Piippo (PIIPPO) H2 2025 earnings summary

Executive summary

• Core business operations ceased by end of 2025, with all production machinery and key trademarks sold and subsidiary Manilla Oy divested.

• Operational business ends after September 2025; company plans delisting and voluntary liquidation in 2026.

Financial highlights

• Revenue decreased to €10.95M from €13.27M year-over-year; operating loss narrowed to €1.23M from €1.69M.

• Net loss for the year was €1.46M, improved from €2.06M in the prior year.

• Gross margin and EBITDA remained negative; no dividend proposed.

• Equity ratio improved to 34% from 29%; relative indebtedness reduced to 25% from 44%.

Outlook and guidance

• No operational business planned post-2025; company expects delisting in summer 2026 and subsequent liquidation.

• Estimated distributable assets after liquidation are €3.3–3.5M, assuming successful property sales.