Report by the
Board of Directors and
Financial Statements 2025
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Parent company financial
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Parent company profit & loss
statement
50
Parent company balance sheet 51
Parent company cash flow
statement
52
Notes to parent company
financial statements
53
Signatures to the financial
statements and review of
operations
61
Auditor's note 61
Report by the Board
of Directors
Consolidated financial
statements
Auditor's report
Report by the Board
of Directors
3
Key figures 15
Consolidated comprehensive
profit & loss statement
19
Consolidated balance sheet 20
Consolidated cash flow statement 21
Consolidated statement of
changes in equity
22
Notes to the consolidated
financial statements
23 Auditor's report 63
Report by the
Board of Directors
January 1–December 31, 2025
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025 3
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Revenio is a global provider of
comprehensive eye care solutions, a
leading company for ophthalmological
devices and software solutions.
Revenio’s objective is to raise the quality
of clinical diagnostics with the help of
product innovations and to streamline
clinical care pathways with connected
and predictive eye care solutions.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
4REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Revenio’s ophthalmic diagnostic solutions include in-
traocular pressure (IOP) measurement devices (tonom-
eters), fundus imaging devices, microperimeters and
perimeters as well as clinical software under the iCare
brand. iCare Solutions provide digital clinical tools that
drive greater efficiency and enhance quality in eye care.
iCare is a trusted partner in eye diagnostics, providing
fast, user-friendly, and reliable tools for diagnosing
glaucoma, diabetic retinopathy, and macular degenera-
tion (AMD).
The Revenio Group comprises Revenio Group
Corporation, Icare Finland Oy, Icare USA Inc., Revenio
Italy S.R.L, CenterVue SpA, Revenio Australia Pty
Ltd, Icare World Australia Pty Ltd, CT Operations
International UK Ltd, China iCare Medical Technology
Co. Ltd, and Thirona Retina B.V.
Strategy
During the 2024–2026 strategy period, Revenio’s prima-
ry objective is to improve the quality of clinical diag-
nostics and enhance care pathways through product
innovation as well as software and AI-driven solutions.
The Group is developing new solutions to support the
screening, prevention and diagnosis of eye diseases.
As the prevalence of vision-threatening diseases in-
creases, the focus is shifting toward integrated and
preventive eye care. The foundation for profitable
growth lies in a best-in-class offering, a global team of
professionals, uncompromising quality, customer-cen-
tricity, and strong strategic channels and partnerships.
Leveraging these strengths, Revenio aims to achieve
sustainable and profitable growth above market levels
during the strategy period.
The cornerstones of the updated
strategy of Revenio for 2024–2026 are:
1. Improve the quality of clinical diagnostics
with targeted product innovations
2. Optimize clinical care pathways with
connected and predictive solutions
3. Enhance customer focus in operations & sales
4. Continue to develop People & Culture as a
foundational strength
5. Continue sustainable and profitable growth
With these strengths, Revenio aims to achieve growth
that is faster, sustainable, and profitable than the mar-
ket during the strategy period. At the end of the strate-
gy period, the company will host a Capital Markets Day
(CMD) in autumn 2026, where it will present an update
on its strategy and outline the next strategy period for
2027–2030.
Development of business operations and
the operating environment in 2025
Net sales developed favorably in January–December
– reported net sales amounted to EUR 109.7 (103.5)
million, an increase of 6.0%. The development of sales
adjusted for exchange rate effects in 2025 was at a
good level, growing by 9.1% year-on-year.
Sales of intraocular pressure measuring devices, or
tonometers, were good during 2025. In particular,
sales of the iCare IC200 tonometer were strong during
2025. iCare HOME2 tonometer performed well. iCare
TONOVET Pro and iCare TONOVET Pet for veterinary use
performed very strongly during 2025.
In fundus imaging devices, iCare DRSplus in particular,
performed strongly during 2025. During the financial
year, we started sales of the new iCare MAIA micro-
perimeter and launched the cloud-based iCare ALTIUS
eye health information management solution in the
United States. Sales of the iCare MAIA microperimeter
performed well in the final quarter of the year, and the
device’s reception in the market has been extremely
promising.
Continuous business, such as sales of software licens-
es, service contracts, and probes, already accounted for
nearly one-third of our net sales during the year, and
Revenio expects its share to grow in the future.
Profitability was good in January-December – operating
profit was EUR 25.4 (25.0) million, representing 23.2%
of net sales. Changes in the USD/EUR exchange rate
had a negative impact on net sales and profit in 2025.
Operating profit adjusted for non-recurring expenses
amounted to EUR 26.5 (26.0) million, representing 24.2
(25.1)% of net sales.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
5REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
iCare Screening Solutions developed strongly during the
year and expanded into several new markets. Net sales
generated by software solutions increased significantly
and the number of customer sites using iCare ILLUME
was already nearly 350 in Europe and measurement
volumes more than doubled year-on-year. The core
of the iCare Screening Solution, the AI-based iCare
RETCAD, was launched earlier this year as part of the
iCare ILLUME range and integrated into the iCare brand.
The screening solution supports the early detection of
eye diseases and strengthens the clinical effectiveness
of the screening process. The company’s distribution
network expanded, particularly in EMEA and LATAM, and
it won new national screening programs in the Middle
East and Central and Northern Europe, among others.
In addition, the introduction of iCare ILLUME Connect
strengthens the collaboration with opticians, clinics and
ophthalmologists and clearly differentiates the iCare
Screening Solution from other solutions on the market.
The strong development of iCare Screening Solutions
also supported the very strong growth in sales of iCare
DRSplus imaging devices. The iCare Screening Solution
is currently in the marketing authorization process
for the US market and clinical trials began in the last
quarter of the year. Based on the current assessment,
the process-related cost impacts are expected to start
materializing in 2026.
Artificial intelligence is becoming a key factor in the
transformation of eye care, with the growing need for
care and the simultaneous shortage of professionals
calling for more efficient solutions. The AI-powered
screening and software solutions facilitate the efficient
processing of large patient volumes, support clinical
decision-making and help to allocate scarce expert
resources to the most demanding cases. The compre-
hensive approach that merges hardware, software and
AI into seamless end-to-end solutions and leverages
the company’s extensive AI partner network, supports
the efficiency of care pathways, improves the quality of
diagnostics and allows to build scalable and sustain-
able business models globally.
Revenio is constantly exploring opportunities to expand
its product portfolio through either its own product de-
velopment or acquisitions that fit the company’s strat-
egy, and Revenio sees significant long-term potential in
new products, software and the use of AI.
The competitive advantage of Revenio’s product port-
folio is built on four cornerstones: diagnostic reliability
and repeatability of results, patient-centric solutions,
seamless connectivity and efficient care pathways. The
software solutions are designed to seamlessly integrate
with wider eye care ecosystems.
The availability and delivery capability of Revenio’s
products and solutions remained at a high level
throughout the financial year, and the company con-
tinued to develop quality in all product categories.
During the financial year, the awareness and customer
experience of the iCare brand was invested in and new
distribution channels were built outside of eye health
for the screening business. In addition, management
development programs were completed, and a prod-
uct-oriented operating model (POM) was introduced to
strengthen customer orientation and agile cooperation.
The competitive product and solution offering lays
down a strong foundation for sustainable and profitable
growth and the ability to continue to perform strongly
as one of the leading companies in the industry.
Revenio has continued the determined development
of its sustainability efforts. Although Revenio is not
required to report in accordance with the Corporate
Sustainability Reporting Directive (CSRD) due to the
change in EU regulation, the key focus areas of its
sustainability work remain unchanged. The double
materiality assessment carried out earlier continues
to provide a good basis for promoting sustainability
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
6REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
work, and its material topics are aligned with strategy
and the previous sustainability program. Revenio will
continue to systematically consider sustainability-relat-
ed risks, opportunities and impacts as part of business
development.
The global need for eye care is increasing as popula-
tions age, lifestyle related diseases such as diabetes
become more prevalent. At the same time, a declining
number of eye care professionals is placing grow-
ing pressure on healthcare systems, highlighting the
importance of comprehensive and intelligent eye care
solutions that enable more efficient screening, preven-
tion and diagnosis while helping reduce the burden on
healthcare and improve quality of life worldwide. In
parallel, the eye care industry is undergoing consolida-
tion, which is an important structural trend shaping the
future development of the sector.
Revenio has demonstrated its ability to grow profitably
and sustainably for more than a decade, and the goal
is to continue on this path in the future. Revenio is
strongly positioned in the industry, supported by strong
structural long-term growth drivers and a high entry
threshold. The company is at the forefront of develop-
ing a new generation of solutions that combine tech-
nology, artificial intelligence and patient-oriented care.
This provides significant growth opportunities in the
years to come.
Despite the tense geopolitical environment and the
ongoing uncertainty associated with it, the company
has strong confidence in the company’s ability to nav-
igate the changing conditions and continue profitable
growth. Financial guidance for 2026 reflects confidence
in the strong growth of Revenio’s business, competitive
product and solution offering and the consistent imple-
mentation of the strategy.
Net sales, profitability, and profit
Revenio Group’s net sales January 1–December 31, 2025
was EUR 109.7 (103.5) million. Net sales increased by
6.0%. The currency-adjusted increase of net sales was
9.1%, or 3.2%-points stronger than the reported growth.
EBITDA was EUR 29.9 (30.2) million, or 27.3% of net
sales, down by 1.1%.
The Group’s operating profit in January–December was
EUR 25.4 (25.0) million, up by 1.4%. The adjusted oper-
ating profit was EUR 26.5 (26.0) million, or 24.2% of net
sales, up by 2.3%.
Profit before taxes was EUR 22.8 (24.6) million, down by
7.3% year-on-year.
Earnings per share came to EUR 0.655 (0.695). Equity
per share came to EUR 4.30 (4.04).
Balance sheet, financial position and
cash flow
The Group’s balance sheet total totaled EUR 150.6
(141.3) million on December 31, 2025. The value of
goodwill on the balance sheet totaled EUR 62.9 (63.3)
million on December 31, 2025.
The Group’s equity was EUR 114.7 (107.7) million. The
Group’s net debt at the end of the period totaled EUR
-15.3 (-7.9) million, and net gearing was -13.3 (-7.3)%.
The Group’s equity ratio was 76.1 (76.2)%. The Group’s
liquid assets at the end of the financial period on
December 31, 2025 totaled EUR 26.2 (20.7) million. Cash
flow from operations totaled EUR 30.2 (23.9) million.
More efficient working capital management and lower
tax payments compared to the previous year particu-
larly influenced the positive development of cash flow
from operating activities during the financial period.
Personnel and management
On December 31, 2025, the members of the Leadership
Team of Revenio Group were
• CEO Jouni Toijala
• Vice President, Sales John Floyd
• Vice President, Quality Heli Huopaniemi
• Vice President, Operations Ari Isomäki
• CFO Robin Pulkkinen
• Vice President, R&D Marco Rizzardo
• Vice President, Products, Brand and
Marketing Erkki Tala
• Vice President, Strategy and
Business Development Kate Taylor
• Vice President, People & Culture Hanna Vuornos
As reported on December 18, 2025, CFO and member
of the Leadership Team, Robin Pulkkinen, has resigned
from his position to take on a role outside the com-
pany. He will continue working at Revenio during his
notice period and will leave the company on April 30,
2026.
As announced on January 15, 2026, Kate Taylor, VP,
Strategy and Business Development and a member of
the Leadership Team, stepped down from her position
on January 31, 2026.
At the end of the year the number of employees was
247 (241).
AVERAGE NUMBER OF PERSONNEL
DURING THE FINANCIAL YEAR
JAN-DEC/2025 JAN-DEC/2024
Revenio Group 248 229
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
7REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
SUMMARY OF TRADING ON NASDAQ HELSINKI
January 1–December 31, 2025
JANUARY–
DECEMBER
2025
TURNOVER,
NUMBER OF
SHARES
VALUE
TOTAL, EUR
HIGHEST,
EUR
LOWEST,
EUR
AVERAGE
PRICE, EUR
LATEST,
EUR
REG1V 5,593,960 140,180,916 31.88 21.35 25.06 22.40
DEC 31, 2025 DEC 31, 2024
Market value, EUR 597,656,998 709,184,063
Number of shareholders 21,874 22,902
Shares, share capital, and management
and employee holdings
On December 31, 2025, Revenio Group Corporation’s
fully paid-up share capital registered with the Trade
Register was EUR 5,314,918.72 and the number of shares
totaled 26,681,116.
The Company has one class of shares, and all shares
confer the same voting rights and an equal right to
dividends and the Company’s funds. On December 31,
2025, members of the Board of Directors, the CEO, the
Leadership team members, and their related parties
held 0.26% of the Company’s shares, or 69,990 shares.
The Company did not buy back any of its shares during
the financial period. At the end of the financial period,
the Company held 77,691 of its own shares.
In late 2015, the employees of Revenio Group working
in Finland established a personnel fund, into which
any bonuses earned by employees through incentive
schemes can be paid. This arrangement is widely used.
The Annual General Meeting of April 10, 2025, decided
that approximately 40% of Board members' emolument
will be settled in the form of Company shares.
The valid authorizations of the Board of Directors relat-
ing to repurchase and issuance of shares are presented
in the section on the Annual General Meeting.
Share incentive plans
Revenio Group Corporation’s Board of Directors has
decided on the three-year performance periods of the
performance- based long-term share-based incen-
tive plans for the company's key personnel, that are
effect during the financial year 2025, on August 2023
(PSP 2023-2025), March 2024 (PSP 2024-2026) and May
2025 (PSP 2025-2027). Long-term performance-based
share plans form part of the Company's remuneration
program for key personnel and are aimed at supporting
the implementation of the Company's strategy and har-
monizing the objective of key personnel and Company
shareholders in growing shareholder value. Based on
the ended earning period of the share-based incentive
plan 2022-2024 (PSP 2022-2024), no shares were trans-
ferred to the Company's key personnel participating in
the plan.
In addition, if certain conditions are met, the CEO was
entitled to a restricted share plan (RSP 2021-2023) un-
der which the CEO would be entitled to receive a total
of 3,000 shares in three installments of the Company.
This number of shares represents gross earnings, from
which the portion required to cover the taxes aris-
ing from the share plan and other possible applicable
tax-related payments is deducted. The last installment
of the share plan, 400 shares, was transferred to the
CEO in April 2025.
The Board of Directors decided on March 2024 on the
establishment of a new individual restricted share plan
structure (RSP 2024-2026) which is intended to be
used as a complementary share-based retention plan
for the Company's key personnel. The total earnings
of the participants in the RSP 2024–2026 share-based
incentive plan amounted to 4,180 shares. After taxes
and other possible tax-related charges, a total of 2,072
treasury shares were transferred in April 2025 in a
directed share issue without payment, relating to the
2024 earning period.
Information on the remuneration schemes currently
used in Revenio Group can be found at the Company’s
website at: www.reveniogroup.fi/en/investors
/corporate_governance/remuneration
Trading on Nasdaq Helsinki
During the period January 1–December 31, 2025,
Revenio Group Corporation’s share turnover on the
Nasdaq Helsinki exchange totaled EUR 140.2 (135.7) mil-
lion, representing 5.6 (4.8) million shares or 21.0 (18.1) %
of all shares outstanding. The highest transaction price
was EUR 31.88 (35.84) and the lowest was EUR 21.35
(23.36). The closing price at the end of the financial
period was EUR 22.40 (26.58) and the weighted average
price for the financial period was EUR 25.06 (28.08).
Revenio Group Corporation’s market value stood at EUR
598 (709) million on December 31, 2025.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
8REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Flagging notifications
Between January 1–December 31, 2025, Revenio Group
Corporation received one notification of any changes in
holdings as referred to in Chapter 9, Section 5, of the
Securities Markets Act. According to the notification,
the total number of Revenio Group Corporation shares
owned by William Demant Invest A/S increased to over
twenty (20) per cent of the share capital of Revenio
Group Corporation.
Loans to related parties
The company has not granted any monetary loans or
other commitments to persons belonging to its relat-
ed parties. Information regarding loans granted by the
parent company to its subsidiaries is presented in Note
10 on the parent company’s financial statements.
Management transactions
Transactions in Revenio securities by members of
Revenio Group Corporation's management during the
financial period have been published as stock exchange
releases and can be viewed on the Company website at
www.reveniogroup.fi/en/releases.
Corporate Governance
In its decision-making and corporate governance,
Revenio Group Corporation abides by the Finnish
Limited Liability Companies Act, other legal provi-
sions concerning listed companies, Revenio Group
Corporation's Articles of Association, and the rules and
guidelines issued by Nasdaq Helsinki Ltd. The company
complies with the Finnish Corporate Governance Code
issued on January 1, 2025 by the Securities Market
Association.
Revenio’s Corporate Governance statements are pub-
lished annually on the company website at
www.reveniogroup.fi/en/investors
/corporate_governance.
The company’s Corporate Governance statements are
available in the Investors section of the company web-
site at www.reveniogroup.fi/en/investors
/corporate_governance.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
MAJOR SHAREHOLDERS
December 31, 2025*
SHAREHOLDERS BY SIZE OF HOLDING
NO. OF SHARES %
1 William Demant Invest A/S 6,532,461 24.48%
2 SEB Funds 1,220,695 4.58%
3 Vanguard 884,038 3.31%
4 Ilmarinen Mutual Pension Insurance Company 803,118 3.01%
5 Varma Mutual Pension Insurance Company 446,166 1.67%
6 Handelsbanken Fonder 444,172 1.66%
7 BlackRock 409,658 1.54%
8 Elo Mutual Pension Insurance Company 406,000 1.52%
9 Evli Fund Management 376,073 1.41%
10 Case Kapitalförvaltning 363,754 1.36%
OWNER DISTRIBUTION
BY HOLDINGS CAPITAL
NUMBER OF
SHARES
NUMBER
OF KNOWN
OWNERS
1 - 100 1.88% 500,716 13,554
101 - 500 5.04% 1,345,772 5,652
501 - 1,000 3.27% 873,793 1,201
1,001 - 5,000 9.29% 2,478,347 1,130
5,001 - 10,000 4.27% 1,138,521 157
10,001 - 50,000 11.04% 2,945,951 134
50,001 - 100,000 5.15% 1,374,166 19
100,001 - 500,000 22.34% 5,959,359 23
500,001 - 1,000,000 6.32% 1,687,156 2
1,000,001 - 29.06% 7,753,156 2
Unknown 2.34% 624,179 N/A
Total 100.00% 26,681,116 21,874
* Monitor by Modular Finance AB. Compiled and processed ownership data from various public sources,
including Euroclear Finland and Morningstar, and from direct shareholder disclosures. While all efforts
have been made to secure as updated and complete information as possible, neither Modular Finance
nor Revenio Group can guarantee the completeness or accuracy of the data.
OWNERSHIP STRUCTURE
3.49%
Other
7.08%
Pension & insurance
24.48%
Investment & PE
0.14%
Foundations
32.70%
Private
Individuals
0.19%
Treasury shares
2.34%
Unknown
owner type
0.29%
State,
munici pal
& county
Total:
100%
29.29%
Fund companies
SHAREHOLDERS
BY SECTOR
31/12/2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
10REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Remuneration report
The AGM decided to approve the remuneration report.
The resolution on the remuneration report is advisory.
Authorizing the Board of Directors to decide
on the acquisition of own shares
The AGM authorized the Board of Directors to resolve
on the acquisition of a maximum of 1,334,055 of the
company’s own shares in one or more tranches using
the company’s unrestricted equity.
The company may buy back shares in order to develop
its capital structure, finance or implement any cor-
porate acquisitions or other transactions, implement
share-based incentive plans, pay board fees or other-
wise transfer or cancel them.
The company may buy back shares in public trading on
marketplaces whose rules and regulations allow the
company to trade in its own shares. In such a case, the
company buys back shares through a directed pur-
chase, i.e. in a proportion other than its shareholders’
holdings of company shares, with the consideration
paid for the shares based on their publicly quoted mar-
ket price so that the minimum price of the purchased
shares equals the lowest market price quoted in public
trading during the authorization period and their max-
imum price equals the highest market price quoted in
public trading during that period.
The authorization is effective until the end of the
Annual General Meeting held in 2026, yet no further
than until June 30, 2026. This authorization shall super-
sede the authorization granted at the Annual General
Meeting of April 4, 2024.
Annual General Meeting and currently valid
authorizations of the Board of Directors
Decisions by the Annual General Meeting of Revenio
Group Corporation on April 10, 2025
Financial statements, Board and Auditors
The AGM confirmed the company's financial statements
for the financial year 1 January – 31 December 2024 and
discharged the members of the Board of Directors and
the CEO from liability.
The AGM decided that seven members be elected to
the Board of Directors and elected Arne Boye Nielsen,
Heli Lindfors, Anat Loewenstein, Ann-Christine Sundell,
Riad Sherif, Pekka Tammela, and Bill Östman as mem-
bers of the Board of Directors.
The AGM decided that the Chair of the Board be en-
titled to an annual emolument of EUR 60,000, the
possible Vice Chair of the Board of Directors be enti-
tled to an annual emolument of EUR 45,000, the Board
Members be entitled to an annual emolument of EUR
30,000, the chair of the Audit Committee be entitled to
an annual emolument of EUR 20,000, the chair of the
Nomination and Remuneration Committee be entitled
to an annual emolument of EUR 10,000, and the mem-
bers of the Board Committees be entitled to an annual
emolument of EUR 5,000.
Approximately 40 percent of the Board members' an-
nual remuneration (gross) will be settled in the form of
the company’s shares held in its treasury, however not
exceeding a maximum of 7,000 shares in total, while
approximately 60 percent will consist of a monetary
payment. Tax will be deducted from the monetary
payment, calculated on the amount of the entire annual
remuneration. The shares will be assigned to the Board
members within two weeks of the release of Revenio
Group Corporation’s interim report for the period of
January 1 - March 31, 2025, using the trade volume
weighted average price on the day following the release
of the interim report as the share value.
The AGM further decided that the chairs of the Board
of Directors and the Board Committees be paid an
attendance allowance of EUR 1,000 for Board and
Board Committee meetings and EUR 600 for short
teleconferences, Board members EUR 600 for Board
and Board Committee meetings and EUR 300 for short
teleconferences per meeting, yet so that the aforemen-
tioned attendance allowance for the Board and Board
Committee meetings for Board and Committee chairs
who live outside of Finland and travel to Finland for the
meeting is EUR 2,000 and the aforementioned atten-
dance allowance for the Board and Board Committee
meetings for members is EUR 1,200.
Any travel expenses of the members of the Board or
Board Committees will be compensated in accordance
with the company’s travel expense regulations.
The AGM re-elected Deloitte Ltd, Authorized Public
Accountants, as the company's auditors, with
Authorized Public Accountant (APA) Mikko Lahtinen act-
ing as the principal auditor. The same firm was elected
as the sustainability auditor. The AGM decided to pay
the auditors’ fees as invoiced and approved by the
company.
Dividend distribution
AGM decided to accept the Board's proposal on profit
distribution, according to which a dividend of EUR 0.40
per share will be paid. The dividend will be paid to
shareholders who have been registered in the com-
pany's shareholder register, maintained by Euroclear
Finland Ltd, by the dividend record date on April 15,
2025. The dividend payment date was April 23, 2025.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
11REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
The duties of the Audit Committee
are to:
• monitor and assess the financial
reporting system
• review the effectiveness of Revenio Group
Corporation’s internal control and risk
management systems, the Group’s risks,
and the quality and scope of risk management
• approve the internal audit guidelines and
reviewing the internal audit plans and reports
• monitor and assess how agreements and
other legal acts between the Company and its
related parties meet the requirements of the
ordinary course of business and market terms
• monitor the statutory auditing of the
financial statements and consolidated financial
statements as well as the reporting process
and ensure their accuracy
• monitor the Company’s auditing
• monitor and evaluate the independence of
the auditor and, in particular, the offering of
services other than auditing services by the
auditor and propose a resolution on the
election and fee of the auditor
• review the description of the main features
of the internal control and risk management
systems in relation to the financial reporting
process, which is included in the Company’s
Corporate Governance Statement
• evaluate compliance with laws, regulations,
and Company policies and monitoring
significant litigations of Group companies
• execute any other duties bestowed upon
it by the Board
Authorizing the Board of Directors to decide
on a share issue and on granting stock options
and other special rights entitling to shares
The AGM decided to authorize the Board of Directors
to decide on issuing a maximum of 2,668,111 shares in
a share issue or by granting special rights (including
stock options) entitling holders to shares as referred to
in Chapter 10 Section 1 of the Companies Act, in one or
several tranches.
This authorization is to be used to finance and imple-
ment any prospective corporate acquisitions or other
transactions, to implement the company’s share-based
incentive plans, or for other purposes determined by
the Board.
The authorization grants the Board the right to decide
on all terms and conditions governing the share issue
and the granting of said special rights, including on
the recipients of the shares or special rights and the
amount of payable consideration. The authorization also
includes the right to issue shares by deviating from the
shareholders’ pre-emptive rights, i.e. by issuing them
in a directed manner. The authorization of the Board
covers both the issue of new shares and the transfer of
any shares that may be held by the company.
The authorization is effective until the end of the
Annual General Meeting held in 2026, yet no further
than until June 30, 2026. This authorization shall su-
persede the issue authorization granted at the Annual
General Meeting of April 4, 2024.
Board of Directors and Auditors
Until the Annual General Meeting April 10, 2025, the
Company’s Board of Directors comprised Arne Boye
Nielsen (Chair), Riad Sherif, Ann-Christine Sundell,
Pekka Tammela and Bill Östman (Vice Chair). After the
Annual General Meeting 2025, the Company’s Board
of Directors comprises Arne Boye Nielsen (Chair), Heli
Lindfors, Anat Loewenstein, Riad Sherif, Ann-Christine
Sundell, Pekka Tammela, and Bill Östman (Vice Chair).
In 2025, the Board met 19 times, and the average atten-
dance rate was 94%. In 2024, the average attendance
rate was 96%.
In 2025, the Audit Committee met 5 times and the aver-
age attendance rate was 95%. In 2025, the Nomination
and Remuneration Committee met 6 times and the
average attendance rate was 78%.
In the course of the financial year, the company paid, in
total, EUR 398,593 in payments as Board emoluments.
A total of 4,546 Revenio Group Corporation shares were
granted as Board emoluments.
Deloitte Oy, Authorized Public Accountants, acts as the
company’s auditors, with Mikko Lahtinen, Authorized
Public Accountant, as the principal auditor.
Audit Committee
At its organizing meeting, held after the Annual General
Meeting 2025, the Board elected from amongst its
members the following members to serve on its Audit
Committee: Pekka Tammela (Chair), Heli Lindfors, Arne
Boye Nielsen and Ann-Christine Sundell.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
12REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
cessful management and development of key human
resources and the management of the subcontractor
and supplier network. The range and probability of cy-
ber threats has increased. When realized, a cyber threat
can affect the continuity of Revenio Group's business,
the Group's reputation, or lead to significant sanc-
tions. Risks caused by cyber threats are prepared with
technical, administrative and organizational information
security development. Climate change is associated, for
example, with an increase in extreme weather events,
rising global temperatures, and sea level rise. The risks
arising from these factors for the Group’s business may
include, among other things, disruptions in the supply
chain.
Corporate acquisitions and the purchase of assets with
growth potential related to eye health are part of the
Group strategy. The success of these acquisitions has
a significant impact on the achievement of growth and
profitability targets. Acquisitions may also change the
Group’s risk profile.
Strategic risks and the need for action are regularly
monitored and assessed in connection with day-to-
day management, monthly Group reporting, and annual
strategy updates.
Operational risks are associated with the retention and
development of major customers, the operations of the
distribution network, and success in extending the cus-
tomer base and markets. Operational risks in the eye
health sector that the Company specializes in include,
in particular, factors related to expansion into new mar-
kets, such as various countries' national regulations of
marketing authorizations for medical instruments and
the related official decisions concerning the health care
market. Success in eye health R&D projects launched in
accordance with the strategy can also be classified as
an operational risk. Furthermore, the global availability
challenges related to electronic components may cause
operational risks.
Nomination and Remuneration Committee
At its organizing meeting, held after the Annual General
Meeting 2025, the Board elected from amongst its
members the following members to serve on its
Nomination and Remuneration Committee: Bill Östman
(Chair), Riad Sherif and Arne Boye Nielsen.
The duties of the Nomination and
Remuneration Committee include:
• the preparation of a proposal for the appoint-
ment of directors made to the general meeting
• the preparation of a proposal concerning the
remuneration of the directors made to the
general meeting
• the presentation of a proposal concerning
directors to be made to the general meeting
• finding successor candidates for directors
• the preparation of the appointment of the
CEO and other management as well as
successor planning
• the preparation of the salary and other financial
benefits of the CEO and other management
• the preparation of matters concerning the
company’s remuneration schemes
• the assessment of the remuneration of the
CEO and other management as well as seeing
to the appropriateness of the remuneration
schemes
• the preparation of the remuneration policy
and report
• the presentation of the remuneration policy
and report in the general meeting and
responding to questions related thereto
Remuneration reporting
Revenio’s remuneration reporting consists of the
Remuneration Policy presented to the Annual General
Meeting at least once every four years and, from 2020,
the Remuneration Report, presented each year, which
provides information on the fees paid to the company’s
governing bodies in the financial period. The company
will publish the Remuneration Report for 2025 as a sep-
arate document on March 23, 2026 on the company’s
website at www.reveniogroup.fi/en/investors
/corporate_governance/remuneration. In addition, the
company’s website provides information on the current
remuneration schemes for the Board of Directors and
the CEO as well information on the remuneration of the
Group Leadership Team on an aggregate level.
Risks and uncertainties
Risks Revenio Group is exposed to include strategic,
operational, business cycle, damage, financial, and po-
litical risks. In addition, the threat of the global impact
of pandemics, climate changes and the risk of cyber
threats have increased.
The Group’s strategic risks include competition in all
sectors, the threat posed by new competing products,
and any other actions of the Company’s rivals that may
affect the competitive situation. Another strategic risk is
related to the ability to shift the strategic focus towards
integrated and predictive eye care pathways and to
succeed in R&D activities and to maintain a competi-
tive product mix. The Group develops new technologies
under Icare Finland Oy, Revenio Research Oy, CenterVue
Spa and iCare World Australia Pty Ltd, and any failure
in the commercialization of individual development
projects may result in the depreciation of capitalized
development expenses, with an impact on the result.
Strategic risks in the Group's segments that require
special expertise are also associated with the suc-
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
and concreteness of the sustainability program in the
future. The sustainability program encompasses four
main themes that are closely tied to the company’s
core business—promoting eye health and enhancing
the quality of life through products and services, such
as expanded screening coverage—and also addresses
HR responsibility, environmental responsibility, and cor-
porate governance. In 2025, Revenio invested, among
other things, in the collection of sustainability data,
which helps to identify potential development needs.
In 2025, the EU introduced changes to sustainability
legislation, which for Revenio means the selection of
the VSME reporting framework for the 2025 report. This
supports the sustainability work already initiated based
on CSRD and is in line with the recommendations is-
sued. Revenio will also apply the GRI reporting frame-
work in the 2025 report in order to comprehensively
serve the diverse information needs of stakeholders.
The company is not, due to changes in EU regulation,
required to report a sustainability report as defined by
the Sustainability Reporting Directive for the financial
year 2025.
Revenio complies with laws and regulations, the rules
of Nasdaq Helsinki, good corporate governance prac-
tices, Revenio’s Code of Conduct and agreed operating
principles. The purpose of the Group-wide ethical prin-
ciples is to support decision- making in a global operat-
ing environment and to ensure responsible conduct.
With regard to personnel, the most material sustain-
ability topics are employee safety, health and well-be-
ing, diversity and inclusion, good leadership and an
innovation-supporting corporate culture, as well as
competence development and learning. For exam-
ple, in 2025, Revenio implemented the Vision Shapers
training program in cooperation with Aalto EE, offering
perspectives on markets, customer-driven innovation,
commercial capabilities and personal leadership devel-
The operational risks related to the manufacture, prod-
uct development, and production control of medical
instruments are estimated to be higher than average
due to the sector’s ambitious requirements concerning
quality. Damage-related risks are covered by insurance.
Property and business interruption insurance provides
protection against risks in these areas. The business ac-
tivities of the Group are covered by international liability
insurance.
Financial risks can be further categorized into cred-
it, interest-rate, liquidity, and foreign exchange risks.
The Board assesses financial risks and other financial
matters in its monthly meetings, or more frequently,
as necessary. If required, the Board provides deci-
sions and guidelines for the management of financial
risks including, for example, interest-rate and currency
hedging decisions. Liquidity risk can be affected by the
availability of external financing, the development of the
Group’s credit standing, trends in business operations,
and changes in the payment behavior of customers.
Liquidity risks are monitored by means of cash fore-
casts, which are drawn up for periods of, at most, 12
months at a time.
Risks related to corporate responsibility are managed
as part of the company's risk management process.
Corporate responsibility is viewed through economic,
environmental and social responsibility.
Revenio Group offers eye health diagnostics solutions
under the iCare brand. Reputational damage might have
a negative impact on Revenio Group’s business. Possible
causes for reputational damage include cyber security
or compliance challenges or notable delivery or product
quality issues. Leakage of sensitive employee or cus-
tomer data might also lead to reputational damage and
notable financial consequences.
Revenio Group products are sold in nearly 100 coun-
tries. Economic and political uncertainties, interest
and inflation risks and the unstable trade and geo-
political situation may affect the demand for Revenio
Group products. Revenio actively monitors political
developments in different market areas from a risk
management perspective. Developments in national
government policies or changes to relevant legislation
may have an impact on the Group’s business. The global
security situation has changed drastically, for example
since the Russia invasion of Ukraine.
Moreover, global pandemics could have direct and
indirect effects on Revenio Group's business, including
and an increased risk of personnel being incapacitated.
Government-mandated closures of factories or borders
may weaken Revenio Group's operating environment
and restrictions on the movement of people could
hamper the sales and delivery of Revenio’s products.
Disputes
The company is not currently involved in any disputes or
legal proceedings that, in the opinion of the Board, would
have a significant impact on the Group's financial position.
Corporate responsibility
Revenio is a supplier of comprehensive eye care solu-
tions operating in the international market and a global
leader in ophthalmological devices and software solu-
tions. Revenio’s business has a positive impact on soci-
ety by promoting eye health. Revenio takes into account
the unique characteristics of the sector’s business and
operating environment in all its operations concerning
responsibility and sustainable development.
In 2025, Revenio updated its sustainability program
based on a previously conducted double materiali-
ty assessment. The aim is to increase the ambition
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
14REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
opment. During 2025, Revenio also invested in diversity,
and Revenio’s Italian HR team received the UNI/PdR
125:2022 gender equality certification granted by the
certification body DNV.
Regarding environmental impacts, the most material
sustainability topics are the reduction of greenhouse gas
emissions and other harmful environmental impacts in
own operations and the value chain, as well as the pro-
motion of sustainable and circular product design and
the reduction of environmental impacts over the prod-
uct life cycle. These themes are promoted, among other
things, in accordance with the environmentally con-
scious product design standard IEC 60601-1-9. In 2025,
two of our products were certified in accordance with
the standard, further strengthening the use of the stan-
dard as part of product design. Revenio continued data
collection related to emissions calculations in 2025.
Revenio will publish a separate sustainability report
for 2025 as part of the annual reporting package. The
report will not be assured. The report will be published
on Revenio’s website at www.reveniogroup.fi on March
23, 2026.
Research and development activities
R&D expenditure during the financial year totaled EUR
11.6 (10.0) million. A total of EUR 2.8 (2.5) million of R&D
costs were capitalized during the year.
Events after the financial period
After the financial period, on January 15, 2026,
Revenio announced changes in its Leadership team
from February 1, 2026. Leadership team member Dr.
Kate Taylor (Vice President, Strategy and Business
Development), will step down from her position by
January 31, 2026. The responsibilities of Vice President,
Strategy and Business Development will be shared by
the CEO Jouni Toijala and the Leadership Team.
On March 12, 2026 Revenio announced the appointment
of Juha Jaatinen as Interim Chief Financial Officer (CFO)
and member of the Leadership Team. Jaatinen assumed
his role as Interim CFO on March 16, 2026.
Financial guidance for 2026
Revenio Group’s exchange rate-adjusted net sales are
estimated to grow 8-15 percent from the previous year
and profitability, excluding non-recurring items, is esti-
mated to remain at a good level.
Proposal by the Board of Directors for
distribution of profit
The Group’s profit for the financial year 2025 was EUR
17,412 thousand and the parent Company’s profit was
EUR 13,419,416,45. The parent Company’s distribut-
able assets on December 31, 2025, amounted to EUR
102,111,040.26. The Board will propose to the Annual
General Meeting of April 15, 2026, that the General
Meeting authorizes the Board to decide, at its dis-
cretion, on the payment of a possible dividend of
up to EUR 0.44 per share, a maximum total of EUR
11,739,691.04, by December 31, 2026, with the remaining
distributable assets to be added to equity. The dividend
may be paid in one or more instalments. Based on the
authorization granted to the Board, the Board shall
determine the record date and the payment date when
deciding on the payment of the dividend. The remain-
ing distributable assets are to be added to equity. As
consolidation in the industry continues, it is important
that the Company maintains its financial flexibility. The
Board of Directors finds that the proposed distribution
of profit does not endanger the liquidity of the parent
Company or the Group.
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
15REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Key figures
1–12/2025 1–12/2024 1–12/2023 1–12/2022 1–12/2021
Net sales TEUR 109,677 103,517 96,576 96,976 78,778
Net sales TEUR 25,411 25,050 26,343 29,683 22,103
Operating profit % 23.2 24.2 27.3 30.6 28.1
Profit before taxes
TEUR
22,827 24,622 25,384 29,056 22,099
Profit before taxes % 20.8 23.8 26.3 30.0 28.1
Net profit for
financial period
TEUR
17,412 18,497 19,109 21,753 17,321
Net profit % 15.9 17.9 19.8 22.4 22.0
EBITDA 29,901 30,239 30,287 33,117 25,722
Gross capital
expenditure in
non-current assets
TEUR
4,272 4,344 5,844 4,546 15,665
Gross capital
expenditure, % of
net sales
3.9 4.2 6.1 4.7 19.9
R&D expenses TEUR 11,569 10,362 10,411 8,620 6,518
R&D expenses % 10.5 10.0 10.8 8.9 8.3
Return on equity % 15.7 17.8 20.0 25.7 23.4
Return on
investment %
20.8 22.1 23.5 28.2 22.4
Equity ratio % 76.1 76.2 72.7 66.8 63.0
Net leveraging % -13.3 -7.3 -3.6 -13.1 -1.0
Leveraging % 9.6 11.9 17.9 22.2 31.1
Average number of
personnel
248 229 214 194 167
KEY INDICATORS
PER SHARE
1–12/2025 1–12/2024 1–12/2023 1–12/2022 1–12/2021
Earnings per share EUR 0.65 0.70 0.72 0.82 0.65
Equity attributable to
equity owners of the
parent company per
share EUR
4.30 4.04 3.74 3.41 2.94
Dividend per share EUR 0.44 0.40 0.38 0.36 0.34
Dividend payout ratio % 67.2 57.5 52.9 44.0 52.1
Effective dividend
yield %
2.0 1.5 1.4 0.9 0.6
P/E ratio 34.2 38.2 37.8 47.2 85.2
Diluted number of
shares at end of period
26,681,116 26,681,116 26,681,116 26,681,116 26,681,116
Diluted number of
shares average during
period (acquired own
shares excluded)
26,603,425 26,596,807 26,592,774 26,580,374 26,557,464
Share price, year low
EUR
21.35 23.36 17.51 36.02 45.70
Share price, year high
EUR
31.88 35.84 41.50 58.70 72.00
Share price, average
EUR
25.06 28.08 27.77 44.46 56.65
Share price at the end
of period EUR
22.40 26.58 27.16 38.60 55.55
Market capitalization at
end of period MEUR
598 709 725 1,029 1,482
Turnover, number of
shares
5,593,960 4,832,876 10,000,744 6,256,523 9,506,333
Turnover % 21.0 18.1 37.5 23.4 35.6
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
16REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
EBITDA 1–12/2025 1–12/2024
Operating profit 25,411 25,050
Depreciation and amortization 4,490 5,189
EBITDA 29,901 30,239
GROSS CAPITAL EXPENDITURE 1–12/2025 1–12/2024
Investments in tangible assets 1,098 1,156
Investments in intangible assets 3,078 3,012
Investments in other non-current assets 0 0
Change in fair value of non-current assets 2 14
Change in non-current receivables 94 162
Gross capital expenditure 4,272 4,344
R&D COSTS 1–12/2025 1–12/2024
Development expenses recognized as other operating expense 2,033 2,675
Development expenses recognized as employee benefit expense 6,771 5,172
Capitalized development expenses 2,765 2,515
R&D costs 11,569 10,362
RETURN ON EQUITY (ROE) 1–12/2025 1–12/2024
Profit for the period 17,412 18,497
Equity (average) 111,205 103,801
Return on equity (ROE) 15.7% 17.8%
EQUITY RATIO 1–12/2025 1–12/2024
Equity 114,702 107,708
Total assets 150,646 141,337
Equity ratio 76.1% 76.2%
NET LEVERAGING (GEARING) 1–12/2025 1–12/2024
Interest-bearing liabilities 10,988 12,783
Cash and cash equivalents 26,242 20,687
Equity 114,702 107,708
Net leveraging (gearing) -13.3% -7.3%
LEVERAGING 1–12/2025 1–12/2024
Interest-bearing liabilities 10,988 12,783
Equity 114,702 107,708
Leveraging 9.6% 11.9%
EQUITY ATTRIBUTABLE TO EQUITY OWNERS
OF THE PARENT COMPANY PER SHARE
1–12/2025 1–12/2024
Equity 114,702 107,708
Number of shares (1.000 pcs) 26,681 26,681
Equity attributable to equity owners of
the parent company per share
4.30 4.04
DIVIDEND PAYOUT RATIO 1–12/2025 1–12/2024
Proposed dividend 11,706 10,639
Profit for the financial year 17,412 18,497
Dividend payout ratio 67.2% 57.5%
EFFECTIVE DIVIDEND YIELD 1–12/2025 1–12/2024
Proposed dividend per share (EUR) 0.44 0.40
Closing share price (EUR) 22.40 26.58
Effective dividend yield 2.0% 1.5%
MARKET CAPITALIZATION AT END OF PERIOD 1–12/2025 1–12/2024
Number of shares (1.000 pcs) 26,681 26,681
Closing share price (EUR) 22.40 26.58
Market capitalization at end of financial year 597,657 709,184
GROWTH IN NET SALES, ADJUSTED BY
THE EFFECT OF EXCHANGE RATES
1–12/2025 1–12/2024
Reported net sales 109,677 103,517
Effect of exchange rates on net sales -2,386 816
Net sales adjusted by the effect of exchange rates 112,063 102,702
Growth in net sales, adjusted by the
effect of exchange rates
9.1% 5.9%
Reported net sales growth 6.0% 7.2%
Difference, % points 3.2% -1.3%
ADJUSTED OPERATING PROFIT 1–12/2025 1–12/2024
Operating profit, EBIT 25,411 25,050
One-time write downs 0 731
Costs from one-time projects 1,137 178
Adjusted operating profit, EBIT 26,548 25,958
1,000 EUR, unless otherwise specified
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
17REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Alternative key figures used in financial
reporting
Revenio Group Corporation has adopted the guidelines
of the European Securities and Market Authority (ESMA)
on Alternative Performance Measures. In addition to the
IFRS-based key figures, the Company will publish cer-
tain other generally used key figures that may, as a rule,
be derived from the income statement and balance
sheet. The calculation of these figures is presented be-
low. According to the Company’s view, these key figures
supplement the income statement and balance sheet,
providing a better picture of the company’s financial
performance and position.
KEY FIGURE PURPOSE DEFINITION
EBITDA
Describes the company’s operating performance
before depreciation and financial items.
Operating profit + Depreciation and amortization
Gross capital expenditure
Indicates the amount of investments made in
assets that generate future cash flows.
Investments in tangible and intangible assets
+ investments in other non-current assets + change
in fair value of non-current assets + change in
non-current receivables
R&D costs
Describes investments in the development of
future products and technologies.
Development expenses recognized as costs
+ capitalized development expenses
Return on equity (ROE) Measures the return on capital invested by shareholders. Profit for the financial year / Equity (average)
Equity ratio
Assesses solvency by measuring the proportion
of equity relative to total assets.
Equity / Total assets
Net leveraging (gearing)
Describes the debt burden relative to equity,
taking cash assets into account.
(Interest-bearing liabilities – Cash and
cash equivalents) / Equity
Leveraging Measures what portion of assets is financed with debt. Interest-bearing liabilities / Equity
Equity attributable to equity owners
of the parent company per share
Describes the amount of equity per share. Equity / Number of shares
Dividend payout ratio
Measures the proportion of the proposed dividend rela-
tive to the profit.
Proposed dividend for outstanding shares / Profit for
the financial year
Effective dividend yield
Indicates the proposed dividend yield relative to
the market price of the share.
Proposed dividend per share / Closing share price
Market capitalization at end of period Expresses the total market value of outstanding shares. Number of shares × Closing share price
Growth in net sales, adjusted by the
effect of exchange rates
Describes organic revenue growth excluding
the effects of exchange rate changes.
(Net sales excluding exchange rate effects –
Net sales in the comparison period) / Net sales
in the comparison period
Adjusted operating profit Presents operating profit excluding one-off items. Operating profit + non-recurring items
18REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated
Financial
Statements
January 1–December 31, 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025 18
19REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
The notes to the financial statements form an essential part of the financial statements.
Consolidated comprehensive profit & loss statement
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| NO. | 31, 2025 | 31, 2024 | |
Net sales | 1, 2 | ||
Other operating income | 3 | ||
| Materials and services | |||
| Materials: | |||
Purchases during the financial period | - | - | |
Change in inventories | |||
External services | - | - | |
Materials and services total | - | - | |
Employee benefit expenses | 4, 5, 6 | ||
Salaries and fees | - | - | |
| Indirect personnel costs | |||
Pension costs | - | - | |
Other indirect personnel expenses | - | - | |
Employee benefit expenses total | - | - | |
Depreciation and amortization | 12, 13 | ||
Depreciation | - | - | |
Amortization | - | - | |
Depreciation and amortization total | - | - | |
Other operating expenses | 7, 8 | - | - |
Operating profit |
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| NO. | 31, 2025 | 31, 2024 | |
Financial income and expenses | 9 | ||
Financial income | |||
Financial expenses | - | - | |
Financial income and expenses total | - | - | |
Profit before taxes | |||
Taxes | 10 | ||
Income taxes | - | - | |
Taxes total | - | - | |
Profit for the period | |||
| Other comprehensive income items | |||
| Items that may be reclassified | |||
| subsequently to profit or loss | |||
| Translation differences from foreign | - | - | |
| operations | |||
Items that are not reclassified to profit or loss | |||
Changes in fair value | - | ||
| Remeasurements of defined | - | - | |
| benefit liabilities | |||
Other comprehensive income items total | - | - | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | |||
Earnings per share calculated from the profit Earnings per share | 11 |
20REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated balance sheet
ASSETS
| NOTE | DEC 31, | DEC 31, | |
| NO. | 2025 | 2024 | |
| Non-current assets | |||
Goodwill | 12 | ||
Other intangible assets | 12 | ||
Property, plant, and equipment | 12 | ||
Right-of-use assets | 13 | ||
Other non-current financial assets | 15 | ||
Other receivables | |||
Deferred tax assets | 10 | ||
Non-current assets total | |||
| Current assets | |||
Inventories | 14 | ||
Trade and other receivables | 15 | ||
Assets for current tax | |||
Cash and cash equivalents | |||
Current assets total | |||
ASSETS TOTAL |
| NOTE | DEC 31, | DEC 31, | |
| EQUITY AND LIABILITIES | NO. | 2025 | 2024 |
Equity | 16, 17 | ||
Share capital | |||
Fair value reserve | - | - | |
Reserve for invested unrestricted equity | |||
Other reserves | |||
Retained earnings | |||
Translation differences | - | - | |
Own shares | - | - | |
SHAREHOLDERS’ EQUITY TOTAL |
| NOTE | DEC 31, | DEC 31, | |
| LIABILITIES | NO. | 2025 | 2024 |
| Non-current liabilities | |||
Deferred tax liabilities | 10 | ||
Interest-bearing non-current liabilities | 19 | ||
Lease liabilities | 19 | ||
Pension obligations | 6 | ||
Other liabilities | 19 | ||
Non-current liabilities total | |||
| Current liabilities | |||
Current tax liabilities | |||
Interest-bearing current liabilities | 19 | ||
Lease liabilities | 19 | ||
Provisions | 20 | ||
Trade and other payables | 21 | ||
Current liabilities total | |||
LIABILITIES TOTAL | |||
EQUITY AND LIABILITIES TOTAL |
21REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Consolidated cash flow statement
| NOTE | JAN 1–DEC | JAN 1–DEC | |
| CASH FLOW FROM OPERATIONS | NO. | 31, 2025 | 31, 2024 |
Profit for the period | |||
| Adjustments: | |||
Depreciation, amortization, and impairment | 12, 13 | ||
Non-cash items | 22 | ||
Financial income and expenses | 9 | ||
Taxes | 10 | ||
Other adjustments | 22 | - | - |
| Change in working capital: | |||
Change in trade and other receivables | - | ||
Change in inventories | - | ||
Changes in trade and other payables | |||
Change in working capital, total | |||
Interests paid | - | - | |
Interest received | |||
Taxes paid | - | - | |
Net cash flow from operations |
| CASH FLOW FROM INVESTING | NOTE | JAN 1–DEC | JAN 1–DEC |
| ACTIVITIES | NO. | 31, 2025 | 31, 2024 |
Acquisitions of subsidiaries less cash and cash equivalents at acquisition time | 24 | - | |
Purchase of tangible assets | - | - | |
Purchase of intangible assets | - | - | |
Investments in other receivables | - | ||
Net cash flow from investing activities | - | - |
| CASH FLOW FROM FINANCING | NOTE | JAN 1–DEC | JAN 1–DEC |
| ACTIVITIES | NO. | 31, 2025 | 31, 2024 |
| Repayments of loans | 22 | - | - |
| Dividends paid | - | - | |
| Payments of lease agreement liabilities | 22 | - | - |
| Net cash flow from financing activities | - | - | |
| Net change in cash and credit accounts | - | ||
| Cash and cash equivalents at beginning | |||
| of period | |||
| Effect of exchange rates* | - | ||
| Cash and cash equivalents at end | |||
| of period | |||
* The change in exchange rates includes unrealised exchange losses related to intercompany loans |
22REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| Consolidated statement of changes in equity | |||||||
| Parent company shareholders’ equity | |||||||
| RESERVE FOR | |||||||
| INVESTED | |||||||
| UNRESTRICTED | OTHER | OWN | TRANSLATION | RETAINED | TOTAL | ||
| EQUITY | EQUITY | RESERVES | SHARES | DIFFERENCES | EARNINGS | EQUITY | |
EQUITY JAN 1, 2024 | - | - | |||||
| Comprehensive profit | |||||||
Net profit for the period | |||||||
Other comprehensive income | - | - | - | - | |||
Total comprehensive income for the period | - | - | |||||
| Transactions with owners | |||||||
Dividend distribution | - | - | |||||
Share-based remuneration | - | ||||||
Share-based payments adjusted by taxes | |||||||
Other direct entries to retained earnings | - | - | |||||
Transactions with owners total | - | - | - | ||||
Equity Dec 31, 2024 | - | - | - | ||||
EQUITY JAN 1, 2025 | - | - | - | ||||
| Comprehensive profit | |||||||
Net profit for the period | |||||||
Other comprehensive income | - | - | - | ||||
Total comprehensive income for the period | - | ||||||
| Transactions with owners | |||||||
Dividend distribution | - | - | |||||
Share-based remuneration | - | ||||||
Share-based payments adjusted by taxes | |||||||
Other direct entries to retained earnings | |||||||
Transactions with owners total | - | - | - | ||||
Equity Dec 31, 2025 | - | - | - |
23REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to the consolidated financial statements
DEC 31, 2025
General
company of the Revenio Group. The company is a public
cile in the City of Vantaa , and is listed on the Nasdaq
Helsinki Stock Exchange since October 2001. The
company’s registered address is Härkähaankuja 7, 01730
Copies of the financial statements are available on the
company’s website at www.reveniogroup.fi.
Accounting principles for the
consolidated financial statements
24REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
25REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| EMEA, | |||||
2025 | USA | LATAM, CAN | APAC | TOTAL | |
Net sales | 1,707 | 53,029 | 36,978 | 17,963 | 109,677 |
| Non-current | 8,489 | 1,377 | 20,080 | 789 | 30,735 |
| assets | EMEA, | ||||
2024 | USA | LATAM, CAN | APAC | TOTAL | |
Net sales | 1,343 | 51,490 | 33,523 | 17,162 | 103,517 |
| Non-current | 5,191 | 1,408 | 19,359 | 1,229 | 27,187 |
| assets |
3) Other operating income
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2025 | 31, 2024 | |
Grants and subsidies received | 168 | 303 |
Others | 63 | 47 |
Total | 231 | 350 |
| AVERAGE NUMBER OF PERSONNEL | JAN 1–DEC | JAN 1–DEC |
| DURING FINANCIAL PERIOD | 31, 2025 | 31, 2024 |
248 | 229 |
| JAN 1–DEC | JAN 1–DEC | |
| EMPLOYEE BENEFIT EXPENSES | 31, 2025 | 31, 2024 |
Salaries and wages | -22,008 | -19,411 |
Share-based remuneration, paid in shares | -344 | -471 |
Pension costs – defined contribution plans | -2,172 | -1,735 |
Pension costs – defined benefit plans | -62 | -23 |
Other indirect personnel expenses | -1,807 | -1,441 |
Total | -26,394 | -23,081 |
Information on management’s employment benefits are presented in Note
5 Sharebased payments and Note 25 Related parties and remuneration of
management.
26REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| TIME OF | MAXIMUM | MAXIMUM | |
| BONUS | NUMBER OF | AMOUNT OF | |
| EARNING YEARS | PAYMENT | PARTICIPANTS | SHARE BONUS |
2022-2024 | 2025 | 22 | Ended |
2023-2025 | 2026 | 38 | 34,115 |
2024-2026 | 2027 | 40 | 58,800 |
2025-2027 | 2028 | 40 | 58,024 |
| Restricted | |||
| share-based | 2022-2024 | 1 | Ended |
| incentive | 2022-2024 | 5 | Ended |
| schemes | 2024-2026 | 20 | 23,500 |
27REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
28REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEFINED BENEFIT PENSION LIABILITIES | CHANGES OF LIABILITIES PRESENTED | |||||
RECOGNIZED IN THE BALANCE SHEET | DEC 31, 2025 | DEC 31, 2024 | IN THE BALANCE SHEET | DEC 31, 2025 | DEC 31, 2024 | |
Present value of obligations | 871 | 806 | Liabilities Jan 1 | 806 | 702 | |
Fair value of assets | 0 | 0 | Pension costs in the income statement | 62 | 23 | |
Present value of funded obligations on Dec 31 | 871 | 806 | Pension costs in the comprehensive income | 20 | 100 | |
| statement | ||||||
| DEFINED BENEFIT PENSION COSTS | Benefits paid | -18 | -19 | |||
| RECOGNIZED IN THE INCOME | Liabilities Dec 31 | 871 | 806 | |||
| STATEMENT AND COMPREHENSIVE | JAN 1–DEC | JAN 1–DEC | ||||
| INCOME STATEMENT | 31, 2025 | 31, 2024 | ||||
Current service cost | -36 | 0 | ACTUARIAL ASSUMPTIONS USED | DEC 31, 2025 | DEC 31, 2024 | |
Interest costs | -27 | -23 | Discount rate, % | 3,7 % | 3,3 % | |
Pension costs in the income statement | -62 | -23 | Inflation assumption, % | 2,0 % | 2,1 % | |
Actuarial gains and losses | -20 | -100 | Employee turnover, % | 3,6 % | 4,7 % | |
Defined benefit pension costs recognized in the income statement and comprehensive income statement | -83 | -124 | EFFECT OF | |||
| IMPACT OF CHANGES IN | EFFECT OF | GROWTH IN | ||||
| KEY ASSUMPTIONS | GROWTH IN | ASSUMP | ||||
PRESENT VALUE OF FUNDED OBLIGATIONS | DEC 31, 2025 | DEC 31, 2024 | CHANGE IN | ASSUMP | TION, | |
Obligation at the beginning of the period | 806 | 702 | ASSUMPTION | ASSUMPTION | TION | % |
Service cost | 36 | 0 | Discount rate | 0.5 percentage | -49 | -6 % |
Interest costs | 27 | 23 | point | |||
| Actuarial gains and losses arising from | Future salary increase rate | 0.5 percentage | 56 | 7 % | ||
| changes in financial assumptions | 20 | 100 | point | |||
Benefits paid | -18 | -19 | Employee turnover | 0.5 percentage | 5 | 1 % |
| point | ||||||
Present value of funded obligations | 871 | 806 | ||||
CHANGES IN FAIR VALUES OF PLAN ASSETS | DEC 31, 2025 | DEC 31, 2024 | ||||
Fair value of plan assets on Jan 1 | 0 | 0 | ||||
Interest income from assets | 0 | 0 | ||||
Contributions paid by the employer to the plan | 18 | 19 | ||||
Benefits paid | -18 | -19 | ||||
Fair values of plan assets on Dec 31 | 0 | 0 |
29REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
8) Other operating expenses
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2025 | 2024 | |
Voluntary personnel expenses | -1,419 | -1,267 |
Office space expenses | -639 | -586 |
IT, machinery, and equipment expenses | -3,097 | -2,640 |
Marketing and travel expenses | -5,968 | -5,915 |
Research and development | -2,033 | -2,675 |
Administrative expenses | -8,359 | -6,826 |
Other operating expenses | -221 | -60 |
Total | -21,736 | -19,969 |
Administrative services include the auditor’s fees as itemized below.
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| AUDITOR’S FEES | 2025 | 2024 |
| Deloitte | ||
Auditing fees | -153 | -150 |
Certificates and statements | -16 | -20 |
Other services | -26 | -11 |
Total | -194 | -181 |
9) Financing expenses (net)
30REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2025 | 2024 | |
| Tax based on taxable income for the current | -6,279 | -6,758 |
| period | ||
Tax from previous financial periods | 177 | 127 |
Change in deferred tax liabilities and assets | 687 | 506 |
Total | -5,415 | -6,125 |
| JAN 1–DEC 31, | ||
| 2024 | ||
Profit before taxes | 22,827 | 24,622 |
Income tax using parent company tax rate | -4,565 | -4,924 |
Different tax rates of foreign subsidiaries | -182 | -338 |
| Non-taxable income and non-deductible | 47 | -280 |
| expenses | ||
Unused losses fo the period | -892 | -710 |
Tax adjustments for previous fiscal years | 177 | 127 |
Taxes recognized in the income statement | -5,415 | -6,125 |
31REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEFERRED TAX ASSETS AND LIABILITIES, 2025 | DEFERRED TAX ASSETS AND LIABILITIES, 2024 | |||||||||||
| CHARGES | CHARGES | CHARGES | ||||||||||
| TO IN | TO OTHER | TO OTHER | ||||||||||
| ITEMIZATION OF | COME | EXCHANGE | COM | ITEMIZATION OF | CHARGES | EX CHANGE | COM | |||||
| DEFERRED TAX | JAN 1, | STATE | RATE DIF | PR EHEN SIVE | DEC 31, | DEFERRED TAX | JAN 1, | AC QUIRED | TO IN COME | RATE DIF | PR EHEN SIVE | DEC 31, |
| ASSETS, 2025 | 2025 | MENT | FERENCES | INCOME | 2025 | ASSETS, 2024 | 2024 | BUSI NES SES | STATE MENT | FERENCES | INCOME | 2024 |
| Internal inventory | 1,975 | -451 | -211 | 0 | 1,313 | Internal inventory | 2,268 | 0 | -437 | 144 | 0 | 1,975 |
| margin | margin | |||||||||||
| Unused tax | 725 | 414 | -28 | 0 | 1,112 | Unused tax | 624 | 121 | 0 | -19 | 0 | 725 |
| losses | losses | |||||||||||
| Right-of-use | 595 | 478 | 29 | 0 | 1,102 | Right-of-use | 725 | 0 | -114 | -17 | 0 | 595 |
| assets | assets | |||||||||||
| Other temporary | 973 | 551 | -46 | 0 | 1,478 | Other temporary | 287 | 150 | 541 | -5 | 0 | 973 |
| differences | differences | |||||||||||
| Netted against | -891 | -401 | -6 | 0 | -1,298 | Netted against | -1,090 | 0 | 206 | -8 | 0 | -891 |
| DTL | DTL | |||||||||||
Total | 3,378 | 591 | -262 | 0 | 3,707 | Total | 2,815 | 271 | 197 | 96 | 0 | 3,378 |
| CHARGES | CHARGES | CHARGES | ||||||||||
| TO IN | TO OTHER | ITEMIZATION OF | TO OTHER | |||||||||
| ITEMIZATION OF | COME | EXCHANGE | COM | DEFERRED TAX | CHARGES | EX CHANGE | COM | |||||
| DEFERRED TAX | JAN 1, | STATE | RATE DIF | PR EHEN SIVE | DEC 31, | LIABILITIES, | JAN 1, | ACQUIRED | TO INCOME | RATE DIF | PR EHEN SIVE | DEC 31, |
| LIABILITIES, 2025 | 2025 | MENT | FERENCES | INCOME | 2025 | 2024 | 2024 | BUSINES SES | STATEMENT | FERENCES | INCOME | 2024 |
| Measurement of | Measurement of | |||||||||||
| tangible and | tangible and | |||||||||||
| intangible assets | intangible assets | |||||||||||
| at fair value in | 3,705 | -414 | -12 | 0 | 3,279 | at fair value in | 3,361 | 736 | -382 | -11 | 0 | 3,705 |
| connection with | connection with | |||||||||||
| combinations of | combinations of | |||||||||||
| business | business | |||||||||||
Lease liabilities | 627 | 491 | 6 | 0 | 1,124 | Lease liabilities | 733 | 0 | -114 | 8 | 0 | 627 |
| Other temporary | 189 | 228 | 25 | 0 | 442 | Other temporary | 269 | 0 | -82 | 0 | 3 | 189 |
| differences | differences | |||||||||||
| Netted against | -891 | -401 | -6 | 0 | -1,298 | Netted against | -1,090 | 0 | 206 | -8 | 0 | -891 |
| DTA | DTA | |||||||||||
Total | 3,630 | -97 | 13 | 0 | 3,546 | Total | 3,273 | 736 | -371 | -11 | 3 | 3,630 |
| Net deferred | 252 | -687 | 275 | 0 | -161 | Net deferred | 458 | 465 | -568 | -107 | 3 | 252 |
| taxes | taxes |
32REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
12) Intangible and tangible assets
Technology-based intangible assets | straight-line depreciation 7-17 years |
Customer-based intangible assets | straight-line depreciation 15 years |
Patents, trademarks, and brands | straight-line depreciation 10 years |
Software | straight-line depreciation 3–7 years |
Capitalized product development expenses | straight-line depreciation 3-10 years |
11) Earnings per share
| JAN 1–DEC | JAN 1–DEC | |
| 31, 2025 | 31, 2024 | |
Profit for the period | 17,412 | 18,497 |
Profit for the period attributable to owners of parent | 17,412 | 18,497 |
| Weighted average number of outstanding | ||
| shares during the financial period (own shares | 26,603,425 | 26,596,807 |
| deducted), qty | ||
Earnings per share | 0,655 | 0,695 |
33REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
34REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
JAN 1–DEC 31, 2025 | GOODWILL | OTHER INTANGIBLE ASSETS | TOTAL |
Acquisition cost Jan 1 | 63,328 | 32,934 | 96,262 |
Increases during the period | 0 | 3,083 | 3,083 |
Translation differences | -403 | -99 | -502 |
Decreases during the period | 0 | -653 | -653 |
Acquisition cost Dec 31 | 62,925 | 35,264 | 98,190 |
Accumulated depreciation Jan 1 | 0 | -10,932 | -10,932 |
Depreciation during the year | 0 | -1,750 | -1,750 |
Impairment | -11 | -11 | |
Translation differences | 0 | 70 | 70 |
Decreases during the period | 0 | 628 | 628 |
Accumulated depreciation Dec 31 | 0 | -11,996 | -11,996 |
Book value Dec 31 | 62,925 | 23,268 | 86,193 |
Book value Jan 1 | 63,328 | 22,002 | 85,330 |
1.1.–31.12.2024 | GOODWILL | OTHER INTANGIBLE ASSETS | TOTAL |
Acquisition cost Jan 1 | 59,440 | 27,169 | 86,609 |
Increase during the period | 0 | 3,216 | 3,216 |
Acquired businesses | 4,162 | 2,953 | 7,115 |
Translation differences | -274 | -45 | -319 |
Decreases during the period | 0 | -358 | -358 |
Acquisition cost Dec 31 | 63,328 | 32,934 | 96,262 |
Accumulated depreciation Jan 1 | 0 | -8,641 | -8,641 |
Depreciation during the year | 0 | -1,935 | -1,935 |
Impairment | 0 | -731 | -731 |
Translation differences | 0 | 2 | 2 |
Decreases during the period | 0 | 373 | 373 |
Accumulated depreciation Dec 31 | 0 | -10,932 | -10,932 |
Book value Dec 31 | 63,328 | 22,002 | 85,330 |
Book value Jan 1 | 59,440 | 18,528 | 77,968 |
35REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
PROPERTY, PLANT, AND EQUIPMENT
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| MACHINERY AND EQUIPMENT | 2025 | 2024 |
Acquisition cost Jan 1 | 7,635 | 6,835 |
Increase during the period | 1,018 | 1,074 |
Acquired businesses | 0 | 19 |
Translation differences | -92 | 29 |
Decreases during the period | -182 | -321 |
Acquisition cost Dec 31 | 8,379 | 7,635 |
Accumulated depreciation Jan 1 | -5,438 | -4,790 |
Depreciation during the year | -918 | -1,056 |
Translation differences | -113 | -25 |
Decreases during the period | 182 | 432 |
Accumulated depreciation Dec 31 | -6,287 | -5,438 |
Book value Dec 31 | 2,092 | 2,197 |
Book value Jan 1 | 2,197 | 2,045 |
The book value includes leasehold improvement expenses amounting to 244 thousand euros (347 thousand euros in 2024). | ||
| ADVANCE PAYMENTS AND | JAN 1–DEC 31, | JAN 1–DEC 31, |
| PURCHASES IN PROGRESS | 2025 | 2024 |
Acquisition cost Jan 1 | 199 | 328 |
Increase during the period | 168 | 673 |
Decreases during period | -314 | -802 |
Acquisition cost Dec 31 | 53 | 199 |
Book value Dec 31 | 53 | 199 |
Book value Jan 1 | 199 | 328 |
Impairment testing
The need for impairment of goodwill and intangible assets in progress is assessed
annually, and continuously if there are indications that the value of the asset item
has decreased. Goodwill is monitored and tested as a single unit at the Group level,
which also represents the Group's operating segment. The recoverable amounts are
determined by the value-in-use method.
The cash flow forecasts serving as the basis for these calculations are based on
management-approved forecasts, generally for a five-year period. In addition to
strategy, latest budgets, and forecasts, management bases its cash flow projections
on an estimate of the effect of the recent geopolitical tensions and developments
in the United States on the capability of the CGUs to generate cash flows, and on
other external information management deems to have this effect. The assumptions
used are consistent with past developments, and, in the management’s opinion,
moderate in respect of the growth and profitability opportunities in the coming
years.
Cash flows are most affected by discount interest rates, closing values, as well as
the assumptions and estimates used in assessing cash flows. The pre-tax dis-
count interest rate used for calculating value-in-use is determined using the WACC
(Weighted Average Cost of Capital) method, which projects the total cost of own
and borrowed capital taking into account the specific risks of the assets. Even
though management estimates that the assessments have been made with due dil-
igence, the estimates may differ significantly from actual future values. The terminal
value growth rate is assumed to be 2%, based on the inflation rate assumption, and
WACC 8.4%.
Goodwill impairment testing sensitivity analysis
The management’s view is that no reasonably possible change in the key assump-
tion(s) would cause the carrying values of the CGU to exceed their recoverable
amounts.
36REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Lease agreements
RIGHT | OF USE ASSETS | |||
| JAN 1–DEC | ||||
| BUSINESS | 31, 2025 | |||
PREMISES | CARS | DEVICES | TOTAL | |
Acquisition cost Jan 1 | 5,195 | 1,326 | 120 | 6,641 |
Increase during the period | 3,869 | 126 | 189 | 4,184 |
Translation differences | -158 | 0 | 0 | -158 |
Decreases during the period | -2,421 | -383 | -75 | -2,878 |
Acquisition cost Dec 31 | 6,485 | 1,069 | 235 | 7,789 |
Accumulated depreciation Jan 1 | -3,307 | -657 | -76 | -4,040 |
Depreciation during the year | -1,155 | -361 | -87 | -1,602 |
Translation differences | 74 | 0 | 0 | 74 |
Decreases during the period | 2,419 | 331 | 69 | 2,819 |
Accumulated depreciation Dec 31 | -1,968 | -687 | -93 | -2,749 |
Book value Dec 31 | 4,517 | 382 | 142 | 5,040 |
Book value Jan 1 | 1,889 | 669 | 44 | 2,601 |
| JAN 1–DEC | ||||
| BUSINESS | 31, 2024 | |||
PREMISES | CARS | DEVICES | TOTAL | |
Acquisition cost Jan 1 | 5,800 | 1,152 | 120 | 7,072 |
Increase during the period | 82 | 403 | 10 | 495 |
Translation differences | 90 | 0 | 0 | 90 |
Decreases during the period | -777 | -229 | -10 | -1,016 |
Acquisition cost Dec 31 | 5,195 | 1,326 | 120 | 6,641 |
Accumulated depreciation Jan 1 | -2,923 | -508 | -53 | -3,485 |
Depreciation during the year | -1,126 | -379 | -33 | -1,538 |
Translation differences | -20 | 0 | 0 | -20 |
Decreases during the period | 763 | 229 | 10 | 1,002 |
Accumulated depreciation Dec 31 | -3,307 | -657 | -76 | -4,040 |
Book value Dec 31 | 1,889 | 669 | 44 | 2,601 |
Book value Jan 1 | 2,877 | 644 | 67 | 3,588 |
37REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
AMOUNTS RECOGNIZED FOR LEASES IN THE
INCOME STATEMENT
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2025 | 2024 | |
Depreciation | -1,602 | -1,538 |
Interest on lease liabilities | -139 | -136 |
| Other operating expenses, leases | ||
Expenses from short-term leases | -281 | -288 |
Expenses from low-value leases | -21 | -17 |
| Expenses related to variable lease | -96 | -69 |
| payments not included in lease liabilities |
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| 2025 | 2024 | |
| Cash outflow from leases | ||
Payments of lease liabilities | -1,721 | -1,412 |
| Items recognized in the income | -537 | -510 |
| statement, excluding depreciation |
14) Inventories
INVENTORIES
DEC 31, 2025 | DEC 31, 2024 | |
Materials and supplies | 1,781 | 1,798 |
Work in progress/advance payments | 1,240 | 1,057 |
Finished products | 7,810 | 7,244 |
Total | 10,831 | 10,099 |
38REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| DEC 31, | DEC 31, | |
| 2025 | 2024 | |
Sales receivables | 10,679 | 12,435 |
Loan receivables | 1,066 | 0 |
Other receivables | 365 | 119 |
Accrued income | 2,334 | 1,875 |
Total | 14,443 | 14,429 |
39REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| EXPECTED CREDIT LOSSES OF TRADE RECEIVABLES, DEC 31, 2025 | |||
| TRADE | TRADE | ||
| RECEIVABLES, | CREDIT LOSS | RECEIVABLES, NET | |
| GROSS AMOUNT | ALLOWANCE | AMOUNT | |
Current | 6,542 | 0 | 6,542 |
Due less than 90 days | 3,576 | 22 | 3,554 |
Due over 90 days | 607 | 25 | 582 |
Total | 10,726 | 47 | 10,679 |
| EXPECTED CREDIT LOSSES OF TRADE RECEIVABLES, DEC 31, 2024 | TRADE | TRADE | |
| RECEIVABLES, | CREDIT LOSS | RECEIVABLES, NET | |
| GROSS AMOUNT | ALLOWANCE | AMOUNT | |
Current | 8,148 | 0 | 8,148 |
Due less than 90 days | 3,682 | 14 | 3,668 |
Due over 90 days | 651 | 31 | 620 |
Total | 12,481 | 46 | 12,435 |
40REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
16) Capital structure
The Group's capital management activities seek to optimize capital structure and
thereby support the Group's business activities by ensuring normal operating condi-
tions for business activities, while also increasing shareholder value and aiming for
the best possible profit.
Capital structure can be influenced by dividend distribution and the issue of shares.
The Group may vary and adjust the amount of dividends paid to shareholders, or the
number of new shares issued, or decide to sell assets in order to reduce its debts.
The Group monitors its capital structure through leveraging. At the end of 2025, the
Group's interest-bearing net liabilities totaled EUR -15.3 million (EUR -7.9 million
at the end of 2024) and leveraging stood at -13.3 percent (-7.3%). When calculating
leveraging, interest-bearing net liabilities are divided by shareholders' equity. Net li-
abilities comprise debts less receivables and cash equivalents. The Group's strategy
is to keep leveraging below 25 percent. There has been no change in this strategy
since the previous year.
JAN 1–DEC 31, 2025 | JAN 1–DEC 31, 2024 | |
Financial liabilities | 10,989 | 12,783 |
Cash and cash equivalents | 26,242 | 20,687 |
Net liabilities | -15,253 | -7,904 |
Total equity | 114,702 | 107,708 |
Net leveraging | -13.3 % | -7.3 % |
The loan taken out by the Group for the acquisition includes the following covenants:
The ratio of net debt to EBITDA may not exceed 2
Equity ratio must be more than 35%
The Group has complied with these covenants throughout the reporting period. The
ratio of net debt to EBITDA was -51.0% and equity ratio was 76.1% on December 31,
2025.
41REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| NUMBER | RESERVE FOR | ||||
| OF | SHARE | INVESTED | OWN | ||
| SHARES | CAPITAL | UNRESTRICTED | SHARES | TOTAL | |
Jan 1, 2024 | 26,681,116 | 5,315 | 52,179 | -1,732 | 55,764 |
Transfer of the company's own shares May 7, 2024 | -45 | 45 | 0 | ||
Transfer of the company's own shares Aug 13, 2024 | -12 | 12 | 0 | ||
Dec 31, 2024 | 26,681,116 | 5,315 | 52,122 | -1,674 | 55,764 |
| NUMBER | RESERVE FOR | ||||
| OF | SHARE | INVESTED | OWN | ||
| SHARES | CAPITAL | UNRESTRICTED | SHARES | TOTAL | |
Jan 1, 2025 | 26,681,116 | 5,315 | 52,122 | -1,674 | 55,764 |
Transfer of the company's own shares Apr 10, 2025 | -29 | 29 | 0 | ||
Transfer of the company's own shares May 14, 2025 | -76 | 76 | 0 | ||
Dec 31, 2025 | 26,681,116 | 5,315 | 52,017 | -1,569 | 55,764 |
42REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
18) Management of financial risks
Financial risks and the risk management process
The management of financial risks is the responsibil-
ity of the CEO together with the Board of Directors.
The Board defines the main outlines of the company’s
financing and the general management principles for
financial risks, and it gives guidelines as necessary for
any special issues such as liquidity risk, interest risk,
credit risk, and the investment of surplus liquid funds.
The Board of Directors discusses the Group’s financial
standing and funding at its monthly meetings.
According to its strategy, the company may seek growth
through acquisitions of companies and business oper-
ations. The implementation of these acquisitions may
require debt financing. Debt can also be used for other
strategic and operational purposes decided on by the
Board. Equity financing may also be used for all financ-
ing needs, in particular for acquisitions of companies
and business operations.
Types of financial risks
In its operational activities, the company may be
exposed to several types of financial risks, including
changes in currency exchange rates, interest rates, and
changes in the stock market. A central objective of fi-
nancial risk management is to identify financial market
risks that are relevant to the Group, and seek to mini-
mize the harmful effects of financial market changes on
the Group’s profit.
The main areas of financial risk management are:
NON EURO CASH AND CASH
| EFFECT ON | ||
| PROFIT AND LOSS | ||
| IF EURO | ||
| STRENGTHENED | ||
| 10% AGAINST | ||
| EQUIVALENTS AT THE CLOSING | THE CURRENCY | |
| DATE – THOUSAND | – THOUSAND | |
USD | 12,694 | -1,080 |
AUD | 1,747 | -99 |
RMB | 508 | -6 |
(II) Interest rate risk
In the company’s balance sheet structure, interest rate
risk is involved in borrowings. The Group’s profit and
cash flow from operations are to an essential extent
independent of fluctuations in market interest.
When taking up new financing, for example for corpo-
rate acquisitions, the company always evaluates the
need for interest rate hedging, taking into account the
amount of debt, hedging costs, and expected interest
rate development during the financing period. All of
the Group’s borrowings have fixed interest rates. As the
Group does not have floating rate loans, the Group is
not exposed to interest rate risk arising from chang-
es in interest rates. The company has no interest rate
investments or derivatives to which cash flow hedging
would be applied.
43REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
44REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
| AT FAIR VALUE | ||||
| THROUGH | ||||
| PROFIT OR | AMORTIZED | BOOK | FAIR | |
| DEC 31, 2025 | LOSS | COST | VALUE | VALUE |
| Interest-bearing | ||||
| non-current | 0 | 5,290 | 5,290 | 5,290 |
| liabilities | ||||
Other non-in- terest bearing | 0 | 1,325 | 1,325 | 1,325 |
| non-current | ||||
| liabilities | ||||
| Interest-bearing | ||||
| current | 0 | 5,697 | 5,697 | 5,697 |
| liabilities | ||||
Trade pay- ables and other non-interest- bearing current | 0 | 18,302 | 18,302 | 18,302 |
| liabilities | AT FAIR VALUE | |||
| THROUGH | ||||
| PROFIT OR | AMORTIZED | BOOK | FAIR | |
| DEC 31, 2024 | LOSS | COST | VALUE | VALUE |
| Interest-bearing | ||||
| non-current | 0 | 7,319 | 7,319 | 7,319 |
| liabilities | ||||
Other non-in- terest bearing | 0 | 1,079 | 1,079 | 1,079 |
| non-current | ||||
| liabilities | ||||
| Interest-bearing | ||||
| current | 0 | 5,464 | 5,464 | 5,464 |
| liabilities | ||||
Trade pay- ables and other non-interest- bearing current | 0 | 15,464 | 15,464 | 15,464 |
| liabilities |
| PRINCIPAL | ||||
| INITIAL | OUT | YEAR WHEN | ||
LIABILITY | USE | AMOUNT | STANDING | GRANTED |
| Loan from finan- | Acquired | 30,000 | 5,850 | 2019 |
| cial institution | businesses |
| UNDER 1 | 1–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2025 | YEAR | YEARS | YEARS | FLOW |
Trade payables and other non-interest- bearing debt | 18,302 | 454 | 0 | 18,756 |
Lease liabilities | 1,497 | 3,640 | 0 | 5,138 |
Interest-bearing debt | 4,322 | 1,666 | 0 | 5,988 |
| UNDER 1 | 1–5 | OVER 5 | TOTAL CASH | |
| DEC 31, 2024 | YEAR | YEARS | YEARS | FLOW |
Trade payables and other non-interest- bearing debt | 15,464 | 273 | 0 | 15,737 |
Lease liabilities | 1,350 | 1,473 | 63 | 2,886 |
Interest-bearing debt | 4,527 | 6,036 | 0 | 10,563 |
45REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
20) Provisions
SHORT TERM PROVISIONS | DEC 31, 2025 | DEC 31, 2024 |
Provisions Jan 1 | 648 | 632 |
Increase | 117 | 49 |
Decrease | 0 | -33 |
Short-term provisions Dec 31 | 766 | 648 |
21) Trade and other payables
DEC 31, 2025 | DEC 31, 2024 | |
Accounts payable | 8,395 | 7,003 |
Other liabilities | 1,179 | 1,087 |
Accrued expenses and deferred income | 8,728 | 7,374 |
Total | 18,302 | 15,464 |
| Material items included in accrued | ||
| liabilities and deferred income | ||
Accrued personnel expenses | 5,399 | 4,423 |
Other accruals and deferred income | 3,328 | 2,951 |
Total | 8,728 | 7, 374 |
22) Other adjustements in cash flow calculations
| RECONCILIATION | ||||
| OF MOVEMENTS OF | ||||
| INTEREST BEARING | ||||
| LIABILITIES TO | DEC 31, | CASH FLOW | NON CASH | DEC 31, |
| CASH FLOW | 2024 | EFFECT | CHANGES | 2025 |
Loans from finan- cial institutions | 10,050 | -4,200 | 0 | 5,850 |
Lease liabilities | 2,733 | -1,721 | 4,125 | 5,138 |
Total | 12,783 | -5,921 | 4,125 | 10,988 |
| RECONCILIATION | ||||
OF MOVEMENTS OF INTEREST BEARING | ||||
| LIABILITIES TO | DEC 31, | CASH FLOW | NON CASH | DEC 31, |
| CASH FLOW | 2023 | EFFECT | CHANGES | 2024 |
Lainat rahoitus- laitoksilta | 14,630 | -4,580 | 0 | 10,050 |
Vuokrasopimus- velat | 3,664 | -1,412 | 481 | 2,733 |
Total | 18,294 | -5,993 | 481 | 12,783 |
| OTHER TRANSACTIONS, NOT RELATED | ||||
TO PAYMENT TRANSACTIONS | DEC 31, 2025 | DEC 31, 2024 | ||
Adjustement related to share incentives | 344 | 471 | ||
Other adjustements | 925 | 493 | ||
Total | 1,269 | 963 | ||
| Other adjustements | ||||
Cash portion of share incentives | -72 | -71 |
46REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
DEC 31, 2025 | DEC 31, 2024 | |
Within 1 year | 33 | 90 |
In more than 1 and no more than 5 years | 10 | 23 |
Total | 43 | 113 |
47REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
25) Related parties and remuneration of management
PARENT AND SUBSIDIARY RELATIONSHIPS OF THE GROUP | DOMICILE | HOLDING |
Parent company Revenio Group Corporation | Vantaa | |
Icare Finland Oy | Helsinki | 100% |
Icare USA Inc | Missouri | 100% |
CenterVue S.p.A | Padua | 100% |
Revenio Italy S.R.L | Milan | 100% |
Revenio Australia Pty Ltd | Melbourne | 100% |
Icare World Australia Pty Ltd | Melbourne | 100% |
China iCare Medical Technology Co. Ltd | Shanghai | 100% |
Thirona Retina B.V. | Nijmegen | 100% |
| JAN 1–DEC 31, | JAN 1–DEC 31, | |
| EMPLOYMENT BENEFITS FOR MANAGEMENT | 2025 | 2024 |
Management includes the Board and the Group's Management Team | ||
Salaries and other short-term employment benefits | 2,467 | 1,988 |
Other long-term benefits | 70 | 69 |
Pension costs | 285 | 251 |
Total | 2,822 | 2,307 |
| SALARIES AND REMUNERATIONS OF THE MEMBERS OF | JAN 1–DEC 31, | JAN 1–DEC 31, |
| THE BOARD OF DIRECTORS AND THE CEO: | 2025 | 2024 |
CEO Toijala Jouni | 480 | 288 |
Chair of the Board Nielsen Arne Boye | 96 | 89 |
Board member Sherif Riad | 44 | 43 |
Board member Sundell Ann-Christine | 44 | 45 |
Board member Tammela Pekka | 64 | 61 |
Board member Östman Bill | 70 | 66 |
Board member Anat Loewenstein | 37 | 0 |
Board member Heli Lindfors | 44 | 0 |
Total | 878 | 592 |
48REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
26) Events after the financial period
There has not been any material events after the financial period.
27) Published new and amended IFRS standards that are
not yet in force
The Group has not adopted the following new and amended IFRS standards that
have been published but have not yet entered into force.
| Classification and measurement of |
| Amendments to IFRS 9 and IFRS 7 |
| financial instruments |
| Contracts Referencing Nature-dependent |
| Amendments to IFRS 9 and IFRS 7 |
| Electricity |
| Annual Improvements to IFRS |
| Volume 11 |
| Accounting Standards |
IFRS 18 Presentation and Disclosures in |
| Financial Statements |
| Subsidiaries without Public |
| IFRS 19 |
| Accountability: Disclosures* |
| Translation to a Hyperinflationary |
| Amendments to IAS 21 |
| Presentation Currency* |
*) The new or amended IFRS standard had not been approved for application in the EU on the date when these financial statements were approved for publication. |
The Group will adopt these new and amended standards and interpretations, when
they become effective and are endorsed by the EU. Management does not expect
these to havea material impact on the Group's financial statements in future re-
porting periods.
IFRS 18 sets out new requirements for presentation and disclosures in financial
statements and will replace IAS 1 Presentation of Financial Statements. The new
requirements include:
• Presentation of specified categories and defined subtotals
in the income statement
• Mandatory disclosures for management-defined performance
measures in the notes to the financial statements
• Enhanced guidance on aggregation and disaggregation of financial
information across primary statements and notes
IFRS 18 also makes consequential amendments to other accounting standards,
including IAS 7 Statement of Cash Flows, IAS 33 Earnings per Share and IAS 34
Interim Financial statements.
IFRS 18 will not impact the recognition or measurement of items in the financial
statements. The Group expects that IFRS 18 will have some impact on the pre-
sentation of financial information. The Group will apply the new standard from its
effective date of 1 January 2027. Retrospective application is required, and therefore
the comparative information for the financial year ending 31 December 2026 will be
restated in accordance with IFRS 18.
49REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent Company
Financial Statements
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025 49
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
50REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company profit & loss statement (FAS)
APPENDIX
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Net sales 1 1,573,107.12 1,268,772.59
Other operating income 2 48,600.00 0.00
Personnel expenses
Salaries and fees 3 -2,115,364.79 -1,710,172.64
Indirect personnel costs
Pension costs -363,379.66 -305,659.51
Other indirect personnel expenses -40,984.22 -21,595.45
Personnel expenses total -2,519,728.67 -2,037,427.60
Depreciation, amortization, and impairment
Planned depreciation -42,204.40 -29,959.00
Depreciation and amortization total -42,204.40 -29,959.00
Other operating expenses 4 -3,523,453.54 -2,719,435.27
NET PROFIT/LOSS -4,463,679.49 -3,518,049.28
Financial income and expenses 5
Other financial income and interest receivable 1,591,891.97 2,428,095.22
Interest and other financial expenses -305,389.75 -573,701.22
Financial income and expenses total 1,286,502.22 1,854,394.00
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES -3,177,177.27 -1,663,655.28
Appropriation 6 19,944,371.43 21,099,454.50
Income taxes for the financial period 7 -3,347,777.71 -3,892,173.40
NET PROFIT/LOSS 13,419,416.45 15,543,625.82
51REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company balance sheet (FAS)
ASSETS APPENDIX DEC 31, 2025 DEC 31, 2024
NON-CURRENT ASSETS 8
Intangible assets
Other intangible assets 68,600.52 18,537.70
Intangible assets total 68,600.52 18,537.50
Tangible assets
Machinery and equipment 261,216.12 1,223.20
Tangible assets total 261,216.12 1,223.20
Investments
Holdings in Group companies 9 20,266,897.39 20,266,897.39
Other shares 360,000.00 360,000.00
Investments total 20,626,897.39 20,626,897.39
NON-CURRENT ASSETS TOTAL 20,956,714.03 20,646,658.09
CURRENT ASSETS
Non-current receivables
Receivables from Group
companies
63,174,726.81 69,336,297.06
Non-current receivables, total 63,174,726.81 69,336,297.06
Short-term receivables
Receivables from Group
companies
10 27,276,772.53 22,175,334.36
Loan receivables 96.31 233.56
Other receivables 25,511.39 92,811.17
Advances paid 11 225,921.72 1,244,991.36
Short-term receivables total 27,528,301.95 23,513,370.45
Bank and cash 3,571,987.39 2,529,523.04
INVENTORIES AND SHORT-TERM
ASSETS TOTAL
94,275,016.15 95,379,190.55
TOTAL ASSETS 115,231,730.18 116,025,848.64
SHAREHOLDER EQUITY AND
LIABILITIES APPENDIX DEC 31, 2025 DEC 31, 2024
SHAREHOLDER EQUITY 12
Share capital 5,314,918.72 5,314,918.72
Reserve for invested non-restricted
equity
51,304,981.86 51,304,981.86
Retained earnings 37,386,641.95 32,482,567.73
Profit for the period 13,419,416.45 15,543,625.82
SHAREHOLDERS’ EQUITY TOTAL 107,425,958.98 104,646,094.13
LIABILITIES
Non-current liabilities
Loans from financial institutions 13 1,650,000.00 5,850,000.00
Non-current liabilities total 1,650,000.00 5,850,000.00
Current liabilities
Loans from financial institutions 4,200,000.00 4,200,000.00
Accounts payable 428,817.93 506,565.38
Liabilities to Group companies 14 3,662.85 1,475.52
Other liabilities 47,469.61 42,565.36
Accrued expenses and deferred
income
15 1,420,192.24 779,148.25
Current liabilities total 6,100,142.63 5,529,754.51
BORROWED CAPITAL TOTAL 7,750,143.63 11,379,754.51
LIABILITIES TOTAL 115,231,730.18 116,025,848.64
APPROPRIATIONS
Depreciation difference
Depreciation difference 55,628.57 0.00
Depreciation difference total 55,628.57 0.00
APPROPRIATIONS TOTAL 55,628.57 0.00
52REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Parent company cash flow statement (FAS)
CASH FLOW FROM OPERATING ACTIVITIES
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Profit/loss before appropriations and taxes -3,177,177.27 -1,663,655.28
Adjustments
Planned depreciation 42,204.40 29,959.00
Unrealized exchange rate gains and losses 48,822.44 -34,607.57
Financial income and expenses -1,335,324.66 -1,819,786.43
Change in working capital:
Change in non-interest-bearing current
receivables
-285,795.68 36,075.57
Change in non-interest-bearing current
liabilities
62,509.41 569,845.66
Interest and payments paid from operations -288,006.48 -594,694.37
Interest and payments received from operations 1,567,264.21 3,599,705.20
Direct taxes paid -1,786,331.07 -4,943,056.84
Cash flow from operations -5,151,834.70 -4,820,215.06
CASH FLOW FROM INVESTMENT
ACTIVITIES
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Investments in tangible and intangible assets -352,260.34 0.00
Loans granted -2,000,000.00 -3,000,000.00
Repayments of loan receivables 8,161,570.25 2,478,288.42
Cash flow from investing activities 5,809,309.91 -521,711.58
CASH FLOW FROM FINANCING ACTIVITIES
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Withdrawals and repayments of long-term
borrowings
-4,200,000.00 -4,200,000.00
Dividends paid and other distribution of profits -10,639,551.60 -10,105,254.12
Group contributions received and paid 15,273,363.18 21,088,048.89
Cash flow from financing activities 433,811.58 6,782,794.77
CHANGE IN CASH AND CASH EQUIVALENTS 1,091,286.79 1,440,868.13
Cash and cash equivalents at beginning of period 2,529,523.04 1,054,047.34
Effect of exchange rates -48,822.44 34,607.57
Cash and cash equivalents at end of period 3,571,987.39 2,529,523.04
Change in cash and cash equivalents 1,091,286.79 1,440,868.13
53REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to parent company financial statements
Dec 31, 2025
Accounting principles for the parent company
financial statements
Basis of preparation
The financial statements of the parent company Revenio Group Corporation have
been prepared in accordance with the Finnish Accounting Act, Limited Liability
Companies Act, and the Finnish Accounting Standards (FAS).
Valuation and depreciation principles
Valuation of non-current assets
The company’s non-current assets are stated at acquisition cost less planned
depreciation. The depreciation plan is defined based on experiences. Value ad-
justments are made based on the difference between the acquisition cost and the
residual value and estimated useful life.
The bases for planned depreciation are as follows:
Intangible rights 3 years straight-line depreciation
Other non-current expenses 3 years straight-line depreciation
Machinery and equipment 3 years straight-line depreciation
Subsidiaries
Direct expenses from the acquisition of subsidiary companies are recognized in the
acquisition cost of subsidiary company holdings. The Group management continu-
ously reviews Group items for any indication of impairment. If there are such indi-
cations, the amount recoverable from the said asset item is assessed.
Employee benefits
Personnel pension security is handled by external pension insurance companies.
Pension costs are recorded as expenses in the year in which they are incurred.
The company's Leadership Team participates in a long-term share plan, within
which programs are valid for the earning years 2023-2025, 2024-2026 and 2025-
2027. The minimum, target and maximum bonus of each participant shall be decid-
ed separate, as well as performance criteria and the related targets. The accounting
and financial statement treatment of share-based payment plans is described in
more detail in Note 17.
Notes to the income statement
1) Distribution of net sales
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Administrative services to subsidiaries 1,573,107.12 1,268,772.59
Net sales total 1,573,107.12 1,268,772.59
2) Other operating income
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Other income 48,600.00 0.00
Other operating income total 48,600.00 0.00
54REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
3) Salaries and remunerations
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
CEO -480,136.72 -287,502.40
Board Members -398,593.00 -304,000.00
Other salaries and remunerations -794,802.70 -631,707.13
Total -1,673,532.42 -1,223,209.53
Accrued salaries and remunerations
total
-2,115,364.79 -1,710,172.64
AVERAGE NUMBER OF PERSONNEL
DURING PERIOD
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Management 3 3
Others 11 9
Total 14 12
4) Other operating expenses
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Rent of business premises -93,345.46 -109,122.17
Vehicle and travel expenses -227,506.85 -179,132.03
Machinery and equipment expenses -288,644.77 -359,033.73
Marketing and entertainment -56,655.34 -41,006.35
Expert services purchased -2,504,764.50 -1,655,732.79
Administrative expenses -124,390.99 -125,947.85
Other operating expenses -228,145.63 -249,460.35
Total -3,523,453.54 -2,719,435.27
Auditor’s fees
Deloitte Oy
Auditing fees -103,000.00 -99,300.00
Certificates and statements -15,500.00 -20,400.00
Other services -25,500.00 -10,500.00
Total -144,000.00 -130,200.00
5) Financial income and expenses
FINANCIAL INCOME AND EXPENSES
FROM GROUP COMPANIES
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Interest income from Group companies 1,535,989.66 2,332,842.32
Total 1,535,989.66 2,332,842.32
FINANCIAL INCOME AND EXPENSES
FROM OTHERS
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Interest income from others 50,442.48 33,014.48
Other financial income 5,459.83 62,238.42
Interest expenses from loans from
financial institutions
-244,256.13 -544,019.45
Interest payable to others -1,779.72 -191.90
Other financial expenses -59,353.90 -29,489.87
Total -249,487.44 -478,448.32
6) Appropriations
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Group contributions received 20,000,000.00 22,000,000.00
Group contributions paid 0.00 -900,545.50
Depreciation difference -55,628.57 0.00
Total 19,944,371.43 21,099,454.50
7) Income taxes
JAN 1–DEC 31,
2025
JAN 1–DEC 31,
2024
Income tax for appropriation -3,988,874.29 -4,219,890.90
Income tax for actual operations 641,096.58 327,717.18
Income tax for previous years 0.00 0.32
Total -3,347,777.71 -3,892,173.40
55REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to balance sheet assets
8) Changes in fixed assets itemized by balance sheet item
DEC 31, 2025 DEC 31, 2024
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1 150,553.28 150,553.28
Increases during the period 75,836.52 0.00
Acquisition cost Dec 31 226,389.80 150,553.82
Accumulated depreciation Jan 1 -132,015.78 -103,390.78
Depreciation during the year -25,773.50 -28,625.00
Accumulated depreciation Dec 31 -157,789.28 -132,015.78
Book value Dec 31 68,600.52 18,537.50
Book value Jan 1 18,537.50 47,162.50
TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1 31,389.20 31,389.20
Increases during the period 276,424.12 0.00
Decreases during the period -31,389.20 0.00
Acquisition cost Dec 31 276,424.12 31,389.20
Accumulated depreciation Jan 1 -30,166.00 -28,832.00
Depreciation during the year -16,430.90 -1,334.00
Decreases during the period 31,388,90 0.00
Accumulated depreciation Dec 31 -15,208.00 -30,166.00
Book value Dec 31 261,216.12 1,223.20
Book value Jan 1 1,223.20 2,557.20
HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1 20,266,897.39 20,266,897.39
Acquisition cost Dec 31 20,266,897.39 20,266,897.39
Book value Dec 31 20,266,897.39 20,266,897.39
DEC 31, 2025 DEC 31, 2024
OTHER INVESTMENTS
Acquisition cost Jan 1 360,000.00 360,000.00
Acquisition cost Dec 31 360,000.00 360,000.00
Book value Dec 31 360,000.00 360,000.00
56REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
9) Holdings in other companies Dec 31, 2025
GROUP COMPANIES DOMICILE HOLDING
Icare Finland Oy Helsinki 100%
Revenio Australia Pty Ltd Melbourne 100%
Revenio Italy S.R.L. Milan 100%
10) Receivables from Group companies
DEC 31, 2025 DEC 31, 2024
NON-CURRENT RECEIVABLES
FROM GROUP COMPANIES
Loan receivables 63,174,726.81 69,336,297.06
Total 63,174,726.81 69,336,297.06
The Company has granted a loan of EUR 13,000,000 to Revenio Australia Pty Ltd and
a loan to Revenio Italy S.R.L., the outstanding principal of which amounted to EUR
50,174,726.81 as at the balance sheet date. No fixed repayment schedule has been estab-
lished for the loans, and repayments are made subject to separate agreement. The loans
bear annual interest at a rate of 2.4%, and no collateral has been provided for them.
DEC 31, 2025 DEC 31, 2024
CURRENT RECEIVABLES FROM
GROUP COMPANIES
Trade receivables 781,956.46 247,841.38
Accrued and other receivables from Icare Finland Oy 25,100,396.36 21,210,246.75
Accrued income 1,394,419.71 717,246.23
Total 27,276,772.53 22,175,334.36
Receivables from Group companies, total 90,451,499.34 91,511,631.42
11) Principal items in prepaid expenses and accrued income
DEC 31, 2025 DEC 31, 2024
Personnel expenses 53,309.16 47,579.20
Income taxes 28,526.67 1,045,195.60
Prepaid expenses 144,085.89 152,216.56
Total 225,921.72 1,244,991.36
57REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Notes to balance sheet liabilities
12) Changes in equity
DEC 31, 2025 DEC 31, 2024
Share capital
Share capital Jan 1 5,314,918.72 5,314,918.72
Share capital Dec 31 5,314,918.72 5,314,918.72
Restricted equity total Dec 31 5,314,918.72 5,314,918.72
Reserve for invested non-restricted equity
Reserve for invested non-restricted equity
Jan 1
51,304,981.86 51,304,981.86
Reserve for invested non-restricted equity
Dec 31
51,304,981.86 51,304,981.86
DEC 31, 2025 DEC 31, 2024
Profit/loss from previous financial periods
Profit/loss from previous financial periods
Jan 1
48,026,193.55 42,587,821.85
Dividends -10,639,551.60 -10,105,254.12
Profit/loss from previous financial periods
Dec 31
37,386,641.95 32,482,567.73
Profit/loss for the period Dec 31 13,419,416.45 15,543,625.82
Non-restricted equity total Dec 31 102,111,040.26 99,331,175.41
Equity total Dec 31 107,425,958.98 104,646,094.13
Calculation of the amount of distributable
unrestricted equity on 31 Dec
Invested unrestricted capital reserve 51,304,981.86 51,304,981.86
Retained earnings 37,386,641.95 32,482,567.73
Profit for the period 13,419,416.45 15,543,625.82
Distributable unrestricted equity Dec 31 102,111,040.26 99,331,175.41
The share capital of Revenio Group Corporation on December 31, 2025 was EUR
5,314,918.72, and the number of shares was 26,681,116. There is one class of
shares. All shares confer an equal right to dividends and the company’s funds.
On the closing date, the company held 77,691 of its own shares (REG1V).
58REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
13) Non-current liabilities
Loans from financial institutions
As at December 31, 2025, the parent company had interest-bearing non-current
liabilities amounting to EUR 1.7 million. The company does not have any loans falling
due later than within five years. At the end of 2024, the parent company had inter-
est-bearing non-current liabilities amounting to EUR 5.9 million.
14) Intra-group liabilities
DEC 31, 2025 DEC 31, 2024
Current intra-group liabilities
Accounts payable 3,662.85 1,475.52
Total 3,662.85 1,475.52
15) Principal items of accrued liabilities and deferred income
DEC 31, 2025 DEC 31, 2024
Personnel expenses 705,460.60 627,853.10
Income taxes 544,777.71 0.00
Other accruals and deferred income 169,953.93 151,295.15
Total 1,420,192.24 779,148.25
16) Notes to collateral and commitments
Banks and financial institutions have granted Revenio Group Corporation mortgages
on company assets worth EUR 91,000.000 and subsidiary shares with an accounting
value of EUR 6,205,984.75. The remaining capital of the bank loan at the end of the
financial year was EUR 5,850,000.00.
LEASE COMMITMENTS DEC 31, 2025 DEC 31, 2024
Lease commitments maturing next year 30,109.34 22,506.25
Lease commitments maturing later than next year 33,051.69 23,686.19
Total 63,161.03 46,192.44
Lease agreements run for 2–5 years and do not include special notice or purchase
option clauses.
RENT LIABILITIES DEC 31, 2025 DEC 31, 2024
Rent liabilities for office premises, maturing next
year
286,207.88 445,924.45
Rent liabilities for office premises, maturing later
than next year
2,657,644.60 2,355,694.25
Total 2,943,852.48 2,801,618.70
BANK GUARANTEE AS SECURITY OF LIABILITIES DEC 31, 2025 DEC 31, 2024
Bank guarantee based on tenancy 136,863.00 103,380.00
Total 136,863.00 103,380.00
59REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
17) Other notes
Management incentive scheme
Basis of preparation
The Board of Directors of Revenio Group Corporation has decided has decided on
the three-year earning periods of the share-based long-term incentive schemes
directed towards the key personnel of Revenio Group. Long-term incentive schemes
form part of the company's remuneration program for key personnel and are aimed
at supporting the implementation of the company's strategy and harmonizing the
objectives of key personnel and the company in order to grow the company's value.
The Board of Directors shall decide separately on the minimum, target and max-
imum bonus of each participant, as well as performance criteria and the related
targets. The amount of bonus payable to the participants depends on the achieve-
ment of the pre-set targets. No bonus will be paid if the targets are not met, or if
the participant's work or employment relationship ends before the bonus is paid.
The targets of the incentive schemes are related to the total absolute shareholder
return of the company's share and either cumulative operating result or earnings per
share over a three-year period. If the targets of the incentive scheme are met, the
bonuses will be paid in the spring of the year following the earning period. The total
amount of share bonus to be paid on the basis of the program earning period is
gross earnings minus the amount of cash required to cover taxes due on the share
bonus and any other tax-like payments, after which the remaining net bonus shall
be paid in shares. However, in certain circumstances the company has the right to
pay the entire bonus in cash.
Benefits granted under the share plan are recognized with caution as expenses in
the income statement when the Board of Directors has approved the bonuses for
payment. Taking the objectives of the scheme into account, it is not possible to reli-
ably estimate the total amount of future cash considerations.
EARNING YEARS
TIME OF
BONUS PAYMENT
MAXIMUM AMOUNT OF SHARE BONUS
(GROSS EARNINGS)
2021–2023 2024 0 (not realized)
2022-2024 2025 0 (not realized)
2023-2025 2026 max 9,692
2024-2026 2027 max 15,400
2025-2027 2028 max 10,443
In addition, if certain conditions are met, the company's key personnel are enti-
tled to a restricted share plan. During the financial year, the company recognized
a total of EUR -21 thousand in personal expenses related to this program.
60REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Signatures
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025 60
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
61REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Signatures to the financial statements and
review of operations
Vantaa, March 20, 2026
Board of Directors and CEO of Revenio Group Corporation
Arne Boye Nielsen
Chair of the Board
Riad Sherif
Board member
Ann-Christine Sundell
Board member
Bill Östman
Board member
Pekka Tammela
Board member
Heli Lindfors
Board member
Anat Loewenstein
Board member
Jouni Toijala
CEO
Auditor's note
We have issued an audit report today based on the audit we have performed.
Helsinki, March 20, 2026
Deloitte Oy
Authorized Public Accountants
Mikko Lahtinen
Authorized Public Accountant
The financial statements prepared in accordance with the applicable accounting regulations give a true and
fair view of the assets, liabilities, financial position, and profit or loss of both the company and the entities
included in its consolidated financial statements.
The report of the Board of Directors includes a description that provides a true and fair view of the develop-
ment and results of the business activities of both the company and the entities included in its consolidat-
ed financial statements, as well as a description of the most significant risks and uncertainties and other
aspects of the company's position.
62REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Auditor’s report
REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025 62
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
63REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Auditor’s report
To the Annual General Meeting of Revenio Group Corporation
Report on the Audit of the
Financial Statements
Opinion
We have audited the financial statements of Revenio
Group Oyj (business identity code 1700625-7) for the
year ended 31 December 2025. The financial statements
comprise the consolidated statement of comprehen-
sive income, balance sheet, statement of cash flows,
statement of changes in equity and notes, including
material accounting policy information, as well as the
parent company’s income statement, balance sheet,
statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a
true and fair view of the group’s financial
position, financial performance and cash flows
in accordance with IFRS Accounting Standards
as adopted by the EU
• the financial statements give a true and fair
view of the parent company’s financial
performance and financial position in
accordance with the laws and regulations
governing the preparation of financial
statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good audit-
ing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of the
group companies in accordance with the ethical re-
quirements that are applicable in Finland and are rele-
vant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-au-
dit services that we have provided to the parent com-
pany and group companies are in compliance with laws
and regulations applicable in Finland regarding these
services, and we have not provided any prohibited
non-audit services referred to in Article 5(1) of regula-
tion (EU) 537/2014. The non-audit services that we have
provided have been disclosed in note 8 to the consoli-
dated financial statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our profes-
sional judgment, were of most significance in our audit
of the financial statements of the current period. These
matters were addressed in the context of our audit
of the financial statements as a whole and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.
We have also addressed the risk of management over-
ride of internal controls. This includes consideration of
whether there was evidence of management bias that
represented a risk of material misstatement due to
fraud.
64REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Revenue recognition
Refer to notes 1 and 2 in the consolidated financial statements.
• Consolidated net sales of EUR 109.7 million consists of income
from the sale of products, services and software licenses.
• Revenue from sales is recognized when the customer obtains control
over a good, service or software license (performance obligation).
As a rule, control is transferred to the customer upon delivery in
accordance with the terms of agreement.
• For audit purposes, the key is that revenue is recognized timely and
in the correct amount.
• We have assessed the controls relating to the sales process and
revenue recognition.
• We have reviewed the accounting principles and practices associated
with revenue recognition to assess whether the recognition is in
accordance with IFRS 15.
• We have tested the timing and quantitative accuracy of revenue
recognition by comparing individual sales transactions to sales
documents and delivery notes.
• We have assessed the appropriateness of the presentation in the
consolidated financial statements.
Valuation of goodwill and other intangible assets
Refer to accounting principles for the consolidated financial statements
and note 12 in the consolidated financial statements.
• The consolidated statement of financial position includes goodwill of
EUR 62.9 million and other intangible assets of EUR 23.3 million.
• Goodwill and a significant amount of other intangible assets have arisen
from the business acquisitions executed in the previous financial years.
In addition, other intangible assets include capitalized development costs.
• The valuation and impairment testing of goodwill and other intangible
assets involve management estimates of cash flow projections and
trade cycle changes, and hence this matter is addressed
as a key audit matter.
• We have reviewed and assessed the management’s methods
and assumptions used in impairment testing.
• We have assessed the indications of impairment identified by the
management and performed audit procedures on the impairment
testing prepared by the management.
• We have tested the mathematical accuracy of the model used in
impairment testing, evaluated and challenged the projections used
in the calculations and related changes, and compared the prior year
forecasts to the actual figures.
• We have assessed the appropriateness of the presentation in the
consolidated financial statements.
We have no key audit matters to report with respect to our audit of the parent company’s financial statements. There are no significant risks of material misstatement referred
to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.
65REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Responsibilities of the Board of
Directors and the Managing Director
for the Financial Statements
The Board of Directors and the Managing Director are
responsible for the preparation of consolidated finan-
cial statements that give a true and fair view in accor-
dance with IFRS Accounting Standards as adopted by
the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements. The
Board of Directors and the Managing Director are also
responsible for such internal control as they deter-
mine is necessary to enable the preparation of financial
statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible
for assessing the parent company’s and the group’s
ability to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using
the going concern basis of accounting. The financial
statements are prepared using the going concern basis
of accounting unless there is an intention to liquidate
the parent company or the group or cease operations,
or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole are
free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit con-
ducted in accordance with good auditing practice will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of the
financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and main-
tain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of
the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the Board
of Directors’ and the Managing Director’s use
of the going concern basis of accounting and
based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt
on the parent company’s or the group’s ability
to continue as a going concern. If we conclude
that a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including
the disclosures, and whether the financial
statements represent the underlying
transactions and events so that the financial
statements give a true and fair view.
• Plan and perform the group audit to obtain
sufficient appropriate audit evidence regarding
the financial information of the entities or
business units within the group as a basis for
forming an opinion on the group financial
statements. We are responsible for the
direction, supervision and review of the audit
work performed for purposes of the group
audit. We remain solely responsible for our
audit opinion.
66REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and communi-
cate with them all relationships and other matters that
may reasonably be thought to bear on our indepen-
dence, and where applicable, related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our au-
ditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not
be communicated in our report because the adverse
consequences of doing so would reasonably be ex-
pected to outweigh the public interest benefits of such
communication.
Other Reporting Requirements
Information on Our Audit Engagement
We were first appointed as auditors by the Annual
General Meeting on 22 March 2017, and our appoint-
ment represents a total period of uninterrupted en-
gagement of nine years.
Other Information
The Board of Directors and the Managing Director are
responsible for the other information.
The other information comprises the report of the
Board of Directors.
Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial state-
ments, our responsibility is to read the other infor-
mation and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated. Our
responsibility also includes considering whether the
report of the Board of Directors has been prepared in
compliance with the applicable provision.
In our opinion, the information in the report of the
Board of Directors is consistent with the information
in the financial statements and the report of the Board
of Directors has been prepared in compliance with the
applicable provisions.
If, based on the work we have performed, we conclude
that there is a material misstatement of the report of
the Board of Directors, we are required to report that
fact. We have nothing to report in this regard.
Helsinki, 20 March 2026
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
67REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
Independent Auditor’s Report on the ESEF Financial
Statements of Revenio Group Corporation
To the Board of Directors of Revenio Group Corporation
We have performed a reasonable assurance engagement
on the financial statements [reveniogroup-2025-12-31-
0-fi.zip] of Revenio Group Oyj (business identity code
1700625-7) that have been prepared in accordance with
the Commission's regulatory technical standard for the
financial year ended 31 December 2025.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are
responsible for the preparation of the company's report
of the Board of Directors and financial statements (the
ESEF financial statements) in such a way that they com-
ply with the requirements of the Commission's regulatory
technical standard.
This responsibility includes
• preparing the ESEF financial statements in
XHTML format in accordance with Article 3 of
the Commission's regulatory technical standard
• tagging the primary financial statements,
notes and company's identification data in
the consolidated financial statements that are
included in the ESEF financial statements with
iXBRL tags in accordance with Article 4 of the
Commission's regulatory technical standard, and
• ensuring the consistency between the ESEF
financial statements and the audited financial
statements.
The Board of Directors and the Managing Director
are also responsible for such internal control as they
determine is necessary to enable the preparation of
ESEF financial statements in accordance with the
requirements of the Commission's regulatory technical
standard.
Auditor’s Independence and Quality
Management
We are independent of the company in accordance with
the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The auditor applies International Standard on Quality
Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance
with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter
7, Section 8 of the Securities Markets Act, provide
assurance on the financial statements that have been
prepared in accordance with the Commission's regu-
latory technical standard. We express an opinion on
whether the consolidated financial statements that are
included in the ESEF financial statements have been
tagged, in all material respects, in accordance with the
requirements of Article 4 of the Commission's regulato-
ry technical standard.
Our responsibility is to indicate in our opinion to what
extent the assurance has been provided. We conduct-
ed a reasonable assurance engagement in accordance
with International Standard on Assurance Engagements
(ISAE) 3000.
The engagement includes procedures
to obtain evidence on:
• whether the primary financial statements in
the consolidated financial statements that are
included in the ESEF financial statements have
been tagged, in all material respects, with iXBRL
tags in accordance with the requirements of
Article 4 of the Commission's regulatory
technical standard, and
• whether the notes and company's identification
data in the consolidated financial statements
that are included in the ESEF financial
statements have been tagged, in all material
respects, with iXBRL tags in accordance with
the requirements of Article 4 of the
Commission's regulatory technical
standard, and
• whether there is consistency between the
ESEF financial statements and the audited
financial statements.
68REVENIO | REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE
The nature, timing and extent of the selected proce-
dures depend on the auditor’s judgment. This includes
an assessment of the risk of a material deviation
due to fraud or error from the requirements of the
Commission's regulatory technical standard.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the
Securities Markets Act is that the primary financial
statements, notes and company's identification data in
the consolidated financial statements that are includ-
ed in the ESEF financial statements of Revenio Group
Oyj [reveniogroup-2025-12-31-0-fi.zip] for the financial
year ended 31 December 2025 have been tagged, in all
material respects, in accordance with the requirements
of the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial
statements of Revenio Group Oyj for the financial year
ended 31 December 2025 has been expressed in our
auditor's report dated 20 March 2026. With this re-
port we do not express an opinion on the audit of the
consolidated financial statements nor express another
assurance conclusion.
Helsinki, 20 March 2026
Deloitte Oy
Audit Firm
Mikko Lahtinen
Authorized Public Accountant (KHT)
REVENIO GROUP CORPORATION
Härkähaankuja 7 | 01730 Vantaa
www.reveniogroup.fi/en