Tulikivi (TULAV) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were EUR 6.0 million, down 28.6% year-over-year due to weak demand and economic uncertainty.

• Operating loss was EUR -0.7 million versus a profit of EUR 0.3 million in Q1 2024; profit before taxes was EUR -0.9 million.

• Order flow increased moderately to EUR 7.8 million, with order books at EUR 4.3 million at period end.

• Strategic focus continued on expanding in Central Europe, growing the sauna business, and advancing the Suomussalmi talc project.

• Balance sheet remains strong with an equity ratio of 49.4%.

Financial highlights

• Net sales: EUR 6.0 million (Q1 2024: EUR 8.5 million), -28.6% year-over-year.

• Operating profit: EUR -0.7 million (Q1 2024: EUR 0.3 million); profit before tax: EUR -0.9 million.

• Earnings per share: EUR -0.01 (Q1 2024: EUR 0.00).

• Net cash flow from operating activities: EUR -0.8 million (Q1 2024: EUR -0.2 million).

• Cash and liquid assets at period end: EUR 0.6 million (Q1 2024: EUR 1.9 million).

Outlook and guidance

• Net sales and comparable operating profit for 2025 are expected to improve on 2024.