Talenom (TNOM) Q4 2025 earnings summary

Executive summary

• Completed demerger with Easor, resulting in two independent companies with separate strategies and management, with Easor listed on Nasdaq Helsinki from March 2026.

• 2025 marked by strategic and organizational restructuring, sharpening focus on core financial administration services.

• Challenging market conditions in Finland and Sweden impacted growth, while Spain delivered strong organic and inorganic expansion.

• The demerger enables a clearer business structure, supporting long-term growth and operational focus.

Financial highlights

• Comparable net sales for continuing operations grew 1.8% year-over-year to EUR 107.6 million in 2025; Q4 net sales reached EUR 24.4 million, up 1.9%.

• Group net sales grew 3.0% to €129.98 million; continuing operations net sales up 3.2% to €109.1 million.

• Comparable EBITDA for 2025 was EUR 19.0 million, up 4.4% year-over-year; Q4 EBITDA stable at EUR 2.3 million.

• Comparable operating profit for 2025 increased 17.4% year-over-year to EUR 5.3 million.

• Earnings per share from continuing operations were EUR 0.06, unchanged from the previous year.

Outlook and guidance

• 2026 guidance: net sales expected at EUR 110–120 million; comparable EBITDA at EUR 18–22 million for continuing operations.

• Targeting positive EBITDA in Sweden by 2026, with profitability improvements anticipated in Sweden and Spain.

• Long-term growth target of over 10% annual net sales growth through organic growth and selective acquisitions.