Tulikivi (TULAV) Q3 2025 earnings summary

Executive summary

• Net sales for the third quarter were EUR 7.0 million, down from EUR 7.2 million year-over-year; for the nine-month period, net sales were EUR 21.6 million, a 13.3% decrease from EUR 25.0 million.

• Operating profit for Q3 was EUR 0.2 million (EUR 0.5 million last year); for the review period, operating profit was EUR 0.0 million (EUR 1.6 million last year).

• Profit before taxes was EUR 0.0 million in Q3 and EUR -0.6 million for the review period, compared to EUR 0.3 million and EUR 1.0 million, respectively, last year.

• Order books remained stable at EUR 3.1 million at the end of the review period.

• Strategic projects advanced, including the Suomussalmi talc project and expansion of the Jero fireplace and Kevo sauna heater collections.

Financial highlights

• Net sales declined 13.3% year-over-year for the nine-month period; Q3 sales fell 1.6% year-over-year.

• Operating profit margin dropped to -0.1% for the review period from 6.3% last year.

• Earnings per share were EUR -0.01 for the review period, compared to EUR 0.01 last year.

• Net cash flow from operating activities was EUR 1.2 million for the review period, unchanged in Q3 at EUR 0.8 million.

• Equity ratio at period end was 48.6%, down from 50.9% last year.

Outlook and guidance

• Net sales for 2025 are expected to be EUR 29–33 million, with comparable operating profit forecast at EUR 1–2 million.

• Long-term targets include exceeding EUR 50 million in net sales by 2027 and maintaining an equity ratio above 40%.