Suominen Corporation's Half-Year Financial Report for January 1 – June 30, 2025: Performance impacted by trade environment, cost saving program progressing
Suominen Corporation's Half-Year Financial Report on August 7, 2025, at 9:30 a.m. (EEST)Suominen Corporation's Half-Year Financial Report for January 1, June 30, 2025:
Performance impacted by trade environment, cost saving program progressing
KEY FIGURES
4-6/
4-6/
1-6/
1-6/
1-12/
2025
2024
2025
2024
2024
Net sales, EUR million
99.8
118.7
217.3
232.3
462.3
Comparable EBITDA, EUR million
3.2
5.0
7.3
9.5
17.0
Comparable EBITDA, %
3.2
4.2
3.3
4.1
3.7
EBITDA, EUR million
2.6
3.8
6.6
8.4
17.2
EBITDA, %
2.6
3.2
3.1
3.6
3.7
Comparable operating profit, EUR million
-1.0
0.4
-1.3
0.3
-1.4
Comparable operating profit, %
-1.0
0.3
-0.6
0.1
-0.3
Operating profit, EUR million
-1.6
-0.8
-1.9
-0.7
-1.3
Operating profit, %
-1.6
-0.7
-0.9
-0.3
-0.3
Profit for the period, EUR million
-4.0
-1.9
-6.2
-2.9
-5.3
Cash flow from operations, EUR million
-10.1
2.1
-10.5
-0.1
3.9
Cash flow from operations per share, EUR
-0.17
0.04
-0.18
0.00
0.07
Earnings per share, basic, EUR
-0.07
-0.03
-0.11
-0.05
-0.09
Return on invested capital, rolling 12 months, %
−
−
-1.4
0.3
-0.7
Gearing, %
−
−
85.5
47.9
51.7
In this financial report, the figures shown in brackets refer to the comparison period last year if not otherwise stated. April–June 2025 in brief:
- Net sales decreased by 16% and amounted to EUR 99.8 million (118.7)
- Comparable EBITDA decreased to EUR 3.2 million (5.0)
- Cash flow from operations was EUR -10.1 million (2.1)
- Charles Héaulmé appointed as the new President and CEO, starting on August 11
January–June 2025 in brief:
- Net sales decreased 6% from the previous year and amounted to EUR 217.3 million (232.3)
- Comparable EBITDA was EUR 7.3 million (9.5)
- Cash flow from operations was EUR -10.5 million (-0.1)
Outlook for 2025
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2025 will increase from 2024. In 2024, Suominen's comparable EBITDA was EUR 17.0 million.
Janne Silonsaari, CFO, Interim President & CEO:
"In the second quarter, we faced a lot of volatility in the market driven by the US tariff situation. Ahead of the announced high tariffs towards China, US nonwoven customers stocked their inventories, mainly with supply from China. This momentarily led to excess inventories throughout the supply chain and impacted negatively the demand in the second quarter. A gradual recovery was seen during the latter part of the quarter, but still, our second quarter sales, EUR 99.8 million, were 15% lower than in the first quarter of 2025 and 16% lower than in the comparison period in 2024 (118.7). This reflected negatively on our profitability and, coupled with the Bethune investment ramp-up phase and costs related to the CEO change, led to lower-than-expected comparable EBITDA in the second quarter, amounting to EUR 3.2 million (5.0).
To support our profitability, we implemented a cost saving program at the end of the second quarter targeting approximately EUR 10 million savings. The program led to a decrease of approximately 60 positions globally. On top of that, we reduced the number of contractor roles and are implementing several other saving actions. The majority of the actions will be implemented by the end of the year.
The on-going large investment in Spain is progressing as planned. The Bethune investment ramp up in the USA continues.
I am also pleased to acknowledge the renewed credit facility and term loan agreement, which supports our financial position going forward.
Looking ahead, we remain focused on executing the turnaround and strengthening the performance of the company, led by our new President and CEO, Charles Héaulmé, who will start on August 11, 2025."
NET SALES
April–June 2025
In April–June 2025, Suominen's net sales decreased by 16% from the comparison period to EUR 99.8 million (118.7). Sales volumes were lower than in the comparison period while sales prices increased. The impact of currencies on net sales was EUR 3.6 million negative.
Suominen's business areas are Americas and EMEA. The net sales of the Americas business area were EUR 59.9 million (75.7) and of the EMEA business area EUR 40.0 million (43.0).
January–June 2025
In January–June 2025, Suominen's net sales decreased 6% from the corresponding period in 2024 and amounted to EUR 217.3 million (232.3). Sales volumes decreased from H1/2024, but sales prices increased following higher raw material prices. The impact of currencies on net sales was EUR 3.2 million negative.
The net sales of the Americas business area were EUR 133.5 million (145.7) and of the EMEA business area EUR 83.9 million (86.5).
EBITDA, OPERATING PROFIT AND RESULT
April–June 2025
Comparable EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 3.2 million (5.0). The decrease was driven mainly by lower sales volumes as well as expenses related to the CEO change.
The impact of currencies on comparable EBITDA was EUR -0.2 million.
EBITDA was EUR 2.6 million (3.8) due to items affecting comparability mainly arising from the restructuring program launched at the end of May. The items affecting comparability of EBITDA totaled EUR -0.6 million (-1.2).
Comparable operating profit decreased from the comparison period and amounted to EUR -1.0 million (0.4). Operating profit declined from the comparison period and was EUR -1.6 million (-0.8). The items affecting comparability of operating profit totaled EUR -0.6 million (-1.2).
The profit before income taxes was EUR -4.5 million (-1.9), and profit for the reporting period was EUR -4.0 million (-1.9).
January–June 2025
Comparable EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 7.3 million (9.5). Our sales volumes were lower than in the comparison period, but the effect was partly offset by higher sales prices. There were also additional expenses related to the CEO change. The impact of currencies on EBITDA was EUR -0.9 million.
EBITDA declined to EUR 6.6 million (8.4). The items affecting comparability of EBITDA totaled EUR -0.6 million (-1.0).
Comparable operating profit was EUR -1.3 million (0.3). Operating profit decreased and was EUR -1.9 million (-0.7). The items affecting comparability of operating profit totaled EUR -0.6 million (-1.0).
The profit before income taxes was EUR -6.7 million (-2.6), and profit for the reporting period was EUR -6.2 million (-2.9).
FINANCING
The Group's net interest-bearing liabilities at nominal value amounted to EUR 86.8 million (56.6) at the end of the review period. The gearing ratio was 85.5% (47.9%) and the equity ratio 36.5% (37.6%).
In January–June, net financial expenses were EUR -4.8 million (-1.9), or -2.2% (-0.8%) of net sales. Fluctuations in exchange rates increased the net financial expenses by EUR 2.0 million (decreased by EUR 0.5 million).
Cash flow from operations in April–June was EUR -10.1 million (2.1) and in January–June EUR -10.5 million (-0.1), representing a cash flow per share of EUR -0.18 (0.00) and EUR -0.17 (0.04) for the quarter.
In the second quarter the change in net working capital was EUR -10.3 million (-1.2).
The decrease in the cash flow from operations in the first half of the year was mainly due to negative change in net working capital. The change in net working capital was EUR -13.1 million (-7.0).
Suominen entered at the end of June into a single-currency syndicated credit facility agreement which consists of EUR 50 million term loan and EUR 50 million revolving credit facility with a maturity of three years with a one-year extension option. The lenders for the facility are Danske Bank A/S and Nordea Bank Abp. The new credit facility includes leverage ratio and gearing as financial covenants and it replaces the previous EUR 100 million syndicated revolving credit facility agreement of Suominen provided by Danske Bank A/S and Nordea Abp.
CAPITAL EXPENDITURE
In January–June, the gross capital expenditure totaled EUR 11.7 million (6.4), and the largest investments were related to the growth investment initiatives in Bethune, USA and Alicante, Spain. Other investments were mainly normal maintenance investments.
Depreciation, amortization and impairment losses for the review period amounted to EUR 8.5 million (9.1).
PROGRESS IN SUSTAINABILITY
Suominen prioritizes safety and accident prevention, aiming for zero lost time accidents (LTA). 1 (2) LTA occurred in the first half of the year at Suominen sites.
Ensuring workplace safety is a top priority at Suominen, and we launched a new campaign focused on forklift safety. Forklifts are essential for daily operations, but they also present significant risks if not operated with care. With the campaign, Suominen reaffirms its commitment to workplace safety, minimizing forklift-related incidents and ensuring that forklift operations remain efficient and safe for everyone.
As part of Suominen's strategic program Total Productive Manufacturing, all white-collar employees were trained for Raw Material Efficiency (RME) by the end of June. RME is set as a common target for Suominen's Leadership Team members and employees in production function. It is vital that also all white-collar employees understand the purpose and content of RME.
We are committed to improving production efficiency and resource utilization, targeting reductions in scope 1, 2, and 3 greenhouse gas emissions in line with the Paris Agreement (limiting global warming to 1.5°C), and achieving zero manufacturing waste to landfill by 2030.
Our portfolio includes sustainable nonwovens, and we continuously develop innovative solutions with reduced environmental impact. We aim for over two-thirds of our consumed raw materials to be from plant-based resources and for more than half of our new R&D initiatives to focus on advancing the development of sustainable products. 28% of our net sales in the second quarter came from new products launched in the last three years. We promote responsible business practices and transparent communication. Our goals include assessing all qualified raw material suppliers against Suominen's sustainability criteria and training all employees in Suominen's sustainability program.
Suominen reports progress in its key sustainability KPIs annually. Suominen provided a detailed overview of its 2024 sustainability performance in the Sustainability Statement published on April 1 as part of the Report by the Board of Directors published in Suominen's Annual Report 2024. The Sustainability Statement was prepared in accordance with the Finnish Accounting Act, European Sustainability Reporting Standards (ESRS) and EU Taxonomy regulation.
INFORMATION ON SHARES AND SHARE CAPITALShare capital
The number of Suominen's registered shares was 58,259,219 on June 30, 2025, equaling to a share capital of EUR 11,860,056.00.
Share trading and price
The number of Suominen shares traded on Nasdaq Helsinki from January 1 to June 30, 2025, was 354,847 shares, accounting for 0.6% of the average number of shares (excluding treasury shares). The highest price was EUR 2.73, the lowest EUR 1.89, and the volume-weighted average price EUR 2.13. The closing price at the end of review period was EUR 1.98. The market capitalization (excluding treasury shares) was EUR 114.4 million on June 30, 2025.
Treasury shares
On June 30, 2025, Suominen Corporation held 486,744 treasury shares.
In accordance with the resolution of the Annual General Meeting, in total 36,013 shares were transferred in May to the members of the Board of Directors as their remuneration payable in shares.
As a part of the CEO's share-based payment plan vested, in total 9,359 shares were transferred to the President and CEO Tommi Björnman in June.
The portion of the remuneration of the members of the Board of Directors paid in shares
The Annual General Meeting held on April 25, 2025, decided that 75% of the annual remuneration of the members of the Board of Directors is paid in cash and 25% in Suominen Corporation's shares.
The number of shares forming the remuneration portion payable in shares was determined based on the share value in the stock exchange trading maintained by Nasdaq Helsinki Ltd, calculated as the trade volume-weighted average quotation of the share during the two-week period immediately following the date on which the Interim Report of January‒March 2025 of the company was published. The shares were given out of the treasury shares held by the company by the decision of the Board of Directors on May 16, 2025.
Share-based incentive plans for the management and key employees
The Group management and key employees participate in the company's share-based long-term incentive plans. The plans are described in more detail in the Financial Statements and in the Remuneration Report, available on the company's website www.suominen.fi.
Company's Performance Share Plan currently includes three 3-year performance periods, calendar years 2023–2025, 2024–2026 and 2025–2027. The aim of the Performance Share Plan is to combine the objectives of the shareholders and the persons participating in the plan in order to increase the value of the company in long-term, to build loyalty to the company and to offer them competitive reward plans based on earning and accumulating the company's shares.
Performance Share Plan: Ongoing performance periods
Performance Period
2023–2025
2024–2026
2025–2027
Incentive based on
Total Shareholder Return (TSR)
Absolute Total Shareholder Return (40%), Relative Total Shareholder Return (40%) and operative performance and sustainability goal (20%)
Absolute Total Shareholder Return (40%), Relative Total Shareholder Return (40%) and operative performance and sustainability goal (20%)
Potential reward payment
Will be paid partly in Suominen shares and partly in cash in spring 2026
Will be paid partly in Suominen shares and partly in cash in spring 2027
Will be paid partly in Suominen shares and partly in cash in spring 2028
Participants
14 persons
17 persons
24 persons
Maximum number of shares
309,000
499,103
1,003,516
The President & CEO of the company must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of his or her annual gross salary. A member of the Executive Team must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of half of his or her annual gross salary. Such number of shares must be held as long as the participant's employment or service in a group company continues.
The President & CEO Tommi Björnman's share-based incentive plan
Under the plan the President & CEO was expected to own or acquire up to 30,000 shares of Suominen Corporation at a price formed in public trading on Nasdaq Helsinki. Suominen was to match the share investment by way of the President & CEO receiving, without consideration, up to 60,000 matching shares (gross, including also the proportion to be paid in cash).
The plan included three vesting periods, June 1, 2023–June 1, 2024, June 1, 2023–June 1, 2025, and June 1, 2023–June 1, 2026. The potential reward was to be paid partly in shares and partly in cash in three equal installments after each vesting period, provided that the President & CEO's service in the company is in force at the time of the reward payment. The cash proportion was intended to cover taxes and tax-related costs arising from the rewards to the President & CEO.
The second vesting period ended in June 2025, and in total 9,359 shares were transferred to the CEO. The plan was terminated at the end of June as Tommi Björnman's service in the company ended.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Suominen Corporation was held on April 25, 2025.
The AGM adopted the Financial Statements for 2024 and discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2024.
The AGM resolved to adopt the Remuneration Report for the Company's governing bodies for 2024. The resolution made by the AGM is advisory.
The AGM decided, in accordance with the proposal by the Board of Directors, that no dividend be paid based on the adopted balance sheet regarding the financial year 2024 and that the distributable funds be left in the company's unrestricted equity.
The AGM decided, in accordance with the proposal of the Shareholders' Nomination Board, that the remuneration of the Board of Directors remains unchanged and is as follows: the Chair is paid an annual fee of EUR 74,000, the Deputy Chair an annual fee of EUR 45,000 and other Board members an annual fee of EUR 35,000. The Chair of the Audit Committee is paid an additional fee of EUR 10,000. Further, the members of the Board will receive a fee for each Board and Committee meeting as follows: EUR 500 for each meeting held in the home country of the respective member, EUR 1,000 for each meeting held elsewhere than in the home country of the respective member and EUR 500 for each meeting attended by telephone or other electronic means.
75% of the annual fee is paid in cash and 25% in Suominen Corporation's shares.
Compensation for expenses is paid in accordance with the company's valid travel policy.
The AGM decided that the number of Board members will be seven (7). Andreas Ahlström, Björn Borgman, Charles Héaulmé, Nina Linander and Laura Remes were re-elected as members of the Board by the AGM. Gail Ciccione and Maija Joutsenkoski were elected as new members of the Board.
Charles Héaulmé was re-elected as the Chair of the Board of Directors.
Authorised Public Accountants KPMG Oy Ab was elected as the auditor of the company for the next term of office in accordance with the Articles of Association. KPMG Oy Ab informed that Anders Lundin, APA, ASA, will act as the principally responsible auditor of the company. The auditor's fee was resolved to be paid according to the invoice approved by the company.
Sustainability audit firm KPMG Oy Ab was elected as the company's authorized sustainability auditor for a term that lasts until the end of the company's next Annual General Meeting. KPMG Oy Ab has informed that Anders Lundin, APA, ASA, will act as the responsible authorized sustainability auditor of the company. The authorized sustainability auditor's fee was resolved to be paid according to the invoice approved by the company.
Suominen published a stock exchange release on April 25, 2025, concerning the resolutions of the Annual General Meeting and the organizing meeting of the Board of Directors. The stock exchange release and introductions of the new Board members can be viewed on Suominen's website at www.suominen.fi.
Organizing meeting and permanent committees of the Board of Directors
In its organizing meeting held after the AGM, the Board of Directors elected Andreas Ahlström as the Deputy Chair of the Board.The Board elected from among its members the members for the Audit Committee, Personnel and Remuneration Committee, and Strategy Committee. Nina Linander was re-elected as the Chair of the Audit Committee, and Andreas Ahlström and Laura Remes were re-elected as members. Maija Joutsenkoski was elected as a new member. Charles Héaulmé was re-elected as the Chair of the Personnel and Remuneration Committee, and Björn Borgman was re-elected as a member. Gail Ciccione was elected as a new member. Laura Remes was re-elected as the Chair of the Strategy Committee, and Andreas Ahlström was re-elected as a member. Maija Joutsenkoski was elected as a new member.
Authorizations of the Board of Directors
The Board of Directors was authorized to decide on the repurchase of a maximum of 1,000,000 of the company's own shares. The company's own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders through trading on the regulated market organized by Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition using the company's unrestricted equity. The shares shall be repurchased to be used in the company's share-based incentive programs, in order to disburse the remuneration of the members of the Board of Directors, to be used as consideration in acquisitions related to the company's business, or to be held by the company, to be conveyed by other means or to be cancelled.
The Board of Directors shall decide on other terms and conditions related to the repurchase of the company's own shares. The repurchase authorization is valid until June 30, 2026, and it revokes all earlier authorizations to repurchase company's own shares.
The Board of Directors was authorized to decide on the issuance of new shares, conveyance of the company's own shares held by the company and/or granting of option rights and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act. By virtue of the authorization, the Board of Directors may, by one or several resolutions, issue a maximum of 5,000,000 shares. The shares granted by virtue of option rights and other special rights are included in the aforementioned maximum number. Option rights and other special rights may not be granted as a part of the company's remuneration system.
The share issue can be made either against payment or without payment and can also be directed to the company itself. The authorization entitles the Board of Directors to also decide that shares are issued otherwise than in proportion to the shareholdings of the shareholders (directed share issue). The authorization can be used to carry out acquisitions or other arrangements related to the company's business, to finance investments, to improve the company's financial structure, as part of the company's remuneration system or to pay the share proportion of the remuneration of the members of the Board of Directors or for other purposes decided by the Board of Directors.
The authorization revokes all earlier authorizations regarding the issuance of shares and issuance of option rights and other special rights entitling to shares. The Board of Directors will decide on all other terms and conditions related to the authorization. The authorization is valid until June 30, 2026.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT
During the review period Suominen received no notifications under Chapter 9, Section 5 of the Securities Market Act.
CHANGES IN SUOMINEN LEADERSHIP TEAM
Minna Rouru started in January 2025, as Chief People & Communications Officer at Suominen.
Mark Ushpol started in January 2025 as EVP, Americas business area at Suominen.
Darryl Fournier started in February 2025 as Chief Operating Officer at Suominen.
On June 16, Suominen announced that Jonni Friman, EVP, Transformation Management Office and a member of the Executive Management Team left the company at the end of July.
On June 30, Suominen announced that the president and CEO Tommi Björnman leaves the company and that the Board of Directors of Suominen had appointed Charles Héaulmé, the Chair of the Board, as the company's new President and CEO. Mr. Héaulmé will start on August 11, 2025. Janne Silonsaari, currently the CFO, was appointed as interim President & CEO, effective June 30, 2025.
Mr. Héaulmé will continue to serve as Chair of the Board until the next Annual General Meeting of Suominen in 2026. He stepped down from his position as a Chair and member of the Personnel and Remuneration Committee of the Board of Directors as of June 30.
SHORT TERM RISKS AND UNCERTAINTIES
The market remained volatile in the second quarter of 2025. Global supply chains are being impacted by geopolitical uncertainty, particularly around tariffs in the USA. This has led to momentarily excess inventory levels throughout the supply chain, mainly in the USA.
The ongoing war in Ukraine has no direct impact on Suominen's business, as the company does not have customers or suppliers in Russia, Belarus, or Ukraine. Suominen is primarily affected by the indirect economic impacts of the conflict. The situation in the Red Sea has caused volatility in sea freight costs.
Suominen's other risks and uncertainties include but are not limited to: risks related to manufacturing, competition, raw material prices and availability, customer specific volumes and credits, changes in legislation, political environment or economic conditions and investments, and financial risks.
A more detailed description of risks is available in Suominen's Annual Report 2024 at suominen.fi/investors.
BUSINESS ENVIRONMENT
Suominen's nonwovens are, for the most part, used in daily consumer goods, such as wipes as well as in hygiene and medical products. In these target markets of Suominen, the general economic situation determines the development of consumer demand, even though the demand for consumer goods is not very cyclical in nature. North America and Europe are the largest market areas for Suominen. In addition, the company operates in the South American markets. The growth in the demand for nonwovens has typically exceeded the growth of gross domestic product by a couple of percentage points.
We follow closely market development and signals from our customers, but the overall global economic uncertainty and fierce competition continue to make the longer-term visibility challenging. It remains to be seen how the current economic climate impacts the end consumer demand and consumer preferences regarding wipes. Historically, the wipes market has been rather steady despite the general economic situation.
Geopolitical tensions instabilities in the Middle East and the war in Ukraine continue to generate uncertainty globally. Possible impacts to Suominen as a company are expected to be mainly indirect. However, possible effects on supply chain, especially on raw material and logistic costs, would impact Suominen directly. We continue to monitor the situation.
The ongoing US tariff developments are contributing to increased market uncertainty. Fluctuations in tariff policies may lead to temporary disruptions within supply chains.
OUTLOOK FOR 2025
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2025 will increase from 2024. In 2024, Suominen's comparable EBITDA was EUR 17.0 million.
CORPORATE GOVERNANCE AND REMUNERATION REPORT
Suominen has prepared a separate Corporate Governance Statement and a Remuneration Report for 2024, which comply with the recommendations of the Finnish Corporate Governance Code for listed companies. The statements have been published on Suominen's website at www.suominen.fi
EVENTS AFTER THE REPORTING PERIOD
There were no events after the reporting period.
AUDIOCAST AND CONFERENCE CALL
Janne Silonsaari, CFO and interim President & CEO, will present the result in English in an audiocast for analysts, investors and media on August 7 at 11:00 a.m. (EEST). The audiocast can be followed at https://suominen.events.inderes.com/q2-2025. The recording of the audiocast and the presentation material will be available after the event at www.suominen.fi
Conference call participants can access the teleconference by registering at https://palvelu.flik.fi/teleconference/?id=50051445. The phone numbers and a conference ID to access the conference will be provided after the registration.
NEXT FINANCIAL REPORT
Suominen Corporation will publish its Interim Report for January–September 2025 on October 29, 2025, approximately at 9:30 a.m. (EET).
SUOMINEN GROUP JANUARY 1, JUNE 30, 2025
The figures in these half-year financial statements are mainly presented in EUR thousands. As a result of rounding differences, the figures presented in the tables do not necessarily add up to total.
This half-year report has not been audited.
This half-year report has been prepared in accordance with IAS 34 Interim Financial Reporting. The principles for preparing the half-year report are the same as those used for preparing the consolidated financial statements for 2024, with the exception of the effect of the new accounting standards and interpretations which have been applied from January 1, 2025.
The new or amended standards or interpretations applicable from January 1, 2025, are not material for Suominen Group.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR thousand
30.6.2025
30.6.2024
31.12.2024
Assets
Non-current assets
Goodwill
15,496
15,496
15,496
Intangible assets
1,872
4,339
2,754
Property, plant and equipment
117,006
115,183
120,356
Right-of-use assets
9,426
11,178
11,003
Equity instruments
421
421
421
Other non-current receivables
146
110
158
Deferred tax assets
3,874
1,695
2,269
Total non-current assets
148,241
148,421
152,457
Current assets
Inventories
43,095
44,883
47,470
Trade receivables
56,382
68,911
62,477
Other current receivables
6,773
5,514
6,119
Assets for current tax
600
835
514
Cash and cash equivalents
23,674
45,919
41,340
Total current assets
130,525
166,062
157,919
Total assets
278,766
314,483
310,376
Equity and liabilities
Equity
Share capital
11,860
11,860
11,860
Share premium account
24,681
24,681
24,681
Reserve for invested unrestricted equity
75,692
75,692
75,692
Fair value and other reserves
553
436
436
Exchange differences
-6,556
1,723
3,312
Retained earnings
-4,653
3,689
1,626
Total equity attributable to owners of the parent
101,577
118,081
117,608
Liabilities
Non-current liabilities
Deferred tax liabilities
5,874
9,034
7,990
Liabilities from defined benefit plans
189
172
189
Non-current provisions
560
596
588
Non-current lease liabilities
7,766
9,766
9,277
Other non-current interest-bearing liabilities
50,000
−
−
Debentures
49,684
49,526
49,606
Total non-current liabilities
114,073
69,094
67,650
Current liabilities
Current provisions
85
3,020
178
Current lease liabilities
2,746
2,763
2,877
Other current interest-bearing liabilities
−
40,000
40,000
Liabilities for current tax
457
221
214
Trade payables and other current liabilities
59,827
81,303
81,849
Total current liabilities
63,116
127,308
125,118
Total liabilities
177,189
196,402
192,768
Total equity and liabilities
278,766
314,483
310,376
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
EUR thousand
4-6/2025
4-6/2024
1-6/2025
1-6/2024
1-12/2024
Net sales
99,827
118,668
217,328
232,255
462,318
Cost of goods sold
-92,823
-109,756
-201,979
-215,200
-432,589
Gross profit
7,004
8,912
15,349
17,055
29,729
Other operating income
601
516
1,509
1,195
4,952
Sales, marketing and administration expenses
-8,492
-9,032
-16,694
-16,809
-32,068
Research and development expenses
-700
-1,182
-1,658
-2,145
-4,023
Other operating expenses
-14
-32
-399
-14
152
Operating profit
-1,602
-816
-1,894
-718
-1,257
Net financial expenses
-2,888
-1,095
-4,761
-1,885
-4,086
Profit before income taxes
-4,489
-1,911
-6,655
-2,603
-5,343
Income taxes
492
-28
486
-341
53
Profit for the period
-3,997
-1,939
-6,169
-2,944
-5,290
Earnings per share, EUR
Basic
-0.07
-0.03
-0.11
-0.05
-0.09
Diluted
-0.07
-0.03
-0.11
-0.05
-0.09
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR thousand
4-6/2025
4-6/2024
1-6/2025
1-6/2024
1-12/2024
Profit for the period
-3,997
-1,939
-6,169
-2,944
-5,290
Other comprehensive income:
Other comprehensive income that will be subsequently reclassified to profit or loss
Exchange differences
-7,644
-161
-11,289
1,991
