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Tulikivi (TULAV) investor relations material
Tulikivi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for H1 2025 were EUR 14.6 million, down 18% year-over-year; Q2 net sales were EUR 8.5 million, down 8.5% from Q2 2024.
Operating profit for H1 2025 was EUR -0.2 million, compared to EUR 1.1 million in H1 2024; Q2 operating profit was EUR 0.5 million, down from EUR 0.8 million.
Order intake continued to grow, with order books at EUR 4.0 million at period end, up from EUR 3.5 million a year earlier.
Export sales of sauna heaters and domestic sales of interior stone products grew strongly despite overall sales decline.
Balance sheet remained strong with an equity ratio of 49.7% at the end of the period.
Financial highlights
H1 2025 net sales: EUR 14.6 million (H1 2024: EUR 17.8 million, -18%).
H1 2025 operating profit: EUR -0.2 million (H1 2024: EUR 1.1 million); Q2 2025: EUR 0.5 million (Q2 2024: EUR 0.8 million, -35.4%).
H1 2025 profit before tax: EUR -0.6 million (H1 2024: EUR 0.7 million); Q2 2025: EUR 0.3 million (Q2 2024: EUR 0.6 million, -40.8%).
Earnings per share for H1 2025: EUR -0.01 (H1 2024: EUR 0.01).
Net cash flow from operating activities in H1 2025: EUR 0.4 million (H1 2024: EUR 0.8 million).
Outlook and guidance
Net sales and comparable operating profit for 2025 are expected to improve on 2024.
Long-term targets: net sales to exceed EUR 50 million by end of 2027, with new Jero and sauna heater collections contributing ~30%.
Comparable operating profit target: over 12% of net sales; equity ratio target: minimum 40%.
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