Wulff-Yhtiöt (WUF1V) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 15.8% YoY to €36.1m; comparable operating profit reached a record €2.1m, up 42.8% YoY.

• Q1–Q3 net sales increased 16.4% to €104.1m, driven chiefly by Worklife Services; comparable operating profit rose to €4.6m from €3.0m.

• Growth was primarily organic in staff leasing, while accounting services expanded organically and through acquisitions; product-business earnings benefited from cost efficiency.

Financial highlights

• Q3 EBITDA was €2.7m vs. €3.1m; comparable EBITDA was €2.8m vs. €2.2m. Reported EBIT was €2.0m vs. €2.3m; comparable EBIT was €2.1m vs. €1.5m.

• Q3 gross margin was €9.8m, 27.1% of sales, vs. €8.7m and 27.9%; attributable net profit was €1.0m vs. €1.8m.

• Q1–Q3 EBITDA reached €8.4m vs. €5.9m; comparable EBITDA was €6.9m vs. €5.1m. Reported EBIT was €6.2m vs. €3.9m; comparable EBIT was €4.6m vs. €3.0m.

• Q1–Q3 attributable net profit was €4.0m vs. €2.2m; comparable net profit was €2.5m vs. €1.4m. EPS was €0.59 vs. €0.32; comparable EPS was €0.36 vs. €0.20.

• Q1–Q3 operating cash flow was €4.4m vs. €3.8m; cash and cash equivalents ended September at €7.5m vs. €1.5m a year earlier.

Outlook and guidance

• 2026 guidance unchanged: net sales are expected to increase and comparable operating profit to remain at a good level; service businesses are expected to grow from 2025.

• Guidance assumptions and risks include economic and employment conditions, inflation, interest rates, geopolitics, protectionism and intensified competition.

• Strategy targets for 2030 are net sales of €230m, comparable operating profit of €20m and growing dividend per share.