Tulikivi (TULAV) Q3 2026 earnings summary

Executive summary

• 9M net sales fell 9.6% YoY to €19.5m; comparable operating loss was €0.7m and reported operating loss €1.1m.

• Q3 comparable operating profit improved to €0.3m from €0.2m despite lower sales; order intake rose to €6.6m from €6.4m.

• 2026 guidance was lowered in October as consumer confidence stalled and demand failed to increase as expected.

Financial highlights

• Q3 net sales were €6.0m vs €7.0m YoY; operating profit was €0.1m vs €0.2m, with comparable operating profit of €0.3m vs €0.2m.

• 9M net sales were €19.5m vs €21.6m; comparable operating profit was -€0.7m vs breakeven, and reported operating profit was -€1.1m vs breakeven.

• 9M profit before tax was -€1.6m vs -€0.6m; net loss was -€1.6m vs -€0.5m, and EPS was -€0.03 vs -€0.01.

• 9M ERP renewal one-off costs were €0.4m, including €0.1m in Q3.

Outlook and guidance

• FY2026 net sales are expected at €26.5m–€28.5m and comparable operating profit at -€1.0m to breakeven.

• Guidance was lowered on 28 October after consumer confidence stopped improving in Finland and Central Europe, affecting purchasing decisions.

• Long-term targets: net sales above €50m by end-2030, comparable operating profit above 12% of sales, and equity ratio of at least 40%.