Talenom (TNOM) Q1 2025 earnings summary

Executive summary

• Software operations were separated and began reporting as a distinct business area; Finnish revenue and profitability improved, while Swedish customer losses continued to weigh on results.

• EBITDA growth was led by Finland; comparable revenue increased 0.5% after excluding the €1.5m revenue-recognition timing benefit.

Financial highlights

• Revenue was €35.718m versus €34.053m, up 4.9% reported; comparable growth was 0.5%, excluding the €1.5m recognition-timing benefit.

• EBITDA was €10.669m versus €9.486m, up 12.5%; comparable EBITDA increased 3.0% to €9.492m.

• EBIT was €4.673m versus €3.855m, up 21.2%; net income was €2.507m versus €2.034m, and EPS was €0.06 versus €0.04.

• Comparable EBIT declined 2.6% to €3.496m; higher depreciation restrained operating profit.

• Personnel costs were €19.7m versus €20.0m, or 55.2% of revenue versus 58.8%; net finance costs were €1.0m, unchanged year on year.

Outlook and guidance

• FY2025 guidance remained revenue of €130–140m and EBITDA of €36–42m; guidance includes potential acquisitions.

• Accounting-services demand is expected to remain stable; market conditions in Finland and Sweden are expected to stay at current levels in H1 and improve in H2.

• Swedish new-sales and customer-attrition trends improved; integration, processes and platform adoption are expected to affect financial performance toward year-end.

• Spanish organic growth is expected to strengthen through new-customer wins and phased e-invoicing requirements during 2025–2027.