Tulikivi (TULAV) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 were EUR 33.3 million, down 26.5% year-over-year; Q4 net sales were EUR 8.4 million, down 15.2% from Q4 2023.

• Operating profit for 2024 was EUR 2.1 million, a 62.4% decrease year-over-year; Q4 operating profit was EUR 0.5 million.

• Equity ratio improved to 51.9% from 47.8% at year-end 2023, reflecting a stronger balance sheet.

• Order book normalized to EUR 2.8 million at year-end, down from EUR 6.8 million in 2023.

• Strategic focus included expanding Central European market share, growing sauna business, and advancing the Suomussalmi talc project.

Financial highlights

• Profit before taxes was EUR 1.4 million for 2024, down 70.4% year-over-year; Q4 profit before taxes was EUR 0.4 million.

• Earnings per share for 2024 were EUR 0.02, compared to EUR 0.06 in 2023.

• Net cash flow from operating activities was EUR 3.6 million for 2024, compared to EUR 4.9 million in 2023.

• Total comprehensive income for 2024 was EUR 1.2 million, down 68.7% year-over-year.

• Gross investments totaled EUR 2.3 million, or 6.8% of sales.

Outlook and guidance

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

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

• Target to maintain equity ratio above 40% and achieve operating profit over 12% of net sales.