Gofore (GOFORE) CMD 2025 summary

Strategic direction and market outlook

• Net sales target set at EUR 500 million by 2030, with at least half from organic growth and a 15% adjusted EBITDA/EBITA margin.

• Growth is focused on Digital Society, Intelligent Industry, and expansion outside Finland, especially in the DACH region, supported by organic expansion and M&A.

• Updated strategy introduces a two-year cycle and a shift to a customer-oriented organization, effective January 2025.

• Key growth streams include digital government, wellbeing, retail/services, security, machines/production, and automotive, leveraging strong positions and targeting new areas.

• AI, cybersecurity, and digital twin platforms are prioritized as strategic differentiators.

Business development and operational model

• Organizational redesign shifts from capability-based to customer-focused, integrating advisory, software, and QA for comprehensive solutions.

• M&A remains a core growth lever, with focus on both capabilities and customer base, especially in DACH where awareness as a buyer is being built.

• Continuous services and new engagement models (e.g., as-a-service, value-based) are being developed, but time and material remains mainstream.

• Product business (e.g., simulators) is a small but strategic part, with investments in technology to enhance consulting offerings.

• Continued investment in offering development, M&A, and employee experience to drive execution.

Financial performance and capital allocation

• Achieved 17% organic sales CAGR (2019–Q3 2024), outperforming Nordic peers.

• EBITA margin at 14% in Q3 2024, with a minimum 40% dividend policy and nine acquisitions since 2017.

• Strong cash flow and balance sheet enable investments in growth and major acquisitions.

• Cost efficiency program delivered 1.5 MEUR savings in 2024, with OPEX below 10% of net sales.

• Capital allocation prioritizes profitability and organic growth, with flexible cost structure and recurring revenue supporting stable performance.