of EUR 235 thousand (25) in group com- panies which made a loss in 2024. The recognition of these assets is based on profit estimates, which indicate that the realization of these deferred tax assets is pro- bable. The Finnish companies’ deferred tax assets from previous years’ confirmed losses, which can be used in 10 years, can be utilized against the company’s own future profits and also against group contributions grant- ed by other Finnish group companies where the Group’s ownership is 90 percentages at minimum. 69 Annual Review 2024 | 2024 2023 Profit for the period attributable to the equity holders of the parent company, EUR 1 000 1 778 2 087 Number of shares 6 907 628 6 907 628 Weighted average of the number of outstanding shares 6 796 004 6 796 004 Earnings per share (EPS); diluted = non-diluted, EUR 0.26 0.31 2.10 EARNINGS PER SHARE ACCOUNTING PRINCIPLES Non-diluted profit per share is calculated by dividing the profit for the financial year attributable to the shareholders of the parent company by the weighted average of the number of outstanding shares during the financial year. The group has no open option programs or other financial instruments that would have dilutive effects, so diluted earnings per share are the same as non-diluted. | Annual Review 2024 70 3.1 GOODWILL AND INTANGIBLE ASSETS 3. RESTRICTED CAPITAL, CAPITAL STRUCTURE AND FINANCIAL RISKS ACCOUNTING PRINCIPLES An intangible asset is initially measured at cost in the event that the acquisition cost can be determined reliably and it is likely that the expected financial benefit resulting from the asset will benefit the Group. The residual values and useful lives of the assets are reviewed at least at the end of each financial period and, if necessary, adjusted to reflect changes in the expectations of financial benefit. Borrowing costs directly resulting from the acquisition, construction or manufacture of an asset that meets the conditions are capitalized as part of the acquisition cost of that asset. GOODWILL Goodwill represents the excess of the acquisition cost, the non-controlling interests and the previously owned share in total over the fair value of the Group’s share of the net identifiable assets of a subsidiary acquired. Goodwill is allocated to those cash-generating units that are expect- ed to benefit from the synergies arising from the business combination. Goodwill is not systematically amortized but it is tested annually for possible impairment. Goodwill is measured at the original value less impairment which is not cancelled later. OTHER INTANGIBLE ASSETS Intangible assets include copyrights, licenses, softwares and webstore project costs. Intangible assets are stated at cost, amortized on a straight-line basis over the expect- ed useful lives and adjusted for any impairment charges. Government grants related to the acquisition of an intan- gible asset are deducted from the acquisition cost of the asset. Intangible assets acquired in a business combinati- on are measured at the acquisition date’s fair value. CUSTOMER RELATIONSHIPS Products for Work Environments Segment recognises the incremental costs of obtaining a contract in other intangible assets when the company has acquired a customer contract exceeding twelve months in time and the company expects to recover the costs. Incremental costs of obtaining a contract are costs, which incure to the company in acquiring the customer contract, which would have not incurred, if the customer contract was not acquired. The incremental costs of obtaining a contract are expensed over the contract period, normally over three years time. The costs of obtaining a contract, which would have incurred whether the contract was acquired or not, are expensed in the profit and loss statement. The costs of fulfilling the customer contracts are recognized according to the IAS 2 Inventories -standard. Worklife Services Segment recognises the incremental costs of obtaining a contract in other intangible assets when the company has acquired a customer contract exceeding twelve months in time and the company expe- cts to recover the costs. Incremental costs of obtaining a contract are costs, which incure to the company in acquiring the customer contract, which would have not incurred, if the customer contract was not acquired. The incremental costs of obtaining a contract are expensed over the contract period. In Wulff Works staff leasing, the usual duration of the customer relationship is three years. The usual duration of a customer relationship for accounting and financial management services is ten years. The costs of obtaining a contract, which would have incurred whether the contract was acquired or not, are expensed in the profit and loss statement. THE EXPECTED USEFUL LIVES ARE Goodwill no depreciations; impairment testing Softwares 3–10 years straight-line Customer relationships 3–10 years straight-line Other intangible assets 3–5 years straight-line Intangible assets under construction no depreciations; impairment testing 3.1 GOODWILL AND INTANGIBLE ASSETS ACCOUNTING PRINCIPLES IMPAIRMENT The carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there are any indications of impairment. If indications exist, the reco- verable amount of the asset is estimated. Indications of potential need for impairment may be for example changes in market conditions and sales prices, decisions on significant restructurin- gs or changes in profitability. Goodwill, intangible assets with indefinite useful lives and intangible assets under construction are in all cases tested annually. For the purposes of assessing impair- ment, assets are grouped at the lowest cash-generating-unit level for which there are separately identifiable, mainly independent cash flows. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable value. An impairment loss is the amount by which the carrying amount of the assets exceeds the recoverable amount. The recoverable amount is the asset’s value-in- use determined by discounted future net cash flows 71 Wulff-Yhtiöt Oyj | Vuosikatsaus 2024 expected to be generated by the asset. Discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment loss is immediately recognized in the income statement. An impair- ment loss attributable to a cash-generating unit is deducted first from the goodwill allocated to the cash-generating unit, and the- reafter equally from the unit’s other assets. In connection with the impairment loss recognition, the asset’s useful life is reassessed for the depreciations. A previously recognized impairment loss is reversed if there has been a change in the estimates determining the recoverable amount. However, the reversal of the impair- ment must not lead to a value higher than the carrying amount determined without any impairment loss in prior years. Goodwill impairment losses are not reversed. 2024, EUR 1 000 Goodwill Other intagible assets Customer relationships Advance payments Intangible assets total Acquisition cost, Jan 1 13 216 5 702 301 0 19 219 Additions 361 486 121 968 Business acquisitions 2 155 13 923 3 091 Disposals -2 260 -2 260 Reclassifications between accounts -663 663 0 Translation differences -46 0 -46 Acquisition cost, Dec 31 15 324 3 154 2 373 121 20 973 Accumulated depreciation and impairment, Jan 1 -4 391 -3 380 -149 - -7 920 Disposals 2 260 2 260 Reclassifications between accounts 511 - 511 0 Depreciation during the period -433 -299 -732 Translation differences -1 -1 Accumulated depreciation and impairment, Dec 31 -4 391 -1 043 -959 - -6 393 Book value, Jan 1 8 824 2 323 153 - 11 299 Book value, Dec 31 10 933 2 112 1 414 121 14 579 2023, EUR 1 000 Goodwill Other intagible assets Customer relationships Advance payments Intangible assets total Acquisition cost, Jan 1 13 212 4 506 286 1 18 005 Additions 1 175 15 1 190 Disposals -51 -51 Reclassifications between accounts 98 -1 97 Translation differences 3 -26 -22 Acquisition cost, Dec 31 13 216 5 702 301 0 19 219 Accumulated depreciation and impairment, Jan 1 -4 391 -3 049 -81 - -7 521 Disposals 33 33 Depreciation during the period -389 -68 -457 Translation differences 26 26 Accumulated depreciation and impairment, Dec 31 -4 391 -3 380 -149 - -7 920 Book value, Jan 1 8 821 1 457 205 1 10 484 Book value, Dec 31 8 824 2 323 153 0 11 299 Wulff-Yhtiöt Oyj | Vuosikatsaus 2024 72 3.1 GOODWILL AND INTANGIBLE ASSETS 3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS ACCOUNTING PRINCIPLES Tangible assets are stated at historical cost, depreciated on a straight-line basis over the expected useful life and adjusted for any impairment charges. Tangible assets acquired in a business combination are valued at the acquisition date’s fair value. Expected useful lives of tangible assets are reviewed at each balance sheet date and, if they differ significantly from previous estimates, the depreciation times are chan- ged accordingly. Land is not depreciated as it is deemed to have an indefinite life. Ordinary maintenance and repair costs are expensed as incurred. Gains and losses on sales and disposals are determined as the difference between the proceeds received and the carrying amount. Those gains and losses are included in other operating income and expenses in the income statement. Possible group-internal margins from asset transfers are eliminated in the consolidation process. Depreciations are discontinued when the tangible asset is classified as being held- for-sale in accordance with standard IFRS 5 Non-Current Assets Held-for-sale and Discontinued Operations. RIGHT-OF-USE ASSETS The consolidated financial statements include lease expenses especially from rented premises, cars, and appliances. The lessee recognises lease agreements as right-of-use assets in the balance sheet’s tangible assets when it has got a right of possession in exchange for payments and correspondingly as lease agreement liabilities of the remaining lease agreement liabilities’ net present value. The lease agreement expenses are presented in the income statement as straight-line based depreciations over the lease agreement period and as financial expenses according to the lease agreements discount rate. The lease agreement liability is valued at the net present value by discounting the liability using the management’s estimate of the incremental borrowing rate THE EXPECTED USEFUL LIVES ARE Buildings 20 years straight-line Machinery and equipment 3-8 years straight-line Cars and vehicles 5 years straight-line Other tangible assets 5–10 years straight-line Tangible assets under construction no depreciations; impairment testing at the start of the lease agreement. The lease payments are presented as cash flow from financing activities in the cash flow statement The Group applies the exemption permitted by the standard not to recognize short-term, less than 12 month, leases or leases with a low value of the underlying asset in the balance sheet. Short-term lease agreements and low value lease items are presented in the income statement as other operating expenses over the leasing period. The right-of-use assets were not subleased. The lease agreements do not include any significant variable lease expenses that should be taken into consideration in the valuation of right-of-use assets. Rental agreements do not include residual value guarantees. 73 Wulff-Yhtiöt Oyj | Vuosikatsaus 2024 | Annual Review 2024 74 2024, EUR 1 000 Land Buildings Machinery and equipment Other tangible assets Tangible assets total Acquisition cost, Jan 1 1 245 7 692 3 055 169 12 161 Additions 580 580 Business acquisitions 41 41 Disposals -848 -44 -892 Translation differences 0 0 0 0 Acquisition cost, Dec 31 1 245 7 692 2 829 125 11 890 Accumulated depreciation and impairment, Jan 1 - -1 584 -2 121 -82 -3 787 Disposals 838 838 Reclassifications between accounts -41 41 0 Depreciation during the period -424 -337 - 11 -772 Translation differences -85 -5 0 -91 Accumulated depreciation and impairment, Dec 31 - -2 093 -1 666 -53 -3 811 Book value, Jan 1 1 245 6 108 934 87 8 374 Book value, Dec 31 1 245 5 599 1 163 72 8 079 2023, EUR 1 000 Land Buildings Machinery and equipment Other tangible assets Tangible assets total Acquisition cost, Jan 1 1 160 7 880 3 064 166 12 270 Additions 3 461 5 468 Disposals -403 -403 Reclassifications between accounts 85 -169 - 13 -97 Translation differences -22 -54 -1 -77 Acquisition cost, Dec 31 1 245 7 692 3 055 169 12 161 Accumulated depreciation and impairment, Jan 1 0 -1 181 -2 157 -70 -3 408 Disposals 356 356 Depreciation during the period -429 -373 -13 -815 Translation differences 26 53 1 81 Accumulated depreciation and impairment, Dec 31 0 -1 584 -2 121 -82 -3 787 Book value, Jan 1 1 160 6 699 907 96 8 862 Book value, Dec 31 1 245 6 108 934 87 8 374 3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS 75 Annual Review 2024 | 3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS RIGHT-OF-USE ASSETS 2024 Buildings Machinery and equipment Right-of-use assets total Acquisition cost, Jan 1 3 391 1 668 5 060 Additions 688 441 1 129 Business acquisitions 359 5 364 Disposals - 811 -283 -1 095 Acquisiton cots, Dec 31 3 627 1 831 5 458 Accumulated depreciation and impairment, Jan 1. -2 937 -1 448 -4 385 Disposals 811 283 1 095 Depreciation during the period -499 -234 -733 Accumulated depreciation and impairment, Dec 31 -2 624 -1 399 -4 023 Book value, Jan 1 455 220 675 Book value, Dec 31 1 002 432 1 435 Relevant lease agreements are recognized as right-of-use assets. Right-of-use assets include rental agreements on premises, cars and printing devices. Lease agreement liabilities have been presented in 3.7 2023 Rakennukset Koneet ja kalusto Käyttöoikeusomaisuuserät yhteensä Acquisition cost, Jan 1 3 249 1 644 4 893 Additions 155 232 387 Disposals -13 -207 -220 Acquisiton cots, Dec 31 3 391 1 668 5 060 Accumulated depreciation and impairment, Jan 1. -2 514 -1 203 -3 717 Depreciation during the period -423 -245 -668 Accumulated depreciation and impairment, Dec 31 -2 937 -1 448 -4 385 Book value, Jan 1 735 441 1 176 Book value, Dec 31 455 220 675 The expenses relating to short-term leases amounted to EUR 0.1 million (0.2). The cash-flow of all lease agreements was EUR 0.7 million (0.6). | Annual Review 2024 76 3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST EUR 1 000 2024 2023 Products for Work Environments / Finland 3 500 3 500 Products for Work Environments / Scandinavia 1 399 1 446 Worklife Services / Exhibition services 1 671 1 671 Worklife Services / Printing services 1 424 1 424 Worklife Services/ Financial management services 2 938 783 Goodwill total 10 933 8 824 ACCOUNTING PRINCIPLES Consolidated goodwill is not amortized systematically but their book values are tested for possible impairment at least annual- ly and additionally when the management has noted signs of possible impairment, e.g. due to decreased profitability per- formance. Wulff Group tests its goodwill values separately for each cash-generating unit. In goodwill impairment tests the car- rying amount is compared to the unit’s discounted present value of the recoverable cash flows i.e. the value in use. Estimated cash flows are based on management estimates. The discount factor in the impairment tests is based on weighted average cost of capital (WACC) before taxes. Weighted average cost of capital represents the overall expense of both equity and external loan financing, taking into account also the different return expectations and special risks related to diffe- rent assets. The discount rate was based on reference groups’ equity structure, balance sheets, and annual financial data. An impairment loss is recorded for an asset when its book value exceeds the recoverable amount. An impairment loss recorded on goodwill is not reversed under any circumstances . Impairment tests have been performed in the last quarter of 2024. Estimated cash flows are based on management estimates. In goodwill impairment tests the carrying amount is compared to the unit’s discounted present value of the recoverable cash flows i.e. the value in use, where the previous profit performance level, the next year’s budget approved by the Board, as well as manage- ment’s estimates for future years revenue and profit development are considered. The testing calculations’ five-year estimate period consists of the budget year and the following four estimate years where a moder- ate, approximately two-percent annual growth is estimated in each business area. After this five-year estimate period, the so-called eternity value is based on a 1.0%-point growth assumption. The budgets and later years’ estimates used in the testing are carefully estimated and the growth expectations are moderate considering also the previous realized development. The assets tested include goodwill together with that cash-generating unit’s other assets and working capital. The discount factor in the impairment tests is based on weighted average cost of capital (WACC) before taxes. Weighted average cost of capital represents the overall expense of both equity and external loan financing, taking into account also the different return expectations and special risks related to different assets. The risk-free rate, risk factor (beta), and risk premium parameters used to determine the discount rate are based on informati- on available from the market. Of the goodwill related to the Products for Work Environments business, the share of the Finnish operations, which consists of the goodwill formed by the acquisition of Wulff Oy Ab, is EUR 3.5 million (3.5) on December 31, 2024, and the share of Scandinavia, which consists of the acquisition of Wulff Supplies AB, is EUR 1.4 million (1.4). The main assumptions of the calculations, along with the mentioned growth assumption, are the maintaining of customer profitability in the business area of workplace products, cost management of logis- tical costs and synergy benefits from the Nordic workplace supplies cooperation. 77 Annual Review 2024 | 3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST The goodwill generated from the acquisition of Wulff Entre Oy, the exhibition, event and commercial interior design service busi- ness, related to the Worklife Services business, is EUR 1.7 million (1.7). The goodwill generated by the acquisition of document management and printing services, i.e. Mavecom Palvelut Oy, is EUR 1.4 million (1.4). The goodwill generated from acquisitions related to the financial management and accounting services business is EUR 2.8 million (0.8). Profitability development, which is based on plans approved by the management, is used as a key assumption in determining cash flows. Profitability develop- ment is affected by business growth forecasts, changes in the fo- cus areas in the service selection and pricing, staff retention and success in recruitment, and the development of business costs. In the 2024 impairment test, the recoverable amounts of all cash-generating units exceeded their book value. 2024 2023 Workplace products and services, Finland Used value Change Used value Change Discount rate 11.6% increase of 1.8 percentage points 14.4% increase of 5.6 percentage points Average EBITDA, % of sales 4.8% decrease of 0.8 percentage points 4.9% decrease of 1.1 percentage points Workplace products and services, Scandinavia Used value Change Used value Change Discount rate 12.0% increase of 8.0 percentage points 13.3% increase of 9.4 percentage points Average EBITDA, % of sales 4.9% decrease of 1.3 percentage points 5.7% decrease of 1.7 percentage points Exhibition, event, and interior design services Used value Change Used value Change Discount rate 11.8% increase of 2.6 percentage points 14.1% increase of 1.6 percentage points Average EBITDA, % of sales 5.1% decrease of 0.6 percentage points 3.0% decrease of 0.3 percentage points Document management and printing services Used value Change Used value Change Discount rate 13.1% increase of 1.5 percentage points 14.8% increase of 3.4 percentage points Average EBITDA, % of sales 11.0% decrease of 1.1 percentage points 14.2% decrease of 2.6 percentage points Financial management services Used value Change Used value Change Discount rate 13.1% increase of 42.6 percentage points 14.6% increase of 80.2 percentage points Average EBITDA, % of sales 26.3% decrease of 19.4 percentage points 25.4% decrease of 19.8 percentage points SENSITIVITY ANALYSIS IN IMPAIRMENT TESTING The key assumptions used in determining value in use are defined by the Group Management. The most important assumptions are: • discount rate • average EBITDA margin (EBITDA/Net sales). Sensitivity analyses have been made on the assumption that the average EBITDA margin will decrease or that the discount rate will increase. The table below presents a change in the key assumption which (with other assumptions remaining unchan- ged) would cause the recoverable amount to equal the carrying amount. | Annual Review 2024 78 3.4 INVENTORIES EUR 1 000 2024 2023 Products 12 313 12 0 31 Work in process 3 3 Prepayments for inventories 498 266 Total 12 814 12 300 Write-down of inventories 627 871 ACCOUNTING PRINCIPLES Inventories are valued at the lowest value, either acquisition cost or net realizable value. The acquisition cost is determined using the FIFO method (first-in, first-out) or alternatively using the weighted average price method, if it leads to approximately the same result as the FIFO method.The selection of the method takes place on a company-by-company basis, depending on the type of the company’s inventory and the possibilities of the information systems. The net realizable value is normal the esti- mated sales price obtained in the business minus the estimated necessary expenses arising from the sale. All purchase costs, including purchase freight, are included in the acquisition cost of products. The group regularly examines the obsolescence and turnover rate of the inventory, as well as the possible reduction of the net realizable value below the acquisition cost, and records impairment if necessary. These reviews require estimates of the future demand for the products. Possible changes in these estimates may cause changes in the valuation of inventory in future periods. In the value of inventories, depreciation due to obsolescence and slow-moving inventories is taken into account, based on the management’s estimate of the probable net realizable value. 79 Annual Review 2024 | 3.5 FINANCIAL ASSETS ACCOUNTING PRINCIPLES FINANCIAL ASSETS Financial assets are classified as financial assets measu- red at fair value through profit or loss, financial assets held-to-maturity, loans and other receivables as well as available-for-sale financial assets. The Group determines the classification of its financial assets upon the initial recognition and re-evaluates this designation annually. Financial assets include current and non-current assets and they can be interest-bearing or non-interest-bearing. FINANCIAL ASSETS RECOGNIZED AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets recognized at fair value through profit or loss include financial assets held-for-sale and financial assets designated upon initial recognition as at fair value through profit or loss (fair value option). Financial assets are classified as held-for-sale if they are acquired for the purpose of selling them in a short term. Financial assets classified as held-for-sale are measured at fair value. Unrealized and realized profits or losses due to changes in fair value are recognized in the income statement when incurred. This category also includes investments in unlisted companies. The Group does not have derivative financial instruments. Financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has a positive intention and ability to hold the instrument until maturity . FINANCIAL ASSETS VALUED AT AMORTIZED COST Financial assets valued at amortized cost are non-deri- vative assets whose associated payments are fixed or determinable and which are not quoted on an active market. They are not considered to be classified as held- for-sale for trading purposes or in connection with initial recording. The maturity of loans and other receivables determines whether they are recognized in current or non-current assets. Receivables that fall due or are collected within 12 months at most from the end of the reporting period are counted as current assets. Loan receivables, trade receivables and other recei- vables are carried at their anticipated realizable value, which is the original invoicing amount less possible credit amounts and estimated credit loss provisions. The amount of bad debt provisions is estimated based on the risk of individual items. Based on the estimate, receivables are adjusted to reflect the probable value. A bad debt allo- wance may be recognized due to e.g. trade receivables falling significantly overdue, unsuccessful collecting attempts or the customer’s known financial difficulties with an increased probability of customer insolvency. Trade receivables’ impairment losses are booked in other ope- rating expenses and loan receivables’ impairment losses are booked in other finance expenses. The bad-debt provision is accounted from the first date of recognising sales receivables according to the estimate of the expect- ed credit losses. CASH AND CASH EQUIVALENTS The Group’s cash and cash equivalents comprise cash in hand, bank deposits held at call and other cash assets. Other cash assets consist of highly liquid investments that can easily be exchanged for an amount of cash that is known in advance and that have a low risk of changes in value. The maturity of items included in other cash assets is a maximum of three months. Bank overdrafts of those bank accounts included in the Group’s consolidated bank account facility are netted against those other Group companies’ bank account amounts because the Group has a contractual legal right to net those financial assets with each other. Cash and cash equivalents are valued at their amortized cost. | Annual Review 2024 80 3.5 FINANCIAL ASSETS FINANCIAL ASSETS BY VALUATION GROUPS 2024 2023 EUR 1 000 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Other shares Non-listed shares 641 312 Valued at amortized cost Long-term receivables from others 138 123 Other short-term receivables 1 547 2 111 Trade receivables 12 790 12 743 Cash assets 1 125 151 Total 1 125 14 476 641 151 14 977 312 Non-listed shares are valued at acquisition cost if the fair value cannot be reliably estimated or the market for the share in question is very illiquid Long-term receivables from others include loans granted and deposits made to guarantee rental agreements Fair value hierarchy levels The fair values of the financial assets on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. The fair values of the financial assets on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. derived from prices). The fair values of the financial assets on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data, for example manage- met estimates are utilized in generally accepted valuation models of the financial instruments on level 3. The fair value hierarchy level, into which the entire financial instrument is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated considering the financial instrument in its entirety. No transfers between the hierarchy levels took place during the financial period. 81 Annual Review 2024 | 3.5 FINANCIAL ASSETS TRADE RECEIVABLES EUR 1 000 2024 2023 Trade receivalbes from related parties 4 - Trade receivables from others 12 787 12 743 Trade receivables total 12 790 12 743 AGING STRUCTURE OF TRADE RECEIVABLES 2024 2023 EUR 1 000 Trade receivables gross Bad debt pro- vision Trade receivables net Trade receivables gross Bad debt provision Trade receivables net Not due 11 822 -93 11 7 2 9 92% 10 921 - 12 10 910 86% Due Less than 1 month 1 187 - 125 1 061 8% 1 614 -15 1 599 13 % More than 1 month - less than 6 months 102 -102 0 0% 363 -129 234 2% More than 6 months 4 -4 0 0% 191 -191 0 0% Trade receivables total 13 115 -324 12 790 100% 13 090 -347 12 743 100% Sales receivables are non-interest-bearing and fall due in 14-60 days. Credit losses expensed during the financial year 2024 and bad debt allowance expense according to the IFRS 9 are reported in Note 2.6 Trade receivables do not include significant concentrations of credit risk . | Annual Review 2024 82 3.5 FINANCIAL ASSETS OTHER RECEIVABLES EUR 1 000 2024 2023 Valued added tax receivables 19 14 Other receivables 74 63 Other receivables total 92 77 ACCRUED INCOME AND EXPENSES EUR 1 000 2024 2023 Income tax receivable 5 - Employee benefit accruals 63 67 Other sales accruald from customer contracts 58 - Sales accruals of exhibitions - 156 Other accruals 1 329 1 811 Accruals total 1 455 2 034 Sales accruals of exhibitions include uninvoiced receivables related to customer agreements for exhibitions already held and other completed projects. CASH AND CASH EQUIVALENTS EUR 1 000 2024 2023 Cash and bank 1 125 151 Total 1 125 151 The Group has a credit limit of EUR 5.5 million, of which EUR 4.6 million was unused at the end of the financial year. 83 Annual Review 2024 | 3.6 NOTES ON EQUITY ACCOUNTING PRINCIPLES The purchase price of Wulff Group Plc’s own shares acquired by the group is recorded on the date of acquisition as a reduction of the group’s equity in the Treasury shares fund. The acquisition and disposal of own shares and related expense items are presented in the Statement of Changes in Equity. The dividend proposed by the board is deducted from the distributable equity only after approval by the General Meeting. Share capital The parent company’s share capital EUR 2.65 million consists of 6,907,628 shares with one vote each and with no par value. There were now changes in treasury shares during 2024 and 2023. Treasury shares At the end of December 2024, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number and voting rights of Wulff shares. The acquired shares are intended to be used to implement business acquisitions in accordance with the company’s growth strategy or other ar- rangements that are part of the company’s business, to improve the company’s financial structure, as part of the implementation of the company’s incentive system, or to otherwise be further transferred or annulled. Share options and share rewards The group has no valid option programs or share reward systems. Share premium fund and fund for invest- ed non-restricted equity Share premium fund and the fund for invested non-restricted equity consist of the share value exceeding the par value in share issues in 1999-2008. There were no changes in the share premium fund and the fund for invested non-restricted equity. Translation differences Translation differences arise from translation of foreign-curren- cy-denominated subsidiaries. Shares total Treasury shares Outstanding shares Jan 1, 2023 6 907 628 - 111 6 24 6 796 004 Dec 31, 2023 6 907 628 - 111 6 2 4 6 796 004 Dec 31, 2024 6 907 628 - 111 6 2 4 6 796 004 | Annual Review 2024 84 DISTRIBUTABLE FUNDS AND DIVIDEND DISTRIBUTION The Group’s parent company Wulff Group Plc’s distributable funds totalled EUR 4.0 million. The Board of Directors proposes to the Annual General Meeting that dividend of EUR 0. 1 6 per share will be distributed for the financial year 2024 totalling EUR 1 . 1 million. After the dividend the parent company’s distributable funds will be EUR 3.0 million. PARENT COMPANY’S DISTRIBUTABLE FUNDS EUR 1 000 31.12.2024 31.12.2023 Fund for invested non-restricted equity 676 051 676 051 Treasury shares -331 804 -331 804 Retained earnings from previous years 166 853 361 751 Net result for the period 3 537 304 824 503 Distributable funds total 4 048 404 1 530 501 - dividend to be distributed -1 087 361 -1 019 401 Funds left in retained earnings 2 961 043 511 100 EUR 1 000 31.12.2024 31.12.2023 Shares total 6 907 628 6 907 628 - Treasury shares held - 111 6 2 4 - 111 6 2 4 Shares which are paid dividend 6 796 004 6 796 004 x Dividend per share (EUR) 0.16 0.15 Dividends total 1 087 361 1 019 401 3.6 NOTES ON EQUITY 85 Annual Review 2024 | 3.7 FINANCIAL LIABILITIES ACCOUNTING PRINCIPLES Financial liabilities are classified into long-term and short- term liabilities: the latter include all those financial liabilities whose payment the group does not have the absolute right to postpone for at least 12 months from the end of the repor- ting period. The financial debt (or part of it) is written off the balance sheet only when the debt has ceased to exist, i.e. when the obligation specified in the contract has been fulfil- led or canceled or its validity has ceased. Financial liabilities are initially recognized at the fair value of the consideration received plus directly attributable transactions costs. After the initial recognition, they are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the income statement when PAYMENT SCHEDULE FOR THE INTEREST-BEARING FINANCIAL LIABILITIES Book value Payment schedule (years) EUR 1 000 31.12.2024 2025 2026 2027 2028 2029 Later Non-current financial liabilities: Loans from financial institutions 10 527 2 869 2 494 3 036 1 478 650 Lease agreement liabilities 1 013 463 319 194 37 - Non-current financial liabilities total 11 540 3 331 2 813 3 230 1 515 650 Current financial liabilities: Credit facility 930 930 Loans from financial institutions 2 793 2 793 Lease agreement liabilities 684 684 Current financial liabilities total 4 407 4 407 The Group’s bank loans are based on variable interest rates and their fair values correspond to their carrying amounts in the balance sheet. The bank loans’ average interest rate based on mainly short market interest rates, was approximately 5.7% at the end of 2024 (5.9). Two of the loans from financial institutions, approximately EUR 1.3 million, were withdrawn in Swedish crowns to finance the Swedish contract sales premises acquisition. Of these EUR 0.3 million (0.3) are due within a year and EUR 1.0 million (1.1) are due within 1-5 years from the reporting date. During 2024, the group took out a loan of EUR 1.2 million for the acquisition of Bokförinsgbyrå Lundström Ab and Sandström & Lundström Oy Ab, and a loan of EUR 2.0 million for the acqui- sition of Raahen Tase Oy. Both loans are repaid in seven years. In addition, the group took out a growth loan of EUR 1.0 million, which will be repaid in three years. the liabilities are derecognized, impaired and through the amortization process. Contingent considerations for busi- ness combinations are valued at fair value at the end of every reporting period and classified as non-interest-bea- ring financial liabilities. The changes in the fair value of contingent considerations are recognized in the profit and loss statement. The contingent consideration of business combination is discounted using the Group’s interest rate of additional external financing. Borrowing costs are capitalized as part of the cost of the qualifying asset acquired or constructed. So far, the Group has not capitalized borrowing costs as part of the cost of the asset because the IFRS requirements have not been met. Other borrowing costs are expensed when incurred . | Annual Review 2024 86 3.7 FINANCIAL LIABILITIES CHANGES IN INTEREST-BEARING LIABILITIES 2024 EUR 1 000 1.1.2024 Cash flow Foreign exchan- ge difference Other change 31.12.2024 Non-current interest-bearing liabilities 9 666 3 489 41 -2 670 10 527 Current interest-bearing liabilities 1 281 -186 9 2 620 3 723 Total 10 947 3 303 49 -49 14 250 CHANGES IN INTEREST-BEARING LIABILITIES 2023 EUR 1 000 1.1.2024 Cash flow Foreign exchan- ge difference Other change 31.12.2024 Non-current interest-bearing liabilities 9 931 -2 744 -3 2 482 9 666 Current interest-bearing liabilities 2 752 1 008 -1 -2 479 1 281 Total 12 683 -1 736 -4 4 10 947 87 Annual Review 2024 | December 31, 2024, EUR 1 000 Total Level 1 Level 2 Level 3 Loans from financial institutions 13 320 13 320 Credit limit 930 930 Lease agreement liabilities 1 697 1 697 Total 15 947 0 0 15 947 December 31, 2023, EUR 1 000 Total Level 1 Level 2 Level 3 Loans from financial institutions 9 935 9 935 Credit limit 1 012 1 012 Lease agreement liabilities 851 851 Total 11 7 9 8 0 0 11 7 9 8 Fair value hierarchy levels The fair values of the financial liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial liabilities on level 1. The fair values of the financial liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. derived from prices). Currently there are no financial liabilities on level 2. The fair values of the financial liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example managemet estimates are utilized in generally accepted valuation models of the financial instruments on level 3. Majority of the Group’s loans are based on variable interest rates and mainly the interest is based on e.g. euribor market interests of 6 months and thus the loans’ fair values are seen to correspond with their original book value. The fair value hierarchy level, into which the entire financial instrument is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated considering the financial instrument in its entirety. No significant transfers between the hierarchy levels took place during the financial period. Fair values of the financial liabilities measured at amortised cost This fair value hierarchy presents the valuation methods for different financial instruments: 3.7 FINANCIAL LIABILITIES | Annual Review 2024 88 3.7 FINANCIAL LIABILITIES SHORT-TERM NON-INTEREST-BEARING LIABILITIES Advances EUR 309 thousand are advances according to the customer contracts of future exhibitions after the reporting period netted by advances paid to suppliers. The comparison period does not include advances paid to suppliers. The order backlog of Exhibition contracts total for events after year-end 31.12.2024 was EUR 1 869 thousand (1 784), of which 1 007 thousand euros (1 248) were invoiced. Advance payments for long-term exhibition projects received before the beginning of the financial year generated net sales of EUR 2 387 thousand during the financial year. NON-INTEREST-BEARING LIABILITIES RECOGNIZED AT FAIR VALUE EUR 1 000 2024 2023 Due after more than a year 17 - Yhteensä 17 0 LONG-TERM NON-INTEREST-BEARING LIABILITIES For the acquisition of Ab Bokföringsbyrå Esse Tilitoimisto Oy on 26 November 2024, an additional purchase price will be paid in cash based on the profita- bility of the next three years. The additional purchase price has been valued based on the management’s estimate at the discounted fair value. The fair value is discounted using the interest of the group’s additional credit in accordance with the payment dates of the additional purchase price debt. The portion of the additional purchase price debt due within a year is presented in short-term interest-free liabilities. Additional purchase price debt is an interest-free financial debt according to level 3, the fair value of which is based on market-based information other than publicly verifiable information about the debt item, for example, management’s estimates and their use in generally accepted valuation models. TRADE PAYABLES AND ADVANCE PAYMENTS EUR 1 000 2024 2023 Trade payables 7 189 8 590 Exhibition advances from customer contracts 309 1 248 Other advance payments received 4 - Total 7 502 9 838 89 Annual Review 2024 | 3.7 FINANCIAL LIABILITIES OTHER CURRENT LIABILITIES EUR 1 000 2024 2023 Value added tax liabilities 2 181 1 664 Additional purchase price 9 - Other current liabilities 940 492 Other current liabilities total 3 130 2 156 ACCRUED INCOME AND EXPENSES EUR 1 000 2024 2023 Accruals for employee benefits 4 194 2 453 Income tax liabilities 178 197 Interest accruals 116 107 Sales accruals 62 181 Other accruals 923 658 Accrued income and expenses total 5 473 3 595 MATURITY OF SHORT-TERM NON-INTEREST- BEARING LIABILITIES EUR 1 000 2024 2023 Due within one month 8 805 10 340 Due 1 month to 6 months 5 604 4 705 Due from 6 months to 1 year 1 695 543 Due from 1 year to 5 years 1 1 Total 16 106 15 589 | Annual Review 2024 90 3.8 FINANCIAL RISK AND CAPITAL MANAGEMENT Wulff Group’s internal and external financing and financial risk management are mainly handled by the parent company. Group companies with non-controlling minority shareholders may make more independent financial decisions but always within the limits defined by the Group’s Board. The Board of Dire- ctors determines the principles of financial risk management in order to minimise the effects that price fluctuations in the financial markets, as well as other uncertainty factors may have on the result, balance sheet and cash flow. Financial risks include currency risks, interest rate risks, liquidity risks and credit risks managed in each subsidiary. CURRENCY RISKS Approximately 4/5 of the Group’s sales are made in euros and 1/5 is made in Swedish, Norwegian and Danish crowns. In terms of import, the exposure to currency risks affects especially the currency risks of Wulff Supplies subgroup through changes between Sweden and Norway. Cash flows denominated in foreign currency are subject to transaction risk, i.e. exchange rate changes that have an impact on the group’s result and cash flow. The Group has only minor transactions in other currencies than euros and Nordic currencies. Short- and long-term loans by currencies are presented in Note 3.7 of the consolidated financial statements. The Group does not practice any specula- tive hedging. Translation of transactions denominated in foreign currency into the local accounting currency, euros, causes a translation risk. Fluctuations in exchange rates affect the group’s income statement, cash flow statement and balance sheet. With exchan- ge rate changes there may be an impact on certain key figures, such as net debt and EBITDA ratio, equity ratio and debt ratio. The group does not hedge against translation risk. A decrease of 10% in Swedish and Norwegian crowns financial year’s average exchange rate and financial year’s ending rate would have decreased the financial year’s operating profit by EUR 117 thousand (148) and net profit and therefore equity by EUR 224 thousand (131). In addition the translation risk impacts the balan- ce sheet value. The aforementioned 10% decrease of currency rates would have increased the change in translation difference and decreased the balance sheet value by approximately EUR 108 thousand (285). INTEREST RATE RISKS The Group is exposed to interest rate risk due to loans from financial institutions and bank account limit facilities tied with variable interest rates. Changes in market rates impact directly the Group’s interest payments in the future. The Group does not make any speculative interest rate agreements and to date, no interest rate swaps have been utilized for managing interest rate risks. One percentage point increase of the interest rates in 2024 would have resulted in EUR 117 thousand (113) higher interest expenses, hence EUR 117 thousand (113) lower equity and a 0.1 percentage point (0.1) lower equity ratio. LIQUIDITY RISKS Group companies operate with their own cash flows and if necessary, they are funded also with the Group’s internal finan- cing. In order to ensure good liquidity, the Group emphasises the subsidiaries’ independence in the management of operating cash flow and working capital. Liquidity risk is managed on the group level with Group bank account arrangements in Finland and Scandinavia. Continuous supervision is used to assess and monitor the financing needed for the subsidiaries’ operations. The availability and flexibility of financing is ensured with bank account credit limits. On December 31, 2024 the unused credit limits totalled EUR 4.6 million (4.5) in Finland. The maturity of loans is presented in Note 3.7. CREDIT AND DEFAULT RISKS The uncertainties relating to the general financial and economic development of the group’s market areas require monitoring the credit and default risks associated with customers and other counterparties. The subsidiaries manage their customers’ credit analyses and active credit control independently. Together with the local company management, the subsidiaries’ working capital management and related risks are monitored also on segment and group level. The Group’s sales receivables consist of an extensive customer base, and most of the annual sales volume is from well-known and solvent customers. The credit loss risk of trade receivables has been assessed in accordance with IFRS 9 at the time of reporting, based on an estimate of future credit losses on open trade receivables at the reporting date. The risk management policy of each company defines the credit risks and credit worthiness requirements, as well as the terms of delivery and payment. Credit risk monitoring is primarily the responsibility of the subsidiaries’ management, while the parent company’s financial management monitors regularly the comp- liance with the risk management principles and examines the efficiency of the centralised own collection operations and the outsourced collection partner. Traditionally the group compa- nies’ credit losses have been small in relation to their net sales. Aging analysis of sales receivables is presented in Note 3.5 of the consolidated financial statements. CAPITAL MANAGEMENT Wulff Group’s capital structure management aims to ensure and improve the operating conditions of the group companies and to increase the Group’s shareholder value in a sustainable, optimal way. The Group’s capital structure is evaluated by monitoring the development in equity ratio where the long-term target is approximately 40 percent. Group companies operate with their own cash flows and if necessary, they are funded also with the Group’s internal financing. The Group emphasises the subsidiaries’ independence in the management of operating cash flow and working capital. The Group Finance controls centrally the group companies’ working capital management. The Group Finance takes centrally care of the external loan financing and agrees on the loans’ repayment schedules with the financiers. A part of the Group’s loan agreements include covenants, according to which the equity ratio shall be 35.0% at minimum and the interest-bearing debt/EBITDA ratio shall be 3.5 at maxi- mum in the end of each financial year. At the end of financial year 2024 there were no covenant breaches. 91 Annual Review 2024 | 4.1 BUSINESS ACQUISITIONS AND SALES 4. GROUP STRUCTURE AND OTHER NOTES ACQUISITIONS During the financial year, the Group made several acquisitions in the Worklife Services segment. In all acquisitions, the entire business or share capital of the target was purchased. The goodwill generated in acquisitions typically consists of the value of the acquired personnel and the future profit potential of the acquisition target. Expenses arising from acquisitions have been recognized as expense. The impact of the acquisitions on the operating profit for the financial year was EUR 318 thousand and on the net sales EUR 1 897 thousand. Had the acquisitions taken place at the beginning of the financial year 2024, their estimated impact would have been approximately EUR 529 thousand on the operating profit of the financial year and approximately EUR 3 305 thousand on the net sales. The contingent consideration recorded as a liability for acquisitions made in 2024 is a total of EUR 30 thousand. The recorded contingent consideration is based on the management’s assessment of the likely realization of the financial and operational goals separately agreed upon at the time of the transaction. The Group has made two acquisitions since the end of the financial year. The first acquisition was carried out on January 9, 2025, and additional information is provided in the following tables. The later acquisition was carried out on February 13, 2025, and the acquisition cost calculation for it is not yet available, as the financial statement is still in progress. In the acquisition, the group bought 70% majority of Convido Ab Oy’s share capital. The initial purchase price of the purchased shares is approximately EUR 1.4 million. EUR 0.9 million of the purchase price was paid in cash at the time of the transaction. The final contin- gent consideration of the shares will be paid in cash based on the profitability of Convido Ab Oy’s business from February 1, 2025 to January 31, 2027. The shareholders’ agreement signed in connection with the transaction obliges Wulff to redeem 30% of the stock between February 14, 2027 and February 13, 2030, if the non-controlling shareholders demand it. The fair value of shares to be redeemed is determined based on three years’ average operating profit. Convido Ab Oy’s net sales in the financial year 2023-2024 was EUR 1.5 million (2022-2023: EUR 1.1 million) and adjusted operating profit () appro- ximately EUR 0.3 million (2022-2023: EUR 0.1 million). The total amount of the balance sheet transferred in the transaction is approximately EUR 0.2 million, equity EUR 0.0 million, current liabilities EUR 0.2 million, and assets EUR 0.2 mil- lion of which EUR 0.1 million cash and bank receivables. The liabilities included in the balance sheet do not include interest-bearing liabilities. Changes in the company’s expense structure that occur as a result of the change in ownership have been taken into account as adjustments. EUR 1 000 Date of acquisition Acquisition type Method of payment Purchase price (incl. con- tingent consideration) Maximum contin- gent consideration Tilitoimisto Lundström Oy 16.2.2024 Share purchase Cash 856 Sandström & Lundstöm Oy Ab 16.2.2024 Share purchase Cash 589 Raahen Tase Oy 10.6.2024 Share purchase Cash 2 12 0 Toda Consulting Oy 1.11.2024 Business acquisition Cash 80 Ab Bokföringsbyrå Esse Tilitoimisto Oy 26.11.2024 Share purchase Cash 15 0 30 Aktiva Redovisning Åland Ab 11.12.2024 Share purchase Cash 200 3 995 30 Acquisitions in 2025 Hämeen TiliDiili Oy 9.1.2025 Share purchase Cash 750 Convido Ab Oy 13.2.2025 Share purchase Cash 928 504 The purchase price of Convido Ab Oy shown in the table does not include the contingent consideration. ACQUISITION DETAILS IN TABLE BELOW: ACCOUNTING PRINCIPLES Assets and liabilities acquired in business combinations are valued at fair value at the time of acquisition. The fair values used as the basis for the allocation of acquired assets and liabilities are determined as far as possible in accordance with the available market values. If market values are not available, the valuation is based on the asset’s estimated income-generating capacity and its future purpose of use in the group’s business. The acquired business operations have been combined in the consolidated financial statements from the moment the group gained control over the acquired business, and the sold operations have been included until the control ceases. The transferred consideration, including the conditional purchase price and the identifiable assets and liabilities of the acquired company, are valued at fair value at the time of acquisition. Acquisition-related expenses are recorded as expenses in the period in which they are incurred. The share of non-controlling owners in the target of a business acquisition is valued either at fair value or as a proportional share of the identifiable net assets of the target of acquisition at the time of acquisition. The valuation of intangible assets is based on the present values of future cash flows and requires management’s estimates of future cash flows and the use of assets. The goodwill generated in business acquisitions typically con- sists of the value of the acquired personnel and the future profit potential of the acquisition target . | Annual Review 2024 92 4.1 BUSINESS ACQUISITIONS AND SALES 2024 EUR 1 000 Bokföringsbyrå Lundström Ab Sandström & Lundstöm Oy Ab Raahen Tase Oy Toda Consulting Oy Ab Bokföringsbyrå Esse Tilitoimisto Oy Aktiva Redovisning Åland Ab Yhteensä Immaterial rights 7 6 13 Property, plant and equipment 29 3 2 4 3 41 Customer relationships 109 162 336 78 150 87 923 Right-of-use-assets 135 25 17 76 111 364 Other shares 200 200 Cash and cash equivalents 50 26 716 100 32 924 Other current assets 129 42 63 20 47 301 Total assets 458 259 1 315 97 350 286 2 766 Trade payables and other payables 220 37 130 124 50 561 Leasing liabilities 135 25 17 76 111 364 Total liabilities 355 63 130 17 200 161 925 Net assets 103 19 6 1 185 80 15 0 12 5 1 840 Paid in cash 856 589 2 12 0 80 120 200 3 965 Contingent consideration recognized 30 30 Consideration booked 856 589 2 12 0 80 150 200 3 995 Net assets of acquisition target -103 -196 -1 185 -80 -150 - 125 -1 840 Goodwill 752 393 935 0 0 75 2 155 The fair values of the acquired assets and liabilities at the time of acquisition were as follows : 93 Annual Review 2024 | 4.1 BUSINESS ACQUISITIONS AND SALES 2025 EUR 1 000 Hämeen TiliDiili Oy Total Customer relationships 113 113 Right-of-use-assets 79 79 Cash and cash equivalents 210 210 Other current assets 20 20 Total assets 422 422 Trade payables and other payables 69 69 Leasing liabilities 79 79 Total liabilities 17 17 Net assets 274 274 Paid in cash 750 750 Consideration booked 750 750 Net assets of acquisition target -274 - 274 Goodwill 476 476 MERGERS Wulff Solutions AB merged with its parent company Wulff Beltton AB on February 21, 2023. Wulff Oy Ab and Wulff Solutions Oy merged to Wulff Finland Oy on May 31, 2023, the merged compa- ny took the name Wulff Oy Ab in the same connection. SALES Wulff Group Plc sold Wulff Beltton AB and Wulff Beltton AS, which were responsible for the loss-making Scandinavian Expertise Sales, to a minority owner on September 1, 2023. The sale price was EUR 0.1 million. The cash transferred in the transaction totalled EUR 0.2 million and the balance sheet total amounted to EUR 1.1 million. The loss from the sales totalled EUR 0.3 million. CHANGES IN THE HOLDINGS OF NON-CONTROLLING INTERESTS In the financial year 2024, there were no changes in the holdings of non-controlling interests, with the exception of the Wulff Works and Wulff Consulting business companies, where the group’s owner- ship varies between 21-58%, depending on the company. In May 2023, Wulff-Yhtiöt Oyj acquired a two percent stake in S Supplies Holding AB’s stock and owns 89% of the company’s stock after the acquisition. The purchase price of EUR 0.1 million was paid in cash. There were no acquisitions during the financial year 2023. | Annual Review 2024 94 Group companies by segment Country Group's ownership and voting rights% Parent company's owner- ship and voting rights% Group Services 1. Parent company Wulff Group Plc Finland 2. Keskinäinen Kiinteistö Oy Kilonkallio 1 Finland 100% 100% 3. Wulff Finances Oy Finland 100% 100% 4. Wulff Leasing Oy Finland 100% 0% Tuotteet työympäristöihin 5. Naxor Finland Oy Finland 75% 0% 6. Naxor Holding Oy Finland 75% 75% 7. Wulff Oy Ab Finland 100% 100% 8. S Supplies Holding AB Sweden 89% 89% 9. Wulff Supplies AB Sweden 89% 0% 10. Wulff Supplies AS Norway 89% 0% 11. Wulff Supplies A/S Denmark 89% 0% 4.2 GROUP COMPANIES Group companies by segment Country Group's ownership and voting rights% Parent company's owner- ship and voting rights% Työelämän palvelut 12. Ab Bokföringsbyrå Esse Tilitoimisto Oy Finland 100% 100% 13. Aktiva Redovisning Åland Ab Finland 100% 100% 14. Bokföringsbyrå Lundström Ab Finland 100% 100% 15. Mavecom Palvelut Oy Finland 100% 40% 16. Sandström & Lundström Oy Ab Finland 100% 0% 17. Talouspalvelut Helmitaulu Oy Finland 100% 100% 18. Tilitoimisto Raahen Tase Oy Finland 100% 100% 19. Wulff Consulting Oy Finland 58% 58% 20. Wulff Ekonomi Oy Finland 100% 100% 21. Wulff Entre Oy Finland 100% 100% 22. Wulff Works Etelä Oy Finland 34% 0% 23. Wulff Works Green Oy Finland 25% 0% 24. Wulff Works Horeca Oy Finland 38% 0% 25. Wulff Works Keski Oy Finland 36% 0% 26. Wulff Works Logistics Oy Finland 21% 0% 27. Wulff Works Länsi Oy Finland 36% 0% 28. Wulff Works Oy Finland 51 % 51 % 29. Wulff Works Pirkanmaa Oy Finland 34% 0% 30. Wulff Works Pohjanmaa Oy Finland 36% 0% 31. Wulff Works Porvoo Oy Finland 36% 0% 32. Wulff Works Pro Oy Finland 23% 0% 33. Wulff Works Satakunta Oy Finland 36% 0% 34. Wulff Works Savo Oy Finland 36% 0% 35. Wulff Works Technology Oy Finland 36% 0% 36. Wulff Works Vaasa Oy Finland 43% 0% In Wulff Works companies, control is based on the right to appoint the majority of the board. 95 Annual Review 2024 | 4.3 MATERIAL SHARES OF NON-CONTROLLING INTERESTS THE SUMMARY OF FINANCIAL INFORMATION OF SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTEREST SHAREHOLDING Share of non-controlling owners Country 2024 2023 Naxor Finland Oy Finland 25% 25% Naxor Holding Oy Finland 25% 25% Wulff Consulting Oy Finland 42% - Wulff Works Etelä Oy Finland 66% 0% Wulff Works Green Oy Finland 75% - Wulff Works Horeca Oy Finland 62% 0% Wulff Works Keski Oy Finland 64% 0% Wulff Works Logistics Oy Finland 79% - Wulff Works Länsi Oy Finland 64% 0% Wulff Works Oy Finland 49% 0% Wulff Works Pirkanmaa Oy Finland 66% 0% Wulff Works Pohjanmaa Oy Finland 64% 0% Wulff Works Porvoo Oy Finland 64% - Wulff Works Pro Oy Finland 77% - Wulff Works Satakunta Oy Finland 64% - Wulff Works Savo Oy Finland 64% 0% Wulff Works Technology Oy Finland 64% - Wulff Works Vaasa Oy Finland 57% - The company has 18 subsidiaries with a material (at least 25%) non-controlling interest. The figures are presented in accordance with the subgroups formed by the subsidiaries before intra-group eliminations. Naxor Holding Oy owns Naxor Finland Oy and the parent of the Works subgroup is Wulff Works Oy . | Annual Review 2024 96 2024 2023 EUR 1 000 Naxor companies Wulff Consulting Works companies Total Naxor companies Total Summary of the comprehensive income Net sales 885 55 14 904 15 843 931 931 Operating profit 47 -66 - 184 -203 -28 -28 Comprehensive income 0 -66 -85 -151 -82 -82 Comprehensive income attributable to non-controlling interests 0 -28 -10 -38 -20 -20 Summary of financial position Current assets 132 56 2 671 2 859 73 73 Non-current assets 1 347 29 492 1 867 1 362 1362 Current liabilities 257 77 2 973 3 306 201 201 Non-current liabilities 970 75 570 1 615 9 81 9 81 Net assets 252 -66 -380 - 194 252 252 Equity attributable to non-controlling interests -37 -28 - 111 -176 -37 -37 Summary of cash flow Cash flow from operating activities 86 -58 -84 -55 -55 -55 Cash flow from investing activities -29 -183 - 212 -3 -3 Cash flow from financing activities -86 87 266 267 58 58 Change in cash and cash equivalents 0 0 0 0 0 0 Dividends paid to non-controlling interests - - 101 101 - 0 Changes in the shares of subsidiaries are presented in Note 4.1 4.3 MATERIAL SHARES OF NON-CONTROLLING INTERESTS 97 Annual Review 2024 | 4.4 RELATED PARTY INFORMATION The Group’s related parties consist of parent company’s Board of Directors and Group Executive Board members as well as their family mem- bers and their controlled companies, subsidiaries, associates and joint ventures. The Group’s parent and subsidiary relationships have been presented in Note 4.2. The Group does not have any investments in associates or joint ventures. SUMMARY OF BOARD MEMBERS’ BENEFITS EUR 1 000 2024 2023 Board members' salaries and fees Kari Juutilainen 4/2018- Chairman of the Board 4/2019- 15 15 Jussi Vienola 4/2018- 15 15 Kristina Vienola 4/2018- 15 15 Lauri Sipponen 4/2020- 15 15 Board members benefits total 60 60 SUMMARY OF GROUP EXECUTIVE BOARD’S EMPLOYMENT BENEFITS EUR 1 000 2024 2023 Salaries and other short-term remuneration 590 690 Fringe Benefits 23 39 Bonuses 56 56 Other long-term remuneration, additional pension benefits 8 23 Group Executive Board’s employee benefits total 677 808 | Annual Review 2024 98 4.4 RELATED PARTY INFORMATION REMUNERATION OF THE BOARD According to the Company’s Articles of Association, the Annual General Meeting determines the remuneration of the Board Members. The fees of the Board Members are paid in fixed amounts of cash. In 2024 and 2023 a monthly fee of EUR 1,250 was paid to the Chairman of the Board and Board Members. The Group has not granted loans, guarantees or other contin- gencies to the Board Members REMUNERATION OF THE GROUP CEO The Board determines the Group CEO’s remuneration and other contractual issues. The Group CEO is entitled to statutory pensi- on. Pension age and additional pension benefits have not been determined in the Group CEO contracts. The Board appointed Elina Rahkonen as the Wulff Group Plc CEO on September 17, 2019 and she started in her position on September 30, 2019. In 2024, the remuneration of CEO Elina Rahkonen consisted of monetary wages and fringe benefits of the amount of EUR 218 thousand (208). The Group CEO is entitled to bonus holiday pay and to a bonus scheme to be determined later. The period of notice is three months from the Group CEO side and six months from the company’s side. In case the company resigns the Group CEO contract one-sidedly the Group CEO is entitled to a severance payment equal to three months salary REMUNERATION OF SENIOR MANA- GEMENT Remuneration of senior management consists of salaries paid in cash, fringe benefits, additional pensions, annually-deter- mined performance-based bonuses and possible share-based incentives. Bonuses paid in addition to fixed monthly salaries are based on financial performance and the person’s individual goal-setting. No share-based incentives were paid in 2024 or 2023. The Group CEO determines the contractual terms, salaries and possible other benefits and incentives of the Executive Board Members. The remuneration of the Group Executive Board is presented in the attached table. In 2024 and 2023, the Group Executive Board consisted of Atte Ailio until August 4, 2023, Sami Hokkanen until August 21, 2023, Veijo Ågerfalk until August 21, 2023, Iiris Pohjanpalo from August 21, 2023, Tarja Törmänen, Trond Fikseaunet, and Group CEO Elina Rahkonen. Of the Executive Board members, Tarja Törmänen’s communica- tion and marketing director service is obtained as a outsourced service and during 2024 the service costs amounted to EUR 108 thousand (108). The outsourced service is included in other operating expenses and has been presented also in the table for Related Party transactions. BUSINESS TRANSACTIONS WITH RELATED PARTIES EUR 1 000 2024 2023 Sales to related parties 403 81 Purchases from related parties 14 6 11 5 Sales and purchases with the related parties consist of normal, market-priced transactions with the non-group companies under control of influence of the Board members or top management. The purchases from related parties include communication and marketing director service EUR 108 thousand (108). The Group had no loan receivable from a company under influence of a related party at year-end 2024 or 2023. In addition to this, the Group Companies have made payments to each other for e.g. products and services. These internal income and expenses have been eliminated within the Group Financial Statements according to the ordinary group consolidation regula- tions. 99 Annual Review 2024 | 4.5 COMMITMENTS EUR 1 000 2024 2023 Mortgages and guarantees on own behalf Business mortgage for the Group’s loan liabilities 17 650 16 650 Business mortgages, free 7 064 7 064 Subsidiary shares pledged as security for group companies’ liabilities 13 585 10 556 Real estate mortgages 3 500 3 500 Subsidiary shares pledged as security for group ompanies’ liabilities are presented here in their book value in the parent company’s balance sheet and they consist of Wulff Entre Oy (EUR 1 387 thousand), S Supplies Holding AB (1 178), Wulff Oy Ab (6 435), Mutual Real Estate Company Kilonkallio1 (1 556), Bokföringsbyrå Lundström Ab (875) and Tilitoimisto Raahen Tase Oy (2 154).. Rent agreements have been presented on the group balance sheet accoring to the IFRS 16 Lease agreements -standard. Wulff Group Plc has pledged the Wulff Supplies AB’s loan from Nordea to Nordea raised on 9.1.2019. The rents expensed during the financial year are presented in Note 2.6 PARENT COMPANY’S FINANCIAL STATEMENT, FAS | Annual Review 2024 101 PARENT COMPANY’S INCOME STATEMENT, FAS EUR 1 000 Note Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023 Net sales 1 487 462 Other operating income 2 77 66 Personnel expenses 3 -629 - 519 Other operating expenses 4 -98 -50 Depreciation and amortization according to plan 5 -161 -159 Operating profit/loss -324 -201 Financial income 6 4 495 2 977 Financial expenses 6 -1 275 -2 184 Profit/Loss before appropriations 2 895 591 Appropriations 7 525 128 Profit/Loss before taxes 3 420 720 Income taxes 8 117 105 Net profit/loss for the period 3 537 825 102 Annual Review 2024 | PARENT COMPANY’S BALANCE SHEET, FAS EUR 1 000 Note Dec 31, 2024 Dec 31, 2023 ASSETS FIXED ASSETS Intangible assets Trademarks 9 1 050 1 200 Other intangible assets 9 4 6 Tangible assets Machinery and equipment 9 4 4 Other tangible assets 9 32 38 Investments Shares in Group companies 10 20 528 16 534 Other shares and holdings 380 251 Non-current receivables Receivables from Group companies 11 2 624 2 806 Recaivables from others 27 34 Deferred tax assets 8 226 109 TOTAL FIXED ASSETS 24 875 20 981 CURRENT ASSETS Current assets Trade receivables - 31 Receivables from Group companies 11 2 555 538 Preaid expenses and accrued income 12 41 65 Current receivables total 2 596 633 Cash and cash equivalents 13 385 45 TOTAL CURRENT ASSETS 2 981 678 TOTAL ASSETS 27 855 21 659 PARENT COMPANY’S BALANCE SHEET, FAS EUR 1 000 Note Dec 31, 2024 Dec 31, 2023 EQUITY AND LIABILITIES SHAREHOLDERS’ EQUITY Share capital 14 2 650 2 650 Share premium fund 14 7 890 7 890 Treasury shares 14 -332 -332 Invested unrestricted equity fund 14 676 676 Retained earnings 14 167 362 Net profit for the financial year 14 3 537 825 TOTAL SHAREHOLDERS’ EQUITY 14 14 588 12 070 LIABILITIES Non-current liabilities Loans from credit institutions 15 9 529 8 373 Other non-interest bearing liabilities 18 21 Total non-current liabilities 9 550 8 373 Current liabilities Loans from credit institutions 15 3 468 1 012 Trade payables 16 25 5 Amounts owed to group companies 16 14 48 Other liabilities 18 37 25 Accrued liabilities and deferred income 17 173 126 Total current liabilities 3 718 1 216 TOTAL LIABILITIES 13 267 9 589 TOTAL EQUITY AND LIABILITIES 27 855 21 659 | Annual Review 2024 103 PARENT COMPANY CASH FLOW STATEMENT EUR 1 000 Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023 Cash flow from operating activities: Cash received from sales 609 385 Cash received from other operating income 77 66 Cash paid for operating expenses -389 -1 553 Cash flow from operating activities before financial items and income taxes 297 -1 102 Interest paid -948 -534 Interest received 492 460 Income taxes paid 3 775 2 412 Cash flow from operating activities 3 617 1 235 Cash flow from investing activities: Investments in intangible and tangible assets -3 -8 Acquisition of shares in subsidiaries -3 994 - 221 Investments in other shares - 129 - Loans granted -1 676 -1 085 Loan receivables repaid 704 706 Cash flow from investing activities -5 098 -607 Cash flow from financing activities: Dividends paid -1 019 - 951 Changes in the shares of minority shareholders - - 81 Group contributions received 128 754 Group balance accounts (net) -82 1 554 Withdrawals of long-term loans 3 273 - Repayments of long-term loans -479 -2 484 Cash flow from financing activities 1 8 21 -1 209 Change in cash and cash equivalents 340 -581 Cash and cash equivalents on January 1 45 626 Cash and cash equivalents on December 31 385 45 NOTES TO THE PA- RENT COMPANY’S FINANCIAL STATE- MENTS | Annual Review 2024 105 NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS ACCOUNTING PRINCIPLES Wulff Group Plc’s financial statements are prepared in accordance with the Finnish accounting legislation whereas the consolidated financial statements are prepared according to IFRS standards. The accounting principles applied in the consolidated financial statements are described in the notes of the consolidated financial statements. All figures are presented as thousands of euros and have been rounded to the nearest thousand euros. Therefore the total sums do not necessarily fully reconcile to the sum of individual figures. Statutory pensions are taken care of in an external pension company and pensions are recognized when incurred. Income taxes are booked based on the Finnish tax and accounting regulations. Non-current intangible and tangible assets are valued in their acqui- sition prices deducted by depreciations according to plan. THE AMORTIZATION AND DEPRECIATION TIMES ACCORDING TO PLAN ARE: Trademarks: 20 year straight-line basis Immaterial rights: 5 year straight-line basis IT equipment: 3 year straight-line basis Other machines and equipment: 5 year straight-line basis Other tangible assets: 10 year straight-line basis 1. NET SALES Net sales consist of sales income deducted by value added taxes and discounts. Service income is recognized upon the delivery of the service. Parent company’s net sales consist of only administrational services in Finland. 2. OTHER OPERATING INCOME EUR 1 000 2024 2023 Rental income 48 41 Other 28 24 Total 77 66 3. PERSONNEL EXPENSES EUR 1 000 2024 2023 Salaries, wages and fees 539 443 Pension expenses 82 67 Other personnel expenses 8 9 Total 629 519 Average number of employees in accounting period 3 3 Personnel at the end of period 4 3 106 Annual Review 2024 | 4. OTHER OPERATING EXPENSES EUR 1 000 2024 2023 Travel expenses 13 10 ICT expenses 34 18 Marketin, PR and entertainmet expenses 17 46 Fees to auditors 22 4 Bank expenses 83 74 Other -70 -103 Total 98 49 * Fees of the parent company’s auditors: EUR 1 000 2024 2023 Audit 22 4 Total 22 4 5. AMORTIZATION AND DEPRECIATION DURING THE FINANCIAL YEAR EUR 1 000 2024 2023 Amortization of intangible assets: Trademarks 15 0 15 0 Other intagible assets 1 0 Total amortization of intangible assets 151 15 0 Depreciation of tangible assets: Machinery and equipment 9 9 Total depreciation of tangible assets 9 9 Total amortization and depreciation 161 159 | Annual Review 2024 107 6. FINANCIAL INCOME AND EXPENSES EUR1 000 2024 2023 Financial income: Dividens from group companies 3775 2412 Other interest and financial income from group companies 697 530 Other interest and financial income from other 22 35 Total 4 495 2 977 Financial expenses: Interest expenses to group companies -343 -239 Interest expenses to others -845 -799 Foreign exchange losses -60 - 18 Other financial expenses -27 -1 128 Total -1 275 -2 184 Financial income and expenses total 3 219 792 7. APPROPRIATIONS EUR 1 000 2024 2023 Appropriations: group contributions received 525 12 8 Total 525 128 108 Annual Review 2024 | 8. INCOME TAXES INCOME TAXES IN THE INCOME STATEMENT EUR 1 000 2024 2023 Change in deferred tax assets 117 105 Total 117 105 INCOME TAXES IN THE BALANCE SHEET EUR 1 000 2024 2023 Deferred tax assets 226 109 | Annual Review 2024 109 9. INTANGIBLE AND TANGIBLE ASSETS 2024 Trademarks Other intangible assets Intangible assets total Other tangible assets Machinery and equip- ment Tangible assets total Acquisition cost, Jan 1 3 000 6 3 006 67 12 79 Additions 3 3 Acquisition cost, Dec 31 3 000 6 3 006 67 15 82 Accumulated depreciation and impairment, Jan 1 -1 800 0 -1 800 -29 -9 -37 Depreciation during the period -150 -1 - 151 -7 -3 -9 Accumulated depreciation and impairment, Dec 31 -1 950 -1 -1 951 -35 - 11 -47 Book value, Jan 1 1 200 6 1 206 38 4 42 Book value, Dec 31 1 050 4 1 054 32 4 36 2023 Trademarks Other intangible assets Intangible assets total Other tangible assets Machinery and equip- ment Tangible assets total Acquisition cost, Jan 1 3 000 0 3 000 67 10 77 Additions 6 6 2 2 Acquisition cost, Dec 31 3 000 6 3 006 67 12 79 Accumulated depreciation and impairment, Jan 1 -1 650 0 -1 650 -22 -6 -28 Depreciation during the period -150 0 -150 -7 -2 -9 Accumulated depreciation and impairment, Dec 31 -1 800 0 -1 800 -29 -9 -37 Book value, Jan 1 1 350 0 1 350 45 4 49 Book value, Dec 31 1 200 6 1 206 38 4 42 110 Annual Review 2024 | 10. SHARES IN GROUP COMPANIES EUR 1 000 2024 2023 Acquisition cost, Jan 1 21 913 21 934 Additions 3 994 81 Sales -102 Acquisition cost, Dec 31 25 907 21 913 Accumulated depreciation and impairment, Jan 1 -5 379 -4 264 Additions -1 115 Accumulated depreciation and impairment, Dec 31 -5 379 -5 379 Book value, Jan 1 16 534 17 670 Book value, Dec 31 20 528 16 534 Wulff Group Plc made several business acquisitions during the reporting period, acquiring the shares of Bokföringsbyrå Lundström Ab, Sandström & Lundström Oy Ab, Tilitoimisto Raahen Tase Oy, Ab Bokföringsby- rå Esse Tilitoimisto Oy and Aktiva Redovisning Åland Ab. Business acquisitions do not include any significant individual acquisitions, but the combined individual acquisitions constitute a significant entity. Detailed information on acquisitions is given in note 4.1 of the consolidated financial statements. In 2023, the Group acquired 2% of the share capital of S Supplies Holding AB and owned 89% of the company’s shares after the acquisition. Wulff Group Plc sold Wulff Beltton AB and Wulff Beltton AS, which were responsible for the loss-making Scandinavian Expertise Sales, to a minority owner on September 1, 2023. The sale price was EUR 0.1 million. Wulff Group Plc recorded an EUR 1.1 million impairment of Wulff Entre Oy’s subsidiary shares in connection with the group’s goodwill testing in 2023.. | Annual Review 2024 111 11. RECEIVABLES FROM GROUP COMPANIES NON-CURRENT EUR 1 000 euroa 2024 2023 Capital loans 905 600 Other loans 1 719 2 206 Non-current receivables total 2 624 2 806 CURRENT EUR 1 000 euroa 2024 2023 Trade receivables 3 87 Other receivables 2 026 323 Accrued income and prepaid expenses 525 12 8 Current receivables total 2 555 538 Receivables from group companies total 5 17 9 3 344 112 Annual Review 2024 | 12. PREPAID EXPENSES AND ACCRUED INCOME EUR 1 000 2024 2023 Accruals for employee benefits 2 2 Other accruals 40 64 Total 41 65 13. CASH AND CASH EQUIVALENTS EUR 1 000 2024 2023 Carrying amount, Jan 1 45 626 Additions during the financial year 340 -581 Total, December 31 385 45 | Annual Review 2024 113 14. EQUITY EUR 1 000 2024 2023 Share capital as of Jan 1 2 650 2 650 Share capital as of Dec 31 2 650 2 650 Share premium fund as of Jan 1 7 890 7 890 Share premium fund as of Dec 31 7 890 7 890 Invested unrestricted equity fund as of Jan 1 676 676 Invested unrestricted equity fund as of Dec 31 676 676 Treasury shares as of Jan 1 -332 -332 Treasury shares as of Dec 31 -332 -332 Retained earnings from previous financial years as of Jan 1 1 186 1 313 Dividend distribution -1 019 - 951 Retained earnings from previous financial years as of Dec 31 167 362 Net profit for the financial year 3 537 825 Retained earnings total as of Dec 31 3 704 1 186 Equity total as of Dec 31 14 588 12 070 Distributable funds in EUR 1 000 as of Dec 31: 31.12.2024 31.12.2023 Invested unrestricted equity fund 676 676 Treasury shares -332 -332 Retained earnings from previous financial years 167 362 Net profit for the financial year 3 537 825 Distributable funds total 4 048 1 531 *At the end of December 2024, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number and voting rights of Wulff shares. 114 Annual Review 2024 | 15. INTEREST-BEARING LIABILITIES Book value Payment schedule (years): EUR1 000 31.12.2024 2025 2026 2027 2028 2029 Myöhemmin Non-current Loans from financial institutions 9 529 2 609 2 234 2 776 1 265 645 Total 9 529 2 609 2 234 2 776 1 265 645 Current Loans from financial institutions 3 468 3 468 Total 3 468 3 468 Loans from financial institutions include a short-term bank account credit limit. 16. AMOUNTS OWED TO GROUP COMPANIES EUR 1 000 2024 2023 Accounts payable 14 48 Total 14 48 17. ACCRUED LIABILITIES AND DEFERRED INCOME EUR 1 000 2024 2023 Accruals for employee benefits 72 40 Interest accruals 102 85 Total 173 126 | Annual Review 2024 115 19. COMMITMENTS EUR 1 000 2024 2024 Mortgages and guarantees on own behalf: Subsidiary shares pledged as security for own liabilities 13 585 10 556 Own business mortgages given as quarantee for own liabilities 13 600 12 600 Mortgages and guarantees on behalf of subsidiaries: Guarantees for the loans of subsidiaries 234 234 Subsidiary shares pledged as security for group’s liabilities are presented as book values and they consist o Wulff Entre Oy (EUR 1 387 thousand), S Supplies Holding AB (1 178), Wulff Oy Ab (6 435), Mutual Real Estate Company Kilonkallio 1 (1 556), Bokföringsbyrå Lundström Ab (875), and Tilitoimisto Raahen Tase Oy (2 154). Wulff Group Plc has pledged the Wulff Supplies AB’s loan from Nordea to Nordea raised on 9.1.2019. The loan was raised to acquire the subsidiary’s logistic center on 9.1.2019. EUR 1 000 2024 2023 Non-current: Additional purchase price 20 - Rental deposit 1 - Non-current other liabilities total 21 0 Current: Additional purchase price 10 - VAT payable 9 12 Other payables 17 13 Current other liabilities total 37 25 Other liabilities total 57 25 18. OTHER LIABILITIES On November 26, 2024 Wulff Group Plc acquired the entire share capital of Ab Bokföringsbyrå Esse Tilitoimisto Oy, which offers financial management services. The total purchase price of the share capital was approximately EUR 0.2 million. EUR 0.1 million of the purchase price was paid in cash during the transaction and the rest of the purchase price will be paid based on the profitability of Ab Bokförin- gsbyrå Esse Tilitoimisto Oy during the next three years. The maximum amount of the conditional additional purchase price is EUR 10 thousand per year. 116 Annual Review 2024 | SIGNATURES TO THE FINANCIAL STATEMENTS AND REPORT OF THE BOARD OF DIRECTORS Signatures of the Board and Group CEO to the Financial Statements Espoo, March 5, 2025 Elina Rahkonen CEO Kari Juutilainen Lauri Sipponen Chairman of the Board Member of the Board Jussi Vienola Kristina Vienola Member of the Board Member of the Board Auditor’s note We have today submitted the report on the conducted audit. Espoo, March 5, 2025 BDO Oy, Authorized Public Accountant Firm Joonas Selenius KHT | Annual Review 2024 117 To the Annual General Meeting of Wulff-Yhtiöt Oyj Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Wulff-Yhtiöt Oyj (business identity code 1454963-5) for the year ended 31 December 2024. The financial statements comprise the consol- idated balance sheet, income statement, statement of com- prehensive income, statement of changes in equity, statement of cash flows and notes, including material accounting policy information, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes. In our opinion • the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash flows in accordance with IFRS Accounting Stand- ards as adopted by the EU • the financial statements give a true and fair view of the par- ent company’s financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. Our opinion is consistent with the additional report submitted to the Board of Directors. Basis for Opinion We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements. In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. We have not provided any non-audit services to the parent company or group companies. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our opinion. AUDITOR’S REPORT (TRANSLATION OF THE FINNISH ORIGINAL) Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have also addressed the risk of management override of in- ternal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud. 118 Annual Review 2024 | • The consolidated balance sheet includes inven- tories amounting to EUR 12,8 million. • Inventories are valued at the lowest value, either acquisition cost or net realizable value. • The Group’s business and the nature of industry in which the Group operates require maintaining a certain level of inventories and product range. Inventories may include slow-moving items. This also increases the risk that the carrying amounts of inventory items exceed their net realizable values. • This matter is a significant risk of material misstatement referred to in EU Regulation No 537/2014, point (c) of Article 10(2). • We have tested automated controls designed to ensure the accuracy of inventory pricing and performed substantive procedures. • We have analyzed inventory turnover figures and the development in the slow-moving stock. and reviewed possible negative margins and the reasons to the negative margins. • We have tested the adequacy of the write- downs at the financial year end, for example by comparing the development of the amount of the stock items with low turnover rates to the prior year and by comparing products’ values to changed market values. • Goodwill in the consolidated balance sheet amounts to EUR 10,9 million. No amortization is recorded on the goodwill, but goodwill is tested for impairment at least annually. An impairment loss is recorded for an asset when its book value exceeds the recoverable amount. • The determination of key assumptions underly- ing cash flow forecasts for impairment testing requires management judgment, particularly regarding the applied discount rate, growth projections, and profitability. • During the financial year, business combinations resulted in the recognition of goodwill amount- ing to EUR 2.2 million and customer contracts amounting to EUR 0.9 million. The economic useful life of customer contracts is finite. The valuation of customer relationships related to business combinations involves management judgment, particularly regarding assumptions on future cash flows and the assessment of the economic useful life. • This matter is a significant risk of material misstatement referred to in EU Regulation No 537/2014, point (c) of Article 10(2). • We have assessed the allocation basis, i.e. the allocation of goodwill to the tested cash-gener- ating units complies with the allocation principles defined by the company. • We have assessed critically the foundations and management assumptions underlying the future cash flow forecast. • We have involved BDO’s valuation special- ists for the testing of technical integrity of the calculations and assessing the assumptions used in determining the discount rate to market and industry information. • We have assessed the accuracy of sensitivity analysis and the appropriateness of the notes in respect of impairment testing. • For customer relationships related to business combinations, we have assessed the key as- sumptions used in valuation, such as the discount rate. We have also evaluated the appropriate- ness of the applied amortization period. Key audit matter How the matter was addressed in the audit Valuation of inventories (Refer to general accounting principles and consolidated notes 3.4) Valuation of goodwill and acquired customer relationships (Refer to general accounting principles and consolidated notes 3.3 and 4.1) Key audit matter How the matter was addressed in the audit | Annual Review 2024 119 • As of 31 December 2024, the equity of the parent company is EUR 14.6 million, of which the distributable equity amounting to EUR 4.0 million. • A significant portion of the parent company’s assets consist of investments in the subsidiar- ies. The subsidiary shares and long–term loan receivables amount to EUR 23.2 million as of 31 December 2024. The measurement of these investments has a material impact when calculat- ing the parent company’s distributable equity. • In Accordance with Finnish Accounting Act, If the estimated future revenue generated by a non-current asset is expected to be permanently lower than the undepreciated balance of the ac- quisition cost, an adjustment to the value must be made to write off the difference as an expense. • Cash-flow based impairment tests are prepared by the management for the valuation of the subsidiary shares and long-term receivables. • Determination of the key assumptions in future cash flow forecasts underlying the impairment tests requires management to make judgements over certain key inputs, for example business plans, discount rate, growth rates and profitabili- ty levels. • We have evaluated the reliability of the Group’s budgeting process and assessed the historical accuracy of forecasts by comparing the actual results for the year 2024 with the forecasts made in previous years. We assessed critically the foundations and management assumptions underlying the future cash flow forecast. • We have involved BDO’s valuation specialist in comparing the assumptions used in deter- mining the discount rate to market and industry information. • We assessed the assumptions used in the valuation of the subsidiary shares and long-term receivables to market and industry information. • We have analyzed the valuation of the subsidi- ary shares and long-term receivables compared to subsidiaries’ equities and EBIT. Key audit matter How the matter was addressed in the audit Valuation of the subsidiary shares and long-term receivables (Refer to parent company’s accounting principles and parent company’s notes 10, 11 and 14) Responsibilities of the Board of Directors and the Managing Director for the Financial Statements The Board of Directors and the Managing Director are responsi- ble for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realis- tic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mate- rial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 120 Annual Review 2024 | • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company’s or the group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relat- ed disclosures made by management. • Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s re- port to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view. • Plan and perform the group audit to obtain sufficient appro- priate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regard- ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical require- ments regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with govern- ance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circum- stances, we determine that a matter should not be communicat- ed in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Other Reporting Requirements Information on our audit engagement We were first appointed as auditors by the Annual General Meeting on 6 April 2017, and our appointment represents a total period of uninterrupted engagement of 8 years. Other Information The Board of Directors and the Managing Director are responsi- ble for the other information. The other information comprises the report of the Board of Directors and the information included in the Annual Report but does not include the financial statements or our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor’s report and the Annual Report is expected to be made available to us after that date. Our opinion on the financial statements does not cover the other information. In connection with our audit of the financial statements, our re- sponsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions. In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. If, based on the work we have performed on the other informa- tion that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other infor- mation, we are required to report that fact. We have nothing to report in this regard. In Helsinki on 5 March 2025 BDO Oy, Audit Firm Joonas Selenius KHT | Annual Review 2024 121 To the Board of Directors of Wulff-Yhtiöt Oyj. Independent auditor’s report on the ESEF financial statements of Wulff-Yhtiöt Oyj We have performed a reasonable assurance en- gagement on the consolidated financial statements (74370016PW2V4W02LX91-2024-12-31-0-en.zip) of Wulff- Yhtiöt Oyj (1454963-5) that have been prepared in accord- ance with the Commission’s regulatory technical standard for the financial year ended 31.12.2024. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are respon- sible for the preparation of the company’s report of the Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply with the requirements of the Commission’s regulatory technical standard. This responsibility includes: • preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s regulatory technical standard • tagging the primary financial statements, notes and compa- ny’s identification data in the consolidated financial state- ments that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of the Commission’s regulatory technical standard and • ensuring the consistency between the ESEF financial state- ments and the audited financial statements. The Board of Directors and the Managing Director are also re- sponsible for such internal control as they determine is necessary to enable the preparation of ESEF financial statements in ac- cordance with the requirements of the Commission’s regulatory technical standard. Auditor’s independence and quality management We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The auditor applies International Standard on Quality Manage- ment (ISQM) 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Auditor’s responsibilities Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the financial statements that have been prepared in accordance with the Commission’s regulatory technical standard. We express an opinion on whether the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4 of the Commission’s regulatory technical standard. Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a reasonable as- surance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000. The engagement includes procedures to obtain evidence on: • whether the primary financial statements in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the requirements of Article 4 of the Commission’s regulatory technical standard and • whether the notes and company’s identification data in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the require- ments of Article 4 of the Commission’s regulatory technical standard and • whether there is consistency between the ESEF financial statements and the audited financial statements. The nature, timing and extent of the selected procedures depend on the auditor’s judgment. This includes an assessment of the risk of a material deviation due to fraud or error from the require- ments of the Commission’s regulatory technical standard. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial statements, notes and company’s identification data in the consolidated financial state- ments that are included in the ESEF financial statements of Wulff- Yhtiöt Oyj (74370016PW2V4W02LX91-2024-12-31-0-en.zip) for the financial year ended 31.12.2024 have been tagged, in all material respects, in accordance with the requirements of the Commission’s regulatory technical standard. Our opinion on the audit of the consolidated financial statements of Wulff-Yhtiöt Oyj for the financial year ended 31.12.2024 has been expressed in our auditor’s report (dated 5 March 2025). With this report we do not express an opinion on the audit of the consolidated financial statements nor express another assurance conclusion. In Espoo 5 March 2025 BDO Oy, Audit Firm Joonas Selenius KHT AUDITOR’S ASSURANCE REPORT OF ESEF FINANCIAL STATEMENTS (TRANSLATION OF THE FINNISH ORIGINAL) Wulff-Yhtiöt Oyj | Vuosikertomus 2024 12 2 123 Annual Review 2024 | OUR CUSTOMERS SHARE THEIR STORIES Visit Wulff.fi and find inspiring customer stories about our successful collaborations! With Wulff’s team, our daily operations and we always receive expert support, even in more uncommon situations. Highly recommended! daily operations run smoothly and we always receive expert support, even in more uncommon situations. Highly recommended! Saara Paronen Partner, CEO Valu Partners Attorneys at Law Ltd Wulff's services play a key role for us, especially in the procurement of branded products and corporate gifts. Give-away gifts communicate the employer's care for its employees. Katja Holla Executive Assistant Valmet Flow Control Ecological products are clearly labeled in the online store that Wulff customized and opened for us. This makes responsible purchasing significantly easier and helps us reduce the greenhouse gas emissions and other environmental impacts of our operations. Ranja Kontturi Director, Saga Tammilinna Saga Senior Services Working with Wulff Works is easy and even enjoyable, and we have always received great candidates great candicates for interviews, whether for short-term or long-term positions. The Wulff team selects the best candidates on our behalf, saving us effort and freeing up resources for our core business. Olli-Pekka Kettunen Unit Manager Bravida Finland | Annual Review 2024 124 We are extremely satisfied with Wulff Entre's services – high-quality stands , seamless arrangements, and an excellent final result that truly captures visitors' attention. The full-service experience is effortless! There's no need to worry about the details when professionals take care of everythingn. Antti Lassila Business Director, Chairman of the Board Potma Wulff's MiniBar shelving service is fantastic! With a single order from one supplier, we receive delicious snacks and drinks, always fully stocked and beautifully arranged in our fridge and office shelves. A hassle-free and convenient service! Tracy Nguyen Office Manager Supermetrics The image features Supermetrics’ CoolBar 125 Annual Review 2024 | WULFF EXPERTS SHARE THEIR INSIGHTS What are the key trends in sustainability for 2025? Wulff professionals from our various business areas share their insights and recommendations. Humanity and meaningfulness are at the core. People are increasingly drawn to work that motivates them and adds purpose to their lives. Additionally, collaboration and a sense of community play a key role in advancing sustainability. Liisa Jaatinen Director Sustainability and Conceptual Development, Wulff Consulting From a logistics perspective, ecological and economic sustainability are now at the forefront. Waste minimization, efficient recycling, and the preference for renewable natural resources are key factors guiding decisions. In inbound logistics, there is an increasing emphasis on sustainable and eco- friendly solutions, with procurement favoring domestic suppliers and shorter transport distances, lowest price alone is no longer the deciding factor. Toni Voutilainen Warehouse Supervisor, Wulff Logistics The mindset of quality over quantity is gaining strength, and the importance of the circular economy is growing. For us and our customers, it’s not just about the origin of materials but increasingly about how they can be reused or recycled after an event Ninni Laaksonen Head of Sales, Wulff Entre In Wulffi Magazine, you’ll find insights on sustainability, megatrends, and many other timely topics. Alongside Wulff experts, our customers and partners also share their perspectives. The inspiring themes for the 2025 issues are ”Nature’s Wisdom, Human Responsibility” in the spring and ”Celebrate Life” in the autumn. Read the magazine online at wulff.fi/wulffi-lehti (in Finnish). | Annual Review 2024 12 6 On construction sites and building projects durable products and sustainability are highly valued. We offer "oat-powered" products, such as Xyron laminators that have been in use for 25 years – and the crank still turns smoothly. Our reusable floor protection solutions consistently receive praise for both their practicality and eco-friendliness. Petri Kautonen Manager Director, Wulff Naxor Domestic products and those further processed in Finland are gaining even more momentum. There is strong demand for these products, and the need for locally sourced alternatives continues to grow. Sari Viljakainen Customer Manager, Wulff Innovations The image features Sari Viljakainen, Wulff Innovations. 127 Annual Review 2024 | It All Began with a Small Paper Shop on August 23, 18 Did you know that Wulff’s history dates back to 1890? Wulff’s history is intertwined with Finland’s, particularly the Helsinki metropolitan area’s, cultural heritage. In 2025, Wulff will celebrate its 135th anniversary. On August 23, 1890, a modest paper shop was established at Fredrikinkatu 47 in Helsinki, previously occupied by a butcher shop. The store was warmly and firmly managed by Augusta Wulff. In keeping JOIN US ON A JOURNEY THROUGH TIME! with the customs of the time, Augusta’s husband, Thomas Wulff, announced the opening of the new store in the esteemed news- paper, Uusi Suometar. The inaugural day’s sales amounted to a ceremonious six marks and ten pennies. From that day forward, Wulff’s narrative has been enriched with decades of success stories and remarkable chapters. This is exemplified by the fact that just nine months later, the shop had to relocate to larger premises on Eerikinkatu due to thriving business. Seven years later, the main store moved to Esplanadi We have curated over a century’s worth of significant events from our company’s history. Discover our story! Relocation to ”Wulff’s Corner” The Paper Shop Expands into a Limited Company: Th. Wulff Oy Ab 1918 1939 1954 1987 The Wulff’s Corner Property Becomes Owned by Th. Wulff Oy Ab The Company Name Changes to Oy Wulff Ab A New Central Warehouse is Completed in Pitä- jänmäki, Helsinki. A New Headquar- ters is Completed at Mannerheimintie 4, Helsinki, Along with Multiple Branch Stores, a Central Warehouse, and Several Subsidiaries Investment Com- pany Sponsor Oy Becomes the Owner of Wulff Oy Ab Operations Cent- ralized in a New Headquarters in Vantaa Wholesale Paper Companies Oy Yrjö Koivisto Ab and Su-Pa Oy Merge into Wulff’s Business Operations Mercantile Oy Becomes the Owner of Wulff Oy Ab Th. Wulff Pappershandel – Paper Shop is founded 1890 Significant Event Mergers and Acquisitions, Worklife Services Mergers&Acquisitions, Worklife Products 19181918 1897 1945 1965 1988 1989 1992 | Annual Review 2024 12 8 P.S. Would you like to celebrate with us? Traditional, joyous summer festivities and the 135th birthday will be held at the Wulff House in Espoo on August 22. Contact us at [email protected] or call 0300 870 411 (€0.79/min + local network charge) to so we can add you to the guest list. 11, at the corner of Pohjois-Esplanadi and Mannerheimintie, a location that became affectionately known as ”Wulff’s Corner.” It was a popular meeting spot for both artists and the general public and is fondly remembered. Today, Wulff’s Corner conti- nues to thrive as one of the prime commercial locations. Wulf- finkulma.fi serves customers online across Finland, and physical Wulffinkulma stores can be visited in Helsinki, Lahti, and Turku. 2002 2003 2006 2007 2008 2018 2022 2024 The First Version of the WulffNet Online Service is Launched Publicly Listed Com- pany Beltton-Yhtiöt Oyj Acquires Wulff’s Share Capital Wulff Acquires Norwegian Gundersen & CO A/S and Danish Nordisk Profil A/S Wulff Acquires IM Inter-Medson Oy Brand Products & Corporate Gifts Wulff Acquires Entre Marketing Oy Trade Show and Event Services, Wulff Entre Wulff Acquires Ibero Liikelahjat Oy – Brand Products & Corporate Gifts Wulff Acquires Swedish Strålfors Supplies AB Wulff Supplies AB Wulffinkulma.fi Online Store Opens Wulff Acquires Mavecom Palvelut Oy / Canon Business Center Vantaa Oy Printing and Document Management Services Wulff Acquires Staples Finland Oy Wulff Acquires Car- pentum Oy Accounting Services Wulff Works Launches Operations in Seven Locations Staffing Services Wulff Accounting Expands with New Offices in six locations 1995 2009 2021 WULFFGROUPPCL| Kilonkartanontie 3 | FI02610 Espoo | tel. +358 300 870 410 | Business ID1454963-5 | wulff.fi

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