Annual report 2025
This ESEF report is a translation and has been published voluntarily.
Contents
SIILI IN BRIEF
Year 2025 of Siili ..................................................................... 3
Siili in brief ................................................................................ 4
CEO’s review ........................................................................... 5
Siili’s strategy .......................................................................... 6
Sustainability ........................................................................... 7
BOARD OF DIRECTORS’ REPORT
AND FINANCIAL STATEMENTS
Board of Directors’ report ..................................................... 9
Sustainability statement ..................................................... 13
Group key figures ................................................................ 40
Alternative performance measures ................................. 40
Calculation formulas for the key figures ......................... 41
CONSOLIDATED FINANCIAL
STATEMENTS, IFRS
Consolidated income statement
and statement of comprehensive income ...................... 42
Consolidated statement of financial position ............... 43
Consolidated cash flow statement ................................. 44
Consolidated statement of changes in
shareholders' equity ............................................................ 45
Notes to the consolidated financial statements.......... 46
1. Basic information on the Group .................................. 46
2. Financial result ................................................................ 50
2.1 Revenue ................................................................................ 50
2.2 Materials and services ................................................... 51
2.3 Employee benefit expenses ........................................ 51
2.4 Share-based payments ................................................ 52
2.5 Other operating income and expenses ................. 53
2.6 Financial income and expenses ............................... 54
2.7 Income taxes ...................................................................... 54
2.8 Earnings per share ........................................................... 56
3. Investments and acquisitions ....................................... 57
3.1 Goodwill and intangible assets .................................. 57
3.2 Impairment testing .......................................................... 58
3.3 Tangible assets ................................................................. 60
3.4 Leases ................................................................................... 60
3.5 Acquired businesses ...................................................... 62
4. Working capital .............................................................. 63
4.1 Trade and other receivables ....................................... 63
4.2 Trade and other payables ............................................ 63
4.3 Provisions ............................................................................. 63
5. Capital structure ............................................................. 64
5.1 Equity ..................................................................................... 64
5.2 Financial risk management ......................................... 65
5.3 Fair values of financial assets and liabilities ........ 67
5.4 Other investments and non-current receivables .. 68
5.5 Liquid funds ........................................................................ 68
5.6 Financial liabilities and other interest-bearing
liabilities ................................................................................ 69
6. Other notes ........................................................................ 70
6.1 Subsidiaries ......................................................................... 70
6.2 Related party transactions ........................................... 70
6.3 Commitments and contingent assets .................... 71
6.4 Material events after the financial year .................. 71
PARENT COMPANY’S FINANCIAL
STATEMENTS, FAS
Parent company’s income statement .............................. 72
Parent company’s statement of financial position ....... 73
Parent company’s statement of cash flow .................... 74
Notes to the parent company’s financial statements . 75
Signatures .............................................................................. 82
Auditor’s report ..................................................................... 83
Assurance report on the sustainability statement ....... 87
Independent auditor’s assurance report on
Siili Solutions Plc’s ESEF financial statements ............ 89
GOVERNANCE
Corporate governance statement .................................... 91
REMUNERATION
Remuneration report of the governing bodies ............. 98
BOARD OF DIRECTORS AND
MANAGEMENT TEAM
Board of directors ............................................................... 100
Management team ............................................................. 101
Information for shareholders ........................................... 102
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
2 Siili Solutions Plc – Annual report 2025
Year 2025 of Siili
During 2025, we took several important steps in
implementing our data and AI strategy. We partnered
with both our long-standing and new customers in
the AI revolution. We renewed our organization and
strengthened the competence base that supports
the implementation of our strategy during the year.
We renewed our
management team and
organizational structure
to support our strategy
implementation.
We were also shortlisted
as a finalist in the Most
Growth-Oriented AI
Project category at
the AI Finland gala.
We completed the
acquisition of a
majority stake in
Integrations Group.
We saw a clear increase
in demand for AI projects
that create business value,
and won significant
new customer
relationships.
Approximately 80% of all
Siili consultants are now
capable of either utilising
or implementing AI
solutions in client projects.
We successfully launched
the Advisory business
area and renewed our
strategic offering to meet
client needs.
Siili's whitepaper
publications and AI
Roundtable events
reinforced our reputation
as a pioneer and long-term
partner to our clients.
I
M
P
A
C
T
-
D
R
I
V
E
N
GOVERNANCE REMUNERATIONKEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
3 Siili Solutions Plc – Annual report 2025
SIILI IN BRIEF
Siili in brief
Siili is a frontrunner in AI-powered software development. We
partner with our customers as they seek growth, efficiency
and competitive advantage through digital solutions. Our
goal is to be the frontrunner of AI transformation. We don't
just deliver ready-made solutions - we create partnerships
based on trust, collaboration and concrete results.
Our competitive advantage is the ability to combine strong
software development, AI, and industry expertise. This unique
combination makes us qa pioneer in utilizing and developing AI
solutions and strengthening our customers' competitiveness.
Siili is an international company, and in 2025 the share
of our international business was 28% of our revenue.
Our approximately 900 experts work in 8 countries. We
have offices in Finland, Germany, Poland, Hungary, the
Netherlands, the UK, Austria and USA. Our client base is
focused on large corporateiona dn the public sector in
Finland, the UK, the USA, Germany and the Netherlands.
Our clients are mainly large corporations and organizations
in the public and private sectors - especially in the
finance, service, indusctrial and automotive sectors.
Siili's shares are listed on the Nasdaq Helsinki Stock Exchange.
In 2025, we employed
903
experts
Adj. EBITA in 2025
4.1
MEUR
In 2025, the share of
international business was
27.8
%
Revenue, EUR million
Sales in Finland
Sales to abroad
Siili offices:
Helsinki
Tampere
Turku
Lappeenranta
Jyväskylä
Oulu
Kuopio
Seinäjoki
Joensuu
London
Amsterdam
Berlin
Stuttgart
Vienna
Budapest
Szczecin
Wroclaw
New York
Detroit
2024 202520232022
2021
108.1
118.3
99.2
122.7
111.9
GOVERNANCE REMUNERATIONKEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
4 Siili Solutions Plc – Annual report 2025
SIILI IN BRIEF
2025 was a significant year for Siili in many
respects. During our 20th anniversary
year, we took several important steps
in implementing our data- and AI-
focused strategy. Efforts to improve
profitability continued, and we renewed
our ways of working as well as our
organization over the course of the year.
Market conditions affected Siili's revenue and growth
momentum both domestically and internationally. Full-
year revenue amounted to approximately EUR 108
million, representing a decrease of 3.4% year-on-year.
The share of international operations was 27.8% of the
Group’s revenue in 2025. Adjusted EBITA was EUR 4.1
million, corresponding to 3.8% of revenue. This year,
we will continue to improve profitability and focus
on growth, especially in the data and AI business.
Despite growth challenges, the year marked a
success for Siili in many ways. We completed the
acquisition of a majority stake in Integrations Group,
strengthening our integration expertise and our
ability to serve as a comprehensive digital solutions
partner to our clients in line with our strategy.
Early in the year, we launched our Advisory
business area focused on management consulting,
which performed strongly in its first year. In the
spring, we also refreshed our managed services
offering to better address the emerging needs of
our clients in their AI transformation journey.
situational awareness systems. The Airport Operational
Status (AOS) system we implemented for Finavia has
attracted extensive international interest, particularly
in light of new EU regulations, and we have, for
example, signed an agreement with a major European
airport operator for the delivery of a similar system.
WE FOCUSED ON STRENGTHENING
OUR COMPETENCE PROFILE
During the year, we focused on renewing our
competence profile, ways of working, and organisation
to provide even stronger support for strategy
implementation. The changes implemented through
the organisational transformation launched in the
autumn have significantly enhanced and clarified our
operations. We continued investing in building the
AI capabilities of our personnel, and approximately
80% of all Siili consultants are now capable of
either utilising or implementing AI solutions in client
projects. We also have strong expertise in building
scalable digital platforms and AI capabilities.
Our customers are increasingly seeking secure
and sovereign AI capacity they can rely on. In
response to this demand, in 2025 we launched
Finland’s first LLM-as-a-service solution
for sovereign AI together with Verda.
Our whitepaper publications and AI Roundtable
events reinforced our reputation as a pioneer and
long-term partner to our clients. Later in the year, we
were also shortlisted as a finalist in the Most Growth-
Oriented AI Project category at the AI Finland gala.
Overall, 2025 demonstrated the validity of our data-
and AI-centric strategy. I would like to thank all Siilis,
as well as our clients and partners, for the past year.
We are now in an excellent position to continue
implementing our strategy in the year ahead.
Tomi Pienimäki
CEO
Siili Solutions Plc
CEO’s review
THE IMPLEMENTATION OF OUR STRATEGY
PROGRESSED AS PLANNED
The strategic direction we have chosen – positioning
ourselves as a forerunner in AI and data – proved to
be the right one during the year. Our clients currently
know Siili as a strong expert in AI transformation.
By year-end, an increasing number of major Finnish
companies had placed AI at the heart of its business,
signalling growing demand for taking more business-
critical solutions into production and scaling them.
In this market environment, we secured
several new client relationships and further
strengthened our position with existing clients.
Within data and AI projects, we deepened our
partnership with Pihlajalinna during the year, with a
particular emphasis on business-driven utilisation
of data and AI. We continued our cooperation
with the media company Sanoma, especially
in leveraging AI, and the relationship also grew
in revenue terms. On the public sector side, we
significantly expanded our cooperation with the
Finnish Tax Administration. Siili was also selected as
Aalto University’s partner to deliver development of
content management system based websites and
touch points, covering the design, implementation
and maintenance over a four-year contract period.
We have also taken substantial steps on the
international growth front. NeuConnect – the first
direct energy link between the United Kingdom and
Germany – selected Siili's subsidiary Supercharge
to supply its market integration platform. We are
also pursuing growth in the digitalisation of airport
GOVERNANCE REMUNERATIONKEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
5 Siili Solutions Plc – Annual report 2025
SIILI IN BRIEF
Siili’s strategy
COMMUNITY OF TOP TALENT
We strengthen our strong
corporate culture and continuous
learning opportunities. We invest in
our personnel's strong data and AI
competences. Our goal is to be the
most desirable community among
digital development professionals.
Our strategy is based on strengthening our expertise,
remaining at the forefront of technologial development
and thus acting as a partner for our customers in their
business development in the era of artificial intelligence.
We build long-term, parnership-based customer
relationships, allowing us to combine our strong industry
expertise with the best technologies and thus help our
customers in strengthening their competitiveness.
The implementation of our data and artificial intelligence
focused strategy, announced in 2024, continued
succesfully in 2025. We took significant steps on
our strategy path and strengthened our position as
a comprehensive partner for our customers. During
2025, we continued to cooperate with many of our
long-term customers and also launched new customer
relationships that were significant for the implementation
of the strategy. We were our customers' partner as
many of our customers moved from experimenting with
the possibilities of artificial intelligence towards value-
creating business solutions over the course of the year.
– During the year, Siili's experts helped customers identify
the opportunities offered by artificial intelligence in their
business and build business value-creating solutions
to realize them. During the year, we strengthened our
overall offering, and our teams function as a complete
partner for our customers.
– We renewed our organization to better meet customer
needs in accordance with our strategy in three areas.
Going forward, Siili's organization is built around
three different customer needs: Developing new AI
solutions and business operations; Building fast, smart
SIGNIFICANT GROWTH IN
DATA AND AI BUSINESS
We expand our business in the
growing market of data and
generative AI, aiming to be the
preferred partner for customers
in the GenAI transformation.
PIONEER IN AI-POWERED
DIGITAL DEVELOPMENT
We reinforce our position as a
pioneer in AI across the entire
software development lifecycle,
from design to implementation
and maintenance. For Siili's
customers, this means faster
development cycles, and for
Siili, improved productivity.
and adaptable digital solutions; Providing continuous
services.
– During the year, we continued to develop the
competence of our personnel, focusing in particular on
strengthening data and AI competence and leadership.
We will continue to focus on large enterprises
and the public sector in Finland, the UK,
Germany and the Netherlands.
Long-Term Financial Goals:
Our our long-term financial goals for 2025-2028.
– Annual revenue growth of 20 percent, of which organic
growth accounts for about half
– Ajusted EBITA 12 percent of revenue
– The aim is to keep the ratio of net debt-to-EBITDA
below two
– The aim is to pay a dividend corresponding to 30-70
percent of net profit annually.
Sources of Growth:
We seek growth both organigally and through
acquisitions. We focus on long-term customer
relationships and build growth through our strong
industry expertise and broad service offering.
Core values
AMBITION JOY HUMANE RESPONSIBILITY
Make AI Real
Strategic priorities
GOVERNANCE REMUNERATIONKEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
6 Siili Solutions Plc – Annual report 2025
SIILI IN BRIEF
Sustainability
Driving sustainable, ethical and
responsible AI
Responsible and ethical operations and compliance
with laws are the foundation of Siili's business.
We examine our responsibility from the
perspective of environmental responsibility,
social responsibility and good governance.
Sustainability is integrated into the core of Siili's
strategy. The strategy work carried out in 2024 took
into account both the results of the dual materiality
analysis and the views of our key stakeholders,
in particular our customers and employees.
In 2025, Siili's Board of Directors confirmed
sustainability goals, which focus on three areas
that are essential to the business: climate change
mitigation, own workforce and governance. The goals
are presented in detail in the table on this page.
At the core of our strategy is also helping our
customers to utilize the opportunities offered
by artificial intelligence to develop business
responsibility, as innovative IT solutions and the
use of artificial intelligence make it possible to
reduce environmental load and resource use.
In addition, we place particular emphasis on
social responsibility in relation to our own
employees and those in our value chain.
Siili's sustainability reporting
EU sustainability reporting regulation is
currently undergoing change. Based on the
proposed amendments, Siili’s preliminary
assessment indicates that the company would
no longer fall within the scope of the statutory
sustainability reporting obligation in the future.
Despite these changes Siili is committed to
communicating about sustainability themes and
goals openly also in the future. During 2026, we
will define the scope and the format of future
reporting, taking into account Siili’s business
and information needs of key stakeholders.
Read how we support our customers'
in their sustainability journey.
https://www.siili.com/cases
Topic Goal
Climate change
Scope 1 emissions Short term: 42% reduction in line with the SBT by 2030 (compared to 2024)
Scope 2 emissions Short term: 42% reduction in line with the SBT by 2030 (compared to 2024)
Scope 3 emissions Short term: 51.6% reduction in line with the SBT by 2030 (compared to 2024)
Own workforce
Skills development 90% of Siili employees have their personal learning plan
Diversity Short term: 25% / Medium and long term: 30% share of employees
representing minotiry genders in the total workforce
Governance
eNPS Short term: +20% / Medium term: +25% / Long term: +50%
Whistleblowing notifications 0 breaches
SUSTAINABILITY GOALSIn 2025, we will publish a sustainability statement
as part of 2025 report of the board of directors.
The statement has been prepared in accordance
with the EU Sustainability Reporting Directive
(CSRD) and the Reporting Standards (ESRS).
GOVERNANCE REMUNERATIONKEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
7 Siili Solutions Plc – Annual report 2025
SIILI IN BRIEF
Board of Directors' report and Financial Statements 2025
Board of Directors’
report
Revenue
Revenue for the financial year decreased by 3.4% year on
year (-8.8%) to EUR 108,076 (111,899) thousand. Revenue
for the second half of the year decreased by 4.1% to
EUR 50,532 (52,713) thousand. The share of international
operations of the revenue was 27.8% (29.0%) for the
financial year and 29.7% (30.2%) for the second half of
the year. Revenue declined from the previous year as a
result of weak market conditions.
Profitability
EBITA for the financial year totalled EUR 1,433 (4,554
1
)
thousand, representing a decline of EUR 3,120 year on
year. The Group’s profitability weakened during the period,
and EBITA amounted to 1.3% (4.1%
1
) of revenue. EBITA for
the second half of the year was -0.4% (3.5%
1
) of revenue.
The year-on-year decline in profitability was primarily
driven by the decrease in revenue due to stringent market
conditions. Meanwhile, actions were taken to protect
profitability through efficiency improvements affecting
both personnel expenses and other expenses.
Subcontracting costs arising from the use of external
services totalled EUR 22,832 (23,344) thousand, or 21.1%
of revenue (20.9%) for the financial year. Employee benefit
expenses for the financial year decreased to EUR 67,621
(68,600) thousand and amounted to 62.6% (61.3%) of
revenue. The decrease in employee benefit expenses was
due to a reduction in the number of personnel. During
the financial year, the Group had a total of 903 (975)
employees on average and 863 (942) at the end of the
year. Other operating expenses was EUR 13,260 (12,244
1
) thousand, or 12.3% (10.9%
1
) of revenue, including a
significant amount of one-off restructuring costs.
Adjusted EBITA for the financial year was EUR 4,107
(5,211
1
) thousand, or 3.8% (4.7%
1
) of revenue. The
adjustment items amounted to EUR 2,673 (657
1
) thousand,
consisting of personnel benefit expenses and other
operating expenses related to business restructuring as
well as business acquisition expenses. The calculation of
adjusted EBITA is presented under Calculation formulas for
the key figures.
The Group’s operating profit (EBIT) for the financial year
was EUR 111 (3,393) thousand, or 0.1% (3.0%) of revenue.
Net financial expenses for the financial year totalled EUR
40 (76) thousand. The profit for the period before taxes
was EUR 71 (3,317
1
) thousand, the profit for the period was
EUR 936 (3,290
1
) thousand, and earnings per share were
EUR 0.12 (0.41
1
).
Financing and capital expenditure
The Group’s statement of financial position totalled EUR
76,489 (84,232
1
) thousand at the end of the financial
year, with EUR 40,447 (41,220
1
) thousand consisting of
shareholders’ equity. The Group’s equity ratio strengthened
by 3.8 percentage points year on year to 53.3% (49.5%
1
). At the end of the financial year, liquid funds amounted
to EUR 12,859 (20,331) thousand. The Group had EUR
16,364 (19,283) thousand of interest-bearing liabilities, of
which EUR 7,432 (10,797) thousand was non-current. The
decrease in interest-bearing liabilities was significantly
affected by the acquisition of additional stake in
Supercharge Zrt. Gearing was 8.7% (-2.5%), and the ratio
of net debt to EBITDA was 0.73% (-0.13%). The Group’s
return on capital employed was 2.9% (6.9%
1
).
The cash flow from operations was EUR 1,508 (10,751)
thousand, representing asignificant decrease year on year.
The decrease was mainly due to the decrease in net profit
and the negative change in working capital during the
financial period.
Cash flow from investing activities for the financial
year was EUR -5,333 (-10,766) thousand, including the
acquisition of a majority stake in Integrations Group
for EUR 1,017 thousand, as well as amounts paid to the
minority interests for the acquisition of additional stakes in
Supercharge Zrt and Integrations Group Oy totalling EUR
4,321 thousand.
Cash flow from financing activities in the review period
amounted to EUR -3,681 (-8,638) thousand, including a
dividend of EUR 1,460 thousand paid to the shareholders
of Siili Solutions Plc, a dividend of 671 thousand paid to
non-controlling shareholders, and repayments of bank
loans amounting to EUR 2,821 thousand.
Acquisitions and changes in group
structure
During the reporting period, Siili Solutions Plc increased
its ownership interest in its subsidiary Supercharge
Zrt. (formerly Supercharge Kft.). In May, the company
completed share transactions through which its
ownership in Supercharge Zrt. increased to 85% from the
previous 70%. The purchase price for the Supercharge
Zrt. shares amounted to approximately EUR 4.2 million.
In addition, during the reporting period the company
acquired a total majority stake of 55% in Integrations
Group Oy, with total consideration amounting to
EUR 2.4 million. In accordance with the terms of the
arrangement, Siili and the sellers have the right to execute
the acquisition of the remaining 45% of the shares in
Integrations Group Oy in stages during 2026–2027. Due
to the options included in the agreement, Integrations
Group Oy has been fully consolidated into the Siili Group
as of 2 January 2025, and a purchase price liability
related to the acquisition of the minority interest has
been recognised at fair value through profit or loss in the
amount of EUR 1.7 million as of 31 December 2025.
Employees, management and
governance
The number of employees at the end of the financial year
was 863 (942), which marks a decrease of 79 (65) people,
or 8.4% (-6.5%), from the end of the previous year. The
average number of employees during the period was
903 (975).
At the end of the financial period, Siili’s Management
Team consisted of the following members: Tomi Pienimäki
(CEO), Tuomas Toropainen (CFO), Taru Salo (CPO), Marton
Heves (CEO, Supercharge), Maria Niiniharju (VP Private
Business), Jaakko Aatola (VP, Strategy & Partnerships)
and Markku Savusalo (VP, Digital Engineering). Tuomas
Toropainen became a member of the Management
Team on 1 September 2025, and Marton Heves, Jaakko
Aatola and Markku Savusalo became members of the
Management Team on 15 September 2025.
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
9 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
The company's auditor is KPMG Oy AB (Business ID
1805485-9), Authorised Public Accountants, with
Leenakaisa Winberg, APA, ASA as the Company’s
responsible auditor.
Significant events during the
financial year
Share Repurchase Programme
During the period from 2 June to 17 July 2025, the
Company completed a share repurchase programme
under which a total of 31,000 of the Company’s own
shares were acquired. The shares were repurchased to
cover obligations arising from the Company’s long-term
share-based incentive schemes.
Changes in the Executive Management Team
During the financial year, Tuomas Toropainen
assumed the position of CFO as a member of the
Management Team on 1 September 2025. In addition,
as of 15 September 2025, Markku Savusalo (VP, Digital
Engineering), Jaakko Aatola (VP, Strategy & Partnerships),
and Marton Heves (CEO, Supercharge Zrt.) joined the
Management Team. Former CFO Aleksi Kankainen
stepped down from the Executive Management Team
in August, and former CEO of Supercharge Zrt. Andras
Tessenyi in September.
Profit Warning and Revised Financial Guidance for 2025
On 2 December 2025, the Company issued a profit
warning and lowered its guidance for adjusted operating
profit (EBITA) for the financial year 2025. The revenue
outlook remained unchanged.
Risks and uncertainties
Siili is exposed to various risk factors related to its
operational activities and business environment. The
realisation of risks may have an unfavourable effect on
Siili’s business, financial position or company value. The
most significant risks related to Siili’s operations are
described below. There are also other known risks that
may become significant in the future. In addition, there are
risks that Siili is not necessarily aware of and which may
become significant.
– The loss of one or more key clients, a considerable
decrease in purchases, financial difficulties experienced
by clients or a change in a client’s strategy with regard
to the procurement of IT services could have a negative
effect on the company.
– Failure to achieve recruitment goals in terms of both
quality and quantity, and failure to match supply to
customer demand in a timely manner.
– Probability and adverse effects of the realisation of the
aforementioned risks are more likely in an uncertain
economic environment.
– Failure in pricing, planning, implementation and
improving cost efficiency of customer projects.
– Loss of the contribution of key personnel or deterioration
of the employer’s reputation.
– Realisation of cyber or information security risks, for
example, as a result of data breach and/or human error
by an employee. In addition, heightened geopolitical
uncertainty and increased activity by state actors have
contributed to an elevated cyber threat landscape.
– General negative or weakened economic development
and the resulting uncertainty in the clients’ operating
environment. The general economic cycle and changes
in the clients’ operating environment can have negative
effects through slowing down, postponing or cancelling
decision-making on IT investments.
General uncertainty, together with volatility arising from
macroeconomic and geopolitical factors, continues
to affect our customers’ investment decisions and,
consequently, to have a negative impact on Siili’s
business. According to management’s assessment, the
uncertainty caused by these factors will continue to affect
Siili’s business operations and growth opportunities also
during the current financial year. The Company actively
monitors the situation and adapts its operations, including
by ensuring customer satisfaction and cost efficiency.
Intangible resources
Siili’s key intangible resources include our skilled
professionals, extensive subcontractor network, and
strong brand. Additionally, Siili benefits from a number
of key clients and strategic partnerships, which, together
with our other intangible resources, support our long-term
growth strategy and provide a competitive advantage.
Outlook for 2026 and financial
goals for 2026–2028
Revenue for 2026 is expected to be EUR102-126 million
and adjusted EBITA EUR3.7-6.9 million.
On 26 November 2024, the company announced the
financial goals for the years 2025–2028 as follows:
– Annual revenue growth of 20 percent, of which organic
growth accounts for about half.
– Adjusted EBITA 12 percent of revenue.
– The aim is to keep the ratio of net debt-to-EBITDA
below two.
– The aim is to pay a dividend corresponding to 30–70
percent of net profit annually.
General meeting of shareholders
ANNUAL GENERAL MEETING
Siili Solutions Plc’s Annual General Meeting (AGM) took
place in Helsinki, Finland, on 8 April 2025. The Annual
General Meeting adopted the financial statements and
consolidated financial statements for the financial period
2024, discharged the CEO and the members of the Board
of Directors from liability and decided to distribute a
dividend of EUR 0.18 per share, totalling approximately
EUR 1.46 million.
The number of members of the Board of Directors was
confirmed as five (5). Harry Brade, Jesse Maula, Henna
Mäkinen and Katarina Cantell were re-elected to the
Board and Sebastian Nyström was elected as new
member to the Board.
The Annual General Meeting decided that the Chair of
the Board of Directors is paid EUR 3,850 per month, the
Deputy Chair of the Board and Chair of Audit Committee
EUR 2,500 per month and the other members EUR 2,000
per month. The Chairs of the Board’s Committees are paid
EUR 200 per month for their work on the Committees,
in addition to which all Committee members are paid
a meeting fee of EUR 300 per meeting. In addition, the
members of the Board of Directors receive compensation
for travel expenses in line with the Company’s business
travel policy.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
10 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
KPMG Oy AB, Authorised Public Accountants, were
reelected as the company’s auditor and the assurer of
the Company's sustainability report. KPMG has assigned
Leenakaisa Winberg, APA, ASA as the Company’s
responsible auditor and auditor of the sustainability report.
The auditor’s and assurer's fees are paid against the
auditor’s reasonable invoice.
The Annual General Meeting authorised the Board of
Directors to decide on the acquisition and/or acceptance
as collateral of the company’s own shares.
A maximum of 814,000 shares may be acquired and/
or accepted as collateral pursuant to the authorisation,
corresponding to approximately 10 percent of all shares
in the company. The shares are to be acquired in public
trading arranged by Nasdaq Helsinki Ltd at the market
price of the time of purchase.
The company’s own shares can be acquired in a manner
other than in proportion to the shareholders’ existing
holdings. The acquisition of shares will reduce the
company’s nonrestricted equity. The Board of Directors
will decide on other terms and conditions related to the
acquisition and/or acceptance as collateral of the shares.
The authorisation is valid until the end of the next Annual
General Meeting but not beyond 30 June 2026.
The Board of Directors was also authorised to decide on
an issue of shares and an issue of special rights carrying
entitlement to shares in accordance with chapter 10,
section 1 of the Finnish Limited Liability Companies Act, in
one or more tranches, either against consideration or free
of charge. The maximum total number of shares issued,
including shares issued on the basis of special rights, is
814,000, which corresponds to approximately 10% of
all shares in the company. The total maximum number
of shares to be issued for the purpose of sharebased
incentive schemes is 162,800 shares, which corresponds
to approximately 2.0% of all the shares in the Company.
The Board of Directors may decide to issue new shares
or to transfer treasury shares held by the company. The
authorisation entitles the Board of Directors to decide on
all terms and conditions for an issue of shares and an issue
of special rights entitling their holders to shares, including
the right to deviate from the shareholders’ pre-emptive
subscription right. The authorisation may be used for
strengthening the company’s balance sheet, for paying
transaction prices related to acquisitions, in incentive plans
or for other purposes decided by the Board of Directors.
The authorisation is valid until the end of the next Annual
General Meeting but not beyond 30 June 2026.
The Annual General Meeting adopted the remuneration
report of the governing bodies of the company.
Corporate governance statement
Siili Solutions Plc issues the Corporate Governance
Statement in compliance with the reporting requirements
of the Finnish Corporate Governance Code 2025
issued by the Finnish Securities Market Association
and effective as of 1 January 2025. The statement is
issued separately from the Board of Directors' report.
Decision on the number of members of the Board of
Directors
The Shareholders’ Nomination Board proposes that five
(5) members be elected to the Board of Directors.
Election of the members of the Board of Directors
The Shareholders’ Nomination Board proposes the re-
election of the current members of the Board of Directors
for the next term of office Harry Brade, Jesse Maula,
Katarina Cantell, Henna Mäkinen and Sebastian Nyström.
The term of office of the members lasts until the end of
the next Annual General Meeting. All persons proposed
have given their consent to the election.
Background information on each person proposed for
the Board of Directors is available on the website of Siili
Solutions Plc at / https://sijoittajille.siili.com/en.
The proposed members Jesse Maula, Henna
Mäkinen, Katarina Cantell and Sebastian Nyström
are considered independent of the Company and its
significant shareholders. Harry Brade is independent
of the Company but non-independent of its significant
shareholder Lamy Oy.
In addition, the Shareholders’ Nomination Board
recommends to the Board of Directors that it re-elects Harry
Brade as its Chair and elects Jesse Maula as Deputy Chair.
Decision on the remuneration of the members of the
Board of Directors
The Shareholders’ Nomination Board proposes that the
remunaration of the members of the Board of Directors
would remain unchanged and be as follows:
Share and shareholders
The company has one series of shares, and all of its
shares carry entitlement to equal rights. On 31 December
2025, the total number of shares in Siili Solutions Plc
entered in the Trade Register was 8,140,263. At the end
of the financial year, the company held a total of 31,698
of its own shares. On 31 December 2025, the members
of the company’s Board of Directors and Management
Team owned a total of 51,836 shares in the company. In
addition, an entity under the control of a Board member
owns 1,301,267 shares.
During the financial year, the highest price of the company
share was EUR 6.76 the lowest price was EUR 4.32, the
average price was EUR 5.40, and the closing price at the
end of the review period was EUR 4.63. The company’s
market capitalisation decreased by 18.2% from the end
of 2024 and amounted to EUR 37.5 (45.9) million on 31
December 2025.
The company had a total of 5,850 (5,784) shareholders
on 31 December 2025. The number of shareholders
increased by 1.1% from the end of 2024. A list of the
largest shareholders is available on the company website
at / https://sijoittajille.siili.com/en and in notes to the
parent company's financial statements.
PROPOSALS OF THE SHAREHOLDERS’
NOMINATION BOARD TO THE ANNUAL
GENERAL MEETING 2026
The Shareholders’ Nomination Board of Siili Solutions Plc
has made its proposals to the Annual General Meeting on
11 December 2025.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
11 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
The Chair of the Board of Directors is paid EUR 3,850 per
month, the Deputy Chair EUR 2,500 per month, the Chair
of the Audit Committee EUR 2,500 per month and other
members EUR 2,000 per month.
The Chairs of the Board of Directors’ Committees are
paid EUR 200 per month for their work on the Committee,
in addition to which all Committee members are paid
a meeting fee of EUR 300 per meeting. In addition, the
members of the Board of Directors receive compensation
for travel expenses in line with the Company’s business
travel policy.
Events after the end of the financial
year
THE BOARD OF DIRECTORS OF SIILI SOLUTIONS
PLC ESTABLISHED A NEW SHARE-BASED
INCENTIVE PLAN FOR KEY EMPLOYEES
In January 2026 the Board of Directors of Siili Solutions
Plc resolved to establish a new share-based incentive
plan for key employees of the group. The purpose
of the plan is to align the interests of the company's
shareholders and key employees to increase the
company's value in the long-term, to commit key
employees to implement the company's strategy,
objectives and long-term interest and to offer them
a competitive incentive plan based on earning and
accumulating the company's shares. More information
about the incentive plan is available in the Note 6.4 to
the Consolidated Financial Statements and in the stock
exchange release published on 29 January 2026.
Dividend proposal
In line with the dividend policy approved by its Board of
Directors, Siili seeks to distribute 30–70% of its profit for
the period to shareholders. In addition, an additional profit
distribution can be made.
On 31 December 2025, the distributable assets of the
parent company of Siili Solutions Plc amounted to
EUR 36,619,972.91, including the profit for the period
EUR 3,219,111.97. The Board of Directors proposes to
the Annual General Meeting 2026 that a dividend of
EUR 0.07 per share be paid for the financial year 2025.
According to the proposal, a total dividend of EUR
567,599.55 would be paid. The proposed dividend
represents approximately 61% of the Group’s profit for
the financial year.
No significant changes have taken place in Siili’s financial
position since the end of the financial year. The company
has a good level of liquidity, and the Board believes that
the proposed dividend will not pose a risk to liquidity.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
12 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Sustainability
statement
General Disclosures
PRINCIPLES OF PREPARATION OF THE
SUSTAINABILITY STATEMENT
Basis for preparation
The Siili Group is an independent provider of information
systems development services that produces services
for companies and the public sector. The Group’s parent
company, Siili Solutions Plc (Siili), is a Finnish public limited-
liability company (Plc) providing AI-assisted software
development services. The reporting covers the whole
group, i.e., the parent company and all subsidiaries.
In accordance with the Finnish Accounting Act, Siili must
publish a sustainability statement as part of its Board
of Directors’ report. Siili published its first sustainability
statement for the financial year 2024, and in this
sustainability statement, comparative information referring to
year 2024 is presented for the first time. Siili’s sustainability
statement was prepared in accordance with the Accounting
Act and the European Sustainability Reporting Standards
(ESRS). It was prepared on a consolidated basis, and the
scope of consolidation matches the financial statements.
The reporting period is the same as in financial reporting,
i.e., the financial year from 1 January to 31 December 2025.
In preparing the sustainability statement, Siili’s value
chain was assessed through a double materiality
analysis. Information on the value chain is reported
to the extent it was deemed material.
Siili has not exercised the option to omit specific
pieces of information relating to intellectual property,
matters in the course of negotiation, impending
developments or other exceptional situations. However,
Siili invokes the confidentiality of information and does
not disclose the results of its strategy scenarios.
SPECIFIC CIRCUMSTANCES OF THE REPORT
In its sustainability reporting, Siili applies a time horizon
under ESRS 1.6.4 for the medium and long term.
Siili omits the information prescribed by ESRS1‑9
(“Anticipated financial effects from material physical and
transition risks and potential climate-related opportunities”).
There have been no changes or material
errors from previous reporting periods.
GOVERNANCE OF SUSTAINABILITY THEMES
Sustainability reporting by Siili aligns with the Company’s
standard principles and processes for financial reporting,
risk management and internal control. Sustainability
reporting highlights a corporate culture that supports
sustainable development, the continuous development
of operations, guidelines and policies as well as the
transparency of activities. In the context of sustainability
reporting, internal control focuses on the identification
of risks through double materiality analysis. Internal
control and risk management related to sustainable
development focus on the most material identified risks.
Siili’s Board of Directors and Chief Executive Officer are
responsible for sustainability reporting in accordance
with the Limited Liability Companies Act. Meanwhile,
responsibility for sustainability reporting processes lies
with the Chief Financial Officer (CFO) and the General
Counsel. The identified risks associated with sustainability
reporting are the accuracy of the reported information
and the timeliness of reporting. To ensure the accuracy of
reported information and the timeliness of reporting, Siili is
committed to continuously develop systematic collection
and management of data and the assignment of roles
and providing instructions for responsible personnel.
The Board of Directors, supported by its Audit Committee,
holds ultimate responsibility for the proper organisation
of internal control related to financial reporting. The Board
of Directors reviews and adopts sustainability reporting
in connection with the financial statements. The Chief
Executive Officer (CEO), supported by the CFO and
the General Counsel, is responsible for implementing
internal control related to financial statement reports.
The Audit Committee of Siili’s Board of Directors
monitors the outcomes of internal control and audits
sustainability reporting practices as part of its audit
duty. Siili’s Board of Directors is responsible for the
definition of internal control policies and for monitoring
the effectiveness of guidance and control. Internal control
is implemented at different levels within the Company
by the Board of Directors, management and personnel,
and in certain respects, also by an external partner.
GOVERNANCE AND STRATEGY OF SUSTAINABILITY
Role of the administrative, management and supervisory
bodies, information provided to them and sustainability
matters addressed by them
The sustainability statement provides information on
the governance of sustainability. Further information
on the general duties, composition, diversity and
expertise of the administrative and supervisory
bodies as well as the processes of internal control,
internal audit and risk management is provided
in the Corporate Governance Statement.
Governance of sustainability at Siili Solutions
Responsible and ethical operations as well as
compliance with laws form the foundation of Siili’s
business. Responsibility for promoting sustainability
rests with the Board of Directors, the CEO and the
Group Management Team. The Company’s operating
procedures are based on Siili's Code of Conduct
and policies adopted by the Board of Directors.
Sustainability targets have been set based on
the most material topics identified in the double
materiality analysis. The development of sustainability
is advanced in line with actions based on these
targets. Material sustainability topics are presented in
section “Double-materiality analysis” and Sustainable
Development Goals in standard-specific sections.
Governance of sustainability
Board of Directors
The duties of Siili’s Board of Directors are determined in
the Limited Liability Companies Act, according to which
the Board of Directors shall see to the administration of
the Company and the appropriate organisation of its
operations and ensure the appropriate arrangement of
the control of the Company’s accounts and finances, in
addition to which, the Board is tasked with monitoring
and evaluating the organisation and internal control of
sustainability reporting. Hence, the Board of Directors is also
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
13 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
the highest-level body within the Company responsible for
the management of sustainability and the appropriateness
of activities. It adopts the Company’s sustainability targets
and monitors their achievement. Furthermore, the Board
of Directors adopts Siili’s Code of Conduct steering its
activities and more detailed instructions based on it.
Sustainability has been integrated into the Company’s long-
term strategy adopted by the Board of Directors, long-term
business plans, risk assessments and annual action plans.
The Board of Directors monitors progress towards the
Sustainable Development Goals in its meetings and adopts
a sustainability report at least on an annual basis. After their
meetings, the Audit Committee and the HR Committee
report to the Board of Directors on sustainability topics
discussed by them. In addition to the sustainability report, the
Board of Directors receives all material sustainability-related
information, such as the results of the double materiality
analysis and carbon footprint calculation as well as the
data for tracking the Sustainable Development Goals.
Board of Directors’ sustainability expertise
Siili's Board of Directors has actively participated in the
double materiality analysis process, studied its results, and
approved the determined materiality threshold and the final
outcome of the process. The Board of Directors has actively
monitored the preparation of the sustainability report and
will monitor the execution on the sustainability targets on a
regular basis, at least annually. All members of Siili's Board
of Directors are experienced in various management duties
in sectors relevant to Siili, such as the IT and technology
business and many key customer sectors, such as banking
and finance as well as the consumer business. Moreover,
all members of the Board of Directors have served or are
serving as board members in both listed and unlisted
companies. The educational background of the members
is in technology, law, or business, and they have wide-
ranging national and international expertise in the Company’s
sector, including AI and the data business. Members of Siili’s
Board of Directors also function in responsible positions at
other companies that are obliged to prepare a sustainable
development report. Furthermore, the Board of Directors has
the option of using external experts to support its efforts.
Board Committees
Siili’s Board of Directors has appointed an Audit Committee
and HR Committee from among its members to assist the
Board of Directors in the preparation of matters. The Board
of Directors has adopted charters for the Committees,
which outline the main duties and operating principles
of the Committees. Following the close of the Annual
General Meeting of Shareholders, the Board of Directors
elects the chairs and members of the Committees. The
Committees do not have independent decision-making
authority, but the Board of Directors makes decisions on
matters prepared by the Committees. The Chair of each
Committee reports on the activities of the Committee in
the Board meeting following a Committee meeting.
Siili’s Audit Committee assists the Board of Directors in
performing its supervisory duty regarding financial and
sustainability reporting and control, risk management as
well as internal and external audit. The Company’s risk
management also encompasses all material sustainability-
related risks. In 2025, the Company integrated the risks
identified in the double materiality analysis and their
management into its business risk management processes.
The HR Committee prepares materials and provides
advice on the personnel of the Company as well as
matters related to the remuneration and incentives of the
Company’s management. The Committee is tasked with,
among other things, reviewing the compatibility of the
HR strategy and business strategy, the results of the job
satisfaction survey, the performance of occupational safety
and health enforcement, the diversity situation, as well
as related plans and policies. In addition, the Committee
prepares the principles underlying the performance and
result criteria of the remuneration schemes and monitors
their achievement. The HR Committee convenes at least
four times a year, and receives all necessary information,
reports and survey results to support its preparatory work.
Chief Executive Officer, Management Team and employees’
representation
Siili’s CEO steers and supervises the Company’s business
and is responsible for the day-to-day operational
management of the Company, productisation as well as
strategy implementation. The CEO also prepares matters
for Board review and is responsible for their implementation.
The CEO is responsible for the promotion of the
sustainability programme in accordance with instructions
given by the Board of Directors. CFO and General
Counsel report to the Board of Directors on sustainability-
related material impacts, risks and opportunities, as
well as progress towards sustainability targets.
The Company’s Management Team prepares matters
related to sustainability before the CEO presents them
to the Board of Directors and supervises, for its part, the
implementation of sustainability actions as well as impacts,
risks and opportunities related to sustainability at least on
an annual basis in the meetings of the Management Team.
Some of the members of the Management Team
participated in workshops where Siili's material sustainability
topics were analysed by double materiality analysis in 2024.
In addition, the Management Team has used external experts
to support its work related to sustainability topics, and it
continues to have this option in the future. The members
of the Management Team have been chosen for their
positions based on their sectoral and business expertise.
Siili's employees are represented in the management
team for the Finnish business by a staff representative.
Siili does not have employee representation in
other administrative or supervisory bodies.
Identity of the members of the administrative, management
and supervisory bodies responsible for oversight of impacts,
risks and opportunities
Harry Brade Chair of the Board,
Chair of the HR Committee
Jesse Maula Vice Chair of the Board of Directors,
Member of the Audit Committee,
Member of the HR Committee
Henna Mäkinen Member of the Board
Chair of the Audit Committee
Katarina Cantell Member of the Board,
Member of the Audit Committee
Member of the HR Committee
Sebastian Nyström Member of the Board,
Member of the HR Committee
Tomi Pienimäki Chief Executive Officer
Tuomas Toropainen Chief Financial Officer
Taru Salo Chief People Officer
Marton Heves CEO, Supercharge
Maria Niiniharju VP, AI Strategy & Transformation
Markku Savusalo VP, Digital Engineering
Jaakko Aatola VP, Strategy & Partners
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
14 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Board of Directors’ gender diversity calculated as an average ratio of female to male members
Composition and diversity of the members of the administrative,
management and supervisory bodies 31.12.2025 31.12.2024
Number of executive and non‑executive members Group Management Team 7
persons
Board of Directors 5 persons
Group Management Team 5
persons
Board of Directors 5 persons
Percentage of the members of the administrative, management and
supervisory bodies by gender, Board of Directors
40% female
60% male
40% female
60% male
Percentage of the members of the administrative, management and
supervisory bodies by gender, Management Team
29% female
71% male
40% female
60% male
Gender diversity calculated as an average ratio of female to male
members
0.4 Board of Directors
0.3 Management Team
0.4 Board of Directors and
Management Team
Percentage of Board of Directors’ members who are independent 100% independent of the
Company
80% independent of the largest
shareholders
100% independent of the
Company
80% independent of the largest
shareholders
The remuneration policy has been prepared in accordance
with the Shareholder Rights Directive ((EU) 2017/828),
which is primarily implemented in the Finnish Limited
Liability Companies Act (624/2006, as amended), the
Securities Markets Act (746/2012, as amended), Decree
608/2019 of the Ministry of Finance and the Corporate
Governance Code. Siili's remuneration principles and the
total remuneration of the administrative, management
and supervisory bodies are described in more detail
in the Remuneration Report and Remuneration
Policy. The objective of the remuneration policy is to
promote the Company’s strategy, long-term financial
success and the sustainable growth of shareholder
value. Siili's sustainability targets or climate-related
actions are not linked to the remuneration system.
DUE DILIGENCE
Siili applies sustainability-related due diligence thinking
as part of its existing governance, risk and reporting
practices. The Company does not have a separate due
diligence process targeted at sustainability, but the key
aspects and steps of the due diligence process have
been integrated into its normal operating models and are
described in various sections of the sustainability report.
The identification and assessment of sustainability-
related impacts, risks and opportunities take place as
part of the Company’s double materiality assessment,
risk management process and topic-specific analysis.
On this basis, material sustainability topics are prioritised
and addressed in the Company’s strategy, operating
principles, policies, ethical guidelines and practices.
Actions addressing the identified material impacts and
risks are described in the topic-specific disclosures,
including policies, operating models and practical
actions. The implementation and effectiveness of
the actions are monitored as part of the Company’s
normal management and monitoring model.
RISK MANAGEMENT AND INTERNAL CONTROLS
OVER SUSTAINABILITY REPORTING
Sustainability reporting is carried out in compliance with
Siili's principles and processes for regulatory reporting,
risk management and internal control. Internal control
for sustainability reporting has been organised based
on the Group's governance model for internal control.
The assessment of risks related to sustainability
reporting focuses particularly on reporting related to risks
concerning the highest-materiality impacts, risks and
opportunities based on the double materiality analysis as
well as metrics involving the highest degree of calculation
technical uncertainty. Prioritisation is made in connection
with the risk assessment primarily based on the materiality
of the sustainability theme being reported and secondarily
on the related calculation technical uncertainty.
Siili’s sustainability reporting is based on several internal
and external data sources as well as, to some extent,
estimates. Therefore, the Company has identified
process risks related to sustainability reporting that
may affect the accuracy, consistency and verifiability
of the reported information. The identification and
management of risks related to sustainability reporting
form part of the Company’s overall risk management,
and reporting practices are continuously developed.
The Company has identified a risk that information
used in sustainability reporting may be incomplete,
incorrect or inconsistent due to the dispersed nature of
the data, manual work steps, or the use of estimates.
To mitigate this risk, the Company has defined
responsibilities for the reported information, uniform
definitions and calculation principles. The accuracy of the
information is ensured through internal checks. Part of
the information used in sustainability reporting is based
on data produced by external suppliers or generally
accepted sources, the accuracy and comparability
of which may vary. This related risk is managed by
utilising reliable and generally accepted data sources
and by assessing the reasonableness and consistency
of the information as part of the reporting process.
The sustainability reporting process is dependent on
individual persons as well as the partially manual nature of
the process, which may impair the continuity of reporting
and increase the risk of errors. To mitigate this risk,
sustainability reporting processes and responsibilities
have been documented, and reporting is developed
as part of the Company’s normal reporting cycle. The
functioning of the process is assessed on a regular basis.
Corporate governance
Siili Solutions Plc is a Finnish public limited liability
company listed on Nasdaq Helsinki Ltd (Helsinki Stock
Exchange). Siili’s corporate governance is based on
legislation in force in Finland, the rules and regulations
issued for listed companies by Nasdaq Helsinki and the
Finnish Financial Supervisory Authority (FIN-FSA) as well
as Siili’s Articles of Association. Corporate governance
in Siili’s subsidiaries is also governed by the laws of the
country of their domicile and by each subsidiary’s Articles
of Association. Siili’s governance and control are rooted
in honesty, accountability, equality and transparency.
In 2025, Siili complied fully with the Corporate Governance
Code 2025 published by the Securities Market Association.
Integration of sustainability-related performance in incentive
schemes
The remuneration policy for Siili's governing
bodies is defined by the principles governing the
remuneration of the Company’s Board of Directors,
chief executive officer and deputy CEO, if any.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
15 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Regulation and guidance applicable to sustainability
reporting, including CSRD and ESRS requirements, are
continuously evolving. The Company has identified a
risk that the interpretation or application of regulation
may be inadequate or outdated. To mitigate this risk, the
Company actively monitors regulatory developments
and updates its reporting practices as necessary.
Siili’s Board of Directors is informed of internal control
for sustainability reporting as part of other reporting
on internal control. The outcomes of internal control
are monitored, and the control is steered by the
Board of Directors and the Management Team.
Business model, value chain and
strategy
BUSINESS LINES
The Siili Group is an independent provider of information
systems development services, which provides services
to both private companies and the public sector.
Siili serves its customers end-to-end in the planning,
development, and maintenance of digital services. The
Siili Group consists of the parent company Siili Solutions
Plc and its subsidiaries. The subsidiaries are located in
Finland, Poland, Germany, the USA, Hungary, the UK
and the Netherlands. The domicile of Siili Solutions Plc
is Helsinki, and its shares are listed on Nasdaq Helsinki
Ltd. Companies of the Siili Group comply with local
legislation and requirements in all of their activities.
Siili does not operate in the fossil fuel, natural gas,
chemical production, controversial weapons or
production of tobacco sectors, and the sale of its
services is not banned in any certain markets.
2025
Total Net Sales EUR 108,076 thousand
Sales of work 91,859
Project deliveries 6,182
Licence sales 3,254
Maintenance and other services
6,780
Total number of workforce with employment contracts by
head count
Area Number of personnel
Finland 557 / 65 %
Poland 105 / 12 %
Hungary 183 / 21 %
Rest of Europe and North America 18 / 2 %
Total number of employees
863
STRATEGY
Siili has placed artificial intelligence at the core of its strategy.
Siili has three strategic priorities that strengthen its position
as a leading company in the utilisation of artificial intelligence.
– Significant growth in Data and AI business:
We expand our business in the growing market of data
and generative AI, aiming to be the preferred partner for
customers in the GenAI transformation.
– Pioneer in AI-powered digital development:
We reinforce our position as a pioneer in AI across the
entire software development lifecycle, from design to
implementation and maintenance. For Siili’s customers, this
means faster development cycles, and for Siili, improved
productivity.
– Community of top talent: We strengthen our strong
corporate culture and continuous learning opportunities.
Our goal is to be the most desirable community among
digital development professionals.
Siili’s competitive advantage is its ability to combine
strong software development, AI, and industry expertise.
This unique combination makes Siili a pioneer in
utilizing and developing AI solutions and strengthening
customers' competitiveness. In its customer relationships,
Siili focuses on large enterprises and the public sector
in Finland, the UK, Germany, and the Netherlands. Siili
will continue to strengthen its delivery capabilities by
expanding its skill base both in Finland and Eastern
Europe, for example in Poland and Hungary.
Siili’s long-term financial goals for 2025–2028 are
an annual revenue growth of 20%, of which organic
growth accounts for about half, and an adjusted EBITA
of 12% of revenue. The aim is to keep the ratio of net
debt to EBITDA below two and to pay a dividend
corresponding to 30–70% of net profit annually.
Siili’s business and strategy support sustainable
development because IT solutions can be used to reduce
the environmental burden and the use of resources.
Furthermore, Siili places a special emphasis on its
social responsibility for its own employees and those
in the value chain. One of the three strategic goals
in Siili's strategy is to be a community of top talent.
Siili develops its corporate culture and continuous
learning opportunities aiming to be the most attractive
community among digital development professionals.
The key themes with an impact on Siili's employee
experience are remuneration, competence development,
well-being, culture, community spirit and meaningful
customer projects. Siili’s strategic priority is to be
a pioneer in AI-powered digital development and
the preferred partner for customers in generative AI
projects. These strategic goals require the development
of employees’ competencies and allow employees to
participate in meaningful customer projects. Siili has
taken these strategic objectives into account also in its
employee-related sustainable development targets.
VALUE CHAIN
The majority (approximately 85%) of Siili’s business
consists of the sales of work, which means in
practice that Siili’s expert team complements the
customer’s own organisation in designing, developing
and maintaining digital services. In addition, Siili
implements projects for its customers and functions
as a retailer of licences. In the sales of work, the value
chain consists of just Siili and the customer. In these
services, Siili utilises both its own personnel and experts
working for Siili on an entrepreneurial contract.
In the sale of end-to-end solutions, the value chain
may begin from the suppliers of licences and off-the-
shelf software used in the project and proceed from
the customers to the end users of digital services. In
addition, the value chain includes a small group of service
providers supporting Siili’s administration and operations,
such as suppliers of work equipment, landlords and
providers of advisory, accounting and IT services.
The most critical resources in Siili’s value chain are
competent employees. Siili invests in its employees’
development opportunities by providing assignments
where they can enhance their expertise. Well-being at
work is maintained and enhanced, among other things,
by focusing on the work community and culture through
various types of training, events and activities promoting
well-being, putting an emphasis on management and
leadership, facilitating flexible ways of working and
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
16 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
providing comprehensive occupational health services.
Recruitment of new employees is supported by Siili’s
good employer reputation and, in particular, its reputation
as a pioneer in AI-assisted software development.
INTERESTS AND VIEWS OF STAKEHOLDERS
The Siili Group’s key stakeholders are its employees
and potential employees, customers, cooperation
partners, shareholders and the capital markets,
including supervisory authorities, financiers,
the surrounding societies and the media.
Siili engages in dialogue with its stakeholders and
develops its activities based on stakeholder feedback
received. The most important stakeholders with the
most significant impact on the strategy and business are
customers and employees. Siili’s strategy is formulated
on the basis of current and future customer need, and
based on the strategy, an action plan is formed to outline
the development of Siili’s business. At Siili, employees
are encouraged to participate in the continuous
development of the business and service offering.
Employee well-being is also a strategic objective.
In connection with its strategy initiative, Siili gave
attention to the results of the double materiality
analysis and the views of the key stakeholders, namely
customers and employees. The strategy has artificial
Stakeholders
Stakeholder Main topics
Stakeholder engagement and communication
channels
Employees Development opportunities Growth discussions
Vibemetrics tool
Wellbeing and support by working community Internal meetings and info events
Personnel representation in Finland Management
Team
Work‑life balance Events and parties
Internal communications channels (e.g. Slack)
Employee Sounding Board
Rewarding and equal remuneration Whistleblowing channel
Potential employees Smooth recruitment process Website, recruitment channels
Interesting employment opportunities
Customers Expertise and know‑how Customer feedback and surveys
Good reputation and ethical practices Meetings, discussions and negotiations
Effective and productive operations Events and conferences
Sufficient resources Website and social media channels
Cooperation partners and
workers in the value chain
Fair and equal treatment of partners Meetings, discussions and negotiations
Productive cooperation Events
Good reputation
Shareholders Development of shareholder value Investor communications
Transparent and topical communications Investor meetings and events
Corporate governance and risk management Annual General Meeting
Good reputation Capital Markets Day
Financiers Good financial performance Meetings, discussions and negotiations
Access to adequate information
Society Compliance with legislation
Payment of taxes
Employment
Supporting societal development
Media Up‑to‑date interesting information Press releases, discussions and interviews
intelligence, data and the expertise of Siili's employees
at its core. The strategy process conducted in 2024 in
cooperation with employees ran parallel to the double
materiality analysis, and sustainability-related impacts,
risks, and opportunities were taken into account during
the development of the strategy and the evaluation of
different scenarios. AI and data are believed to offer
significant new opportunities for Siili and its employees in
the future, particularly through competence development.
Siili’s strategy work is continuous, and the strategy
is updated when needed. Siili’s Management Team
and Board of Directors monitor the implementation of
the strategy along with changes taking place in the
operating environment as well as key signals from
stakeholders in a systematic manner based on the
annual plan and the established reporting structure
of the organisation, in order to be able to react swiftly
to any need to adjust the strategy. Employee well-
being is monitored by the Board of Directors at least
quarterly, and themes related to employee satisfaction,
well-being and development are discussed by the
HR Committee on a regular basis, at least annually.
The views of the key stakeholders were considered
in the double materiality analysis, which is
described in greater detail on the next page.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
17 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
DOUBLE MATERIALITY ANALYSIS
The due diligence process for Siili’s double materiality
analysis is based on the European Sustainability
Reporting Standards (ESRS), which include a
comprehensive approach to identify, prevent and
mitigate actual and potential negative impacts on
the environment and people connected with the
Company's activities. In addition, customer and employee
satisfaction surveys were used in the identification
and assessment of impacts, risks and opportunities.
Between 2022 and 2024, Siili carried out a
comprehensive double materiality analysis in two
phases as a due diligence process in accordance
with the European Sustainability Reporting Standards
(ESRS). The results of the analysis were utilised widely
in the preparation of the 2024 sustainability reporting.
For the 2025 reporting, the double materiality analysis
was assessed by the executive management. The
purpose of the review was to ensure that the double
materiality assessment prepared in autumn 2024
still corresponds to Siili’s current business situation,
operating environment and material impacts, risks
and opportunities on the environment and people.
The assessment included a review of the previous
documentation, verification of changes that had occurred
in the business and regulatory environment, as well as
the identification and evaluation of material impacts, risks
and opportunities. The re-assessment was discussed
in the Group Management Team and the Board’s Audit
Committee and approved by Siili’s Board of Directors.
In Siili’s view, the double materiality assessment of
2024 continues to provide a reliable basis for Siili’s
2025 sustainability reporting and its assurance.
Going forward, an annual review will continue to be
carried out in connection with assurance preparations,
and a more extensive update to the analysis,
based on stakeholder dialogue, will be performed
when necessary, as a rule every two years.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
18 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Material impacts, risks and opportunities of sustainability
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL
Impact
Sustainability topic Impact description Type of impact
Upstream value
chain Own operations
Downstream value
chain
Term (Short / Medium /
Long)
Further
information in
section:
E1:
Climate change mitigation
Greenhouse gas (GHG) emissions generated
by operations
Potential negative
impact
x S/M/L E1
Reduction of greenhouse gas (GHG)
emissions
Potential negative
impact
x x M/L E1
Increase in IT sector greenhouse gas (GHG)
emissions due to AI solutions
Potential negative
impact
x x M/L E1
S1:
Working conditions
Full freedom of association for employees and
diverse opportunities to participate in Siili's
decision‑making
Actual positive
impact
x S/M/L S1
Applicability of employee‑management
collaboration practices used in Finland to other
operating countries
Potential negative
impact
x S/M/L S1
Working time tracking and flexible working
hours.
Siili offers longer‑than‑statutory family‑
related leave and sick child leave. Flexible
working hours and adaptable remote
working practices, together with the leisure
opportunities provided by Siili, enhance well‑
being at work
Actual positive
impact
x S/M/L S1
Temporarily higher‑than‑normal workload may
temporarily reduce employee well‑being at
work.
Potential negative
impact
x S/M/L S1
S1:
Equal treatment and
opportunities
Development and maintenance of employee
competencies
Actual positive
impact
x S/M/L S1
Enhancement of workforce diversity
Actual positive
impact
x S/M/L S1
Challenges of increasing diversity in the IT
sector
Potential negative
impact
x S/M/L S1
Siili provides a safe working environment for
all employees
Actual positive
impact
x S/M/L S1
G1:
Corporate culture
Siili’s strong and unique corporate culture
Actual positive
impact
x x x S/M/L G1
Siili has identified material impacts, risks and
opportunities related to climate changes as well
as social and governance topics. The material
topics are presented in the adjacent table.
In the update to the double materiality analysis,
potential negative impacts were identified in relation
to climate change mitigation and greenhouse gas
emissions. In relation to Siili’s employees, actual
positive impacts were identified concerning working
conditions, equal treatment and equal opportunities,
as well as potential negative impacts related to
equal treatment and the enhancement of diversity.
An actual positive impact associated with corporate
culture was identified. The material impacts, risks
and opportunities related to the topics are described
in greater detail in the topic-specific sections.
In its strategy process of 2024, the Board of Directors
considered the impacts, risks and opportunities
determined based on the analysis. The well-
being and competence of Siili's employees are a
precondition for the business, and Siili's material
impacts, risks and opportunities are closely
tied to maintaining and enhancing them.
A uniform corporate culture supports Siili's business
operations. The material risks and opportunities
defined based on the double materiality analysis
did not result in significant financial impacts during
2025. No foreseeable financial impacts related to
risks and opportunities are reported for 2025.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
19 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
IDENTIFICATION AND ASSESSMENT
OF MATERIAL IMPACTS, RISKS
AND OPPORTUNITIES
The reported sustainability topics and sustainability
metrics are based on the double materiality analysis.
The main objective of the double materiality analysis is
to identify and assess the Company’s impacts on the
environment, society and governance, and to identify
and assess the sustainability-related impacts, risks and
opportunities that may affect the implementation of the
Company’s strategy and the achievement of its targets
in the short, medium and long term. In assessing the
impacts, risks and opportunities, attention has been
paid beyond Siili’s own operations, to upstream and
downstream operators in the value chain as well as
other parties affected by the Company’s operations. The
assessment of Siili’s own functions covered all market
areas, i.e. Finland, the rest of Europe and North America.
In the first stage, stakeholders such as employees,
subcontractors, customers and major shareholders
were engaged in the analysis by soliciting their
perspectives using both an online survey and interviews
of a focus group selected among the stakeholders.
Representatives of management, employees,
Board of Directors, shareholders and customers,
among others, were engaged in the interviews.
During the second stage, the assessment was expanded
based on the requirements of the ESRS standard. The
double materiality analysis of 2024 included a review
of all topics listed in the Directive and with the intent to
fully comply with the application requirements as well.
With a view to the nature of Siili's business, there was no
reason to focus on certain areas, business relations or
actions in its own operations or those in the value chain.
The classification of sustainability impacts, risks and
opportunities was based on a division into subtopics, i.e.
topics, subtopics and sub-sub-topics. The sustainability
topics were mapped in the short term, i.e. the past
year, the medium term covering 1–5 years and the long
term extending longer than 5 years. The total number
of identified impacts, risks and opportunities related
to the topics was 30, of which 10 concerned the
environment, 16 pertained to social responsibility and 4 to
governance. These included 13 risks and 8 opportunities.
The impacts, risks and opportunities were assessed
and prioritised by estimating their severity, which
reflected their scope, and for negative impacts, their
remediability and financial materiality. As regards
the risks and opportunities related to the topics, the
estimated severity also reflected their probability of
occurrence. Risks associated with human rights were
deemed material due to the severity of the topic, even
if the probability was low. The medium- and long-term
risk associated with climate change mitigation was
prioritised as a sustainability risk, and it was also deemed
material based on stakeholders’ information need.
The scale of measurement for severity, scale and
remediability was a numerical assessment ranging from
1 to 5, while the estimated financial impact of Siili’s
various risk categories ranged from very low to very
high. On this scale, a very low impact means an impact
of less than 1% on revenue or profitability, an impact of
1‑2% is regarded as low, an impact of 2–5% as medium
and an impact of 5–10% as high. A very significant
impact means an impact of over 10% on revenue or
profitability. At a threshold value of 2, there were a total
of 13 material impacts and 7 financially material impacts.
The process was carried out through workshops
involving members of the Management Team
and responsible personnel from various functions
who presented stakeholders’ views.
In the re-assessment of material impacts, risks and
opportunities carried out in autumn 2025, minor update
needs were identified due to the development of
regulatory application practices. In this respect, the
updates have been taken into account in the table
describing material impacts, risks and opportunities
and particularly in the terminology used.
The results of the double materiality analysis
emphasised in particular social responsibility and its
sub-topics: equal treatment, working conditions and
diversity. Another topic found relevant was corporate
culture, which is supported by corporate governance,
policies and processes. As regards environmental
responsibility, the most relevant topics proved to
be climate change mitigation and greenhouse gas
emissions. Based on the materiality analysis, topics
material from the perspective of the Company’s
operations, services and stakeholders were chosen.
Going forward, Siili will review its double materiality
analysis on an annual basis as part of its regular
business development. As a rule, Siili will update
and complement the double materiality analysis
more extensively every other year. The identification,
assessment and management process of sustainability-
related impacts, risks and opportunities will be
integrated into the overall risk management process..
ASSESSMENT OF OTHER
ENVIRONMENTAL TOPICS
Given the nature of Siili’s business, which is based on
the sale of work, environmental topics pertaining to
degradation, water and marine resources, biodiversity,
ecosystems, resource use and the circular economy
were deemed not material with respect to Siili's
business and value chain. Consequently, they were
excluded from a more thorough assessment after
an initial discussion. As a result, Siili did not screen
or evaluate the locations of its sites, its business,
assets or value chain from the perspective of impacts,
risks, opportunities and dependencies concerning
degradation, water and marine resources, biodiversity,
ecosystems, resource use and the circular economy.
Siili’s premises are rented offices located in city
centre areas or otherwise in densely built-up and
zoned urban areas. The location of the premises in or
near biodiversity-sensitive areas was not specifically
evaluated. In the double materiality analysis, Siili did not
evaluate dependencies, systemic risks, transition risks,
physical risks or opportunities related to biodiversity and
ecosystems. Due to the nature of its business, Siili did
not find it necessary to implement mitigation measures
related to biodiversity. No separate consultations were
conducted with respect to environmental topics.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
20 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
List of disclosure requirements complied with
Standard Disclosure Requirement Section in the Sustainability Statement
ESRS 2 BP‑1 Basis of preparation
BP‑2 Basis of preparation
GOV‑1 – GOV‑5 Governance of sustainability themes; Governance and strategy of
sustainability
SBM‑1 – SBM‑3 Governance and strategy of sustainability
IRO‑1 Business model, value chain and strategy
IRO‑2 Disclosure requirements in ESRS covered by the sustainability
statement
ESRS E1 E1 GOV‑3 Integration of sustainability‑related performance in incentive schemes
E1‑1 Targets and metrics
E1 SBM‑3 Material impacts, risks and opportunities related to climate change
mitigation
E1 IRO‑1 Material impacts, risks and opportunities related to climate change
mitigation
E1‑2 Policies
E1‑3 Actions and progress towards targets in 2025
E1‑4 Targets and metrics; Actions and progress towards targets in 2025
E1‑5 Targets and metrics
E1‑6 Targets and metrics
ESRS E2 E2 IRO‑1 Assessment other environmental topics
ESRS E3 E3 IRO‑1 Assessment other environmental topics
ESRS E4 E4 IRO‑1 Assessment other environmental topics
ESRS E5 E5 IRO‑1 Assessment other environmental topics
ESRS S1 S1 SBM‑2
S1 SBM‑3
Interests and views of stakeholders
Social responsibility
S1‑1 Policies
S1‑2 Policies
S1‑3 Policies
S1‑4 Policies
S1‑5 Policies
S1‑6 Metrics
S1‑7 Metrics
S1‑9 Metrics
S1‑13 Metrics
S1‑15 Policies
S1‑17 Metrics
ESRS G1 G1‑1 Governance and strategy of sustainability
G1‑1 Governance and strategy of sustainability
DISCLOSURE REQUIREMENTS IN ESRS COVERED
BY THE SUSTAINABILITY STATEMENT
The material disclosure requirements and datapoints
reported in Siili’s sustainability statement have been
determined in accordance with EFRAG Implementation
Guidance 3 and the ESRS. The datapoints to be reported
were determined with a view to Siili's business and the
outcome of the double materiality analysis, based on
the topic-specific standards, sub-topics and sub-sub-
topics material to the Company. The evaluation process
concerning the materiality of the topics, including the
materiality threshold, is described in the IRO-1 section.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
21 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
List of ESRS datapoints that derive from EU legislation
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference
Benchmarks
Regulation reference
EU Climate Law
reference
Location in the sustainability statement
/ not material
ESRS 2 GOV‑1
Board’s gender diversity paragraph 21 (d)
x x
Table: Board of Directors’ gender diversity
calculated as an average ratio of
female to male members
ESRS 2 GOV‑1
Percentage of board members who are independent paragraph 21 (e)
x
Table: Board of Directors’ gender diversity
calculated as an average ratio of female to
male members
ESRS 2 GOV‑4
Statement on due diligence paragraph 30
x Due diligence
ESRS 2 SBM‑1
Involvement in activities related to fossil fuel activities paragraph 40 (d) i
x x x Not material
ESRS 2 SBM‑1
Involvement in activities related to chemical production paragraph 40 (d) ii
x x Not material
ESRS 2 SBM‑1
Involvement in activities related to controversial weapons paragraph 40 (d) iii
x x Not material
ESRS 2 SBM‑1
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv
x Not material
ESRS E1‑1
Transition plan to reach climate neutrality by 2050 paragraph 14
x E1: Targets and metrics
ESRS E1‑1
Undertakings excluded from Paris‑aligned Benchmarks paragraph 16 (g)
x x Not material
ESRS E1‑4
GHG emission reduction targets paragraph 34
x x x
E1: Actions and progress towards targets
in 2025
ESRS E1‑5
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38
x Not material
ESRS E1‑5
Energy consumption and mix paragraph 37
x E1: Metrics
ESRS E1‑5
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43
x Not material
ESRS E1‑6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44
x x x E1: Metrics
ESRS E1‑6
Gross GHG emissions intensity paragraphs 53 to 55
x x x E1: Metrics
ESRS E1‑7
GHG removals and carbon credits paragraph 56
x Not material
ESRS E1‑9
Exposure of the benchmark portfolio to climate‑related physical risks paragraph 66
x Not material
ESRS E1‑9
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)
ESRS E1‑9
Location of significant assets at material physical risk paragraph 66 (c)
x Not material
ESRS E1‑9
Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c)
x Transitional provision applied
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
22 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference
Benchmarks
Regulation reference
EU Climate Law
reference
Location in the sustainability statement
/ not material
ESRS E1‑9
Degree of exposure of the portfolio to climate‑related opportunities paragraph 69
x Transitional provision applied
ESRS E2‑4
Amount of each pollutant listed in Annex II of the E‑PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water
and soil, paragraph 28
x Not material
ESRS E3‑1
Water and marine resources paragraph 9
x Not material
ESRS E3‑1
Dedicated policy paragraph 13
x Not material
ESRS E3‑1
Sustainable oceans and seas paragraph 14
x Not material
ESRS E3‑4
Total water recycled and reused paragraph 28 (c)
x Not material
ESRS E3‑4
Total water consumption in m3 per net revenue on own operations paragraph 29
x Not material
ESRS 2 – IRO‑1 – E4
paragraph 16(a)(i)
x Not material
ESRS 2 – IRO‑1 – E4
paragraph 16(b)
x Not material
ESRS 2 – IRO‑1 – E4
paragraph 16(c)
x Not material
ESRS E4‑2
Sustainable land / agriculture practices or policies paragraph 24 (b)
x Not material
ESRS E4‑2
Sustainable oceans / seas practices or policies paragraph 24 (c)
x Not material
ESRS E4‑2
Policies to address deforestation paragraph 24 (d)
x Not material
ESRS E5‑5
Non‑recycled waste paragraph 37 (d)
x Not material
ESRS E5‑5
Hazardous waste and radioactive waste paragraph 39
x Not material
ESRS 2 – SBM‑3 – S1
Risk of incidents of forced labour paragraph 14 (f)
x S: Social responsibility
ESRS 2 – SBM‑3 – S1
Risk of incidents of child labour paragraph 14 (g)
x S: Social responsibility
ESRS S1‑1
Human rights policy commitments paragraph 20
x S: Policies
ESRS S1‑1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21
x S: Policies
ESRS S1‑1
Processes and measures for preventing trafficking in human beings paragraph 22
x S: Policies
ESRS S1‑1
Workplace accident prevention policy or management system paragraph 23
x S: Policies
ESRS S1‑3
Grievance/complaints handling mechanisms paragraph 32 (c)
x S: Policies
ESRS S1‑14
Number of fatalities and number and rate of work‑related accidents paragraph 88 (b) and (c)
x x Not material
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
23 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Disclosure Requirement and related datapoint SFDR reference Pillar 3 reference
Benchmarks
Regulation reference
EU Climate Law
reference
Location in the sustainability statement
/ not material
ESRS S1‑14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)
x Not material
ESRS S1‑16
Unadjusted gender pay gap paragraph 97 (a)
x x
S: Actions and progress towards targets in
2025
ESRS S1‑16
Excessive CEO pay ratio paragraph 97 (b)
x S: Metrics
ESRS S1‑17
Incidents of discrimination paragraph 103 (a)
x S: Metrics
ESRS S1‑17
Non‑respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a)
x x S: Metrics
ESRS 2 – SBM‑3 – S2
Significant risk of child labour or forced labour in the value chain paragraph 11 (b)
x Not material
ESRS S2‑1
Human rights policy commitments paragraph 17
x Not material
ESRS S2‑1
Policies related to value chain workers paragraph 18
x Not material
ESRS S2‑1
Non‑respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19
x x Not material
ESRS S2‑1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19
x Not material
ESRS S2‑4
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36
x Not material
ESRS S3‑1
Human rights policy commitments paragraph 16
x Not material
ESRS S3‑1
Non‑respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17
x x Not material
ESRS S3‑4
Human rights issues and incidents paragraph 36
x Not material
ESRS S4‑1
Policies related to consumers and end‑users paragraph 16
x Not material
ESRS S4‑1
Non‑respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 17
x x Not material
ESRS S4‑4
Human rights issues and incidents paragraph 35
x Not material
ESRS G1‑1
United Nations Convention against Corruption paragraph 10 (b)
x G1: Policies
ESRS G1‑1
Protection of whistleblowers paragraph 10 (d)
x G1: Policies
ESRS G1‑4
Fines for violation of anti‑corruption and anti‑bribery laws paragraph 24 (a)
x x Not material
ESRS G1‑4
Standards of anti‑corruption and anti‑bribery paragraph 24 (b)
x Not material
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
24 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
ENVIRONMENT
European Union’s sustainable finance taxonomy
In 2020, the European Union adopted the so-called
sustainable finance taxonomy, which obliges companies
to report how the business they conduct affects
certain, more precisely defined environmental goals in
the regulation. The reportable goals and criteria have
been defined for climate change mitigation and the
adaptation to climate change, sustainable use and
protection of water and marine resources, the transition
to a circular economy and the prevention and reduction
of environmental pollution, as well as the protection
and restoration of biodiversity and ecosystems.
Taxonomy-eligibility indicates whether a given
economic activity falls within the scope of activities
defined in the EU's Taxonomy Regulation. Meanwhile,
taxonomy alignment indicates the sustainability of
an eligible economic activity in terms of the technical
evaluation criteria “significant contribution” and “do
no significant harm”. Taxonomy-aligned economic
activity must also comply with minimum safeguards.
This means that sustainable activities must respect
a minimum level of human rights and comply with
good business practices. Siili has assessed taxonomy
eligibility and alignment against of all of these criteria.
Siili’s assessment of taxonomy-eligible business activities
is based on the European Commission’s Delegated
Regulation. Based on the Regulation, Siili’s taxonomy-
eligible business activities related to climate change
adaptation include providing expertise in the field of
information technology, developing, modifying, testing,
and supporting software, designing computer systems
that integrate computer hardware, software, and
communication technologies, managing and operating
clients' computer systems or data processing facilities
on-site, as well as other professional and technical
activities related to computing. Siili operates broadly
in the field of IT consultancy and provides clients with
expert services in information technology. Therefore,
its business activities are taxonomy-eligible insofar
as they relate to climate change adaptation. If a client
engagement does not pertain to climate change
adaptation, it is not considered taxonomy-eligible.
In terms of taxonomy alignment, Siili’s business is
primarily evaluated in terms of the criteria defined
for Information and communication under the
Commission Delegated Regulation. Regarding climate
change mitigation, the following criteria under the
Delegated Regulation apply to Siili’s business: “8.2
Data-driven solutions for GHG emissions reductions”
and “8.2 Computer programming, consultancy and
related activities”. In addition, with respect to the
circular economy criteria, “4.1 Provision of IT/OT
data-driven solutions” and “5.6 Marketplace for the
trade of second-hand goods for reuse” could be
applicable, for example, when Siili provides consulting
services for the development of online shops.
The European Commission has adopted Delegated
Regulation (EU) 2026/73, which streamlines EU Taxonomy
reporting, for example through the introduction of a
materiality concept and updated reporting templates.
Siili applies the new Delegated Regulation in its
2025 Taxonomy reporting. Comparative figures have
not been restated as a result of these changes.
Siili has assessed the taxonomy eligibility and
taxonomy alignment of its business activities in line
with the reform. As a result of this process, taxonomy-
eligible engagements were identified, representing
approximately 1% of the Group’s total revenue. As
these engagements did not exceed the 10% materiality
threshold in terms of revenue, they have been deemed
non-material and have not been further assessed.
A similar review was carried out with respect to
capital expenditure and operating expenditure. For
the financial year 2025, no taxonomy-eligible capital
or operating expenditures were identified that, on a
cumulative basis, exceeded the materiality threshold.
In the assessment, sustainability-related projects that
fall outside the scope of the EU Taxonomy were also
identified, and Siili has participated in numerous client
engagements that indirectly support the objectives of
the European Union’s sustainable finance taxonomy.
Although the revenue contribution from such projects is
not material, Siili remains committed to pursuing client
engagements related to sustainability going forward.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
25 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Financial year
(2025)
Breakdown of Taxonomy-aligned activities by environmental objective
Key
performance
indicator (1) Total (2)
Proportion of
Taxonomy-
eligible
activities (3)
Taxonomy-
aligned
activities (4)
Proportion of
Taxonomy-
aligned
activities (5)
) Climate
change
mitigation (6)
Climate change
adaptation (7) Water (8)
Circular
economy (9) Pollution (10) Biodiversity (11)
Proportion
of enabling
activities (12)
Proportion of
transitional
activities (13)
Activities not
assessed,
considered non-
material (14)
Taxonomy-
aligned
activities in
the previous
financial year
(2024) (15)
Proportion of
Taxonomy-
aligned
activities in
the previous
financial year
(2024) (15)
EUR 1,000 % EUR 1,000 % % % % % % % % % % EUR 1,000 %
Revenue 108,076 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 0 0%
Capital
expenditure
4,448 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% n/a 0 0%
Operating
expenditure
1,000 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% n/a 0 0%
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
26 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
E: Environment
Based on the double materiality analysis, environmental
topics material to Siili are related to climate change
mitigation stemming from the increase in greenhouse
gases due to artificial intelligence. Stakeholders’ and
customers’ climate targets are another important factor,
and Siili acknowledges its role in contributing to these
targets. In addition, the EU’s tightening regulation may
extend to ICT solutions in the medium and long term.
E1 Climate Change
Material impacts, risks and opportunities
related to climate change mitigation
Siili Solutions has identified material impacts related to
climate change mitigation both in its value chain and its
own operations. Climate change adaptation or physical
climate change risks have not been proven material
topics for Siili. Neither does Siili have property prone to
damage caused by exceptional weather conditions.
Potential negative impacts
Climate change mitigation and greenhouse
gas emissions: Siili's own operations generate
greenhouse gases in the environment. The most
significant proportion of greenhouse gases in
the entire value chain is caused in Siili's value
chain, and not in Siili’s own operations.
Actual positive impacts
Climate change mitigation and greenhouse gas
emissions: Siili seeks to contribute to slowing down
climate change by taking actions to reduce emissions.
Many of Siili’s customers have set climate targets,
and as part of their value chain, Siili must seek to
both reduce its own emissions and report on its
climate impacts to its customers. The climate is
also a material topic to the personnel and investors.
Thus, stakeholders place a requirement on Siili
to actively engage in climate change mitigation
and the achievement of climate objectives.
Risks
Climate change mitigation and greenhouse gas
emissions: In the medium and long term, the greenhouse
emissions of the IT sector may increase for example
due to AI solutions as a result of their high energy
need if there is not enough renewable energy available
or it is not used for other reasons. AI is at the core of
Siili's strategy, and therefore the emissions of Siili and
its customers may increase. The growth in emissions
may raise Siili’s costs if it begins to compensate
its emissions or if, for example, regulation imposes
financial compensation or payment obligations for
emissions. If the risk materialises, Siili will respond to
the situation with actions available at the time. Siili
analysed the resilience of its strategy and business
as part of the strategy process carried out in summer
2024. The resilience analysis did not include climate
scenario analyses, but transition risks are assessed to
be low, and physical risks are considered very low in
the short, medium, and long term. The results of the
scenario and resilience analysis of the strategy are
considered in their entirety Siili’s business secrets. In
the medium and long term, the strategy is also expected
to evolve and the business to develop accordingly.
Thus, Siili’s resilience to respond to this risk is strong.
Targets and metrics
The most significant environmental impacts of the
ICT sector are caused by greenhouse gas emissions,
whose share of global emissions is relatively small. The
impact of the sector and digitalisation on greenhouse
gas emissions is two-way: On the one hand, many
solutions and services generate or promote direct
emissions reductions. On the other hand, for example,
the use of servers and services, as well as the use of
various digital tools – in particular AI tools – generates
emissions. Siili’s objective is both to support its
customers in developing various solutions reducing
environmental impacts, and on the other hand, to
identify and reduce its own environmental impacts. The
Company is also reviewing different methods to monitor
the growth of the energy need caused by the use of
AI applications and the resulting potentially significant
growth in greenhouse gas emissions in the future.
The majority of total emissions in Siili’s value chain
are created downstream, i.e., from the use of digital
services by customers and end users. The calculation
of the greenhouse gas emissions caused by services
is not yet systematic, but it is being developed
actively. It is possible to have an impact on the
emissions of a service for example by improving the
energy-efficiency of the software and optimising its
functionalities. Indeed, it is Siili’s objective to enhance
its expertise in this regard, so that it can contribute by
developing lower-emission services for its customers.
Siili’s own operations generate only limited
environmental impacts since Siili’s energy intensity as
an expert organisation is low and its operations do not
involve any other factors that burden the environment.
Siili’s objective is to undertake active climate actions
and thereby strengthen its reputation as a responsible
operator in its sector. In accordance with the continuous
improvement policy, Siili seeks to reduce all of its
environmental impacts, putting effort into identifying,
measuring and reporting on them on an ongoing basis.
Siili’s most significant direct environmental impacts
are caused by greenhouse gas emissions stemming
from, among other things, the procurement of
products and services, commuting and business
travel as well as office and equipment waste. Siili
has calculated its emissions in accordance with the
GHG Protocol. Especially in the context of emission
calculation of Scope 3 purchased goods and
services, the aim is to reduce the use of monetary
values and replace them with more specific good
and service specific measurement units.
The core of Siili's strategy consists of AI, the use of
which is estimated to cause a significant increase in
the need for energy in the future. As a result, a situation
may emerge that fossil-free energy production does
not grow at a comparable pace, and the use of fossil
energy sources may increase further. This trend has
already been evident in the emissions of data centres.
Siili monitors the impacts of using artificial intelligence
and aims to consider and minimise the emission impacts
across the value chain from the planning stage.
In 2025, Siili also set greenhouse gas emission
reduction targets based on the requirements of the
Science Based Targets initiative (SBTi ). The targets
reflect the findings from the double materiality
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
27 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
analysis that Siili’s most significant climate impacts
relate in particular to indirect Scope 3 emissions.
In the short term, Siili targets a 42% absolute emission
reduction in line with the SBTi for both Scope 1 and
Scope 2 emissions by 2030 compared to the 2024
level, using the absolute contraction approach.
For Scope 3 emissions, the Company targets a 51.6%
reduction by the same date compared to the 2024
level, following the physical contraction method.
As its long-term net zero target, Siili is committed
to reducing Scope 1 and 2 emissions by 90% and
Scope 3 emissions by 97% per thousand billable
hours by 2050 compared to the 2024 level.
The significant underlying assumptions for the targets
relate, among other things, to the emission factors
used, gaps in supplier or other data, and the allocation
of travel and energy consumption data to the reporting
period. The methods used are subject to limitations,
as Scope 3 emissions in particular inherently involve
uncertainty and rely on estimates and assumptions,
and historical data may be updated as necessary if
calculation methods develop. Not all emissions can be
measured precisely, and some are based on estimates
and averages, which may affect the comparability of
metrics across different reporting periods. The metrics
for the climate targets have not been separately
validated by any third party, but they are based on
internationally recognised and widely used standards.
The targets form a key part of Siili’s carbon
neutrality roadmap and respond to customers’ and
regulators’ growing expectations for low-carbon
digital services. Progress is monitored annually
through the Company’s emission calculations
and reporting systems. The targets have not yet
been linked to Siili’s remuneration schemes.
Climate change transition plan
During 2025, the Siili Solutions Group prepared a
climate change transition plan, which serves as a
strategic roadmap for reducing the Group’s own
greenhouse gas emissions across all emission scopes
(Scope 1, 2 and 3). The plan is based on a greenhouse
gas inventory carried out by an external partner,
with the financial year 2024 set as the baseline
year and covering all companies in the Siili Group
in Finland and abroad. The calculation follows the
GHG Protocol standard and its principles for value
chain emissions, with emissions consolidated in
accordance with the operational control approach.
For the transition plan, the Group’s most significant
emission reduction opportunities have been identified
and assessed. The work was carried out in phases:
first, the key emission sources were identified, then
a list of possible emission reduction measures was
prepared and prioritised. Based on this, a cost–
benefit analysis was prepared in two scenarios – a
realistic scenario and an ideal scenario – assessing
the emission reduction potential of the measures,
investment and operating costs, net present value
and marginal cost per avoided tonne of emissions.
The plan was discussed in the Group Management
Team and the Audit Committee and approved
by Siili’s Board of Directors in autumn 2025.
The emission reduction targets have been set in
accordance with the principles of the Paris Agreement
and the Science Based Targets initiative. The transition
plan and target setting were prepared with the
assistance of an external expert and were based on
the Company’s greenhouse gas emission analysis
and climate science-based emission reduction
pathways. During preparation, general and sector-
specific approaches were reviewed, and the suitability
of absolute and intensity-based emission reduction
targets for the Company’s business was assessed.
The transition plan and preliminary targets were
aligned with the Paris Agreement’s 1.5°C warming
pathway, drawing on climate science and the EU’s
long-term climate policy objectives. The Company
has not selected or validated a specific sector-
based quantitative emission reduction pathway,
and the climate targets have not been validated in
accordance with the Science Based Targets initiative.
The Company will refine its targets and their
alignment with the Paris Agreement in future
reporting periods as the implementation of the
transition plan and emission data develop.
The Siili Group has not been excluded from the
EU’s Paris-aligned Benchmarks Indices. The
Company’s business does not include activities
related to the production of fossil fuels or other
carbon-intensive operations that would lead to
exclusion from these benchmark indices.
The Siili Group is committed to reducing Scope 1 and
Scope 2 emissions by 42% by 2030 from the 2024
level and achieving a 90% emission reduction in these
scopes by 2050. For Scope 3 emissions, the Group
targets a 51.6% intensity reduction (tCO2e per 1,000
billable hours) by 2030 and a 97% reduction by 2050.
The transition plan includes the key emission reduction
measures and their financial assessment. Short-
term measures include, among others, updating
the Company’s car and travel policies so that all
Group-owned and leased vehicles are converted to
electric, reducing the already low level of air travel,
and switching any remaining electricity contracts
for premises that include non-renewable energy
to renewable or carbon-neutral electricity in units
where the Company has influence over the contracts.
Moreover, the plan includes extensive supplier
cooperation, the aim of which is to ensure that the
Group’s key service and software suppliers align
their own emission reduction targets with the Paris
Agreement and provide service-specific emission data.
In the realistic scenario of the transition plan, the
Scope 1 target can be achieved and even exceeded
with the selected measures, but a significant gap
remains between the 2030 target level and the
combined impact of the measures for Scope 2 and
Scope 3 emissions. The identified potential for Scope 2
emission reductions identified in the realistic scenario
is 36.6 tCO2e (approximately 26% of the target) and
for Scope 3 emissions 164 tCO2e (50%). In both
scenarios, the Scope 1 emission target is achieved
by electrifying all Group vehicles. For Scope 2 and
Scope 3 emissions, the ideal scenario is reached if all
significant Group units switch to renewable electricity,
business travel (especially air travel) is substantially
reduced, and the majority of the Group’s key service
and software suppliers as well as other critical service
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
28 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
suppliers are able to provide unit- or service-specific
calculation data and implement their own emission
reductions in line with the Paris Agreement. In the
realistic scenario, the set targets are achieved if a
substantially smaller proportion of key suppliers meet
the above criteria and air travel is reduced moderately.
As part of its carbon footprint calculation, Siili has
mapped its current suppliers’ readiness and plans
for providing the necessary data and implementing
emission reductions. Based on the mapping, only a
limited number of suppliers currently meet or plan
to meet these requirements in the short term.
The transition plan also covers enabling measures
related to data and process development,
such as improving the quality of emission data,
harmonising operating practices and building audit
trail practices. For governance purposes, roles
and responsibilities have been defined: the Board
approves the plan, the Audit Committee oversees
its implementation, and responsibilities for internal
control, monitoring and reporting have been agreed
among the Group’s executive management.
Energy consumption and mix
1
Energy consumption and mix paragraph 2025 2024
Total energy consumption from fossil sources (Mwh)
2
660.8 788.3
Share of fossil sources in total energy consumption (%) 50.5% 57.3%
Consumption from nuclear sources (Mwh) 118.0 65.5
Share of consumption from nuclear sources in total energy consumption
(%)
9.0% 4.8%
Total energy consumption from renewable sources (MWh) 529.7 522.3
Fuel consumption for renewable sources (MWh) 2.3 0.0
Consumption of purchased or acquired electricity, heat, steam, and
cooling from renewable sources (MWh)
527.4 522.3
Consumption of self‑generated non‑fuel renewable energy (MWh) 0.0 0.0
Share of renewable sources in total energy consumption (%) 40.5% 38.0%
Total energy consumption (MWh) 1,308.5 1,376.1
1 The fossil energy category encompasses the consumption of all energy whose source is not verified by a guarantee of origin certificate. Hence, the fossil energy category may also include
consumption of energy from other sources.
2 Consumption of energy from fossil sources is reported in market-based terms.
Emissions Calculation 2025
The 2025 emissions calculation covers the entire
Siili Group in accordance with the GHG Protocol
Corporate Standard (2004) and the Corporate
Value Chain (Scope 3) Standard (2011), and it
has been prepared using the operational control
consolidation approach. The calculation includes
all material Scope 1, 2 and 3 emission sources, and
the defined boundaries reflect changes in the Group
structure, including the inclusion of Integrations
Group Oy as a new Group company as of 2025.
In 2025, the Group’s base year was updated to
2024 instead of the previously used year 2019, as
2024 provides a more representative reflection
of the current business structure and is based
on improved data collection and calculation
practices. As a result, the 2025 data is not fully
comparable with previously reported figures;
however, the differences are not considered material
from an overall performance perspective.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
29 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Greenhouse gas (GHG) emissions
Actual vs target comparison Targets
Baseline year
2024
Actual year
2025 Change, % 2030, %
Annual
% target /
baseline year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2eq)
1
16.5
6.5 ‑61% ‑42% 0%
Scope 2 GHG emissions
Gross location‑based Scope 2 GHG emissions (tCO2eq) 299.9 257.9 ‑14%
Gross market‑based Scope 2 GHG emissions (tCO2eq)
338.6
291.5 ‑14% ‑42% ‑7%
Significant Scope 3 GHG emissions (51) (tCO2eq)
Total gross indirect greenhouse gas (GHG) emissions (Scope 3) (tCO2‑eq). 1,818.1 1,942.8 +7% ‑52%
5
‑18%
5
1 Purchased goods and services
2
1,311.3 1,450.6 +11%
2 Capital goods 45.8 37.6 ‑18%
3 Fuel and energy‑related activities (not included in Scope1 or Scope 2 emissions) 76.3 61.1 ‑20%
5 Waste generated in operations
3
14.8 6.4 ‑57%
6 Business travelling
4
170 213.8 +26%
7 Employee commuting 171.2 144.1 ‑16%
8 Upstream leased assets
28.7
29.3 +2%
Total GHG emissions
Total GHG emissions (location‑based) (tCO2eq) 2,134.5 2,207.2 +3%
Total GHG emissions (market‑based) (tCO2eq)
2,173.2
2,240.8 +3%
GHG intensity per net revenue Comparative 2025 2024 % 2025 / 2024
Total GHG emissions (location‑based) per net revenue
(tCO2eq/Monetary unit)
20.4 19.1 +7%
Total GHG emissions (market‑based) per net revenue
(tCO2eq/Monetary unit)
20.7 19.4 +7%
1 Includes the emissions of the entire Siili Group.
2 Purchased goods and services include, among other things, the greenhouse gas emissions attributable to Siili Group’s subcontracting. The subcontracting GHG emissions come from similar emission sources and in similar proportions as those of Siili's own employees. Hence, it was possible
to incorporate relevant emission sources and factors by service into the calculation. The “Purchased goods and services category” includes various services beyond subcontracting, such as advisory, IT, accounting as well as marketing and communication services. As service-specific GHG
emissions or emission factors are unavailable from the providers, the calculation is based on the cost of the services in euro terms.
3 Normal office waste (incl. paper waste) and electronics waste is generated in the operations of the Siili Group. The greenhouse gas emissions attributable to waste were estimated based on site square footage and workforce size.
4 The increase in travel-related emissions was influenced by changes in the composition of the Group Executive Team. As a result, a greater number of its members now reside outside the vicinity of the headquarters, which has led to increased travel for meetings. In addition, Siili’s 20th
anniversary celebration held in Helsinki temporarily increased train travel among employees in Finland during the reporting period.
5 Decrease in emissions per thousand billable hours.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
30 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Policies
Climate change mitigation actions in line with Siili’s
targets are steered by the Code of Conduct, in addition
to internal policies, rules and guidelines concerning
rented premises, products and services to be leased
and bought, commuting and business travel. For
example, in its ISO 14001-certified environmental
management system, environmental policy, and the
associated targets and metrics, Siili has stated that it
will prioritise premises using renewable energy when
renewing lease agreements. Furthermore, products
and equipment leased for the Company are procured
with a preference for low-emission and energy-
efficient options. In line with the travel policy, bicycling
and public transit are encouraged in commuting, and
the car policy mandates an electric or hybrid vehicle.
Efforts are made to replace business travel by holding
meetings remotely. Furthermore, when arranging events,
efforts are made to reduce food waste, and instructions
are in place to sort different waste in offices.
Actions
During the 2025 reporting period, Siili has
not implemented any significant new climate
change mitigation actions beyond the
Company’s established operating models.
However, in 2025 the Company prepared a climate
transition plan in accordance with CSRD and
ESRS requirements, which defines the medium-
and long-term targets, key emission sources and
the prioritisation of future actions. The planning
and scheduling of actions are based on the most
material impacts identified in the transition plan.
The implementation of the actions identified
in the transition plan is scheduled for future
reporting periods, which is why their impacts are
not yet reported for the 2025 financial year.
Principles of emission calculation
Siili’s greenhouse gas emissions calculation is based
on the GHG Protocol Corporate Standard and the GHG
Protocol Corporate Value Chain (Scope 3) Accounting
and Reporting Standard.
The following emission factor sources have been used
in the calculation methodologies:
– Energy consumption (electricity, district heating and
fuels):
– European Residual Mix (AIB, 2024)
– International electricity emission factor sources
(Carbon Footprint Ltd, 2025)
– Finnish district heating emission data
(Energiateollisuus, 2023)
– Energy data from Statistics Finland (Statistics Finland,
2023)
Purchased goods and services:
– Sector-specific emission factor sources (DEFRA,
2024)
– Ecoinvent databases, various versions (Ecoinvent 3.11)
– IDEMAT (2025) and INIES (2022)
Business travel and hotel accommodation:
– ICAO Carbon Emissions Calculator for air travel (ICAO,
2025)
– Average hotel emission data (Hotel Footprinting Tool,
2024)
– VR Group train travel emission calculations (VR Group,
2023)
Employee commuting:
– Emission comparison of cycling and driving (Bikeradar,
2020)
In the selection of emission factor sources, emphasis
has been placed on timeliness, geographical
relevance and the use of standardized databases. The
uncertainties related to the applied emission factors are
particularly associated with economic (spend-based)
emission factors, which are based on sectoral averages,
as well as with estimated hotel stays related to business
travel.
The applied calculation methodologies are based on the
following assumptions:
Scope 1 & 2: Emissions have been calculated using both
market-based and location-based electricity emission
factors. Heat consumption estimates are based on
floor area, and the electricity emission factor has been
selected either contract-specifically or according to the
residual mix. In certain cases, conservative assumptions
have also been applied.
Scope 3: For purchased goods and services, supplier-
specific data has been used to the extent possible, and
cradle-to-gate life-cycle impacts have been applied
to supplier-specific products. Spend-based emission
factors have been adjusted to the price level of the
reporting year (inflation-adjusted). In addition, the
quality of the data used in the calculation has been
assessed separately. For business travel emissions,
country-specific average hotel emission factors have
been applied.
Uncertainties in the calculation are particularly
related to economic emission factors for goods and
services, which are based on sectoral averages rather
than precise product- or service-specific factors.
Uncertainties also relate to vehicle emissions, where
part of the Scope 1 data is based on estimates
derived from driven kilometers rather than actual
fuel consumption. In addition, electricity and heat
consumption have in some cases been estimated based
on floor-area-specific consumption assumptions. For
waste, an estimate based on the waste intensity per
square meter calculated for the Helsinki office has been
applied to certain sites where site-specific detailed data
has not been available.
Siili Solutions reports Scope 1 biogenic emissions
separately, which amounted to 0.41 tCO2e in the
reporting year 2025 (2024: 1.0 tCO2e). Scope 2 and
Scope 3 biogenic emissions have not been calculated,
as the company does not have significant sources
of biofuels or biomass use in energy production.
Should there be changes in the company's operations
or operating environment, the coverage of biogenic
emissions will be reassessed in future reporting.
The following Scope 3 categories have been excluded
from reporting, as they are not considered relevant given
the specific characteristics of the company’s operations:
– Upstream transportation and distribution: The
company does not procure goods that require
separate transportation or distribution arrangements
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
31 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
beyond standard office supply deliveries. These minor
deliveries are not considered material.
– Processing, use and end-of-life treatment of sold
products: The company does not manufacture,
distribute, or sell any physical or energy-consuming
products.
– Franchises: The company does not operate under
a franchise model and does not manage franchise
operations.
– Investments: The company does not hold an
investment or financing portfolio that would give rise
to financed emissions.
Actions and progress towards targets in 2025
Siili is an expert organisation, and therefore it
develops the depth and scope of its expertise on a
continuous basis. Since the reduction of greenhouse
gas emissions has emerged increasingly as a topic
in customer projects, Siili seeks to strengthen its
customers’ knowledge of the emissions of digital
services and possibilities to reduce them. In 2025 Siili
focused particularly on sharing information internally
and on enhancing emission calculation, especially
regarding customer- and service-specific calculation.
In addition, when entering new rental contracts, Siili
has sought to shift to renewable-energy contracts.
In 2025, Siili’s Board of Directors approved the
targets for reducing greenhouse gas emissions, and
in addition, a climate change transition plan was
prepared at Siili. The carbon footprint calculation was
conducted with the assistance of an external expert
partner. In 2025, Siili did not have other specifically
allocated resources for the implementation of climate
change-related actions, and the Company plans to
take its actions in 2026 with its current personnel
resources, and with respect to carbon footprint
calculation, in cooperation with an external partner.
Siili has calculated the carbon footprint of its own
operations in accordance with the GHG Protocol. The
calculation covers the emissions of own operations
throughout the value chain (Scope 1, 2 & 3). Total
emissions in 2025 amounted to 2,240.8 tCO2e, mainly
stemming from products and services purchased,
business travel and commuting and leased property.
Total emissions were 3% higher than in 2024, when they
amounted to 2,173.2 tCO2e. The year-on-year growth
is attributable to these same key emission categories.
S: Social responsibility
Siili’s social responsibility concerns primarily
its own employees and the network of experts
supplementing their expertise. The focus of Siili’s
social responsibility is on fulfilling its responsibility
as an employer. Thriving in the competition for
the best workforce and expertise in the IT sector
hinges on providing employees with a good working
environment, practices that support occupational
well-being, fair and competitive remuneration and
opportunities for competence development.
Based on the double materiality analysis, Siili's
material social responsibility topics relate to its own
workforce, which included in the analysis also experts
who are not employees but participate in customer
projects on a contractual basis, i.e. as independent
entrepreneurs. The sale of work by Siili relies on the
employees’ professional expertise and motivated
effort. Siili's own workforce performs demanding
expert work, and Siili's value or supply chain does
not include working environments exposed to the
risk of child labour or forced labour. Hence, child
and forced labour are not material topics for Siili.
S1 Own workforce
Material impacts, risks and opportunities
related to own workforce
Actual positive impacts
Freedom of association, the existence of works councils
and the information, consultation and participation rights
of workers: Employees have full rights of association
in all countries of operation. Employees also have
a representation in many governance bodies and
various opportunities to have an impact on decision
making. The highest number of impact mechanisms are
place in Finland where the majority of the employees
work. The collective bargaining agreement used in
Finland was made at the employees’ initiative. In all
countries of operation, human resources management
is conducted in compliance with local legislation.
Working time: Siili’s employees have a good
balance between work and leisure time, and
their working hours are monitored and managed
actively. Due to flexible working hours, personnel
are free to work at times that suit them best. This
arrangement enhances Siili’s employer image, which
is at a good level also compared to its peers.
Work-life balance: Siili offers longer-than-
statutory family-related leave and sick child leave
for its employees. Leisure activities provided
by Siili enhance well-being at work.
Training and skills development: Expertise is Siili’s
end product. The rapid evolution of technology
requires the continuous development of skills.
Development needs and preferences are reviewed in
growth discussions held twice a year. The objective
is to cover the entire personnel in these reviews.
Diversity: Siili makes an effort to improve
diversity and recruits new employees based
on their competence and experience.
Potential negative impacts
IT consulting is traditionally a male-dominant sector,
and diversity is therefore a widely acknowledged
challenge therein. Even at the student phase,
more men than women tend to gravitate towards
the sector. Customer requirements for the
team’s expertise often emphasise experienced
professionals, and as a result, it is challenging to
increase the proportion of young employees.
The Company maintains regular contact with its own
workforce and employee representatives regarding
the transition plans and measures related to reducing
carbon emissions as part of its established employee
dialogue practices. This communication takes place,
among other things, through staff events, line manager
communications, internal communication channels
and forums in accordance with the co-operation
legislation. In these contexts, potential impacts on
the Company’s own workforce are also addressed,
including changes to operating practices and travel
policies that relate to reducing carbon emissions and
transitioning to greener and climate-neutral operations.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
32 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
The Company has not identified any material
impacts related to the transition plans, such as
structural reforms, reductions or increases in jobs,
or training, upskilling or reskilling needs that would
have significant impacts on the workforce. Any
minor impacts, such as changes to travel habits, are
addressed as part of normal employee dialogue..
Opportunities
Measures against violence and harassment in
the workplace: Making sure Siili offers all its
employees a safe space to work, enabling its good
employer reputation and high job satisfaction.
Risks
Freedom of association, the existence of works councils
and the information, consultation and participation
rights of workers: The methods used to promote
collaboration between employees and the Company in
Finland may not necessarily work or create added value
elsewhere. On the other hand, it is also a risk if sufficient
efforts are not made to involve local employees.
Diversity: If no efforts are made to enhance diversity,
there is a risk that it may damage the employer
image, which in turn has a negative impact on Siili’s
ability to recruit and retain the best experts.
Targets and metrics
Siili aims to offer each of its employees an opportunity
to develop themselves in addition to just developing
code, since employees’ current competencies and
skills are a prerequisite for the continuity of Siili's
operations. The development of competencies is
supported through providing wide-ranging assignments
and training as well as a remuneration model that
encourages one to use some of their working time in
competence development and sharing information
The development of employees’ individual competencies
is planned in growth discussions held on a bi-annual
basis. Customer assignments constitute the core of
Siili’s business, and therefore competence development
takes place primarily therein. Siili aims to find each
employee a motivating customer assignment that
supports their competence and career development.
Competencies can also be gained through coaching
provided by the Siili Academy, and in the communities
and competence groups consisting of employees.
exploring various topics through sharing expertise.
These communities maintain expertise and update
their respective core competencies on an annual
basis considering current trends and the market. In
addition, Siili broadly supports the completion of
certificates required by customers and partnerships.
In line with its strategy to be the most desirable
community among digital development professionals,
Siili pays particular attention to its employees’
work-life balance and ensuring that actual
working hours align with applicable contracts.
The diversity of personnel is a competitive factor for
Siili. Siili treats its employees fairly and provides equal
opportunities to everyone. Recruitment is based on
competencies and suitability for the role, regardless of
gender, age or nationality. In management recruitment,
the candidate pool must include representatives of
minorities. There is also an aim to increase the use of
English within the organisation to facilitate recruitment
and cooperation between different countries of operation.
Siili will establish more specific sustainability targets
and select related metrics in 2025. Siili has started
a process to compare the impact of its policies and
actions on material sustainability-related impacts, risks
and opportunities. Going forward, material risks related
to own workforce will be monitored and managed
as part of Siili’s overall risk management process.
In addition, in 2025 Siili set sustainability targets related
to personnel, which focus on competence development
and strengthening diversity – targets that emerged in
the double materiality analysis as key prerequisites
for Siili's value creation. The metrics describing the
achievement of the personnel targets are based on the
Company’s internal personnel and learning reporting.
In the short, medium and long term, Siili targets that 90%
of employees have a personal learning plan prepared,
which is drawn up as part of the employee’s annual
growth discussions. Achievement of the target will
be monitored through the internal reporting system.
Information on the completion of learning plans will
be reported annually as part of the sustainability
statement. In addition, Siili is committed to increasing
the share of AI competence development in the hours
used for competence development, which strengthens
the Company’s competitiveness in a rapidly changing
technology environment. The metric is based on the
number of employees for whom a personal learning
plan has been prepared as part of the annual growth
discussions, with the information collected from the
Company’s internal reporting system. The key underlying
assumptions for the metric are that growth discussions
are conducted as planned during the reporting period
and that the preparation and recording of learning plans
occur consistently across different units. The limitation
of the metric is that it describes the existence of learning
plans but not their content, quality or effectiveness.
With regard to diversity, Siili aims to ensure that
the proportion of employees representing minority
genders is at least 25% of all employees in the short
term and at least 30% in the medium and long term.
The target is linked to the Company’s efforts to
ensure equal opportunities and to build a diverse
work community that supports innovativeness and
employee experience. Achievement of the targets
is monitored through the Company’s personnel
reporting. These targets have not been linked to
Siili’s remuneration schemes for the time being.
The diversity metric is based on data reported in the
personnel information system on the gender distribution
of employees. The underlying assumption for the metric
is that employees’ gender information is up to date and
reported consistently, and the limitation of the metric
is that it is based on available personnel data and does
not take into account other dimensions of diversity.
The metrics for personnel targets described above
or their measurement methods have not been
separately validated by any third party other than the
assurance service provider, but they are based on
the Company’s internal systems and processes
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
33 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Policies
Siili’s strategy guides the development of its own
personnel and its human resources management.
Siili’s values – ambition, humane, joy and responsibility
– are the foundation of everything it does.
Human resources management is based on international
commitments and compliance with the legislation,
collective bargaining agreements and policies
applicable in each country of operation. Moreover, Siili’s
social responsibility actions are guided by its human
resources policy, governance system based on the
Corporate Governance Code, the Code of Conduct
and the equality and non-discrimination plan updated
in 2024. The Code of Conduct is part of the induction
of each employee, and related training is arranged on
an annual basis for employees and subcontractors.
The contents of the equality and non-discrimination
plan are communicated to the whole personnel,
and Human Resources oversee its roll-out. Those
working for Siili as contractual partners comply with
a corresponding ethical policy which must be signed
by the partner as part of the cooperation agreement.
In accordance with its Code of Conduct, Siili
respects and promotes internationally acknowledged
human rights standards, such as the UN's Universal
Declaration of Human Rights, the UN's Guiding
Principles on Business and Human Rights and the key
conventions of the International Labour Organisation
(ILO) in all of its activities. Siili does not use child
labour or tolerate forced labour. Employees are free
to decide whether they want to join a professional
union or a similar advocacy group. Siili does not
prohibit its employees from holding their political
views, either. Similar principles guide Siili's activities
also in its value chain, and they are included in the
ethical principles accepted by its suppliers.
Siili is committed to providing its employees with a
discrimination-free workplace, where all employees
are treated with respect and dignity. Its practices
align with ILO conventions concerning equal pay and
discrimination. Siili makes sure that the wages, working
conditions and employees’ rights comply with national
legislation and internationally accepted norms.
Siili fosters diversity, equity and inclusion (DEI) at all
levels of the organisation and ensures that all employees
have equal opportunities regardless of gender identity,
ethnicity, skin colour, age, disability, religion, and
national or social origin. Commitment to DEI extends
to all areas of the employment relationship, including
recruitment, promotions and remuneration. Siili provides
the same pay for the same job and offers advancement
opportunities to under-represented groups. The
Company seeks a balanced gender representation
in managerial positions and aims to ensure that its
recruitment practices promote diversity and inclusion.
Siili also provides regular training on non-
discrimination, diversity and inclusion to ensure
a respectful and inclusive workplace culture.
As a listed company, Siili reports on its financial situation
and prospects on a regular basis in compliance with
national legislation. This enables Siili’s employees
to have current information on Siili’s business
performance. Siili’s Board of Directors is responsible
for financial reporting as the supreme body.
Siili emphasises open dialogue with its employees.
The starting point is that employees can discuss acute
circumstances and challenges with their supervisor
immediately. Siili also encourages its employees
to give feedback and development suggestions on
a continuous and structured basis through various
mechanisms, such as anonymous channels provided in
personnel surveys and employee briefings and in free
form using a channel of their choice, such as Slack.
Employees also have the option to present questions
anonymously to the CEO on a regular basis, and the
responses are video recorded and made available
to all employees. The executive management and
supervisors strive, where possible, to take received
feedback into account in their decision-making and
to communicate transparently on how employee
feedback has been considered in the decisions made.
Structurally, employee feedback is incorporated into
decision-making through the Employee Sounding
Board and the Finland Management Team, where an
employee representative participates in meetings.
In growth discussions held semi-annually, each
employee plans their development opportunities
with their supervisor. Current topics are addressed
in internal meetings and briefings, but Siili also hosts
various free-format events. Moreover, the Company
has many internal communication channels at its
disposal. The work atmosphere and job satisfaction
are measured regularly with the Vibemetrics tool.
Employees may also submit anonymous reports of
suspected violations and inappropriate behaviour
through a whistleblowing system in place. Furthermore,
employees have a representative in the management
team for the Finnish business and in the Occupational
Safety and Health Committee required by Finnish
law. There is also an Employee Sounding Board
consisting of employees, which provides its views
and assessments to management. Responsibility for
the effectiveness and functioning of communication
between employees and management, other dialogue
with employees and personnel communications rests
with the Chief People Officer, while the responsibility
for the Whistleblowing channel belongs to the General
Counsel. Siili has a dedicated whistleblowing process,
which is regularly reviewed and updated as needed.
The whistleblowing channel is publicly accessible to
all stakeholders, and Siili communicates its existence
to employees regularly, at least once a year. Based on
the feedback received, Siili assesses that its employees
trust the grievance mechanisms and reporting
processes and are well aware of their existence.
Siili aims to ensure that its policies or practices
do not cause material negative impacts on
employees. As part of this objective, Siili adheres
to data security and protection guidelines in
processing its employees’ personal data.
Siili’s Management Team, led by the CEO, is responsible
for compliance with the policies. Furthermore, Human
Resources, led by the Chief People Officer, is responsible
for the management of material impacts. The policies
are available on Siili’s internal communication channel.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
34 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Actions and progress towards targets in 2025
The measures designed for managing material impacts
and preventing and mitigating material negative
impacts will be implemented using existing resources.
Siili has assessed whether its policies or related targets
require separate actions or comprehensive action plans,
as well as the need for remedial actions for the parties
to whom material impacts are directed. Based on the
assessment, Siili has not identified any actual material
negative impacts that would have required remedial
actions either individually or in cooperation with other
parties. For this reason, no separate remedial actions or
related action plans have been implemented during the
reporting period. Correspondingly, Siili has no quantitative
or qualitative information to report on the progress of
actions or action plans disclosed in previous periods,
as no such actions or plans have yet been in place.
Training and skills development
In 2025, all Siili employees had an opportunity to
prepare their individual learning plans as part of the
growth discussions. The most important training
topics were artificial intelligence, data security under
the ISO27001 Standard, and regulatory compliance of
operations. Management received training in particular
on feedback culture and giving feedback. Targets
were also met in the maintenance of the partnership
level with Microsoft. In addition, employees were
offered numerous other opportunities to develop their
competence, for example through a coaching programme
designed to improve the focus of knowledge workers.
Working conditions
In Siili's personnel survey, high ratings were given
especially to the inclusive work culture, psychological
safety, and work-life balance. Siili's eNPS decreased
slightly to 23 (28) towards the end of 2025.
Siili’s community spirit was strengthened through
various measures, for example through different joint
events such as Siili’s 20th anniversary celebrations,
shared breakfasts and afterwork gatherings. Other
focus areas in 2025 included internal cooperation and
communication as well as employees’ psychological
safety. For example, Siili introduced the Auntie service
focused on preventive mental health care, organised
discussion events between management and employees,
and increased structured internal communication,
particularly through internal communication channels.
Diversity
During 2025, Siili executed on its equality and non-
discrimination plan and safe space principles. Diversity,
equity and inclusion (DEI) was promoted regularly
through internal communication channels. Siili also
continued its efforts to attract women to its male-
dominated sector through various events and initiatives.
Cooperation
Siili explores and actively tests ways to
enhance collaboration between employees and
management and to focus on the involvement
of employees in other countries of operation
besides Finland. In 2025, management organised
numerous strategy discussions and site visits.
Key figures tables
Accounting Principles
The tables include the number of personnel in the
Siili Group as of the financial statement date, 31
December 2025. The figures correspond to those
presented in the consolidated financial statements.
The personnel count includes all individuals with an
employment contract with a Group company, excluding
those on long-term sick leave or parental leave.
The gender distribution of personnel and the distribution
of employment contract types have been collected from
the Group’s human resources management systems.
The number of non-employee workers is reported
as full-time equivalent (FTE) employees as of
December 2025. The number has been calculated
by converting the total working hours in December
into full-time equivalent hours for that month. The
reported number of non-employee workers aligns with
the information presented in financial reporting.
Regional and gender breakdown of personnel
Breakdown of workforce with employment contracts by gender
Gender
Number of employees with
employment contract 2025
Number of employees with
employment contract 2024
Men 640 701
Women 204 213
Other 1 1
Not reported 18 27
Total employees with employment contract
863 942
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
35 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Breakdown of workforce with employment contracts by country
Country
Number of workforce with
employment contracts
(number of employees) 2025
Number of workforce with
employment contracts
(number of employees) 2024
Finland 557 623
Hungary 183 170
Poland 105 122
Germany, Netherlands, UK, Austria and USA 18 27
Employment contracts
2025
Female Male Other
Not
disclosed Total
Number of workforce with employment contracts (number of
employees)
204 640 1 18 863
On permanent employment contract
(number of employees)
197 582 1 18 798
On fixed-term employment contract (number of employees) 3 1 0 0 4
Number of non‑guaranteed hours employees (number of
employees)
4 57 0 0 61
2024
Female Male Other
Not
disclosed Total
Number of workforce with employment contracts (number of
employees)
213 701 1 27 942
On permanent employment contract
(number of employees)
206 633 1 27 867
On fixed-term employment contract (number of employees) ‑ 3 ‑ ‑ 3
Number of non‑guaranteed hours employees (number of
employees)
7 65 ‑ ‑ 72
Employee turnover
Total number of departing employees and rate of employee turnover in 2024
Employee turnover 2025 2024
Total number employees who left
the Company
1
220 179
Employee turnover (%) 25.5% 19.0%
1 Total number of employees who left the Company includes those who resigned, retired, were terminated and whose fixed-term contract ended.
Types of workers without an employment contract
Workforce without an
employment contract 2025 2024
Total
1,2
115 134
1 Includes independent entrepreneurs and agency workers.
2 This figure has been reported as at 31 December 2024 in the same way applied in financial reporting, as person-hours adjusted to the full amount of working hours in December.
Management gender breakdown
2025 2024
Management gender breakdown Male Female Other
Not
disclosed Total Male Female Other
Not
disclosed Total
Senior management (persons) 5 2 0 0 7 3 2 ‑ ‑ 5
Senior management (%)
71% 29% 0% 0% 100% 60% 40% 0% 0% 100%
Breakdown of workforce with employment contracts by age
Breakdown of workforce by age 2025 2024
Under 30 years 9.3% 11.4%
30–50 years 77.4% 77.5%
Over 50 years 13.3% 11.1%
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
36 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Participation of workforce with employment contracts in performance and career development reviews
2025 2024
Growth discussions Male Female Other
Not
disclosed Total Male Female Other
Not
disclosed Total
Total number of personnel 640 204 1 18 863 701 213 1 27 942
Growth discussions completed (number) 334 120 1 14 469 413 149 1 27 591
Employees who participated in growth
discussions by gender (%)
52% 59% 100% 78% 54% 59% 70% 100% 100% 63%
Training hours of workforce with employment contracts
2025 2024
Training hours Male Female Other
Not
disclosed Total Male Female Other
Not
disclosed Total
Employees
1
(h/person) 55 37 1 17 50 96 82 14 27 91
1 Training hours include official training recorded in the hour reporting system as well as self study. In the Company's line of business, a significant part of learning and competence
development takes place while working for customers and as part of assignment-based work. The reporting does not include the senior management's training hours, because senior
management is not included in the scope of the reporting of working hours within the Company.
Entitlement of employees to family-related leaves and utilisation of these leaves
Family-related leaves 2025 2024
Employees entitled to a family leave (number)
1
862 869
Employees entitled to a family leave (%) 100% 92.3%
Employees who used a family leave
Female (%) 18.2% 11.7%
Male (%) 13.0% 12.9%
Other (%) 0.0% 0.0%
Not disclosed (%) 11.1% 11.5%
1 The figure excludes persons on a family-related leave or a long sick leave.
Remuneration metrics
Wage statistics
1
2025 2024
Gender pay gap (%)
20,0% 19.1%
Annual total remuneration ratio (%)
2
643,2% 440.8%
1 Wage statistics relate to the remuneration of employees under employment contracts.
2 The ratio is calculated as the ratio between the remuneration of the Group's highest-paid individual and the median remuneration of other employees. The median remuneration of other
employees is calculated as the average of the Group’s company-specific median remunerations, weighted by the number of each company's number of employees.
Incidents of discrimination or harassment and human rights incidents
Incidents of discrimination or harassment and human rights
incidents 2025 2024
1
Incidents of discrimination or harassment (number) 1 0
Reports of incidents of discrimination or
harassment (number)
1 0
Consequences of incidents of discrimination or harassment (EUR) 0 0
Severe human rights incidents (number) 0 0
Consequences of severe
human rights incidents (EUR)
0 0
Number of complaints filed to National Contact Points for OECD
Multinational Enterprises:
0 0
1 Reporting comprises reports of discrimination, harassment or human rights incidents made through the Group’s official whistleblowing channel or to authorities.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
37 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
G: Governance of sustainability
Siili's governance is carried out in compliance with Finnish
legislation and, with respect to subsidiaries’ business,
also local legislation. Siili's ways of operation are also
based on its internal guidelines and policies on data
security and data protection as well as compliance with
insider regulations, and the Company's common values.
Siili has a strong corporate culture, which supports
the implementation of strategy and which is fostered
throughout the organisation by various measures.
G1 Business conduct
Material impacts, risks and opportunities
related to business conduct
Actual positive impacts
Corporate culture: Siili has a strong corporate culture
that supports both internal cooperation, collaboration
with customers and new customer acquisition.
Policies
Responsibility for Siili’s corporate culture, ethics and
compliance ultimately rests with the Company’s
Board of Directors, which discusses matters of
corporate culture, ethics and compliance as part
of its regular activities. In particular, the Board of
Directors is responsible for supervision and goal
setting. Siili’s CEO and CFO participate in the Board of
Directors’ meetings as non-full members and they are
responsible for implementing instructions provided by
the Board of Directors throughout the organisation.
Siili’s Board of Directors and executive management
are experienced in, and skilled at, corporate governance
and best practices in business conduct. The members
of the Board of Directors and the Group Management
Team are experienced in various management duties
in sectors relevant to Siili. In addition, all members of
the Board of Directors have served or are serving as
board members in listed and unlisted companies. The
education background of the members of the Board
of Directors and the Group Management Team is in
technology, law or business. Both the Board of Directors
and executive management may employ external
experts and advisors in different business situations.
Siili’s corporate culture is based on Siili’s values
and strategy as well as common ways of operation,
which are determined in the Code of Conduct
and which are the subject of a training provided
to all employees and subcontractors annually.
In addition to defined processes and clear operating
guidelines, Siili’s corporate culture includes solid
and smooth cooperation and a flat organisation.
For employees, the corporate culture provides
freedom in terms of working hours and the location
of work. Siili supports its collaboration-based
corporate culture through various events organised
for both the personnel and stakeholders.
Siili assesses the state of its corporate culture as part of
stakeholder surveys, such as customer and personnel
surveys, and by participating in various evaluations and
conducting competitor surveys. The employer image
is also assessed as part of recruitment processes.
These various assessments and surveys determine
the necessity and direction of development actions.
Actions contrary to the corporate culture are also
monitored through an anonymous whistleblowing
channel. Suspicions of misconduct may be reported
through the whistleblowing portal at www.siili.com,
which is accessible to employees, customers and
all other stakeholders alike. Whistleblowers are
protected from retaliation and all reports are processed
confidentially in accordance with the whistleblower
protection process included in the Code of Conduct and
meeting the requirements of Directive (EU) 2019/1937
and the Finnish Whistleblower Protection Act.
Siili aims to be a desirable partner for its customers
and subcontractors, and cooperation is therefore
based on active interaction and fair practices.
Competition in the sector is intense but transparent
since the selection criteria and conditions are generally
defined in detail for competitive tendering. As a
result, corruption, bribery and the grey economy are
unlikely in the sector, as are unusually long invoice
payment periods. Siili has not identified any activities
more prone to corruption and bribery than others.
Siili’s operations are based on fair competition, and
the Company adheres to the ethical standards in
compliance with international frames of reference,
such as the UN Convention Against Corruption and
Bribery. Siili requires its suppliers and cooperation
partners to adhere to the same high level of ethics
and responsibility, as defined in the Code of
Conduct. Partners agree to the Code of Conduct
as part of the conclusion of a supply contract. Siili
only cooperates with suppliers meeting high ethical
and social requirements as well as environmental
standards. In overseeing the supplier network,
attention is paid to authorities’ channels, the Reliable
Partner data service, and also public information
sources and stakeholder notifications made through
the anonymous whistleblowing channel or directly
to the Company’s responsible personnel.
Corruption, bribery and the grey economy are
unlikely in Siili’s line of business. Any suspicions of
corruption, bribery or other incidents in the business are
immediately communicated to the Management Team,
which will initiate an appropriate process depending on
the situation and its requirements. Siili does not have
a pre-defined process for processing such situations,
but they are addressed on a case-by-case basis.
Siili monitors compliance with the Code
through internal audits and regular reviews.
Non-compliance with the Code may lead to
disciplinary action, including the termination of
the employment or business relationship.
Targets and metrics, actions and progress the targets
Siili set targets for corporate governance in 2025. The
targets relate to employee experience and ensuring
ethical ways of operating. Siili targets a significant
improvement in the employee eNPS metric, with the
aim of a 20% improvement in the short term, 25% in
the medium term and 50% in the long term compared
to the current level. The target is used to monitor
employee experience and leadership development as
part of the Company’s broader personnel strategy.
Employee experience is measured using the eNPS
metric (employee Net Promoter Score), which is
based on regular personnel surveys. The metric
describes employees’ willingness to recommend
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
38 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Siili as an employer and serves as an indicator of the
development of employee experience and leadership.
The target levels are based on the assumption that
personnel strategy actions, leadership development
and practices supporting well-being at work have
a positive impact on employee experience. The
limitation of the metric is its subjectivity as well as
the sensitivity of results to response activity and
temporal factors. The metric or its measurement
results have not been validated by any third party.
With regard to breaches falling within the scope of
whistleblowing regulation, Siili targets a zero result
across all time horizons. This target means that there
are no breaches within the scope of the Whistleblower
Protection Act, and no breaches are identified in
investigation procedures under the process.
The target supports a transparent and ethically high-
level operating culture, which is considered essential for
both risk management and corporate governance. The
eNPS target is monitored regularly by Siili’s personnel
administration, Audit Committee and Board of Directors.
Whistleblowing notifications are monitored by legal
affairs and the Audit Committee. The targets have
not yet been linked to Siili’s remuneration schemes.
The whistleblowing metric is based on the anonymous
reporting channel in place at Siili and the monitoring
of cases falling within the scope of the Whistleblower
Protection Act. The metric measures the number
of breaches identified in the Company’s internal
investigation processes based on notifications made.
The target is a zero result across all time horizons,
meaning that no breaches within the scope of the
Act occur or that no breaches are identified based on
notifications. The underlying assumption is that effective
internal controls, ethical operating principles and
preventive practices reduce the risk of breaches. The
limitation of the metric is that it is based on observed
and reported cases and may not cover all possible
unreported breaches. The metric or its measurement
results have not been validated by any third party.
During the reporting period, the Company has not
identified or confirmed any such material adverse
impacts in accordance with the Standard that
would have required the implementation of remedial
actions for individual persons or groups. For this
reason, the Company has no key remedial actions
or their results to report, nor any quantitative or
qualitative information on the progress of actions
or action plans reported in previous periods.
Since the targets and related metrics were defined
only during the reporting period, the data collection
processes and monitoring practices have been
prepared and taken into use during the reporting
period. The baseline values and baseline year for the
targets will be defined after the end of the first full
monitoring period, after which progress assessment
will be possible based on comparable measurement
results. During the reporting period, no quantitative
results or trend information are yet available in
relation to the set targets, and therefore progress
cannot yet be assessed. Achievement of the targets
will be monitored in the future on a regular basis
using the defined metrics as part of the Company’s
normal management and reporting process.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERS
39 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS' REPORT
Key figures
2025 2024
(restated)
2023
(restated)
2022 2021
Revenue, EUR 1,000 108,076 111,899 122,702 118,334 99,282
Revenue growth, % -3.4% -8.8% 3.7% 19.2% 19.2%
Organic revenue growth, %
2
-5.3% -8.8% 0.1% 15.2% 5.7%
Share of international revenue, % 27.8% 29.0% 26.7% 25.2% 19.5%
EBITDA, EUR 1,000
1
4,812 8,010 11,841 14,928 12,018
EBITDA, % of revenue
1
4.5% 7.2% 9.7% 12.6% 12.1%
EBITA, EUR 1,000
1
1,433 4,554 8,143 11,629 9,279
EBITA, % of revenue
1
1.3% 4.1% 6.6% 9.8% 9.3%
Adjusted EBITA, EUR 1,000
1
4,107 5,211 8,475 11,868 -
Adjusted EBITA, % of revenue
1
3.8% 4.7% 6.9% 10.0% -
EBIT, EUR 1,000
1
111 3,393 6,643 10,149 7,565
EBIT, % of revenue
1
0.1% 3.0% 5.4% 8.6% 7.6%
Profit for the period, EUR 1,000
1
936 3,290 4,773 3,748 5,136
Profit for the period, % of revenue
1
0.9% 2.9% 3.9% 3.2% 5.2%
Statement of financial position, EUR 1,000
1
76,489 84,232 99,957 106,063 81,480
Equity ratio, %
1
53.3% 49.5% 42.4% 38.7% 31.1%
Gearing, % 8.7% -2.5% 8.8% 4.5% 50.2%
Net debt/EBITDA
1
0.73 -0.13 0.31 0.12 -
ROE, %
1
2.3% 7.9% 11.6% 11.5% 22.1%
ROI, %
1
2.9% 6.9% 10.3% 15.5% 15.7%
Basic earnings per share (EPS), EUR
1
0.12 0.41 0.59 0.49 0.73
Diluted EPS, EUR
1
0.12 0.41 0.59 0.49 0.73
Equity per share, EUR
1
4.99 5.08 5.16 4.96 3.54
Dividend per share, EUR 0.07 0.18 0.26 0.20 0.18
Average number of shares 8,116,410 8,111,908 8,108,050 7,642,026 7,004,496
Number of shares at the end of the period 8,108,565 8,112,309 8,110,126 8,131,446 7,020,459
Average number of employees during the period 903 975 1,026 965 781
Number of employees at the end of the period 863 942 1,007 1,045 885
Number of full-time employees (FTE) at the end of the period
794 900 956 1,003 -
Number of full-time subcontractors (FTE) at the end of the period
115 133 135 223 -
Total full-time employees and subcontractors (FTE) at the end
of the period
909 1,033 1,091 1,226 -
1 The comparative figures for 2023 and 2024 have been adjusted from those published in the 2023 and 2024 financial statements; see section 1 of the notes to the financial statements for
details.
2 Calculation formula applied from 1 January 2023. The data for comparison periods is not adjusted accordingly.
Alternative performance measures
Siili Solutions Plc. uses alternative performance measures to descripe the trend of the Group’s profitability. The
alternative performance measures should be reviewed parallel with the IFRS key figures. EBITDA is calculated by
adding depreciation, amortisation and impairment to operating profit. EBITA is calculated by adding amortisation
and impairment for fair value adjustments on acquisitions to operating profit. Adjusted EBITA is calculated by adding
items affecting comparability to EBITA, such as direct costs of acquisitions. Organic revenue growth is calculated
based on comparable revenue, reflecting changes in the corporate structure. The management uses these key
figures for the monitoring and analysis of business development, profitability, and our financial position.
Organic revenue growth, %
EUR 1,000 2025 2024
Revenue 108,076 111,899
Comparable pro forma -revenue in the comparison period 114,113 122,561
Organic revenue growth, % -5.3% -8.8%
EBITA, Adjusted EBITA and EBITDA
EUR 1,000 2025 2024
(restated)
EBIT
1
111 3,393
Amortisation and impairment for fair value adjustments on acquisitions 1,322 1,160
EBITA
1
1,433 4,554
Transaction costs / income (+/-) from business combinations 60 77
Restructuring costs 2,613 580
Other items affecting comparability - -
Adjusted EBITA
1
4,107 5,211
EBIT
1
111 3,393
Depreciation, amortisation and impairment 4,701 4,617
EBITDA
1
4,812 8,010
Gearing, %
EUR 1,000 2025 2024
(restated)
Financial liabilities measured at amortized cost 10,243 9,597
Contingent considerations measured at fair value through profit or loss 6,120 9,686
Liquid funds -12,859 -20,331
Net debt 3,505 -1,049
Equity
1
40,447 41,220
Gearing, % 8.7% -2.5%
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details.
GOVERNANCE REMUNERATIONSIILI IN BRIEF FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
40 Siili Solutions Plc – Annual report 2025
KEY FIGURES
Calculation formulas for the key figures
Equity ratio, % =
Shareholders’ equity
*100
Statement of financial position – advance payments received
Gearing, % =
Interest-bearing liabilities – liquid funds
*100
Shareholders’ equity
Return on equity (ROE), % =
Profit/loss
*100
Average shareholders’ equity + minority interest
Return on investment (ROI), % =
Profit before tax + financial expenses
*100
Shareholders’ equity + average interest-bearing liabilities
EBITDA, % of revenue =
Operating profit before depreciation, amortization and impairment
*100
Revenue
EBITA, % of revenue =
Operating profit before amortization and impairment of the fair value adjustments of the business acquisitions
*100
Revenue
Adjusted EBITA =
EBITA +/- Transaction costs / income from business combinations + Restructuring costs + Other items affecting comparability
*100
Revenue
EBIT, % of revenue =
Operating profit
*100
Revenue
Profit for the period, % of revenue =
Profit for the period
*100
Revenue
Earnings per share (EPS), EUR =
Profit or loss for the period belonging to the shareholders of the parent company
Weighted average of the number of shares during the financial period
Diluted earnings per share (EPS), EUR =
Profit or loss for the period belonging to the shareholders of the parent company
Weighted average of the number of shares during the financial period (adjusted for the effect of the potential diluting ordinary shares)
Equity per share, EUR =
Shareholders’ equity
Number of shares on the closing date
Dividend per share, EUR =
Dividend for the period
Number of shares at the end of the financial period, excluding own shares held by the company
Share of international revenue, % =
Revenue from countries other than Finland
*100
Revenue
Organic revenue growth, % =
Revenue - Comparable pro forma -revenue in the comparison period
*100
Comparable pro forma -revenue in the comparison period
GOVERNANCE REMUNERATIONSIILI IN BRIEF FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
41 Siili Solutions Plc – Annual report 2025
KEY FIGURES
Consolidated financial statements, IFRS
Consolidated income statement and statement of comprehensive income
EUR 1,000 | Note | 1 Jan 2025 | 1 Jan 2024 | EUR 1,000 1 Jan 2025 | |
| –31 Dec 2025 | –31 Dec 2024 | ||||
| (restated) | |||||
REVENUE | 2.1 | ||||
Other operating income | 2.5 | ||||
Materials and services | 2.2 | - | - | ||
Employee benefit expenses | 2.3, | 2.4 | - | - | |
Depreciation and amortization | 3.1, | 3.3 | - | - | |
Other operating expenses 1 | 2.5 | - | - | ||
OPERATING PROFIT 1 | |||||
Financial income | 2.6 | ||||
Financial expenses | 2.6 | - | - | ||
PROFIT BEFORE TAXES 1 | |||||
Income taxes 1 | 2.7 | - | |||
PROFIT FOR THE PERIOD 1 | |||||
| Attributable to: | |||||
Shareholders of the parent company 1 | 100% | ||||
| Earnings per share based on the profit attributable to shareholders of the parent | |||||
| company: | |||||
Basic earnings per share (EUR), profit for the period 1 | 2.8 | ||||
Diluted earnings per share (EUR), profit for the period 1 | 2.8 |
SIILI IN BRIEF | BOARD OF DIRECTORS' REPORT | KEY FIGURES | GOVERNANCE | REMUNERATION | BOARD OF DIRECTORS AND MANAGEMENT TEAM | INFORMATION FOR SHAREHOLDERS | |
| 1 Jan 2024 | |||||||
| –31 Dec 2025 | –31 Dec 2024 | ||||||
| (restated) | |||||||
PROFIT FOR THE PERIOD 1 | |||||||
| Other comprehensive income | |||||||
| Items that may later be recognised through profit or loss | |||||||
Translation differences | - | ||||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1 | |||||||
| Total comprehensive income for the period attributable to: | |||||||
Shareholders of the parent company 1 | 100% | ||||||
1 | The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details. | ||||||
42 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Consolidated statement of financial position
EUR 1,000 | Note | 31 Dec 2025 | 31 Dec 2024 |
| (restated) | |||
| ASSETS | |||
| Non-current assets | |||
Goodwill | 3.1, 3.2 | ||
Intangible assets | 3.1 | ||
Tangible assets | 3.3 | ||
Right-of-use assets | 3.4 | ||
Other investments | 5.4 | ||
Deferred tax assets 1 | 2.7 | ||
Receivables | 5.4 | ||
Total non-current assets 1 | |||
| Current assets | |||
Trade receivables | 4.1 | ||
Other receivables 1 | 4.1 | ||
Current tax assets 1 | 4.1 | ||
Liquid funds | 5.5 | ||
Total current assets 1 | |||
TOTAL ASSETS 1 |
EUR 1,000 | Note | 31 Dec 2025 | 31 Dec 2024 |
| (restated) | |||
| SHAREHOLDERS’ EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
Share capital | 5.1 | ||
Reserve for invested unrestricted equity | 5.1 | ||
Treasury shares | - | - | |
Translation differences | 5.1 | - | - |
Retained earnings 1 | 5.1 | ||
Total shareholders' equity 1 | |||
| Non-current liabilities | |||
Financial liabilities | 5.6 | ||
Lease liabilities | 3.4, 5.6 | ||
Other non-current interest-bearing liabilities | 5.6 | ||
Deferred tax liabilities | 2.7 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Financial liabilities | 5.6 | ||
Lease liabilities | 3.4, 5.6 | ||
Trade and other payables | 4.2 | ||
Current tax liabilities | 4.2 | ||
Provisions | 4.3 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1 |
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
43 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Consolidated cash flow statement
EUR 1,000 | Note | 1 Jan 2025 | 1 Jan 2024 | EUR 1,000 Note 1 Jan 2025 |
| –31 Dec 2025 | –31 Dec 2024 | |||
| (restated) | ||||
| Cash flow from operating activities | ||||
Profit for the period 1 | ||||
| Adjustments: | ||||
Depreciation and amortisation | ||||
Share-based incentive scheme | - | |||
Other adjustments | - | - | ||
Interest expenses and other financial expenses | 2.6 | |||
Interest income | 2.6 | - | - | |
Taxes 1 | 2.7 | - | ||
| Changes in working capital: | ||||
Change in trade and other receivables 1 | ||||
Change in trade and other payables | - | - | ||
Interest paid | - | - | ||
Interest received | ||||
Taxes paid | - | |||
Net cash flow from operating activities | ||||
| Cash flow from investing activities | ||||
Acquisitions of businesses and subsidiaries, net of cash acquired | 3.5 | - | - | |
Proceeds from the sale of tangible and intangible assets | ||||
Investments in tangible assets | 3.3 | - | - | |
Investments in intangible assets | 3.1 | - | - | |
Net cash flow from investing activities | - | - |
| 1 Jan 2024 | |||
| –31 Dec 2025 | –31 Dec 2024 | ||
| (restated) | |||
| Cash flows from financing activities | |||
Loan withdrawals | 5.6 | ||
Loan repayments | 5.6 | - | - |
Repayments of lease liabilities | 3.4 | - | - |
Share subscriptions with share options | 5.1 | ||
Acquisition of treasury shares | 5.1 | - | |
Divideds paid | 5.1 | - | - |
Distribution of dividends to non-controlling interests | - | - | |
Transactions with non-controlling interests | - | - | |
Net cash flow from financing activities | - | - | |
Change in liquid funds | - | - | |
Change in liquid funds | 5.5 | ||
Effect of changes in currency exchange rates | - | ||
Liquid funds at the end of the period | 5.5 |
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
44 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
SIILIINBRIEFBOARDOFDIRECTORS'REPORTKEYFIGURESGOVERNANCEREMUNERATIONBOARDOFDIRECTORSANDMANAGEMENTTEAMINFORMATIONFORSHAREHOLDERS
Consolidated statement of changes in shareholders’ equity
| Equity attributable to shareholders of the parent company | |||||||
| Reserve for invested | Translation | ||||||
EUR 1,000 | Note | Share capital | unrestricted equity | Treasury shares | differences | Retained earnings | Total shareholders' equity |
1 Shareholders’ equity on 1 January 2025 | - | - | |||||
| Comprehensive income | |||||||
| Profit for the period | - | - | - | - | |||
| Other comprehensive income (net of tax) | |||||||
| Translation differences | 5.1 | - | - | - | - | ||
| Total comprehensive income for the period | - | - | - | ||||
| Transactions with owners | |||||||
| Distribution of dividends | 5.1 | - | - | - | - | - | - |
| Share-based incentive scheme | 2.4 | - | - | - | - | - | |
| Acquisition of treasury shares | 5.1 | - | - | - | - | - | - |
| Distribution of dividends to non-controlling interests | - | - | - | - | - | - | |
| Transactions with non-controlling interests | - | - | - | - | - | - | |
| Total transactions with owners | - | - | - | - | - | ||
| Shareholders' equity on 31 December 2025 | - | - | |||||
1 Shareholders' equity on 1 January 2024 | - | - | |||||
| Comprehensive income | |||||||
1 Profit for the period | - | - | - | - | |||
| Other comprehensive income (net of tax) | |||||||
| Translation differences | 5.1 | - | - | - | - | - | - |
1 Total comprehensive income for the period | - | - | - | - | |||
| Transactions with owners | |||||||
| Distribution of dividends | 5.1 | - | - | - | - | - | - |
| Share-based incentive scheme | 2.4 | - | - | - | - | ||
| Share subcriptions with share options | 5.1 | - | - | - | - | ||
| Distribution of dividends to non-controlling interests | - | - | - | - | - | - | |
| Transactions with non-controlling interests | - | - | - | - | - | - | |
| Total transactions with owners | - | - | - | - | - | ||
1 Shareholders' equity on 31 December 2024 | - | - |
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see section 1 of the notes to the financial statements for details.
45 Siili Solutions Plc – Annual report 2025
Notes to the
Consolidated
Financial Statements
The notes to the Consolidated Financial Statements
are grouped into sections based on their nature to
make it easier to form an overall view. In the notes,
accounting policies, decisions based on management’s
judgment and uncertainties related to estimates
have been indicated with specific symbols.
Accounting policies
Management judgment and uncertainties
related to estimates
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
46 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
47 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
48 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
CORRECTION OF PRIOR PERIOD ERROR
During the last quarter of the 2025 financial year, Siili identified a material error related to a single cost
accrual. The error affected other operating expenses in the income statement and other receivables in
the balance sheet during the financial years 2023–2025. The error has been corrected retrospectively
through equity to the extent that it relates to the financial years 2023–2024. The monetary impact of the
error for each financial year has been reliably determined. In this report, the comparative figures for 2024,
as well as the key figures for 2023 presented in the key figures section, have been adjusted in accordance
with the correction, and the adjusted line items in the tables have been marked with a footnote.
Impact of the correction on the financial line items of the comparative period
Impact of the correction
EUR 1,000 Previously reported value Adjustment Restated value
Consolidated income statement, Jan–Dec 2024
Other operating expenses -12,045 -198 -12,244
Income taxes -67 40 -27
Profit for the period 3,449 -159 3,290
Consolidated statement of financial position, 31 Dec 2024
Other receivables 4,433 -465 3,969
Deferred tax assets 229 87 315
Current tax assets 902 6 908
Retained earnings 16,424 -372 16,052
Consolidated statement of changes in shareholders' equity, Jan–Dec 2024
Retained earnings 1 Jan 2024 42,083 -213 41,870
Retained earnings 31 Dec 2024 41,592 -372 41,220
Earnings per share (EPS), Jan–Dec 2024
Basic earnings per share, EUR 0.43 -0.02 0.41
Diluted earnings per share, EUR 0.43 -0.02 0.41
Impact of the correction on the reporting period
The portion of the error relating to the previously reported periods of the 2025 financial year (1 January–30 September
2025) has a profit impact of EUR –103 thousand (other operating expenses EUR –129 thousand and income
taxes EUR 26 thousand), and to that extent the correction has been included in the result for the final quarter.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
49 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
2. Financial result
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
50 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Change in assets and liabilities based on contracts
with customers
EUR 1,000 2025 2024
Assets
Liabilities
Assets
Liabilities
Sales revenues for the
reporting period included
in contract-based liabilities
on 1 Jan.
- 974 - 1,310
Increase in considerations
from customers less
monetary amounts
recognised in the financial
year
- -395 - -336
Asset items transferred
into trade receivables
-1,210 - -1,419 -
Increases due to fulfilment
of performance obligation
2,304 - 2,439 -
Total 1,094 579 1,020 974
2.2 MATERIALS AND SERVICES
Materials and services consist of subcontracting costs
and licence purchases due to the use of service labour.
EUR 1,000 2025 2024
Subcontracting services 20,640 21,906
Licence purchases 2,192 1,437
Total 22,832 23,344
Number of Group personnel 2025 2024
Number of personnel at year-end 863 942
Average number of personnel 903 975
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
51 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
2.4 SHARE-BASED PAYMENTS
ACCOUNTING POLICY
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
52 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Scheme Share savings plans Share-based incentive Matching share plan
Maximum number granted
1
250,000
607,000
1
160,000
1
Original subscription price on average 12.06 - -
Dividend deduction Yes - -
Current subscription price on average 11.52 - -
Vesting terms and conditions Employment or service
relationship and a release
criterion based on share price
performance in
option scheme 2021A.
Employment or service
relationship and adjusted
EBITA, revenue and total
shareholder return.
Employment or service
relationship and acquisition of
shares
End of subscription period 2025–2028 - -
Contractual life on average (years) 3.2 3.2 3.1
Remaining contractual life on average
(years)
1.4 1.7 2.4
Number of participants in the
programmes at
the end of the reporting period
438 107 17
Execution Paid in shares Paid in cash and shares Paid in cash and shares
1 The matching share plan and the 2023–2027 share-based incentive plan for the 2025–2027 performance period have a combined maximum of 160,000 shares. The aggregate maximum
number of shares under all plans is therefore 857,000 shares.
Share savings plans Share-based incentive Matching share plan
Number of options and share based
incentives 2025 2024 2025 2024 2025 2024
At the beginning of the financial year 87,275 56,309 273,924 253,986 0 0
New instruments granted 37,095 39,177 145,900 118,000 34,636 -
Forfeited -5,908 -4,834 -55,000 -47,800 -6,070 -
Executed - -2,183 - - - -
Expired -10,161 -1,194 -86,724 -50,262 - -
At the end of the financial year 108,301 87,275 278,100 273,924 28,566 0
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
53 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Components of tax expenses
EUR 1,000 2025 2024
(restated)
Current tax
1
-907 -790
Tax for previous financial years 532 376
Change in deferred taxes
1
1,240 386
Total
1
865 -27
1 The comparative figures for 2024 have been adjusted from those published in the 2024
financial statements; see section 1 of the notes to the financial statements for details.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
54 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
55 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
56 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
57 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
58 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
59 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
60 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
61 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
62 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
63 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
64 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
65 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
66 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
67 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
5.4 OTHER INVESTMENTS AND
NON-CURRENT RECEIVABLES
Other investments
EUR 1,000 2025 2024
Acquisition cost 1 Jan 1 1
Acquisition cost 31 Dec 1 1
5.5 LIQUID FUNDS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
68 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
69 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
6. Other notes
Information on Group companies is presented
in Note 6.1 Subsidiaries, while the remuneration
of the CEO and rest of the Management Team is
discussed in Note 2.3 Employee benefit expenses.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
70 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
71 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Parent company’s financial statements, FAS
Parent company’s income statement
EUR Note 1 Jan 2025
–31 Dec 2025
1 Jan 2024
–31 Dec 2024
(restated)
REVENUE 3.1 65,540,238.47 70,614,527.52
Other operating income 3.2 282,532.00 263,190.96
Materials and services 3.3
External services
-27,126,520.93 -29,921,129.46
-27,126,520.93 -29,921,129.46
Employee benefit expenses 3.4
Salaries and fees -24,521,734.77 -24,902,977.82
Personnel-related expenses
Pension expenses -4,250,709.39 -4,203,982.82
Other personnel related expenses
-679,801.72 -531,952.56
-29,452,245.88 -29,638,913.20
Depreciation, amortisation and impairments 3.5
Depreciation and amortisation according to plan
-578,516.55 -934,350.83
-578,516.55 -934,350.83
Other operating expenses
1
3.6 -9,137,027.55 -8,572,162.68
OPERATING PROFIT/LOSS
1
-471,540.44 1,811,162.31
Financial income and expenses 3.7
Income from group undertakings 3,835,884.53 2,122,674.20
Other interest and financial income 111,704.70 222,080.55
Interest expenses and other financial expenses
-466,273.05 -300,994.23
3,481,316.18 2,043,760.52
PROFIT BEFORE APPROPRIATIONS AND TAXES
1
3,009,775.74 3,854,922.83
Appropriations 3.8 0,00 -2,362,000.00
Income taxes 3.9
Taxes for the period
1
209,336.23 26,114.29
209,336.23 26,114.29
PROFIT FOR THE PERIOD
1
3 219 111,97 1,519,037.12
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see details in note 2.2.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
72 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Parent company’s statement of financial position
EUR Note 31 Dec 2025 31 Dec 2024
(restated)
ASSETS
NON-CURRENT ASSETS
Intangible assets 4.1
Goodwill 134,225.92 191,751.32
Intangible rights 299,461.52 249,600.00
Other non-current costs 10,716.75 32,754.68
Development costs 734,832.22 1,019,114.12
Advance payments 26,354.91 0.00
Total intangible assets 1,205,591.32 1,493,220.12
Tangible assets 4.2
Machinery and equipment
98,710.27 210,997.09
Total tangible assets 98,710.27 210,997.09
Investments 4.3
Shares in Group companies
48,884,688.46 41,987,851.23
Total investments 48,884,688.46 41,987,851.23
Total non-current assets 50,188,990.05 43,692,068.44
CURRENT ASSETS
Receivables
Non-current
Deferred tax assets
1
275,544.51 66,208.28
Total non-current assets
1
275,544.51 66,208.28
Current 4.4. 4.5
Trade receivables 6,632,666.61 7,928,264.55
Receivables from Group companies 2,598,280.64 586,615.49
Other receivables 56,258.78 58,500.54
Prepaid expenses and accrued income
1
1,961,073.95 2,453,887.79
Total current assets
1
11,248,279.98 11,027,268.37
Liquid funds 6,700,444.78 14,221,080.60
Total current assets
1
18,224,269.27 25,314,557.25
TOTAL ASSETS
1
68,413,259.32 69,006,625.69
EUR Note 31 Dec 2025 31 Dec 2024
(restated)
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY 4.6, 4.7
Share capital 100,000.00 100,000.00
Reserve for invested unrestricted equity 27,467,910.53 27,467,910.53
Treasury shares -217,327.42 -461,413.59
Profit (loss) for previous financial years
1
6,667,782.63 7,058,855.96
Profit (loss) for the period
1
3,219,111.97 1,519,037.12
Total shareholders’ equity
1
37,237,477.71 35,684,390.02
LIABILITIES
Non-current liabilities 4.8
Loans from financial institutions 5,559,619.82 3,716,679.42
Total non-current liabilities 5,559,619.82 3,716,679.42
Current liabilities 4.8-4.12
Loans from financial institutions 2,091,567.86 2,513,678.57
Advances received 265,334.57 866,996.47
Trade payables 1,363,944.89 1,842,048.91
Liabilities to Group companies 15,156,378.60 17,026,901.77
Other liabilities 1,883,564.38 2,098,012.61
Accrued expenses 4,855,371.49 5,257,917.92
Total current liabilities 25,616,161.79 29,605,556.25
Total liabilities 31,175,781.61 33,322,235.67
TOTAL EQUITY AND LIABILITIES
1
68,413,259.32 69,271,458.81
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see details in note 2.2.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
73 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Parent company’s statement of cash flow
EUR Note 1 Jan 2025
–31 Dec 2025
1 Jan 2024
–31 Dec 2024
(restated)
Cash flow from operations
Result before appropriations and taxes
1
3,009,775.74 3,854,922.83
Adjustments:
Depreciation and amortisation according to plan 3.5 578,516.55 934,350.83
Financial income and expenses 3.7 -3,481,316.18 -2,043,760.52
Other non-payment income and expenses 407.27 26,746.64
Cash flow before change in working capital
1
107,383.38 2,772,259.78
Change in working capital
Change in current non-interest-bearing trade receivables
1
1,123,365.49 4,843,680.30
Change in non-interest-bearing liabilities
-1,591,430.27 -1,041,164.44
Cash flow from operations before financial items and taxes
-360,681.40 6,574,775.64
Interest received 111,704.70 222,080.55
Interest paid and payments for other financial expenses of operating activities -468,162.29 -257,365.64
Direct taxes paid 622,945.78 -377,656.18
Cash flow from operations -94,193.21 6,161,834.37
Investments
Investments in tangible and intangible assets 4.1, 4.2 -178,600.93 -491,776.01
Proceeds from the sale of tangible and intangible assets 0.00 7,559.10
Acquisition of subsidiaries 4.3 -6,896,837.23 -9,538,852.49
Dividends received from subsidiaries 3.7 2,735,884.53 2,672,674.20
Cash flow from investments -4,339,553.63 -7,350,395.20
EUR Note 1 Jan 2025
–31 Dec 2025
1 Jan 2024
–31 Dec 2024
(restated)
Financing
Non-current loans, withdrawals 4.8 4,250,000.00 0,00
Non-current loans, repayments 4.8 -2,815,995.18 -2,517,857.19
Share subscriptions with stock options 4.6 0.00 16,525.31
Acquisition of treasury shares 4.6 -205,808.66 0.00
Dividends paid 4.6 -1,460,215.62 -2,109,200.34
Group contribution received 0.00 1,053,600.00
Group contribution paid -2,362,000.00 -2,653,000.00
Change in Group cash pool liabilities -492,869.52 -996,664.68
Cash flow from financing -3,086,888.98 -7,206,596.90
Net increase (+) / decrease (-) in liquid funds -7,520,635.82 -8,395,157.73
Liquid funds at beginning of the financial year 14,221,080.60 22,616,238.33
Liquid funds at end of the financial year 6,700,444.78 14,221,080.60
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see details in note 2.2.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
74 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Notes to the parent
company’s financial
statements
1. Basic information on the company
Siili Solutions Plc is a Finnish public limited-liability
company providing software systems development
services. Its share is quoted on the main list of NASDAQ
Helsinki Ltd since 20 April 2016. The company is
domiciled in Helsinki and its registered address is
Ruoholahdenkatu 21, Helsinki. Copies of the financial
statements are available online at www.siili.com/en
or at the company’s registered address.
The Board of Directors has approved these financial
statements for publication on 5 March 2026. Under the
Finnish Limited Liability Companies Act, the shareholders
may either adopt or reject the financial statements
after their publication. The Annual General Meeting
may also decide to amend the financial statements.
2. Notes on the presentation of the
financial statements
2.1 ACCOUNTING PRINCIPLES
Siili Solutions Plc’s financial statements
have been prepared in accordance with the
Finnish Accounting Standards (FAS).
Foreign currency items
Transactions in foreign currencies are recorded at
the rate of exchange prevailing on the transaction
date. Receivables and liabilities in foreign
currencies on the balance sheet on the financial
statements date are translated using the exchange
rate prevailing on the financial statements date.
Translation differences are recognised in the
financial statements through profit or loss.
Recognition of revenue from sales
Revenue consists of work sales, project deliveries,
maintenance and licence sales. In calculating revenue,
indirect taxes, discounts granted, and foreign exchange
rate differentials are deducted from the sales revenue.
Service revenue is recognised in the period when the
service is delivered. License revenue is recognized
at a point in time or over time according to the
agreed transfer terms and any cancellation rights.
Income and expenses from project deliveries are
recognised as revenue and expenses based on the
completion rate when the outcome of the project can
be reliably estimated. Revenue recognition based
on completion rate is always based on estimates of
total income and expenses over the project duration
as well as a reliable measurement of the progress
of the project. If estimates of the project’s end result
change, the income-adjusted sales will be changed in
the financial year in which the change is first known
and can be estimated. Any loss expected from a
project is immediately recognised as an expense.
Other operating income
Proceeds from sale of PPE, government grants and
charges for services delivered to subsidiaries are
recognised in other operating income. Government
grants are recognised in the period when the costs
they are intended to compensate have emerged and
the company considers itself entitled to the grant.
Research and development costs
Any research costs related to the development
of the company’s services are directly written
off as annual expenses in the income statement.
Development costs are either expensed in the
income statement or capitalised on the statement
of financial position on a case-by-case basis.
Pensions
The statutory pension cover for the company’s
personnel is arranged by statutory pension
insurance plans. Statutory pension costs are
recognised as an expense in the year of accrual.
Rents and lease payments
Rents and leasing expenses are recognised
as annual expenses in accordance with
Finnish accounting legislation.
Taxes
Income taxes include current taxes on the period’s
profit and prior-period adjustments. Deferred tax
assets are recognized for deductible losses when
sufficient future taxable income is probable.
Tangible and intangible assets
Tangible and intangible assets are recognised at initial
acquisition cost and depreciated and amortised on a
straight-line basis. The applicable depreciation and
amortisation periods and methods are as follows:
– Intangible assets 5–10 years, straight-line
– Tangible assets 3–5 years, straight-line
Trade and other receivables
Trade and other receivables are measured at nominal
value. A credit loss allowance is recognised on trade
receivables based on case-specific risk assessment.
The credit loss allowance is recognised through
profit or loss as an expense for the period.
Liquid funds and loans from financial institutions
Liquid funds include cash and cash equivalents, bank
accounts, the group account and highly liquid term
deposits. Utilised overdraft facilities are presented in
current liabilities. Loans from financial institutions are
included in current and non-current liabilities. Interest
expenses are recognised in the period when they arise.
Equity and dividends
The Board of Directors’ proposal on dividend distribution
is not deducted from distributable equity until approved
by the Annual General Meeting of shareholders.
Treasury shares
The acquisition of treasury shares and related
transaction costs are presented in the reserve of
treasury shares. Transfers of treasury shares are
presented as an increase in the reserve of treasury
shares and as a reduction of retained earnings.
Provisions
A provision is made when the company has a legal or
constructive obligation based on an earlier event and
it is likely that the performance of the obligation will
require a payment and the amount of the obligation
can be estimated reliably. The provision is presented
in the statement of financial position either in non-
current or current liabilities based on its nature.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
75 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Derivatives instruments
Derivatives contacts entered into for hedging
interest rate risk are measured at fair value and the
fair value change of these are recorded through
income statement in finance income or cost.
Management’s judgment and the use of estimates
The preparation of financial statements requires the
management of the company to make estimates and
assumptions affecting the contents of the financial
statements. Although the estimates are based on
management’s best current view, the outcomes may
differ significantly from the estimates. Any changes in
estimates and assumptions are reflected in reporting
for the financial year when the estimate or assumption
is revised as well as all subsequent financial years.
Estimates related to the financial statements are mainly
related to the recognition of revenue from long-term
projects, amortisation of goodwill and provisions.
General uncertainty, together with volatility arising from
macroeconomic and geopolitical factors, continues
to affect our customers’ investment decisions and,
consequently, to have a negative impact on Siili’s
business. According to management’s assessment, the
uncertainty caused by these factors will continue to affect
Siili’s business operations and growth opportunities also
during the current financial year. The company actively
monitors the situation and adapts its operations, including
by ensuring customer satisfaction and cost efficiency.
2.2 CORRECTION OF AN ERROR RELATING
TO PRIOR FINANCIAL YEARS
During the 2025 financial year, a material error was
identified in the accounting records that also affected
3. Notes to the income statement
3.1 BREAKDOWN OF REVENUE
BY MARKET AREA
EUR 2025 2024
Sales in Finland 61,889,526.44 66,563,849.72
Sales to abroad 3,650,712.03 4,050,677.80
Total 65,540,238.47 70,614,527.52
EUR 2025 2024
Revenue from projects based on
completion
1,307,485.12 985,262.82
% of revenue 2.0% 1.4%
3.2 OTHER OPERATING INCOME
EUR 2025 2024
Grants received 195,050.17 33,434.00
Other 0.00 10,042.10
Services to Group companies 87,481.83 219,714.86
Total 282,532.00 263,190.96
3.3 MATERIALS AND SERVICES
EUR 2025 2024
External services 27,126,520.93 29,921,129.46
Total 27,126,520.93 29,921,129.46
3.4 INFORMATION ON PERSONNEL
AND RELATED PARTIES
EUR 2025 2024
CEO’s salaries and
remuneration
1
313,400.05 249,696.00
Board of Directors’ salaries and
remuneration
168,300.00 170,348.00
Other salaries and remuneration 24,040,034.72 24,482,933.82
Pension expenses 4,250,709.39 4,203,982.82
Other personnel related
expenses
679,801.72 531,952.56
Total 29,452,245.88 29,638,913.20
1 The figure does not include payments made in company shares.
More detailed information is provided in Note 6.2 Related-party transactions.
2025 2024
Average number of personnel
350 372
3.5 DEPRECIATION, AMORTISATION
AND IMPAIRMENTS
EUR 2025 2024
Tangible assets
Machinery and equipment
112,286.82 125,351.37
Immaterial rights
Goodwill 57,525.40 485,806.95
Other intangible assets
408,704.33 323,192.51
Total 578,516.55 934,350.83
3.6 OTHER OPERATING EXPENSES
EUR 2025 2024
(restated)
Voluntary personnel-related
expenses
1
1,459,338.46 1,327,668.33
Travel expenses 289,116.86 303,070.03
Lease and vehicle expenses 1,527,432.81 1,601,468.98
IT expenses 3,039,322.54 2,915,564.47
Marketing, sales promotion and
communications expenses
646,431.33 730,591.14
Expert services 1,373,359.88 899,878.00
Service purchases from Group
companies
110,116.74 63,119.01
Other operating expenses 691,908.93 730,802.72
Total
1
9,137,027.55 8,572,162.68
1 The comparative figures for 2024 have been adjusted from those published in the 2024
financial statements; see details in note 2.2.
Audit fees (KPMG Oy Ab)
EUR 2025 2024
Audit fees 172,268.00 155,530.00
Statutory opinions 0.00 12,830.00
Tax services 0.00 0.00
Other services 62,575.00 90,000.00
Total 234,743.00 258,360.00
the prior financial years 2023–2024. The correction
relating to the prior financial years has been recorded
through equity. The comparative figures for 2024 have
been restated in these financial statements to ensure
comparability. The adjusted amounts are indicated in the
financial statements by footnotes. Further details on the
background and impacts of the correction are presented
in note 1 to the consolidated financial statements.
The correction of the error increased other operating
expenses in the 2024 income statement by EUR
137,656.73 and decreased income taxes by EUR
27,531.35. Consequently, the net impact on the profit
for the 2024 financial year is EUR -110,125.38. In the
statement of financial position, other receivables
decreased by EUR 331,041.40 as a result of the
correction, and deferred tax assets increased by EUR
66,208.28. The correction relating to 2023 was recorded
in the opening equity for 2024 and reduced retained
earnings by EUR 154,707.74. The combined effect of
the 2023–2024 corrections on retained earnings as
at the end of 2024 was therefore EUR -264,833.12.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
76 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
3.8 APPROPRIATIONS
EUR 2025 2024
Group contribution paid 0.00 -2,362,000.00
Total 0.00 -2,362,000.00
3.9 INCOME TAXES
EUR 2025 2024
(restated)
Taxes for the period 0,00 -1,417.06
Change in deferred tax asset,
from loss for the period
1
209,336.23 27,531.35
Tax for previous financial years 0.00 0.00
Total
1
209,336.23 26,114.29
1 The comparative figures for 2024 have been adjusted from those published in the 2024
financial statements; see details in note 2.2.
4. Notes to the statement of financial position
4.1 GOODWILL AND INTANGIBLE ASSETS
EUR Goodwill Immaterial rights
Other non-current
assets Development costs Advance payments Total
Acquisition cost 1 Jan 2025 14,083,677.10 416,000.00 503,177.18 1,368,532.77 0.00 16,371,387.05
Additions 0.00 150,310.24 1,935.78 0.00 26,354.91 178,600.93
Disposals 0.00 0.00 0.00 0.00 0.00 0.00
Reclassifications 0.00 0.00 0.00 0.00 0.00 0.00
Acquisition cost 31 Dec 2025 14,083,677.10 566,310.24 505,112.96 1,368,532.77 26,354.91 16,549,987.98
Acc. amortisation 1 Jan 2025 -13,891,925.78 -166,400.00 -470,422.50 -349,418.65 0.00 -14,878,166.93
Disposals 0.00 0.00 0.00 0.00 0.00 0.00
Amortisation for the period -57,525.40 -100,448.72 -23,973.71 -284,281.90 0.00 -466,229.73
Acc. amortisation 31 Dec 2025 -13,949,451.18 -266,848.72 -494,396.21 -633,700.55 0.00 -15,344,396.66
Carrying amount 31 Dec 2025 134,225.92 299,461.52 10,716.75 734,832.22 26,354.91 1,205,591.32
EUR Goodwill Immaterial rights
Other non-current
assets Development costs Advance payments Total
Acquisition cost 1 Jan 2024 14,043,677.10 416,000.00 503,177.18 813,148.64 189,864.75 15,965,867.67
Additions 40,000.00 0.00 0.00 58,592.25 306,927.13 405,519.38
Disposals 0.00 0.00 0.00 0.00 0.00 0.00
Reclassifications 0.00 0.00 0.00 496,791.88 -496,791.88 0.00
Acquisition cost 31 Dec 2024 14,083,677.10 416,000.00 503,177.18 1,368,532.77 0.00 16,371,387.05
Acc. amortisation 1 Jan 2024 -13,406,118.83 -83,200.00 -437,959.07 -141,889.57 0.00 -14,069,167.47
Disposals 0.00 0.00 0.00 0.00 0.00 0.00
Amortisation for the period -485,806.95 -83,200.00 -32,463.43 -207,529.08 0.00 -808,999.46
Acc. amortisation 31 Dec 2024 -13,891,925.78 -166,400.00 -470,422.50 -349,418.65 0.00 -14,878,166.93
Carrying amount 31 Dec 2024 191,751.32 249,600.00 32,754.68 1,019,114.12 0.00 1,493,220.12
3.7 FINANCIAL INCOME AND EXPENSES
EUR 2025 2024
Dividends from Group
companies
3,835,884.53 2,122,674.20
Interest income and other
financial income
57,620.48 209,900.23
Foreign exchange gains
54,084.22 12,180.32
Interest expenses on loans from
financial institutions
-178,560.56 -124,417.72
Other financial expenses
-225,692.45 -176,576.51
Foreign exchange losses
-62,020.04 0.00
Total 3,481,316.18 2,043,760.52
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
77 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
4.2 TANGIBLE ASSETS
EUR Machinery and equipment
Acquisition cost 1 Jan 2025 2,140,080.70
Additions 0.00
Disposals 0.00
Reclassifications 0.00
Acquisition cost 31 Dec 2025 2,140,080.70
Acc.depreciation 1 Jan 2025 -1,929,083.61
Disposals 0.00
Depreciation for the period -112,286.82
Acc. depreciation 31 Dec 2025 -2,041,370.43
Carrying amount 31 Dec 2025 98,710.27
EUR Machinery and equipment
Acquisition cost 1 Jan 2024 2,329,971.63
Additions 49,870.55
Disposals -239,761.48
Reclassifications 0.00
Acquisition cost 31 Dec 2024 2,140,080.70
Acc. depreciation 1 Jan 2024 -2,043,493.72
Disposals 239,761.48
Depreciation for the period -125,351.37
Acc. depreciation 31 Dec 2024 -1,929,083.61
Carrying amount 31 Dec 2024 210,997.09
4.3 INVESTMENTS
Shares in Group companies
EUR 2024 2023
Carrying amount 1 Jan 41,987,851.23 32,488,998.74
Increases in the period 6,896,837.23 9,500,659.76
Reclassifications 0.00 -1,807.27
Carrying amount 31 Dec 48,884,688.46 41,987,851.23
4.4 RECEIVABLES FROM GROUP COMPANIES
EUR 2025 2024
Trade receivables 587,773.81 565,461.20
Group cash-pool receivables 910,506.83 21,154.29
Dividend receivables 1,100,000.00 0.00
Total 2,598,280.64 586,615.49
4.5 CURRENT RECEIVABLES
Prepaid expenses and accrued income
EUR 2025 2024
(restated)
Receivables related to projects
based on completion
271,639.47 154,722.26
Other allocation of income 322,636.75 107,980.99
Derivatives receivables 0.00 21,720.00
Other accrued income and
prepaid expenses
1
43,809.02 707,512,54
Advances paid 1,322,988.71 1,461,952.00
Total
1
1,961,073.95 2,453,887.79
1 The comparative figures for 2024 have been adjusted from those published in the 2024
financial statements; see details in note 2.2.
Trade and other current receivables
EUR 2025 2024
Trade receivables 6,633,073.88 7,928,264.55
Credit loss allowance -407.27 0.00
Lease collateral receivables 56,025.64 58,177.46
Other short-term receivables 233.14 323.08
Total 6,688,925.39 7,986,765.09
4.6 CHANGES IN SHAREHOLDERS’ EQUITY
EUR 2025 2024
(restated)
Share capital 1 Jan 100,000.00 100,000.00
Share capital 31 Dec 100,000.00 100,000.00
Reserve for invested unrestricted equity 1 Jan 27,467,910.53 27,451,385.22
Share subscriptions with stock options 0.00 16,525.31
Reserve for invested unrestricted equity 31 Dec 27,467,910.53 27,467,910.53
Treasury shares 1 Jan -461,413.59 -461,413.59
Acquisitions of treasury shares -205,808.66 0.00
Transfers of treasury shares 449,894.83 0.00
Treasury shares 31 Dec -217,327.42 -461,413.59
Retained earnings 1 Jan
1
8,577,893.08 9,168,056.30
Distribution of dividends -1,460,215.62 -2,109,200.34
Transfer to treasury shares -449,894.83 0.00
Retained earnings 31 Dec
1
6,667,782.63 7,058,855.96
Profit for the period
1
3,219,111.97 1,519,037.12
Total shareholders’ equity
1
37,237,477.71 35,684,390.02
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see details in note 2.2.
4.7 STATEMENT OF DISTRIBUTABLE FUNDS
EUR
2025 2024
(restated)
Reserve for invested unrestricted equity
27,467,910.53 27,467,910.53
Retained earnings
1
6,667,782.63 7,058,855.96
Profit for the period
1
3,219,111.97 1,519,037.12
Less capitalised development costs
-734,832.22 -1,019,114.12
Total distributable funds
1
36,619,972.91 35,026,689.49
1 The comparative figures for 2024 have been adjusted from those published in the 2024 financial statements; see details in note 2.2.
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.07 (0.18) per share be paid for the financial period 2025.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
78 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
4.8 INTEREST-BEARING LIABILITIES
EUR 2025 2024
Maturing in in the following the
financial year
2,091,567.86 2,513,678.57
Maturing during 1-5 years 4,650,944.69 3,716,679.42
Maturing later than 5 years 908,675.13 0.00
Total 7,651,187.68 6,230,357.99
Company pledges of EUR 23 million are placed
as collateral for loans and a credit line of EUR
2,500 thousand. At the end of financial years 2025
and 2024, the credit line was not utilised.
4.9 ADVANCES RECEIVED
EUR 2025 2024
Advance payments received
from projects based on
completion
22,517.68 111,260.04
Advance payments received,
other
242,816.89 755,736.43
Total 265,334.57 866,996.47
4.10 LIABILITIES TO GROUP COMPANIES
EUR 2025 2024
Trade payables 2,787,048.86 2,692,055.05
Group contribution liability 0.00 2,362,000.00
Group cash-pool liability 12,369,329.74 11,972,846.72
Total 15,156,378.60 17,026,901.77
4.11 TRADE AND OTHER PAYABLES
EUR 2025 2024
Trade payables 1,363,944.89 1,842,048.91
Withholding tax liabilities 588,151.82 578,537.23
VAT liabilities 1,257,566.97 1,488,118.40
Other short-term payables 37,845.59 31,356.98
Total 3,247,509.27 3,940,061.52
4.12 ACCRUED EXPENSES
EUR 2025 2024
Salary costs 57,687.58 57,662.30
Vacation pay and related social
costs
3,360,521.71 3,817,935.93
Social cost liabilities 558,008.66 602,043.29
Other accruals 879,153.54 780,276.40
Total 4,855,371.49 5,257,917.92
5. Other notes
5.1 COLLATERAL PROVIDED, COMMITMENTS AND OTHER GUARANTEES
Lease liabilities
EUR 2025 2024
Maturing in in the following the financial year 1,258,838.53 1,522,118.61
Maturing later 549,942.95 1,213,543.14
Total 1,808,781.48 2,735,661.75
Commitments provided
EUR 2025 2024
Lease collateral 56,025.64 86,500.55
Lease guarantees 45,167.87 314,427.03
Corporate cards 77,667.40 82,778.25
Total 178,860.91 483,705.83
Collateral
EUR 2025 2024
Company pledges 23,000,000.00 23,000,000.00
Total 23,000,000.00 23,000,000.00
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
79 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
5.2 SHARE
Largest registered shareholders as at 31 Dec 2025
Number of shares %
Lamy Oy 1,301,267 15.99%
Keskinäinen Eläkevakuutusyhtiö Ilmarinen 613,350 7.53%
Danske Invest Suomi Osake 514,410 6.32%
Erina Oy 440,300 5.41%
Keskinäinen työeläkevakuutusyhtiö Varma 324,034 3.98%
OP-Suomi Pienyhtiöt 323,595 3.98%
Elo Keskinäinen Työeläkevakuutusyhtiö 253,000 3.11%
Sr Säästöpankki Pienyhtiöt 128,150 1.57%
Sr Säästöpankki Kotimaa 116,250 1.43%
Narvanto Kirsi Annuli 110,481 1.36%
Kurek Wojciech 88,013 1.08%
Sr Aktia Nordic Small Cap 58,250 0.72%
Sr eQ Pohjoismaat Pienyhtiö 45,600 0.56%
Järviseudun Peruna Oy 40,000 0.49%
Siljamäki Samuli Johannes 37,000 0.45%
Ilmoniemi Mika Kalervo 32,012 0.39%
Kabaja Konrad Daniel 31,802 0.39%
Oy Famkro Ab 30,762 0.38%
Toiviainen Yrjö Tapio 30,094 0.37%
Laitinen Saku-Mikko 23,124 0.28%
20 largest, total 4,541,494 55.79%
Nominee registered, total 1,038,032 12.75%
Other shareholders 2,529,039 31.07%
Outstanding shares, total 8,108,565 99.61%
Treasury shares held by Siili Solutions Plc 31,698 0.39%
Total number of shares 8,140,263 100.00%
Breakdown of shareholdings 31 Dec 2025
Number of shareholders % of shareholders
1–100 3,095 52.91%
101–1,000 2,272 38.84%
1,001–10,000 424 7.25%
10,001–100,000 48 0.82%
100,001–1,000,000 10 0.17%
1,000,001– 1 0.02%
Total 5,850 100%
Shareholders by sector 31 Dec 2025
Number of shareholders % of shareholders
Households 5,638 96.38%
Private companies 165 2.82%
Financial and insurance institutions 14 0.24%
Foreigners 13 0.22%
Non-profit institutions serving households 9 0.15%
Nominee registered 8 0.14%
Public sector organizations 3 0.05%
Total 5,850 100%
The company’s shares are quoted on the main list of Nasdaq Helsinki Ltd since 20 April 2016.
Ticker symbol of the share SIILI
ISIN code FI4000043435
Highest price during the financial year (EUR) 6.76
Lowest price during the financial year (EUR) 4.32
Closing price at the end of the financial year (EUR) 4.63
Market capitalisation as at 31 December 2025 (EUR) 37,542,655.95
Trading volume 1 Jan–31 Dec 2025 (number of shares) 2,583,535
Average price 1 Jan–31 Dec 2025 (EUR) 5.40
Share turnover % of total number of shares 31.7%
Number of shares as at 31 December 2025 8,140,263
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
80 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
5.3 RELATED-PARTY TRANSACTIONS
Shareholdings of the members of the Board of Directors,
CEO and Management Team (number of shares)
2025 2024
Chief Executive Officer
1
16,998 5,880
Board of Directors
2
2,600 875
Management Team 16,738 4,785
Total 36,336 11,540
1 Tomi Pienimäki's controlled entity Greater Fool Oy held a total of 15,500 shares as at 31
December 2025, which are excluded from the holdings listed in the table.
2 Harry Brade’s controlled entity Lamy Oy held a total of 1,301,267 shares as at 31
December 2025, which are excluded from the holdings listed in the table.
The company did not have other material related-
party transactions than transactions between Group
companies. These related party transactions are
undertaken on market terms. Information on Group
companies is presented in the Consolidated Financial
Statement Note 6.1 Subsidiaries, while the remuneration
of the CEO and rest of the Management Team is
discussed in Note 2.3 Employee benefit expenses.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
81 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Signatures to the financial statements and Report of the Board of Directors
Confirmation of the Board of Directors and the CEO
We confirm that:
– the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and the financial
statements of the parent company prepared in accordance with the laws and regulations governing the preparation of financial statements in Finland give a true and fair view of the
assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole;
– the management report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and uncertainties that they face and
– that the sustainability report within management report is prepared in accordance with sustainability reporting standards referred to in Chapter 7 of the Accounting Act and with the
Article 8 of Taxonomy Regulation
Helsinki, 5 March 2026
HARRY BRADE KATARINA CANTELL HENNA MÄKINEN
Chair of the Board of Directors Member of the Board Member of the Board
SEBASTIAN NYSTRÖM JESSE MAULA TOMI PIENIMÄKI
Member of the Board Member of the Board Chief Executive Officer
Auditor’s note
Our auditor’s report has been issued today.
Helsinki, 5 March 2026
KPMG Oy Ab
Audit Firm
LEENAKAISA WINBERG
APA
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
82 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Auditor’s Report
This document is an English translation of
the Finnish auditor’s report. Only the Finnish
version of the report is legally binding.
To the Annual General Meeting
of Siili Solutions Plc
Report on the Audit of the Financial
Statements
OPINION
We have audited the financial statements of Siili
Solutions Plc (business identity code 1979903-
5) for the year ended 31 December, 2025. The
financial statements comprise the consolidated
balance sheet, income statement, statement of
comprehensive 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 Standards as adopted by the EU
– the financial statements give a true and fair view of the
parent 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 Audit Committee.
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. The non-audit
services that we have provided have been disclosed
in note 2.5 to the consolidated financial statements.
We believe that the audit evidence we
have obtained is sufficient and appropriate
to provide a basis for our opinion.
MATERIALITY
The scope of our audit was influenced by our application
of materiality. The materiality is determined based on
our professional judgement and is used to determine
the nature, timing and extent of our audit procedures
and to evaluate the effect of identified misstatements
on the financial statements as a whole. The level of
materiality we set is based on our assessment of the
magnitude of misstatements that, individually or in
aggregate, could reasonably be expected to have
influence on the economic decisions of the users
of the financial statements. We have also taken into
account misstatements and/or possible misstatements
that in our opinion are material for qualitative
reasons for the users of the financial statements.
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. The significant
risks of material misstatement referred to in the EU
Regulation No 537/2014 point (c) of Article 10(2) are
included in the description of key audit matters below.
We have also addressed the risk of management
override of internal controls. This includes consideration
of whether there was evidence of management bias that
represented a risk of material misstatement due to fraud.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
83 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Valuation of goodwill and acquisition related intangible assets (reference to the consolidated financial statements
and notes 3.1, 3.2 and 3.5)
The Group has expanded its activities through
acquisitions. As a result, the Group's assets include
a significant amount of goodwill and acquisition-
related intangible assets. At year-end 2025, the
group had EUR 33.8 million of goodwill and EUR 5.9
million of acquisition-related intangible assets.
Goodwill and intangible assets are
tested for impairment annually.
Estimating future cash flows in impairment tests
involves a significant amount of management judgment
in respect of revenue growth, profitability, long-term
growth rate and discount rates, among others.
Valuation of goodwill and acquisition related
intangible assets are considered a key audit
matter due to the significant carrying values and
high level of management judgement involved.
Our audit procedures regarding impairment
testing included, among others:
– Assessing the key assumptions used in the
calculations, such as profitability levels, discount rates
used and long-term growth rate.
– Assessing whether the methods and the key
assumptions used are appropriate and have been
consistently applied year-on-year.
– Involving KPMG valuation specialists when considering
the appropriateness of the assumptions used in relation
to market and industry information and testing the
technical accuracy of the calculations.
In addition, we have assessed the
appropriateness of the group’s disclosures
in respect of the impairment testing.
THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT
Revenue recognition (reference to the consolidated financial statements and notes 2.1)
Revenue recognition is one of our focus
areas for example due to following:
– The company's services consist of tailormade software
solutions, and majority of the consolidated revenue
is based on hourly billing. Revenue based on service
hours is recognized in the financial period in which the
provided service was performed. The correctness of
the working hours entered in the time tracking system
as well as the efficiency of management's controls
over those hours are emphasized when assessing the
appropriateness of revenue recognition.
– Regarding fixed price projects the satisfaction of the
performance obligation shall be monitored throughout
the project delivery. Revenue recognition based on
satisfaction of performance involves management
judgment and estimates especially when forecasting
total costs of the project and resources needed.
– Our audit procedures covered assessment of the
control environment relating to revenue recognition,
as well as testing the operating effectiveness of the
associated key controls. In addition, we performed
substantive and analytical procedures over revenue.
– We assessed group's revenue recognition principles in
relation to IFRS standards.
– We assessed the processes for tracking, recording and
invoicing sales. In addition, we assessed the accuracy
of the recognition of revenue on accrual basis.
– We assessed the appropriateness of the revenue
recognized for projects based on satisfaction of
performance and evaluated company's process for
identifying potential losses related to these projects.
– In addition, we have assessed the appropriateness of
the group’s disclosures in respect of revenue.
We have not identified other key audit matters relating to the parent company’s financial statements.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
84 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS AND THE MANAGING DIRECTOR
FOR THE FINANCIAL STATEMENTS
The Board of Directors and the Managing Director are
responsible 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 realistic 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
material 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. Misstatements 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, 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 related 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 report 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
appropriate 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
regarding, 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 requirements 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
governance, 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 circumstances, we
determine that a matter should not be communicated
in our report because the adverse consequences of
doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
85 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Other Reporting Requirements
INFORMATION ON OUR AUDIT ENGAGEMENT
We were first appointed as auditors by the Annual
General Meeting on 12.3.2010, and our appointment
represents a total period of uninterrupted engagement
of 16 years. Siili Solutions Plc became a public interest
entity on 20.4.2016. We have been the company’s
auditors since it became a public interest entity.
OTHER INFORMATION
The Board of Directors and the Managing Director
are responsible 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, excluding the
sustainability report information on which there
are provisions in Chapter 7 of the Accounting Act
and in the sustainability reporting standards.
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. Our opinion does not
cover the sustainability report information on which
there are provisions in Chapter 7 of the Accounting
Act and in the sustainability reporting standards.
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.
Helsinki, 5 March 2026
KPMG OY AB
Audit firm
Leenakaisa Winberg
Authorised Public Accountant, KHT
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
86 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Assurance Report on the Sustainability Statement
This document is an English translation of the Finnish
Assurance Report on the Sustainability Report. Only
the Finnish version of the report is legally binding.
To the Annual General Meeting
of Siili Solutions Plc
We have performed a limited assurance engagement
on the group sustainability statement of Siili
Solutions Plc (business identity code 1979903-
5) that is referred to in Chapter 7 of the Accounting
Act and that is included in the report of the Board
of Directors for the financial year 1.1.–31.12.2025.
OPINION
Based on the procedures we have performed
and the evidence we have obtained, nothing has
come to our attention that causes us to believe
that the group sustainability statement does
not comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the
Accounting Act and the sustainability reporting
standards (ESRS); and
2) the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European Parliament
and of the Council on the establishment of a
framework to facilitate sustainable investment, and
amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which
Siili Solutions Plc has identified the information
for reporting in accordance with the sustainability
reporting standards (double materiality assessment).
Our opinion does not cover the tagging of the
group sustainability statement with digital XBRL
sustainability tags in accordance with Chapter
7, Section 22, Subsection 1(2), of the Accounting
Act, because sustainability reporting companies
have not had the possibility to comply with that
requirement in the absence of requirements for the
tagging of sustainability information in the ESEF
regulation or other European Union legislation.
BASIS FOR OPINION
We performed the assurance of the group sustainability
statement as a limited assurance engagement
in compliance with good assurance practice in
Finland and with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised)
Assurance Engagements Other than Audits or
Reviews of Historical Financial Information.
Our responsibilities under this standard are further
described in the Responsibilities of the Authorized
Group Sustainability Auditor section of our report.
We believe that the evidence we have
obtained is sufficient and appropriate to
provide a basis for our opinion.
AUTHORIZED GROUP SUSTAINABILITY
AUDITOR'S INDEPENDENCE AND
QUALITY MANAGEMENT
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 engagement, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
The authorized group sustainability auditor applies
International Standard on Quality Management
ISQM 1, which requires the authorized sustainability
audit 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.
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS AND THE MANAGING DIRECTOR
The Board of Directors and the Managing Director
of Siili Solutions Plc are responsible for:
– the group sustainability statement and for its
preparation and presentation in accordance with
the provisions of Chapter 7 of the Accounting Act,
including the process that has been defined in the
sustainability reporting standards and in which
the information for reporting in accordance with
the sustainability reporting standards has been
identified,
– the compliance of the group sustainability statement
with the requirements laid down in Article 8 of
the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment
of a framework to facilitate sustainable investment,
and amending Regulation (EU) 2019/2088, and for
– such internal control as the Board of Directors and
the Managing Director determine is necessary to
enable the preparation of a group sustainability
statement that is free from material misstatement,
whether due to fraud or error.
INHERENT LIMITATIONS IN THE PREPARATION
OF A SUSTAINABILITY STATEMENT
Preparing a group sustainability statement requires
a company to make materiality assessment to
identify relevant matters to report. This includes
significant management judgement and choices.
It is also characteristic to the sustainability
reporting that reporting of this kind of information
includes estimates and assumptions as well as
measurement and estimation uncertainty.
The determination of greenhouse gases is subject
to inherent uncertainty due to the incomplete
scientific data used to determine the emission
factors and the numerical values needed to
combine emissions of different gases.
When reporting forward-looking information in
accordance with ESRS standards, a company's
management is required to make assumptions
about possible future events, and to disclose the
company's possible future actions in relation to
those events, as well as to prepare the forward-
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
87 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
looking information based on these assumptions.
Actual results are likely to differ because forecasted
events often do not occur as expected.
RESPONSIBILITIES OF THE AUTHORIZED
GROUP SUSTAINABILITY AUDITOR
Our responsibility is to perform an assurance
engagement to obtain limited assurance about
whether the group sustainability statement is free
from material misstatement, whether due to fraud
or error, and to issue a limited assurance report
that includes our opinion. Misstatements can arise
from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken
on the basis of the group sustainability statement.
Compliance with the International Standard
on Assurance Engagements (ISAE) 3000
(Revised) requires that we exercise professional
judgment and maintain professional scepticism
throughout the engagement. We also:
– Identify and assess the risks of material misstatement
of the group sustainability statement, whether due to
fraud or error, and obtain an understanding of internal
control relevant to the engagement in order to design
assurance 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.
– Design and perform assurance procedures responsive
to those risks to obtain 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.
DESCRIPTION OF THE PROCEDURES
THAT HAVE BEEN PERFORMED
The procedures performed in a limited assurance
engagement vary in nature and timing from, and
are less in extent than for, a reasonable assurance
engagement. The nature, timing and extent of
assurance procedures selected depend on professional
judgment, including the assessment of risks of
material misstatement, whether due to fraud or error.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained had
a reasonable assurance engagement been performed.
Our procedures included, among others, the following:
– We interviewed the company’s management and
persons responsible for collecting and preparing
the information contained in the group sustainability
statement.
– Regarding the double materiality assessment process,
we assessed the implementation of the process
carried out by the company and the information
disclosed on the double materiality assessment
process in relation to the requirements of the ESRS
standards.
– Through interviews we gained understanding of the
key processes related to collecting and consolidating
the sustainability information.
– We got acquainted with the internal guidelines and
operating principles relevant to the sustainability
information disclosed in the group sustainability
statement.
– We got acquainted with the background
documentation and documents prepared by the
company, as applicable, and assessed whether
they support the information included in the group
sustainability statement.
– We assessed the information disclosed on material
sustainability matters in the group sustainability
statement in relation to the requirements of the ESRS
standards.
– In relation to the EU taxonomy information, we
gained understanding about the process by which
the company has defined taxonomy eligible and
taxonomy aligned activities, and assessed the
regulatory compliance of the information provided.
Helsinki, 5 March 2026
KPMG OY AB
Authorized Sustainability Audit Firm
Leenakaisa Winberg
Authorized Sustainability Auditor, KRT
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
88 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Independent Auditor's Report on the ESEF Consolidated Financial Statements of Siili Solutions Plc
(Translation of the Finnish original)
To the Board of Directors
of Siili Solutions Plc
We have performed a reasonable assurance
engagement on the financial statements
7437003WYXJUSV27Q316-2025-12-31-1-fi.
zip of Siili Solutions Plc (Business ID 1979903-5)
that have been prepared in accordance with
the Commission's regulatory technical standard
for the financial year ended 31.12.2025.
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS AND THE MANAGING DIRECTOR
The Board of Directors and the Managing
Director are responsible 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
company's identification data in the consolidated
financial statements 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
statements and the audited financial statements.
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 ESEF financial statements
in accordance 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 Management (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 assurance 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 requirements 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 requirements
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 statements that are included
in the ESEF financial statements of Siili Solutions Plc
7437003WYXJUSV27Q316-2025-12-31-1-fi.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 Siili Solutions 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.
Helsinki 12 March 2026
KPMG OY AB
Audit Firm
Leenakaisa Winberg
Authorised Public Accountant, KHT
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
89 Siili Solutions Plc – Annual report 2025
FINANCIAL STATEMENTS
Corporate Governance Statement 2025
Corporate
Governance
Statement 2025
1. Overview
Siili Solutions Plc (Siili, the Company) is a Finnish
public limited liability company listed on Nasdaq
Helsinki Ltd (the Helsinki Stock Exchange). Siili’s
corporate governance is based on legislation in force
in Finland, the rules and regulations issued for listed
companies by the Helsinki Stock Exchange and the
Finnish Financial Supervisory Authority (FIN-FSA)
as well as Siili’s Articles of Association. Corporate
governance in Siili’s subsidiaries is also governed
by the laws of the country of their domicile, and
by each subsidiary’s Articles of Association. Siili’s
governance and control are based on honesty,
accountability, equality and transparency.
Siili fully complies with the Corporate Governance
Code 2025 published by the Securities Market
Association. The Corporate Governance Code
is available on the website of the Securities
Market Association at www.cgfinland.fi/en/.
This Corporate Governance Statement has been
prepared separately from the report of the Board
of Directors, and it has been reviewed by both
Siili’s Audit Committee and Board of Directors.
The Statement is published on the Company
website at https://sijoittajille.siili.com/en.
2. Descriptions concerning
corporate governance
The Company’s statutory governing bodies are
the General Meeting of Shareholders, the Board of
Directors and the Chief Executive Officer (CEO). The
General Meeting appoints the members of the Board
of Directors, and the Board of Directors appoints the
CEO. The Board of Directors’ work is enhanced by two
(2) Board committees whose members are elected
by the Board of Directors among its members. In the
operative management of the Company, the CEO is
assisted by the Management Team, which is appointed
by the Board of Directors at the CEO’s proposal.
GENERAL MEETING
Siili’s shareholders exercise their decision-making
power at the General Meeting of Shareholders.
The shareholders’ rights and duties of the
General Meeting of Shareholders are determined
in the Limited Liability Companies Act.
The Annual General Meeting (AGM) is held annually
before the end of June, usually at the end of March
or early April. The matters on the agenda of the
Annual General Meeting are determined in the Limited
Liability Companies Act. In the Annual General
Meeting of 8 April 2025, 29 shareholders were
represented personally or by proxy, representing
4,817,494 shares and votes (approximately 59.18%
of shares issued and outstanding). The Annual
General Meeting was held in Helsinki, Finland, in the
event venue Eliel at Sanomatalo, Töölönlahdenkatu
2. The shareholders also had the opportunity to
exercise their voting right by voting in advance.
In accordance with the Limited Liability Companies
Act, Siili will hold an Extraordinary General Meeting
(EGM) if the Board of Directors considers it necessary,
or if the auditor or shareholders together holding
one tenth of all shares so demand in writing in
order for a given matter to be dealt with. In 2025,
no Extraordinary General Meetings were held.
The minutes of the AGM are available on the Company
website at https://sijoittajille.siili.com/en.
SHAREHOLDERS’ NOMINATION BOARD
The Shareholders’ Nomination Board consists of five
(5) members, of whom the Company’s four (4) largest
shareholders are each entitled to nominate one (1).
The Chair of the Board of Directors serves as the fifth
member of the Board in the role of an expert. The
members of the Board are appointed annually, and
the term of office of the members ends when new
members have been appointed to the Board. The
largest shareholders are determined as at 31 August.
In 2025, the Shareholders’ Nomination Board of the
Company consisted of the following members:
– Heikki Westerlund, Lamy Oy, (Chair)
– Stian Runde, Protector Forsikring (as of 19 September
2025)
– Ville Kivipelto, Danske Invest Suomi Osake (as of 19
September 2025)
– Karoliina Lindroos, Ilmarinen Mutual Pension Insurance
Company (as of 19 September 2025)
– Niko Syrjänen, Elo Mutual Pension Insurance
Company (until 19 September 2025)
– Harry Brade, Chair of the Board of Directors of Siili
Solutions Plc
The duties of the Nomination Board are:
– preparing and presenting to the Annual General
Meeting, and, if necessary, to an Extraordinary General
Meeting, a proposal on i) the number of members of the
Board of Directors; ii) the Chair and Deputy Chair of the
Board of Directors; iii) the remuneration of the members,
Chair and Deputy Chair of the Board of Directors
– seeking prospective successors for the members of the
Board of Directors
– responding to questions posed by shareholders
in a General Meeting, particularly regarding the
performance of the duties of the Nomination Board and
its proposals
– providing a report on its activities to the Annual General
Meeting on an annual basis.
The members of the Nomination Board are not entitled to
remuneration for their duty, unless the General Meeting
decides otherwise. The Company will compensate
reasonable costs and expenses incurred by the
members against receipts approved by the Company.
The Nomination Board Committee convened two (2)
times in 2025, in addition to which it made written
resolutions. The average rate of attendance of the
members at Nomination Board meetings was 100%.
75% of the members in the Nomination Board are men.
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
91 Siili Solutions Plc – Annual report 2025
GOVERNANCE
BOARD OF DIRECTORS
Composition
In accordance with the Articles of Association, the
Board of Directors of the Company has three to six
ordinary members. The Board of Directors elects the
Chair from among its members. The term of office
of a Board member begins at the end of the election
meeting and lasts until the closing of the following
Annual General Meeting. The Annual General Meeting
of 2025 elected five (5) members to the Board of
Directors. The members elected at the AGM were
the following: Harry Brade, Jesse Maula, Henna
Mäkinen, Katarina Cantell and Sebastian Nyström.
Board of Directors, 31 December 2025
Harry Brade, Chair of the Board
– B. 1969
– Education: M.Sc. (Tech.), MBA
– Principal occupation: Managing Director, Lamy Oy
– On the Board of Directors since 2016
– Independent of the Company
– Number of shares: 0*
* Harry Brade’s controlled entity Lamy Ltd held a total of 1,301,267 shares
as at 31 December 2025.
Jesse Maula
– B. 1976
– Education: M.Soc.Sc.
– Principal occupation: CEO, Avidly Plc
– On the Board of Directors since 2021
– Independent of the Company and its significant
shareholders
– Number of shares: 0
Henna Mäkinen
– B. 1981
– Education: LL.M., M.Sc. (Econ)
– Principal occupation: CFO, IXI Eyewear Oy
– On the Board of Directors since 2024
– Independent of the Company and its significant
shareholders
– Number of shares: 0
Katarina Cantell
– B. 1981
– Education: PhD
– Principal occupation: founder & CSO, Adalyon Oy
– On the Board of Directors since 2024
– Independent of the Company and its significant
shareholders
– Number of shares: 0
Sebastian Nyström
– B. 1974
– Education: M.Sc.
– Principal occupation: S-Group, SV, Non-food retil
– On the Board of Directors since 2025
– Independent of the Company and its significant
shareholders
– Number of shares: 2 600
Activities
The duties of the Board of Directors are determined in
the Limited Liability Companies Act, according to which
the Board of Directors shall see to the administration
of the Company and the appropriate organisation
of its operations and ensure the appropriate
arrangement of the control of the Company accounts
and finances. Siili’s Articles of Association do not
provide additional duties for the Board of Directors.
According to its Charter, Siili’s Board of Directors
convenes at least eight (8) times annually. In 2025, the
Board of Directors convened fourteen (14) times, in
addition to which it made resolutions in writing without
holding a meeting. The average rate of attendance of
the members in meetings of the Board of Directors
was 100%.The Chief Executive Officer and the Chief
Financial Officer attend to the Board’s meetings.
Member
Attendance
per meeting
Attendance
(%)
Harry Brade, Chair 14/14 100%
Jesse Maula 14/14 100%
Henna Mäkinen 14/14 100%
Katarina Cantell 14/14 100%
Sebastian Nyström
(as of 8 April 2025)
11/11 100%
Tero Ojanperä
(until 8 April 2025)
3/3 100%
The Charter of the Board of Directors
The Board of Directors has adopted a Charter
for itself. According to the Charter, the Board of
Directors handles and decides on matters that
are significant for the Group financially, from a
business perspective or as a matter of principle.
According to the Charter, the main duties of the Board of
Directors are:
– adopting the Company’s strategy, plan of operations
and budget as well as monitoring operative activities
and materialisation of budgets
– reviewing and approving the consolidated financial
statements, half-year report, Board of Directors’ report
and related stock exchange releases
– deciding on the Company’s structure and core
organisational structure
– deciding on investments, corporate transactions,
contingent liabilities and other significant resolutions
– ensuring the appropriateness of the Company’s
accounting and financial management
– preparing the dividend policy
– adopting the Company’s funding policy
– appointment and dismissal of the CEO and deciding on
related contracts
– appointment and dismissal of the deputy to the CEO
and deciding on related contracts
– ensuring and supervising the functioning of the
management system
– approving proposals concerning the members of the
Management Team and their remuneration
– approving and supervising internal controls as well as
risk management and reporting processes
– adopting the HR policy and remuneration schemes
– preparing matters to be resolved by the General
Meeting of Shareholders
– deciding on values followed in the Company’s activities
– adopting the Board of Directors’ diversity principles.
Diversity of the Board of Directors
Proposals concerning the Board of Directors must
take into account not only the qualifications of the
candidates but also the need to ensure diversity within
the Board and the diversity principles confirmed by Siili’s
Board. A person elected as a Board member must have
the necessary qualifications for the role and the ability
to allocate sufficient time to the position. The number
of Board members and the composition of the Board
must enable the effective performance of its duties. The
Board must include representatives of both genders.
All Board members must have experience in various
leadership roles across different industries, as
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
92 Siili Solutions Plc – Annual report 2025
GOVERNANCE
well as prior Board experience in either listed or
unlisted companies. As a whole, the Board should
represent a diverse range of national and international
expertise relevant to the company’s industry.
During the financial year 2025, the diversity principles
have been met. As of December 31, 2025, Siili’s Board
consisted of five (5) members. All Board members have
experience in leadership roles within industries relevant
to Siili, such as IT and technology business, as well as
key industries for Siili’s clients, including banking and
financial services, and consumer business. Additionally,
all Board members have served or are currently serving
on the Boards of both listed and unlisted companies.
The educational backgrounds of the Board
members are in technology, law, or business, and
they possess extensive national and international
expertise in the company’s industry, including
artificial intelligence and data-driven business.
The gender distribution within the Board is 60% men
(3/5) and 40% women (2/5), thereby meeting the
gender representation objective set forth in Section 6,
Article 9a of the Finnish Limited Liability Companies
Act. The longest tenure of a Board member is ten
years, while the shortest is less than one year. The ages
of the Board members range from 44 to 57 years.
Evaluation of the Board of Directors’ work
The Board of Directors evaluates its activities on
an annual basis. The purpose of the evaluation of
the Board’s activities is to examine the Board’s
success during the year and to function as a basis
in assessing the way of operation and composition
of the Board and the election of potential new
directors. In 2025, the evaluation of the Board
was assigned to an external service provider.
Board Committees
The Board of Directors of Siili has two (2) committees:
the Audit Committee and the HR Committee. The
Committees assist the Board of Directors in the
preparation of various matters. The Board of Directors
has adopted charters for the Committees, which
include the main duties and operating principles of the
Committees. After the closing of the Annual General
Meeting of Shareholders, the Board of Directors
elects the chairs and members of the Committees.
The Committee does not have any independent
decision-making authority, but the Board of
Directors makes decision on matters prepared by
the Committees. The Chair of each Committee
reports on the activities of the Committee in the
Board meeting following a Committee meeting.
Audit Committee
In 2025, the Audit Committee had three (3) members.
The majority of the members of the Audit Committee
must be independent of the Company and at least one
(1) member must be independent of the Company’s
significant shareholders. In electing the members of
the Audit Committee, the competence requirements
posed for the members are taken into consideration.
Siili’s Audit Committee assists the Board of Directors
in performing its supervisory duty regarding
financial reporting and control, risks management
as well as internal and external audit. The Chair of
the Committee together with the members of the
Committee decides on the number and schedule
of the Committee’s meetings. The Committees
convenes at least three (3) times a year.
In its constitutive meeting on 8 April 2025, the Board
of Directors elected Henna Mäkinen as the Chair
of the Audit Committee and Katarina Cantell, Jesse
Maula and Sebatian Nyström as its other members.
The Audit Committee convened five (5) times in 2025.
The average rate of attendance of the members in
the meetings of the Audit Committee was 100%.
Member
Attendance
per meeting
Attendance
(%)
Henna Mäkinen, Chair 5/5 100%
Jesse Maula 5/5 100%
Katarina Cantell 5/5 100%
Sebastian Nyström 3/3 100%
According to the Charter of the Audit Committee, the
duties of the Audit Committee are, among other things:
– monitoring the economic conditions, financial position
and the accounting process
– supervising the financial reporting process
– monitoring the efficiency of the Company’s internal
control and risk management systems
– reviewing the accuracy of the Company’s financial
result on a half-yearly basis together with the
Company’s financial management and auditors
– monitoring and discussing significant financial risks as
well as management actions to monitor and manage
the risks and report on them
– examining significant findings by auditors and
management responses to them
– monitoring transactions by the Company’s
management and their closely associated persons
and any potential conflicts of interest related to them
– discussing the Company’s Corporate Governance
Statement
– assessing the processes aimed at ensuring
compliance with laws and regulations
– assessing the impartiality of the statutory auditor
or audit firm and, in particular, the offer of ancillary
services to the company being audited
– preparing a proposal on the election of the auditor for
the General Meeting of Shareholders.
In addition, the Audit Committee may have other
tasks which are appropriate to fulfil its duty.
HR Committee
The HR Committee prepares material and provides
advice concerning the personnel of the Company
as well as matters related to the remuneration
and incentives of the Company management.
The Chair of the Committee together with the
members of the Committee decides on the number
and schedule of the Committee’s meetings. The
Committee convenes at least two (2) times a year.
In 2024, the HR Committee had four (4) members
until 8 April 2025 and three (3) members as of 8 April
2025. In its constitutive meeting on 8 April 2025,
the Board of Directors elected among its members
Harry Brade as the Chair of the HR Committee and
Katarina Cantell and Jesse Maula as its members.
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
93 Siili Solutions Plc – Annual report 2025
GOVERNANCE
The HR Committee convened four (4) times in 2025.
The average rate of attendance of the members in
the meetings of the HR Committee was 100%.
Member
Attendance
per meeting
Attendance
(%)
Harry Brade, Chair 4/4 100%
Tero Ojanperä (until 8 April
2025)
1/1 100%
Jesse Maula
4/4 100%
Katarina Cantell
4/4 100%
Duties related to human resource practices:
– assessment of the compatibility of the HR strategy and
business strategy
– assessment of the results of the employee satisfaction
survey in a regular basis
– assessment of the functioning of the organisational
structure and successor plans for key managerial
positions on a regular basis
– assessment of the status, actions and targets of
employment relationship matters
– assessment of the status, actions and targets of
occupational safety matters
– assessment of the achievement of diversity within the
company (incl. women’s share in various positions) and
related plans
– assessment of matters related to corporate
responsibility and ethics from the perspective of the
duties of the HR Committee
– other themes related to human resources considered
necessary to highlight by the Committee or executive
management.
Duties related to appointment and remuneration matters:
– preparation of the CEO’s remuneration and other
benefits as well as the CEO contract for the Board of
Directors
– development of the remuneration schemes for the CEO
and the rest of the Management Team for the Board of
Directors, including the assessment of remuneration
and ensuring its appropriateness
– preparation of principles of the performance and result
criteria of the remuneration schemes and monitoring
their achievement
– preparation of any share remuneration schemes or
share-based remuneration schemes
– review of the Remuneration Report
– monitoring the evaluation and remuneration of
performance of senior executive management
– ensuring that the Company has functioning systems
and practices in place for successor planning and talent
management, incl. systematic definition, assessment,
development and engagement of key personnel
– evaluation of the appropriateness and effectiveness
of remuneration on a regular basis
– preparation of proposals to the Board of Directors on
the development of remuneration as a whole and on
the renewal of incentive schemes or pension schemes
– monitoring and evaluation of risks related to the
remuneration policy and practices in a versatile manner
and recommending how to mitigate these risks
– preparing and executing a successor planning process
for the CEO and rest of the Management Team. In
addition, the HR Committee may have other tasks
which are appropriate to fulfil its duty.
MANAGING DIRECTOR
In accordance with the Limited Liability Companies
Act, the CEO shall see to the executive management
of the Company in accordance with instructions
and orders given by the Board of Directors and
ensure that the accounts of the Company are
in compliance with the law and that its finances
have been arranged in a reliable manner. The CEO
steers and supervises the Company, its businesses
and is responsible for the day-to-day operational
management of the Company as well as strategy
implementation, and prepares items for Board
review and bears responsibility for their execution.
Mr Tomi Pienimäki serves as the Company’s CEO.
MANAGEMENT TEAM
In the operative management of the Company, the CEO
is assisted by the Management Team. The Management
Team assists the CEO in the operative administration
of the Company in accordance with guidelines and
instructions given by the Board of Directors for example
in the preparation and execution of the strategy, policies
and other matters concerning both the businesses and
the Company as a whole. The Management Team meets
on a regular basis, at least eleven (11) times a year. The
CEO leads the operation of the Management Team.
As per 31 December 2026 the Management Team,
including CEO, comprised of seven (7) members, five
(5) of which men (71.9%) and two (2) women (28.4%).
Tomi Pienimäki, CEO
– B. 1973
– Education: D.Sc (Tech.), M.Sc. (Econ.)
– Number of shares: 21,380
Tuomas Toropainen, CFO
– B. 1977
– Education: BBA
– Number of shares: 5,425
Taru Salo, CPO
– B. 1980
– Education: M.Sc. (Econ.)
– Number of shares: 3,943
Marton Heves, CEO, Supercharge Kft
– B. 1986
– Education: M.Sc
– Number of shares: 0
Maria Niiniharju, VP, Private Business
– B. 1982
– Education: Master of Business Administration (MBA)
– Number of shares: 3,013
Markku Savusalo, VP, Digital Engineering
– B. 1970
– Education: BBA
– Number of shares: 4,046
Jaakko Aatola, VP, Strategy & Partnerships
– B. 1995
– Education: M.Sc.
– Number of shares: 311
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
94 Siili Solutions Plc – Annual report 2025
GOVERNANCE
3. Internal control
and risk management
INTERNAL CONTROL
The purpose of the Company’s internal control is
to ensure that the Company operates efficiently,
information published by it up-to-date and reliable, and
that valid regulation is complied with. Internal control
seeks to enhance the implementation of the Board
of Directors’ control function. The Board of Directors
bears the main responsibility for the supervision
of accounting and finance. The cornerstones of
internal control within the Company are group-level
guidelines, defined controls in operational processes,
and the regular assessment of deviations.
INTERNAL CONTROL OF FINANCIAL REPORTING
Financial reporting processes are an integral part of
the Company’s internal control system. The objective
of the internal control of financial reporting is to ensure
that Siili’s operations are productive and that decision-
making is based on accurate and reliable information
as well as an adequate identification of business
risks. Internal control also helps ensure that financial
reporting, including financial statements and half-
yearly reports, are compliant with generally accepted
standards as well as valid laws and regulations.
The Board of Directors is responsible for ensuring
that the internal control of accounting and financial
management is arranged appropriately. The Audit
Committee of the Board of Directors supervises the
financial reporting process and the effectiveness
of related control measures. The Chief Financial
Officer is responsible for reporting observations
to the members of the Board of Directors.
Business directors are responsible for reporting on
matters concerning their own unit’s development,
strategy and annual plans as well as business and
profit developments and internal organisation of
the unit. The CFO reports the operational result on
a monthly basis to the Board of Directors and the
Management Team. Reporting as well as related
analyses and comparisons are a key part of control and
supervision conducted using financial reporting. The
Board of Directors and the Management Team of the
company review financial reports regularly and monitor
the materialisation of the most recent forecasts and
budgets on a monthly basis. If actual results deviate
from them, the members of the Management Team
are responsible for initiating corrective actions.
The Group’s Accounting and Controller function is
responsible for defining uniform accounting and
reporting principles, providing instructions and
developing the reporting system on a continuous
basis. Siili’s subsidiaries have their own accounting,
and they report external reporting figures on a
monthly basis to the parent company as instructed
by it. The Group’s accounting department takes care
of the Group’s internal and external accounting and
validates external reporting before it is submitted
to the Board of Directors. Accounting and related
support functions for the subsidiaries of the Siili
Group have mainly been outsourced to external
service providers, which report directly to Group
Accounting in accordance with defined reporting
models. All group companies apply a uniform reporting
model and chart of accounts. The Group Accounting
department instructs the subsidiaries in the compilation
of half-yearly reports and financial statements and
prepares the Consolidated Financial Statements.
RISK MANAGEMENT
Siili’s Board of Directors is responsible for the
appropriate and effective organisation of risk
management. Siili’s Board of Directors has adopted a
risk management policy used to identify the Group’s
strategic, operational, financial and hazard risks.
In the course of its activities, the Company takes
risks related to its strategy and the implementation
of the objectives, balanced with its risk capacity.
The objective of risk management is proactive and
comprehensive management of these risk areas, which
enables the achievement of the Company’s strategy
and financial targets in a controlled manner. Risk
management is included as part of the Company’s
business processes. Risks at Siili are categorised into
strategic, operational, financial and hazard risks.
Siili’s most significant risks, material changes therein,
and the management measures are reported to the audit
committee of Siili’s Board of Directors in connection
with the review of the half-yearly report and financial
statements. The Chair of the Audit Committee reports
on risk management to the Board of Directors as part of
Audit Committee reporting Siili’s Board
of Directors reviews the most significant risks and
their management measures, and evaluates the
effectiveness and operability of risk management.
4. Other information
INTERNAL AUDIT
The Company has a group internal audit function.
The CFO is responsible for organising it. An
external audit firm is employed in the practical audit
activities. The function reports to the Company’s
Audit Committee and the Board of Directors. The
Audit Committee is briefed on the results of internal
audit by the audit firm carrying out internal audit,
and it monitors and supervises the implementation
of corrective actions within the Company.
RELATED PARTY TRANSACTIONS
The Legal function of the Company maintains a list
of related parties and keeps it available to Group
Accounting. Related parties are regularly briefed on their
obligation to disclose any related-party transactions.
Related-party transactions are allowed insofar as
they are in line with the purpose and interests of the
Company and are commercially justified. Related-
party transactions are conducted in compliance with
valid legislation and the Corporate Governance Code.
Related-party transactions are concluded at arm’s
length and decisions are made in accordance with
the Company’s approval guidelines and established
decision-making practices. Group Accounting and the
Legal function identify, assess and monitor related-
party transactions as part of the Company’s normal
processes. Group Accounting also monitors related-
party transactions as part of the Company’s usual
reporting and control processes.
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
95 Siili Solutions Plc – Annual report 2025
GOVERNANCE
Matters related to the Company’s related-party
transactions are reported to the Audit Committee at
least on an annual basis. Information on the Company’s
related party-transactions are disclosed annually in
the notes to the Consolidated Financial Statements.
The Board of Directors decides on related party
transactions that are not conducted in the
ordinary course of business of the Company or
are not implemented on arm’s-length terms.
Transactions with related parties are prepared carefully,
and with a view to rules on conflicts of interests.
INSIDER MANAGEMENT
In addition to applicable legislation and authorities’
regulations, Siili complies with the guidelines for
insiders issued by the Helsinki Stock Exchange. The
Company’s insider guideline adopted by the Board
of Directors describes and details the Company’s
insider management practices. The Company’s
General Counsel is in charge of insider issues
and insider management within the Company.
Siili maintains a project-specific insider list of
projects constituting inside information. Each
person receiving inside information pertaining to a
project is recorded in the project-specific insider
list. Persons included in an insider list are notified in
writing about their inclusion in the insider list, related
obligations and the consequences of insider dealing
and unlawful disclosure of inside information.
At Siili, persons discharging managerial functions
within the meaning of the Market Abuse Regulation
(MAR) include the members of the Board of Directors,
the CEO and the rest of the Management Team
(Managers). Managers and their closely associated
persons must notify Siili and the FIN-FSA of any
transactions on Siili’s shares, debt instruments or
derivatives or other financial instruments related to
them without delay and at the latest two (2) business
days after the execution of the transaction.
At Siili, Managers and certain personnel participating
in the preparation of financial reporting or receiving
information on its content before publication may
not trade in securities issued by the Company
or conduct certain other transactions related to
the Company’s financial instruments in the 30
days preceding the publication of the Company’s
half-yearly report or financial statements bulletin
(so-called closed window). The closed window
ends at the closing of the publication date.
AUDIT
The duty of the auditor is to verify that the financial
statements give a true and fair view of the Company’s
result and financial position during the financial year.
The Company’s auditor provides the shareholders
with the statutory auditor’s report in connection
with the Company’s annual financial statements.
The purpose of the assurance of the sustainability
report is to verify that the report complies with the
applicable requirements and standards for sustainability
reporting. The company's sustainability reporting
assurer provides shareholders with the assurance
report on sustainability reporting as required by law.
The auditor and the sutainability asuurer are elected
in the Annual General Meeting and their term of office
covers the current financial year and ends at the close of
the next Annual General Meeting following the election.
The Company’s Annual General Meeting of 8 April
205 re-elected KPMG Oy Ab (business ID: 1805485-
9) as the auditor, with Authorised Public Accountant
Leenakaisa Winberg as the principal auditor. The
company has appointed KPMG Oy Ab to act also
as the sustainability reporting assurer, Authorised
Sustainability Auditor Leenakaisa Winberg as the
principally responsible sustainability reporting assurer.
Fees paid to KPMG in the Consolidated Financial
Statements 2025 amounted to EUR 329 thousand for
statutory auditing and statements. No fees were paid for
services unrelated to statutory auditing and statements.
REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
96 Siili Solutions Plc – Annual report 2025
GOVERNANCE
Remuneration report of the governing bodies 2025
Remuneration report
of the governing
bodies 2025
Overview
This Remuneration Report has been prepared in
compliance with the guidelines on remuneration provided
in the Finnish Corporate Governance Code 2025.
The Annual General Meeting of 8 April 2025 of Siili
Solutions Plc (“Siili” or “Company”) was in favour of
the remuneration report 2024 presented. The board
of directors has prepared this report and reviewed
it in its meeting. This remuneration report will be
presented to the annual general meeting of 2026.
There were no deviations from the remuneration
policy nor any clawbacks of rewards. In 2025, the
Company complied with the remuneration policy
in the remuneration of the governing bodies.
The objective of the remuneration policy for the
Company’s governing bodies is to promote the
Company’s business strategy, long-term financial
success and sustainable growth of shareholder value.
To that end, the Company has established remuneration
practices that support the Company’s business
strategy and annual plans, while promoting its current
strategic targets. When strategic focus areas or the
company’s financial position change, the remuneration
bases and criteria can be reviewed and updated.
This Remuneration Report presents the remuneration
of Siili’s governing bodies, i.e. the Board of Directors
and the CEO for the financial year 2025. Information
on the remuneration of the rest of the Management
Team is published at an aggregate level on Siili’s
website at https://sijoittajille.siili.com/en/
remuneration#muunjohtoryhmanpalkitseminen
The following table presents the development of the
remuneration of the Board of Directors and the CEO
in comparison with the development of the average
remuneration of the Group’s employees and the Group’s
financial performance over the past five years.
EUR 1,000 2025 2024 2023 2022 2021
Total remuneration of the Chair of the Board 49.8 50.1 48.8 45.9 46.2
Total remuneration of the Deputy Chair of the Board 32.7 30.6 39.9 37.5 37.8
Average annual remuneration of a Board member
1
28.6 24.3 24.6 22.9 22.9
Total remuneration of the CEO 374 233 283 463 468
Average annual remuneration of an employee
2
62.8 59.2 58.6 58.5 61.3
Group revenue 108,076 111,899 122,702 118,334 99,282
Group EBITDA 4,812 8,010
3
12,107 14,928 12,018
1 Total annual remuneration of a Board member, including Committee fees.
2 The average remuneration of an employee is calculated by deducting other personnel-related expenses and share-based payments from employee benefit expenses and dividing the result
by the average number of employees during the financial year.
3 The figures for the comparison year have been adjusted in the 2025 financial statements.
Remuneration of the Board of
Directors for the financial year 2025
In accordance with the resolution of the
Company’s AGM of 8 April 2025, the remuneration
of the Board of Directors is as follows:
– The Chair of the Board of Directors is paid EUR 3,850
per month.
– The Deputy Chair of the Board and the Chair of the
Audit Committee is paid EUR 2,500 per month.
– Other members of the Board of Directors are paid EUR
2,000 per month.
– The Chairs of the Committees are paid EUR 200 per
month for their work on the Committee.
– All Committee members are paid a meeting attendance
fee of EUR 300 per meeting.
In addition, the members of the Board of Directors
receive compensation for travel expenses in line
with the Company’s business travel policy.
In 2025, the members of the Board of Directors did
not receive compensations or rewards unrelated
to their work on the Board. Members of the Board
of Directors were not included in the scope of the
Company’s share-based incentive schemes and no
rewards were paid to them in the form of shares.
No other economic benefits, such as pension
contributions, were paid for members of the Board
of Directors. Members of the Board of Directors have
not received rewards from other Group companies.
There are no rewards related to Board
remuneration falling due.
The rewards paid to the members of the Company’s
Board of Directors in the financial year 2025
for their work on the Board of Directors and its
Committees are presented in the following table:
Board fee,
EUR
Chair of the
Committees
Committee
meetings, EUR
Total,
EUR
Harry Brade 46,200 2,400 1,200 49,800
Tero Ojanperä (until 8 April 2025) 6,000 300 6,300
Jesse Maula 30,000 2,700 32,700
Henna Mäkinen 30,000 2,400 1,500 33,900
Katarina Cantell 24,000 2,700 26,700
Sebastian Nyström (as of 8 April 2025) 18,000 900 18,900
Total 168,300
GOVERNANCESIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
98 Siili Solutions Plc – Annual report 2025
REMUNERATION
Remuneration of the CEO
for the financial year 2025
The remuneration of the CEO consists of a fixed
monthly salary (including fringe benefits), a
short-term incentive scheme and a long-term
incentive scheme (share reward scheme, periods
2023–2025, 2024–2026 and 2025-2027).
In 2025, the CEO was not paid supplementary pension
benefits or other economic benefits, and the CEO has
not received rewards from other Group companies.
COMPONENTS OF VARIABLE REMUNERATION:
SHORT-TERM INCENTIVES
The CEO’s short-term incentive at the target level is 55%
and at the maximum 100% of the fixed annual salary.
The short-term incentive is linked to the achievement
of the Siili Group’s financial targets in terms of revenue
(weight 30%), adjusted EBITA (weight 50%), and
strategic objectives (weight 20%) related to the average
hourly rate, the headcount and revenue of the Data & AI
teams, revenue from AI-assisted software development
projects, and employee satisfaction. Payment of the
incentive bonus is conditional upon the achievement
of the minimum target level for adjusted EBITA.
The minimum EBITA target of the CEO’s short-
term incentive scheme was not achieved in the
financial year 2025, and therefore no rewards under
the short-term incentive scheme were accrued for
2025. With respect to Group revenue, the realization
was 93.6% of the target level, 68.5% of the EBITA
target level and 93% for the strategic targets.
COMPONENTS OF VARIABLE REMUNERATION:
LONG-TERM SHARE REWARD SCHEME
IThe long-term share-based incentive plan 2023–2027
comprises three three-year earning periods: calendar
years 2023–2025, 2024–2026 and 2025–2027.
Participation in an earning period is conditional upon
the CEO holding shares in the company, and the CEO is
required to retain all shares received as a reward under
the plan for as long as his service agreement as CEO
remains in force. Payment of share rewards is based on
the Group’s operating profit (weighting 60%), revenue
(weighting 40%), and a multiplier linked to the total
shareholder return of Siili’s share. Any potential reward
is paid partly in company shares and partly in cash. The
cash portion is intended to cover taxes and tax-related
charges arising from the reward for the participant.
In addition, during the financial year 2025, the CEO
participated in a supplementary share plan established
in 2025. The plan includes one (1) commitment period
covering the years 2025–2027. Any potential rewards
will be paid after the end of the commitment period,
and payment of the reward is subject to the CEO’s
service agreement being in force at the time of payment.
As a reward for commitment, the company grants
the CEO, as gross compensation, two (2) additional
shares for every three (3) shares allocated to the plan.
A further condition for receiving the reward is that
the participant has acquired company shares within
the limits set by the Board of Directors. In 2025, the
CEO acquired a total of 3,140 company shares in
connection with the supplementary share plan.
No supplementary pension benefits have been
paid to the CEO. The CEO has not received any
other financial benefits, nor has he received
remuneration from other Group companies.
During the financial year 2025, no performance-
based reward accrued to the CEO under the long-
term share-based incentive plan. In 2025, the CEO
was paid a total of 7,101 company shares as a
performance reward for the 2022–2024 earning period
under the long-term incentive plan, in addition to a
cash payment of EUR 46,122.76 to cover taxes and
tax-related charges arising from the reward for the
participant. The performance metrics for the earning
period were revenue and EBITA. The revenue target
exceeded the target level by 4.7% and reached 59%
of the maximum level. EBITA exceeded the target level
by 4.9% and reached 35% of the maximum level.
No supplementary pension benefits have been
paid to the CEO. No other financial benefits
have been paid to the CEO, and the CEO has not
received rewards from other Group companies.
CEO’S TOTAL REMUNERATION IN 2025:
Monthly
salaries,
EUR
Taxable fringe
benefits,
EUR
Performance-
based bonuses,
EUR
Other
remuneration,
EUR
Total,
EUR
Tomi Pienimäki
1
267,278 14,910 91,558
2
0 373,746
1 Remuneration presented in this table includes all components under the CEO contract.
2 Performance bonuses include the cash portion of EUR 46,122.76 paid under the long-term share-based incentive plan for the 2022–2024 earning period, as well as the taxable value of the
portion paid in shares (7,101 shares)
GOVERNANCESIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAM INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
99 Siili Solutions Plc – Annual report 2025
REMUNERATION
Board of directors
The composition of the Board of Siili Solutions Plc and the members’ shareholdings are presented as at 31 December 2025.
During the financial year, Tero Ojanperä served as a member of the Board of Directors of Siili Solutions and
a member of the HR Committee until the Annual General Meeting on April 8, 2025.
Henna Mäkinen
b. 1981, LL.M, M.Sc. (Econ.)
Member of the Board
Chair of the Audit Committee
Principal occupation: IXI
Eyewear Oyj, CFO
Independent of the company
and its significant shareholders
Number of shares: 0
Harry Brade
b. 1969, M.Sc. (Tech.), MBA, CEFA
Chair of the Board of Directors
Chair of the HR Committee
Principal occupation: Lamy Ltd, CEO
Independent of the company
Number of shares: 0*
* Harry Brade’s controlled entity Lamy Ltd held a
total of 1,301,267 shares as at 31 December 2025.
Jesse Maula
b. 1976, M.Sc. (Soc.)
Vice Chair of the Board of Directors
Member of the Audit Committee
Member of the HR Committee
Principal occupation: Ecobio Oy, CEO
Independent of the company
and its significant shareholders
Number of shares: 0
Katarina Cantell
b. 1981, PhD
Member of the Board
Member of the Audit Committee
Member of the HR Committee
Principal occupation: Adalyon Oy, CEO
Independent of the company
and its significant shareholders
Number of shares: 0
Sebastian Nyström
b. 1974, M.Sc.
Member of the Board
Member of the Audit Committee
Principal occupation: S-Group,
SVP, Non-food retail
Independent of the company
and its significant shareholders
Number of shares: 2,600
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
100 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS AND MANAGEMENT TEAM
Management team
Siili Solutions Plc shares held by the members of the Management Team and their controlled entities as at 31 December 2025.
Tomi Pienimäki
b. 1973, D.Sc. (Tech.), M.Sc. (Econ.)
Chief Executive Officer
Number of shares: 16 998*
* In addition, Tomi Pienimäki’s controlled entity Greater Fool
Oy held a total of 15,500 shares as at 31 December 2025
Tuomas Toropainen
s. 1980, BBA
CFO
Number of shares: 5 425
Marton Heves
s. 1986, MSc
CEO, Supercharge Zrt.
Number of shares: 0
Maria Niiniharju
s. 1982, Master of Business
Administration (MBA)
VP, AI Strategy & Transformation
Number of shares: 3 013
Jaakko Aatola
s. 1995, M.Sc.
VP, Strategy & Partnerships
Number of shares: 311
Markku Savusalo
s. 1970, BBA
VP, Digital Engineering
Number of shares: 4 046
Taru Salo
s. 1980, M.Sc. (Econ)
CPO
Number of shares: 3 943
During the financial year, Tuomas Toropainen assumed the position of CFO as a member of the Management Team on 1 September 2025. In
addition, as of 15 September 2025, Markku Savusalo, Jaakko Aatola, and Marton Heves joined the Management Team. Former CFO Aleksi Kankainen
stepped down from the Executive Management Team in August, and former CEO of Supercharge Zrt. Andras Tessenyi in September.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS INFORMATION FOR SHAREHOLDERSBOARD OF DIRECTORS' REPORT
101 Siili Solutions Plc – Annual report 2025
BOARD OF DIRECTORS AND MANAGEMENT TEAM
Information for
shareholders
SILENT PERIOD
In its communications, Siili observes a silent period
beginning 30 days before the publication of a business
review, half-year report or financial statements bulletin.
During the silent period, Siili will not comment on
the company’s financial position, markets or future
prospects. During the period, Siili’s management will
not meet with representatives of the capital markets or
the financial media industry or discuss matters related
to the company’s financial position or prospects.
The dates of the silent periods are disclosed in the
Investor Calendar available on Siili’s website.
GENERAL MEETING OF SHAREHOLDERS
The shareholders of Siili Solutions Plc are invited to
the Annual General Meeting to be held on Wednesday
8 April 2026 at 2:00 pm in the event venue Eliel at
Sanomatalo, Töölönlahdenkatu 2, 00100 Helsinki, Finland.
Shareholders registered on 25 March 2026
(record date for the AGM) in the shareholders’
register held by Euroclear Finland Oy, have the
right to participate in the Annual General Meeting.
Shareholders whose shares are registered on their
personal Finnish book-entry account are registered
in the shareholders’ register of the company.
Registration and advance voting will begin on 12
February 2026 at 10:00 am. Shareholders registered
in the company’s shareholder register who want to
participate in the Annual General Meeting by voting in
advance must register for the meeting and submit their
votes by 30 March 2026 at 16:00, so that the registration
and votes are received by the company by that time.
In connection with the registration, the shareholder
must provide the information requested, including the
shareholder’s name, date of birth, email address and
telephone number. Personal data given by shareholders
to Siili Solutions Plc or Innovatics Oy will be used only
in connection with the Annual General Meeting and
the processing of related necessary registrations.
Shareholders with a Finnish book-entry account
may register and vote in advance on certain
items on the agenda of the AGM between 13
February 2026 at 10:00 am and 30 March
2026 at 16:00 pm in the following ways:
a) Through the company website
using the service available at
https://sijoittajille.siili.com/en/general-meeting2026.
b) By email at agm@innovatics.fi.
Proposals subject to advance voting are considered
to have been presented unchanged at the General
Meeting, and advance votes will be taken into account
in a voting possibly arranged at the AGM venue also
in circumstances where an alternative decision has
been proposed on the matter. Taking the votes into
account requires that shareholders who voted in
advance are registered in the company’s shareholder
register maintained by Euroclear Finland Ltd on the
record date of the AGM. Shareholders who have voted
in advance cannot request information under the
Finnish Limited Companies Act or request a vote at the
General Meeting if they or their proxy representative
are not present at the General Meeting venue.
Instructions for advance voting are
available on the company website at
https://sijoittajille.siili.com/general-meeting2026.
Holders of nominee-registered shares have the right
to participate in the AGM by virtue of shares that
would enable them to register for the company’s
shareholder register maintained by Euroclear Finland
Ltd on the record date of the AGM, i.e. 25 March
2026. In addition, the right to participate requires that
the holder of such shares has been registered for
the temporary shareholder register held by Euroclear
Finland Ltd at the latest on 1 April 2026 by 10:00
am. As regards nominee-registered shares, this is
regarded as registration for the Annual General Meeting.
Changes in shareholdings after the record date for
the AGM do not affect the right to participate in the
AGM or the number of votes of the shareholder.
DISTRIBUTION OF DIVIDEND
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.07 per
share be paid from the company’s distributable
funds on the adopted balance sheet for the financial
year 2025, totalling approximately EUR 0.57 million,
and that the remainder of the distributable funds be
retained in shareholders’ equity. The dividend is to be
paid to shareholder registered in the shareholders’
register held by Euroclear Finland Oy on the dividend
record date 10 April 2026. The Board proposes
that the dividend be paid on 17 April 2026.
INVESTOR RELATIONS
Tomi Pienimäki, CEO
Tel. +358 40 834 1399
Email: tomi.pienimaki@siili.com
Tuomas Toropainen, CFO
Tel. +358 50 911 9598
Email: tuomas.toropainen@siili.com
Taru Kovanen, General Counsel
Tel. +358 40 417 6221
Email: taru.kovanen@siili.com
Anna Eskelinen, Head of Communications
Tel. +358 40 509 2750
Email: anna.eskelinen@siili.com
Financial calendar for 2026
The Annual General Meeting
will be held on 8 April 2026.
The business review for 1 January–31 March 2026
will be published on 28 April 2026.
The half-year report for 1 January–30 June 2026
will be published on 11 August 2026.
The business review for 1 January–30 September 2026
will be published on 28 October 2026.
GOVERNANCE REMUNERATIONSIILI IN BRIEF KEY FIGURES FINANCIAL STATEMENTS BOARD OF DIRECTORS AND MANAGEMENT TEAMBOARD OF DIRECTORS' REPORT
102 Siili Solutions Plc – Annual report 2025
INFORMATION FOR SHAREHOLDERS