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ANNUAL REVIEW
2025
2 WULFF Annual Review 2025
ANNUAL REVIEW 2025 TABLE OF CONTENTS
Wulff’s year 2025 in brief .....................................................................................................................................................3
CEO’s review .........................................................................................................................................................................4
Worklife Services accelerate Wulff’s growth ........................................................................................................5
Growth Strategy 2030 .........................................................................................................................................................8
What Wulff – Get to know our operation ........................................................................................................................10
Worklife Services .................................................................................................................................................................... 10
Wulff Works ............................................................................................................................................................................. 11
Wulff Talent, Wulff Doctors, and Wulff Pro .......................................................................................................................16
Wulff Consulting .....................................................................................................................................................................18
Wulff Entre ................................................................................................................................................................................20
Canon Business Center Vantaa ........................................................................................................................................... 24
Wulff Accounting .................................................................................................................................................................... 27
Products for Work Environments ..........................................................................................................................................35
Sustainability ............................................................................................................................................................................ 47
Management report ..............................................................................................................................................................61
Board of Directors’ Report ...............................................................................................................................................62
Key figures ...........................................................................................................................................................................67
Shares and shareholders .................................................................................................................................................. 71
Corporate Governance statement .................................................................................................................................75
Board and management ..................................................................................................................................................80
Consolidated financial statements ......................................................................................................................................82
Consolidated income statement and statement of comprehensive income .......................................................... 83
Consolidated statement of financial position ............................................................................................................... 84
Consolidated cash flow statement .................................................................................................................................85
Consolidated statements of changes in equity ............................................................................................................ 86
Notes to the consolidated financial statements ...........................................................................................................87
Parent company’s financial statements ...............................................................................................................................135
Income statement ...............................................................................................................................................................13 6
Statement of financial position ........................................................................................................................................ 137
Cash flow statement ..........................................................................................................................................................13 8
Notes to the parent company’s financial statements ..................................................................................................13 9
Board of Directors’ dividend proposal and signatures ..................................................................................................151
Auditor’s Report .......................................................................................................................................................................152
Information for shareholders ................................................................................................................................................. 15 7
WULFF Annual Review 2025 3
GROWTH STRATEGY 2030
Wulff Group Plc’s strategy was updated in spring 2025.
A better world, one encounter at a time: Growth Strategy
2030 was announced at the Annual General Meeting in
April.
The Group’s objective is to double its net sales from EUR
100 million to EUR 200 million during the strategy period
2025–2030. Wulff believes that this target will be achieved
through profitable growth, with a strong focus on customer
experience, humanity, and sustainability as the key drivers
of operational development.
THE YEAR OF EXPANSION AND DEVELOPMENT IN
SERVICE BUSINESS
Growth in the service business continued strongly,
expanding into an even broader range of industries.
The staff leasing company Wulff Works doubled its net
sales and strengthened its position as a challenger to even
larger competitors, taking on a significant role in the market.
Wulff Consulting further established its position as a trusted
partner in supporting companies’ sustainable growth,
particularly in project operations and regional develop-
ment. New additions to Wulff’s personnel services portfolio
include Wulff Talent, a recruitment and executive search
company launched in the autumn, and Wulff Doctors, a
staff leasing company specializing in physicians.
Wulff Accounting grew during the year through four
acquisitions, strategically expanding into new locations,
WULFF’S YEAR 2025 IN BRIEF
A Better World
One Encounter
at a Time
Growth in
net sales and
service business
Growing dividend
particularly in Southwest Finland. The profitability of the
accounting services is at a good level, and development
remains stable. Wulff’s network already includes more than
100 accounting professionals.
IMPLEMENTING THE STRATEGY INTO DAILY
OPERATIONS CONTINUES
During 2025, Wulff renewed its organizational structures
and leadership models to better align with the updated stra-
tegic focus areas. In the autumn, two new members were
appointed to the Group Executive Board: Sami Asikainen,
responsible for Wulff’s personnel services and Olli Lätti,
responsible for the Products for Work Environments business
in Finland.
The implementation of Growth Strategy 2030 is progress-
ing business by business in both segments – Worklife
Services and Products for Work Environments – through
concrete development initiatives.
IN PHASE OF GROWTH
Net sales for 2025 increased 19% and was the highest in
our history: EUR 122.3 million. Comparable operating profit
rose to EUR 4.0 million. For the eighth consecutive year, we
are able to propose an increasing dividend to the Annual
General Meeting. Being in a phase of strong growth is a
great shared achievement, and the Wulff team’s momentum
for driving growth in 2026 is excellent.
Customer,
humanity,
sustainability
CEO’s review
”The most important
building block of
sustainable growth is
trust.”
4 WULFF Annual Review 2025
WULFF Annual Review 2025 5
Worklife Services were the key driver of growth in
2025.
Wulff Works’ staff leasing services grew organically in line
with expectations, and the role of personnel services in the
Group’s net sales is increasing systematically. In 2025, it al-
ready accounted for more than one quarter of the Group’s
net sales.
The strengthening of our service businesses improves Wulff’s
predictability and responds to customers’ growing need to
procure flexible services that can quickly adapt to changing
situations. Alongside Wulff Works, complementary compa-
nies operate to support its staff leasing services. Our offer-
ing also includes specialist, managerial and executive-level
recruitment and executive search, physician staff leasing
services, employment and employability services, as well as
consulting, coaching and regional development services.
WORKLIFE SERVICES ACCELERATE
WULFF’S GROWTH
The year 2025 was a year of renewal and growth for Wulff. We
achieved a new net sales record in three consecutive quarters, and the
final quarter of the year crowned this strong performance. Net sales
in Q4, EUR 32.9 million, was the strongest quarter in our history. Year
2025 net sales increased by 19.0 percent and reached EUR 122.3
million, the highest level in Wulff’s more than 130 years of operations.
Comparable operating profit increased to EUR 4.0 million, and
profitability continued to strengthen: the comparable operating profit
margin was 3.3% (3.2).
Elina Rahkonen
CEO
Wulff Group Plc
6 WULFF Annual Review 2025
Growth in the accounting services business in 2025 was
built on successful acquisitions and a strong core business.
Through these acquisitions, Wulff Accounting has wel-
comed professionals and teams who share our passion for
high-quality customer encounters and long-term partner-
ships. The profitability of the business is at a good level and
development remains stable. This reflects operations that
can be trusted, whether as a customer, an employee, or an
owner.
Our service business is built on knowing our customers
and understanding their operations. I am impressed by the
breadth of expertise our personnel have across different in-
dustries and how well they know the people who purchase
our services. An active presence in our customers’ daily
lives is also part of our recipe for success. Personal service
and customer work are supported by data and digital tools
that make everyday life easier and improve quality.
In the Products for Work Environments business, the
focus is on profitability and renewal
In the Products for Work Environments segment, economic
and geopolitical uncertainty affected demand, particularly
in Finland. In Scandinavia, the market situation was more
stable. The segment’s net sales decreased by 3.1 percent,
and we responded to the situation with carefully considered
measures.
We are now focusing on developing our digital capabili-
ties, improving operational efficiency in the logistics chain,
and renewing our product assortment with sustainability in
mind. Sustainability is becoming an increasingly integral
part of commercial decision-making: our customers expect
solutions that support their own sustainability goals.
Personal service and solution-oriented sales expertise will
continue to be among our most important competitive
advantages: they ensure that the renewal of our assortment
and the development of digital capabilities are reflected to
customers as better service and smoother transactions.
Net sales
EUR
122.3 m
Comparable operating profit
EUR 4.0 m
KEY FIGURES 2025
Growing dividend
0.17 eur/share
Growth is created through
successful leadership of competence,
collaboration, and change.
Comparable operating profit margin
3.3%
WULFF Annual Review 2025 7
New members appointed to the Wulff Group Executive
Board in 2025
The new members, Sami Asikainen, who leads Wulff’s personnel services, and
Olli Lätti, who is responsible for the Products for Work Environments business area
in Finland, bring their own perspectives and expertise to the Executive Board
alongside Elina Rahkonen, who leads Wulff Accounting and serves as CEO
of the Wulff Group. In addition to Rahkonen, the Executive Board continues to
include Trond Fikseaunet, responsible for the Products for Work Environments
business in Scandinavia; Iiris Rajala, CFO of Wulff Group Plc; and Tarja Törmänen,
Communications and Marketing Director of the Wulff Group.
Strategy, values and growth
Our new growth strategy, A better world one encounter
at a time, guides us to act together, humanely, and in a
sustainable way.
In connection with our strategy work, we also updated our
values together with our personnel. It has been wonderful to
see how customer experience, trust, entrepreneurship and
renewal are visible and tangible in everyday actions, for
example, in the willingness to exceed customer
expectations and to invite a colleague along to a customer
meeting. We have many business areas, and many of our
customers could make their daily life easier by sourcing an
even broader range of products and services from us.
I feel that the incredible growth of 2025 was achieved by
persistently implementing our strategy into everyday life. It
was the result of value discussions, action and project plans,
and strict and sometimes challenging prioritization – this
fantastic year in terms of net sales and results also required
us to let people go. The year has required the courage to
innovate, the will to believe, and the skill and energy to do.
Measured in numbers, our objective is clear and concrete:
to double our net sales by 2030. In daily operations,
achieving this ambitious goal requires making choices
and staying the course. For us, it is essential to reach our
targets in a sustainable way, because only responsibly built
working life supports all life on our planet. At Wulff, results
are always made by people: growth is created through
successful leadership of competence, collaboration and
change.
Thank you to everyone who chooses Wulff! It is a pleasure
to be a trusted partner to our customers, an enabler of
growth; a learning and career environment for our employ-
ees; and an attractive investment for our shareholders.
In connection with our strategy work, we updated our values together with our person-
nel. Our values are reflected in everyday actions: continuously improving the customer
experience, building trust, taking an entrepreneurial approach, and renewing ourselves
with courage.
ENTREPRE-
NEURSHIP
TRUST
RENEWAL
CUSTOMER
EXPERIENCE
WULFF’S
VALUES
8 WULFF Annual Review 2025
GROWTH STRATEGY 2030
Wulff believes that a better world is created by encounters.
The idea of A better world one encounter at a time, can
be seen, felt and shared by everyone in the company’s new
Growth Strategy 2030, which was published at the spring
2025 General Meeting.
Wulff’s goal is to increase the Group’s net sales from EUR
100 million to EUR 200 million during the strategy period
2025–2030. The development of Worklife Services is
being accelerated by growth in a broader industry field in
personnel services and considered acquisitions, especially
in the accounting services market. In the Products for Work
Environments segment, the goal is to renew the industry and
grow faster than the market.
Trust and renewal as new values
Wulff has always been a company that is appreciated by
all its stakeholders. Values guide Wulff’s operations from
strategic decisions to everyday encounters. They are visible
in how people are met, how cooperation is built and how
responsibility is put into practice.
At the beginning of 2025, Wulff stopped to reflect on the
operating environment and its changes, as well as Wulff’s
Meaningful encounters and towards EUR 200 million in net sales
values. The staff was involved in a value discussion, which
resulted in Wulff’s values being updated. The new values
are trust and renewal, while customer experience and
entrepreneurship remained the same.
Together – smoothly – winning
A value-based way of working builds a culture where
people are comfortable and feel good: a shared arena for
success for us, our customers and our partners. We succeed
when we operate together and smoothly and our leader-
ship is humane.
Sustainably, responsibly
The perspectives of environmental responsibility (E), social
responsibility (S) and good governance and ethics (G) are
part of the everyday life of Wulff employees, whether it is
customer work, internal processes or partner selection.
In 2025, the Group companies implemented sustainability
practices into the everyday life of their businesses and com-
panies. Wulff’s goal is to help its customers achieve their
own responsibility goals and measure the effectiveness of its
actions as accurately as possible.
ABETTERWORLD  ONEENCOUNTERATATIME
C
u
s
t
o
m
e
r
H
u
m
a
n
i
t
y
Our
S
u
s
t
a
i
n
a
b
l
e
G
r
o
w
t
h
MEANINGFULNESS – SUSTAINABLEECONOMY – TECHNOLOGY – EVOLVINGWORKLIFE
Together Proficiently Successfully
Leadership Processes Performance
A
R
E
N
A
O
F
S
U
C
C
E
S
S
W
U
L
F
F
Customer
Experience
Transforming
Trust Entrepreneurship
WULFF Annual Review 2025 9
ABETTERWORLD  ONEENCOUNTERATATIME
C
u
s
t
o
m
e
r
H
u
m
a
n
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t
y
Our
S
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s
t
a
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n
a
b
l
e
G
r
o
w
t
h
MEANINGFULNESS – SUSTAINABLEECONOMY – TECHNOLOGY – EVOLVINGWORKLIFE
Together Proficiently Successfully
Leadership Processes Performance
A
R
E
N
A
O
F
S
U
C
C
E
S
S
W
U
L
F
F
Customer
Experience
Transforming
Trust Entrepreneurship
10 WULFF Annual Review 2025
What Wulff?
The Worklife Services
segment includes staff leasing,
recruitment, direct search, and
employment services, consulting,
accounting services, exhibition,
event, and space design services
both internationally and
domestically, as well as office
and professional printing and
document management solutions
and services.
WORKLIFE
SERVICES
WULFF Annual Review 2025 11
Wulff Works
Wulff Works is a company specializing in staff leasing and recruitment,
making job search and partnership easy, fun and personal. It offers a
comprehensive range of practical work tasks in various industries in
Finland, from diverse field and production work to services, customer
service, and logistics.
A year of people-made growth
In 2025, Wulff Works established its position as one of the most
energetic and fastest growing operators in the Finnish personnel
services market. The foundation built during the first year of op-
eration enabled over 30% organic growth in all areas. During
2025, the company expanded to two new locations, its teams
were strengthened, and new companies, Wulff Doctors and
Wulff Talent, which complement staff leasing and recruitment
services, started their operations in the autumn. Towards the
end of the year, Wulff Works also took its first steps towards
internationalization.
Wulff Works’ growth has been goal-oriented and profitable. It
is based on a clear strategy that is put into practice by people
committed to the company’s values, operating methods and
their own team. Wulff Works operates where experts are
needed, and does so in a way that is personal, fun and easy
for both customers and employees.
Locally present and nationally influential
The Wulff Works team is comprised of the most experienced
professionals in the personnel services. The owner-entrepreneur
model of the operation is a competitive advantage, as it brings
local management close to the local market. It also strengthens
the teams’ motivation for growth, profitability and agility, and
supports the entrepreneurial culture that is important to Wulff.
During the year, Wulff Works opened new local companies in
Porvoo, Eastern Uusimaa, and Vuokatti, Kainuu. At the same
time, it strengthened its industry-specific specialization in, for
example, logistics, HoReCa, construction, and manufacturing.
New industries are being systematically taken over. In line with
Our employees
thrive best at our
customers’ sites.
the strategy, growth accounts have been established, and key
accounts have been developed with a long-term focus.
Internationalization supporting the availability of
future labor
In 2025, Wulff Works prepared to launch international
recruitment from Romania and the Philippines. The aim is to
ensure the availability of skilled labor, especially in indus-
tries where domestic supply is insufficient, and to carry out
up to 100 international recruitments already in 2026.
Internationalization focuses on responsibility and a
high-quality employee experience, from orientation to
customership.
12 WULFF Annual Review 2025
When the economy starts to
grow, demand for staff leasing
and recruitment services
increases.
Job openings offered nearly
1 500
Hours worked at client
companies over
1 000 000
Applicant pool over
60 000
persons
WULFF WORKS 2025
Stronger, smarter and increasingly human
Wulff Works aims to challenge the larger market leaders.
In addition to new regional locations, internationalization,
and serving new industries, the company is also developing
operational efficiency.
In a rapidly growing company, internal processes, metrics,
and predictability are important development targets. Wulff
Works is investing in customer-specific key figures and
profitability monitoring, as well as the utilization of artificial
intelligence and digital solutions to support the work done
by people.
Operating environment, market and future
The staff leasing market has been changing in recent years,
and for example, in 2023 the entire market decreased by
5%. The general decline in the number of employees in Fin-
land has also affected the general demand for temporary
workers. The structure and operating methods of the labor
market have changed. Many companies are thinking about
recruitment much more carefully than before.
As the economy starts to grow, the demand for staff leasing
and recruitment services will increase. Megatrends such
as the aging population, skills shortages and the spread
of innovative forms of work support Wulff Works’ growth.
More and more companies are emphasizing the impor-
tance of taking sustainable development into account in all
their operations. As part of the Wulff Group, Wulff Works
has excellent conditions to be a trendsetter in sustainable
lifestyles and business operations in its own field. In addition
to a respected and well-known brand, and business con-
tacts, the support of the Wulff Group enables rapid scaling,
sharing of best practices and resource-efficient operational
activities. The use of temporary labor is a strategic solution
that brings much-needed flexibility to many companies.
WULFF Annual Review 2025 13
Espoo
Jyväskylä
Kuopio
Laitila
Oulu
Porvoo
Rauma
Seinäjoki
Tampere
Turku
Uusikaupunki
Vaasa
Vuokatti
Welcome to visit
our offices
Wulff Works grows 2026 one encounter and successful customer story at a time
14 WULFF Annual Review 2025
Auraclean, a company specializing in
high-performance vacuuming in the Turku
region, uses Wulff Works’ temporary labor
in addition to its own employees in its pro-
jects. ”We have always been able to get
skilled labor very quickly. Wulff truly unders-
tands our needs and the specific characte-
ristics of our industry, and everything in the
collaboration has worked brilliantly from the
beginning,” says Auraclean’s CEO Marko
Hietanen
Built for fast-paced
situations, Auraclean
relies on Wulff Works’
expertise in staff
leasing
Auraclean is served by Wulff’s staff leasing company
Wulff Works
Our customers say
WULFF Annual Review 2025 15
Our customers say
When a drain breaks or a pipe gets blocked, the phone
rings soon at Auraclean, a company specializing in
high-performance vacuuming and blowing. A common
feature of the company’s varying assignments is that help is
needed on site as quickly as possible.
“You could say that we are the next in line after the fire
brigade. Unexpected problems happen, especially in
the energy industry and we always have to respond to
them quickly,” says Auraclean’s founder and CEO Marko
Hietanen.
According to him, it is common not to know on Monday
what will be done on Wednesday. That is why it is
extremely important for the company to have skilled labor
quickly whenever the situation calls for it.
“Wulff Works knows its customers”
Hietanen says that his company, founded in 2021, is one of
the first clients of Wulff Works’ Turku office. Previously, the
company used three temporary employment agencies for
its recruitment, but now its temporary employment needs are
handled solely through Wulff Works in several locations.
“We chose Wulff Works because it did the best in the com-
petition and I also knew Wulff Works’ Turku sales director,
Tuomas Arjamaa, from previous work. Our cooperation
with him has always been smooth, and now everything has
worked great at Wulff Works. I feel that the company really
understands its customers and their needs. Wulff Works has
a really extensive pool of experts at its disposal, and they
have the ability to quickly find the right people for us.”
Projects require character and physical strength
When the client’s notice period for a project is only a week,
using temporary labor is the safest solution for the company.
Currently, one of Auraclean’s projects is fully operated by
Wulff Works’ temporary personnel, and other projects are
filled as needed - almost always at short notice.
“Our projects require both character and physical strength,
which is excellently understood at Wulff. The best thing is
that we have got the same good people for our occasional
gigs, who have already adopted our way of working.”
The conditions at gigs are often challenging: work is done
in dirty, cramped and dark places, and moving equipment,
such as heavy hoses, requires strength and good fitness.
Work is done in pairs, with the temporary worker working
together with the company’s own person who is familiar
with the project.
Auraclean and the site representatives provide employees
with task- and site-specific training and ensure the neces-
sary occupational safety training on site. Wulff Works is
Our projects require both character and
physical strength, which is excellently
understood at Wulff Works.
Marko Hietanen
responsible for ensuring that the temporary workers are
qualified, motivated, suitable for the task and the team, and
that, for example, occupational safety cards are up to date.
Hietanen considers Auraclean’s main strengths to be its
rapid response ability and modern and versatile equipment
that can handle various challenges. However, the most
important thing has been to find the right people to the right
places.
“Thanks to that, we initially entered the market quite quickly,
and thanks to the work we have done well, our customers
will trust us in the future as well.”
WHAT AURACLEAN?
Auraclean is a company specializing in
high-performance vacuuming and high-
performance blowing, whose services include
high-performance vacuuming, drain opening
and drying, high-pressure washing and dry
ice cleaning. The company offers demand-
ing cleaning for construction sites, industrial
plants, and real estate in Southwest Finland
and Uusimaa, flexibly every day of the year.
16 WULFF Annual Review 2025
Wulff Talent,
Wulff Doctors, and Wulff Pro
WULFF Annual Review 2025 17
In autumn 2025, the Wulff Group’s personnel services were strengthened with two new
companies, Wulff Doctors and Wulff Talent. Both operators complement Wulff’s stra-
tegy to grow in the personnel services market and respond even more diversely to the
needs of today’s rapidly changing working life.
Wulff Doctors is the solution for doctor availability
Wulff Doctors brings a new alternative for staff leasing of
doctors to the market.
The service responds to the growing demand for healthcare
experts and focuses, in particular, on high-quality customer
experience, responsibility and an employee-oriented oper-
ating model.
The company’s goal is to build reliable, predictable and
effective human resources for client companies and com-
munities in a changing operating environment. The service is
developed based on customer needs and scaled nation-
wide.
Recruitment and direct search business professional
Wulff Talent focuses on demanding expert, manager and
executive level recruitments and direct searches. At the heart
of the business model is a deep understanding of the goals
of client companies and the strategic significance of roles.
Wulff Talent serves nationwide and has clients from several
different industries.
Wulff Talent strengthens the Wulff Group’s position as a
recruitment services provider, especially in strategically
significant personnel selections, which emphasize a long-
term view of the future, understanding the impacts of roles
and proactive business development.
Builders of future growth
In early 2026, Wulff Doctors and Wulff Talent got along-
side them Wulff Pro, which provides employment and
placement services. All three companies operate as part of
the Wulff Group’s Worklife Services personnel services unit.
New personnel services Wulff Talent,
Wulff Doctors, and Wulff Pro
The establishment of the new companies is part of Wulff’s
long-term strategy to selectively take over growth markets.
Wulff focuses on those market segments where its entre-
preneurial operating model enables scalability, efficient
business operations and humanely sustainable service. In
personnel services, it is known that competitive advantage
comes from a seamless customer and employee experi-
ence.
Wulff Doctors, Wulff Pro, and Wulff Talent work in collabo-
ration with the Wulff Consulting and Wulff Works business-
es, leveraging the Group’s structures, processes, support
services and brand equity.
18 WULFF Annual Review 2025
Wulff Consulting
WULFF Annual Review 2025 19
Wulff Consulting is a partner that makes change clearer
and growth easier to achieve. Superior competitiveness
and sustainable growth are built with Wulff Consult-
ing through, among other things, strategy work, change
management, sales efficiency, regional development and
project expertise.
The operating environment, where organizations are
challenged to change more and more rapidly as a result of
changes in technology, competition, and customer behav-
ior, increases the importance of consulting. Wulff Consulting
combines analysis, renewal, planning and practical imple-
mentation in an insightful and effective way.
Direction and actions
The consulting business complements Wulff’s Worklife
Services personnel services by offering clients in-depth
strategic insight and the ability to change precisely when
the business is in transition or seeking growth or a new
direction. The customer-oriented and solution-focused im-
plementation of the services brings Wulff’s values - customer
experience, trust, entrepreneurship and renewal - to life in
the clients’ everyday lives.
Wulff Consulting’s goal is to make development practical,
effective and profitable. This is achieved when the consult-
ing community shares humane, people-oriented operating
models aimed at operational efficiency and a passion for
making the world a better place one consultant encounter
at a time.
Wulff Consulting grows,
clarifies and renews business
Practical, impactful
and profitable
development.
Wulff Consulting is a business development partner, regional
development expert and change support.
20 WULFF Annual Review 2025
Wulff Entre
WULFF Annual Review 2025 21
Wulff Entre makes brands experiential, spaces commercial
and business more impactful. Its experts create environments
where companies’ stakeholders can encounter the brand in
a strong and meaningful way, utilizing every square meter
and encounter.
The company’s services cover the entire project from
concept design to implementation, giving customers a
seamless and impactful solution from a single partner.
Promoting reuse and recycling are strongly embedded
in Wulff Entre’s operations. The sustainable solutions it
offers are naturally incorporated as a part of companies’
responsibility strategies.
Wulff Entre designs meeting places and spaces that sup-
port its clients’ net sales growth and strengthen the brand,
especially in face-to-face meetings.
Wulff Entre –
a design and project office
for meeting places
Growth based on strengths and sustainability
Wulff Entre’s extensive expertise and international partner
network make it a reliable and competitive partner in the
exhibition and event sector. As part of the Wulff Group,
Wulff Entre can invest in strategically important exhibition
venues and joint stands requiring advance payments.
Future growth is sought, in particular, from joint stands at
international exhibitions, which currently account for about
90% of its net sales and in which Wulff Entre has strong
expertise and years of experience. These entities combine
efficient project management, creative planning and a
deep understanding of the exhibition and event business.
In 2025, Wulff Entre designed
meeting spaces for nearly
150 clients across different
countries from Shanghai,
China to Texas, USA.
The customer benefits from Wulff Entre’s expertise in the form
of correctly selected events and spaces, the best visibility
and cost-effective solutions.
Wulff Entre continues to actively shape the exhibition culture
towards more sustainable operating models: exhibition
stands and furniture are recycled and reused, fabric graph-
ics and carpets can get a new life as innovative products or
even as packaging material. In 2025, Wulff Entre intro-
duced, among other things, the reuse rate (ReUseRate%)
of various elements of the exhibition stand, for which it has
already received a lot of praise from its customers.
22 WULFF Annual Review 2025
Operating model and expertise meet a changing
market
The exhibition and event industry has slowly recovered after
the pandemic, and at the same time, it is noticeable that the
market and its dynamics have changed.
Economic and investment prospects guide companies’
decisions, even with fast schedules, and decisions on par-
ticipation are being made increasingly closer to the event
itself. The planning window is shorter than before, and this
requires flexibility, rapid response and ready-made imple-
mentation models from partners.
The termination of grants granted to Finnish companies
has been reflected in Wulff Entre’s event sales. Despite the
changes, the company has maintained its competitiveness.
Thanks to good sales work, strong customer relationships
and successful projects, Wulff Entre gained new domestic
and international customers during 2025. This shows that
our operating models and expertise correspond to the
changing needs of the market.
The need to stand out will remain, even in the future
Although the industry is undergoing constant change, trends
support Wulff Entre’s growth in the long term. Companies
have a growing need to stand out in the future, and when
face-to-face meetings are organized, they are invested in.
Events are expected to be impactful, responsible and have
measurable benefits. For example, the use of recycled and
environmentally friendly materials will become standard in
the future. Wulff Entre is a pioneer in providing these solu-
tions. Our approach is valued, as Finnish companies are
internationally known as reliable and competent partners,
and the appreciation of our design expertise is growing.
In 2025, customer satisfaction was
9.44
and Employee Net Promoter Score
(eNPS)
100
IN 2025, WULFF ENTRE
DESIGNED
Showrooms
Lobby areas
Store fixtures
Implementing
a concept in new
premises
The best conditions for success in the industry are with part-
ners who can offer new ideas, impact, reliable implementa-
tion, and responsibility.
Wulff Entre’s strengths are convincing industry knowledge
and an experienced team, as well as an operating culture
where promises are exceeded, issues are discussed openly
and everyone is encouraged to take ownership and inno-
vate boldly. This makes Wulff Entre a partner with whom
companies can achieve the best results at exhibitions and
events.
on a scale of 1 to 10
WULFF Annual Review 2025 23
At joint exhibition stands, Wulff Entre’s efficient project
management, creative design and expertise in the exhibition
business come together as a comprehensive solution that
delivers greater visibility and improved discoverability
for the customer in a highly cost-effective way.
24 WULFF Annual Review 2025
Canon Business Center Vantaa
WULFF Annual Review 2025 25
As a printing and document management expert, Canon
Business Center helps businesses to ensure a smooth and
secure everyday life. When document management is wor-
ry-free, it frees up work time for the essentials.
High-quality data security throughout the device’s
life cycle
Canon’s cutting-edge technologies and services have been
recognized for their data security capabilities by the pres-
tigious research and analytics houses IDC (International
Data Corporation) and Quocirca. Canon’s solutions secure
the entire printing environment, from devices and documents
to data processing, throughout the device’s life cycle.
Canon Business Center Vantaa brings
security, efficiency, and responsibility
to document management
Canon Business Center Vantaa helps its customers manage documents
intelligently and securely on-site and remotely. It offers its customers Canon’s
cutting-edge technology solutions for printing, scanning and document
management. Wulff Group’s Canon Business Center Vantaa is part of the
nationwide Canon network and has a strong position in Finland.
With Canon, maintaining a high level of data protection is
easy even as regulations become stricter.
Unlike other industry players, support for services is pro-
vided directly from the same experts who are developing
the devices’ security solutions. This unique operating model
reinforces customer trust. Our expertise helps prevent data
leaks and secure critical data in accordance with govern-
ment regulations and requirements.
Stable growth from responsible solutions
In 2025, the company continued its stable growth, and net
sales developed as expected. The demand for recycled
Moving towards
more sustainable
operations: nearly
70% of the equipment
delivered consists of
recycled products.
26 WULFF Annual Review 2025
The share of circular economy
equipment was nearly
70%
of all equipment sold
The development of the printing
market is driven by sustainability
and data security.
Canon Business Center focuses
on selling the products of Canon,
a brand known as the most
responsible and trusted in the
industry. Canon is the market
leader in its field.
CANON BUSINESS CENTER
VANTAA 2025
Data secure and work
in motion, whether
the office, workplace
or workstation is
anywhere.
equipment and energy-efficient solutions was met well.
Recycled equipment already accounts for almost 70% of
equipment deliveries. Wulff Easy Print, launched last year
– a fixed-price Canon printing and scanning solution as a
service – sold well. The good development demonstrates
Canon Business Center’s ability to respond to market
changes.
Competitive advantages security, expertise, and
renewal
The Canon Business Center Vantaa’s team has a strong
vision of the development of document management and
customers’ needs. The company’s goal is to make printing
and document management as easy and secure as possi-
ble, whether for large organizations or smaller companies.
Canon Business Center experts are pioneers in the field
and experienced veterans who combine technical exper-
tise and customer-oriented thinking. Customers appreciate
this because the technology in the operating environment
is developing rapidly and the importance of information
security is growing.
Canon’s solutions include security and data protection
practices to ensure that documents remain protected and
only accessible to the right people. In addition, the services
scale to customer needs: in the era of hybrid work, Canon
Business Center’s solutions enable document management
from anywhere, including remotely. Security is one of the
company’s key competitive advantages.
The company’s strengths also include its customer-oriented
approach and sustainable development of operations. The
company understands the specific requirements of different
industries and can offer tailored solutions for sectors such as
logistics, healthcare, and property management. The ability
to bring new services to the market and reduce the carbon
footprint of its business will make it an impactful operator in
the future.
Sustainable and growing business also in the future
Canon’s Kyosei value of “living and working together for the
common good” is reflected in the company’s responsible
way of operating. The company’s goal for 2026 is to further
grow its customer base and further increase the share of
circular economy equipment in sales.
WULFF Annual Review 2025 27
Wulff Accounting
28 WULFF Annual Review 2025
Wulff Accounting –
a local and personal
expert
Wulff Accounting is a partner that knows
its clients’ businesses and takes care
of financial management personally,
efficiently and proactively.
WULFF Annual Review 2025 29
In 2025, the Net Promoter
Score (NPS) for Wulff
Accounting rose to 70.
The result reflects excellent
customer trust and an
outstanding service
experience.
More and more companies want to outsource their finan-
cial management to a partner who knows their business
and can offer tailored solutions. In addition to everyday
smoothness, an accounting partner is expected to deliver
measurable value to operations.
Wulff Accounting meets customers’ expectations: it is a
competent strategic partner that, in addition to traditional
accounting and payroll, provides diverse expert services,
consulting, and advice. It also provides expert consulting in
tax and corporate law matters, corporate restructuring, and
owner-entrepreneur matters. Wulff Accounting also offers
solutions for holding and franchise companies. International
services are available through an experienced partner.
Designated experts and smart digital services
Wulff Accounting utilizes market-leading financial manage-
ment software. Fennoa, Netvisor, Procountor, and Fivaldi
enable automated and up-to-date reporting. Expert local
teams know how to provide a versatile and innovative
service and recommend the most suitable solutions for
different companies.
Even the best technology requires people. That is why at
Wulff Accounting, every customer always has a designated
contact person, a familiar expert who knows their business.
Having their own expert has been our customers’ most
important wish and a strong promise of Wulff Accounting
- a promise that we have been fulfilling for a long time and
will continue to fulfil in the future.
Growth in line with the group’s strategy
Acquisitions once again increased the size and customer
base of Wulff Accounting. Four acquisitions were made
during 2025: Hämeen TiliDiili Oy in January, Convido Ab
Oy in February, Tilitoimisto Lahti Oy in July, and Tiliteema
Oy in December.
The acquisitions strengthened Wulff’s position in Kan-
ta-Häme, Ostrobothnia and Southwest Finland and brought
Wulff a total of 1,400 new customers, over 40 profession-
als and increased the annual accounting firm net sales by
approximately EUR 4 million. The growth continued at the
beginning of 2026 with the acquisition of Yrittäjäin Tilitieto
Oy from Turku.
Operating environment and market
The accounting firm sector, which is undergoing transforma-
tion, is developing driven by digitalization and automation.
The accounting firm market is estimated to grow by 3–7%
annually.
Automation and artificial intelligence help with basic
accounting routines and the importance of advisory services
and consulting is growing. It is expected that financial
management will be increasingly integrated into other
systems of companies.
The sector has seen strong consolidation for several years.
Larger players are increasing their market share and com-
petition in the sector is intensifying. Finnish accounting firms
are also planning steps towards internationalization.
Structural change in the sector
As the population ages and experienced experts leave the
sector, the systematic development of competence, knowl-
edge transfer, and training of new experts play a decisive
role in building success.
30 WULFF Annual Review 2025
The future of the accounting
business is built on a
combination of efficiency,
expertise and personal
service. Wulff Accounting is
ready to take a leading role in
this development.
Wulff Accountings’ own Accounting Academy is a central
part of the company’s response to the structural change in
the industry. Through the Academy, Wulff strengthens the
professionalism of its personnel, supports career paths, and
makes the accounting industry more attractive to new talent.
Investment in training and coaching improves the employer
image, engages personnel, and ensures that customers
are served with the same professionalism and quality in the
future as well.
An attractive investment target with stable growth
Wulff Accounting is growing faster than the industry market.
Strong organic development, a determined acquisition
strategy, and market consolidation provide good conditions
for profitable and sustainable growth.
In Wulff’s operating model, the customer has their own des-
ignated expert, and personal service and a deep under-
standing of the customer’s business are combined with mod-
ern technology, automated processes, and the intelligent
use of artificial intelligence. For the customer, this means
secure, smooth and cost-effective financial management.
The combination creates a clear competitive advantage:
Wulff is recognized as an interesting and reliable partner
for both customers, staff, and future employees.
After the latest acquisition in early 2026, Wulff Accounting
already serves a diverse group of over 4,500 customers
from different industries and offers its services in Finnish,
Swedish, English, and Russian. Local offices can be found
all over Finland, from Åland to Raahe. There are over 100
accounting professionals working in the Wulff network and
the annual net sales are over EUR 10 million.
Widely diverse clients from different
industries
Wulff Accountings’ clients include both small and
medium-sized companies and large, listed compa-
nies. Our clientele includes limited liability companies,
limited partnerships, general partnerships, sole traders
and freelancers, as well as associations and foun-
dations. The industries strongly represented include
lawyers, veterinarians, dentists, ICT, the construction
industry and investment companies.
Wulff Accounting serves customers
nationwide
We already operate in 12 locations: Espoo, Hyvinkää,
Hämeenlinna, Maalahti, Mariehamn, Mustasaari,
Nivala, Porvoo, Raahe, Sipoo, Tampere, and Turku.
Our customers say
WULFF Annual Review 2025 31
Tilitoimisto Lundström, which has been ope-
rating in the industry for a long time, joined
Wulff Accounting two years ago, but the
change was only visible on paper to clients.
For a private accounting firm, being part of
the Wulff Group offers security and stability.
Tilitoimisto Lundström’s
long-standing customer
relationships continue
and strengthen as part
of Wulff
P. Sandström Oy Ab is served by Wulff Accounting Porvoo
Our customers say
32 WULFF Annual Review 2025
Our customers say
When Dennis Sandström’s father Paul Henrik Sandström
founded the company in 1989 for earthmoving work, it was
mainly a hobby that could be done with one car.
Around year 2000, the business began to grow. Today, P.
Sandström Oy Ab, which offers earthmoving and transport
services as well as demanding lifting work, has a fleet of
20 trucks equipped with various cranes and swap bodies.
The company solves winter maintenance challenges with
numerous tractors and wheel loaders.
With its robust fleet, the company works on construction
sites of various sizes around the Helsinki Metropolitan
Area, and often also in the Nurmijärvi, Kirkkonummi, and
Mäntsälä areas.
Flexibility as a strength
Although the economic outlook for the industry is changing,
the company’s employees have had comfortable amount of
driving to be done.
“Our strength is our broad customer base, which includes
both businesses and private households. However, our most
important asset is our flexibility. For example, our flexibility
can mean that when a customer calls and needs transpor-
tation, they will have a car in their yard within an hour,”
Dennis says.
Since the beginning, the company’s accounting has been
handled by Dennis’ sister Pia Sandström, who had her own
accounting firm for a long time. First, Pia moved to serve
her clients as part of Lundström accounting firms, and in
February 2024, Lundström, operating in Sipoo, moved to
the ever-growing group of Wulff Accounting, while gaining
the support of a large firm.
“The change in direction for customers was mainly only
visible as a change of name on the invoice,” says Pia.
Dennis also assures us of the same: “Becoming a Wulff
Accounting client has not changed our operations, and
things have not suffered from it at least.”
Industry knowledge is important for an accountant
Tilitoimisto Lundström, which employs 26 accounting profes-
sionals, operates in the Sipoo, Porvoo, and Hyvinkää areas.
Lundström’s own history is long, as the company was founded
in 1974. In 2022, the company took on Pia, who was then
working as an accountant under her own business name.
Familiarity, flexibility and a deep understanding of
the industry were preserved in connection with the
acquisition. At the same time, the company gained
greater stability and strength in the background.
Since Dennis and Pia are close, Pia, as an accountant, is
well-informed about both the company founded by her
father and the events in the transport industry.
Pia considers industry understanding important for an
accountant, so that they can take sector-specific issues into
account in accounting and personnel management.
In accounting for the earthmoving and transportation indus-
try, it is essential to be familiar with, among other things, the
collective agreement regulations related to salaries and the
transport industry’s support applications. In addition, knowl-
edge includes, among other things, regulations related to
fleet upgrades and tax planning.
Other reporting needs are in accordance with the
tax authorities’ requirements.
“I trust Pia and the company she works for completely. Our
collaboration means that I have never had to think about
accounting issues, and have been able to focus on other
things. I think that is how it should be,” Dennis sums up.
The latest big change in the accounting industry has been
the digitization of bookkeeping. Since we meet clients less
often face to face, accountant Pia Sandström has a habit of
checking up on them by phone.
WULFF Annual Review 2025 33
Our customers say
The most recent major change in the accounting industry has been the digitalisation of bookkeeping. Clients are now met face-to-face less often on site, and in everyday remote work, Teams meet-
ings have become routine. For Pia Sandström (pictured on the right), it is important to check in on clients also by phone. “Personal interaction remains important, even if its forms change,” she says.
34 WULFF Annual Review 2025
Our customers say
Selling an accounting firm is an exceptionally sensitive
decision for the owner. Customer relationships often last for
decades and are based on personal trust. Due to long-term
cooperation, the clients are often personally close to the
accountant, sometimes even family, as in our example story.
Therefore, entrepreneurial company owners need to care-
fully consider who will take over their business and clients’
financial affairs.
“It is important that we can continue to provide service
to the client with at least the same care as before,” says
Marina Nyberg, manager of Wulff Accounting Porvoo.
This is most likely to be successful when familiar people
move in and continue to serve the clients they know well. At
the same time, we can prepare for different life situations
in the future, for example possible retirements, in a timely
and controlled manner,” she continues. “It is our practice at
Wulff to transfer employees and customers with the trans-
action, and we have received praise from our customers for
this. Just as Dennis says in this story,” says Elina Rahkonen,
CEO of the Wulff Group.
The Academy invites you to join Wulff Accounting
In a rapidly changing world, maintaining and developing
your professional skills takes time. There is a lot of infor-
mation available, and it takes skill to understand what is
essential, as not everyone can specialize in everything.
Many smaller accounting firms and companies in the
accounting sector are seeking to become part of a larger
network, which offers more opportunities for building
training paths and maintaining knowledge and skills. “Wulff
Accounting’s own Academy is a much-praised community
for developing expertise,” says Elina Rahkonen. In a larg-
er network, you can usually always find someone who
has experience with a situation or problem that is new to
you, and you can also find peer support.
A well-managed economy enables investments
”Pia Sandström from Lundström – now Wulff Accounting
Porvoo – has been taking care of our shooting club’s
accounting for as long as I can remember. In addition
to accounting, Pia also handles various member matters,
such as invoicing membership fees. We just invested
200,000 euros in improving our ranges and infrastruc-
ture, so Pia was responsible for our financial calculations
and making sure that there was enough money in the
treasury to carry out the project. Pia is easy to reach,
which is important, because there are many questions,
especially in terms of member matters. Since Lundström
has become part of Wulff Accounting Porvoo, training
and interesting webinars have been offered, which have
provided useful information and expanded understand-
ing, for example regarding taxation.”
Ari Kasurinen, Chair, Sibbo Skyttegille Association
Sibbo Skyttegille ry. is a shooting sports club
based in Sipoo with 1,180 members. Nearly
all shooting disciplines can be practiced at the
club’s ranges. The facilities are also used for
training by personnel from the police, the Finnish
Border Guard and Finavia.
Selling an accounting firm is a transfer of trust
WULFF Annual Review 2025 35
Products for Work Environments
36 WULFF Annual Review 2025
Expert in products and services
for work environments in the
Nordic countries
Wulff helps its customers build more functional, sustainable, and well-
being-supporting work environments. It offers a wide and high-quality
selection of products and services that make everyday life in the
workplace smoother, from coffee and refreshment products to ergonomic
solutions and from traditional workplace office and IT supplies to property
maintenance and care products. Wulff is one of the leading companies in
the industry in Finland and a significant player in Scandinavia.
A wide range of leading companies in the Nordic countries
trust our services. Many of our customers utilize filling and
replenishment services, which makes procurement easier
and free up time for core operations. In procurement,
automation that saves costs and time, a selection that is in
line with your own values, good monitoring methods, and
development of operations and selection with an expert
are emphasized.
The popularity of refill services is growing
Wulff’s MiniBar in Finland and Cabinet Service in Scandi-
navia combine a smart filling service with a customer-
specific selection. Automation brings efficiency and cer-
tainty to customers’ everyday lives. The growing demand
for filling services also reflects customers’ desire to cent-
ralize and streamline their procurement. The content of the
MiniBar and Cabinet Service solutions is tailored to the
customer’s needs.
Work environments
matter: a well-designed
environment invites
people to the workplace
and supports well-
being, efficiency, and
sustainability.
WULFF Annual Review 2025 37
The right products, at the right time
A growing trend in Nordic companies is to invest in work
environments where people feel comfortable and can do
their work well.
In specialist fields and knowledge work, for example,
refreshments and ergonomic products are emphasized,
which support alertness and coping at work and make
the workplace more attractive than a home office. That is
why high-quality coffees, teas, refreshments and snacks,
among others, are increasing their share of Wulff’s sales.
The appreciation of well-being is also reflected in the snack
selections: Wulff’s FruitBar, which delivers fruit directly to the
workplace, is constantly growing in popularity.
In the care sector, products that are critical to healthcare
and hygiene and that are reliably available are important.
In retail, industry, logistics, and the restaurant and hotel
sector, industry-specific solutions are needed to support,
among other things, the smooth running of everyday life,
work safety, and customer experience.
Wulff supplies these sectors with, among other things, cash
register supplies and cleaning and hygiene solutions, work-
wear and personal protective equipment, packaging and
shipping supplies, and daily consumables for kitchens and
customer spaces. In addition, coffee and refreshment solu-
tions for break rooms and ergonomic products that support
the well-being of personnel at work are an important part
of the whole.
Multichannel and personal
Wulff’s competitive advantage is personal expert service
combined with digitalization and its development. Wulff’s
experts know their customers, their business operations,
everyday life and the specific features of different indus-
tries. That is why Wulff is trusted and cooperation with us is
perceived as meaningful.
38 WULFF Annual Review 2025
Wulff
Contract Sales
Wulff
Expertise Sales
Wulffinkulma
online store
and stores
Tailored assortments and dedicated online
stores for contract and key accounts as well
as the public sector, covering Wulff’s full
range of workplace products and services.
Industry-specific solutions delivered directly
into the customer’s everyday operations on
site. These include, among others, branded
products, personalised solutions, workplace
well-being and ergonomics, as well as a
wide range of supplies for worksites and
construction projects.
An easy and transparent online store
and retail outlets for micro and small
entrepreneurs as well as consumers.
A comprehensive range of products
for various work environments.
Wulff serves large customers and public administration
with customized online stores, medium-sized and SME
customers with B2B online stores, and small businesses and
entrepreneurs operating like consumers with the Wulffinkul-
ma online store, which is open to everyone.
At Wulff, we believe that personal encounters are valua-
ble regardless of the size of the company. We have clear
service models for companies of different sizes. What these
service models have in common is personalization: the
advice and insight of an expert are invaluable for those
working with large procurement budgets as well as for
smaller operators who value ease and a reliable partner-
ship.
Flexibly and sustainably
Wulff’s Contract Sales experts are strategic partners for
our major customers, supporting business development
and promoting responsible procurement. We also serve
the SME sector and micro-enterprises in a flexible, humane
and customer-oriented manner. Wulff’s Expertise Sales
professionals take solutions directly to the customer, where
the work takes place. In many medium-sized and smaller
companies, managers and employees have many roles
and tasks, and time must be planned to be allocated to
where it most effectively affects the company’s results.
Wulff also has brick-and-mortar stores in Southern Finland.
Thanks to Wulff’s expertise, our customers can make their
procurement more sustainable, concretely and measurably.
For example, we help optimize orders and deliveries so that
transport causes as few real emissions as possible. When
customers can monitor the percentage of responsibility in
their own procurement, you can easily make your prod-
uct range more sustainable. We constantly receive good
feedback from our customers about these opportunities.
Wulff is particularly pleased that sustainability is increas-
ingly influencing companies’ decisions, both in choosing
partners and in the specific procurement of individual
products. Wulff’s competitiveness is further strengthened by
its membership in the international INTERACTION purchas-
ing consortium, whose own Q-CONNECT brand products
offer an excellent price-quality ratio.
WULFF SERVICE MODELS
WULFF Annual Review 2025 39
Sustainability is reflected in
customers’ everyday operations
through the optimisation of
transportation and deliveries,
emissions calculations,
monitoring the responsibility
percentage of procurements, and
developing the product selection
together with a Wulff expert.
40 WULFF Annual Review 2025
Delivered products and solutions
almost
25 000 000 pcs
Primary markets
Finland, Sweden,
Norway, Denmark
Market size in the Nordics
c. EUR 700 m.
PRODUCTS FOR
WORK ENVIRONMENTS
IN 2025
The headquarters of the Wulff Group
are located in Espoo, Finland. Its logistics
centres support the company’s Products for Work
Environments business operations.
Finland: In Tuusula, Wulff operates a logistics centre serving
its contract and e-commerce customers. Wulff’s own logistics operations
are complemented by Posti’s logistics centre in Järvenpää, which enhances delivery capability and flexibility
also for workspace solutions. In connection with the headquarters in Espoo, Wulff has a logistics centre focused
on supporting its Expertise Sales operations. Scandinavia: Wulff’s logistical heart in Scandinavia is located
in Ljungby, Sweden, from where deliveries are made quickly not only within Sweden but also to Norway and
Denmark. Wulff also has offices in Bergen, Oslo, Stavanger, and Trondheim in Norway, Gothenburg, Malmö,
and Stockholm in Sweden, and Copenhagen in Denmark.
Finland
Sweden
Norway
Denmark
WULFF Annual Review 2025 41
Operating environment and the year 2025
The traditional workplace products market continued its
structural change that had been underway for several years,
which was also reflected in Wulff’s operating environment.
In the Finnish business operations, the organization was
reorganized and operations were also adjusted through
change negotiations. As a result of the negotiations, the em-
ployment of nine people ended and one of the company’s
stores was closed.
In Scandinavia, Wulff has focused on serving contract and
large customers as well as public administration with the
Contract Sales concept. The market situation in Scandi-
navia was more stable than in Finland and the company
managed to slightly increase its 2025 net sales.
The consolidation trend in the industry continues
Wulff’s latest acquisition in the workplace products market
was the acquisition of Staples Finland in 2021, which
further strengthened its leading position in the Finnish market.
Pamark, which competes with Wulff for customers in the
care and healthcare sectors in particular, was acquired by
the international Buntzl group in 2024. At the end of 2025,
Wulff’s domestic competitor in the traditional workplace
products market, RCK, became part of the central Finnish
Kariteam.
Wulff expects the consolidation trend in the industry to
continue in the future. It is well positioned to be an active
player in the acquisition field itself.
There is room for growth in the future
Although the general market situation affected the demand
for traditional products and services, Wulff’s customer
understanding, service model, and continuously developed
more sustainable product range build competitiveness for
the company even in a changing market.
42 WULFF Annual Review 2025
The transformation of work and skills
The role of work environments in competitiveness is growing,
and well-being at work, safety, and smooth workflows are
becoming increasingly important.
Ecological reconstruction
Customers are increasingly choosing responsible products and
demanding transparency in their procurement.
Technological transformation and artificial intelligence
Digital ordering channels and automation are developing
rapidly. Artificial intelligence is reshaping everyday life, the
content of work, and the structures of workplaces in ways that
are still unpredictable.
The importance of trust is increasing
Customers prefer partners who are both responsible and
reliable. Trust is increasingly becoming the decisive factor.
MEGATRENDS
that affect the development of the workplace products
business
Ecological
reconstruction
The impor-
tance of trust is increasing
Technological
transformation and
artificial intelligence
The transformation of
work and
skills
WULFF Annual Review 2025 43
For software company Visma reliability,
flexibility, and cost-effectiveness define the
conditions of a functioning partnership in the
procurement of workplace products. Thanks
to high-quality choices, work comfort also
improves.
Visma appreciates
Wulff’s flexibility and
proactive approach as
a supplier of workplace
products
Visma is a contract customer of Wulff Oy Ab.
Our customers say
44 WULFF Annual Review 2025
Our customers say
Visma, a developer of cloud-based SaaS software, is
known in Finland for its electronic signature program Visma
Sign, cloud-based financial management software for
the private and public sectors, and Wilma, developed for
communication between schools and homes. The products
developed by the multinational company affect the opera-
tions of two million customers every day.
At the company’s headquarters in the center of Helsinki, the
Wulff FruitBar fruit selection is enjoyed weekly, and Elovena
snack biscuits are also popular in the office. However,
the biggest consumption is from the various drinks that the
company offers for its customers and employees, delivered
by Wulff CoolBar.
The Wulff CoolBar selection includes mineral waters, soft
drinks, and a variety of energy and wellness drinks, the
consumption of which is more difficult to predict than usual.
Sometimes employees work remotely, and sometimes there
may be several customer events during the week, during
which the drinks cabinets empty quickly. In addition to
events organized for our own customers and internal events,
customer premises are often rented out to neighboring
companies.
This requires a keen eye for detail from the people of
Wulff’s shelving service, who visit several times a week to
check the situation.
Snacks increase enjoyment at work
Visma’s cooperation with Wulff Oy Ab began when Staples
Finland, which supplied Visma with workplace products,
was acquired as part of Wulff in 2021. Currently, deliveries
mainly focus on snack and beverage products.
“Wulff products are one way to make the office more
attractive. We don’t have a mandatory office days; some
come to the office every day, some less often. Our most
popular office day is clearly Tuesday, when we offer break-
fast,” says Visma Facility Manager Mikko Suhonen.
At the company’s smaller offices in Tampere, Jyväskylä,
Vaasa, and Turku, the CoolBar selection is replenished
every couple of weeks. Wulff has its own contact persons
responsible for office orders.
Suhonen considers permanent contact persons to be a good
thing, because over the years, communication has become
smooth and people are easily reachable when needed.
“I like direct speech and I appreciate the proactive
approach Wulff takes in presenting its product range and
regularly suggesting additions with new products.”
“We always tailor the CoolBar and Minibar range individ-
ually, taking into account the customer’s needs and interests.
We are constantly developing our own range based on
the feedback we receive from our customers,” says Niina
Satomäki, Key Account Manager at Wulff, who is responsi-
ble for the agreement.
Responsibility is an important purchasing criterion
According to Suhonen, the company strives to listen to the
wishes of different offices in an equal manner and to be
equal in procurement.
The cornerstone of a functioning and active partnership,
Suhonen considers reliability and cost efficiency, thanks to
which, for example, a new refrigerator arrives at the office
quickly when needed.
“The refrigerator included in the CoolBar deliveries is a real
lifesaver, otherwise storing drinks would be quite difficult in
many spaces,” Suhonen says.
I appreciate the proactive approach Wulff takes
in presenting its product range and regularly
suggesting additions with new products.
Mikko Suhonen
WULFF Annual Review 2025 45
Our customers say
The collaboration between Visma’s Mikko Suhonen (left) and Wulff’s Niina Satomäki (right) runs smoothly. Their shared goal is to improve everyday life for Visma’s
employees. A good example of this is the development of the soft drink selection to include wellness beverages.
46 WULFF Annual Review 2025
Visma’s refrigerators usually contain products from Nocco
and Vitamin Well, among others. The healthiness of the
products is increasingly influencing orders, which is part of
Visma’s responsibility philosophy.
In addition to procurement, the company pays a lot of
attention to energy efficiency. From the perspective of the
company’s responsibility strategy, it is important that Wulff’s
logistics are managed as responsibly as possible.
Wulff’s transport is handled by Posti, whose transports to
Wulff are currently 100% CO₂-compensated. Wulff and
Posti share the idea that the most important goals are reduc-
ing real emissions. Posti has a Science Based Targets-ap-
proved net zero target for 2040 and a goal to transition to
fossil-free transport by 2030.
Wulff and Visma’s common goal is to reduce real emissions
in proportion to the number of products ordered. Emissions
WHAT IS VISMA?
Visma, a company specialised in developing
cloud-based SaaS (Software as a Service)
solutions, was founded in Norway in 1996.
It operates in 20 countries and has 180
subsidiaries. In Finland, Visma employs 1,500
people, has 30 offices and operates under 15
different company names across the country.
Wulff’s products are one way
to make the office
more attractive.
Mikko Suhonen
can be reduced, for example, by combining orders.
Thanks to Wulff’s shelving service solutions, such as Cool-
Bar and Minibar, companies receive both their drinks and
snacks in the same delivery.
WULFF Annual Review 2025 47
Sustainability
48 WULFF Annual Review 2025
On the sustainability journey:
from a requirement to a
competitive advantage
When a company has a clear purpose and reason for existing,
it is possible for employees, customers and partners to commit
to the company and get excited about its development. Wulff’s
mission ’A better world, one encounter at a time’ includes strong
responsibility promises.
Wulff believes that future success will be built on sustain-
able business. As legislation and people’s values change,
sustainability is rapidly becoming a prerequisite for business
operations. Wulff’s goal is to stand out in its industry with
responsibility and sustainable solutions. In 2025, we con-
tinued our determined journey towards more impactful and
measurable sustainability.
Sustainable Growth Strategy 2030
We started 2025 by renewing our strategy. Wulff’s Growth
Strategy 2030 was announced at the April 2025 Annual
General Meeting and is centered on the customer,
humanity and sustainable growth. You can read more
about our strategy on pages 8-9.
The Growth Strategy 2030 gives us a direction for growth.
It guides our operations in terms of values, goals, operating
methods and operational focus areas. The strategy clarifies
Wulff’s way of meeting customers.
Every Wulff encounter is an opportunity to build sustaina-
ble success for us and our customers. We meet over two
hundred thousand customers face to face, by phone, email,
social media and online every year. In these moments, we
create meaning and an unforgettable customer experience.
We solve everyday problems, streamline work and help
customers achieve their own goals more sustainably and
efficiently.
Wulff’s goal is to stand
out in its industry through
responsibility and
sustainable solutions.
Towards business-specific sustainability programs
During 2025, Wulff grew rapidly, especially in its new
service businesses. Worklife Services’ share of Wulff’s net
sales is already 62.5%, or EUR 76.4 million. The different
nature of the businesses and, for example, value chains
affect which sustainability actions in which business are
most impactful.
The year 2025 has been a time for Wulff to implement a
new strategy and build the next phase of sustainability. We
are moving from the Group’s joint responsibility program to
business-oriented sustainability programs so that responsi-
bility is reflected in everyday decisions and results. At the
same time, themes that unite and serve the entire Group,
WULFF Annual Review 2025 49
such as understanding and taking into account equality and
diversity, ethical behavior, and related competence devel-
opment, are promoted jointly and in a group-led manner.
The new sustainability programs will guide our actions in the
period 2026–2030, and they will be specified and put into
practice during 2026.
What Wulff has chosen to influence: sustainability
focus areas
Wulff can best promote the goals of the UN 2030 Agenda
for Sustainable Development through positive climate action
(12,13), equality (5, 10), decent work and economic growth
(8) in the world.
The Group’s 2019–2024 sustainability program provides a
good foundation for sustainability work, with the company
achieving five of its nine goals. You can learn more about
the program on our website wulff.fi/en. In 2024, Wulff
carried out a Double Materiality Assessment with sustain-
ability expert 3rd Rock, which it will use to determine new
business-specific sustainability goals and metrics. The DMA
outlined the Group’s key sustainability impacts, risks, and
opportunities. The assessment consulted stakeholders exten-
sively and examined different stages of the value chain.
Wulff supports the achievement of the UN 2030 Sustainable Development Goals, especially in the areas where we can have the greatest impact through our own business operations.
WULFF AND THE UN SUSTAINABLE DEVELOPMENT GOALS
Incorporating sustainability programs and sustainable
development principles into business strategies ensures
that they guide business growth, decision-making, and
value creation in the long term across all of the Group’s
businesses.
50 WULFF Annual Review 2025
Sustainable growth is built
on knowledge, actions,
and shared values.
Products for Work
Environments
Wulff’s most traditional business is the sale of work envi-
ronment products and solutions. In the product business,
sustainability topics that are clearly essential are environ-
mental responsibility and sustainability topics related to the
value chain.
Our customers trust the knowledge and skills of Wulff’s
experts: Wulff provides functional, everyday life-enhancing,
and responsible solutions. Many Wulff customers already
choose products that primarily or solely meet sustainability
criteria for the MiniBar shelving service, for example. This
development is growing stronger year by year.
In an increasingly digital and artificially intelligent world,
work environments increasingly need various physical
products and tools. The manufacturing and logistics of prod-
ucts inherently consume natural resources. Therefore, it is
important for Wulff to develop its product range and supply
chain in such a way that the carbon footprint they create in
relation to net sales can be actively reduced.
SUSTAINABILITY ACTIONS AND GOALS
Product-specific emission assessments
In 2025, Wulff carried out a product-specific emission as-
sessment from a life cycle perspective by an external expert.
Starting in 2026, the emission assessment will be carried
out twice a year. Emission information will also be included
in customer reporting. This makes it even easier for cus-
tomers to monitor the emissions of their orders and choose
lower-emission alternatives. The calculation uses average
emission factors and industry-specific assumptions.
Emission calculation
Emissions calculation standards have been renewed and
reporting transparency has increased. At the same time,
the focus has shifted from offsetting emissions to concretely
reducing them. In 2025, Wulff carried out an emissions
accounting for 2023–2024 in accordance with the GHG
Protocol and we moved towards a science-based climate
roadmap (SBTi). SBTi approved our commitment to the
short-term target in early February 2026. The 2025 emis-
sions calculation will be published in spring 2026: wulff.fi/
en/sustainability.
In Wulff’s Products for Work Environments
business, we examine the stages from
product procurement to delivery to
customers. The review covers product
procurement, warehousing, order
processing, and logistics.
WULFF Annual Review 2025 51
More responsible deliveries
Wulff has long been guiding its customers towards more
responsible deliveries and this work will continue: the goal
of optimizing deliveries is to reduce trips, improve fill rates,
and ensure timely, smooth deliveries. Reducing real-world
emissions from transportation is proven to be possible with
good planning and optimizing order batches with Wulff
experts. Read more about Wulff’s operating methods in
product deliveries in Our customers tell us / Visma p. 43.
Selection work and partners
The product range is being developed with the aim of
significantly increasing the share of products made from
recycled and renewable materials and products that last
longer in use. We are also investing in the development
of solutions that support refilling systems and recycling
services.
When renewing the range, we are emphasizing environ-
mental certifications for products and the lowest possible
relative greenhouse gas emissions. The goal for the strategy
period is that the share of environmentally certified products
will increase to 60 percent of sales by 2030.
We encourage our suppliers and partners to use renew-
able energy, more accurate product-specific emissions
data, and science-based climate targets. This will reduce
emissions where the impact is greatest – in the value chain.
Wulff ensures the responsibility of the value chain with its
own supplier auditing program, taking into account the
country of origin. Any purchases from risk countries have
been 100 percent audited through the Procurement Circle.
Car policy
In 2025, the car policy was updated to favor electric cars,
so that face-to-face customer visits can be carried out more
often in a low-emission manner and transportation emis-
sions will be reduced.
We humans represent only about 0.01% of life on Earth.
Yet through our actions, we can influence 100% of
life on this planet.
A sustainable future is built on the understanding that
humans are part of nature and dependent on its well-being.
The Earth’s carrying capacity forms the foundation for social
and economic sustainability. Without ecological balance,
there can be no sustainable society and no strong economy.
0.1%
100%
52 WULFF Annual Review 2025
Wulff’s goal is to promote more sustainable
ways of operating in every customer interaction
and to ensure that its personnel have the best
sustainability expertise in the industry.
Employee experience, Employee Net
Promoter Score:
eNPS 60
Customer experience, Net Promoter
Score:
NPS 70
Reducing greenhouse gas emissions in
line with the Paris Climate Agreement
Participation rate in the Group’s
sustainability training:
100%
Active Trainee Programmes
SUSTAINABILITY GOALS
OF THE WULFF GROUP
2030
WULFF Annual Review 2025 53
WULFF’S SUSTAINABILITY FOCUS AREAS
Meeting current sustainability requirements and enabling success.
Climate roadmap
Provision of sustain-
able products
and services
Well-being,
skilled, and diverse
personnel
Impact on people
and society
Governance and
communications
Value chain
responsibility
Customer
Achieving customers’
strategic objectives
by working with Wulff
Personal service
Sustainability is
vital for all of us
right now
This was the call from the charismatic Saimi Hoyer on the
stage of the Wulff’s Business Forum in October 2025 in
Sofia Helsinki.
The Wulff Business Forum is a popular B2B networking
event for Wulff customers and partners. The event brought
together nearly 300 people interested in the theme “Cele-
bration of Sustainable Living” to hear and discuss important
topics. In addition to Hoyer, Mari Pantsar, among others,
spoke at the event about the importance of sustainable
lifestyles and choices.
The forest is close to all of us living in the Nordic countries:
a privilege that we should be grateful to enjoy and respect-
fully utilize. One of the sustainability actions of Wulff people
is planting trees. The Wulff forest in Northern Savo will soon
be growing with new seedlings.
“Go to the forest and get mycelium!”
In the photo (p. 52) Saimi Hoyer
54 WULFF Annual Review 2025
Only responsibly
conducted working life
can sustain all life on our
planet.
WULFF Annual Review 2025 55
SUSTAINABILITY ENABLERS STRATEGIC FOCUS AREAS
NOT MATERIAL FINANCIAL INPUTS
The four-field matrix illustrates,
based on the double materiality
analysis, the most significant
impacts identified for Wulff on the
environment and society (impact
materiality), as well as the risks
and opportunities posed by the
environment and society to Wulff’s
operations (financial materiality).
Own
workforce
Pollution
Water
resources
and marine
resources
Climate change
End users and
consumers of products
and services
Biodiversity
and ecosystems
Business
Communities and Indigenous peoples
Double materiality: impacts and
financial performance
SUSTAINABILITY ASPECTS
Working conditions
in the value chain
FINANCIAL MATERIALITY
IMPACT MATERIALITY
Circular
economy
56 WULFF Annual Review 2025
Worklife Services
Wulff’s Worklife Services are united by promoting an
ethical corporate culture and reducing the carbon footprint
of client companies. Wulff’s experts and temporary workers
bring sustainable values to the everyday lives of companies.
Accounting firms are trusted partners of companies. Properly
managed financial management guarantees open, legal
and responsible operations and serves as the basis for
business ethics and transparency. Wulff Accounting enables
electronic accounting and payroll solutions for companies
of various sizes and has helped small and medium-sized
companies in particular to develop their financial manage-
ment practices from previous paper, folder and file solutions
to more environmentally friendly ones.
Wulff’s staff leasing promote social responsibility and Finn-
ish well-being at work. When it comes to hiring, equality,
diversity, and finding the right talent and someone who
supports the values of the client company and enriches the
company culture are important. Wulff Works invests in the
development of its temporary workers by offering employ-
WULFF Annual Review 2025 57
ees continuous dialogue and sparring about their own
career development with human resources professionals.
Continuous development of skills improves employees’ em-
ployment opportunities and labor market value and helps
them build a meaningful career. Wulff Works’ extensive
industry expertise is demonstrated by the fact that it has
already supplied employees to sectors covered by 50
different collective labour agreement.
Wulff’s personnel resources services also include consult-
ing, doctor staff leasing and employment services. Wulff
Consulting focuses on increasing the competitiveness of
companies and communities in a sustainable manner. Wulff
Doctors brings flexibility and continuity to medical services
and helps ensure that doctors are available where and
when they are needed, and that access to care can be
more evenly distributed even in congestion and replace-
ment situations. Wulff Pro does socially significant work by
providing employment-oriented training.
Wulff’s Worklife Services segment also includes its exhibi-
tion, space planning, and event production company Wulff
Entre, as well as Canon Business Center Vantaa, which
focuses on printing and document management.
SUSTAINABILITY ACTIONS AND GOALS
Reusability percentage
In 2025, Wulff Entre introduced the reuse rate (ReUse-
Rate%) for various elements of the exhibition stand, which
has already received a lot of praise from its customers.
ReUseRate% makes the reusability of the stands measurable.
It makes customer choices easier, reduces waste and costs,
and produces data for sustainability reporting.
Recommending more responsible choices
Canon Business Center Vantaa introduced a recommen-
dation tracking system for more responsible choices for
customers in 2025. The seller’s recommendation effectively
guides customers to choose devices with a lower car-
bon footprint. Those who purchase Canon products can
currently also take advantage of Canon’s global emissions
compensation system.
Transparently and equally
In 2026, Wulff’s personnel services companies will strength-
en sustainability through practical actions; the companies
will strengthen the smoothness of customers’ everyday lives
and compliance with requirements, develop employee
experience and expertise, and actively reduce the environ-
mental impacts of their own operations.
The most important thing in ensuring the quality of opera-
tions is their own, direct and controlled recruitment channels
and top professionals with excellent knowledge of the
industry. The goal is to carry out 100% workplace surveys
for all customers and ensure 100% accuracy of customer
information. Compliance with collective labor agreements
will be emphasized as part of everyday management.
In recruitment and personnel selection, the focus will be on
non-discriminatory recruitment, high-quality orientation, and
a culture that supports success in customer work. During
In Wulff’s value chain of Worklife Services, we examine the stages from
service planning and implementation to ensuring the smoothness of the
customer’s everyday life. The review covers staff leasing and recruitment
services, employment services, consulting, accounting services, as
well as exhibition and event services, and printing and document
management solutions.
58 WULFF Annual Review 2025
The properties owned by Wulff, as well as Wulff
House in Espoo, have their own solar power
plants. With the 2025 output of the solar power
plants, you could brew 2.3 million pots of coffee
or heat a sauna 23,000 times.
Energy generated by the solar
power plants
Wulff House, Espoo, Finland:
80 132 kWh
Logistics centre Tuusula, Finland:
80 008 kWh
Logistics centre Ljungby, Sweden:
73 490 kWh
ENVIRONMENTALLY
FRIENDLY ENERGY
PRODUCTION
WULFF Annual Review 2025 59
2026, the responsibility of the value chain and its own
auditing will be further developed. One of the important
projects is the import of foreign labor, which began in early
2026, and it is important to handle it transparently, humane-
ly, and in a way that sets it apart from competitors.
Moving sustainably
Mobility is being steered in an increasingly sustainable
direction by favoring public transport and encouraging
electric vehicles. Most meetings between employees locat-
ed in different locations are being held remotely.
Good governance and ethical operating culture
Good governance and an ethical operating culture are
built through shared sustainability goals and practices.
Wulff aims to promote more sustainable operating practices
in every customer encounter and to ensure that its staff has
the best sustainability expertise in the industry. Sustainability
work is guided by both interim goals for the coming years
(2026) and a longer-term direction (2030).
Wulff Group’s key sustainability goals and indicators for
2030:
• Customer Experience (NPS): 70
• Employee Experience (eNPS): 60
• Reducing greenhouse gas emissions in line with the
Paris Climate Agreement
• Participation rate in Group sustainability training:
100%
• Active Trainee Programs to develop expertise and
ensure a future talent path.
You can find more information about the strategies, sustain-
ability goals and actions of the various businesses on the
companies’ own websites.
Equally
Wulff’s goal is to become even more diverse and multifac-
eted than it is today. Diversity is a resource when different
backgrounds, perspectives, and skills meet and strengthen
each other in the workplace. We are purposefully develop-
ing our work community to be even more diverse and inclu-
sive. Recognizing and breaking down our own prejudices
plays an important role in this.
A new way to train
In 2025, Wulff launched an advanced e-learning platform,
the first of which is a common online course for all Wulff
employees, which introduces the Group’s ethical guidelines
to employees through practical examples. Next, Wulff em-
The year 2025 has been a time for Wulff to
implement its new strategy and build the next
phase of its sustainability journey.
ployees will learn more about equality, diversity, inclusion,
and accessibility.
Trainee programs
We also promote equality through active cooperation
with educational institutions, Employment and Economic
Development Centres and rehabilitation organisations. The
framework of Wulff’s Trainee, internship, and working life
introduction programmes is 50/50: learning and experi-
ences of success. The trainee spends approximately 50%
of their time on jobs and tasks in which they already have
competence or experience and they can experience suc-
cess and, in addition to working, focus on how they function
as part of a work community. 50% of the time is directed
towards tasks where they learn new things, receive more
guidance, have the opportunity to create networks or, for
example, spend time making case studies.
During 2025, Wulff offered opportunities to learn about
working life to numerous Trainees, internships, and rehabili-
tation workers. Almost twenty people got to know Wulff as
a workplace through internships.
More sustainable driving
The Group’s car policy has been updated to favour electric
60 WULFF Annual Review 2025
Wulff donated €5,000 of its 2025
Christmas gift funds to the Baltic
Sea Action Group to support the
protection of the Baltic Sea.
cars. In new car purchases, electric cars are the primary
choice, and purchases are always assessed based on
need (distances, charging options, conditions).
New car purchases focused on sustainable solutions.
Of the Group’s company cars, 46.4% are electric, 21.4%
are hybrids and 32.2% are combustion engine cars.
Responsible actions for the benefit of society
Wulff has a long-standing tradition of donating staff Christ-
mas gift funds to a charity. The donation target for 2025
was the protection of the Baltic Sea and cooperation with
the Baltic Sea Action Group.
The sea has a central impact on our climate. We only have
one sea, and it is important to take care of its well-being.
The Baltic Sea is one of the world’s most sensitive and
youngest sea areas and its significance is huge locally for
all of us living in the Nordic region. Now is the time to stop
the pollution and eutrophication of the Baltic Sea!
Personnel
When Wulff employees are well and successful at work, it
is reflected positively in the customer experience and results.
In 2025, the personnel participated in a value discussion
and strategy work. Working together brought two new
values to the group and at the same time we updated our
mission, i.e. why Wulff exists and what we do: a better
world one encounter at a time, articulates our mission in a
concrete and inspiring way.
Culture and strategy are built on daily choices: what we do,
how we do it and how we treat each other. Sustainability
and responsibility are increasingly emphasized in our op-
erating environment, and they are also reflected in working
life expectations. Increasingly, the choice of a workplace
is influenced by how the company’s and the individual’s
responsibility values meet.
During 2025, personnel strategies were strongly devel-
oped, taking into account the specific characteristics of the
businesses. This ensures that supervisor work, competence
development, and well-being at work support both local
objectives and the common direction of the entire group.
At Wulff, employees are listened to and feedback for
operational development is sought in addition to everyday
encounters and annual personnel surveys.
In addition to the extensive personnel survey, Wulff carries
out two faster Pulse surveys each year, which provide up-to-
date information to support operational development and
supervisor work. Based on the results of the Pulse surveys,
supervisor work and management have been developed in
the company by listening to the personnel.
Wulff offers employees diverse opportunities to grow and
develop in their careers. We are an equal employer that
values diversity. We employ professionals of different
ages and with diverse educational and work experience
backgrounds. At the end of December 2025, the Wulff
Group employed 343 people. Of our employees, 58%
are women and 42% are men. Our age distribution is also
diverse: 31% of our personnel are under 40 years old and
69% are over 40 years old. In 2025, 87% of our employ-
ees worked in Finland, around 10% in Sweden and less
than 3% in Norway.
41% of Wulff employees work in sales positions. 59% of
our personnel work as experts, in administration, support
positions, and in logistics.
DROP BY DROP
FOR THE BALTIC SEA
WULFF Annual Review 2025 61
BOARD OF
DIRECTORS’ REPORT
62 WULFF Annual Review 2025
WULFF GROUP BOARD OF
DIRECTORS:
During 2025, Wulff set a new net sales record for
three consecutive quarters. Q4 revenue of EUR 32.9
million is our best yet. Year 2025 net sales increased
by 19.0% and were the largest in our history: EUR
122.3 million. Net sales grew in line with our expec-
tations, especially in the service businesses. Growth
in staff leasing was organic and in the accounting
business growth was accelerated by acquisitions.
Comparable operating profit increased to EUR 4.0
million. Comparable operating profit margin was 3.3
(3.2).
We succeeded in implementing our growth strategy
despite a challenging operating environment. We
are pleased with the profitable growth in the Work-
life Services Segment: Wulff Works’ staff leasing
business grew wonderfully in line with expectations
and already accounts for more than a quarter of
the Group’s net sales. Wulff Accounting’s net sales
increased mainly due to acquisitions. The profitability
of accounting services is at a good level and the
development is stable.
Our success in services is based on trust, presence
and long-term customer relationships, which we
strengthen with efficient operating models and the
development of digital capabilities. In 2026, we
have good opportunities to improve the profitabi-
lity of the entire Group by harmonizing operating
models and utilizing data and artificial intelligence in
business development.
Economic and geopolitical uncertainty was felt in
demand for the Products for Work Environments
Segment, especially in Finland. In Scandinavia,
market caution was less pronounced. The Segment’s
net sales in 2025 decreased by 3.1%. Measures
to improve profitability continue. Key focus areas
include developing digital capabilities, improving
the operational efficiency of the logistics chain, and
assortment work: renewal, refinement and strengthe-
ning the sustainability perspective.
Personal service and solution-oriented sales expertise
will continue to be our key competitive advantage:
they ensure that the renewal of the product range
and the development of digital capabilities are seen
by the customer as better service and smoother
transactions. Our new growth strategy guides us to
act together, humanely and sustainably. Measured in
numbers, our goal is clear and explicitly measurab-
le: to double our net sales by 2030. In daily work,
achieving an ambitious net sales target requires
making choices and staying on track. It is important
for us to achieve our goals by acting sustainably,
because only a responsibly implemented working life
supports all life on our planet.
We have implemented our growth strategy – A
better world, one encounter at a time – into our daily
lives in each of our businesses. In connection with the
strategy work, we also updated our values with our
personnel. It has been great to see how customer
experience, trust, entrepreneurship and renewal are
visible and felt, for example, in the will to exceed
customer expectations and to take a colleague with
GROWTH IN SERVICES RAISED NET SALES TO A NEW RECORD
• Net sales totalled EUR 122.3 million (102.8), increasing by 19.0%
• EBITDA was EUR 7.6 million (5.4) i.e. 6.2% (5.3) of net sales, and comparable EBITDA was EUR
6.8 million (5.6) i.e. 5.6% (5.4) of net sales
• Operating profit (EBIT) was EUR 4.8 million (3.2) i.e. 3.9% (3.1) of net sales and comparable
operating profit (EBIT) was EUR 4.0 million (3.3) i.e. 3.3% (3.2) of net sales
• Earnings per share (EPS) were EUR 0.31 (0.26) and comparable earnings per share (EPS) were
EUR 0.20 (0.29)
• The equity ratio was 40.8% (41.3)
• The Board of Directors proposes to the Annual General Meeting to be held on April 9, 2026 that
a dividend of EUR 0.17 per share (0.16) will be paid
• Wulff estimates that net sales will increase, and that the comparable operating profit will remain
at a good level in 2026
us on customer visits. We have many businesses and
many of our customers can make their everyday lives
easier by purchasing products and services from
us to an even wider extent than they are now. We
expect net sales to increase briskly also in 2026.
We propose to the AGM an increasing dividend
for the eighth consecutive year. Thank you to all
of you who choose Wulff! It is a pleasure to be a
trusted partner for customers, an enabler of growth; a
learning and career environment for employees and
an interesting investment for shareholders.
GROUP’S NET SALES AND PROFIT
In January—December 2025 net sales increased by
19.0% and totalled EUR 122.3 million (102.8).
Worklife Services Segment’s net sales increased
by 89.4% in January—December especially due to
Wulff Works staff leasing business’ strong organic
growth and the expansion of Wulff’s accounting
services. The acquisitions of accounting companies
during the financial year increased the net sales in
January—December by EUR 2.5 million.
Products for Work Environments Segment’s net
sales decreased by 3.1% in January—December.
In Finland, net sales decreased. In Scandinavia, net
sales were at the previous year’s level in January—
December.
The gross margin amounted to EUR 35.5 million
(30.2) being 29.0% (29.4) of net sales in January–
December 2025. There were no disturbances in the
availability of products during the reporting period.
In January—December 2025 employee benefit
expenses amounted to EUR 21.0 million (17.3) being
17.2% (16.8) of net sales. As a result of Wulff’s
WULFF GROUP: KEY FIGURES 1.1. –31.12.2025
WULFF Annual Review 2025 63
change negotiations at the beginning of the year
and the arrangements made at the end of the year,
a one-time expense of EUR 0.1 million was incurred,
which has been removed from the comparable result.
In January—December other operating expenses
amounted to EUR 8.1 million (7.7) being 6.6% (7.5)
of net sales. The change in other operating expenses
in relation to net sales comes from the growth in the
Worklife Services segment.
In January—December EBITDA amounted EUR
7.6 million (5.4), or 6.2% (5.3) of net sales and
comparable EBITDA amounted to EUR 6.8 million
(5.6), or 5.6% (5.4) of net sales. In July 2025, Wulff
announced the sale and leaseback of its office pre-
mises in Espoo. The transaction resulted in a one-off
gain of EUR 0.8 million, which has been excluded
from the comparable result.
EBIT amounted to EUR 4.8 milllion (3.2), or 3.9%
(3.1) of net sales in January—December and com-
parable EBIT amounted to EUR 4.0 milllion (3.3), or
3.3% (3.2) of net sales.
In January—December 2025, the financial income
totalled EUR 0.1 million (0.2)and financial expen-
ses totalled EUR 1.2 million (1.2), including interest
expenses of EUR 0.8 million (1.0), and mainly
currency-related other financial items.
In January—December 2025 the result before taxes
was EUR 3.7 million (2.1), and the comparable result
before taxes was EUR 2.9 million (2.3).
The net profit attributable to equity holders of the
parent company was EUR 2.1 million (1.8) and
comparable net profit was EUR 1.3 million (1.9) in
January—December.
Earnings per share (EPS) were EUR -0.01 (0.04)
and comparable earnings per share (EPS) were
0.00 (0.04) in the last quarter of 2025. Earnings per
share (EPS) were EUR 0.31 (0.26) and comparable
earnings per share (EPS) were 0.20 (0.29) in
January—December 2025.
WORKLIFE SERVICES SEGMENT
The Worklife Services segment includes staff leasing
services, accounting services, consulting services,
exhibition, event, and space design services both
internationally and domestically, as well as solutions
and services for office and professional printing and
document management.
Worklife Services segment’s net sales increased by
89.4% and totalled EUR 46.8 million (24.7).
Wulff Works’ staff leasing net sales, EUR 32.5
million (14.9), increased organically both in growth
centers and due to expansion into new locations.
Wulff Accounting’s turnover, EUR 7.7 million (3.7),
increased due to acquired accounting firms and
organic growth. Wulff Entre’s, which specializes in
the event industry, net sales, EUR 3.9 million, were
on the same level as the comparison period. Canon
Business Center Vantaa’s net sales, EUR 2.0 million,
(2.2) decreased due to reduction in the number of
devices. The net sales of Wulff Consulting, founded
in October 2024, EUR 0.9 million (0.1), increased
as the operations expanded during the first year of
operation.
Operating profit (EBIT) increased from the compa-
rison period and was EUR 2.2 million (0.6), being
4.8% (2.5) of net sales.
The operating profit of Wulff Works increased signifi-
cantly as the business scaled up. The operating profit
of Wulff Accounting increased from the comparison
period due to organic growth and acquisitions car-
ried out during the year. The operating result of Wulff
Entre, improved from the comparison period. Canon
Business Center Vantaa’s operating profit decreased
slightly. Wulff Consulting’s operations turned profitab-
le in April. The consulting business was profitable in
January—December.
PRODUCTS FOR WORK
ENVIRONMENTS
The Products for Work Environments segment consists
of the business of workplace products and services
in Finland, Sweden, Norway, and Denmark. Wulff
offers a high-quality selection of different work
environment solutions. The filling service model makes
everyday life easier, helping with procurement of for
example snacks, office supplies and property consu-
mables. Wulff is an expert partner also in production
solutions, such as industrial packaging material and
in protective products important for the care sector.
Products for Work Environments segment’s net sales
totalled EUR 76.4 million (78.8). Net sales decrea-
sed by 3.1%.
The general market situation affected the develop-
ment of net sales both in Finland and in Scandinavia.
Net sales decreased by 4.3% from the comparison
period in Finland. In Scandinavia the net sales
increased by 0.2%.
In January—December 2025, the sales of coffee,
snacks, school accessories, ergonomic products and
health products increased. Sales of more traditional
workplace products and services followed the gene-
ral economic and employment situation, decreasing
from the comparison period.
Operating profit (EBIT) decreased from the compa-
rison period and was EUR 2.2 million (2.7), being
2.9% (3.4) of net sales.
As a result of change negotiations held in the seg-
ment’s Finnish operations in March, the employment
of nine people was terminated and it was decided
to close the loss-making store in Turku.
FINANCING, INVESTMENTS
AND FINANCIAL POSITION
In January—December 2025 the cash flow from
operating activities was EUR 6.4 million (4.1).
Cash flow from investments during the review period
totalled EUR 1.7 million (-4.7). The acquisitions
carried out during the period affected the cash flow
by EUR -3.3 million. Investments in intangible and
tangible assets during the reporting period amount-
ed to EUR 1.3 million (1.6). The cash impact of the
sale and leaseback of Kilo’s premises was EUR 6.2
million.
The cash flow of financing activities was EUR -7.1
million (1.5) in January—December 2025. Long-term
loans were withdrawn amounting to EUR 1.7 million
(4.2) and repaid in total of EUR 5.5 million (0.7).
Short-term loans were repaid amounting to EUR 0.8
million (0.2). Dividends were paid in the amount of
EUR 1.3 million (1.1).
Lease agreement payments were EUR 1.3 million
(0.7). Recognition of lease agreements within the ba-
lance sheet increased group assets EUR 4.7 million
(1.4) and liabilities EUR 6.5 million (1.7) at the end
of reporting period.
The Group’s cash balance changed by EUR 1.0 mil-
lion (1.0) in January—December. The Group’s bank
64 WULFF Annual Review 2025
and cash funds totalled EUR 1.1 million (0.2) at the
beginning of the year and EUR 2.1 million (1.1) at the
end of the reporting period. The group has a credit
limit of EUR 5.5 million, which was unused at the end
of the reporting period.
At the end of December 2025 equity attributable to
the owners of the parent company was EUR 3.41 per
share (3.26). The equity ratio was 40.8% (41.3). The
balance sheet total was EUR 60.3 million (54.8).
OTHER KEY EVENTS
On January 10, 2025, Wulff announced the purcha-
se of Hämeen TiliDiili Oy. (Press release)
On February 13, 2025, Wulff announced the
purchase of 70% of Convido Ab Oy’s shares. (Stock
exchange release)
Wulff renewed the business operations of Finland’s
Products for Works Environments by restructuring
the organization. The aim of the arrangements is to
strengthen Wulff’s competitiveness and operatio-
nal efficiency. As part of the arrangement, change
negotiations were carried out, which ended on
March 31, 2025. There were 60 people involved
in the negotiations and the employment of 9 people
ended as a result of the negotiations. The company
estimates that the measures will have a positive effect
on the result by around EUR 0.7 million annually.
(Stock Exchange release March 12, 2025 and
March 31, 2025)
Wulff Group Plc’s Annual General Meeting was held
in the Wulff house in Espoo on April 3, 2025. More
has been said about the decisions of the meeting
in ”Decisions of the Annual General Meeting and
Board of Directors”. (Stock exchange release April
3, 2025)
On April 3, 2025, Wulff announced their new stra-
tegy and long term financial targets (Stock exchange
release)
On July 3, 2025, Wulff announced the sale and
leaseback of its Espoo premises, Mutual Real Estate
Company Kilonkallio 1. The transaction was valued
at EUR 6.25 million, and a ten-year lease agreement
was signed in connection with it, resulting in a lease
liability of EUR 4.2 million being recorded on the
balance sheet. At the same time, the company repaid
bank loans by EUR 3.0 million. A one-time gain of
EUR 0.8 million was recorded on the transaction,
which has been removed from comparable results.
(Stock exchange release)
On August 7, 2025, Wulff announced that it had
acquired the share capital of Tilitoimisto Lahti Oy. The
transaction was completed on July 1, 2025. (Press
release)
Sami Asikainen, Managing Director of Wulff Works
Oy, responsible for personnel services, and Olli Lätti,
Managing Director of Wulff Oy Ab, in charge of
Workplace Products, were elected as new members
to Wulff Group Executive Board on October 9,
2025. (Stock exhange release)
On December 1, 2025, Wulff announced that it had
acquired the share capital of Tiliteema Oy. (Press
release)
SHARES AND SHARE CAPITAL
Wulff Group Plc’s share is listed on Nasdaq Helsinki
in the Small Cap segment under the Industrial Goods
and Services sector. The company’s trading code is
WUF1V. At the end of the reporting period, the share
was valued at EUR 3.98 (3.07) and the market
capitalization of the outstanding shares totalled EUR
27.0 million (20.9).
In 2025, the trade volume for the stock was 830,268
(848,570), and the number of shareholders as of 31
December 2025 was 2,490 (2,675).
At the end of December 2025, the Group held
111,624 (111,624) own shares representing 1.6%
(1.6) of the total number and voting rights of Wulff
shares.
DECISIONS OF THE ANNUAL GE-
NERAL MEETING AND BOARD OF
DIRECTORS
Wulff Group Plc’s Annual General Meeting was held
in the Wulff house in Espoo on April 3, 2025. The
Annual General Meeting adopted the financial sta-
tements for the financial year 2024 and discharged
the members of the Board of Directors and CEO from
liability for the financial period 1.1.–31.12.2024. The
Annual General meeting decided to pay a dividend
of EUR 0.16 per share for the financial year 2024.
The Annual General Meeting approved the 2024
remuneration report.
Kari Juutilainen, Lauri Sipponen, Jussi Vienola and
Kristina Vienola were re-elected as members of the
Board. The organizing meeting of Wulff Group Plc’s
Board of Directors, held after the Annual General
Meeting, decided that the Chairman of the Board is
Kari Juutilainen. It was confirmed that the members of
the Board of Directors will receive a monthly fee of
EUR 1,250.
BDO Oy, a company of Authorized Public Ac-
countants, with Authorized Public Accountant Joonas
Selenius as the lead audit partner, was chosen as the
auditor of Wulff Group Plc.
BDO Oy, Sustainability Audit Company, with Autho-
rized Sustainability Auditor Joonas Selenius was cho-
sen as the sustainability auditor of Wulff Group Plc.
The selection is conditional on the company being
legally obliged to provide sustainability reporting
assurance for the financial year 2025.
The Annual General Meeting authorised the Board
of Directors to resolve on the acquisition of maximum
300,000 own shares. The authorization is effective
until April 30, 2026.
The Annual General Meeting authorised the Board
to decide on the issue of new shares, disposal of
treasury shares and/or the issue of special rights. The
authorisation entitles the Board to issue a maximum
of 1,300,000 shares, representing approximately
20% of the company’s currently outstanding stock,
based on a single decision or several decisions. The
authorisation remains in force until April 30, 2026.
LOANS, COMMITMENTS AND CON-
TINGENCIES TO RELATED PARTIES
Wulff Group Plc has granted a total of EUR 2.2 mil-
lion in loans without repayment period nor collateral
to its subsidiaries, i.e. related parties. The interest
rates on the loans are tied to the 12-month euribor
and their margins vary between 1-7%. The parent
company has also pledged the Wulff Supplies AB’s
loan to Nordea in 2019. The loan was withdrawn to
finance a logistics center, and the capital of of the
loan was EUR 1.1 million at the end of the reporting
period. The parent company has also pledged
Wulff Tilitoimistot Oy’s current and future financial
loans. The capital of Wulff Tilitoimistot Oy’s financial
loans was EUR 0.7 million at the end of the financial
period.
WULFF Annual Review 2025 65
MANAGEMENT TRANSACTIONS
The Chair of the Board, Lauri Sipponen, acquired a
total of 13,740 Wulff Group Plc shares in May at an
average price of EUR 2.66.
PERSONNEL
Wulff employs people working in group companies
and temporary workers mediated by Wulff Works
staff leasing.
In January—December 2025 the Group’s personnel
totalled 327 (271) employees on average. At the
end of December, the Group had 343 (292) emp-
loyees of which 43 (45) persons were employed
in Sweden, Norway, or Denmark. Of the Group’s
personnel 38% (41) work in sales operations and
62% (59) of the employees work in sales support,
logistics and administration. Of the personnel, 58%
(55) are women and 42% (45) are men.
In January—December 2025, there were an avera-
ge of 661 (256) temporary employees arranged by
Wulff Works calculated in person-years.
Due to the nature of the staffing business, the total
number of employees employed by Wulff is greater
than the average number of personnel. In calcula-
ting the average number of temporary employees,
the employees’ work input has been converted into
person-years of work.
RISKS AND UNCERTAINTIES
The general economic and market development and
the employment rate have a significant impact on the
demand for products and services. The development
of global and local economies is affected by rising
prices and monetary policy decisions aimed at
taming inflation. Geopolitical tensions and conflicts,
growing protectionism as well as extreme weather
phenomena and the expansion of the climate crisis,
can affect product prices, availability, and the
strength of inflationary trends through higher costs of
energy commodities and logistics.
In addition, megatrends, for example green
transition, sustainability, digitalization and artificial
intelligence, the sharing economy and the aging of
the population, affect the market change. The deve-
lopment of a product and service selection in line
with changing markets and changing needs involves
both risks and lots of positive opportunities.
Usual business risks include the successful imple-
mentation of Wulff’s strategy, cyber security risks, as
well as operational risks arising from the personnel,
logistics and IT environment. Tight competition in the
workplace product and service industry can affect
business profitability. Changes in exchange rates
affect the group’s net profit and balance sheet.
SUBSEQUENT EVENTS
On January 9, 2025, Wulff announced the purchase
of Yrittäjäin Tilitieto Oy and Lännen Tilitieto Oy. The
transaction was completed on January 8, 2025
(Press release)
Wulff renewed the business operations of Finland’s
Products for Works Environments by restructuring
the organization. The aim of the arrangements is to
strengthen Wulff’s competitiveness and operatio-
nal efficiency. As part of the arrangement, change
negotiations were carried out, which ended on
January 26, 2026. There were 34 people involved
in the negotiations and the employment of 6 people
ended as a result of the negotiations. The company
estimates that the measures will have a positive effect
on the result by around EUR 0.6 million annually.
(Stock Exchange release January 12, 2026 and
January 26, 2026)
BOARD OF DIRECTORS’ PROPOSAL
FOR THE DISTRIBUTION OF PROFIT
The Group’s parent company Wulff Group Plc’s
distributable funds totalled EUR 5.6 million (4.0).
The Group’s net result attributable to the owners of
the parent company for the financial year was EUR
2.1 million (1.8), or EUR 0.31 per share (0.26). The
Board of Directors proposes to the Annual General
Meeting to be held on April 9, 2026, that a dividend
of EUR 0.17 per share (0.16) be paid in two instal-
ments 0.09 during the second quarter of 2026 and
0.08 during the last quarter of 2026, for the financial
year 2025, totalling EUR 1.2 million, and the remai-
ning distributable funds to be transferred in retained
earnings in the shareholders’ equity.
The effective dividend yield of the proposed dividend
is 4.3 percent (calculated at the 31.12.2025 share
price, which was EUR 3.98/share).
STRATEGY
Wulff Group Plc’s Board of Directors confirmed the
company’s updated strategy and financial targets for
2025-2030. At the core of the growth strategy are
profitability and sustainability.
Growth is sought especially in the company’s Work-
life Services Segment. The company’s staff leasing
and consulting businesses have strong potential for
robust organic growth. The growth is accelerated by
M&A, especially in Wulff’s accounting business.
The strategy focuses on continuous improvement of
the customer experience, utilization of technology,
sustainable growth and considered acquisitions that
support the strategy. Wulff’s goal is to make the wor-
ld and working life better — one interaction at a time.
The company’s targets for the strategy period are:
• Net sales of EUR 230 million in 2030
• Comparable operating profit of EUR 20 million
in 2030
• Growing dividend per share
MARKET SITUATION AND
FUTURE OUTLOOK
Among the global megatrends, Wulff’s operating
environment is affected by the increase in the share
of knowledge work in all work performed. The de-
velopment of the demographic structure is currently
reducing the number of people actively working. The
integration of technology into products and services
changes the structures of working life. The rapid
development and adoption of artificial intelligence is
bringing about a transformation in working life and
knowledge work, the full impact of which is not yet
fully understood. It remains uncertain how extensively
and on what timeline AI will reshape the content
of work, the skills required, and professional roles.
However, the transformation is already seen to be
significantly affecting the daily work of knowledge
professionals and the operating models of organi-
sations. At Wulff, the digital transformation is seen
as bringing new ways for the already multi-channel
company to reach and serve customers and increase
the productivity of its own operations. The most signi-
ficant of the megatrends in terms of Wulff’s operation
and future is responsible operation and the green
transition: is the environment treated as a resource or
is the goal to improve the state of the environment.
Future success will be strongly built on these themes,
and their importance will increase in the deci-
sion-making of companies and consumers. Wulff has
chosen responsibility and especially positive climate
actions, increasing equality and decent work and
66 WULFF Annual Review 2025
economic growth (UN Sustainable Development
Goals 2030) as important elements of his strategy.
Products for Work Environments
The outlook for the global economy, as well as the
geopolitical and economic policy environment,
remains uncertain and continues to cause volatility
in the markets. The demand for Wulff’s products
and services is essentially influenced by the general
development of the economy and the market, as well
as the employment rate. According to the Decem-
ber 2025 forecast of the Bank of Finland, Finland’s
GDP is expected to grow by 0.8% in 2026 and the
unemployment rate to increase by 0.2%-points from
2025 to 9.9%. According to the December 2025
forecast of the Riksbank of Sweden, the Swedish
economy is estimated to grow by 2.9% in 2026 and
the unemployment rate to decrease by 0.2%-points
to 8.6%. Norway’s economy is expected to grow by
1.3% in 2026 and the unemployment rate to remain
almost unchanged at 2.2% according to Norges
Bank’s December 2025 forecast.
The uncertainty of the economic situation and
consumer caution continue in the Nordic countries.
Retailers, in particular, are still cautious about invento-
ry, which affects demand in this customer segment.
The outlook for the rest of the year is uncertain. The
improvement in business and household confidence
may bring positive surprises, and the recovery of pri-
vate consumption and investments may be faster than
predicted. Price inflation is expected remain stable
and interest rates moderate, which will facilitate the
recovery.
Despite the challenging business cycle, the market
for workplace products and services has developed
steadily in the Nordic countries. Work performed
in multiple locations has increased, increasing
the number of workstations and the demand for
products needed at workstations. Encouraging close
work and common face-to-face meetings in the
workplace, which is on the rise, can be facilitated
with, for example, a versatile selection of snacks.
Worklife Services
According to preliminary information published by
Statistics Finland in January 2026, the turnover of
the service industries increased by 3.0% in 2025. In
Finland, the cyclical development of the service in-
dustries has been varying depending on the industry
in recent months. The development in the staff leasing
industry has been descending. According to EK’s Ja-
nuary 2026 business cycle barometer, the confiden-
ce of companies in the service sector is stable and
slow growth is expected in the coming months.
The growth of the staff leasing market correlates
with the general GDP development. Accountancy
business is a defensive, steadily growing and profi-
table industry, regardless of economic cycles. There
are many small companies in the industry and it is
consolidating. Digitalisation and AI bring efficiency
to the industry.
Wulff’s goal is to grow profitably,especially in the
service businesses, both organically and through
acquisitions.
FINANCIAL GUIDANCE
Wulff estimates that net sales will increase, and that
the comparable operating profit will remain at a
good level in 2026.
The guidance is based on management’s assessment
of the market and business situation in Finland and
Scandinavia. In particular, service businesses are
expected to grow compared to 2025. Key uncertain-
ties affecting the outlook are the general economic
and employment situation, the development of infla-
tion and interest rates as well as geopolitics: crises,
tensions, protectionism and the tightened competition
between superpowers.
ACCOUNTING PRINCIPLES FOR
ALTERNATIVE PERFORMANCE
MEASURES
The Group complies with the Guidelines on Alter-
native (APM) issued by the European Securities and
Markets Authority (ESMA) in its statutory reporting.
These alternative performance measures, such as
the gross margin, comparable EBITDA, comparable
operating profit before puchase price allocation
amortisation and impairments (EBITA), and com-
parable operating profit, are used to present the
underlying business performance and to enhance
comparability between financial periods. The com-
parable EBITDA and comparable operating profit
do not include items affecting comparability. These
are income and expenses that are not included in
normal business activities, such as profits from sales
of subsidiaries, and non-recurring costs related to
their implementation, and writedowns of goodwill
and significant one-time expenses. The Alternative
Performance Measures should not be taken as subs-
titutes for the standards presented in the Generally
Accepted Accounting Principles for IFRS.
WULFF Annual Review 2025 67
KEY FIGURES
EUR 1 000 2025 2024 2023 2022 2021
Net sales 122 326 102 815 93 782 102 171 90 424
Change in net sales % 19.0% 9.6% -8.2% 13.0% 57.1%
Earnings before taxes, depreciation and amortization (EBITDA) 7 583 5 416 5 111 6 213 9 128
% of net sales 6.2% 5.3% 5.4% 6.1% 10.1%
Comparable earnings before taxes, depreciation and amortization (EBITDA) 6 790 5 577 5 470 6 213 6 073
% of net sales 5.6% 5.4% 5.8% 6.1% 6.7%
Comparable EBITA 4 203 3 430 3 213 4 029 6 978
% of net sales 3.4% 3.3% 3.4% 3.9% 7.7%
Operating profit/loss 4 795 3 180 3 171 3 988 6 940
% of net sales 3.9% 3.1 % 3.4% 3.9% 7.7%
Comparable operating profit/loss 4 002 3 340 3 530 3 988 3 885
% of net sales 3.3% 3.2% 3.8% 3.9% 4.3%
Profit/Loss before taxes 3 687 2 109 2 132 3 273 6 552
% of net sales 3.0% 2.1% 2.3% 3.2% 7.2%
Comparable profit/loss before taxes 2 894 2 270 2 492 3 273 3 497
% of net sales 2.4% 2.2% 2.7% 3.2% 3.9%
Net profit/loss for the financial year attributable for the shareholders of the 2 130 1 778 2 087 3 052 5 896
parent company 1.7% 1.7% 2.2% 3.0% 6.5%
% of net sales 1 337 1 939 2 446 3 052 2 841
Comparable net profit/loss for the financial year attributable for the shareholders of the parent company 1.1% 1.9% 2.6% 3.0% 3.1%
Cash flow from operations 6 442 4 144 4 560 3 990 4 974
Return on equity (ROE) % 13.1% 8.2% 9.9% 15.5% 36.3%
Return on investment (ROI) % 11.6% 9.0% 9.0% 11.2% 25.0%
Equity ratio % 40.8% 41.3% 45.5% 40.5% 38.1%
Gearing, % 57.3% 65.6% 52.5% 60.6% 62.1%
Balance sheet total 60 302 54 801 49 550 5 4 119 52 045
Gross investments in fixed assets 1 320 1 628 1 649 2 479 1 388
% of net sales 1.1% 1.6% 1.8% 2.4% 1.5%
Average number of personnel during the financial year 327 271 262 286 248
Number of personnel at the end of financial year 343 292 234 280 278
68 WULFF Annual Review 2025
SHARE-RELATED KEY FIGURES
2025 2024 2023 2022 2021
Earnings per share (EPS), EUR 0.31 0.26 0.31 0.45 0.87
Comparable earnings per share (EPS), EUR 0.20 0.29 0.36 0.45 0.42
Equity per share, EUR 3.41 3.26 3.17 3.02 2.73
Dividend per share, EUR* 0.17 0 .16 0 .15 0 .14 0 .13
Payout ratio % 54% 61% 49% 31% 15%
Comparable payout ratio % 86% 56% 41% 31 % 31 %
Effective dividend yield % 4.3% 5.2% 7.7% 4.3% 2.6%
Price/Earnings (P/E) 12.7 11 . 7 6.3 7.4 5.6
Comparable price/earnings (P/E) 20.2 10.8 5.4 7.4 11 . 7
P/BV 1.17 0.94 0.62 1.09 1.80
EBITDA / share, EUR 1.12 0.80 0.75 0.91 1.35
Comparable EBITDA / share, EUR 1.00 0.82 0.80 0.91 0.90
Cash flow from operations / share, EUR 0.95 0.61 0.67 0.59 0.73
Share prices:
Lowest share price, EUR 2.50 1.95 1.70 2.47 2.90
Highest share price, EUR 4.06 3.20 4 .13 5.20 5.34
Average share price, EUR 3.03 2.61 3.13 3.94 4.14
Closing share price, EUR 3.98 3.07 1.95 3.29 4.92
Market value as of Dec 31, MEUR 27.0 20.9 13.3 22.4 33.3
Number of outstanding shares on average during the financial year 6 796 004 6 796 004 6 796 004 6 852 051 6 769 352
Number of outstanding shares at the end of the financial year 6 796 004 6 796 004 6 796 004 6 796 004 6 770 368
Number of shares traded 830 268 848 570 1 633 934 2 039 645 6 403 381
% of average number of shares 12.2% 12.5% 24.0% 29.8% 94.6%
Shares traded, EUR 2 576 499 2 169 926 4 652 372 7 790 740 25 279 930
* The Board of Directors’ dividend proposal from year 2025 to the Annual General Meeting to be held on April 9, 2026.
The Group complies with the Guidelines on Alternative Performance Measures (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative
performance measures, such as the gross margin, comparable EBITDA and comparable operating profit, are used to present the underlying business performance and to enhance comparability
between financial periods. The comparable EBITDA and comparable operating profit do not include items affecting comparability. These are income and expenses that are not included in normal
business activities, such as profits from sales of subsidiaries, and write-downs of goodwill. The Alternative Performance Measures should not be taken as substitutes for the standards presented in the
Generally Accepted Accounting Principles for IFRS.
WULFF Annual Review 2025 69
CALCULATION PRINCIPLES OF KEY FIGURES
Return on equity (ROE), %
Net profit/loss for the period (total including the non-controlling interest of the result) x 100
Shareholders’ equity total on average during the period (including non-controlling interest)
Return on investment (ROI), %
(Profit before taxes + Interest expenses) x 100
Balance sheet total - Non-interest-bearing liabilities on average during the period
Equity ratio, %
(Shareholders’ equity + Non-controlling interest at the end of the period) x 100
Balance sheet total - Advances received at the end of the period
Gearing, %
Net interest-bearing debt x 100
Shareholders’ equity (including Non-controlling interest at the end of the period)
Earnings per share (EPS), EUR
Net profit attributable to the equity holders of the parent company
Share issue adjusted number of outstanding shares on average during the period
Equity /share, EUR
Equity attributable to equity holders of the parent company
Share issue-adjusted number of outstanding shares at the end of period
Dividend per share, EUR
Dividend for the financial period
Share issue-adjusted number of outstanding shares at the end of period
Payout ratio, %
(Dividend per share) x 100
Earnings per share (EPS)
Effective dividend yield, %
(Dividend per share) x 100
Share issue-adjusted closing share price at the end of period
Price/earnings (P/E)
Closing share price at the end of period
Earnings per share (EPS)
70 WULFF Annual Review 2025
P/BV ratio
Share issue-adjusted closing share price at the end of period
Equity per share
Earnings before depreciation and amortization, financial
items, and taxes per share, EUR
Earnings before depreciation and amortization, financial items, and taxes (EBITDA)
Share issue adjusted number of outstanding shares on average during the period
Cash flow from operations per share
Cash flow from operations (in the cash flow statement)
Share issue-adjusted average number of outstanding shares during the period
Net interest-bearing debt Interest-bearing liabilities - Interest-bearing receivables - Cash and cash equivalents
Market value of outstanding shares
Share issue-adjusted number of outstanding shares at the end of period x Closing share price at the
end of period
EBITDA
Net sales + Other operating income - Materials and services - Employee benefit expenses - Other
operating expenses
EBITDA, % Operating profit before interest, taxes, depreciation, and amortization / Net sales x 100
Comparable EBITDA EBITDA +/- Items affecting comparability
Comparable EBITA EBIT before impairment + Amortization of purchase price allocations +/- Items affecting comparability
Operating profit (EBIT) EBITDA - Depreciation and amortization - Impairment
Operating profit (EBIT), % Operating profit (EBIT) / Net sales x 100
Comparable operating profit (EBIT) Operating profit (EBIT) +/- Items affecting comparability
CALCULATION PRINCIPLES OF KEY FIGURES
WULFF Annual Review 2025 71
SHARE CAPITAL
The parent company’s share capital of EUR 2.65 mil-
lion consists of 6,907,628 shares with one vote each
and with no par value. There were no changes in
share capital in 2025 or 2024.
AUTHORIZATIONS OF THE BOARD
OF DIRECTORS
Authorizing the Board of Directors to decide on a
Share Issue and the Special Entitlement of Shares
The Annual General Meeting on April 3, 2025
authorised the Board to decide on the issue of new
shares, disposal of treasury shares and/or the issue
of special rights referred to in Chapter 10, Section
1 of the Companies Act in the following way: The
authorisation entitles the Board to issue a maximum of
1,300,000 shares, representing approximately 20%
of the company’s current outstanding stock, based on
a single decision or several decisions. This maximum
number encompasses the share issue and the shares
issued on the basis of special rights. The share issue
may be subject to or exempt from fees and may be
carried out for the company itself as provided in the
law. The authorisation remains in force until
April 30, 2026.
The authorisation entitles the Board to deviate from
shareholders’ pre-emptive rights is provided in the law
(private placement). The authorisation can be used to
carry out acquisitions or other business-related arran-
gements, to finance investments, to improve the com-
pany’s capital structure, to support the implementation
of the company’s incentive scheme or for other
purposes as decided by the Board. The authorisation
includes the right to decide on the way in which the
subscription price is entered in the company’s balance
sheet. The subscription price can be paid in cash or
as a non-cash contribution, either partly or in full, or
by offsetting the subscription price with a receivable
of the subscriber. The Board of Directors has the right
to decide on other matters related to the share issue.
The Company did not use the authorization in 2025
or 2024.
Authorizing the Board of Directors to decide on the
Repurchase of the Company’s
own Shares
The Annual General Meeting on April 3, 2025
authorised the Board of Directors to resolve on the
acquisition of maximum 300,000 own shares. The aut-
horization is effective until 30.4.2026. The authoriza-
tion encompasses the acquisitions of the own shares
through the public trading arranged by Nasdaq
Helsinki Ltd in pursuance of its rules or through a
purchase offer made to the shareholders. The conside-
ration paid for the acquired shares must be based on
the market price. To carry out treasury share acqui-
sitions, derivative, stock loan and other agreements
may be made on the capital market in accordance
with the relevant laws and regulations. The company
can acquire treasury shares to carry out acquisitions
or other business-related arrangements, to improve the
company’s capital structure, to support the imple-
mentation of the company’s incentive scheme or to
be cancelled or disposed of. The Board of Directors
has the right to decide on other matters related to the
acquisition of treasury shares. The Company did not
use the authorization in 2025 or 2024.
TREASURY SHARES
At the end of December 2025, the Group held
111,624 (111,624) own shares representing 1.6% (1.6)
of the total number and voting rights of Wulff shares.
SHARE-BASED PAYMENTS
The Group does not have any option schemes current-
ly in force. Wulff Group Plc’s Board of Directors draws
up the rules for the share reward plans and approves
the key persons to be included in the plan. The Group
does not have any share reward plans in force.
SHARE QUOTATION
Wulff Group Plc’s stock exchange history started in
October 2000 when the company’s share was first
listed on the Helsinki Stock Exchange’s NM list. On
April 22, 2003, Wulff transferred its shares to the
main list, where they were listed in the Consumer
Discretionary sector. Until February 2012, Wulff Group
Plc’s shares were listed on NASDAQ OMX Helsinki
in the Small Cap segment under the Consumer Discre-
tionary sector. In February 2012, the sector changed to
the Industrial Goods and Services sector.
Wulff shares’ trading code is WUF1V. NASDAQ
OMX Helsinki commenced trading in round lots of
one share on September 25, 2006. The share series’
ISIN code used for international settlement of
securities is FI0009008452
TRADING AND PRICE DEVELOPMENT
OF WULFF SHARES
In 2025 a total of 830,268 (848,570) Wulff shares
were traded which represents 12.2% (12.5) of
the total outstanding number of shares.
The trading was worth EUR 2,576,499 (2,169,926).
In 2025 the highest share price was EUR 4.06 (3.20)
and the lowest price was EUR 2.50 (1.95). At the end
of 2025, the share was valued at EUR 3.98 (3.07)
and the market capitalization of the outstanding shares
totalled EUR 27.0 million (20.9).
DIVIDEND POLICY
Wulff Group Plc follows an active dividend policy. The
goal is to distribute a growing dividend. The Board
of Directors of Wulff Group has decided to propose
to the Annual General Meeting on April 9, 2026 that
dividend of EUR 0.17 per share be paid in two install-
ments during the second and last quarters of 2026, for
the financial year 2025 totalling EUR 1.2 million. Rest
of the distributable funds shall remain in the sharehol-
ders’ retained earnings.
SHAREHOLDERS AND OWNERSHIP
STRUCTURE
Wulff Group Plc’s shares are registered in
the book-entry securities system maintained by
Euroclear Finland Ltd. The most significant sharehol-
ders and the ownership structure are presented in the
graphs attached.
INSIDER REGULATIONS
Wulff Group Plc complies with applicable EU
regulations, especially the Market Abuse Regulation
(EU 596/2016, “MAR”), and any regulation and
guidance given by the European Securities
Markets Authority (“ESMA”). Further, the company
complies with Finnish legislation, especially the Secu-
rities Markets Act (746/2012, as amended) and the
Finnish Penal Code (39/1889, as amended),
including the insider and other guidelines of Nasdaq
SHARES AND SHAREHOLDERS
72 WULFF Annual Review 2025
Helsinki Ltd and the standards and guidance of the
Finnish Financial Supervisory Authority (“FIN-FSA”)
and other authorities.
Wulff hasn’t maintained a list of permanent insiders
since July 3, 2016. Instead, all persons involved with
insider projects will be listed as project-specific insi-
ders. Project-specific lists will be established
and maintained for each project or event constituting
inside information, based on a separate decision. All
persons working for Wulff, representatives of external
entities, stakeholders and authorities who have infor-
mation concerning an insider project or have access
to project-specific inside information, as well as
persons who are working for the implementation
of an insider project, will be entered in a project-spe-
cific insider list.
Preparation of periodic disclosure (annual and half
year financial statements, interim reports, financial
statements bulletins) or regular access to unpublished
financial information is not regarded as an insider
project. However, due to the sensitive
nature of unpublished information on the compa-
ny’s financial results, the persons determined by the
company, based on their position or access rights, to
have authorised access to unpublished financial result
information are added to a list of Financial Information
Recipients. Wulff applies an absolute trading prohi-
bition (a ‘closed window’ principle) during a period
beginning 30 calendar days before the announce-
ment of each of the periodic financial reports and the
year-end report (the financial statements bulletin) and
ending at the end of the trading day following
the day of publication of such a report.
SHARES AND SHAREHOLDERS
WULFF Annual Review 2025 73
MAJOR SHAREHOLDERS DECEMBER 31, 2025
Major shareholders December 31, 2025 Number of shares % of shares
1 Vienola Heikki 2,521,000 36.5%
2 LähiTapiola 761,10 0 6.0%
LähiTapiola Keskinäinen Vakuutusyhtiö 283,900 4.1%
LähiTapiola Keskinäinen Henkivakuutusyhtiö 127,200 1.8%
3 Keskinäinen Työeläkevakuutusyhtiö Elo 350,000 5.1%
3 Nordea 316,278 4.6%
Sijoitusrahasto Nordea Nordic Small Cap 296 ,12 8 4.3%
Nordea Henkivakuutus Suomi 20,000 0.3%
Nordea Bank Abp 150 0.0%
5 Skandinaviska Enskilda BankenAB 274,339 4.0%
6 TCF-Myynti Oy 170,000 2.5%
7 Laine Capital Oy 122,075 1.8%
8 Wulff Group Plc 111 , 6 2 4 1.6%
9 Keskinäinen työeläkevakuutusyhtiö Varma 67,984 1.0%
10 Laakkonen Mikko 64 ,18 5 0.9%
11 Lindsay von Julin & Co Ab 64,000 0.9%
12 Tahila Jari 54,000 0.8%
13 Salonen Jari 52,000 0.8%
14 Heikki Tervonen Oy 47,000 0.7%
15 Progift Oy 41,162 0.6%
Total of 15 biggest shareholders 4,666,747 67.6%
Total of other shareholders 2,240,881 32.4%
Total number of shares 6,907,628 100.0%
- Own shares - 111 , 6 2 4
Total number of outstanding shares 6,796,004
The shareholders information is based on the shareholders’ register main-
tained by Euroclear Finland Ltd. Shareholders are grouped according to
the known direct holdings of individual shareholders, individuals under
their guardianship and the shares held by associations where they exer-
cise authority and stated as aggregate amounts and specified category.
The shareholdings of companies belonging to the same group are stated
both as aggregate amounts and specified by category. The list of major
shareholders can be found on the Group’s website at wulff.fi/en/.
74 WULFF Annual Review 2025
Owner group Number of shareholders % Number of shares %
Private Individuals 2,361 94.8% 4,595,392 66.5%
Pension & Insurance 8 0.3% 872,959 12.6%
Companies 94 3.8% 804,928 11.7%
Fund company 2 0.1% 298,228 4.3%
Non-profit organisations 4 0.2% 20,170 0.3%
Other 12 0.5% 2,740 0.0%
Nominee-registered shareholders 9 0.4% 313 , 211 4.5%
Total 2,490 100.0% 6,907,628 100.0%
SHAREHOLDERS BY GROUP AS OF DECEMBER 31, 2025
SHAREHOLDERS BY THE NUMBER OF SHARES
OWNED DECEMBER 31, 2025
Number of shares Number of shareholders % Number of shares %
1-500 1, 819 73.1% 250,890 3.6%
501-1,000 300 12.0% 232,363 3.4%
1,001-10,000 321 12.9% 1,021,970 14.8%
10,001-100,000 41 1.6% 1,145,139 16.6%
100,001- 9 0.4% 4,257,266 61.6%
Total 2,490 100.0% 6,907,628 100.0%
WULFF Annual Review 2025 75
Wulff Group Plc is a Nordic listed Company and the
most significant Nordic player in office supplies. The
Group consists of the parent company Wulff Group
Plc and its subsidiaries in Finland, Sweden, Norway
and Denmark. Wulff’s product and service range in-
cludes workplace products and services, recruitment
and staff leasing services, accounting and financial
management services, consulting services, exhibition,
event, and commercial interior design services both
internationally and domestically, as well as solutions
and services for office and professional printing and
document management. The Group also serves
its customers online with a webshop for workplace
products at wulffinkulma.fi.
Wulff Group Plc’s corporate governance is based
on Finnish legislation, such as the Limited Liability
Companies Act, Securities Market Act, the regula-
tions concerning the companies in the Helsinki Stock
Exchange, and regulations regarding corporate
governance of public listed companies, as well as
the Articles of Association. Wulff Group Plc adheres
also to the Securities Market Association’s Finnish
Corporate Governance Code which is publicly
available on the Securities Market Association’s
web pages (cgfinland.fi). The current Articles of
Association are available on the Group’s website
wulff.fi. The Corporate Governance Code is based
on a Comply or Explain principle which means that
a company can deviate from individual guidelines
if it explains and gives reasons for the deviation. The
entire document describing the Group’s corporate
governance principles and practices is available on
the Group’s investor pages (wulff.fi). This Corporate
Governance Statement is presented separately from
the Board of Directors’ Report.
GENERAL MEETING
Wulff Group’s highest decision-making power is
exercised by shareholders at the general meeting
held at least once a year. The Annual General Mee-
ting (AGM) is held annually on a date determined
by the Board of Directors within six months of the end
of the financial period either in the company’s domi-
cile, Helsinki, or in Espoo. Shareholders may exercise
their rights to speak, request information and vote.
Shareholders are invited to general meetings by
publishing a notice at Wulff’s corporate website. The
notice and instructions for participating in the meeting
are also published as a stock exchange release. The
Board’s proposed agenda as well as the proposed
Board Members and auditors are announced in
the notice or in a separate stock exchange release
before the general meeting.
The Annual General Meeting handles the tasks per-
taining to it according to the Limited Liability Compa-
nies Act and Wulff Group’s Articles of Association,
which include:
• adopting the income statement and balance
sheet
• handling the profit or loss according to the
adopted balance sheet, dividend distribution
• discharging the Members of the Board of
Directors and the CEO from liability
• determining the number of Board Members and
appointing members for one year at a time
• electing auditors
• determining the fees of Board Members and
auditors, as well as the criteria for reimburse-
ment of travel expenses
• remuneration policy and the approval of the
remuneration report
• other matters mentioned in the notice of the
meeting.
The Annual General Meeting is also authorised to
amend the Articles of Association. An Extraordinary
General Meeting is summoned, if required, by the
Board of Directors.
In 2025 Wulff Group Plc’s Annual General Meeting
was held on April 3. The Annual General Meeting
adopted the financial statements for the financial
year 2024 and discharged the Members of the
Board of Directors and CEO from liability. The AGM
decided to pay a dividend of EUR 0.16 per share
and authorised the Board of Directors to decide on
the repurchase of the company’s own shares. The
Annual General Meeting also accepted the Board’s
proposal concerning the authorisation to perform
share issues. The AGM adopted the remuneration
policy. The AGM also approved the remuneration
report for 2024. Kari Juutilainen, Lauri Sipponen,
Jussi Vienola, and Kristina Vienola were re-elected
as Board Members. The organising meeting of Wulff
Group Plc’s Board of Directors, held after the Annual
General Meeting, decided that the Chairman of the
Board is Kari Juutilainen. BDO Oy, with Authorized
Public Accountant Joonas Selenius as the lead audit
partner, was chosen as the auditor of Wulff Group
Plc. The Annual General Meeting decided that the
reimbursements to the Auditors are paid on the basis
of reasonable invoicing.
In 2026, Wulff Group Plc’s Annual General Meeting
will be held on April 9.
BOARD OF DIRECTORS
The Board of Directors is responsible for the admi-
nistration and the proper organisation of the ope-
rations of the company. The Board supervises and
controls the operative management of the company,
appoints and dismisses the managing director, ap-
proves the strategic goals and the risk management
principles for the company and ensures the proper
operation of the management system. The Annual
General Meeting elects three to six members to
the Board of Directors and at most as many deputy
members. The Board’s term ends at the termination of
the first Annual General Meeting following the elec-
tion. In the organising meeting held after the AGM,
the Board elects a Chairperson among its members.
If the Chairperson is disqualified or prevented from
attending to his/her duties, a Deputy Chairperson is
elected among Board Members for the duration of
a meeting.
The Board of Directors supervises the management of
company operations, administration and accounting.
It annually confirms a written charter for its activities,
which it complies with in addition to the Articles of
Association, Finnish legislation and other regulations.
The charter lays out the Board’s meeting procedu-
res and tasks. According to the Board’s charter, in
addition to the issues specified in legislation and
the Articles of Association, Wulff Group’s Board of
Directors:
• approves the company’s long-term goals
and strategy
• approves the company’s action plan, budget
and financing plan and supervises their
implementation
• handles and adopts interim and half-year
reports and the financial statements
• decides on individual big and strategically
significant investments, such as company
acquisitions and acquisitions and disposals
of business operations
• preparation and presentation of the remunerati-
on policy and report at the AGM
• appoints the CEO and decides on his/her
salaries and other remuneration
• approves risk management and reporting
procedures
• draws up the dividend policy
• sets up committees, if needed, to enhance
CORPORATE GOVERNANCE STATEMENT
76 WULFF Annual Review 2025
Board work
• appoints the Group Executive Board:
• supervises auditing
• assesses the auditor’s independence and
additional auditing services.
Wulff Group’s Annual General Meeting held on
April 3, 2025 elected four members to the Board of
Directors.
In the preparation of the proposal for the compo-
sition of the Board of Directors, the requirements
placed by the company’s strategy, operations and
development phase as well as the sufficient diversity
of the Board of Directors are taken into account. The
diversity of the Board of Directors is examined from
different perspectives. Important factors for the com-
pany are academic and professional backgrounds
as well as strong, versatile and mutually comple-
mentary expertise, experience and knowledge in the
different business areas important to the company,
internationality, independence of the company, an
appropriate number of members, and the age and
gender distribution. The Board must have sufficient
economic and financial knowledge and manage-
ment, marketing, and sales expertise.
In 2025, Wulff Group Plc’s Board of Directors fulfil-
led the principles concerning diversity and expertise
taking into consideration the company’s strategy
and the market and business environment as well
as development projects. The focus of the strategy is
customer experience, sales expertise and operating
through multiple channels. Important strategic proje-
cts are taking advantage of digitalization, supporting
sales with marketing communications, development
of product and service portfolio especially with
environmentally sustainable solutions and enhancing
personnel’s expertise. Especially important for the Bo-
ard of Directors is developing the sales management
according to the company’s growth strategy.
The company targets balanced gender represen-
tation on the Board of Directors. Currently, one of
the three Board Members is a female. Accordingly,
women represent 33% (25) of the Board, while men
represent 67% (75). The deviation from the recom-
mendation on a balanced gender representation
of the Board set out in the Corporate Governance
Code 2025 is due to the small and odd number
of Board Members. In the selection and evaluati-
on process of new Board Members, the primary
criterion is the qualifications of the individual and the
possibility to devote a sufficient amount of time to the
work, thus both genders are taken into consideration
equally.
The majority of Board Members must be indepen-
dent of the company. In addition, at least two of the
members in this majority must be independent of the
company’s major shareholders. The independence
is evaluated in compliance with recommendations
of the Finnish Corporate Governance Code. The
Members of the Board of Directors own shares of the
company. The Chairman of the Board (since 2025)
Lauri Sipponen owned 0.6%, and Members of the
Board Jussi Vienola and Kristina Vienola owned
0.5% each of the outstanding shares on 31.12.2025.
Considering the portion of the shareholding the
dependence of the company is considered insignifi-
cant. The Members of the Board were not employed
by the company in 2025 or 2024. According to
the Board’s assessment, the Members of the Board
were independent of the company and significant
shareholders in 2025 and 2024. Due to the Group’s
small size, setting up Board committees or a supervi-
sory board has not been considered necessary. The
entire Board of Directors has handled all its tasks.
The Board of Directors convenes on average once
a month during the financial year and more often if
needed. The Chairman of the Board is responsible
for convening meetings and for meeting activities.
The meeting agenda is prepared by the CEO to-
gether with the Secretary of the Board. Wulff Group
Plc’s Board of Directors convened 21 times (20) in
2025. The average meeting attendance of the Board
Members was 99 percent (99). At its organising
meeting the Board approved the charter and action
plan for 2025 and evaluated the independence of its
members. According to the meeting plan for 2026,
the Board of Directors will convene 11 times. The Bo-
ard carries out annual assessments of its operations
and working styles based on a self-evaluation form.
Based on the assesment, which was carried out in
writing, Board work was successfull in 2025. More
information on Board Members and their Wulff sha-
reholdings is presented in Board and Management.
CEO
The Board appoints the Chief Executive Officer
(CEO) who supervises the company’s operational
management in accordance with the Limited Liability
Companies Act with the instructions and guidelines
provided by the Board. The CEO ensures that the
accounting practices of the Group comply with the
law and that the financial management of the group
has been arranged in a reliable manner. The CEO
ensures that the Board has sufficient information to
assess the company’s operations and financial situa-
tion. The CEO is responsible for the accomplishment
of the Board’s decisions and reports the results to the
Board.
The CEO may undertake acts which, considering the
scope and nature of the operations of the company,
are unusual or extensive, only with the authorisation
of the Board.
The CEO of the parent company Wulff Group Plc
also acts as the Chairman of the Group Executive
Board.
Elina Rahkonen has acted as the Wulff Group Plc’s
CEO from September 2019 onwards.
GROUP EXECUTIVE BOARD
The Group Executive Board led by the Group CEO
is responsible for the Group’s operations in practice.
The Group Executive Board convenes regularly
to analyse and evaluate the financial and busi-
ness performance as well as the key development
initiatives of the segments. The management team has
no official statutory position but, in practice, it has a
significant role in the organisation of the company
management. Based on the CEO’s proposal, the
Board of Directors confirms the composition and new
nominations to the Group Executive Board.
The Managing Directors of subsidiaries are in
charge of the business operations in each subsidiary.
Significant decisions, such as significant investments,
are subject to the Group CEO’s approval. Each
subsidiary has its own financial administration, while
the Group’s Chief Financial Officer has responsibility
of group-wide financial administration.
More information on Group Executive Board
Members, their responsibilities, and their Wulff
shareholdings is presented in the section Board and
Management.
REMUNERATION
Board of Directors
According to the company’s Articles of Association,
the Annual General Meeting determines the remu-
neration of the Board Members on a proposal from
the Board of Directors. A fixed, monthly fee of EUR
1,250 resolved by the Annual General Meeting is
paid to the Chairman and Board Members.
The Board Members are not rewarded by share-ba-
sed remuneration plans or in any other way. The
Group has not granted loans, guarantees or other
contingencies to the Board Members. . A summary
of the remuneration of the Board of Directors is
presented in Note 4.4 of the Consolidated Financial
WULFF Annual Review 2025 77
Statements and in the table presented. According
to the authorization granted by the Annual General
Meeting on April 3, 2025, the Board of Directors has
the right to continue the repurchase of the company’s
own shares by acquiring at most 300,000 own sha-
res. The authorisation is in force until April 30, 2026.
According to the authorization the company can
acquire treasury shares to support the implementation
of an incentive scheme or to be otherwise disposed
of. No own shares were reacquired in 2025 nor in
2024.
CEO
The Board prepares a proposal and determines the
Group CEO’s remuneration and other contractual
issues.
A part of the Group’s CEO’s benefits is a statutory
pension. The contract does not specify a retirement
age. No supplementary pension benefits were
agreed or paid.
The Board appointed Elina Rahkonen, M.Sc. (Econ),
as the Wulff Group Plc CEO on September 17,
2019 and she started in her position on September
30, 2019. In 2025, the remuneration of CEO Elina
Rahkonen consisted of monetary wages and fringe
benefits of the amount of EUR 221 thousand (218).
The Group CEO’s service contract includes the
above-mentioned sharebased incentive. The Group
CEO is entiled to the holiday pay and possibly to a
bonus scheme to be determined later. The period of
notice is three months from the Group CEO side and
six months from the company’s side. In case the com-
pany resigns the Group CEO contract unilaterally
the Group CEO is entitled to a severance payment
equal to three months salary.
Group Executive Board
The Group CEO prepares and determines the
contractual terms, salaries and possible other benefits
and incentives of the Group’s Executive Board Mem-
bers. The pay raises of the Executive Board Members
are approved by the Chairman of the Board.
Remuneration of the Group Executive Board consist
of fixed monetary wages, fringe benefits, additional
pensions, annually-determined performance-based
bonuses and possible share-based incentives. The
performance-based bonuses are determined by the
company’s financial Performance and the person’s
individual goal-setting.
The Group does not have any option schemes or
share-based incentives currently in force as a part
of Group Executive Board Members’ remuneration
plan.
Of the Executive Board Members, Tarja Törmänen’s
communication and marketing director service is
obtained as an outsourced service during 2025, the
service costs amounted to EUR 108 thousand (108).
The outsourced service is included in other operating
expenses and has been presented also in the Note
for Related Party transactions.
In 2025 and 2024, the Group Executive Board
consisted of Sami Asikainen (male) from October 10,
2025, Olli Lätti (male) from October 10, 2025, Iiris
Rajala (female), Tarja Törmänen (female), Trond Fik-
seaunet (male), and CEO Elina Rahkonen (female).
The employment benefits presented in the table abo-
ve, include the above-mentioned employee benefits
received by the Group CEO.
RISK MANAGEMENT, INTERNAL
CONTROL AND INTERNAL AUDIT
The Board of Directors is responsible for the internal
control and the Group CEO arranges the manage-
ment and supervision of internal controls’ effective-
ness in practice.
Ultimate responsibility for accounting, accuracy of
the financial statements and supervision of asset
management is carried out by Wulff Group’s Board
of Directors. Business control and supervision are
carried out through a group-wide reporting system.
Each business area’s and subsidiary’s net sales, sales
margin, main expenses and operating profit with
comparison data are reported to the Board each
month. Additionally the Group CEO presents an
overview of the current situation and future outlook
based on weekly and monthly analyses.
The segments’ financial reports and the situation of
the businesses’ key development projects are on
the agenda of the Group Executive Board which
convenes regularly. The subsidiaries’ own Boards of
Directors and management teams discuss their own
business issues which are taken also to the Group
Executive Board if those issues have influence also
on other group companies. The Group CEO and
CFO analyse and control each subsidiary’s and busi-
ness area’s operations, performance and financial
status regularly.
Wulff Group follows the risk management policy de-
vised by the Board of Directors, which determines the
objectives and responsibilities of risk management,
SUMMARY OF BOARD MEMBERS’ BENEFITS
EUR 1 000 2025 2024
Board members' salaries and fees
Kari Juutilainen 4/2018-9/2025 Chair of the Board 4/2019-
9/2025
10 15
Jussi Vienola 4/2018- 15 15
Kristina Vienola 4/2018- 15 15
Lauri Sipponen 4/2020- Chair of the Board 9/2025- 15 15
Board Members’ benefits total 55 60
SUMMARY OF GROUP EXECUTIVE BOARD’S EMPLOYMENT BENEFITS
EUR 1 000 2025 2024
Salaries and other short term remuneration 696 590
Fringe Benefits 23 23
Bonuses 60 56
Other long term remuneration, additional pension benefits 8 8
Group Executive Board’s employee benefits total 787 677
78 WULFF Annual Review 2025
as well as the reporting procedures. The company’s
risk management supports the achievement of stra-
tegic objectives and ensures business continuity. The
realisation of risk management policies is controlled
with internal audits regularly and also external audi-
tors supervise the adequacy and effectiveness of the
risk management as a part of the audit procedures
related to Group’s governance.
Risk management is a part of Wulff Group’s business
operations management. Wulff’s risk management
is guided by legislation, business objectives set by
shareholders as well as the expectations of custo-
mers, personnel and other important stakeholders.
The Group’s risk management aims to systematically
and extensively identify and understand any risks
that may prevent the achievement of the Group’s
business objectives, as well as to ensure that risks are
appropriately managed when making business-relat-
ed decisions. Threats to business include risks related
to changes in the market and business acquisitions,
IT risks, risks related to the staff and its availability,
as well as factors related to the general economic
development and the company’s reputation.
Risks are classified into categories of strategic,
operational and market risks. The risk management
process aims to identify and assess risks and then
plan and implement practical measures to mitigate
each risk. Possible measures include, for example,
avoiding the risk, reducing it in different ways or
transferring it with insurance or agreements.
Wulff Group carries out annual risk surveys to deter-
mine the main risks in terms of their significance and
probability. The business unit leaders are responsible
for carrying out the surveys and risk monitoring on
which they report to the Group Executive Board. Se-
lected persons are responsible for the monitoring of
specific issues within each risk category i.e. strategic,
operative or market risks. The Group has not set up a
separate organisation for risk management. Instead,
risk management is arranged in compliance with the
company’s other business operations and organisa-
tion structure.
The main risks determined in the risk survey, changes
in the significance and probability of the risks, as well
as the persons responsible, actions completed and
results achieved are reported to the Group’s Board
of Directors annually. Special attention is paid to any
possible new risks that are detected. More informa-
tion on risks and risk management is presented in a
separate section.
The goal of Wulff Group Plc’s internal audit is to
ensure that the Group’s internal processes and
operating methods are efficient and correct taking
into consideration significant risks of the business
operations. Internal audits are carried out on the
basis of an annually prepared audit plan, which
the Board of Directors approves at the beginning of
the year. The Group’s internal auditor draws up the
plan, presents it to the Board of Directors and reports
on the implementation of the measures. The internal
auditor reports directly to the Board of Directors.
EXTERNAL AUDIT
Based on the Articles of Association, Wulff Group Plc
shall have 1-2 auditors. If the Annual General Mee-
ting elects only one auditor and if the auditor is not a
firm of Authorised Accountants, additionally one de-
puty auditor shall be elected. Based on the Articles
of Association, the auditors are appointed until further
notice. BDO Oy, a company of Authorized Public
Accountants, with Authorized Public Accountant Joo-
nas Selenius as the lead audit partner, was chosen
as the auditor of Wulff Group Plc in 2025.
In addition to their statutory duties, the auditors report
their audit findings to the Chairman of the Board
when necessary, and at least once a year to the
Board of Directors.
The Annual General Meeting decides on the audi-
tors’ fees and the expense compensation principles.
Based on the Board’s decision, auditors can be
paid reasonable fees for non-recurring other service
assignments. The total audit fees for all Wulff Group
companies were EUR 146 (132) thousand in 2025,
of which EUR 14 thousand (0) were expenses other
than audit fees (please see Note 2.6 for further
information).
Following the corporate governance regulations, the
auditors do not own shares of Wulff Group Plc or its
subsidiaries.
INSIDER ADMINISTRATION
Wulff Group Plc complies with applicable EU
regulations, especially the Market Abuse Regulation
(EU 596/2016, “MAR”), and any regulation and
guidance given by the European Securities Markets
Authority (“ESMA”). Further, the company observes
Finnish legislation, especially the Securities Markets
Act (746/2012, as amended) and the Finnish Penal
Code (39/1889, as amended), including the insider
and other guidelines of Nasdaq Helsinki Ltd and the
standards and guidance of the Finnish Financial Su-
pervisory Authority (“FIN-FSA”) and other authorities.
Managers, according to the definition given by
MAR, include the Members of the Board of Directors
and Group Executive Board Members. MAR
requires that each manager and his/her closely
associated persons notify the company and FIN-FSA
of their transactions in the financial instruments of or
linked to the company conducted on his/her own
account after a total of EUR 20 000 per calendar
year has been reached. The notifications shall be
made promptly and no later than three business days
after the date of transaction (T+3). Wulff will issue
stock exchange releases to disclose information on
transactions by managers and their closely associat-
ed persons, as specified in MAR and within two days
of the receipt of the notification, in accordance with
the rules of the Stock Exchange.
Wulff no longer maintains a list of permanent
insiders. Instead, all persons involved with insider
projects will be listed as project-specific insiders. Pro-
ject-specific lists will be established and maintained
for each project or event constituting inside infor-
mation, based on a separate decision. All persons
working for Wulff, representatives of external entities,
stakeholders and authorities who have information
concerning an insider project or have access to
project-specific inside information, as well as persons
who are working for the implementation of an insider
project, will be entered in a project-specific insider
list. Persons that belong to a project-specific list are
forbidden from trading with the company’s financial
instruments during an insider project. Preparation of
periodic disclosure (half-year financial statements,
interim reports, Financial statements bulletins) or
regular access to unpublished financial information is
not regarded as an insider project. However, due to
the sensitive nature of unpublished information on the
company’s financial results, the persons determined
by the company, based on their position or access
rights, to have authorised access to unpublished
financial result information are added to a list of
Financial Information Recipients.
Wulff applies an absolute trading prohibition (a ‘clo-
sed window’ principle) during a period beginning
30 calendar days before the announcement of each
of the periodic financial reports and the year-end
report (the financial statements bulletin) and ending
at the end of the trading day following the day
of publication of such a report. At the minimum, a
WULFF Annual Review 2025 79
closed period commences at the end of the reporting
period in question. The closed window principle
applies to the managers (as defined by MAR) as
well as the Financial Information Recipients.
The person in charge of Wulff’s insider register is the
CFO.
REPORTING BREACHES
Wulff has a confidential channel for reporting
suspected violations of securities markets regulations.
The channel is maintained by an external company
independent of the Group.
RELATED PARTY TRANSACTIONS
As part of the Group’s key management personnel,
the Group’s related parties consist of the Members of
Board of Directors, members of the Group Executive
Board, their family members and the companies
under their control, and subsidiaries, associated
companies and joint ventures of Wulff Group Plc. The
company does not hold shares in affiliates or joint
ventures.
Wulff Group Plc monitors transactions with its related
parties on a quarterly basis and on the basis of
related party’s own announcements. The company’s
financial management is responsible for supervising
and reporting related party transactions to the Board
as needed. A related party transaction in accordan-
ce with normal commercial terms does not require
a decision by the Board of Directors to execute the
related party transaction. The nature and the terms of
related party transactions are assessed in relation to
the company’s normal operations and commercial
terms. In making decisions concerning related party
transactions, the company ensures that potential
conflicts of interest are duly taken into account, and a
potential related party does not participate in deci-
sion-making on significant related party transactions.
Related party transactions are reported as required
by the Companies Act and the provisions on the
preparation of Financial statements in the notes to the
company’s Financial Statements and, if necessary, in
the activity report and interim and half-year reports.
In addition, the necessary related party transactions
are announced in accordance with the Securities
Market Act and the Stock Exchange’s rules.
In 2025, related party transactions consisted of
normal, market-based business transactions. Related
party transactions have been presented in Note
4.4 of the Consolidated Financial Statements. The
Group’s parent company and subsidiary relation-
ships have been presented in Note 4.2.
COMMUNICATIONS
The Group publishes all its stock Exchange relea-
ses and other matters related to listed companies’
disclosure requirements on its website in Finnish and
English. The Annual Report is published in electronic
format so that it is equally available to all sharehol-
ders.
The Group’s stock exchange releases, Corporate
Governance principles and insider information is
available at the Group’s investor page Board and
corporate governance (wulff.fi/en/investors).
Before the end of the year, the investors’ calen-
dar with dates for the Group’s Financial reporting
during the next calendar year is published in a stock
exchange release and on the Group’s website. The
Group applies an absolute trading prohibition, a
30-day ‘closed window’ principle, during which the
company does not comment on questions regar-
ding its outlook and development and during which
insiders are prohibited from trading with the Group’s
financial instrument.
80 WULFF Annual Review 2025
BOARD AND MANAGEMENT | BOARD
KRISTINA VIENOLA b. 1996
Board Member, Wulff Group Plc
Responsibilities: Communications and marketing
Substantial experience and education:
M.Sc. (Econ), Marketing.
Member of the Board of Directors of Wulff since 2018.
Tahko Spa Marketing Manager.
Previously worked at Google, Leadfeeder and Azets.
Wulff ownership as of December 31, 2025: 33 875 Wulff shares representing
0.5% of the company’s shares and votes.
JUSSI VIENOLA b. 1995
Board Member, Wulff Group Plc
Responsibilities: Finance
Substantial experience and education:
M.Sc. (Econ), Finance.
Member of the Board of Directors of Wulff since 2018.
CEO of Suomen Vaihtoauto since 2020.
Previously worked at PwC and investment fund companies
Wulff ownership as of December 31, 2025: 34 240 Wulff shares representing
0.5% of the company’s shares and votes.
LAURI SIPPONEN b. 1969
Chair of the Board, Wulff Group Plc
Responsibilities: Business development
Substantial experience and education:
M.Sc. (Econ), Accounting and marketing.
Chair of the Board of Directors of Wulff since 2025 and
member of the Board since 2020.
Previously CEO of Laitilan Wirvoitusjuomatehdas,
VR Group and Lidl Suomi, among others.
Positions of trust:
Board member Broman Group, HKFoods, CAP-Group,
German-Finnish Chamber of Commerce and
Repolar Pharmaceuticals
Wulff ownership as of December 31, 2025: 40 000 Wulff
shares representing 0.6% of the company’s shares and votes.
WULFF Annual Review 2025 81
BOARD AND MANAGEMENT | GROUP EXECUTIVE BOARD
ELINA RAHKONEN b. 1979
CEO, Wulff Group Plc
Chair of the Wulff Executive Board
Responsibilities: Wulff Group Plc’s CEO
Substantial experience and education:
M.Sc. (Econ) .
CEO of Wulff Group Plc and Chairman of the Wulff Executive Board since 2019.
Previously CEO of Aallon Group and CFO of Ahlsell and Wulff Group Plc.
Positions of trust:
Board member Duell, Olas Group, Kreate Group, and LapWall
Wulff ownership as of December 31, 2025: 40 000 Wulff shares representing
0.6% of the company’s shares and votes.
TROND FIKSEAUNET b. 1963
Managing Director, Wulff Supplies,
Member of the Wulff Executive Board
Responsibilities: Products for Work Environments operations in Scandina-
via
Substantial experience and education:
Managing Director of Wulff Supplies since 2009 and Member of the Wulff
Executive Board since 2011.
Long international experience in B2B sales and business management.
Previously held several management positions in Strålfors Group and 3M.
Wulff ownership as of December 31, 2025: 0 shares.
IIRIS RAJALA b. 1980
Chief Financial Officer (CFO), Wulff Group Plc,
Member of the Wulff Executive Board, Secretary of the Board
Responsibilities: Finance, Investor Communications
Substantial experience and education:
M.Sc. (Econ).
CFO of Wulff Group Plc, Member of the Wulff Executive Board, and Secretary of
the Board since 2023.
Previously, among others, CFO of Nurminen Logistics as well as financial
leadership and Business Controller positions in several companies in different
industries.
Wulff ownership as of December 31, 2025: 0 shares.
SAMI ASIKAINEN b. 1971
Managing Director, Wulff Consulting, Wulff Pro,
Wulff Talent, and Wulff Works,
Member of the Wulff Executive Board
Responsibilities: Worklife Services, personnel services operations
Substantial experience and education:
Bachelor of Business Administration.
Head of Wulff’s staff leasing business since 2024, Member of the Wulff
Executive Board from 2025.
Previously served as CEO of Eezy and Smile Henkilöstöpalvelut, as well
as Managing Director of Wulff Oy.
Positions of trust:
Chair of the Board HC Original
Wulff ownership as of December 31, 2025: 0 shares.
OLLI LÄTTI b. 1979
Managing Director, Wulff Oy Ab,
Member of the Wulff Executive Board
Responsibilities: Products for Work Environments operations in Finland
Substantial experience and education:
Master of Science (Production Economics).
Managing Director of Wulff Oy Ab and Member of the Wulff Executive Board
from 2025.
Previously Commercial Director of Talenom and Change Consultant of Trainers’
House
Positions of trust:
Chair of the Board of Directors Westend Barbell, Herttonimen Kunto,
and CrossFit Espoo
Wulff ownership as of December 31, 2025: 0 shares.
TARJA TÖRMÄNEN b. 1971
Communications and Marketing Director,
Member of the Wulff Executive Board
Responsibilities: Communications, Marketing, and HR
Substantial experience and education:
Specialized professional qualification in marketing communications.
Served as Wulff Group Plc’s Communications and Marketing Director and
Member of the Wulff Executive Board since 2009.
Long experience in strategic communications, brand building and
change communications.
Positions of trust:
Board member of the Stepfamily Association of Finland and the Finnish NLP
Association
Wulff ownership as of December 31, 2025: 134 Wulff shares representing
0.0% of the company’s shares and votes.
CONSOLIDATED
FINANCIAL
STATEMENTS
WULFF Annual Review 2025 83
CONSOLIDATED INCOME STATEMENT (IFRS)
EUR 1 000
Note
2025
2024
Net sales
2.1, 2.2
122 326
10 2 815
Other operating income
2.3
1 224
21 6
Materials and services
2.4
-86 864
-72 617
Employee benefit expenses
2.5
-20 990
-17 299
Other operating expenses
2.6
-8 113
-7 700
Earnings before depreciation (EBITDA)
7 583
5 416
Depreciation and amortization
2.7
-2 787
-2 237
Operating profit (EBIT)
4 795
3 180
Financial income
2.8
10 5
15 9
Financial expenses
2.8
-1 213
-1 230
Profit before taxes
3 687
2 109
Income taxes
2.9
-619
-285
Net profit/loss for the period
3 068
1 824
Attributable to:
Equity holders of the parent company
2 130
1 7 78
Non-controlling interests
93 8
46
Earnings per share for profit attributable to the equity holders of the parent company:
Earnings per share, EUR (diluted = non-diluted)
2.10
0,3 1
0,2 6
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS)
EUR 1 000
2025
2024
Net profit/loss for the period
3 068
1 824
Other comprehensive income which may be reclassified to profit or loss subsequently (net of tax)
Change in translation differences
18 3
Total other comprehensive income
18 3
-15 6
Total comprehensive income for the period
3 250
1 668
Total comprehensive income attributable to:
Equity holders of the parent company
2 282
1 636
Non-controlling interests
969
32
84 WULFF Annual Review 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS)
EUR 1 000
Note
31.12.2025
31.12.2024
ASSETS
Non-current assets
Goodwill
3.1, 3.3
13 748
10 933
Intangible assets
3.1
4 256
3 647
Property, plant and equipment
3.2
9 380
9 514
Non-current financial assets
Long-term receivables from others
14 7
13 8
Other investments
6 41
6 41
Deferred tax assets
2.9
1 773
1 645
Total non-current assets
29 945
26 518
Current assets
Inventories
3.4
11 235
12 814
Short-term receivables
Loan receivables from others
38
6
Trade receivables from related parties
7
4
Trade receivables from others
3.5
15 028
12 78 7
Other receivables
3.5
12 3
92
Accrued income and expenses
3.5
1 807
1 455
Cash and cash equivalents
3.5
2 12 0
1 12 5
Total current assets
30 357
28 283
TOTAL ASSETS
60 302
54 801
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS)
EUR 1 000
Note
31.12.2025
31.12.2024
EQUITY AND LIABILITIES
Equity
Equity attributable to the equity holders of the parent company:
Share capital
2 650
2 650
Share premium fund
7 662
7 662
Invested unrestricted equity fund
6 76
6 76
Retained earnings
12 174
11 13 9
Equity attributable to the equity holders of the parent company
23 162
22 127
Non-controlling interests
1 285
354
Total equity
3.6
24 447
22 481
Non-current liabilities
Interest-bearing liabilities
3.7
7 248
10 527
Leasing liabilities
3.7
5 318
1 013
Non-interest-bearing liabilities
3.7
1 81
17
Deferred tax liabilities
2.9
297
250
Total non-current liabilities
13 044
11 807
Current liabilities
Interest-bearing liabilities
3.7
2 394
3 723
Leasing liabilities
3.7
1 226
684
Trade payables
3.7
6 859
7 18 9
Advance payments
3.7
397
313
Other liabilities
3.7
4 287
3 130
Accrued income and expenses
3.7
7 647
5 473
Total current liabilities
22 810
20 513
TOTAL EQUITY AND LIABILITIES
60 302
54 801
WULFF Annual Review 2025 85
CONSOLIDATED CASH FLOW STATEMENT (IFRS)
EUR 1 000
Note
2025
2024
Cash flow from operating activities:
Cash received from sales
114 27 9
103 332
Cash received from other operating income
35 5
14 8
Cash paid for operating expenses
-106 979
-98 166
Cash flow from operating activities before financial items and income taxes
7 655
5 314
Interest paid
-63 3
- 9 31
Interest received
49
14 9
Income taxes paid
-628
-417
Cash flow from operating activities
6 442
4 114
Cash flow from investing activities:
Investments in intangible and tangible assets
-1 320
-1 628
Acquisition of subsidiary company shares
4.1
-3 278
-2 962
Short-term invesments in other shares
-
- 12 9
Proceeds from sales of intangible and tangible assets
6 290
69
Repayments of loans receivable
9
- 12
Cash flow from investing activities
1 701
-4 662
Cash flow from financing activities:
Dividends paid
3.6
-1 310
-1 072
Dividens received
2.8
37
-
Changes in the shares of minority shareholders
4.1
-0
-
Repayments of lease liabilities
-1 268
-7 08
Withdrawals and repayments of short-term loans
-840
Withdrawals of long-term loans
1 700
4 173
Repayments of long-term loans
-5 467
-684
Cash flow from financing activities
-7 148
1 522
Change in cash and cash equivalents
9 95
9 75
Cash and cash equivalents at the beginning of the period
1 12 5
151
Cash and cash equivalents at the end of the period
2 120
1 125
86 WULFF Annual Review 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, IFRS
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY
EUR 1 000
Note
Share
Sharepre-Fund for invested Treasury Translation Retained
Total
Non-control-
TOTAL
capitalmium fundnon-restricted sharesdifferencesearningsling interes
equity
Equity on Jan 1, 2025
2 650
7 662
6 76
-33 2
-1 075
12 546
22 127
354
22 481
Net profit/loss for the period
2 130
2 130
93 8
3 068
Other comprehensive income*:
Change in translation differences
15 2
15 2
31
18 3
Comprehensive income *
15 2
2 130
2 282
969
3 250
Transactions with the shareholders:
Dividends paid
-1 087
-1 087
-234
-1 322
Other changes
- 11 0
- 11 0
- 11 0
Acquisitions
14 8
14 8
Changes in ownership
-49
-49
49
0
Transactions with the shareholders total
-1 247
-1 247
-38
-1 284
Equity on Dec 31, 2025
3.6
2 650
7 662
6 76
-33 2
-9 24
13 429
23 162
1 285
24 447
Equity on Jan 1, 2024
2 650
7 662
6 76
-33 2
-9 33
11 7 8 7
21 510
4 76
21 986
Net profit/loss for the period
1 778
1 778
46
1 824
Other comprehensive income*:
Change in translation differences
-14 2
-1 42
-14
-1 56
Comprehensive income *
-1 42
1 778
1 636
32
1 668
Transactions with the shareholders:
Dividends paid
-1 019
-1 019
-1 53
-1 173
Transactions with the shareholders total
-1 019
-1 019
-1 53
-1 173
Equity on Dec 31, 2024
3.6
2 650
7 662
6 76
-33 2
-1 075
12 546
22 127
354
22 481
*with tax impact included
NOTES TO THE
CONSOLIDATED
FINANCIAL
STATEMENTS
88 WULFF Annual Review 2025
1.1. GENERAL INFORMATION ABOUT
THE GROUP
The Group’s parent company, Wulff Group Plc is a Finnish public
limited company, established in accordance with Finnish law.
It is domiciled in Helsinki and the address of its headquarters is
Kilonkartanontie 3, 02610 Espoo, Finland. Copies of the consoli-
dated financial statements are available at the above address.
The Group consists of the parent company Wulff Group Plc
and its subsidiaries in Finland, Sweden, Norway and Denmark.
Wulff’s product and service range includes workplace products
and services, ecruitment and staff leasing services, accounting
and financial management services, consulting services, exhibi-
tion, event, and commercial interior design services both inter-
nationally and domestically, as well as solutions and services
for office and professional printing and document management.
Wulff Group’s reporting segments are Worklife Services and
Products for Work Environments. In addition to business seg-
ments, group services and eliminations not allocated to business
segments are reported separately.
The Board of Directors of Wulff Group Plc has approved these
financial statements for publication at its meeting on March 5,
2026. According to the Finnish Limited Liability Companies Act,
the shareholders at the general meeting held after the publication
may approve or reject the financial statements or decide on
amendments to be made to the financial statements.
1.2. BASIS OF PREPARATION
These consolidated financial statements have been prepared in
compliance with the International Financial Reporting Standards
(IFRS) including the IAS and IFRS standards as well as the SIC
and IFRIC interpretations in effect on December 31, 2025. The
term ‘IFRS standards’ refers to standards and interpretations
which are approved and adopted by the European Union
(regulation EY 1606/2002) and thus are in force in the Finnish
legislation. The Group has not adopted any new, revised or
amended standards or interpretations that are not yet effective.
The notes to the consolidated financial statements also comply
with the Finnish accounting and corporate legislation, which
supplement the IFRS regulations.
In compliance with the IFRS standards, the consolidated finan-
cial statements are based on original cost except for availab-
le-for-sale financial assets, financial assets recognised at fair
value through profit and loss as well as share-based transac-
tions to be settled in cash and measured at fair value. Possible
equity-settled share-based payments (share rewards) have also
been measured at fair value at the grant date.
The Group complies with the Guidelines on Alternative Per-
formance Measures (APM) issued by the European Securities
and Markets Authority (ESMA) in its statutory reporting. These
alternative performance measures, such as the comparable
operating profit and comparable EBITDA, are used to present
the underlying business performance and to enhance compa-
rability between financial periods. The comparable operating
profit and comparable EBITDA do not include items affecting
comparability. These are items that are not included in normal
business activities, like profits from sales of subsidiaries, and
non-recurring costs from implementation of business acquisitions,
write-downs of goodwill, and significant one-time expenses. The
Alternative Performance Measures should not be taken as subs-
titutes for the standards presented in the Generally Accepted
Accounting Principles for IFRS.
All figures are presented as thousands of euros and have been
rounded to the nearest thousand euros. Therefore the total sums
do not necessarily fully reconcile to the sum of individual figures .
1.3 CONSOLIDATION PRINCIPLES
The consolidated financial statements include the parent com-
pany Wulff Group Plc and all its subsidiaries. Subsidiaries are
companies in which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The subsi-
diaries are consolidated from the date the Group gains control
until the Group loses control in them. The subsidiaries have the
same financial period as the parent company.
Intra-Group holdings have been eliminated using the acquisition
cost method, according to which the acquisition cost as well as
the assets and liabilities of the subsidiary are measured at fair
value at the acquisition date. If the acquisition cost, the non-cont-
rolling interests and the previously owned share in total exceed
the fair value of the net assets acquired, the excess is recognized
as goodwill which is not amortized but tested for impairment at
least annually. If the goodwill is negative, it is recognized dire-
ctly through income statement. Acquisition transaction costs are
expensed when incurred and they are not included in goodwill.
The non-controlling interests i.e. the minority shares in a subsidia-
ry acquired are measured at either fair value or at the amount
corresponding to the minority shareholders’ proportional share
of the net assets acquired. When the Group acquires shares
from the minority shareholders, the difference between the
acquisition cost and the book value of the share of the net assets
acquired is recognized directly to equity and the goodwill does
not change anymore after the original acquisition of controlling
majority. Also the gains and losses from the sale of shares to mi-
nority shareholders are recognized directly in equity. The losses
incurred are allocated also to the minority shareholders, even if
this would lead to a negative share. The Group’s equity and ear-
nings attributable to the non-controlling interests are presented
separately. Changes in ownership of subsidiaries, which do not
lead to loss of control, are recognised as equity transactions.
All intra-Group business transactions, internal receivables and
liabilities, internal margins for inventories and fixed assets, as
well as internal profit distribution have been eliminated when
preparing the consolidated financial statements.
The Group does not have associated companies or joint ventu-
res.
1.4 FOREIGN CURRENCY ITEMS
Items in each group company’s financial statements are measu-
red using the currency of that company’s country (“functional
currency”). The consolidated financial statements are present-
ed in euro, which is the Company’s functional and reporting
currency.
1. GENERAL ACCOUNTING PRINCIPLES
WULFF Annual Review 2025 89
Foreign currency transactions are translated into functional
currency using the exchange rates prevailing on the dates of
the transactions. Monetary assets and liabilities denominated
in foreign currencies are retranslated into functional currency
using the exchange rates prevailing at the balance sheet date.
Non-monetary items denominated in foreign currency, measu-
red at fair value, are translated using the exchange rates at the
date when the fair value was determined.
Foreign exchange gains and losses from operating business
transactions are recorded in the appropriate, corresponding
income statement accounts included in operating profit. Also
foreign exchange gains and losses arising from the translati-
on of foreign-currency-denominated trade receivables and
trade payables are recorded in the related income statement
accounts included in operating profit. Foreign exchange gains
and losses from the translation of foreign-currency-denominated
loan receivables and liabilities as well as monetary assets are
recognized in financial income and expenses. Exchange diffe-
rences arising on a monetary item that forms a part of a net in-
vestment in a foreign operation are recognized in the statement
of other comprehensive income and finally on the disposal of the
net investment they are recognized in the income statement.
Income statements of foreign subsidiaries, whose functional and
reporting currency is not euro, are translated into euro using
the monthly average exchange rates. Their balance sheets are
translated using the exchange rates of balance sheet date. The
translation differences arising from the translation of income
statements and balance sheets as well as from the elimination
of internal ownership and the exchange differences resulting
from translating equity incurred after the date of acquisition are
recognized in the statement of other comprehensive income and
the cumulative translation differences are presented in equity.
On the disposal of a subsidiary functioning in foreign currency,
that entity’s cumulative translation difference is recognized in the
income statement as part of the gain or loss on the sale.
Any goodwill arising from the acquisition of a foreign company
and any fair value adjustments to the carrying amounts of assets
and liabilities arising on the acquisition are treated as assets
and liabilities of the foreign subsidiary and retranslated using the
exchange rate of balance sheet date.
1.5 CRITICAL ACCOUNTING ESTIMA-
TES AND MANAGEMENT JUDGMENTS
The IFRS principles require the management to make estimates
and assumptions when preparing financial statements. Mana-
gement’s estimates and assumptions are based on historical
experience and plausible future scenarios which are evaluated
constantly. Possible changes in estimates and assumptions are
recognized in the accounting period during which estimates
and assumptions were revised, and in all subsequent accounting
periods. Market and general economic situation development
may affect the variables underlying the estimates and the final
outcome may differ significantly from estimates. The changes in
estimates affect the income and expenses for the financial pe-
riod as well as the values of assets and liabilities in the balance
sheet. Estimates and judgments are needed also for applying the
Group’s accounting policies.
The key assumptions concerning the future and other key sources
of estimation uncertainty at the balance sheet date, that have
significant risk of causing material adjustments to the carrying
amounts of assets and liabilities within the next accounting pe-
riod, are related to the valuation of the Group’s assets (invento-
ries, receivables), goodwill impairment testing (future cash flow
estimates, discount rates) and recognition of deferred taxes (the
probability of utilizing tax losses).
1.6 ADOPTION OF NEW AND UPDAT-
ED IFRS STANDARDS
The consolidated financial statements have been prepared in
accordance with the previous years’ accounting standards,
adopting also the new and updated IFRS standards and inter-
pretations that have come into effect as of January 1, 2025.
Wulff Group has not yet adopted the new and amended stan-
dards and interpretations already issued by the IASB. The Group
will adopt them as of the effective date or, if the date is other
than the first day of the financial year, from the beginning of the
subsequent financial year.
According to the management’s assessment amended standards
and interpretations that come into force on 1.1.2026 do not
have a significant effect on the consolidated financial statements.
IFRS 18 Presentation of Financial Statements and Disclosures
is effective for annual periods beginning on or after January
1, 2027. IFRS 18 replaces IAS 1 Presentation of Financial
Statements. IFRS 18 focuses on the presentation of financial
statements and disclosures. Key changes include a new income
statement structure, the introduction of separate income and
expense categories (operating, investing and financing) and
expanded disclosure requirements for Management Performan-
ce Measures (MPMs). IFRS 18 does not have an impact on
how companies measure financial performance and is expected
to only impact the presentation of the income statement, balance
sheet, cash flow statement and disclosures.
Based on a preliminary assessment, Wulff expects the impact of
IFRS 18 to be minimal on the Group’s result. Some items currently
in other operating income will be transferred to investing and
some of the current financing items will be transferred to opera-
ting. These items are considered moderate by management. The
presentation of the Group’s cash flow statement will change so
that interest paid/received and dividends currently presented
in operating cash flows will be included in financing/investing
cash flows. A more detailed impact analysis will be completed
during 2026.
1.7 EUROPEAN SINGLE ELECTRONIC
FORMAT (ESEF)
Annual Report of 2024 has also been published according
to the European Single Electronic Format (ESEF) -reporting requi-
rements as XHTML-file. which is the official version of this report.
The ESEF-statement of Wulff Group Plc has been audited.
90 WULFF Annual Review 2025
2.1 NET SALES
2. FINANCIAL PERFORMANCE
NET SALES
EUR 1 000 2025 2024
Revenue recognized at a single point in time 76 697 78 797
Revenue recognized over time 45 629 24 018
Total 122 326 102 815
Revenues recognized at a single point in time include
net sales of workplace products and services. Revenues
recognized over time consist of exhibition services, recruit-
ment and staff leasing services, accounting and financial
management services, printing and document manage-
ment solutions and consulting services .
ACCOUNTING PRINCIPLES
Wulff Group companies offer workplace products and ser-
vices, staff leasing services, accounting and financial manage-
ment services, consulting services, exhibition, event, and space
design services both internationally and domestically, as well as
solutions and services for office and professional printing and
document management.
In the group’s income statement, net sales includes the sales re-
venue of goods and services, from which indirect taxes, granted
discounts, customer rebates and exchange rate differences on
trade receivables denominated in foreign currency have been
deducted. Sales revenue from the sale of goods is recognized
when the performance obligation has been fulfilled. The perfor-
mance obligation has been fulfilled when control has passed to
the customer, typically when the product has been delivered to
the customer in accordance with the terms of delivery.
The sale of workplace products and services is recognized as
revenue when the parties have accepted the customer agree-
ment in writing or orally or in another usual way (for example,
dealing in stores), when the separable goods and/or service
have been handed over, control has passed to the customer
and the performance obligation has been fulfilled. Monetary
revenue is based on the values according to the customer
agreement of the goods and services delivered by the time of
review. The return according to the customer contracts is not
changeable afterwards. . Invoicing is done normally at time of
delivery of the products and services.
The sale of solutions and services for office and professional
printing and document management, accounting and financial
management services, and staff leasing services is recognized
as revenue over time when the parties have accepted the
customer agreement in writing or in another conventional way
and when the customer receives and consumes the benefit from
the service.
Regarding the consulting business, individual work-based
definition and delivery projects are recognized as income
according to the progress of the performance over time. Long-
term, fixed-price projects are recognized over time based on
the degree of completion, when the final result of the project
can be reliably estimated. The degree of completion is defined
for each project as a share of the expenses resulting from the
work completed up to the time of review of the estimated total
expenses of the project. If the estimates of the project change,
the realized sales and margin are changed in the period when
the change is known and can be estimated for the first time.
The exhibition services of Wulff Entre Oy, subsidiary that offers
exhibition, event, and space design services, are monetized
over time, i.e. essentially at the start of the exhibition, when the
customer receives and consumes the benefit from the service.
In the consulting business and in the exhibition services , the
end products do not have alternative uses. In these businesses,
the nature of customer contracts is such that the customer is
obliged to pay the contract price even if the customer cancels
the unfinished work.
The group’s net sales do not include the internal business transa-
ctions of the group companies .
WULFF Annual Review 2025 91
NET SALES BY GROUP COMPANIES’ LOCATIONS
EUR 1 000 2025 2024
Finland 100 712 82% 81 251 79%
Sweden 17 112 14% 16 922 16%
Norway 9 804 8% 9 828 10%
Denmark 1 086 1% 991 1%
Net sales between countries -6 387 -5% -6 176 -6%
Net sales total 122 326 100% 102 815 100%
Wulff Group companies are located in the Nordic countries. According to IFRS 8, the consolidated net sales are presented by the geographical location of
both the group companies and the customers. Non-current assets of the group companies located in different countries consist of goodwill as well as other
intangible and tangible assets. As required by IFRS 8, these geographical segments’ assets do not include non-current financial assets and deferred tax assets.
GEOGRAPHICAL INFORMATION
NET SALES BY CUSTOMERS’ LOCATIONS
EUR 1 000 2025 2024
Finland 99 594 81% 76 758 75%
Sweden 10 786 9% 10 855 11 %
Norway 9 805 8% 9 843 10%
Denmark 1 158 1% 1 010 1%
Other European countries 381 0% 3 173 3%
Other countries 602 0% 1 177 1%
Net sales total 122 326 100% 102 815 100%
NON-CURRENT ASSETS BY GROUP COMPANIES’ LOCATIONS
EUR 1 000 2025 2024
Finland 23 173 85% 20 029 83%
Sweden 4 209 15% 4 055 17%
Norway 2 0% 3 0%
Total non-current assets 27 384 100% 24 087 100%
92 WULFF Annual Review 2025
2.2 SEGMENT INFORMATION
ACCOUNTING PRINCIPLES
The two actual reporting segments of the Wulff Group are the Worklife
Services Segment and Products for Work Environments Segment. Wulff
Group’s top operational decision-maker, the Group’s Board of Directors,
regularly monitors the results of the reporting segments in order to evaluate
the business units and decide on the allocation of resources. The Worklife
Services Segment includes staff leasing services, accounting and financial
management services, consulting services, exhibition, event, and space de-
sign services both internationally and domestically, as well as solutions and
services for office and professional printing and document management.
The Products for Work Environments Segment consists of the business of
workplace products and services in Finland and Scandinavia. Additionally
the Group’s parent company Wulff Group Plc, its subsidiary with leasing
operations, Wulff Leasing Oy, and Wulff Tilitoimistot Oy with financial
services make the Group Services segment which includes group manage-
ment’s general costs which cannot be allocated on a reasonable basis to
Worklife Services and Products for Work Environments Segments.
The segments’ performance is reviewed and the Group Executive Board’s
and the Board of Directors’ decision-making related to resource allocation
is based on the segments’ operating result (IFRS). Intersegment transactions
are market-priced. Intra-segment transactions are eliminated from the seg-
ment’s income and the inter-segment eliminations are presented separately
in the following reconciliation. Fixed management expenses from group
services are allocated to Worklife Services and Products for Work Envi-
ronments in proportion of the usage of those internal services. Impairment
of goodwill arising from an acquisition of a subsidiary is allocated to the
segment of that subsidiary. The principles for preparing the segments are the
same as for preparing the financial statements. Financial items and income
taxes are handled at the group level and are therefore not allocated to
operating segments.
NET SALES BY OPERATING SEGMENTS
EUR 1 000 2025 2024
Worklife Services Segment
Sales to external customers 45 947 24 017
Intragroup sales to other segments 829 678
Total Worklife Services Segment 46 777 24 695
Products for Work Environments Segment
Sales to external customers 76 374 78 797
Intragroup sales to other segments 39 24
Total Products for Work Environments Segment 76 413 78 821
Group Services
Sales to external customers 5 1
Intragroup sales to other segments 1 155 1 377
Total Group Services 1 160 1 378
Intragroup eliminations between sgements -2 023 -2 079
Total net sales 122 326 102 815
Revenue from any individual customer did not exceed 10 percent share of the consolidated revenue in
2025 or 2024.
WULFF Annual Review 2025 93
RESULT BY OPERATING SEGMENTS 2025
EUR 1 000 Worklife Services Products for Work
Environments
Group Services and
non-allocated items
Group
Net sales 46 777 76 413 -863 122 326
Expenses -43 537 -72 816 1 610 -114 744
Earnings before depreciation (EBITDA) 3 240 3 596 746 7 583
Depreciations -1 010 -1 347 -431 -2 787
Operating profit (EBIT) 2 230 2 249 316 4 795
Financial income (non-allocated) 105 105
Financial expenses (non-allocated) -1 213 -1 213
Profit before taxes 2 230 2 249 -793 3 687
RESULT BY OPERATING SEGMENTS 2024
EUR 1 000 Worklife Services Products for Work
Environments
Group Services and
non-allocated items
Group
Net sales 24 695 78 821 -701 102 815
Expenses -23 551 -74 765 918 -97 399
Earnings before depreciation (EBITDA) 1 143 4 056 217 5 416
Depreciations -528 -1 377 -332 -2 237
Operating profit (EBIT) 615 2 679 - 115 3 180
Financial income (non-allocated) 159 159
Financial expenses (non-allocated) -1 230 -1 230
Profit before taxes 615 2 679 -1 186 2 109
2.2 SEGMENT INFORMATION
94 WULFF Annual Review 2025
2.3 OTHER OPERATING INCOME
EUR 1 000 2025 2024
Sales gains from tangible assets 916 33
Rental income 43 50
Other 264 133
Total 1 224 216
EUR 1 000 2025 2024
Materials, supplies and products
Purchases during the financial year 77 992 66 614
Change in inventories 1 711 -623
Freights 4 625 5 382
External services 2 536 1 244
Total 86 864 72 617
2.4 MATERIALS AND SERVICES
ACCOUNTING PRINCIPLES
Other operating income includes income other than the actual sale
of goods and services, such as capital gains, rental income and
other similar income, which are not included in net sales. Rental
income is recorded in equal installments in the income statement
on an accrual basis during the rental period.
Wulff entered into a sale-and-leaseback agreement for its Espoo premises, Mutual Real Estate Company
Kilonkallio 1. The value of the transaction was EUR 6.25 million, and a ten-year lease agreement was
signed in connection with it, resulting in a lease liability of EUR 4.2 million recorded on the balance sheet.
At the same time, the company repaid bank loans by EUR 3.0 million. A non-recurring capital gain of EUR
0.8 million was recorded from the transaction, which has been removed from the comparable result.
WULFF Annual Review 2025 95
EUR 1 000 2025 2024
Salaries and fees 16 988 14 090
Pension expenses (defined contribution plans) 2 840 2 301
Other personnel expenses 1 162 908
Total 20 990 17 299
Average number of employees in accounting period 327 271
Personnel at the end of period 343 292
2.5 EMPLOYEE BENEFITS
Information about the management’s employment benefits and loans is presented in Note 4.4 Related party information. Details about related party shareholdings are
presented under Board and management.
ACCOUNTING PRINCIPLES
PENSION OBLIGATIONS
Group companies have pension plans based on local conditions and practices. Pension plans are classified as either defined contribution or defined benefit
plans. In payment-based arrangements, the group makes fixed payments to a separate unit. If the unit is unable to pay the pension benefits in question, the group
has no legal or factual obligation to make additional payments. All such plans that do not meet these criteria are defined benefit pension plans
The statutory pension insurance for the group’s Finnish personnel is defined contribution. The costs arising from the payment-based system are recorded in the
income statement for the periods during which the obligation to pay has arisen. According to IFRS, the group’s pension arrangement for Swedish employees is
defined benefit. In the group, the arrangement is processed as a payment basis, because the insurance company is unable to provide the necessary information .
96 WULFF Annual Review 2025
2.6 OTHER OPERATING EXPENSES
EUR 1 000 2025 2024
Rents 25 129
Travel expenses 1 012 963
ICT expenses 1 591 1 438
External logistics expenses 815 964
Marketing, PR and entertainment expenses 1 106 947
Credit losses and amortization of sales receivables 135 42
Credit loss allowance of customer contracts according to IFRS 9 -55 15
Fees to auditors* 146 132
Other 3 339 3 069
Total 8 113 7 700
APPROVED AUDIT FIRM BDO
EUR 1 000 2025 2024
Audit 51 60
Total 51 60
*Fees to auditors total in all group companies.
The Group did not have material research and development expenses in the current or previous year.
OTHER APPROVED AUDIT FIRMS
EUR 1 000 2025 2024
Audit 81 72
Other services 14 -
Total 95 72
WULFF Annual Review 2025 97
2.7 AMORTIZATION, DEPRECIATION AND IMPAIRMENT
There was no impairment of goodwill in other long-term intangible or tangible assets during 2025
or 2024.
EUR 1 000
2025
2024
Amortization and depreciation during the period:
Amortization of intangible assets:
Other intangible assets
433
433
Customer relationships
553
299
Total amortization of intangible assets
986
732
Depreciation of tangible assets:
Buildings
357
424
Machinery and equipment
391
337
Other tangible assets
11
11
Total depreciation of tangible assets
75 9
772
Depreciation of right-of-use assets
Buildings
751
499
Machinery and equipment
292
234
Total depreciation of right-of-use assets
1 043
73 3
Total amortization and depreciation
2 787
2 237
2.8 FINANCIAL INCOME AND EXPENSES
EUR 1 000 2025 2024
Financial income:
Interest income 49 149
Dividend income 37 -
Foreign exchange gains and other financial income 19 10
Financial income total 105 159
Financial expenses:
Interest expenses 633 931
Interest expenses on finance leases 210 61
Other financing expenses 341 141
Foreign exchange losses and other financial expenses 29 97
Financial expenses total 1 213 1 230
98 WULFF Annual Review 2025
INCOME TAXES IN THE INCOME STATEMENT
EUR 1 000 2025 2024
Income taxes for the financial years -705 -397
Income taxes for the previous financial years 0 -4
Deferred taxes:
Change in deferred tax assets 1077 192
Change in deferred tax liabilities -991 -77
Total -619 -285
INCOME TAX RECONCILIATION
EUR 1 000 2025 2024
Profit before taxes 3 687 2 109
Income taxes according to the Finnish tax rate (2024-2023: 20.0%) -737 -422
Different tax rates abroad -27 -37
Non-deductible expenses and tax-free income -91 0
Tax impact from the current year's losses for which no deferred tax asset is recognized -164 -199
Income taxes from previous financial years 0 -4
Changes in deferred tax assets and liabilities from previous years 484 424
Group consolidation and eliminations -83 -47
Income taxes in the income statement -619 -285
Effective tax rate 16.8% 13.6%
2.9 INCOME TAXES
ACCOUNTING PRINCIPLES
The Group’s income taxes consist of current taxes based on the
group companies’ profits, the taxes related to previous years and
the changes in deferred taxes. Taxes related to other comprehensive
income are recognized in the statement of other comprehensive
in- come. Current tax is calculated for the taxable income with
the tax rates enacted in each country. The taxes are adjusted with
previous years’ tax impacts, if necessary. Deferred tax liabilities and
assets are recorded from the temporary differences between the
accounting and tax values of assets and liabilities using tax rates
approved or practically approved at the time of closing the ac-
counts. Deferred tax liability is recorded in full for taxable temporary
differences.
Deferred tax assets are recorded from deductible temporary diffe-
rences, unused losses and tax credits to the extent that it is likely that
taxable income will be generated in the future or there are taxable
temporary differences against which unused tax losses, tax credits
and deductible temporary differences can be utilized. The usability
of deferred tax assets is assessed at the end of each reporting
period. If it does not seem likely that sufficient taxable income will
be accumulated to cover the utilization of deferred tax assets, the
amount of deferred tax assets is reduced. Correspondingly, if it
seems likely that sufficient taxable income will be accumulated, the
write-down of deferred tax assets is cancelled .
WULFF Annual Review 2025 99
CHANGES IN DEFERRED TAXES 2025
EUR 1 000 1.1.2025 Income statement Other changes 31.12.2025 Set off of tax 31.12.2025
Net
Deferred tax assets:
Confirmed losses and tax credits 1 128 -92 1 036 1 036
Provisions 56 -18 38 38
Depreciation differences 395 -85 310 310
Leases - 1 272 56 1 328 -950 379
Other temporary differences 66 0 -56 9 9
Deferred tax assets total 1 645 1 077 - 2 722 -950 1 772
Deferred tax liabilities:
Leases - 950 -950 0
Other temporary differences 250 41 6 1 247 297
Deferred tax liabilities total 250 991 6 1 247 -950 297
Deferred tax assets, net 1 395 86 -6 1 475 - 1 475
2.9 INCOME TAXES
CHANGES IN DEFERRED TAXES 2024
EUR 1 000 1.1.2024 Income statement Other changes 31.12.2024
Deferred tax assets:
Confirmed losses and tax credits 891 239 -1 1 128
Provisions 60 -4 1 56
Depreciation differences 440 -45 395
Other temporary differences 63 3 66
Deferred tax assets total 1 454 192 0 1 645
Deferred tax liabilities:
Other temporary differences 177 77 -3 250
Deferred tax liabilities total 177 77 -3 250
Deferred tax assets, net 1 277 116 3 1 395
For the Group companies’ previous years’ confirmed
taxable losses, a deferred tax asset of EUR 1 036
thousand (1 128) has been booked, of which EUR 287
thousand (624) will fall due in five to ten years and EUR
749 thousand (504) will fall due within five years. As
of December 31, 2025, the Group had confirmed tax
losses carried forward of EUR 3 664 thousand (5 546)
for which the deferred tax asset of EUR 733 thousand
(1 109) has not been recognized in the consolidated
financial statements because the realization of the tax
benefit before their expiry is uncertain. The consolidated
balance sheet as of December 31, 2025 includes defer-
red tax assets of EUR 15 thousand (235) in group com-
panies which made a loss in 2025. The recognition of
these assets is based on profit estimates, which indicate
that the realization of these deferred tax assets is pro-
bable. The Finnish companies’ deferred tax assets from
previous years’ confirmed losses, which can be used
in 10 years, can be utilized against the company’s own
future profits and also against group contributions grant-
ed by other Finnish group companies where the Group’s
ownership is 90 percentages at minimum.
Deferred tax arising from lease agreements has been
presented on its own line starting in 2025, as it is a
significant part of the Group’s deferred taxes.
100 WULFF Annual Review 2025
2025 2024
Profit for the period attributable to the equity holders of the parent company, EUR 1 000 2 130 1 778
Number of shares 6 907 628 6 907 628
Weighted average of the number of outstanding shares 6 796 004 6 796 004
Earnings per share (EPS); diluted = non-diluted, EUR 0.31 0.26
2.10 EARNINGS PER SHARE
ACCOUNTING PRINCIPLES
Non-diluted profit per share is calculated by dividing the profit
for the financial year attributable to the shareholders of the parent
company by the weighted average of the number of outstanding
shares during the financial year. The group has no open option
programs or other financial instruments that would have dilutive
effects, so diluted earnings per share are the same as non-diluted.
WULFF Annual Review 2025 101
3.1 GOODWILL AND INTANGIBLE ASSETS
3. RESTRICTED CAPITAL, CAPITAL STRUCTURE AND FINANCIAL RISKS
ACCOUNTING PRINCIPLES
An intangible asset is initially measured at cost in the
event that the acquisition cost can be determined reliably
and it is likely that the expected financial benefit resulting
from the asset will benefit the Group. The residual values
and useful lives of the assets are reviewed at least at the
end of each financial period and, if necessary, adjusted
to reflect changes in the expectations of financial benefit.
Borrowing costs directly resulting from the acquisition,
construction or manufacture of an asset that meets the
conditions are capitalized as part of the acquisition cost
of that asset.
GOODWILL
Goodwill represents the excess of the acquisition cost, the
non-controlling interests and the previously owned share
in total over the fair value of the Group’s share of the net
identifiable assets of a subsidiary acquired. Goodwill is
allocated to those cash-generating units that are expect-
ed to benefit from the synergies arising from the business
combination. Goodwill is not systematically amortized
but it is tested annually for possible impairment. Goodwill
is measured at the original value less impairment which is
not cancelled later.
OTHER INTANGIBLE ASSETS
Intangible assets include copyrights, licenses, softwares
and webstore project costs. Intangible assets are stated
at cost, amortized on a straight-line basis over the expect-
ed useful lives and adjusted for any impairment charges.
Government grants related to the acquisition of an intan-
gible asset are deducted from the acquisition cost of the
asset. Intangible assets acquired in a business combinati-
on are measured at the acquisition date’s fair value.
CUSTOMER RELATIONSHIPS
Products for Work Environments Segment recognises
the incremental costs of obtaining a contract in other
intangible assets when the company has acquired a
customer contract exceeding twelve months in time and
the company expects to recover the costs. Incremental
costs of obtaining a contract are costs, which incure to
the company in acquiring the customer contract, which
would have not incurred, if the customer contract was not
acquired. The incremental costs of obtaining a contract
are expensed over the contract period, normally over
three years time. The costs of obtaining a contract, which
would have incurred whether the contract was acquired
or not, are expensed in the profit and loss statement. The
costs of fulfilling the customer contracts are recognized
according to the IAS 2 Inventories -standard.
Worklife Services Segment recognises the incremental
costs of obtaining a contract in other intangible assets
when the company has acquired a customer contract
exceeding twelve months in time and the company expe-
cts to recover the costs. Incremental costs of obtaining
a contract are costs, which incure to the company in
acquiring the customer contract, which would have not
incurred, if the customer contract was not acquired. The
incremental costs of obtaining a contract are expensed
over the contract period. In Wulff Works staff leasing,
the usual duration of the customer relationship is three
years. The usual duration of a customer relationship for
accounting and financial management services is ten
years. The costs of obtaining a contract, which would
have incurred whether the contract was acquired or not,
are expensed in the profit and loss statement.
THE EXPECTED USEFUL LIVES ARE
Goodwill no depreciations; impairment testing
Softwares 3–10 years straight-line
Customer relationships 3–10 years straight-line
Other intangible assets 3–5 years straight-line
Intangible assets under construction no depreciations; impairment testing
102 WULFF Annual Review 2025
3.1 GOODWILL AND INTANGIBLE ASSETS
ACCOUNTING PRINCIPLES
IMPAIRMENT
The carrying amounts of tangible and intangible assets are
reviewed at each balance sheet date to determine whether there
are any indications of impairment. If indications exist, the reco-
verable amount of the asset is estimated. Indications of potential
need for impairment may be for example changes in market
conditions and sales prices, decisions on significant restructurin-
gs or changes in profitability. Goodwill, intangible assets with
indefinite useful lives and intangible assets under construction are
in all cases tested annually. For the purposes of assessing impair-
ment, assets are grouped at the lowest cash-generating-unit level
for which there are separately identifiable, mainly independent
cash flows.
An impairment loss is recognised if the carrying amount of an
asset exceeds its recoverable value. An impairment loss is the
amount by which the carrying amount of the assets exceeds
the recoverable amount. The recoverable amount is the asset’s
value-in- use determined by discounted future net cash flows
expected to be generated by the asset. Discount rate used is a
pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the asset. Impairment loss
is immediately recognized in the income statement. An impair-
ment loss attributable to a cash-generating unit is deducted first
from the goodwill allocated to the cash-generating unit, and the-
reafter equally from the unit’s other assets. In connection with the
impairment loss recognition, the asset’s useful life is reassessed
for the depreciations. A previously recognized impairment loss is
reversed if there has been a change in the estimates determining
the recoverable amount. However, the reversal of the impair-
ment must not lead to a value higher than the carrying amount
determined without any impairment loss in prior years. Goodwill
impairment losses are not reversed.
WULFF Annual Review 2025 103
2025, EUR 1 000
Goodwill Other intagible assets Customer relationships Advance payments Intangible assets total
Acquisition cost, Jan 1 15 324 3 154 2 373 121 20 973
Additions 2 733 107 508 46 3 394
Business acquisitions 4 936 940
Disposals -138 -138
Translation differences 82 -16 67
Acquisition cost, Dec 31 18 139 3 111 3 817 167 25 235
Accumulated depreciation and impairment, Jan 1 -4 391 -1 043 -959 - -6 393
Disposals 13 8 138
Depreciation during the period -433 -553 -986
Translation differences 10 10
Accumulated depreciation and impairment, Dec 31 -4 391 -1 327 -1 512 - -7 230
Book value, Jan 1 10 933 2 112 1 414 121 14 579
Book value, Dec 31 13 748 1 784 2 305 167 18 004
2024, EUR 1 000
Goodwill Other intagible assets Customer relationships Advance payments Intangible assets total
Acquisition cost, Jan 1 13 216 5 702 301 0 19 219
Additions 361 486 121 968
Business acquisitions 2 155 13 923 3 091
Disposals -2 260 -2 260
Reclassifications between accounts -663 663 0
Translation differences -46 0 -46
Acquisition cost, Dec 31 15 324 3 154 2 373 121 20 973
Accumulated depreciation and impairment, Jan 1 -4 391 -3 380 -149 - -7 920
Disposals 2 260 2 260
Reclassifications between accounts 511 - 511 0
Depreciation during the period -433 -299 -732
Translation differences -1 -1
Accumulated depreciation and impairment, Dec 31 -4 391 -1 043 -959 - -6 393
Book value, Jan 1 8 824 2 323 153 - 11 299
Book value, Dec 31 10 933 2 112 1 414 121 14 579
3.1 GOODWILL AND INTANGIBLE ASSETS
104 WULFF Annual Review 2025
3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
ACCOUNTING PRINCIPLES
Tangible assets are stated at historical cost, depreciated
on a straight-line basis over the expected useful life and
adjusted for any impairment charges. Tangible assets
acquired in a business combination are valued at the
acquisition date’s fair value.
Expected useful lives of tangible assets are reviewed at
each balance sheet date and, if they differ significantly
from previous estimates, the depreciation times are chan-
ged accordingly. Land is not depreciated as it is deemed
to have an indefinite life.
Ordinary maintenance and repair costs are expensed as
incurred.
Gains and losses on sales and disposals are determined
as the difference between the proceeds received and
the carrying amount. Those gains and losses are included
in other operating income and expenses in the income
statement. Possible group-internal margins from asset
transfers are eliminated in the consolidation process.
Depreciations are discontinued when the tangible asset
is classified as being held- for-sale in accordance with
standard IFRS 5 Non-Current Assets Held-for-sale and
Discontinued Operations.
RIGHT-OF-USE ASSETS
The consolidated financial statements include lease
expenses especially from rented premises, cars, and
appliances. The lessee recognises lease agreements
as right-of-use assets in the balance sheet’s tangible
assets when it has got a right of possession in exchange
for payments and correspondingly as lease agreement
liabilities of the remaining lease agreement liabilities’
net present value. The lease agreement expenses are
presented in the income statement as straight-line based
depreciations over the lease agreement period and as
financial expenses according to the lease agreements
discount rate. The lease agreement liability is valued at
the net present value by discounting the liability using the
management’s estimate of the incremental borrowing rate
THE EXPECTED USEFUL LIVES ARE
Buildings 20 years straight-line
Machinery and equipment 3-8 years straight-line
Cars and vehicles 5 years straight-line
Other tangible assets 5–10 years straight-line
Tangible assets under construction no depreciations; impairment testing
at the start of the lease agreement. The lease payments
are presented as cash flow from financing activities in the
cash flow statement
The Group applies the exemption permitted by the
standard not to recognize short-term, less than 12 month,
leases or leases with a low value of the underlying
asset in the balance sheet. Short-term lease agreements
and low value lease items are presented in the income
statement as other operating expenses over the leasing
period. The right-of-use assets were not subleased. The
lease agreements do not include any significant variable
lease expenses that should be taken into consideration in
the valuation of right-of-use assets. Rental agreements do
not include residual value guarantees .
WULFF Annual Review 2025 105
2025, EUR 1 000
Land Buildings Machinery and
equipment
Other tangible assets Tangible assets total
Acquisition cost, Jan 1 1 245 7 692 2 829 125 11 890
Additions 652 652
Business acquisitions 26 26
Disposals -834 -3 324 -349 -4 507
Translation differences 52 -10 -5 37
Acquisition cost, Dec 31 411 4 420 3 147 12 0 8 098
Accumulated depreciation and impairment, Jan 1 - -2 093 -1 666 -53 -3 811
Disposals 752 330 1 082
Depreciation during the period -357 -391 - 11 -759
Translation differences 95 17 5 117
Accumulated depreciation and impairment, Dec 31 - -1 602 -1 709 -59 -3 371
Book value, Jan 1 1 245 5 599 1 163 72 8 079
Book value, Dec 31 411 2 817 1 438 61 4 727
2024, EUR 1 000
Land Buildings Machinery and
equipment
Other tangible assets Tangible assets total
Acquisition cost, Jan 1 1 245 7 692 3 055 169 12 161
Additions 580 580
Business acquisitions 41 41
Disposals -848 -44 -892
Translation differences 0 0 0 0
Acquisition cost, Dec 31 1 245 7 692 2 829 125 11 890
Accumulated depreciation and impairment, Jan 1 - -1 584 -2 121 -82 -3 787
Disposals 838 838
Reclassifications between accounts -41 41 0
Depreciation during the period -424 -337 - 11 -772
Translation differences -85 -5 0 -91
Accumulated depreciation and impairment, Dec 31 - -2 093 -1 666 -53 -3 811
Book value, Jan 1 1 245 6 108 934 87 8 374
Book value, Dec 31 1 245 5 599 1 163 72 8 079
3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
10 6 WULFF Annual Review 2025
3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
RIGHT-OF-USE ASSETS
2025
Buildings Machinery and equipment Right-of-use assets total
Acquisition cost, Jan 1 3 627 1 831 5 458
Additions 3483 332 3 815
Business acquisitions 445 445
Disposals -380 -1030 -1 410
Acquisiton cots, Dec 31 7 175 1 133 8 308
Accumulated depreciation and impairment, Jan 1. -2 624 -1 399 -4 023
Disposals 380 1 030 1 410
Depreciation during the period - 751 -292 -1 043
Accumulated depreciation and impairment, Dec 31 -2 995 -661 -3 656
Book value, Jan 1 1 002 432 1 435
Book value, Dec 31 4 180 473 4 652
Relevant lease agreements are recognized as right-of-use assets. Right-of-use assets include rental agreements on premises, cars and printing devices.
Lease agreement liabilities have been presented in 3.7
2024
Buildings Machinery and equipment Right-of-use assets total
Acquisition cost, Jan 1 3 391 1 668 5 060
Additions 688 441 1 129
Business acquisitions 359 5 364
Disposals - 811 -283 -1 095
Acquisiton cots, Dec 31 3 627 1 831 5 458
Accumulated depreciation and impairment, Jan 1. -2 937 -1 448 -4 385
Disposals 811 283 1 095
Depreciation during the period -499 -234 -733
Accumulated depreciation and impairment, Dec 31 -2 624 -1 399 -4 023
Book value, Jan 1 455 220 675
Book value, Dec 31 1 002 432 1 435
The expenses relating to short-term leases amounted to EUR 0.0 million (0.1).
The cash-flow of all lease agreements was EUR 1.3 million (0.7).
WULFF Annual Review 2025 107
3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST
EUR 1 000 2025 2024
Products for Work Environments / Finland 3 500 3 500
Products for Work Environments / Scandinavia 1 482 1 399
Worklife Services / Exhibition services 1 671 1 671
Worklife Services / Printing services 1 424 1 424
Worklife Services/ Financial management services 5 671 2 938
Goodwill total 13 748 10 933
ACCOUNTING PRINCIPLES
Consolidated goodwill is not amortized systematically but their
book values are tested for possible impairment at least annual-
ly and additionally when the management has noted signs of
possible impairment, e.g. due to decreased profitability per-
formance. Wulff Group tests its goodwill values separately for
each cash-generating unit. In goodwill impairment tests the car-
rying amount is compared to the unit’s discounted present value
of the recoverable cash flows i.e. the value in use. Estimated
cash flows are based on management estimates.
The discount factor in the impairment tests is based on weighted
average cost of capital (WACC) before taxes. Weighted
average cost of capital represents the overall expense of both
equity and external loan financing, taking into account also the
different return expectations and special risks related to diffe-
rent assets. The discount rate was based on reference groups’
equity structure, balance sheets, and annual financial data.
An impairment loss is recorded for an asset when its book value
exceeds the recoverable amount. An impairment loss recorded
on goodwill is not reversed under any circumstances .
Impairment tests have been performed in the last
quarter of 2025, which is why the tested values may
differ from the values at the balance sheet date.
Estimated cash flows are based on management
estimates.
In goodwill impairment tests the carrying amount is
compared to the unit’s discounted present value of
the recoverable cash flows i.e. the value in use, where
the previous profit performance level, the next year’s
budget approved by the Board, as well as manage-
ment’s estimates for future years revenue and profit
development are considered. The testing calculations’
five-year estimate period consists of the budget year
and the following four estimate years where a moder-
ate, approximately two-percent annual growth is
estimated in each business area. After this five-year
estimate period, the so-called eternity value is based
on a 1.0%-point growth assumption. The budgets and
later years’ estimates used in the testing are carefully
estimated and the growth expectations are moderate
considering also the previous realized development.
The assets tested include goodwill together with
that cash-generating unit’s other assets and working
capital.
The discount factor in the impairment tests is based
on weighted average cost of capital (WACC)
before taxes. Weighted average cost of capital
represents the overall expense of both equity and
external loan financing, taking into account also
the different return expectations and special risks
related to different assets. The risk-free rate, risk
factor (beta), and risk premium parameters used to
determine the discount rate are based on informati-
on available from the market.
Of the goodwill related to the Products for Work
Environments business, the share of the Finnish
operations, which consists of the goodwill formed
by the acquisition of Wulff Oy Ab, is EUR 3.5
million (3.5) on December 31, 2025, and the share
of Scandinavia, which consists of the acquisition
of Wulff Supplies AB, is EUR 1.5 million (1.4). The
main assumptions of the calculations, along with the
mentioned growth assumption, are the maintaining
of customer profitability in the business area of
workplace products, cost management of logis-
tical costs and synergy benefits from the Nordic
workplace supplies cooperation.
108 WULFF Annual Review 2025
3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST
The goodwill generated from the acquisition of Wulff Entre Oy,
the exhibition, event and commercial interior design service busi-
ness, related to the Worklife Services business, is EUR 1.7 million
(1.7). The goodwill generated by the acquisition of document
management and printing services, i.e. Mavecom Palvelut Oy, is
EUR 1.4 million (1.4). The goodwill generated from acquisitions
related to the financial management and accounting services
business is EUR 4.8 million (2.8). Profitability development, which
is based on plans approved by the management, is used as a
key assumption in determining cash flows. Profitability develop-
ment is affected by business growth forecasts, changes in the fo-
cus areas in the service selection and pricing, staff retention and
success in recruitment, and the development of business costs.
In the 2025 impairment test, the recoverable amounts of all
cash-generating units exceeded their book value.
2025 2024
Workplace products and services, Finland Used value Change Used value Change
Discount rate 10.7% increase of 5.6 percentage points 11.6% increase of 1.8 percentage points
Average EBITDA, % of sales 5.2% decrease of 1.5 percentage points 4.8% decrease of 0.8 percentage points
Workplace products and services, Scandinavia Used value Change Used value Change
Discount rate 11 .1 % increase of 18.0 percentage points 12.0% increase of 8.0 percentage points
Average EBITDA, % of sales 9.1% decrease of 4.6 percentage points 4.9% decrease of 1.3 percentage points
Exhibition, event, and interior design services Used value Change Used value Change
Discount rate 13.5% increase of 13.2 percentage points 11.8% increase of 2.6 percentage points
Average EBITDA, % of sales 6.5% decrease of 3.2 percentage points 5.1% decrease of 0.6 percentage points
Document management and printing services Used value Change Used value Change
Discount rate 13.8% increase of 2.1 percentage points 13.1% increase of 1.5 percentage points
Average EBITDA, % of sales 10.6% decrease of 1.4 percentage points 11.0% decrease of 1.1 percentage points
Financial management services Used value Change Used value Change
Discount rate 13.6% increase of 39.4 percentage points 13.1 % increase of 42.6 percentage points
Average EBITDA, % of sales 20.5% decrease of 12.3 percentage points 26.3% decrease of 19.4 percentage points
SENSITIVITY ANALYSIS IN IMPAIRMENT
TESTING
The key assumptions used in determining value in use are defined
by the Group Management. The most important assumptions are:
• discount rate
• average EBITDA margin (EBITDA/Net sales).
Sensitivity analyses have been made on the assumption that
the average EBITDA margin will decrease or that the discount
rate will increase. The table below presents a change in the key
assumption which (with other assumptions remaining unchan-
ged) would cause the recoverable amount to equal the carrying
amount.
WULFF Annual Review 2025 109
3.4 INVENTORIES
EUR 1 000 2025 2024
Products 10 989 12 313
Work in process 1 3
Prepayments for inventories 245 498
Total 11 235 12 814
Write-down of inventories 1 031 627
ACCOUNTING PRINCIPLES
Inventories are valued at the lowest value, either acquisition
cost or net realizable value. The acquisition cost is determined
using the FIFO method (first-in, first-out) or alternatively using the
weighted average price method, if it leads to approximately
the same result as the FIFO method.The selection of the method
takes place on a company-by-company basis, depending on
the type of the company’s inventory and the possibilities of the
information systems. The net realizable value is normal the esti-
mated sales price obtained in the business minus the estimated
necessary expenses arising from the sale. All purchase costs,
including purchase freight, are included in the acquisition cost
of products.
The group regularly examines the obsolescence and turnover
rate of the inventory, as well as the possible reduction of the
net realizable value below the acquisition cost, and records
impairment if necessary. These reviews require estimates of
the future demand for the products. Possible changes in these
estimates may cause changes in the valuation of inventory in
future periods.
In the value of inventories, depreciation due to obsolescence
and slow-moving inventories is taken into account, based on
the management’s estimate of the probable net realizable
value.
110 WULFF Annual Review 2025
3.5 FINANCIAL ASSETS
ACCOUNTING PRINCIPLES
FINANCIAL ASSETS
Financial assets are classified as financial assets measu-
red at fair value through profit or loss, financial assets
held-to-maturity, loans and other receivables as well as
available-for-sale financial assets. The Group determines
the classification of its financial assets upon the initial
recognition and re-evaluates this designation annually.
Financial assets include current and non-current assets
and they can be interest-bearing or non-interest-bearing.
FINANCIAL ASSETS RECOGNIZED AT FAIR
VALUE THROUGH PROFIT OR LOSS
Financial assets recognized at fair value through profit or
loss include financial assets held-for-sale and financial
assets designated upon initial recognition as at fair value
through profit or loss (fair value option). Financial assets
are classified as held-for-sale if they are acquired for the
purpose of selling them in a short term. Financial assets
classified as held-for-sale are measured at fair value.
Unrealized and realized profits or losses due to changes
in fair value are recognized in the income statement
when incurred. This category also includes investments in
unlisted companies. The Group does not have derivative
financial instruments .
Financial assets with fixed or determinable payments
and fixed maturity are classified as held-to-maturity when
the Group has a positive intention and ability to hold the
instrument until maturity .
FINANCIAL ASSETS VALUED AT AMORTIZED
COST
Financial assets valued at amortized cost are non-deri-
vative assets whose associated payments are fixed or
determinable and which are not quoted on an active
market. They are not considered to be classified as held-
for-sale for trading purposes or in connection with initial
recording.
The maturity of loans and other receivables determines
whether they are recognized in current or non-current
assets. Receivables that fall due or are collected within 12
months at most from the end of the reporting period are
counted as current assets.
Loan receivables, trade receivables and other recei-
vables are carried at their anticipated realizable value,
which is the original invoicing amount less possible credit
amounts and estimated credit loss provisions. The amount
of bad debt provisions is estimated based on the risk of
individual items. Based on the estimate, receivables are
adjusted to reflect the probable value. A bad debt allo-
wance may be recognized due to e.g. trade receivables
falling significantly overdue, unsuccessful collecting
attempts or the customer’s known financial difficulties with
an increased probability of customer insolvency. Trade
receivables’ impairment losses are booked in other ope-
rating expenses and loan receivables’ impairment losses
are booked in other finance expenses. The bad-debt
provision is accounted from the first date of recognising
sales receivables according to the estimate of the expect-
ed credit losses.
CASH AND CASH EQUIVALENTS
The Group’s cash and cash equivalents comprise cash in
hand, bank deposits held at call and other cash assets.
Other cash assets consist of highly liquid investments that
can easily be exchanged for an amount of cash that is
known in advance and that have a low risk of changes in
value. The maturity of items included in other cash assets
is a maximum of three months. Bank overdrafts of those
bank accounts included in the Group’s consolidated
bank account facility are netted against those other
Group companies’ bank account amounts because the
Group has a contractual legal right to net those financial
assets with each other. Cash and cash equivalents are
valued at their amortized cost .
WULFF Annual Review 2025 111
3.5 FINANCIAL ASSETS
FINANCIAL ASSETS BY VALUATION GROUPS
2025 2024
EUR 1 000 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Other shares
Non-listed shares* 641 641
Valued at amortized cost
Long-term receivables from others** 147 138
Other short-term receivables 1 929 1 547
Trade receivables 15 035 12 790
Cash assets 2 120 1 125
Total 2 120 17 111 641 1 125 14 476 641
*Non-listed shares are valued at acquisition cost if the fair value cannot be reliably estimated or the market for the share in question is very illiquid
**Long-term receivables from others include loans granted and deposits made to guarantee rental agreements
Fair value hierarchy levels
The fair values of the financial assets on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market.
The fair values of the financial assets on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable
market inputs either directly (i.e. prices) or indirectly (i.e. derived from prices).
The fair values of the financial assets on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data, for example manage-
met estimates are utilized in generally accepted valuation models of the financial instruments on level 3.
The fair value hierarchy level, into which the entire financial instrument is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset
or liability. The significance of the information is estimated considering the financial instrument in its entirety.
No transfers between the hierarchy levels took place during the financial period.
112 WULFF Annual Review 2025
3.5 FINANCIAL ASSETS
TRADE RECEIVABLES
EUR 1 000 2025 2024
Trade receivalbes from related parties 7 4
Trade receivables from others 15 028 12 787
Trade receivables total 15 035 12 790
AGING STRUCTURE OF TRADE RECEIVABLES
2025 2024
EUR 1 000
Trade receivables
gross
Bad debt pro-
vision
Trade receivables
net
Trade receivables
gross
Bad debt
provision
Trade receivables
net
Not due 13 679 - 137 13 542 90% 11 822 -93 11 7 2 9 92%
Due
Less than 1 month 1 432 -29 1 403 9% 1 187 - 125 1 061 8%
More than 1 month - less than 6 months 221 -49 173 1% 102 -102 0 0%
More than 6 months -36 -47 -83 -1% 4 -4 0 0%
Trade receivables total 15 296 -261 15 035 100% 13 115 -324 12 790 100%
Sales receivables are non-interest-bearing and fall due in 14-60 days. Credit losses expensed during the financial year 2025 and bad debt allowance expense according to the IFRS 9 are reported in Note
2.6 Trade receivables do not include significant concentrations of credit risk .
WULFF Annual Review 2025 113
3.5 FINANCIAL ASSETS
OTHER RECEIVABLES
EUR 1 000 2025 2024
Valued added tax receivables 29 19
Other receivables 94 74
Other receivables total 123 92
ACCRUED INCOME AND EXPENSES
EUR 1 000 2025 2024
Income tax receivable 72 5
Employee benefit accruals 148 63
Other sales accruald from customer contracts 369 58
Sales accruals of exhibitions 6 -
Other accruals 1 211 1 329
Accruals total 1 807 1 455
Sales accruals of exhibitions include uninvoiced receivables related to customer agreements for
exhibitions already held and other completed projects.
CASH AND CASH EQUIVALENTS
EUR 1 000 2025 2024
Cash and bank 2 120 1 125
Total 2 120 1 125
The Group has a credit limit of EUR 5.5 million, of which EUR 5.5 million was unused at the end of
the financial year .
114 WULFF Annual Review 2025
3.6 NOTES ON EQUITY
ACCOUNTING PRINCIPLES
The purchase price of Wulff Group Plc’s own shares acquired by the group is recorded on the date of ac-
quisition as a reduction of the group’s equity in the Treasury shares fund. The acquisition and disposal of own
shares and related expense items are presented in the Statement of Changes in Equity. The dividend propo-
sed by the board is deducted from the distributable equity only after approval by the General Meeting.
Share capital
The parent company’s share capital EUR 2.65 million consists
of 6,907,628 shares with one vote each and with no par value.
There were now changes in treasury shares during 2025 and
2024.
Treasury shares
At the end of December 2025, the Group held 111,624
(111,624) own shares representing 1.6% (1.6) of the total
number and voting rights of Wulff shares. The acquired shares
are intended to be used to implement business acquisitions in
accordance with the company’s growth strategy or other ar-
rangements that are part of the company’s business, to improve
the company’s financial structure, as part of the implementation
of the company’s incentive system, or to otherwise be further
transferred or annulled.
Share options and share rewards
The group has no valid option programs or share reward
systems.
Share premium fund and fund for invest-
ed non-restricted equity
Share premium fund and the fund for invested non-restricted
equity consist of the share value exceeding the par value in
share issues in 1999-2008. There were no changes in the share
premium fund and the fund for invested non-restricted equity.
Translation differences
Translation differences arise from translation of foreign-
currency-denominated subsidiaries.
Shares total Treasury shares Outstanding shares
1.1.2024 6 907 628 - 111 6 2 4 6 796 004
31.12.2024 6 907 628 - 111 6 2 4 6 796 004
31.12.2025 6 907 628 - 111 6 2 4 6 796 004
WULFF Annual Review 2025 115
DISTRIBUTABLE FUNDS AND DIVIDEND DISTRIBUTION
The Group’s parent company Wulff Group Plc’s distributable funds totalled EUR 5.6 million. The Board of Directors proposes to the Annual
General Meeting that dividend of EUR 0.17 per share will be distributed for the financial year 2025 totalling EUR 1 .2 million. After the
dividend the parent company’s distributable funds will be EUR 4.4 million.
PARENT COMPANY’S DISTRIBUTABLE FUNDS
EUR 1 000 31.12.2025 31.12.2024
Fund for invested non-restricted equity 676 051 676 051
Treasury shares -331 804 -331 804
Retained earnings from previous years 2 616 796 166 853
Net result for the period 2 632 791 3 537 304
Distributable funds total 5 593 834 4 048 404
- dividend to be distributed -1 155 321 -1 087 361
Funds left in retained earnings 4 438 513 2 961 043
EUR 1 000 31.12.2025 31.12.2024
Shares total 6 907 628 6 907 628
- Treasury shares held - 111 6 2 4 - 111 6 2 4
Shares which are paid dividend 6 796 004 6 796 004
x Dividend per share (EUR) 0 .17 0.16
Dividends total 1 155 321 1 087 361
3.6 NOTES ON EQUITY
116 WULFF Annual Review 2025
3.7 FINANCIAL LIABILITIES
ACCOUNTING PRINCIPLES
Financial liabilities are classified into long-term and short-
term liabilities: the latter include all those financial liabilities
whose payment the group does not have the absolute right
to postpone for at least 12 months from the end of the repor-
ting period. The financial debt (or part of it) is written off the
balance sheet only when the debt has ceased to exist, i.e.
when the obligation specified in the contract has been fulfil-
led or canceled or its validity has ceased. Financial liabilities
are initially recognized at the fair value of the consideration
received plus directly attributable transactions costs. After
the initial recognition, they are subsequently measured at
amortized cost using the effective interest method. Gains
and losses are recognized in the income statement when
PAYMENT SCHEDULE FOR THE INTEREST-BEARING FINANCIAL LIABILITIES
Book value Payment schedule (years)
EUR 1 000 31.12.2025 2026 2027 2028 2029 2030 Later
Non-current financial liabilities:
Loans from financial institutions 7 248 2 102 1 977 1 750 743 676
Lease agreement liabilities 5 318 1 155 1 010 610 434 2 109
Non-current financial liabilities total 12 566 3 257 2 987 2 360 1 177 2 786
Current financial liabilities:
Credit facility - -
Loans from financial institutions 2 394 2 394
Lease agreement liabilities 1 226 1 226
Current financial liabilities total 3 620 3 620
The Group’s bank loans are based on variable interest rates
and their fair values correspond to their carrying amounts in the
balance sheet. The bank loans’ average interest rate based on
mainly short market interest rates, was approximately 4.3% at the
end of 2025 (5.7).
Two of the loans from financial institutions, approximately EUR
1.1 million, were withdrawn in Swedish crowns to finance the
Swedish contract sales premises acquisition. Of these EUR 0.3
million (0.3) are due within a year and EUR 0.8 million (1.0) are
due within 1-5 years from the reporting date.
During 2025, the Group raised a EUR 1.0 million financing loan
for the acquisition of Tilitoimisto Lahti Oy and a EUR 0.7 million
financing loan for the acquisition of Tiliteema Oy. Both loans
will be repaid in seven years. In addition, the Group made an
additional EUR 3.0 million repayment of long-term loans in
connection with the sale of its Kilo premises .
the liabilities are derecognized, impaired and through the
amortization process. Contingent considerations for busi-
ness combinations are valued at fair value at the end of
every reporting period and classified as non-interest-bea-
ring financial liabilities. The changes in the fair value of
contingent considerations are recognized in the profit and
loss statement. The contingent consideration of business
combination is discounted using the Group’s interest rate of
additional external financing.
Borrowing costs are capitalized as part of the cost of the
qualifying asset acquired or constructed. So far, the Group
has not capitalized borrowing costs as part of the cost of
the asset because the IFRS requirements have not been
met. Other borrowing costs are expensed when incurred.
WULFF Annual Review 2025 117
3.7 FINANCIAL LIABILITIES
CHANGES IN INTEREST-BEARING LIABILITIES 2025
EUR 1 000 1.1.2025 Cash flow
Foreign exchan-
ge difference
Other change 31.12.2025
Non-current interest-bearing liabilities 10 527 -3 767 -43 532 7 248
Current interest-bearing liabilities 3 723 -840 -15 -473 2 394
Total 14 250 -4 607 -58 58 9 643
CHANGES IN INTEREST-BEARING LIABILITIES 2024
EUR 1 000 1.1.2024 Cash flow
Foreign exchan-
ge difference
Other change 31.12.2024
Non-current interest-bearing liabilities 9 666 3 489 41 -2 670 10 527
Current interest-bearing liabilities 1 281 -186 9 2 620 3 723
Total 10 947 3 303 49 -49 14 250
118 WULFF Annual Review 2025
FINANCIAL LIABILITIES BY VALUATION GROUPS
2025 2024
EUR 1 000 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Valued at amortized cost
Loans from financial institutions 9 643 13 320
Credit facility - 930
Lease agreement liabilities 6 543 1 697
Trade payables 6 859 7 189
Advances received 397 313
Other liabilities 4 150 3 121
Accrued income and expenses 7 647 5 473
Valued at fair value
Additional purchase price 318 27
Total - 19 053 16 505 - 16 096 15 974
Fair value hierarchy levels
The fair values of the financial liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market.
The fair values of the financial liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable
market inputs either directly (i.e. prices) or indirectly (i.e. derived from prices).
The fair values of the financial liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example
managemet estimates are utilized in generally accepted valuation models of the financial instruments on level 3.
The fair value hierarchy level, into which the entire financial instrument is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset
or liability. The significance of the information is estimated considering the financial instrument in its entirety.
No significant transfers between the hierarchy levels took place during the financial period .
3.7 FINANCIAL LIABILITIES
WULFF Annual Review 2025 119
3.7 FINANCIAL LIABILITIES
SHORT-TERM NON-INTEREST-BEARING LIABILITIES
Advances EUR 370 thousand are advances according to the customer contracts of future exhibitions after the reporting period netted by advances paid
to suppliers. The comparison period does not include advances paid to suppliers. The order backlog of Exhibition contracts total for events after year-end
31.12.2025 was EUR 1 582 thousand (1 869), of which 727 thousand euros (1 007) were invoiced.
Advance payments for long-term exhibition projects received before the beginning of the financial year generated net sales of EUR 966 thousand during the
financial year.
EUR 1 000 2025 2024
Additional purchase price 181 17
Yhteensä 181 17
LONG-TERM NON-INTEREST-BEARING LIABILITIES
Some of the accounting firm acquisitions include a contingent additional purchase price as a condition of the transaction. The additional purchase price has
been valued at discounted fair value based on management’s estimate. The fair value has been discounted using the Group’s additional credit interest rate
in accordance with the payment dates of the additional purchase price liability. The portion of the additional purchase price liability falling due within one
year is presented in current interest-free liabilities. All additional purchase prices are due within five years.
TRADE PAYABLES AND ADVANCE PAYMENTS
EUR 1 000 2025 2024
Trade payables 6 859 7 189
Exhibition advances from customer contracts 370 309
Other advance payments received 27 4
Total 7 256 7 502
120 WULFF Annual Review 2025
3.7 FINANCIAL LIABILITIES
OTHER CURRENT LIABILITIES
EUR 1 000 2025 2024
Value added tax liabilities 2 922 2 181
Additional purchase price 137 9
Other current liabilities 1 228 940
Other current liabilities total 4 287 3 130
ACCRUED INCOME AND EXPENSES
EUR 1 000 2025 2024
Accruals for employee benefits 6 368 4 194
Income tax liabilities 308 178
Interest accruals 68 11 6
Sales accruals - 62
Other accruals 903 923
Accrued income and expenses total 7 647 5 473
MATURITY OF SHORT-TERM NON-INTEREST- BEARING LIABILITIES
EUR 1 000 2025 2024
Due within one month 11 8 5 7 8 805
Due 1 month to 6 months 5 452 5 604
Due from 6 months to 1 year 1 881 1 697
Total 19 19 0 16 106
WULFF Annual Review 2025 121
3.8 FINANCIAL RISK MANAGEMENT
Wulff Group’s internal and external financing and financial
risk management are mainly handled by the parent company.
Group companies with non-controlling minority shareholders
may make more independent financial decisions but always
within the limits defined by the Group’s Board. The Board of Dire-
ctors determines the principles of financial risk management in
order to minimise the effects that price fluctuations in the financial
markets, as well as other uncertainty factors may have on the
result, balance sheet and cash flow.
Financial risks include currency risks, interest rate risks, liquidity
risks and credit risks managed in each subsidiary.
CURRENCY RISKS
Approximately 4/5 of the Group’s sales are made in euros and
1/5 is made in Swedish, Norwegian and Danish crowns. In
terms of import, the exposure to currency risks affects especially
the currency risks of Wulff Supplies subgroup through changes
between Sweden and Norway. Cash flows denominated in
foreign currency are subject to transaction risk, i.e. exchange
rate changes that have an impact on the group’s result and cash
flow. The Group has only minor transactions in other currencies
than euros and Nordic currencies. Short- and long-term loans
by currencies are presented in Note 3.7 of the consolidated
financial statements. The Group does not practice any specula-
tive hedging.
Translation of transactions denominated in foreign currency
into the local accounting currency, euros, causes a translation
risk. Fluctuations in exchange rates affect the group’s income
statement, cash flow statement and balance sheet. With exchan-
ge rate changes there may be an impact on certain key figures,
such as net debt and EBITDA ratio, equity ratio and debt ratio.
The group does not hedge against translation risk. A decrease
of 10% in Swedish and Norwegian crowns financial year’s
average exchange rate and financial year’s ending rate would
have decreased the financial year’s operating profit by EUR 131
thousand (117) and net profit and therefore equity by EUR 206
thousand (224). In addition the translation risk impacts the balan-
ce sheet value. The aforementioned 10% decrease of currency
rates would have increased the change in translation difference
and decreased the balance sheet value by approximately EUR
371 thousand (108).
INTEREST RATE RISKS
The Group is exposed to interest rate risk due to loans from
financial institutions and bank account limit facilities tied with
variable interest rates. Changes in market rates impact directly
the Group’s interest payments in the future. The Group does not
make any speculative interest rate agreements and to date, no
interest rate swaps have been utilized for managing interest
rate risks. One percentage point increase of the interest rates
in 2025 would have resulted in EUR 116 thousand (117) higher
interest expenses, hence EUR 116 thousand (117) lower equity
and a 0.1 percentage point (0.1) lower equity ratio.
LIQUIDITY RISKS
Group companies operate with their own cash flows and if
necessary, they are funded also with the Group’s internal finan-
cing. In order to ensure good liquidity, the Group emphasises
the subsidiaries’ independence in the management of operating
cash flow and working capital. Liquidity risk is managed on the
group level with Group bank account arrangements in Finland
and Scandinavia. Continuous supervision is used to assess and
monitor the financing needed for the subsidiaries’ operations.
The availability and flexibility of financing is ensured with bank
account credit limits. On December 31, 2025 the unused credit
limits totalled EUR 5.5 million (4.6) in Finland. The maturity of
loans is presented in Note 3.7.
CREDIT AND DEFAULT RISKS
The uncertainties relating to the general financial and economic
development of the group’s market areas require monitoring
the credit and default risks associated with customers and other
counterparties. The subsidiaries manage their customers’ credit
analyses and active credit control independently. Together
with the local company management, the subsidiaries’ working
capital management and related risks are monitored also on
segment and group level. The Group’s sales receivables consist
of an extensive customer base, and most of the annual sales
volume is from well-known and solvent customers. The credit loss
risk of trade receivables has been assessed in accordance with
IFRS 9 at the time of reporting, based on an estimate of future
credit losses on open trade receivables at the reporting date.
The risk management policy of each company defines the credit
risks and credit worthiness requirements, as well as the terms
of delivery and payment. Credit risk monitoring is primarily the
responsibility of the subsidiaries’ management, while the parent
company’s financial management monitors regularly the comp-
liance with the risk management principles and examines the
efficiency of the centralised own collection operations and the
outsourced collection partner. Traditionally the group compa-
nies’ credit losses have been small in relation to their net sales.
Aging analysis of sales receivables is presented in Note 3.5 of
the consolidated financial statements.
12 2 WULFF Annual Review 2025
3.8 FINANCIAL RISK MANAGEMENT
CAPITAL MANAGEMENT
Wulff Group’s capital structure management aims to ensure and
improve the operating conditions of the group companies and to
increase the Group’s shareholder value in a sustainable, optimal
way. The Group’s capital structure is evaluated by monitoring
the development in equity ratio where the long-term target is
approximately 40 percent. Group companies operate with their
own cash flows and if necessary, they are funded also
with the Group’s internal financing. The Group emphasises the
subsidiaries’ independence in the management of operating
cash flow and working capital. The Group Finance controls
centrally the group companies’ working capital management.
The Group Finance takes centrally care of the external loan
financing and agrees on the loans’ repayment schedules with the
financiers.
A part of the Group’s loan agreements include covenants, ac-
cording to which the equity ratio shall be 35.0% at minimum and
the interest-bearing debt - cash and cash equivalents /EBITDA*
ratio shall be 3.5 at maximum in the end of each financial year.
At the end of financial year 2025 there were no covenant
breaches.
*EBITDA takes into account the rolling 12-month adjusted
EBITDA of companies acquired during the financial year. The
EBITDA presented in the table does not take this into account, as
the covenant was already fulfilled before they were taken into
account.
INTEREST-BEARING LIABILITIES-CASH AND CASH EQUIVALENTS/EBITDA RATIO
EUR 1 000 2025 2024
Interest-bearing debt 9 643 14 250
Leasing liabilities 6 543 1 697
Interest-bearing debt total 16 186 15 947
Cash and cash equivalents 2 120 1 125
EBITDA* 7 583 5 416
Interest-bearing debt - cash and cash equivalents / EBITDA 1.9 2.7
EQUITY RATIO
EUR 1 000 2025 2024
Equity (including non-controlling interests) 24 447 22 481
Balance sheet total 60 302 54 801
-Advances received -397 - 313
Total 59 905 54 488
Equity ratio 40.8% 41.3%
WULFF Annual Review 2025 12 3
4.1 BUSINESS ACQUISITIONS AND SALES
4. GROUP STRUCTURE AND OTHER NOTES
ACQUISITIONS
During the financial year, the Group made several acquisitions in the Worklife
Services Segments Wulff Accounting -business. Acquisitions are a key part of
the Group’s growth strategy. In the acquisition of Convido Ab Oy, 70% of the
company’s share capital was purchased, while in other acquisitions, the entire
share capital or business of the target company was purchased. The goodwill
generated in acquisitions typically consists of the value of the acquired per-
sonnel and the future profit potential of the acquisition target. Expenses arising
from acquisitions have been recognized as expense. The impact of the 2025
acquisitions on the operating profit for the financial year was EUR 281 thousand
and on the net sales EUR 2 490 thousand. Had the acquisitions taken place
at the beginning of the financial year 2025, their estimated impact would have
been approximately EUR 515 thousand on the operating profit of the financial
year and approximately EUR 4 139 thousand on the net sales.
The contingent consideration recorded as a liability for acquisitions made in
2025 is a total of EUR 318 thousand. The recorded contingent consideration is
based on the management’s assessment of the likely realization of the financial
and operational goals separately agreed upon at the time of the transaction.
During the financial year, contingent consideration has been recognised in
other operating income in the amount of EUR 5 thousand. At the balance sheet
date, a liability of EUR 318 thousand (27) has been recognised for contingent
consideration. The maximum amount of outstanding contingent consideration
under the agreements is EUR 954 thousand (30).
The Group has made one business acquisition after the end of the financial
year. The acquisition was carried out on January 8, 2026 and preliminary ad-
ditional information is provided in the following tables. The transaction acquired
the entire share capital of Yrittäjäin Tilitieto Oy and at the same time, Lännen
Tilitieto Oy, a 100% owned subsidiary of Yrittäjäin Tilitieto Oy, was acquired by
the Group. The figures presented in the tables take into account the figures of the
entire subgroup.
EUR 1 000
Date of
acquisition
Acquisition type
Method of
payment
Purchase price *
Maximum contin-
gent consideration
Hämeen TiliDiili Oy 9.1.2025 Share purchase Cash 750
Convido Ab Oy, 70 % 13.2.2025 Share purchase Cash 1 100 504
Tili-Aatu Oy 17.6.2025 Business acquisition Cash 20
Tilitoimisto Lahti Oy 1.7.2025 Share purchase Cash 1 118 162
Tiliteema Oy 1.12.2025 Share purchase Cash 1 255 268
4 242 934
Acquisitions in 2026
Yrittäjäin Tilitieto Oy 8.1.2026 Share purchase Cash 1 983 642
*The purchase price presented in the tables includes management’s estimate of the contingent consideration and the cash assets in excess of the operating cash flow.
ACQUISITION DETAILS IN TABLE BELOW:
ACCOUNTING PRINCIPLES
Assets and liabilities acquired in business combinations are
valued at fair value at the time of acquisition. The fair values
used as the basis for the allocation of acquired assets and
liabilities are determined as far as possible in accordance
with the available market values. If market values are not
available, the valuation is based on the asset’s estimated
income-generating capacity and its future purpose of use in
the group’s business.
The acquired business operations have been combined in
the consolidated financial statements from the moment the
group gained control over the acquired business, and the
sold operations have been included until the control ceases.
The transferred consideration, including the conditional
purchase price and the identifiable assets and liabilities of
the acquired company, are valued at fair value at the time
of acquisition. Acquisition-related expenses are recorded
as expenses in the period in which they are incurred.
The share of non-controlling owners in the target of a
business acquisition is valued either at fair value or as
a proportional share of the identifiable net assets of the
target of acquisition at the time of acquisition.
The valuation of intangible assets is based on the present
values of future cash flows and requires management’s
estimates of future cash flows and the use of assets. The
goodwill generated in business acquisitions typically con-
sists of the value of the acquired personnel and the future
profit potential of the acquisition target.
124 WULFF Annual Review 2025
4.1 BUSINESS ACQUISITIONS AND SALES
2025
EUR 1 000
Hämeen TiliDiili
Oy
Convido Ab Oy Tili-Aatu Oy Tilitoimisto Lahti Oy Tiliteema Oy Yhteensä
Immaterial rights 4 4
Property, plant and equipment 24 1 1 26
Customer relationships 113 409 20 254 160 956
Right-of-use-assets 79 269 77 106 5 31
Cash and cash equivalents 210 71 66 308 655
Other current assets 20 241 111 142 514
Total assets 422 1 017 20 509 718 2 687
Trade payables and other payables 69 257 11 0 146 582
Leasing liabilities 79 269 77 106 531
Total liabilities 14 8 525 - 187 252 1 113
Net assets 274 492 20 322 466 1 573
Paid in cash 750 928 20 1 000 1 250 3 948
Contingent consideration recognized 172 118 6 295
Consideration booked 750 1 100 20 1 118 1 255 4 243
Net assets of acquisition target (less minority interest) - 274 -344 -20 -322 -466 -1 573
Goodwill 476 756 - 796 789 2 669
Minority share at the time of the acquisition - 14 8 - - - 14 8
The fair values of the acquired assets and liabilities at the time of acquisition were as follows:
WULFF Annual Review 2025 12 5
4.1 BUSINESS ACQUISITIONS AND SALES
EUR 1 000
Date of
acquisition
Acquisition type
Method of
payment
Purchase price*
Maximum contin-
gent consideration
Bokföringsbyrå Lundström Ab 16.2.2024 Share purchase Cash 856
Sandström & Lundstöm Oy Ab 16.2.2024 Share purchase Cash 589
Raahen Tase Oy 10.6.2024 Share purchase Cash 2 120
Toda Consulting Oy 1.11.2024 Business acquisition Cash 80
Ab Bokföringsbyrå Esse Tilitoimisto Oy 26.11.2024 Share purchase Cash 15 0 30
Aktiva Redovisning Åland Ab 11.12.2024 Share purchase Cash 200
3 995 30
2024 ACQUISITION DETAILS IN TABLE BELOW :
126 WULFF Annual Review 2025
4.1 BUSINESS ACQUISITIONS AND SALES
2024
EUR 1 000
Bokföringsbyrå
Lundström Ab
Sandström &
Lundstöm Oy Ab
Raahen Tase Oy Toda Consulting Oy
Ab Bokföringsbyrå
Esse Tilitoimisto Oy
Aktiva Redovisning
Åland Ab
Yhteensä
Immaterial rights 7 6 13
Property, plant and equipment 29 3 2 4 3 41
Customer relationships 109 162 336 78 15 0 87 923
Right-of-use-assets 135 25 17 76 111 364
Other shares 200 200
Cash and cash equivalents 50 26 716 100 32 924
Other current assets 129 42 63 20 47 301
Total assets 458 259 1 315 97 350 286 2 766
Trade payables and other payables 220 37 130 124 50 561
Leasing liabilities 135 25 17 76 111 364
Total liabilities 355 63 130 17 200 161 925
Net assets 10 3 196 1 185 80 15 0 12 5 1 840
Paid in cash 856 589 2 120 80 120 200 3 965
Contingent consideration recognized 30 30
Consideration booked 856 589 2 120 80 150 200 3 995
Net assets of acquisition target -103 -196 -1 185 -80 -150 - 125 -1 840
Goodwill 752 393 935 - - 75 2 155
The fair values of the acquired assets and liabilities at the time of acquisition were as follows:
WULFF Annual Review 2025 12 7
4.1 BUSINESS ACQUISITIONS AND SALES
2025
EUR 1 000 Yrittäjäin Tilitieto Oy Total
Property, plant and equipment 13 13
Customer relationships 891 891
Right-of-use-assets 241 241
Cash and cash equivalents 348 348
Other current assets 405 405
Total assets 1 899 1 899
Trade payables and other payables 209 209
Leasing liabilities 241 241
Total liabilities 451 451
Net assets 1 448 1 448
Paid in cash 1 971 1 971
Contingent consideration recognized 12 12
Consideration booked 1 983 1 983
Net assets of acquisition target -1 448 -1 448
Goodwill 535 535
CHANGES IN THE HOLDINGS OF NON-CONTROLLING
INTERESTS
In the financial year 2025, Wulff Group Plc acquired the 25% minority interest in Naxor Holding
Oy, in addition, there were changes in the non-controlling interests in the Works business companies
and at the balance sheet date the Group’s ownership varied between 21-51% depending on the
company. In the financial year 2024, there were no changes in non-controlling interests, except for
the Wulff Works and Wulff Consulting business companies, where the Group’s ownership varied
between 21-58% depending on the company.
128 WULFF Annual Review 2025
Group companies by segment
Country Group's ownership and
voting rights%
Parent company's owner-
ship and voting rights%
Group Services
1. Parent company Wulff Group Plc Finland
2. Wulff Leasing Oy Finland 100% 0%
3. Wulff Tilitoimistot Oy Finland 100% 100%
Products for Works Environments
4. Naxor Finland Oy Finland 100% 0%
5. Naxor Holding Oy Finland 100% 100%
6. Wulff Oy Ab Finland 100% 100%
7. S Supplies Holding AB Sweden 89% 89%
8. Wulff Supplies AB Sweden 89% 0%
9. Wulff Supplies AS Norway 89% 0%
10. Wulff Supplies A/S Denmark 89% 0%
4.2 GROUP COMPANIES
Worklife Services
11. Ab Bokföringsbyrå Esse Tilitoimisto Oy Finland 100% 100%
12. Aktiva Redovisning Åland Ab Finland 100% 100%
13. Bokföringsbyrå Lundström Ab Finland 100% 100%
14. Convido Ab Oy Finland 70% 70%
15. Hämeen TiliDiili Oy Finland 100% 100%
16. Mavecom Palvelut Oy Finland 100% 100%
17. Sandström & Lundström Oy Ab Finland 100% 40%
18. Talouspalvelut Helmitaulu Oy Finland 100% 0%
19. Tiliteema Oy Finland 100% 0%
20. Tilitoimisto Lahti Oy Finland 100% 100%
21. Tilitoimisto Raahen Tase Oy Finland 100% 100%
22. Wulff Consulting Oy Finland 58% 58%
WULFF Annual Review 2025 129
Group companies by segment
Country Group's ownership and
voting rights%
Parent company's owner-
ship and voting rights%
Worklife Services
23. Wulff Doctors Oy Finland 38% 0%
24. Wulff Ekonomi Oy Finland 100% 100%
25. Wulff Entre Oy Finland 100% 100%
26. Wulff Pro Oy Finland 36% 0%
27. Wulff Talent Oy Finland 38% 0%
28. Wulff Works Bon Staff Oy Finland 27% 0%
29. Wulff Works Etelä Oy Finland 34% 0%
30. Wulff Works Green Oy Finland 25% 0%
31. Wulff Works Horeca Oy Finland 44% 0%
32. Wulff Works Kainuu Oy Finland 38% 0%
33. Wulff Works Keski Oy Finland 36% 0%
34. Wulff Works Logistics Oy Finland 21 % 0%
35. Wulff Works Länsi Oy Finland 36% 0%
36. Wulff Works Oulu Oy Finland 36% 0%
37. Wulff Works Oy Finland 51 % 51 %
38. Wulff Works Pirkanmaa Oy Finland 34% 0%
39. Wulff Works Pohjanmaa Oy Finland 36% 0%
40. Wulff Works Porvoo Oy Finland 36% 0%
41. Wulff Works Sata Oy Finland 25% 0%
42. Wulff Works Satakunta Oy Finland 36% 0%
43. Wulff Works Savo Oy Finland 36% 0%
44. Wulff Works Technology Oy Finland 25% 0%
45. Wulff Works Vaasa Oy Finland 45% 0%
In Wulff Works -companies, control is based on the right to appoint the majority of the board. See a list of the
companies on the next page.
4.2 GROUP COMPANIES
130 WULFF Annual Review 2025
4.3 MATERIAL SHARES OF NON-CONTROLLING INTERESTS
THE SUMMARY OF FINANCIAL INFORMATION OF SUBSIDIARIES
WITH MATERIAL NON-CONTROLLING INTEREST SHAREHOLDING
Share of non-controlling owners
Country 2025 2024
Convido Ab Oy Finland 30 %
Wulff Consulting Oy Finland 42 % 42 %
Wulff Works -companies:
Wulff Doctors Oy Finland 62 %
Wulff Pro Oy Finland 64 %
Wulff Talent Oy Finland 62 %
Wulff Works Bon Staff Oy Finland 73 % 77 %
Wulff Works Etelä Oy Finland 66 % 66 %
Wulff Works Green Oy Finland 75 % 75 %
Wulff Works Horeca Oy Finland 56 % 62 %
Wulff Works Kainuu Oy Finland 62 %
Wulff Works Keski Oy Finland 64 % 64 %
Wulff Works Logistics Oy Finland 79 % 79 %
Wulff Works Länsi Oy Finland 64 % 64 %
Wulff Works Oulu Oy Finland 64 %
Wulff Works Oy Finland 49 % 49 %
Wulff Works Pirkanmaa Oy Finland 66 % 66 %
Wulff Works Pohjanmaa Oy Finland 64 % 64 %
Wulff Works Porvoo Oy Finland 64 % 64 %
Wulff Works Sata Oy Finland 75 %
Wulff Works Satakunta Oy Finland 64 % 64 %
Wulff Works Savo Oy Finland 64 % 64 %
Wulff Works Technology Oy Finland 75 % 64 %
Wulff Works Vaasa Oy Finland 55 % 57 %
The company has 23 subsidiaries with a material (at least 25%) non-controlling interest. The figures for Wulff Works -companies are presented in accordance
with the subgroup formed by the subsidiaries before intra-group eliminations. The parent of the Works subgroup is Wulff Works Oy.
WULFF Annual Review 2025 131
2025 2024
EUR 1 000
Convido Ab Oy
Wulff Consulting
Oy
Works-companies Total
Wulff Consulting
Oy
Works-companies Total
Summary of the comprehensive income
Net sales 1 569 862 32 523 34 954 55 14 904 14 959
Operating profit 222 10 1 314 1 547 -66 -184 -250
Comprehensive income 178 2 1 165 1 346 -66 -85 - 151
Comprehensive income attributable to non-controlling interests 53 1 799 853 -28 -10 -38
Summary of financial position
Current assets 647 91 6 178 6 916 56 2 671 2 727
Non-current assets 37 23 870 930 29 492 521
Current liabilities 417 78 5 512 6 007 77 2 973 3 050
Non-current liabilities 0 100 1 081 1 181 75 570 645
Net assets 267 -64 456 658 -66 -380 -446
Equity attributable to non-controlling interests 201 -27 578 752 -28 - 111 -139
Summary of cash flow
Cash flow from operating activities 361 -16 1 454 1798 -58 -84 - 141
Cash flow from investing activities -20 0 -62 -82 -29 -183 - 212
Cash flow from financing activities 0 16 -1 392 -1376 87 266 353
Change in cash and cash equivalents 341 0 0 341 0 0 0
Dividends granted to non-controlling interests - - 112 112 - 101 101
Changes in the shares of subsidiaries are presented in Note 4.1
4.3 MATERIAL SHARES OF NON-CONTROLLING INTERESTS
13 2 WULFF Annual Review 2025
4.4 RELATED PARTY INFORMATION
The Group’s related parties consist of parent company’s Board of Directors and Group Executive Board members as well as their family members
and their controlled companies, subsidiaries, associates and joint ventures.
The Group’s parent and subsidiary relationships have been presented in Note 4.2. The Group does not have any investments in associates or joint
ventures.
SUMMARY OF BOARD MEMBERS’ BENEFITS
EUR 1 000 2025 2024
Board members' salaries and fees
Kari Juutilainen 4/2018-9/2025 Chair of the Board 4/2019-9/2025 10 15
Jussi Vienola 4/2018- 15 15
Kristina Vienola 4/2018- 15 15
Lauri Sipponen 4/2020- Chair of the Board 9/2025- 15 15
Board members benefits total 55 60
SUMMARY OF GROUP EXECUTIVE BOARD’S EMPLOYMENT BENEFITS
EUR 1 000 2025 2024
Salaries and other short-term remuneration 696 590
Fringe Benefits 23 23
Bonuses 60 56
Other long-term remuneration, additional pension benefits 8 8
Group Executive Board’s employee benefits total 787 677
WULFF Annual Review 2025 13 3
4.4 RELATED PARTY INFORMATION REMUNERATION OF THE BOARD
REMUNERATION OF THE BOARD
According to the Company’s Articles of Association, the Annual
General Meeting determines the remuneration of the Board
Members. The fees of the Board Members are paid in fixed
amounts of cash. In 2025 and 2024 a monthly fee of EUR 1,250
was paid to the Chairman of the Board and Board Members.
The Group has not granted loans, guarantees or other contin-
gencies to the Board Members
REMUNERATION OF THE GROUP CEO
The Board determines the Group CEO’s remuneration and other
contractual issues. The Group CEO is entitled to statutory pensi-
on. Pension age and additional pension benefits have not been
determined in the Group CEO contracts.
The Board appointed Elina Rahkonen as the Wulff Group Plc
CEO on September 17, 2019 and she started in her position on
September 30, 2019. In 2025, the remuneration of CEO Elina
Rahkonen consisted of monetary wages and fringe benefits of
the amount of EUR 221 thousand (218).
The Group CEO is entitled to bonus holiday pay and to a
bonus scheme to be determined later. The period of notice is
three months from the Group CEO side and six months from the
company’s side. In case the company resigns the Group CEO
contract one-sidedly the Group CEO is entitled to a severance
payment equal to three months salary
REMUNERATION OF SENIOR
MANAGEMENT
Remuneration of senior management consists of salaries paid
in cash, fringe benefits, additional pensions, annually-deter-
mined performance-based bonuses and possible share-based
incentives. Bonuses paid in addition to fixed monthly salaries are
based on financial performance and the person’s individual
goal-setting. No share-based incentives were paid in 2025 or
2024.
The Group CEO determines the contractual terms, salaries and
possible other benefits and incentives of the Executive Board
Members. The remuneration of the Group Executive Board is
presented in the attached table. In 2025 and 2024, the Group
Executive Board consisted of Sami Asikainen from October 10,
2025, Olli Lätti from October 10, 2025, Iiris Rajala, Tarja Törmä-
nen, Trond Fikseaunet, and Group CEO Elina Rahkonen.
Of the Executive Board members, Tarja Törmänen’s communica-
tion and marketing director service is obtained as a outsourced
service and during 2025 the service costs amounted to EUR
108 thousand (108). The outsourced service is included in other
operating expenses and has been presented also in the table for
Related Party transactions.
BUSINESS TRANSACTIONS WITH RELATED PARTIES
EUR 1 000
2025
2024
Sales to related parties
74 0
403
Purchases from related parties
21 5
14 6
Sales and purchases with the related parties consist of normal, market-priced transactions with the non-group companies under
control of influence of the Board members or top management. The purchases from related parties include communication and
marketing director service EUR 108 thousand (108).
The Group had no loan receivable from a company under influence of a related party at year-end 2025 or 2024.
In addition to this, the Group Companies have made payments to each other for e.g. products and services. These internal income
and expenses have been eliminated within the Group Financial Statements according to the ordinary group consolidation regula-
tions.
134 WULFF Annual Review 2025
4.5 COMMITMENTS
EUR 1 000 2025 2024
Mortgages and guarantees on own behalf
Business mortgage for the Group’s loan liabilities 19 150 17 650
Business mortgages, free 2 200 7 064
Subsidiary shares pledged as security for group companies’ liabilities 17 938 13 585
Real estate mortgages 3 500 3 500
Subsidiary shares pledged as security for group ompanies’ liabilities are presented here in their book value in the owner company’s balance sheet and they consist of Wulff
Entre Oy (EUR 1 387 thousand), S Supplies Holding AB (1 178), Wulff Oy Ab (9 935), Bokföringsbyrå Lundström Ab (875), Tilitoimisto Lahti Oy (1 149), Tiliteema Oy (1
259), and Tilitoimisto Raahen Tase Oy (2 154)..
Rent agreements have been presented on the group balance sheet accoring to the IFRS 16 Lease agreements -standard.
Wulff Group Plc has pledged the Wulff Supplies AB’s loan from Nordea to Nordea raised on 9.1.2019. In addition, Wulff Group Plc has provided a pledged Wulff Tilitoi-
mistot Oy’s current and future loans.
The rents expensed during the financial year are presented in Note 2.6
PARENT
COMPANY’S
FINANCIAL
STATEMENT
136 WULFF Annual Review 2025
PARENT COMPANY’S INCOME STATEMENT, FAS
EUR Note 1.1.-31.12.2025 1.1.-31.12.2024
Net sales 1 576 433.00 486 707.00
Other operating income 2 3 353 184.01 76 953.09
Personnel expenses 3 -851 032.47 -628 818.00
Other operating expenses 4 -1 260 180.31 -98 344.91
Depreciation and amortization according to plan 5 -159 829.52 -160 662.25
Operating profit/loss 1 658 574.71 -324 165.07
Financial income 6 2 031 561.62 4 494 503.49
Financial expenses 6 -749 504.64 -1 275 035.92
Profit/Loss before appropriations 2 940 631.69 2 895 302.50
Appropriations 7 -74 722.57 525 131.30
Profit/Loss before taxes 2 865 909.12 3 420 433.80
Income taxes 8 -233 118.53 116 869.90
Net profit/loss for the period 2 632 790.59 3 537 303.70
WULFF Annual Review 2025 137
PARENT COMPANY’S BALANCE SHEET, FAS
EUR Note 31.12.2025 31.12.2024
ASSETS
FIXED ASSETS
Intangible assets
Trademarks 9 900 000.00 1 050 000.00
Other intangible assets 9 3 294.74 4 482.26
Tangible assets
Machinery and equipment 9 2 173.73 4 035.37
Other tangible assets 9 24 861.24 31 641.60
Investments
Shares in Group companies 10 22 074 370.09 20 527 735.10
Other shares and holdings 380 200.00 380 200.00
Non-current receivables
Receivables from Group companies 11 2 230 814.58 2 624 068.42
Recaivables from others 20 180.34 26 907.12
Deferred tax assets 8 2 391.68 225 510.21
TOTAL FIXED ASSETS 25 638 286.40 24 874 580.08
CURRENT ASSETS
Current receivables
Trade receivables 1 116.50 -
Receivables from Group companies 11 199 075.74 2 554 782.32
Other receivables 21 265.25 -
Preaid expenses and accrued income 12 59 359.48 41 233.47
Current receivables total 280 816.97 2 596 015.79
Cash and cash equivalents 13 706 473.36 384 662.26
TOTAL CURRENT ASSETS 987 290.33 2 980 678.05
TOTAL ASSETS 26 625 576.73 27 855 258.13
PARENT COMPANY’S BALANCE SHEET, FAS
EUR Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Share capital 14 2 650 000.00 2 650 000.00
Share premium fund 14 7 889 591.50 7 889 591.50
Treasury shares 14 -331 804.16 -331 804.16
Invested unrestricted equity fund 14 676 051.20 676 051.20
Retained earnings 14 2 616 796.40 166 853.34
Net profit for the financial year 14 2 632 790.59 3 537 303.70
TOTAL SHAREHOLDERS’ EQUITY 14 16 133 425.53 14 587 995.58
LIABILITIES
Non-current liabilities
Loans from credit institutions 15 5 782 335.69 9 529 160.09
Other non-interest bearing liabilities 18 192 284.00 20 500.00
Total non-current liabilities 5 974 619.69 9 549 660.09
Current liabilities
Loans from credit institutions 15 2 085 089.76 3 468 197.55
Trade payables 16 60 834.76 24 993.11
Amounts owed to group companies 16 2 046 494.55 14 175.75
Other liabilities 18 164 716.09 36 778.57
Accrued liabilities and deferred income 17 160 396.35 173 457.48
Total current liabilities 4 517 531.51 3 717 602.46
TOTAL LIABILITIES 10 492 151.20 13 267 262.55
TOTAL EQUITY AND LIABILITIES 26 625 576.73 27 855 258.13
138 WULFF Annual Review 2025
PARENT COMPANY CASH FLOW STATEMENT
EUR 1 000
1.1.-31.12.2025 1.1.-31.12.2024
Cash flow from operating activities:
Cash received from sales 276 609
Cash received from other operating income 729 77
Cash paid for operating expenses -1 532 -389
Cash flow from operating activities before financial items and income taxes -526 297
Interest paid -645 -948
Interest received 372 492
Dividends received 1 649 3 775
Income taxes paid -10 -
Cash flow from operating activities 840 3 617
Cash flow from investing activities:
Investments in intangible and tangible assets - -3
Acquisition of shares in subsidiaries -2 797 -3 994
Sale of subsidiaries 4 261 -
Investments in other shares - - 12 9
Loans granted 3 732 -1 676
Loan receivables repaid 648 704
Cash flow from investing activities 5 844 -5 098
Cash flow from financing activities:
Dividends paid -1 087 -1 019
Changes in the shares of minority shareholders -0 -
Group contributions received 525 128
Group balance accounts (net) -1 601 -82
Withdrawals of long-term loans 1 000 3 273
Repayments of long-term loans -5 200 -479
Cash flow from financing activities -6 363 1 821
Change in cash and cash equivalents 322 340
Cash and cash equivalents on January 1 385 45
Cash and cash equivalents on December 31 706 385
NOTES TO THE
PARENT COMPANY’S
FINANCIAL STATEMENTS
140 WULFF Annual Review 2025
NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
Wulff Group Plc’s financial statements are prepared in accordance
with the Finnish accounting legislation whereas the consolidated
financial statements are prepared according to IFRS standards.
The accounting principles applied in the consolidated financial
statements are described in the notes of the consolidated financial
statements.
All figures are presented as thousands of euros and have been
rounded to the nearest thousand euros. Therefore the total sums do
not necessarily fully reconcile to the sum of individual figures.
Statutory pensions are taken care of in an external pension company
and pensions are recognized when incurred.
Income taxes are booked based on the Finnish tax and accounting
regulations.
Non-current intangible and tangible assets are valued in their acqui-
sition prices deducted by depreciations according to plan.
The company has not netted expenses charged back to group com-
panies since the financial year 2025. Previously, they were recorded
to reduce fixed costs, but now fixed costs are presented in full and
income is recorded in other operating income.
THE AMORTIZATION AND DEPRECIATION TIMES
ACCORDING TO PLAN ARE:
Trademarks: 20 year straight-line basis
Immaterial rights: 5 year straight-line basis
IT equipment: 3 year straight-line basis
Other machines and equipment: 5 year straight-line basis
Other tangible assets: 10 year straight-line basis
1. NET SALES
Net sales consist of sales income deducted by value added taxes and discounts. Service
income is recognized upon the delivery of the service. Parent company’s net sales consist of
only administrational services in Finland.
2. OTHER OPERATING INCOME
EUR 1 000 2025 2024
Rental income 516 48
Proceeds from sale of subsidiaries 2 624 -
Other 214 28
Total 3 353 77
The company sold its property Mutual Real Estate Company Kilonkallio 1 during the financial year,
generating a capital gain of EUR 2.6 million for the company.
If the Group’s onward charges in 2024 had been recorded in the same way as in 2025, the rental
income in 2024 would have been EUR 546 thousand higher and other operating income would have
been EUR 28 thousand higher.
WULFF Annual Review 2025 141
3. PERSONNEL EXPENSES
EUR 1 000 2025 2024
Salaries, wages and fees
690 539
Pension expenses
14 6 82
Other personnel expenses
16 8
Total 851 629
Average number of employees in accounting period
6 3
Personnel at the end of period
5 4
4. OTHER OPERATING EXPENSES
EUR 1 000 2025 2024
Travel expenses 30 13
ICT expenses 63 34
Marketin, PR and entertainmet expenses 99 17
Premises expenses 427 -336
Fees to auditors* 18 22
Bank expenses 12 0 83
Other 504 267
Total 1 260 98
* Fees of the parent company’s auditors:
EUR 1 000 2025 2024
Audit 18 22
Total 18 22
SUMMARY OF BOARD MEMBERS’ BENEFITS
EUR 1 000 2025 2024
Board members' salaries and fees
Kari Juutilainen 4/2018- 9/2025
Chair of the Board 4/2019-9/2025
10 15
Jussi Vienola 4/2018- 15 15
Kristina Vienola 4/2018- 15 15
Lauri Sipponen 4/2020-
Chair of the Board 9/2025-
15 15
Board members benefits total 55 60
In 2025, the remuneration of CEO Elina Rahkonen consisted of monetary wages and fringe
benefits of the amount of EUR 221 thousand (218).
If the company had recorded expenses charged back to group in 2024 the same way as in
2025, the 2024 marketing expenses would have been EUR 2 thousand higher, ICT expenses EUR
8 thousand higher, premises expenses EUR 546 thousand higher and other operating expenses
EUR 18 thousand higher.
The company entered into a sale-and-leaseback agreement for its property Mutual Real Estate
Company Kilonkallio 1 during the financial year, as a result of which its premises expenses in other
operating expenses increased by EUR 217 thousand. Previously, the amount charged by Kilonkal-
lio 1 was divided into other operating expenses and financial expenses.
142 WULFF Annual Review 2025
6. FINANCIAL INCOME AND EXPENSES
EUR1 000 2025 2024
Financial income:
Dividens from group companies 1 649 3 775
Other interest and financial income from group companies 351 697
Other interest and financial income from other 31 22
Total 2 032 4 495
Financial expenses:
Interest expenses to group companies - 132 -343
Interest expenses to others - 574 -845
Foreign exchange losses -19 -60
Other financial expenses -25 -27
Total -750 -1 275
Financial income and expenses total 1 282 3 219
5. AMORTIZATION AND DEPRECIATION DURING THE FINANCIAL YEAR
EUR 1 000 2025 2024
Amortization of intangible assets:
Trademarks 15 0 15 0
Other intagible assets 1 1
Total amortization of intangible assets 151 151
Depreciation of tangible assets:
Machinery and equipment 9 9
Total depreciation of tangible assets 9 9
Total amortization and depreciation 160 161
WULFF Annual Review 2025 143
7. APPROPRIATIONS
EUR 1 000 2025 2024
Appropriations: group contributions received/granted -75 525
Total -75 525
8. INCOME TAXES
INCOME TAXES IN THE INCOME STATEMENT
EUR 1 000 2025 2024
Advance tax -10 -
Change in deferred tax assets -223 117
Total -233 117
INCOME TAXES IN THE BALANCE SHEET
EUR 1 000 2025 2024
Deferred tax assets 2 226
144 WULFF Annual Review 2025
9. INTANGIBLE AND TANGIBLE ASSETS
2025
Trademarks Other intangible
assets
Intangible
assets total
Other tangible
assets
Machinery
and equip-
ment
Tangible
assets total
Acquisition cost, Jan 1 3 000 6 3 006 67 15 82
Additions
Acquisition cost, Dec 31 3 000 6 3 006 67 15 82
Accumulated depreciation and impairment, Jan 1 -1 950 -1 -1 951 -35 - 11 -47
Depreciation during the period -150 -1 - 151 -7 -2 -9
Accumulated depreciation and impairment, Dec 31 -2 100 -3 -2 103 -42 -13 -55
Book value, Jan 1 1 050 4 1 054 32 4 36
Book value, Dec 31 900 3 903 25 2 27
2024
Trademarks Other intangible
assets
Intangible
assets total
Other tangible
assets
Machinery
and equip-
ment
Tangible
assets total
Acquisition cost, Jan 1 3 000 6 3 006 67 12 79
Additions 3 3
Acquisition cost, Dec 31 3 000 6 3 006 67 15 82
Accumulated depreciation and impairment, Jan 1 -1 800 0 -1 800 -29 -9 -37
Depreciation during the period -150 -1 - 151 -7 -3 -9
Accumulated depreciation and impairment, Dec 31 -1 950 -1 -1 951 -35 - 11 -47
Book value, Jan 1 1 200 6 1 206 38 4 42
Book value, Dec 31 1 050 4 1 054 32 4 36
WULFF Annual Review 2025 145
10. SHARES IN GROUP COMPANIES
EUR 1 000 2025 2024
Acquisition cost, Jan 1 25 907 21 913
Additions 3 102 3 994
Sales -1 556 -
Acquisition cost, Dec 31 27 454 25 907
Accumulated depreciation and impairment, Jan 1 -5 379 -5 379
Accumulated depreciation and impairment, Dec 31 -5 379 -5 379
Book value, Jan 1 20 528 16 534
Book value, Dec 31 22 074 20 528
Wulff Group Plc made several business acquisitions
during the financial year, acquiring the shares of Hä-
meen TiliDiili Oy and Tilitoimisto Lahti Oy. In addition,
the company acquired 70% of the share capital of
Convdo Ab Oy. The business acquisitions do not
include individual significant acquisitions, but individual
acquisitions together with others form a significant enti-
ty. Detailed information on the acquisitions is provided
in Note 4.1 to the consolidated financial statements.
The company also acquired the 25% minority stake in
Naxor Holding and entered into an agreement for the
sale and leaseback of its Espoo premises, Keskinäi-
nen Kiinteistöosakeyhtiö Kilonkallio 1. The value of
the transaction was EUR 6.25 million, and a ten-year
lease agreement was signed in connection with it. In
connection with this, the company repaid bank loans
by EUR 3.0 million.
146 WULFF Annual Review 2025
11. RECEIVABLES FROM GROUP COMPANIES
NON-CURRENT
EUR 1 000 euroa 2025 2024
Capital loans 1 090 905
Other loans 1 141 1 719
Non-current receivables total 2 2 31 2 624
CURRENT
EUR 1 000 euroa 2025 2024
Trade receivables 0 3
Other receivables 199 2 026
Accrued income and prepaid expenses - 525
Current receivables total 199 2 555
Receivables from group companies total 2 430 5 179
WULFF Annual Review 2025 147
12. PREPAID EXPENSES AND ACCRUED INCOME
EUR 1 000 2025 2024
Accruals for employee benefits 4 2
Other accruals 56 40
Total 60 41
13. CASH AND CASH EQUIVALENTS
EUR 1 000 2025 2024
Carrying amount, Jan 1 385 45
Additions during the financial year 322 340
Total, December 31 706 385
148 WULFF Annual Review 2025
14. EQUITY
EUR 1 000 2025 2024
Share capital as of Jan 1 2 650 2 650
Share capital as of Dec 31 2 650 2 650
Share premium fund as of Jan 1 7 890 7 890
Share premium fund as of Dec 31 7 890 7 890
Invested unrestricted equity fund as of Jan 1 676 676
Invested unrestricted equity fund as of Dec 31 676 676
Treasury shares as of Jan 1 -332 -332
Treasury shares as of Dec 31 -332 -332
Retained earnings from previous financial years as of Jan 1 3 704 1 186
Dividend distribution -1 087 -1 019
Retained earnings from previous financial years as of Dec 31 2 617 167
Net profit for the financial year 2 633 3 537
Retained earnings total as of Dec 31 5 250 3 704
Equity total as of Dec 31 16 133 14 588
Distributable funds in EUR 1 000 as of Dec 31: 31.12.2025 31.12.2024
Invested unrestricted equity fund 676 676
Treasury shares* -332 -332
Retained earnings from previous financial years 2 617 167
Net profit for the financial year 2 633 3 537
Distributable funds total 5 594 4 048
*At the end of December 2025, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number
and voting rights of Wulff shares.
WULFF Annual Review 2025 149
15. INTEREST-BEARING LIABILITIES
Book value Payment schedule (years):
EUR 1 000 31.12.2025 2026 2027 2028 2029 2030 Myöhemmin
Non-current
Loans from financial institutions 5 782 1 710 1 585 1 408 626 453
Total 5 782 1 710 1 585 1 408 626 453
Current
Loans from financial institutions 2 085 2 085
Total 2 085 2 085
Loans from financial institutions include a short-term bank account credit limit.
16. AMOUNTS OWED TO GROUP COMPANIES
EUR 1 000 2025 2024
Accounts payable 10 14
Other liabilities 1 962 -
Accrued liabilities and deferred income 75 -
Total 2 046 14
17. ACCRUED LIABILITIES AND DEFERRED INCOME
EUR 1 000 2025 2024
Accruals for employee benefits 102 72
Interest accruals 59 102
Total 160 173
150 WULFF Annual Review 2025
19. COMMITMENTS
EUR 1 000 2025 2024
Mortgages and guarantees on own behalf:
Subsidiary shares pledged as security for own liabilities 16 679 13 585
Own business mortgages given as quarantee for own liabilities 13 600 13 600
Mortgages and guarantees on behalf of subsidiaries:
Guarantees for the loans of subsidiaries 1 751 1 253
Minimum future operating lease payments of which will be payable:
in less than one year 518 -
between 1-5 years 2 074 -
after 5 years 2 333 -
Subsidiary shares pledged as security for group’s liabilities
are presented as book values and they consist o Wulff
Entre Oy (EUR 1 387 thousand), S Supplies Holding AB (1
178), Wulff Oy Ab (9 935), Bokföringsbyrå Lundström Ab
(875), Tilitoimisto Lahti Oy (1 149), and Tilitoimisto Raahen
Tase Oy (2 154).
Wulff Group Plc has pledged the Wulff Supplies AB’s loan
from Nordea to Nordea raised on 9.1.2019. In addition,
Wulff Group Plc has pledged Wulff Tilitoimistot Oy’s current
and future loans.
Wulff group Plc entered into an agreement for the sale
and leaseback of its Espoo premises, Mutual Real Estate
Company Kilonkallio 1, during the financial year, as a result
of which it now has a ten-year lease agreement.
EUR 1 000 2025 2024
Non-current:
Additional purchase price 18 6 20
Rental deposit 6 1
Non-current other liabilities total 192 21
Current:
Additional purchase price 14 4 10
VAT payable - 9
Other payables 21 17
Current other liabilities total 165 37
Other liabilities total 357 57
18. OTHER LIABILITIES
Some of the accounting firm acquisitions include a con-
tingent additional purchase price as a condition of the
transaction. The additional purchase price has been valued
at fair value based on management’s estimate. The portion
of the additional purchase price liability falling due within
one year is presented in current interest-free liabilities.
WULFF Annual Review 2025 151
Espoo, March 5, 2026
Elina Rahkonen
CEO
Lauri Sipponen
Chair of the Board
Jussi Vienola
Member of the Board
Kristina Vienola
Member of the Board
The parent company’s distributable funds on
December 31, 2025 are 5,593,834.03 eu-
ros, of which the profit for the financial year is
2,632,790.59 euros. The Board of Directors
proposes to the Annual General Meeting to be
held on April 9, 2026, that a dividend of EUR 0.17
per share be paid in two instalments 0.09 during
the second quarter of 2026 and 0.08 during the
last quarter of 2026, for the financial year 2025,
totalling 1,155,320.68 and the remaining distribu-
table funds to be transferred in retained earnings in
the shareholders’ equity.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL AND SIGNATURES
Auditor’s note
We have today submitted the report on the conducted audit.
Espoo, March 5, 2026
BDO Oy,
Authorized Public Accountant Firm
Joonas Selenius
KHT
Board of Directors’ dividend proposal
The financial statements, prepared in accordance
with applicable accounting regulations, give a
true and fair view of the assets, liabilities, financial
position, and profit or loss of both the company and
the group of companies included in its consolidated
financial statements.
The management report contains a fair review of the
development and performance of the business
operations of both the company and the group of
companies included in its consolidated financial
statements, as well as a description of the most
significant risks and uncertainties and other aspects
of the company’s condition.
Signatures to the Board of Directors’ report and Financial statements
152 WULFF Annual Review 2025
To the Annual General Meeting of Wulff Group Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Wulff Group Plc
(business identity code 1454963-5) for the year ended 31
December 2025. The financial statements comprise the consol-
idated balance sheet, income statement, statement of com-
prehensive income, statement of changes in equity, statement
of cash flows and notes, including material accounting policy
information, as well as the parent company’s balance sheet,
income statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair
view of the group’s financial position, financial performance
and cash flows in accordance with IFRS Accounting Stand-
ards as adopted by the EU
• the financial statements give a true and fair view of the par-
ent company’s financial performance and financial position
in accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply
with statutory requirements.
Our opinion is consistent with the additional report submitted to
the Board of Directors.
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-audit
services that we have provided to the parent company and
group companies are in compliance with laws and regulations
applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article
5(1) of regulation (EU) 537/2014. We have not provided any
non-audit services to the parent company or group companies.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
AUDITOR’S REPORT (TRANSLATION OF THE FINNISH ORIGINAL)
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have also addressed the risk of management override of in-
ternal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material
misstatement due to fraud.
WULFF Annual Review 2025 153
• The consolidated balance sheet includes inven-
tories amounting to EUR 11,2 million.
• Inventories are valued at the lowest value, either
acquisition cost or net realizable value.
• The valuation of inventories requires manage-
ment judgment and estimates, particularly when
assessing the inventories’ expected net realiza-
ble value.
• This matter is a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2).
• We have tested automated controls designed
to ensure the accuracy of inventory pricing and
performed substantive procedures.
• Using data analytics, we reviewed product-le-
vel sales and analyzed the value development
of slow-moving items. Through data analytics
and substantive audit procedures, we identified
negative margins within inventory and analyzed
their underlying causes.
• We obtained an understanding of the principles
of the obsolescence model and assessed the
appropriateness of the assumptions applied.
We evaluated the adequacy of the write-down
recognized.
• We compared the carrying amounts of inventory
items with actual realized resale prices.
• We participated inventory counts at selected
locations.
• Goodwill in the consolidated balance sheet
amounts to EUR 13,7 million. No amortization is
recorded on the goodwill, but goodwill is tested
for impairment at least annually. An impairment
loss is recorded for an asset when its book value
exceeds the recoverable amount.
• The determination of key assumptions underly-
ing cash flow forecasts for impairment testing
requires management judgment, particularly
regarding the applied discount rate, growth
projections, and profitability.
• During the financial year, business combinations
resulted in the recognition of goodwill amount-
ing to EUR 2,7 million and customer contracts
amounting to EUR 1,0 million. The economic
useful life of customer contracts is finite. The
valuation of customer relationships related to
business combinations involves management
judgment, particularly regarding assumptions
on future cash flows and the assessment of the
economic useful life.
• This matter is a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2).
• We have assessed the allocation basis, i.e. the
allocation of goodwill to the tested cash-gener-
ating units complies with the allocation principles
defined by the company.
• We have assessed critically the foundations and
management assumptions underlying the future
cash flow forecast.
• We have involved BDO’s valuation special-
ists for the testing of technical integrity of the
calculations and assessing the assumptions used
in determining the discount rate to market and
industry information.
• For customer relationships related to business
combinations, we have assessed the key as-
sumptions used in valuation, such as the discount
rate. We have also evaluated the appropriate-
ness of the applied amortization period.
• We have assessed the accuracy of sensitivity
analysis and the appropriateness of the notes in
respect of impairment testing.
Key audit matter How the matter was addressed in the audit
Valuation of inventories
(Refer to general accounting principles and consolidated notes 3.4)
Valuation of goodwill and acquired customer relationships
(Refer to general accounting principles and consolidated notes 3.3 and 4.1)
Key audit matter How the matter was addressed in the audit
154 WULFF Annual Review 2025
• As of 31 December 2025, the equity of the
parent company is EUR 16,1 million, of which
the distributable equity amounting to EUR 5,6
million.
• A significant portion of the parent company’s
assets consist of investments in the subsidiar-
ies. The subsidiary shares and long–term loan
receivables amount to EUR 24,3 million as of
31 December 2025. The measurement of these
investments has a material impact when calculat-
ing the parent company’s distributable equity.
• In Accordance with Finnish Accounting Act, If
the estimated future revenue generated by a
non-current asset is expected to be permanently
lower than the undepreciated balance of the ac-
quisition cost, an adjustment to the value must be
made to write off the difference as an expense.
• Cash-flow based impairment tests are prepared
by the management for the valuation of the
subsidiary shares and long-term receivables.
• Determination of the key assumptions in future
cash flow forecasts underlying the impairment
tests requires management to make judgements
over certain key inputs, for example business
plans, discount rate, growth rates and profitabili-
ty levels.
• We have evaluated the reliability of the Group’s
budgeting process and assessed the historical
accuracy of forecasts by comparing the actual
results for the year 2025 with the forecasts
made in previous years. We assessed critically
the foundations and management assumptions
underlying the future cash flow forecast.
• We have involved BDO’s valuation specialist in
comparing the assumptions used in determining
the discount rate to market and industry informa-
tion.
• We assessed the assumptions used in the
valuation of the subsidiary shares and long-term
receivables to market and industry information.
• We have analyzed the valuation of the subsidi-
ary shares and long-term receivables compared
to subsidiaries’ equities and EBIT.
Key audit matter How the matter was addressed in the audit
Valuation of the subsidiary shares and long-term receivables
(Refer to parent company’s accounting principles and parent company’s notes 10, 11 and 14)
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsi-
ble for the preparation of consolidated financial statements that
give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the EU, and of financial statements
that give a true and fair view in accordance with the laws and
regulations governing the preparation of financial statements in
Finland and comply with statutory requirements. The Board of
Directors and the Managing Director are also responsible for
such internal control as they determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors
and the Managing Director are responsible for assessing the
parent company’s and the group’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going
concern and using the going concern basis of accounting. The
financial statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate the parent
company or the group or cease operations, or there is no realis-
tic alternative but to do so.
Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from mate-
rial misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstate-
ments can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with good auditing practice,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
WULFF Annual Review 2025 155
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and relat-
ed disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the Managing Director’s use of the going concern
basis of accounting and based on the audit evidence
obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the
parent company’s or the group’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s re-
port to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the
group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements give
a true and fair view.
• Plan and perform the group audit to obtain sufficient appro-
priate audit evidence regarding the financial information of
the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We
are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit.
We remain solely responsible for our audit opinion.
We communicate with those charged with governance regard-
ing, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical require-
ments regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with govern-
ance, we determine those matters that were of most significance
in the audit of the financial statements of the current period and
are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circum-
stances, we determine that a matter should not be communicat-
ed in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest
benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General
Meeting on 6 April 2017, and our appointment represents a
total period of uninterrupted engagement of 9 years.
Other Information
The Board of Directors and the Managing Director are responsi-
ble for the other information. The other information comprises the
report of the Board of Directors and the information included in
the Annual Report but does not include the financial statements
or our auditor’s report thereon.
Our opinion on the financial statements does not cover the other
information.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated. With
respect to the report of the Board of Directors, our responsibility
also includes considering whether the report of the Board of
Directors has been prepared in compliance with the applicable
provisions.
In our opinion, the information in the report of the Board of
Directors is consistent with the information in the financial
statements and the report of the Board of Directors has been
prepared in compliance with the applicable provisions.
If, based on the work we have performed, we conclude that
there is a material misstatement of the other information, we are
required to report that fact. We have nothing to report in this
regard.
In Espoo on 5 March 2026
BDO Oy, Audit Firm
Joonas Selenius
Authorised Public Accountant (KHT)
156 WULFF Annual Review 2025
To the Board of Directors of Wulff Group Plc.
Independent auditor’s report on the ESEF
financial statements of Wulff Group Plc
We have performed a reasonable assurance engagement on
the financial statements (74370016PW2V4W02LX91-2025-
12-31-0-en.zip) of Wulff Group Plc (Business ID 1454963-5)
that have been prepared in accordance with the Commission’s
regulatory technical standard for the financial year ended 31
December 2025.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are respon-
sible for the preparation of the company’s report of the Board of
Directors and financial statements (the ESEF financial statements)
in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility
includes:
• preparing the ESEF financial statements in XHTML format in
accordance with Article 3 of the Commission’s regulatory
technical standard
• tagging the primary financial statements, notes and compa-
ny’s identification data in the consolidated financial state-
ments that are included in the ESEF financial statements with
iXBRL tags in accordance with Article 4 of the Commission’s
regulatory technical standard and
• ensuring the consistency between the ESEF financial state-
ments and the audited financial statements.
The Board of Directors and the Managing Director are also re-
sponsible for such internal control as they determine is necessary
to enable the preparation of ESEF financial statements in ac-
cordance with the requirements of the Commission’s regulatory
technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the
ethical requirements that are applicable in Finland and are
relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with these
requirements.
The auditor applies International Standard on Quality Manage-
ment (ISQM) 1, which requires the firm to design, implement
and operate a system of quality management including policies
or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8
of the Securities Markets Act, provide assurance on the financial
statements that have been prepared in accordance with the
Commission’s regulatory technical standard. We express an
opinion on whether the consolidated financial statements that
are included in the ESEF financial statements have been tagged,
in all material respects, in accordance with the requirements of
Article 4 of the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the
assurance has been provided. We conducted a reasonable as-
surance engagement in accordance with International Standard
on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard and
• whether the notes and company’s identification data in the
consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material
respects, with iXBRL tags in accordance with the require-
ments of Article 4 of the Commission’s regulatory technical
standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend
on the auditor’s judgment. This includes an assessment of the risk
of a material deviation due to fraud or error from the require-
ments of the Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities
Markets Act is that the primary financial statements, notes and
company’s identification data in the consolidated financial state-
ments that are included in the ESEF financial statements of Wulff
Group Plc [74370016PW2V4W02LX91-2025-12-31-0-en.zip]
for the financial year ended 31.12.2025 have been tagged, in
all material respects, in accordance with the requirements of the
Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements
of Wulff Group Plc for the financial year ended 31.12.2025 has
been expressed in our auditor’s report dated 5.3.2026. With
this report we do not express an opinion on the audit of the
consolidated financial statements nor express another assurance
conclusion.
In Espoo 5 March 2026
BDO Oy, Audit Firm
Joonas Selenius
Authorised Public Accountant (KHT)
AUDITOR’S ASSURANCE REPORT OF ESEF FINANCIAL STATEMENTS
(TRANSLATION OF THE FINNISH ORIGINAL)
WULFF Annual Review 2025 157
INFORMATION FOR THE SHAREHOLDERS
ANNUAL GENERAL MEETING 2026
Wulff Group Plc’s Annual General Meeting will be held on
April, 9 2026 at 10:00 a.m. The meeting is held in the Wulff
house at Kilonkartanontie 3, Espoo.
The company’s shareholders and their representatives may
attend the meeting and exercise their shareholder rights also
by voting in advance and by submitting counter-proposals
and questions in advance. The meeting can be followed via
remote connection. Instructions for participating in the An-
nual General Meeting, submitting counter-proposals and
submitting questions and voting in advance to shareholders
have been published by invitation to the Annual General
Meeting and are available on the company’s website
www.wulff.fi/en/annual-general-meeting/.
A shareholder who is registered in the company’s sha-
reholder register maintained by Euroclear Finland Ltd on
Thursday March, 26 2026 has the right to participate in the
Annual General Meeting by voting in advance. Advance
voting will begin on Friday March 6, 2026 at 9.00 a.m. A
shareholder entered in the company’s shareholder register who
wishes to participate in the Annual General Meeting must vote in
advance no later than Monday April 6, 2026 at 10.00 a.m., by
which time the votes must be received.
The holder of nominee-registered shares has the right to partici-
pate in the Annual General Meeting by voting in advance on
the basis of those shares that would allow them to be entered
in the shareholder register maintained by Euroclear Finland Ltd
on the record date of the Annual General Meeting on March
26, 2026. Participation also requires that the shareholder be
temporarily entered in the shareholder register maintained by
Euroclear Finland Ltd on the basis of these shares no later than
April 2, 2026 at 10.00 a.m.
The owner of a nominee-registered share is advised to request
the necessary instructions from his / her custodian in good time
regarding temporary registration in the shareholder register, is-
suance of proxies and registration for the Annual General Mee-
ting. The custodian’s account manager must notify the owner of
the nominee-registered share to be temporarily entered in
the company’s shareholder register by the above-mentioned
date at the latest and take care of voting on behalf of the nomi-
nee-registered shareholder.
DIVIDEND FOR 2025
The Board of Directors of Wulff Group Plc proposes to the
Annual General Meeting that a dividend of EUR 0.17 share in
total shall be paid for the financial year 2025 in two instalments.
The first instalment EUR 0.09 per share will be paid on April
20, 2026, to shareholders who have been registered in the
Company’s shareholder list maintained by Euroclear Finland Ltd
on the record date of the dividend payment, April 13, 2026. The
second instalment EUR 0.08 per share will be paid on October
19, 2026, to shareholders who have been registered in the
Company’s shareholder list maintained by Euroclear Finland Ltd
on the record date of the dividend payment, October 12, 2026.
Financial Reports 2026
Wulff Group Plc will publish the following financial reports in 2026:
Interim Report
January–March 2026
Monday April 27, 2026
Half-Year Report
January–June 2026
Thursday July 16, 2026
Interim Report
January–September 2026
Monday October 19, 2026
Wulff Group Plc’s financial reports are published in Finnish and in English, and they are
available on the company’s website at wulff.fi/en.
Shareholders may subscribe to receive Wulff Group Plc’s interim reports and stock exchan-
ge releases by email. To join the mailing list, please send a message to
investors@wulff.fi or subscribe at wulff.fi/en/release-subscription.
ANNUAL REVIEW
The Annual Review is published in Finnish and in English and is available at wulff.fi/en.
If you wish to receive a printed copy of the Annual Review, please contact:
Wulff Group Plc
Kilonkartanontie 3, FI 02610 Espoo, Finland
Tel. +358 300 870 414
investors@wulff.fi
158 WULFF Annual Review 2025
WULFF Annual Review 2025 159
We are happy to answer any questions regar-
ding Investor Relations and to discuss Wulff as
an investment personally.
Elina Rahkonen
CEO
Tel. +358 40 647 1444
elina.rahkonen@wulff.fi
Iiris Rajala
CFO
Tel. +358 50 534 5176
iiris.rajala@wulff.fi
Contact details for
investor relations
WULFF GROUP PLC | Kilonkartanontie 3 | FI 02610 Espoo | tel. +358 300 870 410 | Business ID 1454963-5 | wulff.fi/en/