1. General information
The Parent Company of Etteplan Group is Etteplan Oyj. Etteplan Oyj is a Finnish public limited company Plc established under Finnish law. The Company is domiciled in Espoo, Finland and its registered office is in Tekniikantie 4, 02150 Espoo, Finland. The company\u2019s principal place of business is also located in Tekniikantie 4, 02150 Espoo. Etteplan\u2019s shares are listed on Nasdaq Helsinki Oy\u2019s Nordic Mid Cap market capitalization group in the Industrials sector under the ETTE ticker.
Etteplan provides solutions for software and embedded solutions, industrial equipment and plant engineering and technical communication and data solutions to the world\u2019s leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers\u2019 products, services and engineering processes throughout the product life cycle. The results of Etteplan\u2019s innovative engineering can be seen in numerous industrial solutions and everyday products.
A copy of the Consolidated Financial Statements can be obtained from the Company\u2019s website www.etteplan.comor from the office of the Group\u2019s Parent Company at the address Askonkatu 9 E, 15100 Lahti, Finland.
The Etteplan Oyj Board of Directors approved these Financial Statements for publication at its meeting on March 17, 2026.
According to the Finnish Limited Liability Companies Act, the shareholders can approve or reject the Financial Statements at the Annual General Meeting held after the publication. Furthermore, the Annual General Meeting can decide on the modification of the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__5": { "value": "Etteplan Oyj", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__12": { "value": "Etteplan Oyj", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "Plc ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__6": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Tekniikantie 4, 02150 Espoo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__11": { "value": "Etteplan provides solutions for software and embedded solutions, industrial equipment and plant engineering and technical communication and data solutions to the world\u2019s leading companies in the manufacturing industry. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__14": { "value": "The Etteplan Oyj Board of Directors approved these Financial Statements for publication at its meeting on March 17, 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__15": { "value": "2. A summary of significant accounting policies
The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out in this section. These policies have been consistently applied to all the years presented, unless stated otherwise.
2.1 Basis for presentation
Basis for preparation
The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS). They have been prepared in accordance with IAS and IFRS standards and SIC and IFRIC interpretations approved for implementation in EU directive N:o 1606/2002 at December 31, 2025. The notes to the Financial Statements are also prepared in accordance with the Finnish accounting and company regulation, which complements the IFRS requirements. The Consolidated Financial Statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities, which are recognized at fair value.
The preparation of the Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.2. Figures in the Financial Statements are presented in thousands of euros and are therefore rounded.
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Subsidiaries are all such entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group applies the measurement period of the acquisition accounting allowed by IFRS 3, during which the acquisition is treated as preliminary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__18": { "value": "Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The CEO of the group acts as the chief operational decision-maker. The chief operational decision-maker evaluates the group\u2019s financial performance and makes decisions regarding the group\u2019s financial position. The financial information which the chief operating decision-maker uses as a basis for decision making, does not differ substantially from the information presented in the Consolidated Statement of Comprehensive Income and Statement of Financial Position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "Foreign currency translation
Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The functional currency of subsidiaries is the currency of the economic environment in which the subsidiary operates. The Consolidated Financial Statements are presented in euro, which is the Group\u2019s presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions, or valuation, where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as a net investment hedge. Foreign exchange gains and losses that relate to loans and cash and cash equivalents are presented in the income statement within \u201cFinancial income\u201d or \u201cFinancial expenses.\u201d All other foreign exchange gains and losses are presented in the income statement within \u201cOther operating expenses.\u201d
The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions) and
all resulting exchange differences are recognized in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Exchange differences arising are recognized in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "Changes in accounting policy and disclosures
New and amended standards adopted by the Group
The new standards, amendments and interpretations effective for the financial year beginning January 1, 2025, did not have a significant effect on the Consolidated Financial Statements of the Group.
New standards and interpretations not yet adopted
The IASB has issued a new standard, IFRS\u00a018 Presentation and Disclosure in Financial Statements, which replaces IAS\u00a01 and introduces changes to the presentation of the income statement, the disclosure requirements for management-defined performance measures (MPMs), and the principles for aggregation and disaggregation. The standard is effective for financial periods beginning on or after January 1, 2027, with early adoption permitted.
The Group is currently assessing the impacts of adopting IFRS\u00a018 on its financial reporting. At present, the standard is not expected to have a material impact on the Group\u2019s financial position or results; however, its application will affect the presentation of the financial statements and the structure of the notes. The assessment will continue during 2026.
Other published standards and interpretations that are not yet effective are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21": { "value": "2.2 Judgements and estimates
Preparing the consolidated financial statements requires management to exercise judgement in applying the accounting policies as well as to make estimates and assumptions about the future. These estimates and assumptions affect the carrying amounts of assets and liabilities at the reporting date and the income and expenses recognised during the financial period. Actual results may differ from these estimates.
The estimates and related assumptions are based on management\u2019s best knowledge at the reporting date and are reviewed continuously. Changes in estimates are recorded prospectively. The estimates reflect factors relating to the Group\u2019s operating environment and the most probable expectations regarding future developments.
Judgements
The following notes present the key areas where Etteplan\u2019s management has applied judgement in the application of accounting policies, and which have a material effect on amounts recognised in the consolidated financial statements:
Note 4 \u2013 Revenue recognition: over time vs. at a point in time: Applying IFRS 15 requires judgement when assessing whether the criteria for revenue recognition over time are met. Management evaluates the customer\u2019s ability to benefit from the service as it is being provided, the number of performance obligations, the transfer of control, and whether the Group has an enforceable right to payment if the customer terminates the contract.
Note 17 \u2013 Impairment testing, CGU structure and timing: Management determines the cash-generating units and assesses whether indicators of impairment exist, in which case impairment testing is performed more frequently than on the annual schedule. The selection of CGU structure is based on the Group\u2019s operational organisation.
Note 23 \u2013 Factoring arrangements: transfer of risks and rewards: Assessing the transfer of risks and rewards requires judgement when determining whether the risks and benefits of transferred trade receivables have passed to the financier. If risks and rewards are deemed transferred, trade receivables are derecognised.
Assumptions and Estimation Uncertainty
The following notes present information on future-oriented assumptions and estimation uncertainties as at December 31, 2025, which may pose a significant risk of material changes to the carrying amounts of assets or liabilities in the next financial period:
Note 4 \u2013 Stage of completion, cost estimates and contract modifications: Revenue recognition for projects recognised over time is based on the stage of completion, determined by the ratio of actual to estimated total costs. Estimating total costs involves uncertainty, including the assessment of additional work and contract modifications.
Note 8 \u2013 Pension obligations, actuarial assumptions: Calculating pension obligations requires key actuarial assumptions such as discount rates, salary growth and increases in pension benefits. Even small changes in assumptions may materially impact the obligation.
Note 16 \u2013 Contingent consideration liabilities, recognition of the obligation, fair value measurement and profit impact: The amount of additional consideration liabilities is based on estimates of the future performance of the acquired company. The assessment of whether an obligation to pay additional consideration arises from contractual terms involves significant judgement and uncertainty. The estimated liability is reassessed at each reporting date, with changes recognised in profit or loss.
Note 17 \u2013 Impairment testing, cash flows, discount rates and sensitivity analysis: Impairment testing involves significant estimation uncertainty. Management assesses whether there are indicators of impairment, in which case impairment testing is performed more frequently than on an annual basis. Impairment testing of goodwill and CGUs involves estimating future cash flows, discount rates, growth assumptions, profitability trends and investment needs. Small changes in these assumptions may result in significant changes in the recoverable amount.
Notes 20 and 26 \u2013 Leases, lease term, extension options and discount rate: Leases involve significant estimation uncertainty. The present value of lease liabilities is based on estimates of future lease payments, lease terms and the Group\u2019s incremental borrowing rate. Management also assesses whether the exercise of extension options is reasonably certain, which affects the determined lease term as well as the carrying amounts of right-of-use assets and lease liabilities. These estimates involve uncertainty, and changes in management\u2019s assumptions may result in material changes to balance sheet items.
Note 23 \u2013 IFRS 9 expected credit losses, forward-looking information and payment delays: Expected credit losses depend on forward-looking macroeconomic information (e.g. economic growth scenarios), customer payment behaviour and the ageing analysis of trade receivables.
Note 24 \u2013 Fair value of unquoted investments: Unlisted equity investments are measured using discounted cash flow models. The valuation involves uncertainty, particularly with respect to cash flow forecasts and the discount rate.
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Etteplan\u2019s revenue streams consist mainly of the following three service areas:
Engineering Solutions refer to the innovation, engineering and calculations of the technical attributes of machinery or equipment for the purpose of product development and manufacturing. Assignments are typically product development projects for a new product, plant engineering projects or Engineering-to-Order projects, involving the customization of the product in accordance with end customer requirements and the market area\u2019s legislation.
Software and Embedded Solutions refer to product development services and technology solutions that allow the controlling of machines and equipment and enable their digital connectivity as part of the Internet of Things.
Technical Communication and Data Solutions refer to the documentation of a product\u2019s technical attributes, such as manuals and service instructions for the users of a product, as well as related content management and distribution in print or digital form.
Revenue includes revenue from contracts with customers adjusted for indirect taxes and discounts. Revenue is recognized following a five-step model, on the basis of which the timing and amount of revenue to be recognized is determined. The model involves identifying the contract with the customer and its performance obligations, determining transaction prices, allocating transaction prices to performance obligations and recognizing revenue. Revenue is recognized when the customer obtains control of the promised service or product, either over time or at a point in time. The Group recognizes revenue in a way that represents the rendering of the promised services or goods to the customer, and to such an amount that represents the compensation the Group expects to be entitled to in exchange for the goods and services. Contracts with customers do not include a significant financial component.
Etteplan divides its services into the following categories according to the applied method of revenue recognition:
Design and consultancy projects, where either a fixed price or a target price limiting the amount of revenue that can be recognized for the project is set in the agreement with the customer. In this type of projects, revenue is recognized over time based on the percentage of completion method, because the Group\u2019s performance creates an asset that has no alternative use for the Group and the Group has an enforceable right to payment for performance completed to date. The percentage of completion is measured as the costs of the project realized as a proportion to the total expected costs of the project, because it is seen as the most accurate way of measuring the transfer of control to the customer. If the agreement includes separately identifiable performance obligations, revenue for each performance obligation is recognized separately. Dealing with separate performance obligations does not involve significant considerations. In the case of contracts whose outcome cannot be assessed reliably, project expenditure is expensed and revenue is recognized to an amount not exceeding the expenditure. The total loss on a contract that will probably result in a loss is expensed immediately. Incentives, additional work and changes related to the project are recognized in the revenue and costs of the project to the extent that can be estimated reliably, or that is agreed upon with the customer. The revenue for additional work and changes are recognized separately when they comprise a separate performance obligation and are priced according to stand-alone transaction prices.
Design and consultancy projects, where all costs incurred can be invoiced to the customer without other limitations than the agreed invoicing price. In this type of projects revenue is recognized over time as the service is being performed. The performance obligation in the agreement with the customer is most typically one working hour and it is considered to be fulfilled over time, because the customer simultaneously receives and consumes the benefits provided by the service.
Arrangements, where the customer buys a license to software created by Etteplan and maintenance related to the license. Revenue for the license itself is recognized when the customer obtains access to the license. Revenue for maintenance related to the license is recognized over time as the service is rendered.
Transaction prices are based on customer agreements, where separate prices are set for separate performance obligations. Generally, the pricing of separate performance obligations equals their standalone transaction prices. Changes to customer agreements as well as additional work agreed on, are mainly recognized as separate customer agreements. The Group has enforceable right to payment for performance completed to date, in case the project is terminated, in essentially all of its projects.
Costs incurred from work performed and transferred to customer, but not yet invoiced, are activated as contract assets and included in the balance sheet line item Contract assets. Contract assets are transferred to Trade payables upon invoicing, which is generally done on a monthly basis. Invoices are most typically payable within 30 days. Payments received from customers in advance of work being transferred are recorded as contract liabilities in the balance sheet line item \u201cAdvance payments.\u201d These amounts are recognized as revenue as the work is being transferred to the customer.
In applying IFRS 15 the Group uses the practical expedient permitted by the standard and does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as at the end of the reporting period or the estimated timing of satisfaction, because the unsatisfied performance obligations are either part of contracts that have an original expected duration of one year or less or the Group has the right to invoice a customer at an amount that corresponds directly with its performance to date.
2.4 Government grants
Government grants received as compensation for incurred expenses are recorded in the income statement under other operating income, while the expenses related to the grant are recorded as expenses under other operating expenses.
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Non-recurring items are disclosed separately in the Financial Statements when this helps to improve the understanding of the Group\u2019s financial performance. They are material items of income and expense that are shown separately due to the significance of their nature or amount. Non-recurring items can include, among other things, costs and income related to business combinations as well as certain reorganization costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "2.6 Employee benefits
Pension obligations
Group companies operate various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into an external entity managing pension insurances. The Group has no legal or constructive obligations to pay further contributions. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. A defined benefit plan is a pension plan that is not a defined contribution plan. The pension liability for a defined benefit pension plan is determined annually by an independent actuary. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on one or more factors such as age, years of service and compensation. Under a defined benefit pension plan, the Group\u2019s obligation includes the actuarial and investment risks related to the plan in addition to the payments made under the plan. The pension expenses related to defined benefits are calculated using the Projected Unit Credit Method. Pension expenses are recognized as expenses by distributing them over the estimated period of service of the personnel concerned. The amount of the pension obligation is the present value of the estimated future pensions payable (Note 8).
In Sweden and the Netherlands, the Group has multi-employer defined benefit plans, of which there is not sufficient information available to use benefit accounting. These plans are accounted as defined contribution plans.
Bonus plans
The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes the expense and liability where contractually obliged or where there is a past practice that has created a constructive obligation.
Share-based incentive plans
Share-based incentive plans are treated as arrangements that are settled partly as shares and partly as cash. The part of a remuneration earned that the participants receive as Etteplan Oyj shares is treated as an arrangement that is fully settled as shares and recorded in shareholders\u2019 equity, the part of a remuneration earned that is paid in cash to pay off taxes and other levies is recorded in liabilities. The fair value of the employee services received in exchange for the grant of the shares is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the shares granted taking into account market performance conditions and non-vesting conditions. At the end of each reporting period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions and service conditions. The Group recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "Share-based incentive plans
Share-based incentive plans are treated as arrangements that are settled partly as shares and partly as cash. The part of a remuneration earned that the participants receive as Etteplan Oyj shares is treated as an arrangement that is fully settled as shares and recorded in shareholders\u2019 equity, the part of a remuneration earned that is paid in cash to pay off taxes and other levies is recorded in liabilities. The fair value of the employee services received in exchange for the grant of the shares is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the shares granted taking into account market performance conditions and non-vesting conditions. At the end of each reporting period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions and service conditions. The Group recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27": { "value": "2.7 Current and deferred income tax
The taxes in the consolidated income statement include the current tax for the Group companies, corrections to taxes from previous financial periods, and the change in deferred taxes. Current tax is calculated on taxable income according to the tax rate in force in each country concerned. In the case of items entered directly in shareholders\u2019 equity, the tax effect is recognized in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "value": "Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The most significant temporary differences arise from the depreciation and amortization of assets and fair value adjustments (customer agreements and non-competition agreements) and the depreciation in excess of plan in subsidiaries. Deferred taxes are determined by using the tax base in force on the balance sheet date or the enacted tax base at the time of tax base transition.
Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. It is evaluated at the end of each financial period, whether the conditions for recognizing a deferred tax asset are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "2.8 Interest and dividend income
Interest income is recognized using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired receivables is recognized using the original effective interest rate. Dividend income is recognized when the shareholder gains the right to receive payment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "2.8 Interest and dividend income
Interest income is recognized using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired receivables is recognized using the original effective interest rate. Dividend income is recognized when the shareholder gains the right to receive payment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "2.9 Goodwill and Impairment testing
Goodwill corresponds to that part of the acquisition cost which exceeds the Group\u2019s share of the fair value, on the date of purchase, for the net asset value of the acquired subsidiary. Goodwill is measured at historical cost less impairment. Goodwill is not amortized, but is tested for impairment annually and whenever there is objective evidence of goodwill impairment. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units that are expected to benefit from the business combination in which the goodwill arose, taking into account the current organization structure and level of reporting.
The Group assesses at the end of each reporting period, whether there are indications of impairment of non-financial assets. Assets that have an indefinite useful life \u2013 for example, goodwill or intangible assets not ready to use \u2013 are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization, as well as assets with unlimited useful life, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized through profit or loss for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to dispose and value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.
The impairment loss recognized for non-financial assets other than goodwill is reversed, in case there has been a change in the estimates of recoverable amount. The impairment loss is only reversed to the amount of the book value of the asset before impairment. An impairment loss for goodwill is not reversed under any circumstances.
The essential assumptions for impairment tests are presented in note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__32-1": { "value": "2.9 Goodwill and Impairment testing
Goodwill corresponds to that part of the acquisition cost which exceeds the Group\u2019s share of the fair value, on the date of purchase, for the net asset value of the acquired subsidiary. Goodwill is measured at historical cost less impairment. Goodwill is not amortized, but is tested for impairment annually and whenever there is objective evidence of goodwill impairment. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units that are expected to benefit from the business combination in which the goodwill arose, taking into account the current organization structure and level of reporting.
The Group assesses at the end of each reporting period, whether there are indications of impairment of non-financial assets. Assets that have an indefinite useful life \u2013 for example, goodwill or intangible assets not ready to use \u2013 are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization, as well as assets with unlimited useful life, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized through profit or loss for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to dispose and value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.
The impairment loss recognized for non-financial assets other than goodwill is reversed, in case there has been a change in the estimates of recoverable amount. The impairment loss is only reversed to the amount of the book value of the asset before impairment. An impairment loss for goodwill is not reversed under any circumstances.
The essential assumptions for impairment tests are presented in note 17.
17. Goodwill and impairment testing
EUR 1,000 | 2025 | 2024 |
Acquisition cost Jan 1 | 117,436 | 109,737 |
Translation difference | 1,752 | -867 |
Acquisition of subsidiaries (note 16) | 7,536 | 8,565 |
Book value Dec 31 | 126,724 | 117,436 |
Goodwill is allocated to cash-generating units (CGUs) for determination of impairment. In impairment testing, the recoverable amount is defined as value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit.
The Group\u2019s management has defined the CGUs to be the three service areas in which the Group\u2019s operations are organized.
The impairment test is done in the fourth quarter after budgets for the next year were done and it is based on goodwill as per September 30, but will be updated as necessary to reflect the situation as of December 31st. Cash flows after tax are based on budget figures for year one and financials approved by management for the next five-year period. The management makes estimations on the market demand and market environment, which are checked against external information sources. When defining the cash flow, attention is paid to anticipated price and margin development as well as costs, net working capital and investment needs. The management determines these based on past performance and expectations for market development.
The discount rate used to discount the estimated net cash flows has been determined based on the post-tax weighted aver-age cost of capital (WACC), which reflects the overall cost of equity and liabilities. The discount rate is based on the 30-year government bond rate of the country in which the CGU subject to impairment testing primarily operates. The bond rates have been adjusted to reflect general market risk as well as the business-specific risk of each CGU.
The recoverable amount is compared with the book value of the cash-generating unit. An impairment loss is booked as cost in the income statement, if the recoverable amount is lower than the book value. No impairment loss has been booked during the financial year or the comparison year.
2.9 Goodwill and Impairment testing
Goodwill corresponds to that part of the acquisition cost which exceeds the Group\u2019s share of the fair value, on the date of purchase, for the net asset value of the acquired subsidiary. Goodwill is measured at historical cost less impairment. Goodwill is not amortized, but is tested for impairment annually and whenever there is objective evidence of goodwill impairment. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units that are expected to benefit from the business combination in which the goodwill arose, taking into account the current organization structure and level of reporting.
The Group assesses at the end of each reporting period, whether there are indications of impairment of non-financial assets. Assets that have an indefinite useful life \u2013 for example, goodwill or intangible assets not ready to use \u2013 are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization, as well as assets with unlimited useful life, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized through profit or loss for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to dispose and value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.
The impairment loss recognized for non-financial assets other than goodwill is reversed, in case there has been a change in the estimates of recoverable amount. The impairment loss is only reversed to the amount of the book value of the asset before impairment. An impairment loss for goodwill is not reversed under any circumstances.
The essential assumptions for impairment tests are presented in note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34": { "value": "2.10 Intangible assets
Intangible assets consist of intangible rights, development expenses, and customer base and non-competition agreements, which were acquired in business combinations. Intangible assets acquired in business combinations are recognized at fair value at the acquisition date. Other intangible assets are recorded in the balance sheet at historical cost considering accumulated amortizations. Assets with limited useful lives are amortized on a straight-line basis over their useful lives. The amortization periods of intangible assets are:
Intangible rights\t3 to 7 years Development expenses\t3 to 5 yearsCustomer base 10 yearsNon-competition agreements 3 years
The residual value, useful life and amortization method of each asset is examined at the end of each financial year and adjusted, if necessary, to reflect the changes in expectations of the economic benefits to be gained from the asset.
Intangible rights mainly include software licenses owned by the Group.
Internally created intangible assets include capitalized development expenses related to software products created by the Group. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met:
it is technically feasible to complete the software so that it will be available for use
management intends to complete the software and use or sell it
there is an ability to use or sell the software
it can be demonstrated how the software will generate probable future economic benefits
adequate technical, financial and other resources to complete the development and to use or sell the software are available, and
the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs, which are capitalized as part of the software product include the software development employee costs and such overhead costs that are directly attributable to the development. Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Computer software development costs recognized as assets are amortized over their useful lives. Significant, unfinished intangible assets are tested for impairment annually. Research costs are recognized as an expense as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__35-1": { "value": "Intangible assets consist of intangible rights, development expenses, and customer base and non-competition agreements, which were acquired in business combinations. Intangible assets acquired in business combinations are recognized at fair value at the acquisition date. Other intangible assets are recorded in the balance sheet at historical cost considering accumulated amortizations. Assets with limited useful lives are amortized on a straight-line basis over their useful lives. The amortization periods of intangible assets are:
Intangible rights\t3 to 7 years Development expenses\t3 to 5 yearsCustomer base 10 yearsNon-competition agreements 3 years
Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:
Buildings\t50 yearsComputers 3 years Vehicles 4 to 5 years Office furniture 5 to 10 years Renovation of premises 5 to 7 years Land areas are not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36": { "value": "Internally created intangible assets include capitalized development expenses related to software products created by the Group. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met:
it is technically feasible to complete the software so that it will be available for use
management intends to complete the software and use or sell it
there is an ability to use or sell the software
it can be demonstrated how the software will generate probable future economic benefits
adequate technical, financial and other resources to complete the development and to use or sell the software are available, and
the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs, which are capitalized as part of the software product include the software development employee costs and such overhead costs that are directly attributable to the development. Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Computer software development costs recognized as assets are amortized over their useful lives. Significant, unfinished intangible assets are tested for impairment annually. Research costs are recognized as an expense as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__37": { "value": "2.11 Tangible assets
Tangible assets are stated at historical cost less accumulated depreciation and impairment loss. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of a replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they occur.
Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:
Buildings\t50 yearsComputers 3 years Vehicles 4 to 5 years Office furniture 5 to 10 years Renovation of premises 5 to 7 years Land areas are not depreciated.
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 2.9). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in other operating income or expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "2.12 Lease agreements
The group\u2019s lease agreements mainly consist of office spaces, vehicles, computers, equipment, and software. Rental contracts are typically made for fixed periods of 3 to 10 years but may have extension options as described below.
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases are recognized as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group.
Lease liabilities (note 26) include the net present value of the following lease payments:
fixed payments (including in-substance fixed payments), less any lease incentives receivable
variable lease payments that are based on an index or a rate
amounts expected to be payable by the lessee under residual value guarantees
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The interest expenses related to leases are presented in note 12.
Right-of-use assets (note 20) are measured at cost comprising the following:
the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs
restoration costs.
After the commencement date the right-of-use asset is measured at amortized cost less impairment. It is adjusted with certain remeasurements of the lease liability. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. The right-of-use asset is tested for impairment, when necessary, and the possible impairment is recognized through profit or loss.
The Group assesses on a contract-by-contract basis whether the criteria for applying the IFRS 16 practical expedient for low-value assets are met. If the leased asset is considered to be of low value, the Group applies the practical expedient and recognises the lease payments as expenses on a straight-line basis. Low-value assets include IT equipment and office furniture (see Note 9).
Extension options are included in several of the Group\u2019s office premises rental agreements. These terms are used to maximize operational flexibility in terms of managing contracts. The Group\u2019s management uses judgment when determining the extent to which the extension options are used. The extension options are used in such a way that the lease term for lease agreements is at least 18 months also for lease agreements with non-cancelable term of under 18 months, unless the lease agreement in question is canceled or a decision for a specific timing of cancelation has been made. For lease agreements in which the original non-cancelable term is 18 months or more, extension options are used up to 18 months, when the remaining non-cancelable term is under 18 months. The management believes this gives the most accurate view of the Group\u2019s total lease liability. If the extension options were used up to 12 months instead of 18 months, the right-of-use assets and lease liability related to premises would decrease by approximately EUR 1.2 million. If the extension options were used up to 24 months the corresponding effect in balance sheet items would be an increase of approximately EUR 1.6 million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__40": { "value": "2.13 Inventory
Inventory is measured at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes direct materials, direct labor, and a proportional share of both variable and fixed production overheads, with fixed overheads allocated based on normal operating capacity. Net realizable value represents the estimated selling price obtainable in the ordinary course of business, less the estimated costs of completion and the costs necessary to complete the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__41": { "value": "2.14 Financial instruments
Financial instruments and their fair values by measurement category are detailed in note 24.
Recognition
Regular purchases and sales of financial instruments are recognized on the trade-date \u2013 the date on which the Group commits to purchase or sell the instrument. At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the liability has ceased, that is, the obligation specified in the agreement is fulfilled or revoked or its validity has ended.
Classification
The Group classifies its financial instruments in the following subsequent measurement categories:
Categories of financial assets:
measured at amortized cost
measured at fair value through Other Comprehensive Income (FVOCI)
measured at fair value through profit or loss (FVPL).
The classification of financial assets depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The classification changes only if the business model changes.
Categories of financial liabilities:
measured at amortized cost, and
measured at fair value through profit or loss (FVPL).
Subsequent measurement
Gains and losses for assets and liabilities measured at fair value will either be recorded in profit or loss or OCI.
The Group measures all its equity investments at FVOCI, because the Group\u2019s management has made an irrevocable election to present fair value gains and losses on equity investments in OCI. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of these investments. Only the dividends from these investments are recognized in profit or loss when the Group\u2019s right to receive payments is established.
Trade receivables are recognized initially at fair value and are subsequently measured at amortized cost, less provision for impairment. Trade receivables are classified as current assets, if collection is expected in one year or less. Otherwise, they are classified as non-current assets. Expected credit losses are estimated as described in note 23.1.4. Trade receivables transferred to a financial institution in factoring arrangements are not included in the Consolidated Statement of Financial Position, because the Group has transferred substantially all risks and rewards of ownership of the transferred trade receivables.
Cash and cash equivalents include cash in hand and deposits held at call with banks. Items included under cash and cash equivalents have maturities of three months or less from the date of acquisition. Cash and cash equivalents are derecognized when the Group\u2019s contractual right to receive cash flows has expired or essentially all of the risks and rewards incident to ownership have been transferred from the Group.
Trade payables and other payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. They are classified as current liabilities unless payment is not due within one year or less after the reporting period.
Loans are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, with any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. See note 23.1.4 for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__42": { "value": "Trade receivables are recognized initially at fair value and are subsequently measured at amortized cost, less provision for impairment. Trade receivables are classified as current assets, if collection is expected in one year or less. Otherwise, they are classified as non-current assets. Expected credit losses are estimated as described in note 23.1.4. Trade receivables transferred to a financial institution in factoring arrangements are not included in the Consolidated Statement of Financial Position, because the Group has transferred substantially all risks and rewards of ownership of the transferred trade receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__43": { "value": "Cash and cash equivalents include cash in hand and deposits held at call with banks. Items included under cash and cash equivalents have maturities of three months or less from the date of acquisition. Cash and cash equivalents are derecognized when the Group\u2019s contractual right to receive cash flows has expired or essentially all of the risks and rewards incident to ownership have been transferred from the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__44": { "value": "Trade payables and other payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. They are classified as current liabilities unless payment is not due within one year or less after the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__45": { "value": "Loans are recognized initially at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, with any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__46": { "value": "Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. See note 23.1.4 for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__48": { "value": "3. Segment reporting
The group\u2019s business is divided into three service areas: Engineering Solutions, Software and Embedded Solutions, and Technical Communication Solutions. Each service area constitutes its own reportable segment. The revenues of the segments mainly consist of providing services.
Engineering Solutions refer to the innovation, engineering and calculations of the technical attributes of machinery or equipment for the purpose of product development and manufacturing. Assignments are typically product development projects for a new product, plant engineering projects or Engineering-to-Order projects, involving the customization of the product in accordance with end customer requirements and the market area\u2019s legislation.
Software and Embedded Solutions refer to product development services and technology solutions that allow the controlling of machines and equipment and enable their digital connectivity as part of the Internet of Things.
Technical Communication and Data Solutions refer to the documentation of a product\u2019s technical attributes, such as manuals and service instructions for the users of a product, as well as related content management and distribution in print or digital form.
2025 EUR 1,000 | Engineering Solutions | Software and Embedded Solutions | Technical Communi-cation and Data Solutions | Reportable segments total | Eliminations and other | Total |
External revenue | 204,679 | 83,276 | 73,378 | 361,333 | 84 | 361,417 |
Operating profit (EBITA) | 14,993 | 5,579 | 4,744 | 25,316 | -1,092 | 24,224 |
Personnel at end of the period | 2,175 | 620 | 824 | 3,619 | 158 | 3,777 |
2024 EUR 1,000 | Engineering Solutions | |||||
Software and Embedded Solutions | ||||||
Technical Communi-cation and Data Solutions | Reportable segments total | Eliminations and other | Total | |||
External revenue | 192,796 | 97,356 | 70,492 | 360,645 | 375 | 361,020 |
Operating profit (EBITA) | 13,421 | 7,866 | 4,296 | 25,582 | -1,209 | 24,373 |
Personnel at end of the period | 2,114 | 689 | 841 | 3,644 | 159 | 3,803 |
No customer represents 10% or more of the external revenue.
Non-current assets by location of assets
Segments\u2019 non-current assets of are presented by the location of the assets, as the Group\u2019s chief operating decision maker monitors these items at the country level. Financial instruments and deferred tax assets are excluded from segment\u00b4s non-current assets.
EUR 1,000 | 2025 | 2024 |
Finland | 53,878 | 55,598 |
Scandinavia | 59,366 | 57,009 |
China | 2,180 | 2,372 |
Central Europe | 65,718 | 56,058 |
Total | 181,142 | 171,037 |
3. Segment reporting
The group\u2019s business is divided into three service areas: Engineering Solutions, Software and Embedded Solutions, and Technical Communication Solutions. Each service area constitutes its own reportable segment. The revenues of the segments mainly consist of providing services.
Engineering Solutions refer to the innovation, engineering and calculations of the technical attributes of machinery or equipment for the purpose of product development and manufacturing. Assignments are typically product development projects for a new product, plant engineering projects or Engineering-to-Order projects, involving the customization of the product in accordance with end customer requirements and the market area\u2019s legislation.
Software and Embedded Solutions refer to product development services and technology solutions that allow the controlling of machines and equipment and enable their digital connectivity as part of the Internet of Things.
Technical Communication and Data Solutions refer to the documentation of a product\u2019s technical attributes, such as manuals and service instructions for the users of a product, as well as related content management and distribution in print or digital form.
2025 EUR 1,000 | Engineering Solutions | Software and Embedded Solutions | Technical Communi-cation and Data Solutions | Reportable segments total | Eliminations and other | Total |
External revenue | 204,679 | 83,276 | 73,378 | 361,333 | 84 | 361,417 |
Operating profit (EBITA) | 14,993 | 5,579 | 4,744 | 25,316 | -1,092 | 24,224 |
Personnel at end of the period | 2,175 | 620 | 824 | 3,619 | 158 | 3,777 |
2024 EUR 1,000 | Engineering Solutions | |||||
Software and Embedded Solutions | ||||||
Technical Communi-cation and Data Solutions | Reportable segments total | Eliminations and other | Total | |||
External revenue | 192,796 | 97,356 | 70,492 | 360,645 | 375 | 361,020 |
Operating profit (EBITA) | 13,421 | 7,866 | 4,296 | 25,582 | -1,209 | 24,373 |
Personnel at end of the period | 2,114 | 689 | 841 | 3,644 | 159 | 3,803 |
No customer represents 10% or more of the external revenue.
Non-current assets by location of assets
Segments\u2019 non-current assets of are presented by the location of the assets, as the Group\u2019s chief operating decision maker monitors these items at the country level. Financial instruments and deferred tax assets are excluded from segment\u00b4s non-current assets.
EUR 1,000 | 2025 | 2024 |
Finland | 53,878 | 55,598 |
Scandinavia | 59,366 | 57,009 |
China | 2,180 | 2,372 |
Central Europe | 65,718 | 56,058 |
Total | 181,142 | 171,037 |
4. Revenue from contracts with customers
Disaggregation of revenue
The table below presents the disaggregation of revenue by geographical area and timing of revenue recognition. The external revenue of each geographical area is presented according to the location of the seller. The Group\u2019s operations in China sell their services both locally and through other Group companies, thus this revenue is partly included in the revenue from other areas.
EUR 1,000 | 2025 | 2024 |
Primary geographical location | ||
Finland | 162,377 | 170,666 |
Scandinavia | 94,837 | 99,858 |
Central Europe | 92,886 | 79,502 |
China | 11,317 | 10,994 |
Total | 361,417 | 361,020 |
Timing of revenue recognition | ||
Transferred at a point in time | 2,360 | 4,248 |
Transferred over time | 359,056 | 356,772 |
Total | 361,417 | 361,020 |
Assets and liabilities related to contracts with customers
The Group recognized the following contract assets and liabilities related to contracts with customers. For details on impairment loss allowance, please see note 23.1.4. Trade receivables are specified in note 22.
EUR 1,000 | 2025 | 2024 |
Contract assets | ||
Contract assets Jan 1 | 28,406 | 30,661 |
Business combinations | 104 | 194 |
Additions | 350,295 | 360,402 |
Invoicing | -350,861 | -363,190 |
Netting contract assets and advances received | -2,957 | 388 |
Other changes | -26 | -49 |
Contract assets Dec 31 | 24,961 | 28,406 |
Contract liabilities (Advances received) | ||
Advances received Jan 1 | 6,660 | 5,818 |
Additions | 74,184 | 76,068 |
Revenue recognized that was included in the contract liability at the beginning of the period | -73,025 | -75,663 |
Netting contract assets and advances received | -2,957 | 388 |
Other changes | -159 | 49 |
Contract liabilities Dec 31 | 4,702 | 6,660 |
4. Revenue from contracts with customers
Disaggregation of revenue
The table below presents the disaggregation of revenue by geographical area and timing of revenue recognition. The external revenue of each geographical area is presented according to the location of the seller. The Group\u2019s operations in China sell their services both locally and through other Group companies, thus this revenue is partly included in the revenue from other areas.
EUR 1,000 | 2025 | 2024 |
Primary geographical location | ||
Finland | 162,377 | 170,666 |
Scandinavia | 94,837 | 99,858 |
Central Europe | 92,886 | 79,502 |
China | 11,317 | 10,994 |
Total | 361,417 | 361,020 |
Timing of revenue recognition | ||
Transferred at a point in time | 2,360 | 4,248 |
Transferred over time | 359,056 | 356,772 |
Total | 361,417 | 361,020 |
Assets and liabilities related to contracts with customers
The Group recognized the following contract assets and liabilities related to contracts with customers. For details on impairment loss allowance, please see note 23.1.4. Trade receivables are specified in note 22.
EUR 1,000 | 2025 | 2024 |
Contract assets | ||
Contract assets Jan 1 | 28,406 | 30,661 |
Business combinations | 104 | 194 |
Additions | 350,295 | 360,402 |
Invoicing | -350,861 | -363,190 |
Netting contract assets and advances received | -2,957 | 388 |
Other changes | -26 | -49 |
Contract assets Dec 31 | 24,961 | 28,406 |
Contract liabilities (Advances received) | ||
Advances received Jan 1 | 6,660 | 5,818 |
Additions | 74,184 | 76,068 |
Revenue recognized that was included in the contract liability at the beginning of the period | -73,025 | -75,663 |
Netting contract assets and advances received | -2,957 | 388 |
Other changes | -159 | 49 |
Contract liabilities Dec 31 | 4,702 | 6,660 |
5. Other operating income
EUR 1,000 | 2025 | 2024 |
Premeasurement of contingent considerations in business combinations | - | 67 |
Rental income | 55 | 93 |
Gain on disposal of tangible assets | 25 | 55 |
Other operating income | 1,095 | 534 |
Total | 1,176 | 749 |
5. Other operating income
EUR 1,000 | 2025 | 2024 |
Premeasurement of contingent considerations in business combinations | - | 67 |
Rental income | 55 | 93 |
Gain on disposal of tangible assets | 25 | 55 |
Other operating income | 1,095 | 534 |
Total | 1,176 | 749 |
6. Non-recurring items
Items that are material either because of their size or their nature, and that are non-recurring are considered as non-recurring items. These items are presented within the line items to which they best relate, and are not deducted from other items in the income statement. The amount of non-recurring items and the line items in which they are included are specified in the table below as additional information. Non-recurring items relate to acquisitions and restructuring.
EUR 1,000 | 2025 | 2024 |
Revenue | - | -533 |
Other operating income | 44 | - |
Employee benefits expenses and other operating expenses | -2,824 | -2,461 |
Operating profit (EBIT) | -2,781 | -2,994 |
Profit for the financial year | -2,781 | -2,994 |
9. Other operating expenses
EUR 1,000 | 2025 | 2024 |
Software and telecommunication expenses | 12,822 | 13,031 |
Travel expenses | 6,400 | 6,470 |
Premises expenses | 3,098 | 3,412 |
Leases, equipment and software, short-term & low value | 2,127 | 2,018 |
Other personnel expenses | 4,737 | 6,555 |
Change in credit loss allowance | 101 | 132 |
Loss on disposals of fixed assets | 25 | 127 |
Insurances | 708 | 611 |
Costs related to acquisitions | 203 | 223 |
Legal services | 274 | 489 |
Other expenses | 7,461 | 8,216 |
Total | 37,955 | 41,285 |
7. Materials and services
EUR 1,000 | 2025 | 2024 |
Materials | 10,249 | 11,138 |
Services from others | 35,453 | 39,445 |
Total | 45,702 | 50,582 |
8. Number of personnel and employee benefits expenses
Personnel | 2025 | 2024 |
At year-end | 3,777 | 3,803 |
Average | 3,846 | 3,859 |
By category | ||
Design personnel | 3,566 | 3,588 |
Administrative personnel | 211 | 215 |
Total | 3,777 | 3,803 |
8. Number of personnel and employee benefits expenses
Personnel | 2025 | 2024 |
At year-end | 3,777 | 3,803 |
Average | 3,846 | 3,859 |
By category | ||
Design personnel | 3,566 | 3,588 |
Administrative personnel | 211 | 215 |
Total | 3,777 | 3,803 |
Specification of employee benefits expenses
EUR 1,000 | 2025 | 2024 |
Wages and salaries | 194,214 | 189,076 |
Pension costs - defined contribution plans | 22,230 | 21,843 |
Pension costs - defined benefit plans | 402 | 322 |
Other indirect employee benefits expenses | 25,620 | 21,888 |
Total | 242,466 | 233,129 |
Compensation of the Board of Directors and top management are disclosed in note 30. Related party transactions.
Defined Employee Benefits
In Sweden and the Netherlands, a part of the pension arrangements are multi-employer defined benefit plans, which are secured through an insurance. The plans pool the assets contributed by various entities that are not under common control. The assets provide benefits to employees of more than one entity. Sufficient information for the calculation of obligations and asset by employer is not available from the insurers. Therefore, these plans are treated in accounting as defined contribution plans. Etteplan\u2019s share of the total premiums paid to the arrangement and the share of employees participating in the arrangements is minor. Total amount paid to the insurer in 2025 in Sweden was EUR 1,417 thousand (EUR 1,404 thousand) and in the Netherlands EUR 1,074 thousand (EUR 1,233 thousand). The payment level is not expected to change materially in the next financial period compared to the period under review.
Etteplan Germany GmbH has a defined benefit pension plan. The recognition of the plan is based on the principles presented in Note 2.6. The plan is unfunded and has an average maturity of 15 years. Contributions paid during the financial year 2025 amounted to EUR 0.3 million (EUR 0.3 million). Contributions expected to be paid to the plan during the financial year 2026 amount to EUR 0.3 million.
Net defined benefit liability
EUR 1,000 | 2025 | 2024 |
Present value of funded obligations | 4,573 | 4,905 |
Fair value of plan assets | - | - |
Deficit/surplus | - | - |
Net liability (+) / net asset (-) | 4,573 | 4,905 |
Change in defined benefit obligation and plan assets
EUR 1,000 | Present value of funded obligation |
Jan 1, 2025 | 4,905 |
Current service cost | 9 |
Interest cost or income | 162 |
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | -193 |
Experience profits (-) or losses (+) | -33 |
Contributions from plan participants | - |
Benefits paid | -277 |
Dec 31, 2025 | 4,573 |
EUR 1,000 | Present value of funded obligation |
Jan 1, 2024 | 5,069 |
Current service cost | 14 |
Interest cost or income | 162 |
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | -47 |
Experience profits (-) or losses (+) | -39 |
Contributions from plan participants | - |
Benefits paid | -254 |
Dec 31, 2024 | 4,905 |
Significant actuarial assumptions Dec 31
2025 | 2024 | |
Discount rate, % | 3.8 | 3.4 |
Salary increases, % | 2.0 | 2.0 |
Pension increases, % | 2.0 | 2.0 |
The table below presents a sensitivity analysis of the most significant actuarial assumptions. The effect of change in each assumption is calculated expecting the other assumptions to remain unchanged. In reality, the changes in assumptions may correlate with each other.
Sensitivity of the defined benefit obligation to changes in the most significant assumptions
Effect on obligation | ||
Change in assumption | 2025 | 2024 |
Decrease of discount rate by 0.5 percentage points | increase of 5.19 per cent | increase of 5.53 per cent |
Increase of discount rate by 0.5 percentage points | decrease of 4.78 per cent | decrease of 5.07 per cent |
Increase in salaries by 0.5 percentage points | N/A | N/A |
Increase in benefits by 0.5 percentage points | increase of 3.98 per cent | increase of 4.19 per cent |
EUR 1,000 | 2025 | 2024 |
Sales and purchases of services and related receivables and payables | ||
Sales of services to other related parties | 36 | 36 |
Purchases of services from other related parties | 36 | 36 |
Key management compensation
Key management of Etteplan Oyj includes the Board of Directors, CEO and Management Group.
Salaries, fees and fringe benefits paid to management
EUR 1,000 | 2025 | 2024 |
Members of the Board | 365 | 348 |
CEO | 626 | 635 |
Other members of the Management Group | 1,958 | 2,010 |
Total | 2,949 | 2,992 |
Fees paid to the members of the Board
EUR 1,000 | 2025 | 2024 |
Members of the Board | ||
Robert Ingman, Chairman of the Board | 99 | 92 |
Matti Huttunen, until Apr 8, 2025 | 16 | 49 |
P\u00e4ivi Lindqvist, until Apr 8, 2025 | 16 | 51 |
Leena Saarinen, until Apr 9, 2024 | - | 11 |
Mikko Tepponen | 53 | 47 |
Sonja Sarasvuo | 52 | 48 |
Tomi Ristim\u00e4ki | 52 | 48 |
Outi Henriksson | 40 | - |
Katri Piirtola | 38 | - |
Total | 365 | 348 |
Salaries, fees, and other benefits paid to the CEO and the other members of the Management Group
CEO Juha N\u00e4kki | Other members of the Management group | |||
EUR 1,000 | 2025 | 2024 | 2025 | 2024 |
Short-term employee benefits | 536 | 544 | 1,637 | 1,685 |
Post-employment benefits | 90 | 91 | 321 | 324 |
Management compensation total | 626 | 635 | 1,958 | 2,010 |
The Annual General Meeting annually resolves the remuneration for the members of the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__59": { "value": "Compensation of the Board of Directors and top management are disclosed in note 30. Related party transactions.
Defined Employee Benefits
In Sweden and the Netherlands, a part of the pension arrangements are multi-employer defined benefit plans, which are secured through an insurance. The plans pool the assets contributed by various entities that are not under common control. The assets provide benefits to employees of more than one entity. Sufficient information for the calculation of obligations and asset by employer is not available from the insurers. Therefore, these plans are treated in accounting as defined contribution plans. Etteplan\u2019s share of the total premiums paid to the arrangement and the share of employees participating in the arrangements is minor. Total amount paid to the insurer in 2025 in Sweden was EUR 1,417 thousand (EUR 1,404 thousand) and in the Netherlands EUR 1,074 thousand (EUR 1,233 thousand). The payment level is not expected to change materially in the next financial period compared to the period under review.
Etteplan Germany GmbH has a defined benefit pension plan. The recognition of the plan is based on the principles presented in Note 2.6. The plan is unfunded and has an average maturity of 15 years. Contributions paid during the financial year 2025 amounted to EUR 0.3 million (EUR 0.3 million). Contributions expected to be paid to the plan during the financial year 2026 amount to EUR 0.3 million.
Net defined benefit liability
EUR 1,000 | 2025 | 2024 |
Present value of funded obligations | 4,573 | 4,905 |
Fair value of plan assets | - | - |
Deficit/surplus | - | - |
Net liability (+) / net asset (-) | 4,573 | 4,905 |
Change in defined benefit obligation and plan assets
EUR 1,000 | Present value of funded obligation |
Jan 1, 2025 | 4,905 |
Current service cost | 9 |
Interest cost or income | 162 |
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | -193 |
Experience profits (-) or losses (+) | -33 |
Contributions from plan participants | - |
Benefits paid | -277 |
Dec 31, 2025 | 4,573 |
EUR 1,000 | Present value of funded obligation |
Jan 1, 2024 | 5,069 |
Current service cost | 14 |
Interest cost or income | 162 |
Actuarial gains (-) and losses (+) arising from changes in financial assumptions | -47 |
Experience profits (-) or losses (+) | -39 |
Contributions from plan participants | - |
Benefits paid | -254 |
Dec 31, 2024 | 4,905 |
Significant actuarial assumptions Dec 31
2025 | 2024 | |
Discount rate, % | 3.8 | 3.4 |
Salary increases, % | 2.0 | 2.0 |
Pension increases, % | 2.0 | 2.0 |
The table below presents a sensitivity analysis of the most significant actuarial assumptions. The effect of change in each assumption is calculated expecting the other assumptions to remain unchanged. In reality, the changes in assumptions may correlate with each other.
Sensitivity of the defined benefit obligation to changes in the most significant assumptions
Effect on obligation | ||
Change in assumption | 2025 | 2024 |
Decrease of discount rate by 0.5 percentage points | increase of 5.19 per cent | increase of 5.53 per cent |
Increase of discount rate by 0.5 percentage points | decrease of 4.78 per cent | decrease of 5.07 per cent |
Increase in salaries by 0.5 percentage points | N/A | N/A |
Increase in benefits by 0.5 percentage points | increase of 3.98 per cent | increase of 4.19 per cent |
Performance Share Plan 2023\u20132025
The Board of Directors of Etteplan Oyj decided on April 20, 2023, to establish a new share incentive plan for the Group\u2019s key personnel. The plan ended on December 31, 2025. Approximately 35 people belonged to the plan, including the Management Group of Etteplan. The rewards to be paid on the basis of the plan corresponded to the value of a maximum total of 300,000 Etteplan Oyj shares (including also the portion to be paid in cash). The aim of the share incentive plan was to combine the objectives of the shareholders and the key personnel in order to increase the value of Etteplan, to commit the key personnel to the company, and to offer them a competitive reward plan based on earning the company shares. The plan included one earning period which included the calendar years 2023-2025. The plan was in line with Etteplan\u2019s strategy and supported reaching the company\u2019s financial targets. The earnings criteria were Etteplan Group\u2019s revenue increase and earnings per share development. The earnings criteria were not met and, consequently, no rewards will be paid under the incentive plan.
Plan | Performance Share Plan 2023-2025 |
Instrument | Performance Share Plan 2023-2025 |
Initial amount, pcs* | 150,000 |
Initial allocation date | 16.5.2023 |
Estimated vesting date | 30.4.2026 |
Maximum contractual life, yrs | 3.0 |
Remaining contractual life, yrs | 0.3 |
Number of persons at the end of reporting year | 26 |
Payment method | Equity and cash |
*The amounts are presented in net amount of shares. In addition Etteplan pays the taxes and tax-relates fees related to the potential reward. The cash proportion of the payable reward corresponds to the value of the Shares, in the maximum.
Changes during the period 2025 | Performance Share Plan 2023-2025 |
1.1.2025 | |
Outstanding in the period* | 133,800 |
Changes during period | |
Granted* | |
Forfeited* | 16,000 |
Exercised* | |
31.12.2025 | |
Outstanding in the period* | 117,800 |
Changes during the period 2024 | Performance Share Plan 2023-2025 |
1.1.2024 | |
Outstanding in the period* | 140,500 |
Changes during period | |
Granted* | |
Forfeited* | 6,700 |
Exercised* | |
31.12.2024 | |
Outstanding in the period* | 133,800 |
*The amounts are presented in net amount of shares. In addition Etteplan pays the taxes and tax-relates fees related to the potential reward. The cash proportion of the payable reward corresponds to the value of the Shares, in the maximum.
The performance share plan for key personnel for 2023\u20132025 has had no impact on the result or the financial position for the years 2023\u20132025.
9. Other operating expenses
EUR 1,000 | 2025 | 2024 |
Software and telecommunication expenses | 12,822 | 13,031 |
Travel expenses | 6,400 | 6,470 |
Premises expenses | 3,098 | 3,412 |
Leases, equipment and software, short-term & low value | 2,127 | 2,018 |
Other personnel expenses | 4,737 | 6,555 |
Change in credit loss allowance | 101 | 132 |
Loss on disposals of fixed assets | 25 | 127 |
Insurances | 708 | 611 |
Costs related to acquisitions | 203 | 223 |
Legal services | 274 | 489 |
Other expenses | 7,461 | 8,216 |
Total | 37,955 | 41,285 |
10. Audit fees
EUR 1,000 | 2025 | 2024 |
Auditing, KPMG-network | 178 | 156 |
Auditor's statements based on laws and regulations, KPMG Oy Ab | 89 | 17 |
Other services (tax services), KPMG Oy Ab | 44 | 78 |
Other services (other services), KPMG-network | - | 19 |
Auditing, other auditors | 131 | 122 |
Other expert services, other auditors | 41 | 93 |
Total | 483 | 485 |
10. Audit fees
EUR 1,000 | 2025 | 2024 |
Auditing, KPMG-network | 178 | 156 |
Auditor's statements based on laws and regulations, KPMG Oy Ab | 89 | 17 |
Other services (tax services), KPMG Oy Ab | 44 | 78 |
Other services (other services), KPMG-network | - | 19 |
Auditing, other auditors | 131 | 122 |
Other expert services, other auditors | 41 | 93 |
Total | 483 | 485 |
11. Financial income
EUR 1,000 | 2025 | 2024 |
Dividend income from investments | 11 | 10 |
Interest income from investments | -82 | 36 |
Interest income from loans and other receivables | 422 | 737 |
Foreign exchange gain | 3 | 286 |
Total | 354 | 1,069 |
13. Translation differences recognized in income statement
EUR 1,000 | 2025 | 2024 |
Foreign exchange gain included in financial income | 3 | 286 |
Foreign exchange loss included in financial expenses | -43 | -267 |
Total | -40 | 18 |
11. Financial income
EUR 1,000 | 2025 | 2024 |
Dividend income from investments | 11 | 10 |
Interest income from investments | -82 | 36 |
Interest income from loans and other receivables | 422 | 737 |
Foreign exchange gain | 3 | 286 |
Total | 354 | 1,069 |
12. Financial expenses
EUR 1,000 | 2025 | 2024 |
Interest on borrowings | 3,832 | 4,895 |
Interest expenses on defined benefit plans | 55 | 162 |
Interest on business combinations | - | 33 |
Leasing interest expenses | 595 | 402 |
Other foreign exchange loss | 43 | 267 |
Other financial expenses | 294 | 126 |
Total | 4,818 | 5,885 |
13. Translation differences recognized in income statement
EUR 1,000 | 2025 | 2024 |
Foreign exchange gain included in financial income | 3 | 286 |
Foreign exchange loss included in financial expenses | -43 | -267 |
Total | -40 | 18 |
12. Financial expenses
EUR 1,000 | 2025 | 2024 |
Interest on borrowings | 3,832 | 4,895 |
Interest expenses on defined benefit plans | 55 | 162 |
Interest on business combinations | - | 33 |
Leasing interest expenses | 595 | 402 |
Other foreign exchange loss | 43 | 267 |
Other financial expenses | 294 | 126 |
Total | 4,818 | 5,885 |
13. Translation differences recognized in income statement
EUR 1,000 | 2025 | 2024 |
Foreign exchange gain included in financial income | 3 | 286 |
Foreign exchange loss included in financial expenses | -43 | -267 |
Total | -40 | 18 |
14. Income taxes
Direct taxes
EUR 1,000 | 2025 | 2024 |
Income tax on operations | -4,304 | -4,206 |
Taxes for prior years | -84 | -339 |
Change in deferred taxes | 1,559 | 1,346 |
Total | -2,830 | -3,198 |
Tax rate reconciliation
EUR 1,000 | 2025 | 2024 |
Profit before taxes | 13,402 | 13,594 |
Tax calculated at parent\u00b4s tax rate of 20 % | -2,680 | -2,719 |
Effect of different tax rates in foreign subsidiaries | -114 | 345 |
Non-deductible expenses | -67 | -70 |
Income not subject to tax | 347 | 370 |
Taxes for prior years | -84 | -339 |
Unrecognized tax on loss for the period | -230 | -785 |
Income taxes | -2,830 | -3,198 |
Tax charge (-) / credit (+) relating to components of other comprehensive income
2025 | Before tax | Tax charge / credit | After tax |
Change in fair value of equity investments at fair value through other comprehensive income | -4,275 | 861 | -3,414 |
Currency translation differences | 2,577 | - | 2,577 |
Deferred tax on remeasurement of defined benefit | 226 | -68 | 158 |
Other comprehensive income for the year, net of tax | -1,472 | 794 | -679 |
2024 | Before tax | Tax charge / credit | After tax |
Change in fair value of equity investments at fair value through other comprehensive income | -2 | -1 | -3 |
Currency translation differences | -1,318 | - | -1,318 |
Deferred tax on remeasurement of defined benefit | 86 | -26 | 60 |
Other comprehensive income for the year, net of tax | -1,234 | -27 | -1,261 |
Deferred taxes
Deferred tax assets 2025
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Confirmed loss | 107 | - | - | - | 107 | |
Leases | ||||||
Lease liabilities | 4,243 | 0 | 477 | - | 4,720 | |
Right-of-use assets | -4,223 | - | -477 | - | -4,700 | |
Leases total | 20 | 0 | -1 | - | 20 | |
Share-based incentive plan | 0 | - | - | - | 0 | |
Other timing differences | 135 | 15 | 63 | 863 | - | 1,076 |
Total | 263 | 15 | 63 | 863 | - | 1,203 |
Deferred tax assets 2024
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Confirmed loss | 107 | - | - | - | - | 107 |
Leases | ||||||
Lease liabilities | 4,488 | 0 | -244 | - | - | 4,243 |
Right-of-use assets | -4,471 | - | 248 | - | - | -4,223 |
Leases total | 17 | 0 | 4 | - | - | 20 |
Share-based incentive plan | 0 | - | - | - | - | 0 |
Other timing differences | 126 | 1 | 8 | - | - | 135 |
Total | 250 | 1 | 11 | - | - | 263 |
Deferred tax liabilities 2025
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Discretionary provisions | 2,003 | 116 | -17 | - | - | 2,101 |
Allocation of fair value on acquisitions | 6,441 | 48 | -1,497 | - | 1,726 | 6,717 |
Other timing differences | 1,139 | - | 19 | 69 | - | 1,228 |
Total | 9,583 | 164 | -1,496 | 69 | 1,726 | 10,045 |
Deferred tax liabilities 2024
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Discretionary provisions | 1,926 | -61 | 103 | - | 35 | 2,003 |
Allocation of fair value on acquisitions | 6,438 | -18 | -1,360 | - | 1,380 | 6,441 |
Other timing differences | 1,186 | - | -74 | 27 | - | 1,139 |
Total | 9,550 | -78 | -1,331 | 27 | 1,415 | 9,583 |
At the end of the financial year the Group had gross losses carried forward of EUR 7,868 thousand (EUR 7,306 thousand) of which a deferred tax asset has not been recognized. These losses are usable to offset future taxable gains a minimum of five years.
Deferred taxes
Deferred tax assets 2025
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Confirmed loss | 107 | - | - | - | 107 | |
Leases | ||||||
Lease liabilities | 4,243 | 0 | 477 | - | 4,720 | |
Right-of-use assets | -4,223 | - | -477 | - | -4,700 | |
Leases total | 20 | 0 | -1 | - | 20 | |
Share-based incentive plan | 0 | - | - | - | 0 | |
Other timing differences | 135 | 15 | 63 | 863 | - | 1,076 |
Total | 263 | 15 | 63 | 863 | - | 1,203 |
Deferred tax assets 2024
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Confirmed loss | 107 | - | - | - | - | 107 |
Leases | ||||||
Lease liabilities | 4,488 | 0 | -244 | - | - | 4,243 |
Right-of-use assets | -4,471 | - | 248 | - | - | -4,223 |
Leases total | 17 | 0 | 4 | - | - | 20 |
Share-based incentive plan | 0 | - | - | - | - | 0 |
Other timing differences | 126 | 1 | 8 | - | - | 135 |
Total | 250 | 1 | 11 | - | - | 263 |
Deferred tax liabilities 2025
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Discretionary provisions | 2,003 | 116 | -17 | - | - | 2,101 |
Allocation of fair value on acquisitions | 6,441 | 48 | -1,497 | - | 1,726 | 6,717 |
Other timing differences | 1,139 | - | 19 | 69 | - | 1,228 |
Total | 9,583 | 164 | -1,496 | 69 | 1,726 | 10,045 |
Deferred tax liabilities 2024
EUR 1,000 | Jan 1 | Translation difference | In income statement | In equity | Acquisitions | Dec 31 |
Discretionary provisions | 1,926 | -61 | 103 | - | 35 | 2,003 |
Allocation of fair value on acquisitions | 6,438 | -18 | -1,360 | - | 1,380 | 6,441 |
Other timing differences | 1,186 | - | -74 | 27 | - | 1,139 |
Total | 9,550 | -78 | -1,331 | 27 | 1,415 | 9,583 |
At the end of the financial year the Group had gross losses carried forward of EUR 7,868 thousand (EUR 7,306 thousand) of which a deferred tax asset has not been recognized. These losses are usable to offset future taxable gains a minimum of five years.
15. Earnings per share
Basic earnings per share is calculated by dividing the profit for the financial year attributable to equity holders of the parent company by the weighted average number of externally owned shares during the financial year. The shares to be paid out as rewards of the share-based incentive plan will be transferred from the shares held by the Company or shares acquired from the market, and therefore the incentive plan will have no diluting effect on the share value.
2025 | 2024 | |
Profit attributable to equity holders of the parent company (EUR 1,000) | 10,573 | 10,396 |
Issue-adjusted weighted average number of shares (1,000 pcs) Jan 1 | 25,250 | 25,090 |
Effect of shares issued | - | 122 |
Issue-adjusted weighted average number of shares (1,000 pcs) Dec 31 | 25,250 | 25,213 |
Basic earnings per share (EUR/share) | 0.42 | 0.41 |
Diluted earnings per share (EUR/share) | 0.42 | 0.41 |
16. Business combinations
Acquisitions in 2025
Novacon Powertrain GmbH (100%)
Etteplan strengthened its position in Central Europe by acquiring Novacon Powertrain GmbH on January 14, 2025. Novacon Powertrain is a product engineering services company focused on electrification in the automotive industry and the development of engine technology. The acquisition brings Etteplan a new product development unit with strong expertise in the electrification of motoring and rail traffic as well as in the development of advanced powertrains. Novacon Powertrain has grown strongly by providing advanced technology to meet the changing needs of leading car manufacturers in a rapidly evolving industry. The turnover of the company, which employs about 180 professionals, was approximately EUR 18 million in 2023. The goodwill of EUR 6,670 thousand arising from the acquisition is attributable to the technical know-how of the acquiree\u2019s personnel, and the expected synergies arising from the acquisition. Costs related to the acquisition, EUR 182 thousand, are included in other operating expenses in the consolidated statement of comprehensive income.
Eltech Automation i Lund AB (100%))
Etteplan strengthened its position in Sweden by acquiring Eltech Automation i Lund AB on August 26, 2025. Eltech Automation provides comprehensive industrial automation solutions. With this acquisition, Etteplan expands its service offering in Sweden to include production solutions and strengthens its foothold particularly in Southern Sweden. From Southern Sweden, production solutions can also be more effectively offered to the Danish market. Eltech Automation\u2019s customer base is focused on the food and packaging industries as well as machinery manufacturers. Founded in 1997, Eltech Automation provides industrial automation and robotics services. The company offers strong expertise in robotics, machine vision, automation, mechanical and electrical design, and industrial IT. The company employs 21 professionals and had a revenue of approximately EUR 2.5 million in 2024. Costs related to the acquisition, EUR 21 thousand, are included in other operating expenses in the consolidated statement of comprehensive income. The provisional goodwill of EUR 859 thousand arising from the acquisition is attributable to the technical know-how of the acquiree\u2019s personnel, and the expected synergies arising from the acquisition.
Acquisitions in total
The following table summarizes the values of acquisition considerations, assets acquired and liabilities assumed for the acquisitions in total.
Consideration transferred: | EUR 1,000 |
Cash payment | 14,535 |
Contingent consideration | 472 |
Total consideration transferred | 15,006 |
Assets and liabilities | |
Tangible assets | 517 |
Intangible assets | 15 |
Customer base (intangible assets) | 5,712 |
Non-competition agreements (intangible assets) | 269 |
Trade and other receivables | 3,790 |
Cash and cash equivalents | 2,204 |
Total assets | 12,507 |
Other long term liabilities | 259 |
Current liabilities | 3,047 |
Deferred tax liability | 1,725 |
Total liabilities | 5,030 |
Total identifiable net assets | 7,477 |
Formation of Goodwill: | |
Consideration transferred | 15,006 |
Total identifiable net assets | -7,477 |
Goodwill | 7,529 |
The revenue included in the income statement contributed by the acquired companies was EUR 16,962 thousand and profit for the financial year was EUR 1,183 thousand. Had all the companies been consolidated from January 1, 2025, the income statement would show revenue of EUR 362,003 thousand and profit for the financial year of EUR 10,454 thousand.
Acquisitions in 2024
STRONGIT ApS (100%)
Etteplan, strengthened its market position in Denmark by acquiring STRONGIT ApS on January 8, 2024, which focuses on product development solutions. STRONGIT employs a team of 13 highly qualified engineering professionals and a vast network of about 70 freelancers working across Copenhagen, \u00c5rhus and Gr\u00e5sten. In 2023, STRONGIT\u2019s revenue was approximately 13 million euros. The provisional goodwill of EUR 7,517 thousand arising from the acquisition is attributable to the technical know-how of the acquiree\u2019s personnel, and the expected synergies arising from the acquisition. Costs related to the acquisition, EUR 105 thousand, are included in other operating expenses in the consolidated statement of comprehensive income.
AFFRA AB (100%)
Etteplan reinforced its position in Sweden by acquiring Gothenburg based AFFRA AB on May 27, 2024, which is a consulting company specializing in software testing and in particular Hardware in the Loop (HIL) testing for the automotive and transport industry. HIL testing ensures that quality assurance during software and hardware development is implemented efficiently and safely. With immediate effect all 23 AFFRA employees with competencies in testing, software development and embedded solutions transferred to Etteplan. The goodwill of EUR 758 thousand arising from the acquisition is attributable to the technical know-how of the acquiree\u2019s personnel, and the expected synergies arising from the acquisition. Costs related to the acquisition, EUR 9 thousand, are included in other operating expenses in the consolidated statement of comprehensive income.
Acquisitions in total
The following table summarizes the values of acquisition considerations, assets acquired and liabilities assumed for the acquisitions in total.
Consideration transferred: | EUR 1,000 |
Cash payment | 13,518 |
Directed share issue | 2,107 |
Total consideration transferred | 15,625 |
Assets and liabilities | |
Tangible assets | 37 |
Customer base (intangible assets) | 5,995 |
Non-competition agreements (intangible assets) | 320 |
Trade and other receivables | 3,465 |
Cash and cash equivalents | 1,216 |
Total assets | 11,032 |
Other long term liabilities | 16 |
Current liabilities | 2,248 |
Deferred tax liability | 1,417 |
Total liabilities | 3,681 |
Total identifiable net assets | 7,351 |
Formation of Goodwill: | |
Consideration transferred | 15,625 |
Total identifiable net assets | -7,351 |
Goodwill | 8,274 |
The revenue included in the income statement contributed by the acquired companies was EUR 3,396 thousand and profit for the financial year was EUR 457 thousand. Had all the companies been consolidated from January 1, 2024, the income statement would show revenue of EUR 361,931 thousand and profit for the financial year of EUR 10,529 thousand.
17. Goodwill and impairment testing
EUR 1,000 | 2025 | 2024 |
Acquisition cost Jan 1 | 117,436 | 109,737 |
Translation difference | 1,752 | -867 |
Acquisition of subsidiaries (note 16) | 7,536 | 8,565 |
Book value Dec 31 | 126,724 | 117,436 |
Goodwill is allocated to cash-generating units (CGUs) for determination of impairment. In impairment testing, the recoverable amount is defined as value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit.
The Group\u2019s management has defined the CGUs to be the three service areas in which the Group\u2019s operations are organized.
The impairment test is done in the fourth quarter after budgets for the next year were done and it is based on goodwill as per September 30, but will be updated as necessary to reflect the situation as of December 31st. Cash flows after tax are based on budget figures for year one and financials approved by management for the next five-year period. The management makes estimations on the market demand and market environment, which are checked against external information sources. When defining the cash flow, attention is paid to anticipated price and margin development as well as costs, net working capital and investment needs. The management determines these based on past performance and expectations for market development.
The discount rate used to discount the estimated net cash flows has been determined based on the post-tax weighted aver-age cost of capital (WACC), which reflects the overall cost of equity and liabilities. The discount rate is based on the 30-year government bond rate of the country in which the CGU subject to impairment testing primarily operates. The bond rates have been adjusted to reflect general market risk as well as the business-specific risk of each CGU.
The recoverable amount is compared with the book value of the cash-generating unit. An impairment loss is booked as cost in the income statement, if the recoverable amount is lower than the book value. No impairment loss has been booked during the financial year or the comparison year.
Goodwill Sep 30
MEUR | 2025 | 2024 |
Engineering Solutions | 64.6 | 56.7 |
Software and Embedded Solutions | 45.9 | 45.8 |
Technical Communication and Data Solutions | 15.4 | 15.3 |
Total | 125.9 | 117.8 |
Key assumptions used for value-in-use calculations | ||
Aggregate growth percentage year 2-5 | 1.0% | 1.0% |
Growth rate after 5 years | 2.0% | 2.0% |
Discount rate before tax | ||
Engineering Solutions | 9.8% | 11.0% |
Software and Embedded Solutions | 10.3% | 12.0% |
Technical Communication and Data Solutions | 9.6% | 11.2% |
Discount rate after tax | ||
Engineering Solutions | 8.0% | 9.1% |
Software and Embedded Solutions | 8.5% | 9.8% |
Technical Communication and Data Solutions | 7.9% | 9.0% |
The recoverable amount exceeds the book value as follows (MEUR): | ||
Engineering Solutions | 123.1 | 145.9 |
Software and Embedded Solutions | 29.2 | 55.5 |
Technical Communication and Data Solutions | 58.6 | 49.6 |
Total | 210.9 | 250.9 |
Sensitivity analysis
In connection with impairment testing, sensitivity analyses were performed using the following variables:
Zero growth in net sales
Decrease of profitability (EBIT) by 4 percentage points
Increase of discount rate by 4 percentage points.
The realization of the variables used in the sensitivity analysis would not result in impairment losses in the cash-generating units.
18. Intangible assets
2025 EUR 1,000 | Intangible rights | Development expenses | Customer base and non-competition agreements* | Advance payments | Total |
Acquisition cost Jan 1 | 14,002 | 3,074 | 65,096 | 0 | 82,171 |
Translation difference | -107 | - | 483 | - | 376 |
Acquisition of subsidiaries | 15 | - | 5,987 | - | 6,002 |
Additions | 23 | - | 0 | 4 | 27 |
Acquisition cost Dec 31 | 13,932 | 3,074 | 71,566 | 4 | 88,575 |
Cumulative amortization Jan 1 | -13,042 | -2,997 | -37,039 | - | -53,078 |
Translation difference | 108 | - | -252 | - | -145 |
Amortization for the financial year | -199 | -36 | -6,358 | - | -6,593 |
Cumulative amortization Dec 31 | -13,133 | -3,033 | -43,650 | - | -59,816 |
Book value Dec 31 | 799 | 40 | 27,916 | 4 | 28,759 |
2024 EUR 1,000 | Intangible rights | Development expenses | |||
Customer base and non-competition agreements* | Advance payments | Total | |||
Acquisition cost Jan 1 | 13,951 | 3,116 | 58,953 | 266 | 76,285 |
Translation difference | 46 | - | -179 | - | -133 |
Acquisition of subsidiaries | - | - | 6,322 | - | 6,322 |
Additions | 27 | - | - | - | 27 |
Disposals | -34 | -4 | - | - | -38 |
Reclassifications | 11 | -39 | - | -266 | -293 |
Acquisition cost Dec 31 | 14,002 | 3,074 | 65,096 | 0 | 82,171 |
Cumulative amortization Jan 1 | -12,603 | -2,954 | -31,165 | - | -46,721 |
Translation difference | -46 | - | 89 | - | 43 |
Amortization for the financial year | -394 | -43 | -5,963 | - | -6,400 |
Cumulative amortization Dec 31 | -13,042 | -2,997 | -37,039 | - | -53,078 |
Book value Dec 31 | 959 | 77 | 28,057 | 0 | 29,093 |
*Intangible assets acquired in business combinations EUR 27,916 thousand (EUR 28,057 thousand) consist of acquired customer bases of EUR 27,569 thousand (EUR 27,727 thousand) and non-competition agreements of EUR 348 thousand (EUR 330 thousand).
17. Goodwill and impairment testing
EUR 1,000 | 2025 | 2024 |
Acquisition cost Jan 1 | 117,436 | 109,737 |
Translation difference | 1,752 | -867 |
Acquisition of subsidiaries (note 16) | 7,536 | 8,565 |
Book value Dec 31 | 126,724 | 117,436 |
Goodwill is allocated to cash-generating units (CGUs) for determination of impairment. In impairment testing, the recoverable amount is defined as value-in-use. Value-in-use is defined as the discounted estimated future net cash flows generated by the asset or cash-generating unit.
The Group\u2019s management has defined the CGUs to be the three service areas in which the Group\u2019s operations are organized.
The impairment test is done in the fourth quarter after budgets for the next year were done and it is based on goodwill as per September 30, but will be updated as necessary to reflect the situation as of December 31st. Cash flows after tax are based on budget figures for year one and financials approved by management for the next five-year period. The management makes estimations on the market demand and market environment, which are checked against external information sources. When defining the cash flow, attention is paid to anticipated price and margin development as well as costs, net working capital and investment needs. The management determines these based on past performance and expectations for market development.
The discount rate used to discount the estimated net cash flows has been determined based on the post-tax weighted aver-age cost of capital (WACC), which reflects the overall cost of equity and liabilities. The discount rate is based on the 30-year government bond rate of the country in which the CGU subject to impairment testing primarily operates. The bond rates have been adjusted to reflect general market risk as well as the business-specific risk of each CGU.
The recoverable amount is compared with the book value of the cash-generating unit. An impairment loss is booked as cost in the income statement, if the recoverable amount is lower than the book value. No impairment loss has been booked during the financial year or the comparison year.
Goodwill Sep 30
MEUR | 2025 | 2024 |
Engineering Solutions | 64.6 | 56.7 |
Software and Embedded Solutions | 45.9 | 45.8 |
Technical Communication and Data Solutions | 15.4 | 15.3 |
Total | 125.9 | 117.8 |
Key assumptions used for value-in-use calculations | ||
Aggregate growth percentage year 2-5 | 1.0% | 1.0% |
Growth rate after 5 years | 2.0% | 2.0% |
Discount rate before tax | ||
Engineering Solutions | 9.8% | 11.0% |
Software and Embedded Solutions | 10.3% | 12.0% |
Technical Communication and Data Solutions | 9.6% | 11.2% |
Discount rate after tax | ||
Engineering Solutions | 8.0% | 9.1% |
Software and Embedded Solutions | 8.5% | 9.8% |
Technical Communication and Data Solutions | 7.9% | 9.0% |
The recoverable amount exceeds the book value as follows (MEUR): | ||
Engineering Solutions | 123.1 | 145.9 |
Software and Embedded Solutions | 29.2 | 55.5 |
Technical Communication and Data Solutions | 58.6 | 49.6 |
Total | 210.9 | 250.9 |
Sensitivity analysis
In connection with impairment testing, sensitivity analyses were performed using the following variables:
Zero growth in net sales
Decrease of profitability (EBIT) by 4 percentage points
Increase of discount rate by 4 percentage points.
The realization of the variables used in the sensitivity analysis would not result in impairment losses in the cash-generating units.
17. Goodwill and impairment testing
EUR 1,000 | 2025 | 2024 |
Acquisition cost Jan 1 | 117,436 | 109,737 |
Translation difference | 1,752 | -867 |
Acquisition of subsidiaries (note 16) | 7,536 | 8,565 |
Book value Dec 31 | 126,724 | 117,436 |
MEUR | 2025 | 2024 |
Engineering Solutions | 64.6 | 56.7 |
Software and Embedded Solutions | 45.9 | 45.8 |
Technical Communication and Data Solutions | 15.4 | 15.3 |
Total | 125.9 | 117.8 |
Key assumptions used for value-in-use calculations | ||
Aggregate growth percentage year 2-5 | 1.0% | 1.0% |
Growth rate after 5 years | 2.0% | 2.0% |
Discount rate before tax | ||
Engineering Solutions | 9.8% | 11.0% |
Software and Embedded Solutions | 10.3% | 12.0% |
Technical Communication and Data Solutions | 9.6% | 11.2% |
Discount rate after tax | ||
Engineering Solutions | 8.0% | 9.1% |
Software and Embedded Solutions | 8.5% | 9.8% |
Technical Communication and Data Solutions | 7.9% | 9.0% |
The recoverable amount exceeds the book value as follows (MEUR): | ||
Engineering Solutions | 123.1 | 145.9 |
Software and Embedded Solutions | 29.2 | 55.5 |
Technical Communication and Data Solutions | 58.6 | 49.6 |
Total | 210.9 | 250.9 |
18. Intangible assets
2025 EUR 1,000 | Intangible rights | Development expenses | Customer base and non-competition agreements* | Advance payments | Total |
Acquisition cost Jan 1 | 14,002 | 3,074 | 65,096 | 0 | 82,171 |
Translation difference | -107 | - | 483 | - | 376 |
Acquisition of subsidiaries | 15 | - | 5,987 | - | 6,002 |
Additions | 23 | - | 0 | 4 | 27 |
Acquisition cost Dec 31 | 13,932 | 3,074 | 71,566 | 4 | 88,575 |
Cumulative amortization Jan 1 | -13,042 | -2,997 | -37,039 | - | -53,078 |
Translation difference | 108 | - | -252 | - | -145 |
Amortization for the financial year | -199 | -36 | -6,358 | - | -6,593 |
Cumulative amortization Dec 31 | -13,133 | -3,033 | -43,650 | - | -59,816 |
Book value Dec 31 | 799 | 40 | 27,916 | 4 | 28,759 |
2024 EUR 1,000 | Intangible rights | Development expenses | |||
Customer base and non-competition agreements* | Advance payments | Total | |||
Acquisition cost Jan 1 | 13,951 | 3,116 | 58,953 | 266 | 76,285 |
Translation difference | 46 | - | -179 | - | -133 |
Acquisition of subsidiaries | - | - | 6,322 | - | 6,322 |
Additions | 27 | - | - | - | 27 |
Disposals | -34 | -4 | - | - | -38 |
Reclassifications | 11 | -39 | - | -266 | -293 |
Acquisition cost Dec 31 | 14,002 | 3,074 | 65,096 | 0 | 82,171 |
Cumulative amortization Jan 1 | -12,603 | -2,954 | -31,165 | - | -46,721 |
Translation difference | -46 | - | 89 | - | 43 |
Amortization for the financial year | -394 | -43 | -5,963 | - | -6,400 |
Cumulative amortization Dec 31 | -13,042 | -2,997 | -37,039 | - | -53,078 |
Book value Dec 31 | 959 | 77 | 28,057 | 0 | 29,093 |
*Intangible assets acquired in business combinations EUR 27,916 thousand (EUR 28,057 thousand) consist of acquired customer bases of EUR 27,569 thousand (EUR 27,727 thousand) and non-competition agreements of EUR 348 thousand (EUR 330 thousand).
19. Tangible assets
2025 EUR 1,000 | Land and water | Machinery and equipment | Other tangible assets | Total |
Acquisition cost Jan 1 | 19 | 19,077 | 3,814 | 22,910 |
Translation difference | - | 5 | -4 | 2 |
Acquisition of subsidiaries | - | 35 | - | 35 |
Additions | - | 686 | 169 | 855 |
Disposals | - | -60 | -22 | -82 |
Acquisition cost Dec 31 | 19 | 19,743 | 3,957 | 23,719 |
Cumulative depreciation Jan 1 | - | -16,636 | -1,792 | -18,428 |
Translation difference | - | 31 | 3 | 35 |
Depreciation for the financial year | - | -942 | -318 | -1,260 |
Cumulative depreciation Dec 31 | - | -17,547 | -2,107 | -19,653 |
Book value Dec 31 | 19 | 2,196 | 1,850 | 4,066 |
2024 EUR 1,000 | Land and water | Machinery and equipment | Other tangible assets | Total |
Acquisition cost Jan 1 | 19 | 18,484 | 1,974 | 20,478 |
Translation difference | - | -3 | 1 | -2 |
Acquisition of subsidiaries | - | - | 1 | 1 |
Additions | - | 791 | 1,598 | 2,389 |
Disposals | - | -267 | -1 | -268 |
Reclassifications | - | 72 | 240 | 312 |
Acquisition cost Dec 31 | 19 | 19,077 | 3,814 | 22,910 |
Cumulative depreciation Jan 1 | - | -15,471 | -1,604 | -17,075 |
Translation difference | - | -17 | -2 | -18 |
Depreciation for the financial year | - | -1,148 | -186 | -1,334 |
Cumulative depreciation Dec 31 | - | -16,636 | -1,792 | -18,428 |
Book value Dec 31 | 19 | 2,441 | 2,022 | 4,482 |
20. Right-of-use assets
2025 EUR 1,000 | Leased software | Machinery and equipment | Premises | Total |
Acquisition cost Jan 1 | 8,608 | 33,233 | 56,442 | 98,282 |
Translation difference | 26 | 225 | - | 251 |
Acquisition of subsidiaries | - | 306 | 374 | 680 |
Additions | 201 | 3,033 | 10,328 | 13,562 |
Disposals | - | -135 | -915 | -1,050 |
Acquisition cost Dec 31 | 8,835 | 36,661 | 66,230 | 111,726 |
Cumulative depreciation Jan 1 | -8,078 | -27,907 | -43,188 | -79,172 |
Translation difference | -24 | -186 | - | -211 |
Depreciation for the financial year | -421 | -3,590 | -6,738 | -10,750 |
Cumulative depreciation Dec 31 | -8,523 | -31,683 | -49,926 | -90,132 |
Book value Dec 31 | 311 | 4,979 | 16,304 | 21,594 |
2024 EUR 1,000 | Leased software | Machinery and equipment | Premises | Total |
Acquisition cost Jan 1 | 8,229 | 29,807 | 51,925 | 89,961 |
Translation difference | -14 | -108 | - | -122 |
Acquisition of subsidiaries | - | 150 | 184 | 334 |
Additions | 392 | 3,834 | 7,350 | 11,576 |
Disposals | - | -450 | -3,017 | -3,467 |
Acquisition cost Dec 31 | 8,608 | 33,233 | 56,442 | 98,282 |
Cumulative depreciation Jan 1 | -7,544 | -24,337 | -36,759 | -68,639 |
Translation difference | 13 | 83 | - | 96 |
Depreciation for the financial year | -547 | -3,653 | -6,429 | -10,629 |
Cumulative depreciation Dec 31 | -8,078 | -27,907 | -43,188 | -79,172 |
Book value Dec 31 | 530 | 5,326 | 13,254 | 19,110 |
The total cash outflow for leases in financial year 2025 was EUR 13,725 thousand (EUR 12,958 thousand).
Analysis by currency
EUR 1,000 | 2025 | 2024 |
Non-current lease liabilities | ||
EUR | 5,737 | 6,063 |
SEK | 1,975 | 1,836 |
CNY | 147 | 200 |
PLN | 268 | 179 |
DKK | 81 | 84 |
Total | 8,208 | 8,362 |
Current lease liabilities | ||
EUR | 11,043 | 8,640 |
SEK | 1,924 | 1,681 |
CNY | 192 | 201 |
PLN | 216 | 211 |
DKK | 112 | 116 |
Total | 13,486 | 10,849 |
21. Inventory
EUR 1,000 | 2025 | 2024 |
Inventory at the beginning of the financial year | 658 | 806 |
Additions/Deductions | -22 | -148 |
Total | 636 | 658 |
22. Trade and other receivables
EUR 1,000 | 2025 | 2024 |
Trade receivables | 50,846 | 54,818 |
Credit loss allowance | -81 | -195 |
Other receivables | 381 | 355 |
Prepayments and accrued income | 6,201 | 6,202 |
Total | 57,347 | 61,180 |
Main items included in prepayments and accrued income
EUR 1,000 | 2025 | 2024 |
Interest receivables | - | 82 |
Accruals of employee benefits expenses | 236 | 310 |
Prepaid rents | 633 | 733 |
Other prepayments and accrued income on expenses | 5,332 | 5,078 |
Total | 6,201 | 6,202 |
Analysis of receivables by currency
EUR 1,000 | 2025 | 2024 |
EUR | 41,218 | 42,011 |
SEK | 11,028 | 12,005 |
CNY | 2,263 | 2,108 |
PLN | 437 | 358 |
DKK | 2,087 | 3,434 |
Other currencies | 313 | 1,263 |
Total | 57,347 | 61,180 |
23. Management of financial risks
This note explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s future financial performance.
23.1 Financial risk factors
In its business operations, the Group is exposed to several types of financial risks: foreign currency, interest, financing and liquidity, counterparty and credit risks. The objective of financial risk management is to protect the Group from unfavorable changes in the financial market and thus contribute as much as possible to guaranteeing the Group\u2019s profitability and equity, and to guarantee sufficient liquidity in a cost-efficient manner. Management of financial risks has been centralized with the Group\u2019s financial department, which is responsible for identification and evaluation of, and protection against, the Group\u2019s financial risks. Furthermore, the financial department is responsible, in a centralized fashion, for funding of the Group, and it provides the management with information about the financial situation of the Group and the business units.
23.1.1 Foreign currency risk
Foreign currency risk related to different currencies comes about as a result of foreign currency-denominated commercial transactions and from translation of foreign-currency-denominated balance sheet items into the reporting currency.
Transaction risk
The majority of the Group\u2019s business operations are handled in the currency of the project country of the respective Group company. This means that both sales and costs are in the same currency.
Translation risk
The Group is exposed to a translation risk caused by fluctuations in foreign currency exchange rates, when it translates balance sheet items of subsidiaries based outside the euro area into its reporting currency. The main risk is with goodwill booked in Swedish Krona (SEK). The goodwill booked in SEK at the end of the financial year was EUR 33,992 thousand (2023: EUR 31,265 thousand). A sensitivity analysis of the effect of reasonable potential changes in exchange rates on the Group\u2019s profit for the financial year, equity and goodwill at balance sheet date is presented in the table below. In the analysis, the change in exchange rates has been estimated to be +/-10 percent from reporting date, and other factors are estimated to remain unchanged.
2025 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -102 | -855 | -3,090 |
EUR/SEK 10% decrease | 125 | 1,044 | 3,777 |
EUR/PLN 10% increase | -63 | -865 | -411 |
EUR/PLN 10% decrease | 77 | 1,057 | 502 |
EUR/CNY 10% increase | -111 | -490 | -162 |
EUR/CNY 10% decrease | 136 | 599 | 198 |
EUR/DKK 10% increase | -72 | -552 | -965 |
EUR/DKK 10% decrease | 88 | 675 | 1,180 |
2024 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -296 | -783 | -2,842 |
EUR/SEK 10% decrease | 362 | 957 | 3,474 |
EUR/PLN 10% increase | -182 | -792 | -406 |
EUR/PLN 10% decrease | 222 | 967 | 496 |
EUR/CNY 10% increase | -83 | -413 | -176 |
EUR/CNY 10% decrease | 101 | 505 | 215 |
EUR/DKK 10% increase | -140 | -543 | -967 |
EUR/DKK 10% decrease | 171 | 664 | 1,181 |
23.1.2 Interest risk
The Group is exposed to interest risk in two ways: because of changes in value for balance sheet items (i.e. price risk) and cash flow risk caused by changes in market interest rates.
On the balance sheet date, the total amount of interest-bearing debt excluding lease liabilities was EUR 80,382 thousand (EUR 76,661 thousand) covered with contracts in which the interest range is between 3.10 and 4.09 percent (3.68 and 4.19 percent). All of the Group\u2019s loans have variable interest rates.
The Group monitors the interest risk by calculating the effect of one percentage point change in interest rates on the Group\u2019s next twelve months\u2019 interest expenses. The sensitivity of the interest position to changes in interest rates is determined by calculating how much an equal one percentage point change in interest rates throughout the Group\u2019s interest rate range would change yearly interest expenses. Only interest bearing loans from financial institutions are included in the calculation. Lease liabilities are not included in the calculation. At the balance sheet date, the Group\u2019s sensitivity to an increase in interest rates of one percentage point was approximately EUR 821 thousand (2024: EUR 238 thousand).
23.1.3 Financing and liquidity risk
The Group aims to guarantee solid liquidity in all market conditions through efficient cash management. Credit limits tied to cash pool arrangements are used for short-term financing. On the balance sheet date, the Group had EUR 15,920 thousand (EUR 16,082 thousand) of available credit limits, of which none (2024: none) was in use. Refinancing risk is attempted to be minimized by applying a balanced maturity schedule to the loan portfolio, ensuring sufficient maturity of loans, and using several banks as sources of financing. The level of financing is increased through additional loans when necessary.
The Group has financial covenants, which are tied to the equity ratio of the Group and to the debt/EBITDA ratio of the Group, and these mainly apply to all the group loans. In case the Group\u2019s equity ratio at the time of the Financial Statements is below 25 percent or the debt/EBITDA ratio is higher than 3.5, the financer has the right to demand immediate payment of all the Group\u2019s loans. The Group tests loan covenants quarterly. Based on figures from the interim reports and the Consolidated Financial Statements in 2024 and in 2025, the terms of these covenants were not breached, therefore, the loans are classified as long-term to the extent that they mature in more than one year. The Group believes it will comply with the covenant terms for the next 12 months from the reporting date.
To balance the cash effect of the long payment terms typical to design business, the Group sells a part of its key customer receivables to a finance institution. There is no credit risk related to the sold receivables and these receivables are not included in the Consolidated Statement of Financial Position.
The maturity analysis of financial liabilities is based on contractual cash flows in accordance with IFRS standards. The maturity analysis of loans includes both principal and interest. The maturity analysis of lease liabilities is based on undiscounted future lease payments.
Maturity analysis of financial liabilities
2025 EUR 1,000 | Less than 1 year | 1-5 years | More than 5 years |
Borrowings | 41,951 | 42,494 | \u2013 |
Lease liabilities | 10,021 | 11,708 | 1,219 |
Liabilities from acquisitions | - | 638 | \u2013 |
Trade and other payables | 12,649 | 41 | \u2013 |
Total | 64,621 | 54,881 | 1,219 |
2024 EUR 1,000 | Less than 1 year | 1-5 years | More than 5 years |
Borrowings | 29,216 | 51,690 | \u2013 |
Lease liabilities | 11,349 | 10,324 | \u2013 |
Liabilities from acquisitions | 533 | 131 | \u2013 |
Trade and other payables | 13,758 | 176 | \u2013 |
Total | 53,351 | 62,320 | \u2013 |
Liabilities from acquisitions in December 31, 2025 consist of High Vision Engineering Sweden AB deferred payment amount EUR 138 thousand, which will be paid by April 30, 2028 and Novacon Powertrain GmbH purchase price EUR 500 thousand, which will be paid by April 30, 2027.
Reconciliation of cash flow from financing activities and changes in financial liabilities
EUR 1,000 EUR | 2025 | 2024 |
Interest-bearing liabilities Jan 1 | 95,872 | 86,583 |
Financing cash flow | -7,927 | 334 |
Non-monetary changes | ||
Changes in lease agreements | 12,387 | 8,144 |
Loans and lease liabilities assumed in business combinations | 1,702 | 334 |
Translation differences and other changes* | 42 | 476 |
Non-monetary changes, total | 14,131 | 8,954 |
Interest-bearing liabilities Dec 31 | 102,075 | 95,872 |
* In 2024, retention amount from LAE acquisition EUR 500 thousand was reclassified from non-interest bearing liabilities to interest-bearing liabilities.
23.1.4 Counterparty and credit risk
Financing contracts have the associated risk of the counterparty being unable to fulfill its obligations under the contract. To minimize the counterparty risk financing contracts are concluded with leading Nordic banks that have a good credit rating.
Credit risk related to business operations arises out of a customer\u2019s inability to perform its contractual obligations. A considerable proportion of the Group\u2019s business operations focus on large, financially solid companies that operate internationally. Credit risk is also reduced by the customer companies being divided among several different sectors of operation. The Group aims to ensure that services are sold only to such customers that have an appropriate credit rating. Credit risk is controlled systematically, and overdue sales receivables are assessed on a weekly basis. The Company strives to control the effects of increased financial uncertainty by actively monitoring its receivables and by an efficient debt collection process. The maximum customer credit risk exposure at the end of the financial year is the book value of accounts receivable.
Expected credit loss allowance
To measure expected credit losses the Group applies the IFRS 9 simplified approach which uses a lifetime expected loss allowance for all trade receivables and contract assets including amounts not due. As described in the table below, trade receivables and contract assets are grouped based on shared credit risk
characteristics and the days past due. The measurement of the expected credit losses includes forward-looking information in the form of the estimated growth of the EU gross domestic product. Expected credit losses are considered immaterial overall. In addition to the lifetime expected credit loss allowance, the Group\u2019s management estimates expected credit losses case-by-case basis. As a general rule, the Group recognizes a 50 per cent impairment allowance for receivables that are more than 60 days past due and a 100 per cent impairment allowance for receivables that are more than 90 days past due, unless a case-specific assessment provides a justified reason to deviate from these percentages.
2025 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.0% | 4.0% | 5.1% | |
Trade receivables | 44,966 | 4,580 | 868 | 229 | 202 | 50,846 |
Contract assets | 24,961 | - | - | - | - | 24,961 |
Lifetime expected credit loss allowance | 42 | 3 | 9 | 9 | 10 | 74 |
Case-by-case credit loss allowance | 7 | 7 | ||||
Expected credit loss allowance | 81 | |||||
2024 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.5% | 5.5% | 6.5% | |
Trade receivables | 47,363 | 5,360 | 1,053 | 202 | 840 | 54,818 |
Contract assets | 28,406 | - | - | - | - | 28,406 |
Lifetime expected credit loss allowance | 60 | 6 | 16 | 11 | 55 | 147 |
Case-by-case credit loss allowance | 48 | 48 | ||||
Expected credit loss allowance | 195 |
Movements of the allowance for impairment
EUR 1,000 | 2025 | 2024 |
Expected credit loss allowance Jan 1 | -195 | -85 |
Net reduction (+) / (-) increase in credit loss allowance | 114 | -110 |
Expected credit loss allowance Dec 31 | -81 | -195 |
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.
23.2 Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets. Consistent with other companies in the industry, the Group monitors capital on the basis of the net gearing ratio. This ratio is calculated as net debt divided by equity. Net debt is calculated as total gross interest-bearing debt less cash and cash equivalents. To ensure sufficient flexibility, the goal is to keep the net gearing ratio within 30-100 percent. The following table sets out the Group\u2019s net gearing ratio:
EUR 1,000 | 2025 | 2024 |
Gross interest-bearing debt | 102,011 | 95,872 |
Less: Cash and cash equivalents | -30,366 | -25,241 |
Net debt | 71,645 | 70,631 |
Total equity | 122,142 | 117,803 |
Net gearing ratio | 58.7% | 60.0% |
23.1.1 Foreign currency risk
Foreign currency risk related to different currencies comes about as a result of foreign currency-denominated commercial transactions and from translation of foreign-currency-denominated balance sheet items into the reporting currency.
Transaction risk
The majority of the Group\u2019s business operations are handled in the currency of the project country of the respective Group company. This means that both sales and costs are in the same currency.
Translation risk
The Group is exposed to a translation risk caused by fluctuations in foreign currency exchange rates, when it translates balance sheet items of subsidiaries based outside the euro area into its reporting currency. The main risk is with goodwill booked in Swedish Krona (SEK). The goodwill booked in SEK at the end of the financial year was EUR 33,992 thousand (2023: EUR 31,265 thousand). A sensitivity analysis of the effect of reasonable potential changes in exchange rates on the Group\u2019s profit for the financial year, equity and goodwill at balance sheet date is presented in the table below. In the analysis, the change in exchange rates has been estimated to be +/-10 percent from reporting date, and other factors are estimated to remain unchanged.
2025 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -102 | -855 | -3,090 |
EUR/SEK 10% decrease | 125 | 1,044 | 3,777 |
EUR/PLN 10% increase | -63 | -865 | -411 |
EUR/PLN 10% decrease | 77 | 1,057 | 502 |
EUR/CNY 10% increase | -111 | -490 | -162 |
EUR/CNY 10% decrease | 136 | 599 | 198 |
EUR/DKK 10% increase | -72 | -552 | -965 |
EUR/DKK 10% decrease | 88 | 675 | 1,180 |
2024 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -296 | -783 | -2,842 |
EUR/SEK 10% decrease | 362 | 957 | 3,474 |
EUR/PLN 10% increase | -182 | -792 | -406 |
EUR/PLN 10% decrease | 222 | 967 | 496 |
EUR/CNY 10% increase | -83 | -413 | -176 |
EUR/CNY 10% decrease | 101 | 505 | 215 |
EUR/DKK 10% increase | -140 | -543 | -967 |
EUR/DKK 10% decrease | 171 | 664 | 1,181 |
23.1.2 Interest risk
The Group is exposed to interest risk in two ways: because of changes in value for balance sheet items (i.e. price risk) and cash flow risk caused by changes in market interest rates.
On the balance sheet date, the total amount of interest-bearing debt excluding lease liabilities was EUR 80,382 thousand (EUR 76,661 thousand) covered with contracts in which the interest range is between 3.10 and 4.09 percent (3.68 and 4.19 percent). All of the Group\u2019s loans have variable interest rates.
The Group monitors the interest risk by calculating the effect of one percentage point change in interest rates on the Group\u2019s next twelve months\u2019 interest expenses. The sensitivity of the interest position to changes in interest rates is determined by calculating how much an equal one percentage point change in interest rates throughout the Group\u2019s interest rate range would change yearly interest expenses. Only interest bearing loans from financial institutions are included in the calculation. Lease liabilities are not included in the calculation. At the balance sheet date, the Group\u2019s sensitivity to an increase in interest rates of one percentage point was approximately EUR 821 thousand (2024: EUR 238 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__94": { "value": "2025 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -102 | -855 | -3,090 |
EUR/SEK 10% decrease | 125 | 1,044 | 3,777 |
EUR/PLN 10% increase | -63 | -865 | -411 |
EUR/PLN 10% decrease | 77 | 1,057 | 502 |
EUR/CNY 10% increase | -111 | -490 | -162 |
EUR/CNY 10% decrease | 136 | 599 | 198 |
EUR/DKK 10% increase | -72 | -552 | -965 |
EUR/DKK 10% decrease | 88 | 675 | 1,180 |
2024 EUR 1,000 | Effect on profit for the financial year | Effect on other equity items | Effect on goodwill |
EUR/SEK 10% increase | -296 | -783 | -2,842 |
EUR/SEK 10% decrease | 362 | 957 | 3,474 |
EUR/PLN 10% increase | -182 | -792 | -406 |
EUR/PLN 10% decrease | 222 | 967 | 496 |
EUR/CNY 10% increase | -83 | -413 | -176 |
EUR/CNY 10% decrease | 101 | 505 | 215 |
EUR/DKK 10% increase | -140 | -543 | -967 |
EUR/DKK 10% decrease | 171 | 664 | 1,181 |
23.1.3 Financing and liquidity risk
The Group aims to guarantee solid liquidity in all market conditions through efficient cash management. Credit limits tied to cash pool arrangements are used for short-term financing. On the balance sheet date, the Group had EUR 15,920 thousand (EUR 16,082 thousand) of available credit limits, of which none (2024: none) was in use. Refinancing risk is attempted to be minimized by applying a balanced maturity schedule to the loan portfolio, ensuring sufficient maturity of loans, and using several banks as sources of financing. The level of financing is increased through additional loans when necessary.
The Group has financial covenants, which are tied to the equity ratio of the Group and to the debt/EBITDA ratio of the Group, and these mainly apply to all the group loans. In case the Group\u2019s equity ratio at the time of the Financial Statements is below 25 percent or the debt/EBITDA ratio is higher than 3.5, the financer has the right to demand immediate payment of all the Group\u2019s loans. The Group tests loan covenants quarterly. Based on figures from the interim reports and the Consolidated Financial Statements in 2024 and in 2025, the terms of these covenants were not breached, therefore, the loans are classified as long-term to the extent that they mature in more than one year. The Group believes it will comply with the covenant terms for the next 12 months from the reporting date.
To balance the cash effect of the long payment terms typical to design business, the Group sells a part of its key customer receivables to a finance institution. There is no credit risk related to the sold receivables and these receivables are not included in the Consolidated Statement of Financial Position.
The maturity analysis of financial liabilities is based on contractual cash flows in accordance with IFRS standards. The maturity analysis of loans includes both principal and interest. The maturity analysis of lease liabilities is based on undiscounted future lease payments.
Maturity analysis of financial liabilities
2025 EUR 1,000 | Less than 1 year | 1-5 years | More than 5 years |
Borrowings | 41,951 | 42,494 | \u2013 |
Lease liabilities | 10,021 | 11,708 | 1,219 |
Liabilities from acquisitions | - | 638 | \u2013 |
Trade and other payables | 12,649 | 41 | \u2013 |
Total | 64,621 | 54,881 | 1,219 |
2024 EUR 1,000 | Less than 1 year | 1-5 years | More than 5 years |
Borrowings | 29,216 | 51,690 | \u2013 |
Lease liabilities | 11,349 | 10,324 | \u2013 |
Liabilities from acquisitions | 533 | 131 | \u2013 |
Trade and other payables | 13,758 | 176 | \u2013 |
Total | 53,351 | 62,320 | \u2013 |
Liabilities from acquisitions in December 31, 2025 consist of High Vision Engineering Sweden AB deferred payment amount EUR 138 thousand, which will be paid by April 30, 2028 and Novacon Powertrain GmbH purchase price EUR 500 thousand, which will be paid by April 30, 2027.
Reconciliation of cash flow from financing activities and changes in financial liabilities
EUR 1,000 EUR | 2025 | 2024 |
Interest-bearing liabilities Jan 1 | 95,872 | 86,583 |
Financing cash flow | -7,927 | 334 |
Non-monetary changes | ||
Changes in lease agreements | 12,387 | 8,144 |
Loans and lease liabilities assumed in business combinations | 1,702 | 334 |
Translation differences and other changes* | 42 | 476 |
Non-monetary changes, total | 14,131 | 8,954 |
Interest-bearing liabilities Dec 31 | 102,075 | 95,872 |
* In 2024, retention amount from LAE acquisition EUR 500 thousand was reclassified from non-interest bearing liabilities to interest-bearing liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__96": { "value": "23.1.4 Counterparty and credit risk
Financing contracts have the associated risk of the counterparty being unable to fulfill its obligations under the contract. To minimize the counterparty risk financing contracts are concluded with leading Nordic banks that have a good credit rating.
Credit risk related to business operations arises out of a customer\u2019s inability to perform its contractual obligations. A considerable proportion of the Group\u2019s business operations focus on large, financially solid companies that operate internationally. Credit risk is also reduced by the customer companies being divided among several different sectors of operation. The Group aims to ensure that services are sold only to such customers that have an appropriate credit rating. Credit risk is controlled systematically, and overdue sales receivables are assessed on a weekly basis. The Company strives to control the effects of increased financial uncertainty by actively monitoring its receivables and by an efficient debt collection process. The maximum customer credit risk exposure at the end of the financial year is the book value of accounts receivable.
Expected credit loss allowance
To measure expected credit losses the Group applies the IFRS 9 simplified approach which uses a lifetime expected loss allowance for all trade receivables and contract assets including amounts not due. As described in the table below, trade receivables and contract assets are grouped based on shared credit risk
characteristics and the days past due. The measurement of the expected credit losses includes forward-looking information in the form of the estimated growth of the EU gross domestic product. Expected credit losses are considered immaterial overall. In addition to the lifetime expected credit loss allowance, the Group\u2019s management estimates expected credit losses case-by-case basis. As a general rule, the Group recognizes a 50 per cent impairment allowance for receivables that are more than 60 days past due and a 100 per cent impairment allowance for receivables that are more than 90 days past due, unless a case-specific assessment provides a justified reason to deviate from these percentages.
2025 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.0% | 4.0% | 5.1% | |
Trade receivables | 44,966 | 4,580 | 868 | 229 | 202 | 50,846 |
Contract assets | 24,961 | - | - | - | - | 24,961 |
Lifetime expected credit loss allowance | 42 | 3 | 9 | 9 | 10 | 74 |
Case-by-case credit loss allowance | 7 | 7 | ||||
Expected credit loss allowance | 81 | |||||
2024 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.5% | 5.5% | 6.5% | |
Trade receivables | 47,363 | 5,360 | 1,053 | 202 | 840 | 54,818 |
Contract assets | 28,406 | - | - | - | - | 28,406 |
Lifetime expected credit loss allowance | 60 | 6 | 16 | 11 | 55 | 147 |
Case-by-case credit loss allowance | 48 | 48 | ||||
Expected credit loss allowance | 195 |
Movements of the allowance for impairment
EUR 1,000 | 2025 | 2024 |
Expected credit loss allowance Jan 1 | -195 | -85 |
Net reduction (+) / (-) increase in credit loss allowance | 114 | -110 |
Expected credit loss allowance Dec 31 | -81 | -195 |
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__97": { "value": "Expected credit loss allowance
To measure expected credit losses the Group applies the IFRS 9 simplified approach which uses a lifetime expected loss allowance for all trade receivables and contract assets including amounts not due. As described in the table below, trade receivables and contract assets are grouped based on shared credit risk
characteristics and the days past due. The measurement of the expected credit losses includes forward-looking information in the form of the estimated growth of the EU gross domestic product. Expected credit losses are considered immaterial overall. In addition to the lifetime expected credit loss allowance, the Group\u2019s management estimates expected credit losses case-by-case basis. As a general rule, the Group recognizes a 50 per cent impairment allowance for receivables that are more than 60 days past due and a 100 per cent impairment allowance for receivables that are more than 90 days past due, unless a case-specific assessment provides a justified reason to deviate from these percentages.
2025 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.0% | 4.0% | 5.1% | |
Trade receivables | 44,966 | 4,580 | 868 | 229 | 202 | 50,846 |
Contract assets | 24,961 | - | - | - | - | 24,961 |
Lifetime expected credit loss allowance | 42 | 3 | 9 | 9 | 10 | 74 |
Case-by-case credit loss allowance | 7 | 7 | ||||
Expected credit loss allowance | 81 | |||||
2024 | Past due | |||||
EUR 1,000 | Not due | 1-30 d | 31-60 d | 61-90 d | > 90 d | Total |
Expected loss rate | 0.1% | 0.1% | 1.5% | 5.5% | 6.5% | |
Trade receivables | 47,363 | 5,360 | 1,053 | 202 | 840 | 54,818 |
Contract assets | 28,406 | - | - | - | - | 28,406 |
Lifetime expected credit loss allowance | 60 | 6 | 16 | 11 | 55 | 147 |
Case-by-case credit loss allowance | 48 | 48 | ||||
Expected credit loss allowance | 195 |
Movements of the allowance for impairment
EUR 1,000 | 2025 | 2024 |
Expected credit loss allowance Jan 1 | -195 | -85 |
Net reduction (+) / (-) increase in credit loss allowance | 114 | -110 |
Expected credit loss allowance Dec 31 | -81 | -195 |
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__98": { "value": "23.2 Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets. Consistent with other companies in the industry, the Group monitors capital on the basis of the net gearing ratio. This ratio is calculated as net debt divided by equity. Net debt is calculated as total gross interest-bearing debt less cash and cash equivalents. To ensure sufficient flexibility, the goal is to keep the net gearing ratio within 30-100 percent. The following table sets out the Group\u2019s net gearing ratio:
EUR 1,000 | 2025 | 2024 |
Gross interest-bearing debt | 102,011 | 95,872 |
Less: Cash and cash equivalents | -30,366 | -25,241 |
Net debt | 71,645 | 70,631 |
Total equity | 122,142 | 117,803 |
Net gearing ratio | 58.7% | 60.0% |
24. Financial instruments by measurement category
Financial assets 2025 EUR 1,000 | Note | Amortized cost | Fair value through OCI | Book value total |
Quoted and unquoted shares | 24 | 6,694 | 6,694 | |
Trade and other receivables | 22 | 51,146 | 51,146 | |
Cash and cash equivalents | 30,366 | 30,366 | ||
Financial assets Dec 31 | 81,512 | 6,694 | 88,207 | |
Financial liabilities 2025 EUR 1,000 | Note | Amortized cost | Fair value through profit and loss | Book value total |
Loans from financial institutions | 26 | 80,382 | 80,382 | |
Lease liabilities | 26 | 21,694 | 21,694 | |
Liabilities from acquisitions | 16.27 | 638 | 638 | |
Trade and other payables | 28 | 12,690 | 12,690 | |
Financial liabilities Dec 31 | 114,765 | 638 | 115,403 | |
Financial assets 2024 EUR 1,000 | Note | Amortized cost | Fair value through OCI | Book value total |
Quoted and unquoted shares | 24 | 9,534 | 9,534 | |
Trade and other receivables | 22 | 55,893 | 55,893 | |
Cash and cash equivalents | 25,241 | 25,241 | ||
Financial assets Dec 31 | 81,134 | 9,534 | 90,668 | |
Financial liabilities 2024 EUR 1,000 | Note | Amortized cost | Fair value through profit and loss | Book value total |
Loans from financial institutions | 26 | 76,161 | 76,161 | |
Lease liabilities | 26 | 19,211 | 19,211 | |
Liabilities from acquisitions | 16.27 | 663 | 663 | |
Trade and other payables | 28 | 13,803 | 13,803 | |
Financial liabilities Dec 31 | 109,175 | 663 | 109,838 |
The fair values of financial instruments materially correspond to their book values.
Fair value hierarchy
The tables below analyze financial instruments carried at fair value, by valuation method. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly as prices or indirectly, derived from prices.
Level 3: Unobservable inputs that are not based on observable market data.
Financial assets recognized at fair value through OCI
Financial assets measured at fair value through other comprehensive income (Level 3) consist of the investments in Ekkono and BJIT. The valuation method is based on completed transactions and an external valuation. During the financial year 2025, an impairment of EUR 4.2 million was recognized in the fair value of the investment. Etteplan\u2019s ownership in these shares has not changed during the financial year.
2025 EUR 1,000 | Quoted shares (Level 1) | Premises shares (Level 2) | Unquoted shares and loan receivables (Level 3) | Total |
Opening balance at Jan 1 | 205 | 120 | 10,125 | 10,450 |
Investments in shares | - | - | 98 | 98 |
Gain/loss recognized in other comprehensive income | 8 | - | -4,244 | -4,237 |
Translation differences | - | - | 383 | 383 |
Closing balance Dec 31 | 213 | 120 | 6,361 | 6,694 |
2024 EUR 1,000 | Quoted shares (Level 1) | Premises shares (Level 2) | ||
Unquoted shares and loan receivables (Level 3) | Total | |||
Opening balance at Jan 1 | 199 | 120 | 3,019 | 3,339 |
Investments in shares\u00b9 | - | - | 7,176 | 7,176 |
Gain/loss recognized in other comprehensive income | 6 | - | -8 | -2 |
Translation differences | - | - | -63 | -63 |
Closing balance Dec 31 | 205 | 120 | 10,125 | 10,450 |
\u00b9 Investment in BJIT shares.
Financial liabilities recognized at fair value through profit or loss
Contingent liability in acquisitions (Level 3) EUR 1,000 | 2025 | 2024 |
Opening balance at Jan 1 | - | 100 |
Additions | 616 | - |
Revaluation | - | 83 |
Translation difference | 6 | - |
Payment | - | -183 |
Closing balance Dec 31 | 622 | - |
Additional information regarding contingent liabilities in acquisitions is provided in note 16 Business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__100-1": { "value": "24. Financial instruments by measurement category
Financial assets 2025 EUR 1,000 | Note | Amortized cost | Fair value through OCI | Book value total |
Quoted and unquoted shares | 24 | 6,694 | 6,694 | |
Trade and other receivables | 22 | 51,146 | 51,146 | |
Cash and cash equivalents | 30,366 | 30,366 | ||
Financial assets Dec 31 | 81,512 | 6,694 | 88,207 | |
Financial liabilities 2025 EUR 1,000 | Note | Amortized cost | Fair value through profit and loss | Book value total |
Loans from financial institutions | 26 | 80,382 | 80,382 | |
Lease liabilities | 26 | 21,694 | 21,694 | |
Liabilities from acquisitions | 16.27 | 638 | 638 | |
Trade and other payables | 28 | 12,690 | 12,690 | |
Financial liabilities Dec 31 | 114,765 | 638 | 115,403 | |
Financial assets 2024 EUR 1,000 | Note | Amortized cost | Fair value through OCI | Book value total |
Quoted and unquoted shares | 24 | 9,534 | 9,534 | |
Trade and other receivables | 22 | 55,893 | 55,893 | |
Cash and cash equivalents | 25,241 | 25,241 | ||
Financial assets Dec 31 | 81,134 | 9,534 | 90,668 | |
Financial liabilities 2024 EUR 1,000 | Note | Amortized cost | Fair value through profit and loss | Book value total |
Loans from financial institutions | 26 | 76,161 | 76,161 | |
Lease liabilities | 26 | 19,211 | 19,211 | |
Liabilities from acquisitions | 16.27 | 663 | 663 | |
Trade and other payables | 28 | 13,803 | 13,803 | |
Financial liabilities Dec 31 | 109,175 | 663 | 109,838 |
The fair values of financial instruments materially correspond to their book values.
Financial assets measured at fair value through other comprehensive income (Level 3) consist of the investments in Ekkono and BJIT. The valuation method is based on completed transactions and an external valuation. During the financial year 2025, an impairment of EUR 4.2 million was recognized in the fair value of the investment. Etteplan\u2019s ownership in these shares has not changed during the financial year.
2025 EUR 1,000 | Quoted shares (Level 1) | Premises shares (Level 2) | Unquoted shares and loan receivables (Level 3) | Total |
Opening balance at Jan 1 | 205 | 120 | 10,125 | 10,450 |
Investments in shares | - | - | 98 | 98 |
Gain/loss recognized in other comprehensive income | 8 | - | -4,244 | -4,237 |
Translation differences | - | - | 383 | 383 |
Closing balance Dec 31 | 213 | 120 | 6,361 | 6,694 |
2024 EUR 1,000 | Quoted shares (Level 1) | Premises shares (Level 2) | ||
Unquoted shares and loan receivables (Level 3) | Total | |||
Opening balance at Jan 1 | 199 | 120 | 3,019 | 3,339 |
Investments in shares\u00b9 | - | - | 7,176 | 7,176 |
Gain/loss recognized in other comprehensive income | 6 | - | -8 | -2 |
Translation differences | - | - | -63 | -63 |
Closing balance Dec 31 | 205 | 120 | 10,125 | 10,450 |
\u00b9 Investment in BJIT shares.
Financial liabilities recognized at fair value through profit or loss
Contingent liability in acquisitions (Level 3) EUR 1,000 | 2025 | 2024 |
Opening balance at Jan 1 | - | 100 |
Additions | 616 | - |
Revaluation | - | 83 |
Translation difference | 6 | - |
Payment | - | -183 |
Closing balance Dec 31 | 622 | - |
Additional information regarding contingent liabilities in acquisitions is provided in note 16 Business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__101": { "value": "Fair value hierarchy
The tables below analyze financial instruments carried at fair value, by valuation method. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly as prices or indirectly, derived from prices.
Level 3: Unobservable inputs that are not based on observable market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "Financial liabilities recognized at fair value through profit or loss
Contingent liability in acquisitions (Level 3) EUR 1,000 | 2025 | 2024 |
Opening balance at Jan 1 | - | 100 |
Additions | 616 | - |
Revaluation | - | 83 |
Translation difference | 6 | - |
Payment | - | -183 |
Closing balance Dec 31 | 622 | - |
Additional information regarding contingent liabilities in acquisitions is provided in note 16 Business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "25. Equity
Shareholder\u2019s equity
Shareholders\u2019 equity consists of share capital, share premium account, unrestricted equity fund, own shares, cumulative translation adjustment, other reserves and retained earnings. Share premium account contains the emission gain from the original stock listing as well as funds raised in bonus issues. Unrestricted equity fund includes funds raised in share issues, which the board has decided to record in the Unrestricted equity fund with the authorization of the general meeting. Translation differences contain translation differences arising from the conversion of financial statements of foreign units and the foreign subsidiary net investment hedge. The aggregate amount of the net investment hedge (EUR 149 thousand) related to the Swedish unit is recorded in the profit and loss statement upon disposal of the unit. Other reserves include the fair value reserve, which consists of fair value adjustments of investments at fair value through other comprehensive income, amounting to EUR 3,343 thousand (EUR 70 thousand). The aggregate amount of fair value adjustments are recorded in Retained earnings upon disposal of the investments.
Share and share capital
Etteplan Oyj has one series of shares. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The fully paid and registered share capital of the Company at the end of the financial year was EUR 5,000,000 and the number of shares was 25,350,793 (25,350,793). No changes in share capital occurred during the financial year. The Company has one series of shares. Each share entitles its holder to one vote in the shareholders\u2019 meeting and gives an equal right to dividends.
Shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. The share has no nominal value and there is no maximum number of shares. All issued shares are fully paid.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the equity holders of the Parent Company.
The number of company-held shares at the end of the financial year was 100,921 (100,921).
The Board of Directors\u2019 authorization to acquire and dispose own shares and to increase the share capital through a rights issue is disclosed in the Board of directors\u2019 review.
A liability is recognized for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
The Board of Directors has proposed to the Annual General Meeting a dividend of EUR 0.22 to be paid per share for the financial year 2025. For the financial year 2024 dividend of EUR 0.22 was paid.
Share and share capital
Etteplan Oyj has one series of shares. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The fully paid and registered share capital of the Company at the end of the financial year was EUR 5,000,000 and the number of shares was 25,350,793 (25,350,793). No changes in share capital occurred during the financial year. The Company has one series of shares. Each share entitles its holder to one vote in the shareholders\u2019 meeting and gives an equal right to dividends.
Shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. The share has no nominal value and there is no maximum number of shares. All issued shares are fully paid.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the equity holders of the Parent Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__109": { "value": "Shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker. The share has no nominal value and there is no maximum number of shares. All issued shares are fully paid.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the equity holders of the Parent Company.
The number of company-held shares at the end of the financial year was 100,921 (100,921).
The Board of Directors\u2019 authorization to acquire and dispose own shares and to increase the share capital through a rights issue is disclosed in the Board of directors\u2019 review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__110": { "value": "A liability is recognized for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
The Board of Directors has proposed to the Annual General Meeting a dividend of EUR 0.22 to be paid per share for the financial year 2025. For the financial year 2024 dividend of EUR 0.22 was paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__111": { "value": "0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s6__6__112": { "value": "0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s6__6__114": { "value": "26. Interest-bearing liabilities
Loans from financial institutions
Analysis by currency
EUR 1,000 | 2025 | 2024 |
Non-current loans from financial institutions | ||
EUR | 40,855 | 49,473 |
Total | 40,855 | 49,473 |
Current loans from financial institutions | ||
EUR | 39,463 | 26,688 |
Total | 39,463 | 26,688 |
Covenant loans amount to EUR 80,075 thousand (EUR 75,850 thousand) on the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__118": { "value": "Covenant loans amount to EUR 80,075 thousand (EUR 75,850 thousand) on the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutNoncurrentLiabilitiesWithCovenantsExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__119": { "value": "27. Other non-current liabilities
EUR 1,000 | 2025 | 2024 |
Liability from acquisitions | 622 | 131 |
Other non-current liabilities | 41 | 45 |
Total | 663 | 176 |
27. Other non-current liabilities
EUR 1,000 | 2025 | 2024 |
Liability from acquisitions | 622 | 131 |
Other non-current liabilities | 41 | 45 |
Total | 663 | 176 |
28. Trade and other payables
EUR 1,000 | 2025 | 2024 |
Trade payables | 12,649 | 13,758 |
Accrued liabilities | 30,740 | 32,564 |
Tax payables | 15,323 | 14,488 |
Liability from acquisitions | - | 533 |
Total | 58,713 | 61,343 |
Main items included in accrued expenses and income
EUR 1,000 | 2025 | 2024 |
Interest liabilities | 705 | 451 |
Accrued employee benefits expenses | 27,368 | 29,309 |
Other accrued expenses and income | 2,667 | 2,804 |
Total | 30,740 | 32,564 |
Analysis by currency
EUR 1,000 | 2025 | 2024 |
EUR | 41,226 | 43,871 |
SEK | 13,277 | 12,502 |
CNY | 1,176 | 1,301 |
PLN | 1,596 | 1,735 |
DKK | 1,390 | 1,802 |
Other currencies | 48 | 133 |
Total | 58,713 | 61,343 |
EUR 1,000 | 2025 | 2024 |
Interest liabilities | 705 | 451 |
Accrued employee benefits expenses | 27,368 | 29,309 |
Other accrued expenses and income | 2,667 | 2,804 |
Total | 30,740 | 32,564 |
29. Pledges, mortgages and guarantees
EUR 1,000 | 2025 | 2024 |
Business mortgages | 320 | 320 |
Pledged shares | 120 | 120 |
Other contingencies | 798 | 1,007 |
Total | 1,238 | 1,447 |
29. Pledges, mortgages and guarantees
EUR 1,000 | 2025 | 2024 |
Business mortgages | 320 | 320 |
Pledged shares | 120 | 120 |
Other contingencies | 798 | 1,007 |
Total | 1,238 | 1,447 |
30. Related-party transactions
The Group\u2019s related party includes such persons that have control, joint control or significant influence over the Group. Also, the Group\u2019s key management personnel is included in the related party. Key management personnel refers to persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. Key management personnel also include individuals who are part of the management of the Group\u2019s ultimate parent company, Ingman Group Oy Ab. Ingman Group Oy Ab is the ultimate controlling party, and it belongs to the Group\u2019s related party alongside with its\u2019 group companies and associate companies. Spouses and dependants of the aforementioned persons, as well as entities under their control or joint control, are also considered related parties. Related party transactions are conducted in accordance with the Group\u2019s normal, market-based pricing policies and purchasing terms.
Group companies Dec 31, 2025
Company | Domicile | Group's / Parent company's holding |
Parent company Etteplan Oyj | Espoo, Finland | |
Etteplan Germany GmbH | Leverkusen, Germany | 100% / 100% |
Etteplan Deutschland GmbH | Neukirchen-Vlyun, Germany | 100% / 0% |
Etteplan Defense GmbH | Koblenz, Germany | 100% / 0% |
Etteplan Finland Oy | Espoo, Finland | 100% / 100% |
Etteplan Poland sp.z.o.o. | Wroclaw, Poland | 100% / 0% |
Etteplan Sweden AB | V\u00e4ster\u00e5s, Sweden | 100% / 100% |
Etteplan Technology Center Ltd. | Kunshan, China | 100% / 0% |
Etteplan Consulting (Shanghai) Co., Ltd. | Shanghai, China | 100% / 100% |
Etteplan B.V. | Eindhoven, the Netherlands | 100% / 100% |
Etteplan Netherlands B.V. | Eindhoven, the Netherlands | 100% / 0% |
Etteplan USA Inc. | Austin (TX), USA | 100% / 0% |
Etteplan Denmark A/S | Herlev, Denmark | 100% / 100% |
Etteplan Engineering GmbH* | Affalterbach, Germany | 100% / 100% |
Eltech Automation i Lund AB | Lomma, Sweden | 100% / 100% |
* The company was previously named Novacon Powertrain GmbH. The name was changed during the financial year to Etteplan Engineering GmbH.
The following group companies have been merged in 2025
Company | Domicile | Merged to |
STRONGIT ApS | Gr\u00e5sten, Denmark | Etteplan Denmark A/S |
STRONGIT Kobenhavn ApS | Ballerub, Denmark | Etteplan Denmark A/S |
MoTech GmbH | Stuttgart, Germany | Etteplan Engineering GmbH |
High Vision Engineering AB | G\u00f6teborg, Sweden | Etteplan Sweden AB |
Syncore Technologies AB | Link\u00f6ping, Sweden | Etteplan Sweden AB |
AFFRA AB | G\u00f6teborg, Sweden | Etteplan Sweden AB |
The following transactions were carried out with related parties
EUR 1,000 | 2025 | 2024 |
Sales and purchases of services and related receivables and payables | ||
Sales of services to other related parties | 36 | 36 |
Purchases of services from other related parties | 36 | 36 |
Key management compensation
Key management of Etteplan Oyj includes the Board of Directors, CEO and Management Group.
Salaries, fees and fringe benefits paid to management
EUR 1,000 | 2025 | 2024 |
Members of the Board | 365 | 348 |
CEO | 626 | 635 |
Other members of the Management Group | 1,958 | 2,010 |
Total | 2,949 | 2,992 |
Fees paid to the members of the Board
EUR 1,000 | 2025 | 2024 |
Members of the Board | ||
Robert Ingman, Chairman of the Board | 99 | 92 |
Matti Huttunen, until Apr 8, 2025 | 16 | 49 |
P\u00e4ivi Lindqvist, until Apr 8, 2025 | 16 | 51 |
Leena Saarinen, until Apr 9, 2024 | - | 11 |
Mikko Tepponen | 53 | 47 |
Sonja Sarasvuo | 52 | 48 |
Tomi Ristim\u00e4ki | 52 | 48 |
Outi Henriksson | 40 | - |
Katri Piirtola | 38 | - |
Total | 365 | 348 |
Salaries, fees, and other benefits paid to the CEO and the other members of the Management Group
CEO Juha N\u00e4kki | Other members of the Management group | |||
EUR 1,000 | 2025 | 2024 | 2025 | 2024 |
Short-term employee benefits | 536 | 544 | 1,637 | 1,685 |
Post-employment benefits | 90 | 91 | 321 | 324 |
Management compensation total | 626 | 635 | 1,958 | 2,010 |
The Annual General Meeting annually resolves the remuneration for the members of the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__47": { "value": "The Group\u2019s related party includes such persons that have control, joint control or significant influence over the Group. Also, the Group\u2019s key management personnel is included in the related party. Key management personnel refers to persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. Key management personnel also include individuals who are part of the management of the Group\u2019s ultimate parent company, Ingman Group Oy Ab. Ingman Group Oy Ab is the ultimate controlling party, and it belongs to the Group\u2019s related party alongside with its\u2019 group companies and associate companies. Spouses and dependants of the aforementioned persons, as well as entities under their control or joint control, are also considered related parties. Related party transactions are conducted in accordance with the Group\u2019s normal, market-based pricing policies and purchasing terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__129": { "value": "Ingman Group Oy Ab", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__127": { "value": "Group companies Dec 31, 2025
Company | Domicile | Group's / Parent company's holding |
Parent company Etteplan Oyj | Espoo, Finland | |
Etteplan Germany GmbH | Leverkusen, Germany | 100% / 100% |
Etteplan Deutschland GmbH | Neukirchen-Vlyun, Germany | 100% / 0% |
Etteplan Defense GmbH | Koblenz, Germany | 100% / 0% |
Etteplan Finland Oy | Espoo, Finland | 100% / 100% |
Etteplan Poland sp.z.o.o. | Wroclaw, Poland | 100% / 0% |
Etteplan Sweden AB | V\u00e4ster\u00e5s, Sweden | 100% / 100% |
Etteplan Technology Center Ltd. | Kunshan, China | 100% / 0% |
Etteplan Consulting (Shanghai) Co., Ltd. | Shanghai, China | 100% / 100% |
Etteplan B.V. | Eindhoven, the Netherlands | 100% / 100% |
Etteplan Netherlands B.V. | Eindhoven, the Netherlands | 100% / 0% |
Etteplan USA Inc. | Austin (TX), USA | 100% / 0% |
Etteplan Denmark A/S | Herlev, Denmark | 100% / 100% |
Etteplan Engineering GmbH* | Affalterbach, Germany | 100% / 100% |
Eltech Automation i Lund AB | Lomma, Sweden | 100% / 100% |
* The company was previously named Novacon Powertrain GmbH. The name was changed during the financial year to Etteplan Engineering GmbH.
The following group companies have been merged in 2025
Company | Domicile | Merged to |
STRONGIT ApS | Gr\u00e5sten, Denmark | Etteplan Denmark A/S |
STRONGIT Kobenhavn ApS | Ballerub, Denmark | Etteplan Denmark A/S |
MoTech GmbH | Stuttgart, Germany | Etteplan Engineering GmbH |
High Vision Engineering AB | G\u00f6teborg, Sweden | Etteplan Sweden AB |
Syncore Technologies AB | Link\u00f6ping, Sweden | Etteplan Sweden AB |
AFFRA AB | G\u00f6teborg, Sweden | Etteplan Sweden AB |
31. Events after the balance sheet date
After the end of the financial year, Etteplan initiated change negotiations on February 10, 2026, within its Software and Embedded Solutions service area in Finland. The change negotiations concerned all employees in the service area in Finland, totaling 336 employees. The change negotiations were concluded on March 13, 2026. As a result of the negotiations, the company has decided to terminate the employment of up to 28 employees, with the terminations intended to be implemented by March 31, 2026. In addition, the company will temporarily or indefinitely lay off 35 employees until further notice. The aim of the change negotiations was to adjust the operations of the service area to the challenging market situation and weakened demand, as well as to align the service area\u2019s competence base with structural changes in the industry. The overall financial impact of the one-off costs arising from the change negotiations and the future cost savings cannot be reliably estimated at the time of preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7437006I5533R06JU690", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }