Wulff-Yhtiöt (WUF1V) Q3 2025 earnings summary

Executive summary

• Net sales reached record levels in Q3 2025, up 19.4% year-over-year to EUR 31.2 million, and for January–September 2025, up 19.3% to EUR 89.4 million.

• Operating profit (EBIT) for Q3 was EUR 2.3 million (7.5% margin), and for the nine months EUR 3.9 million (4.3% margin), both showing significant improvement year-over-year.

• Earnings per share (EPS) in Q3 were EUR 0.26, and for the nine months EUR 0.32, with comparable EPS at EUR 0.14 and EUR 0.20, respectively.

• Growth was driven by strong performance in the Worklife Services segment, especially staff leasing and accounting services, and supported by strategic acquisitions.

Financial highlights

• Q3 EBITDA was EUR 3.1 million (9.8% margin), and comparable EBITDA EUR 2.2 million (7.0% margin).

• January–September EBITDA was EUR 5.9 million (6.6% margin), and comparable EBITDA EUR 5.1 million (5.7% margin).

• Gross margin in Q3 was EUR 8.7 million (27.9% of net sales); for the nine months, EUR 25.8 million (28.9%).

• Cash flow from operating activities for the nine months was EUR 3.8 million, up from EUR 1.8 million a year earlier.

• Equity ratio at period end was 39.4%; debt-to-equity ratio was 60.3%.

Outlook and guidance

• Guidance for 2025 remains unchanged: net sales are expected to increase and comparable operating profit to remain at a good level.

• Service businesses are expected to grow, but uncertainties remain due to economic, inflation, interest rate, and geopolitical factors.