Quarterly Report • Oct 20, 2025
Quarterly Report
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Wulff Group Plc's Interim Report January—September 2025: Wulff's Q3: net sales and operating profit at record levels
20.10.2025 09:30:00 EEST | Wulff-Yhtiöt Oyj | Interim report (Q1 and Q3)
This is a summary of Wulff Group Plc’s Interim Report January—September 2025. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi
JULY–SEPTEMBER 2025 BRIEFLY
JANUARY–SEPTEMBER 2025 BRIEFLY
FINANCIAL GUIDANCE 2025 (UNCHANGED)
Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2025.
The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow from 2024. Key uncertainties affecting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and tightened competition between superpowers.
KEY FIGURES
| EUR 1 000 | Q3 2025 |
Q3 2024 |
Q1-Q3 2025 | Q1-Q3 2024 | Q1-Q4 2024 |
| Net sales | 31 221 | 26 158 | 89 400 | 74 911 | 102 815 |
| Change in net sales, % | 19.4% | 23.2% | 19.3% | 5.7% | 9.6% |
| EBITDA | 3 058 | 1 384 | 5 900 | 4 006 | 5 416 |
| EBITDA margin, % | 9.8% | 5.3% | 6.6% | 5.3% | 5.3% |
| Comparable EBITDA | 2 195 | 1 384 | 5 070 | 4 166 | 5 577 |
| Comparable EBITDA margin, % | 7.0% | 5.3% | 5.7% | 5.6% | 5.4% |
| Operating profit/loss | 2 341 | 812 | 3 865 | 2 373 | 3 180 |
| Operating profit/loss margin, % | 7.5% | 3.1% | 4.3% | 3.2% | 3.1% |
| Comparable operating profit/loss | 1 478 | 812 | 3 035 | 2 534 | 3 340 |
| Comparable operating profit/loss margin, % | 4.7% | 3.1% | 3.4% | 3.4% | 3.2% |
| Comparable profit/loss before taxes | 1 229 | 435 | 2 120 | 1 727 | 2 270 |
| Comparable profit/loss before taxes margin, % | 3.9% | 1.7% | 2.4% | 2.3% | 2.2% |
| Net profit/loss for the period attributable to equity holders of the parent company | 1 792 | 258 | 2 201 | 1 483 | 1 778 |
| Net profit/loss for the period, % | 5.7% | 1.0% | 2.5% | 2.0% | 1.7% |
| Comparable net profit/loss for the period attributable to equity holders of the parent company |
929 | 258 | 1 371 | 1 643 | 1 939 |
| Comparable net profit/loss for the period, % | 3.0% | 1.0% | 1.5% | 2.2% | 1.9% |
| Earnings per share, EUR (diluted = non-diluted) | 0.26 | 0.04 | 0.32 | 0.22 | 0.26 |
| Comparable earnings per share, EUR (diluted = non-diluted) | 0.14 | 0.04 | 0.20 | 0.24 | 0.29 |
| Cash flow from operating activities | 2 892 | 3 038 | 3 795 | 1 836 | 4 114 |
| Return on equity (ROE), % | 9.3% | 1.8% | 12.3% | 6.3% | 8.2% |
| Return on investment (ROI), % | 5.8% | 2.1% | 9.3% | 6.7% | 9.0% |
| Equity-to-assets ratio at the end of period, % | 39.4% | 41.5% | 39.4% | 41.5% | 41.3% |
| Debt-to-equity ratio at the end of period | 60.3% | 68.3% | 60.3% | 68.3% | 65.6% |
| Investments in non-current assets | 276 | 358 | 905 | 1 243 | 1 628 |
| Personnel on average during the period | 329 | 277 | 320 | 269 | 271 |
| Temporary employees on average in person-years of work | 833 | 397 | 637 | 221 | 256 |
WULFF GROUP PLC’S CEO ELINA RAHKONEN
Growth and record operating profit in Q3
Wulff’s third quarter of 2025 was already the fifth consecutive quarter of double-digit growth! We achieved record-breaking net sales in the third quarter and our profitability also improved. The ingredients of our growth story are resilience, courage and knowing our customers. Thanks for the growth go to all our customers who choose us, as well as to our partners and Wulff employees. We share common values and a desire to make the world a better place, one encounter at a time.
Operating profit increased from last year in both segments
Worklife Services’s net sales for July–September increased by 71% from last year. Wulff Works’ staff leasing business grew by 82% and the third quarter was the most profitable in Wulff Works’ history. For a challenger company in the staff leasing services sector that began operations in 2024, this is a remarkable achievement.
I am also very pleased with the positive development of our accounting services: net sales grew by 90% from the previous year. Profitability remains at a healthy level and development is stable. The growth was driven by the determined implementation of acquisitions in line with our strategy, as well as by the expansion and development of our operations to be more customer-oriented and commercially robust. Wulff Consulting, established at the end of 2024, turned cumulatively profitable in August – there is clear demand for consulting services, and we have the agility to respond to it.
The workplace products market demand remains cautious in Finland and Scandinavia. I am pleased with the improvement in profitability in the Products for Work Environments Segment in the third quarter.
The organizational reforms implemented earlier in Finland have increased the efficiency of operations. In September, the market showed small signs of recovery. We continue to improve operational efficiency in our logistics chain.
Growth Strategy 2030 guiding our success
Our growth figures show that we have made the right choices—especially under challenging conditions. In the spring, we launched our new Wulff Growth Strategy along with an ambitious goal to double our revenue by 2030. Even more important than growing net sales is strengthening the resilience of our businesses and meeting our customers’ expectations. That can only be achieved together with people who are committed to our strategy and our values.
Looking ahead to the rest of the year with confidence.
GROUP’S NET SALES AND PROFIT
In July—September 2025 net sales increased by 19.4% (23.2) from the previous year and totalled EUR 31.2 million (26.2). In January—September 2025 net sales increased by 19.3% (5.7) and totalled EUR 89.4 million (74.9).
Worklife Services Segment’s net sales increased by 71.2% (389.4)in July—September and 103.3% (174.5) in January—September. The acquisitions of accounting companies implemented during the reporting period increased the net sales in January–September by EUR 1.6 million.
Products for Work Environments Segment’s net sales decreased by 2.2% (-3.8) in July—September and by 3.8% (-3.0) in January—September. In July—September net sales declined in Finland while it increased in Scandinavia. In January–September, the segment’s revenue decreased in all the Nordic countries.
The gross margin amounted to EUR 8.7 million (7.1) being 27.9% (27.0) of net sales in July—September 2025 and EUR 25.8 million (22.1) being 28.9% (29.4) of net sales in January–September 2025.
In July—September 2025 employee benefit expenses amounted to EUR 4.8 million (4.0) being 15.2% (15.2) of net sales. In January—September 2025 employee benefit expenses amounted to EUR 15.2 million (12.7) being 17.0% (16.9) of net sales. Wulff’s change negotiations during the reporting period resulted in a one-time expense of EUR 0.04 million, which has been removed from the comparable result.
Other operating expenses amounted to EUR 1.8 million (1.8) in the third quarter of 2025 being 5.8% (6.7) of net sales. In January—September other operating expenses amounted to EUR 5.9 million (5.5) being 6.5% (7.4) of net sales.
In July 2025, Wulff announced the sale and leaseback of its office premises in Espoo. The transaction resulted in a one-off gain of EUR 0.8 million, which has been excluded from the comparable result.
In July—September 2025 EBITDA amounted EUR 3.1 million (1.4), or 9.8% (5.3) of net sales and comparable EBITDA amounted to EUR 2.2 million (1.4), or 7.0% (5.3) of net sales. In January—September EBITDA amounted EUR 5.9 million (4.0), or 6.6% (5.3) of net sales and comparable EBITDA amounted to EUR 5.1 million (4.2), or 5.7% (5.6) of net sales.
Operating profit (EBIT) amounted to EUR 2.3 million (0.8), or 7.5% (3.1) of net sales in July—September 2025 and comparable operating profit amounted to EUR 1.5 million (0.8), or 4.7% (3.1) of net sales. Operating profit (EBIT) amounted to EUR 3.9 million (2.4), or 4.3% (3.2) of net sales in January—September 2025 and comparable operating profit amounted to EUR 3.0 million (2.5), or 3.4% (3.4) of net sales.
In the third quarter financial income and expenses totalled (net) EUR -0.2 million (-0.4). In January—September 2025, the financial income and expenses totalled (net) EUR -0.9 million (-0.8), including interest expenses of EUR -0.7 million (-0.8), and mainly currency-related other financial items (net) totalled EUR -0.2 million (-0.1).
In July—September 2025 the result before taxes was EUR 2.1 million (0.4), and the comparable result before taxes was EUR 1.2 million (0.4). In January—September 2025 the result before taxes was EUR 3.0 million (1.6), and the comparable result before taxes was EUR 2.1 million (1.7).
In the third quarter of 2025 net profit attributable to equity holders of the parent company was EUR 1.8 million (0.3) and comparable net profit was EUR 0.9 million (0.3). The net profit attributable to equity holders of the parent company was EUR 2.2 million (1.5) and comparable net profit was EUR 1.4 million (1.6) in January—September.
Earnings per share (EPS) were EUR 0.26 (0.04) and comparable earnings per share (EPS) were 0.14 (0.04) in the third quarter of 2025. Earnings per share (EPS) were EUR 0.32 (0.22) and comparable earnings per share (EPS) were 0.20 (0.24) in January—September 2025.
SUBSEQUENT EVENTS
Sami Asikainen, Managing Director of Wulff Works Oy, responsible for personnel services, and Olli Lätti, Managing Director of Wulff Oy Ab, in charge of Workplace Products, were elected as new members to Wulff Group Executive Board on October 9, 2025. (Stock exchange release)
STRATEGY
Wulff Group Plc’s Board of Directors confirmed the company’s updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability.
Growth is sought especially in the company’s Worklife Services Segment. The company’s staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accelerated by M&A, especially in Wulff’s accounting business.
The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and considered acquisitions that support the strategy. Wulff’s goal is to make the world and working life better — one interaction at a time.
The company’s targets for the strategy period are:
• Net sales of EUR 230 million in 2030
• Comparable operating profit of EUR 20 million in 2030
• Growing dividend per share
FINANCIAL REPORTING
Wulff Group Plc will release the following financial reports in 2026:
| Financial Statements Release 2025 | Monday February 16, 2026 |
| Annual Review 2025 | Thursday March 5, 2026 |
| Interim Report January–March 2026 | Monday April 27, 2026 |
| Half-Year Report January–June 2026 | Thursday July 16, 2026 |
| Interim Report January–September 2026 | Monday October 19, 2026 |
The publication time is approximately at 9:30 a.m. on the day of publication.
Wulff Group Plc’s financial announcements and the IR calendar can be found from our website https://www.wulff.fi/en/ir-calendar.
In Espoo on October 20, 2025
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Elina Rahkonen
tel. +358 40 647 1444
e-mail: [email protected]
DISTRIBUTION
Nasdaq Helsinki Oy
Key media
What Wulff?
Worklife services ranging from staff leasing solutions to consulting and accounting services, products for work environments to workplace, remote and mobile work, as well as exhibitions, event services, and commercial interior design. We deliver also Canon printing and document management services. Founded in 1890, Wulff operates, in addition to Finland, in Sweden, Norway and Denmark. The company has been listed on the stock exchange since 2000 and its net sales in 2024 were EUR 102.8 million. Focusing on sustainable products, services, and operations, Wulff aims for profitable growth and net sales of EUR 230 million in 2030.
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