Tulikivi (TULAV) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were EUR 29.5 million, down 11.4% year-over-year, with a comparable operating loss of EUR -0.1 million versus a profit of EUR 2.1 million in 2024.

• Operating profit was impacted by EUR 0.4 million in non-recurring expenses, mainly from winding down Russian operations and ERP system renewal.

• The Suomussalmi talc project advanced, with environmental permits and technical trials progressing as planned.

• No dividend proposed for 2025; focus remains on strategic investments despite challenging market conditions.

Financial highlights

• Q4 net sales were EUR 7.9 million, down 5.8% from Q4 2024; full-year net sales EUR 29.5 million, down 11.4%.

• Operating profit for 2025 was EUR -0.6 million (2024: EUR 2.1 million); profit before tax EUR -1.3 million (2024: EUR 1.4 million).

• Earnings per share were EUR -0.02 (2024: EUR 0.02); equity ratio at year-end was 48.6% (2024: 51.9%).

• Net cash flow from operating activities was EUR 2.9 million (2024: EUR 3.6 million).

• Order book at year-end stood at EUR 2.6 million (2024: EUR 2.8 million).

Outlook and guidance

• Net sales in 2026 are expected to increase, with comparable operating profit forecasted to improve over 2025.

• Long-term target is to exceed EUR 50 million in net sales by 2030, with Jero and sauna heater collections contributing about 30%.