Talenom (TNOM) Q3 2025 earnings summary

Executive summary

• Comparable net sales increased by 2.4% in Q3 2025, driven by growth in Finland and Spain, and new customer acquisitions.

• Cash flow after investments improved significantly, up 45% year-over-year, supported by higher EBITDA and reduced investments.

• Strategic review and steps toward separating the Easor software business into an independent, publicly listed company are underway.

• The customer base in the software business grew 4.7% year-over-year.

• Strategy update led to the launch of the Easor brand and reporting of two business areas: Software and Accounting.

Financial highlights

• Q3 2025 net sales reached EUR 29.8 million, with comparable EBITDA at EUR 8.6 million, up 6.5% year-over-year.

• Cash flow after investments improved by 45% to EUR 13.8 million for Q1-Q3 2025.

• Software business net sales were EUR 5.2 million, accounting business EUR 24.5 million in Q3 2025; EBITDA was EUR 3.8 million and EUR 5.0 million, respectively.

• Operating profit growth was slowed by increased depreciation, with investments in own software decreasing by EUR 2.7 million year-over-year.

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

Outlook and guidance

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

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

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