Talenom (TNOM) Q3 2025 earnings summary

Executive summary

• Q3 comparable net sales increased by 2.4%, driven by new customer acquisitions in Finland and Spain, with Spain showing strong organic and acquisition-led growth.

• Strategic review underway for the separation and potential IPO of the Easor software business, aiming to unlock growth and focus for both software and accounting segments.

• The company is leveraging a dual growth strategy: organic expansion and selective acquisitions, especially in Spain where market fragmentation and digitalization trends offer significant opportunities.

• Cash flow improved significantly due to higher EBITDA and reduced investment levels, especially in Finland and Sweden.

• Customer base in the Easor software business grew by 4.7% annually.

Financial highlights

• Q3 2025 comparable net sales reached EUR 29.8 million, up 2.4% year-over-year; EBITDA for Q3 was EUR 8.6 million, a 6.5% increase.

• Cash flow after investments improved by 45% to EUR 13.8 million for Q1-Q3 2025, driven by EBITDA growth and reduced investment levels.

• Investment level reduced by EUR 2.7 million from January to September, expected to further decrease as major software platform investments wind down.

• Software business net sales were EUR 5.2 million in Q3, accounting business EUR 24.5 million; EBITDA EUR 3.8 million (software) and EUR 5 million (accounting).

• Net profit increased 2.2% to EUR 6.1 million; EPS stable at EUR 0.13.

Outlook and guidance

• Revenue guidance for 2025 remains EUR 130–140 million, with EBITDA expected between EUR 36–42 million.

• Midterm target for the accounting business is +10% growth, while Easor software targets over 20% annual revenue growth and 30% growth rate in its core markets.

• Demand in accounting services is expected to remain stable, with market conditions in Finland and Sweden picking up in the second half of 2025.

• Profitability is expected to improve through process unification and automation.

• Positive outlook based on digitalization trends and anticipated benefits from the Easor separation.