Tulikivi (TULAV) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 were EUR 14.6 million, down 18% year-over-year; Q2 net sales were EUR 8.5 million, down 8.5% from Q2 2024.

• Operating profit for H1 2025 was EUR -0.2 million, compared to EUR 1.1 million in H1 2024; Q2 operating profit was EUR 0.5 million, down from EUR 0.8 million.

• Order intake continued to grow, with order books at EUR 4.0 million at period end, up from EUR 3.5 million a year earlier.

• Export sales of sauna heaters and domestic sales of interior stone products grew strongly despite overall sales decline.

• Balance sheet remained strong with an equity ratio of 49.7% at the end of the period.

Financial highlights

• H1 2025 net sales: EUR 14.6 million (H1 2024: EUR 17.8 million, -18%).

• H1 2025 operating profit: EUR -0.2 million (H1 2024: EUR 1.1 million); Q2 2025: EUR 0.5 million (Q2 2024: EUR 0.8 million, -35.4%).

• H1 2025 profit before tax: EUR -0.6 million (H1 2024: EUR 0.7 million); Q2 2025: EUR 0.3 million (Q2 2024: EUR 0.6 million, -40.8%).

• Earnings per share for H1 2025: EUR -0.01 (H1 2024: EUR 0.01).

• Net cash flow from operating activities in H1 2025: EUR 0.4 million (H1 2024: EUR 0.8 million).

Outlook and guidance

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

• Long-term targets: net sales to exceed EUR 50 million by end of 2027, with new Jero and sauna heater collections contributing ~30%.

• Comparable operating profit target: over 12% of net sales; equity ratio target: minimum 40%.