2025
Annual Report
MARTELA ANNUAL REPORT 2025 2
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Martela in brief ………………………………………………………………………3
Martela 2025 …………………………………………………………………………… 4
Highlights of 2025 ………………………………………………………………… 5
Martela 80 years ……………………………………………………………………6
CEO’s review ……………………………………………………………………………8
Strategy …………………………………………………………………………………… 10
Operating environment …………………………………………………… 11
Board of Director’s Report ……………………………………………… 14
Financial Statements ………………………………………………………… 21
Auditor’s report …………………………………………………………………… 57
Independent Auditor’s report on the ESEF
consolidated financial statements Martela Oyj ……60
Corporate governance statement ……………………………… 62
Board of Directors ……………………………………………………………… 66
Management team ……………………………………………………………… 68
Information for shareholders ………………………………………… 71
Contents
MARTELA ANNUAL REPORT 2025 3
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Martela is a Nordic leader specialising in user-
centric working and learning environments. We
create the best places to work and support
our customers’ business with Martela Lifecycle
solutions, which enable furniture and their related
services to be integrated into a seamless whole.
Martela is a family company founded in 1945, and
its shares are quoted on the OMX Nordic Exchange
Helsinki. Our main market areas are Finland, Sweden
and Norway, and our solutions are also sold globally
through our network of dealers. Our production
facilities are located in Finland and Poland. In 2025,
the Martela Group’s revenue was EUR 93.7 million
and it employed an average of 330 employees.
Martela
in brief
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
The vacancy rates in office real
estate market is expected to peak
in 2025 and the market stabilise,
especially for modern and flexible
premises.
Year 2025
Martela’s revenue increased from
the previous year and the operating
profit improved but remained
negative.
Removal and installation service sales
increased from the previous year’s
level and the unique Workplace as
a Service -model increased its share
of net sales.
Demand and sales for corporations
decreased during the second half
of the year but remained strong
considering the market situation.
The share of sales to learning environments
increased clearly compared to the previous
year.
Martela implemented several visible customer
projects that combined user-oriented design, circular
economy solutions and a flexible service model.
Martela improved profitability in Finland with
productivity improvement programs and by
concentrating on strategic focus areas.
REVENUE
(EUR MILLION)
93.7
OPERATING PROFIT
(EUR MILLION)
-1.1
PERSONNEL
(AVERAGE)
330
REVENUE BY COUNTRY
(EUR MILLION)
TOTAL
93.7
2023 2024 2025
-10
0
10
20
30
EQUITY RATIO (%)
Finland 66.2
Other 7.1
Norway 4.8
Sweden 8.6
MARTELA ANNUAL REPORT 2025 5
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
KILTA 70 – A FINNISH
DESIGN CLASSIC
The Kilta chair celebrated its 70th
anniversary. Introduced in 1955
as Finland’s first plastic frame
chair, Kilta remains one of the most
recognizable icons of Finnish design.
To mark the anniversary, Martela
released a limited-edition version
that respectfully updates
the original design.
READ MORE
MARTELA 80 – DOES THE FUTURE
OF WORK STILL NEED OFFICES?
Martela marked its 80th anniversary
by examining the role of the office
in a changing world of work. The
anniversary seminar and exhibition
brought together research, expert
perspectives and real-world insights
on how work, culture and space
interact – and why well-designed
workplaces continue to play an
important role in working life.
READ MORE
INDUSTRY LEADER IN
11 CATEGORIES
Martela ranked number one
in 11 evaluation categories in
Taloustutkimus’ Work Life Decision
Makers 2025 study – more than
any other company in the industry.
A strong Net Promoter Score (NPS)
of 40, together with top ratings in
quality, ergonomics and reliability,
highlights the trust built through
long-term, customer-driven work.
READ MORE
SONO – A WORKSPACE THAT
WORKS ANYWHERE
The Sono Family responds to the
growing demand for versatile quiet
workspaces. It combines versatile
functionality with a neutral design
that fits seamlessly into different
environments. Made in Kitee, Sono
brings together Finnish quality,
A-class acoustic performance and
excellent value for money.
READ MORE
Highlights of 2025
I
ndustry leader
in 11 categories
Work Life Deicision Makers Study 2025
VAARAMO – A SCHOOL WHERE
CHILDREN’S VOICES ARE HEARD
The new Vaaranlampi primary
school in Rovaniemi was designed
as a calm, safe and flexible learning
environment that supports diverse
learning needs. The planning process
actively involved teachers and pupils
through workshops and surveys.
The result is a warm and adaptable
environment where accessibility,
circular solutions, and the reuse of
furniture are naturally integrated into
everyday life.
READ MORE
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Martela 80 years
– shaping the future
of work
For eight decades, Martela has developed better
work and learning environments by closely following
changes in work, society and people. The nature of
work has changed fundamentally: hybrid work, remote
work and technological development have reshaped
everyday working life, while the importance of
community, culture and human interaction has become
more evident. Even as ways of working diversify, the
human need to connect and belong remains.
Martela studies this transformation through
Martela Insights, based on data from over 15,000
office workers. The research shows that workplaces
play a role that remote work alone cannot replace:
spaces influence behaviour, collaboration, culture
and wellbeing.
That is why we see workplaces as more than
physical locations. They are strategic tools that
support organisational culture, leadership and
Eighty years ago, Martela was founded to make work better through
design. That mission still guides us today – in a world where how,
where and why we work is constantly evolving.
competitiveness. Well-designed environments
enable focus, interaction and shared insights –
while adapting to changing ways of working.
Looking ahead also means taking responsibility.
Circular economy and a Waste Nothing mindset are
at the core of Martela’s operations. Our furniture is
designed to last, adapt to changing needs and move
from one user to another. Refurbishment, reuse
and long life cycles are not future ambitions, but
everyday practice.
”Work is changing.
People remain at the centre.
That is the foundation
of Martela’s work for
decades to come.”
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
It all started with a single A4 sheet
THE 1940s
After the war, Finland was
rebuilt and demand for
affordable office furniture
was high. Martela,
originally Tehokaluste,
was founded in 1945
to meet this need with
simple, wood-based
solutions.
THE 1950s
New materials such
as plastic and steel
enabled lighter and more
ergonomic furniture.
Ergonomics gained
importance with
Tuki chair, and interior
design became part
of the overall offering.
THE 1960s
Urbanisation increased
office work and open-
plan offices became
more common. Furniture
design evolved with
greater focus on
ergonomics, safety
and form, and Kilta and
Tehka chairs became
parts of the collection.
THE 1970s
Open offices grew
in scale and system
furniture became
widespread. Ergonomics
and efficiency gained
importance, and in 1974
the company became
known as Martela.
THE 1980s
The rise of IT transformed
workplace design. Privacy
was improved with
acoustic solutions, and
work chairs became larger
and more comfortable.
THE 1990s
Knowledge work became
the norm, and offices
were designed to
encourage interaction.
Advanced ergonomic
chairs gained a central
role.
THE 2000s
Mobile technology
allowed work beyond the
desk. Adjustable desks
and flexible solutions
became more common as
knowledge work evolved.
THE 2010s
Work became location-
independent, and activity-
based offices emerged
to support focus and
collaboration. Comfort
and a more homelike
atmosphere gained
importance.
MARTELA ANNUAL REPORT 2025 8
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
A clear turnaround in profitability and
strengthened customer relationships
resulting performance improvement
The year 2025 was a turning point for Martela;
efficiency measures, productivity improvement
programs, focused customer work and strengthening
of service models were clearly reflected in our
results. We improved our operating result by more
than five million euros, and already in the second
quarter the operating result turned to profit.
In the Nordic countries, weak economic
development caused caution among organizations
when making procurement decisions. Employment
development, particularly in Finland and in Sweden,
was weak, and vacancy rates in office real estate
markets remained high across all our main market
areas.
Our revenue in 2025 was EUR 93.7 million, which
was an 8.1 per cent increase compared to the
previous year. Revenue grew in Finland and other
countries in 2025, while it decreased in Norway
and remained at the previous year’s level in Sweden.
The company’s total new orders decreased by
approximately 12 per cent during the fiscal year
2025 compared to the previous year. The year
started strongly, with new orders increasing in
the first quarter and demand strengthening in all
market areas. In the second half of the year, order
intake weakened compared to the exceptionally
strong level in the comparison year.
Profitability improvements
In 2025, we improved our operating profit compared
to the previous year, but the operating result
remained slightly negative. Operating profit for
January-December was EUR -1.1 million, compared
to EUR -6.5 million during the same period of the
previous year. The significant improvement in
operating profit in 2025 compared to the previous
year was due to higher revenue and reductions in
administrative and other fixed costs as a result
of implemented efficiency measures. However,
the operating profit for the 2025 financial year
remained in loss primarily due to a higher proportion
of deliveries involving lower-margin projects and
higher additional costs from reduced delivery batch,
especially during the first quarter and to some
extent in the second quarter. The first quarter’s
result was burdened by one-time costs, but
the effects of efficiency measures and
productivity improvement programs were
already strongly visible in the following quarters.
Our removal and installation service sales
increased from the previous year, and our unique
Workplace as a Service (WaaS) model also
continued to grow, strengthening its position as
a preferred model for our customers. In Finland,
sales to companies and learning environments
grew strongly, while sales to the municipal and
state sectors decreased. The growth in the service
business was particularly visible in company and
learning environment customers. During the year,
we implemented several large-scale and impactful
MARTELA ANNUAL REPORT 2025 9
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
customer projects in the Nordic and Baltic
countries. These projects highlighted Martela’s
strengths in design, delivery reliability and lifecycle
services.
Sustainability and customer focus
During the year, we strengthened our leadership
in utilising the circular economy, and for our
customers, this development work is reflected in
sustainably manufactured products and lifecycle
services for our customers. Sustainability has been
part of Martela’s operations throughout our history.
For us, sustainability in products means durability,
both from the perspective of design and technical
endurance. Our entire business model is based
on the lifecycle thinking of the work environment,
where sustainability is taken into account at every
stage, and the circular economy plays a crucial
role. The results of more than fifteen years of
sustainability work were assessed worthy of
the EcoVadis Bronze medal in 2025, and at
the beginning of 2026 we achieved the EcoVadis
Silver medal.
The emphasis on utilising the circular economy
model has further accelerated the demand
and recognition of our Workplace as a Service
(WaaS) model. In 2025, we implemented several
prominent customer projects that combined user-
oriented design, circular economy solutions and a
flexible service model. Investing in the customer
experience has always been important to Martela.
In the nationwide Work Life Decision Makers (TEP,
Työelämän päättäjät) survey commissioned by
Taloustutkimus Oy, decision makers rate major
Finnish companies in various industries. In 2025
Martela was ranked at the top of our industry both
in customer recommendation 40 (NPS) and across
11 evaluation categories – more than any other
company in the sector. Martela achieved the first
place in the overall rating for the 11th consecutive
time! This indicates that we have been able to
support organisations in the right way during
the significant changes in working life.
Outlook and priorities in 2026
In 2026 we will continue to focus strongly
especially on improving operative profitability and
on further enhancing administrative cost efficiency.
Additionally, we continue to keep other cash flow-
improving measures at the core of our activities.
We will continue to invest in active customer work
and work closely with our value chain partners. In
2026, the revenue is expected to decrease slightly,
but comparable operating profit is estimated to
be profitable. Our goal is to continue strengthen
margins through a higher-margin offering, service
scaling and disciplined cost management.
The expected decrease in revenue is mainly due
to a decrease in the relative share of large project
deliveries.
The past few years have been more challenging
than expected for the entire industry, but our
investments in business development and the
positive feedback from customers create confidence
for 2026 and beyond. More remote work is done in
Finland than in other European countries. Martela
aims to make workplaces even more attractive with
its products and services, which in turn increases
opportunities to improve productivity. The need for
changes in office spaces arises as work methods
evolve. The materialization of this need will increase
demand for Martela’s services and furniture in
the long-term.
I warmly thank Martela’s personnel, our
customers and partners for achieving
the turnaround. The results of 2025 – a clear
improvement in profitability, a strengthening of
the customer experience and strong references
create a solid foundation and faith in the future.
The work for the best working environments
continues.
Ville Taipale
CEO
MARTELA ANNUAL REPORT 2025 10
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Martela’s existence is based on the fact that we are
experts in creating a better work culture and our
task is to create user-centric work environments.
Our strategy is based on a strong understanding of
the needs and problematic areas of organisations
and the trends in the way of working.
Our updated vision “We create the best places
to work” emphasises the constantly changing ways
of working and the diversity of work environments,
from offices to home offices and other places
where work is done. Our strategy “We support
our customers’ business with Martela Lifecycle
solutions” combines furniture and related services
into a seamless whole. Martela’s high-quality and
timeless design enable a long lifecycle for products.
The furniture selection is constantly optimised to
support multi-location work.
Strategy
VISION
We Create the Best
Places to Work
STRATEGY
We support our customers’
business with Martela
Lifecycle solutions
MARTELA ANNUAL REPORT 2025 11
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Operating environment
Economic development and
market situation
Generally, the year 2025, like previous years, was
challenging due to the continued unfavourable
market conditions in the industry. In the Nordic
countries, weak economic development continued
to cause caution among organizations when
making procurement decisions. Employment trends,
particularly in Finland and in Sweden, were weak,
and vacancy rates in office real estate markets
remained high across all our main market areas.
The geopolitical situation remained unstable, and
the general economic outlook even worsened in
the second half of 2025.
In the office space markets and furniture
acquisitions, there was even stronger emphasis on
flexibility, cost-efficiency and sustainability. The
ongoing weak market conditions in the industry
maintained price competition and continued to
put pressure on profit margins. On the other hand,
fluctuations in energy and raw material prices, as
well as disruptions in supply chains, were moderate,
which stabilized production costs and their
predictability, as in the previous year.
The transformation of work continued, with
companies reassessing their office space needs
using new criteria. There was still demand for
Martela’s change and furniture services, as
companies and organizations adapted their work
environments to meet the needs of hybrid work.
The focus on customer-oriented, responsible, and
flexible solutions strengthened the company’s
position in the market.
Changes in work
Companies became aware of the importance of
collaboration during 2025 and the pressure to return
to the office increased. Remote work was found to
have weakened collaboration between individuals
and teams, and several companies began to limit
the amount of remote work. Companies focused
on optimising their office spaces and developed
their facilities to support a more hybrid work model,
where workdays are divided more evenly between
the office, remote work, and shared spaces. Space
efficiency and comfort remain key selection criteria.
Investment was made in the quality and
functionality if the office spaces. The demand for
Martela’s solutions grew, particularly for adaptable
and ergonomic work environments. Special solutions
were increasingly needed for work requiring
concentration, teamwork, and creative encounters,
and the office’s role in strengthening collaboration
and corporate culture remained.
Sustainability and circular economy
guided choices
Companies placed even greater emphasis on
sustainability and circularity in office space
design. The EU’s circular economy regulations and
companies’ sustainability reporting obligations
encouraged organisations to choose sustainable
and refurbishable furniture and services based on
lifecycle thinking.
Martela has invested in sustainability for
decades, and the company’s business model
is based on the circular economy and lifecycle
thinking. The Workplace as a Service (WaaS) model
meets companies’ needs to extend the lifecycle of
furniture and reduce the challenges associated with
ownership. The Martela Outlet chain enables the
easy acquisition of used and refurbished furniture
and supports the sensible use of resources.
High-quality design and
customer experience
Martela’s furniture is designed to withstand time
and use. The importance of sustainable and timeless
design was further emphasised as companies
invested in long-lasting and versatile furniture
solutions and design classics. To ensure safety and
durability of furniture, increasingly greater value
was placed on testing by an accredited third party
for compliance with European EN standards and on
environmental labels issued by third parties.
Customer experience remained a key competitive
factor, and digital services became an increasingly
important part of the procurement process. The
development of e-commerce and digital design
services enabled a smoother customer experience.
The focus on services and listening to customers’
needs paid off. Martela achieved the highest
customer satisfaction in its industry for the 11th
consecutive time in Work Life Decision Makers (TEP,
Työelämän päättäjät) survey commissioned
by Taloustutkimus Oy.
MARTELA ANNUAL REPORT 2025 12
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
THE FUTURE WORKING ENVIRONMENT
AT NOKIA HOME OF RADIO
Nokia Home of Radio is one of the world’s
most advanced research, development, and
production environments. Located in Oulu,
the 55,000 square metre smart campus
brings together office facilities and industrial
operations under one roof, including R&D
laboratories and a base station manufacturing
plant, employing a total of 3,000 people.
Workplace and interior design were carried
out by design agency Fyra, while the main
building’s architectural design was led by ALA
Architects. Martela was responsible for the
relocation of both office and production op-
erations, including laboratories, as well as for
the entire loose furniture concept across the
campus, covering delivery, installation,
and commissioning.
A workplace where brand
and nature meet
One of the key goals of the campus was to
create a working environment that supports
future ways of working, technological
development, and Nokia’s strong brand
identity. Nokia employees were involved in
the design of the spaces from the very
beginning.
The nine office floors form a cohesive
whole, with each floor featuring its own
colour palette inspired by northern nature.
The spaces support focus, encounters, and
collaboration in everyday work.
Responsible furnishing
as part of the whole
Martela’s role was to deliver an extensive
furnishing solution responsibly and in line
with the design vision. All loose furniture
was sourced through Martela.
A significant share of the furniture
was reused from Nokia’s other locations:
approximately 40 per cent of the furniture
was refurbished and reupholstered to fit
the new campus. This approach allowed old
and new furniture to form a cohesive, high-
quality whole that supports long-term use
and sustainability.
The largest relocation in
Nokia’s history in Oulu
The relocation was one of the most
extensive in Nokia’s history in Finland.
The project focused on safety, schedule
control, and seamless transition within
a critical operational environment. Martela
was responsible for planning and executing
the entire relocation.
The commissioning of the campus required
an exceptionally large and demanding move.
The relocation was carried out in phases and
in close cooperation with Nokia to ensure that
research, development, and production activi-
ties could continue without interruption.
A workplace built to last
Nokia’s Home of Radio in Oulu is a state-of-
the-art smart campus designed for research
and development. The working environment
supports both the design of advanced
technologies and network solutions, as well
as the everyday work and well-being of its
employees.
READ MORE
CASE NOKIA
Photo: Nokia Oyj, © Riikka Kantinkoski ja © Tuomas Uusheimo
MARTELA ANNUAL REPORT 2025 13
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Board of Directors’
Report and
Financial Statements
Board of Directors’ Report …………………………………………… 14
Consolidated financial statements, IFRS ………………… 21
Parent company financial statements, FAS …………… 48
Auditor’s report …………………………………………………………………… 57
MARTELA ANNUAL REPORT 2025 14
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Key figures
The Group’s revenue for the financial year was EUR
93.7 (86.7) million. The operating result for the year
was EUR -1.1 (-6.5) million. Earnings per share were
EUR -0.75 (-1.87). Cash flow from operating activities
totalled EUR 4.1 (0.1) million. The equity-
to-assets ratio was -5.1 (2.5) per cent and gearing
was -921.2 (1,455.2) per cent. The return on
investment for the year was -5.1 (-25.4) per cent.
Description of the business
Martela is one of the Nordic leaders in the workplace
industry. Martela designs and implements best
workplace and learning environments. Martela
supplies user-centric solutions into today’s
workplaces – mobile work and activity based
offices. Martela also offers the widest selection of
services supporting changes in interior planning
as well as supporting maintenance. Our total
offering comprises of the change of the whole
workplace from its specification and planning to
implementation and maintenance.
Martela’s offering and product
development
In line with its Lifecycle strategy Martela creates
high-quality services for workplaces and learning
environments along the full lifecycle. Our offering
includes workplace and learning environment
specification and planning, implementation and
Board of Directors’ report
furnishing as well as continuous measurement and
optimisation.
Martela’s service model related to furnishings
and changes in premises responds to the constantly
growing need for flexibility. Increasingly, instead of
large one-off investments, space changes are under
more process-like development. In this change,
Martela has highlighted the circular economy model,
flexible Workplace as a Service and development of
digital sales channels, as strategic focus areas.
The development of our product portfolio
remained strong throughout the year 2025. We
enhanced several existing products based on
customer needs and expanded our offering with new
solutions designed to support the future of work
and learning environments. The Oona product family,
designed by Antti Kotilainen, grew with the addition
of stools in various heights, enabling natural work
postures and versatile interactions around standing-
height tables. The expansion of the Oona series
brings greater flexibility and ergonomic options to
customer spaces.
For learning environments, we introduced the
PoGo and PreGo tables designed by Iiro Viljanen.
These new solutions support the evolving
requirements of collaborative learning. Their
adaptability and clean design language provide an
inspiring and efficient platform for both students
and educators. Towards the end of the year, our
popular Sono phone booth, manufactured in Kitee,
was joined by the new Sono Work workspace range.
Available in three different sizes, these rooms are
designed specifically for focused work and offer
organizations excellent space efficiency without
compromising quality.
EUR -1.1 (-1.3) million has been entered in
the Group profit and loss statement as reasearch
and development expenses.
Market situation
Economic development in the Nordic countries has
been weak in 2023-2025, which has been reflected
in caution among Martela’s customers when making
purchasing decisions. Economic growth is expected
to improve slightly in 2026 compared to 2025, but
the market situation is still expected to remain
uncertain also in 2026. In the Nordic countries,
office furniture markets are expected to grow
slightly, according to forecasts by the CSIL research
institute. However, for the years ahead, demand is
expected to strengthen, partly due to the increased
pent-up need.
The uncertainty in the markets, combined with
changes in how work is being done, is also creating
demand for Martela’s transformation services, even
though office occupancy rates have not yet returned
to pre-pandemic levels and the development of
economic occupancy rates in the Nordic countries
has been historically unusually weak in recent years.
However, workspaces are being adapted to meet the
needs of multi-location hybrid work, with more focus
being placed on their attractiveness than before.
Group structure
Aski Avvecklingsbolag AB shares have been sold
to Martela AB. There was no other changes in
the group structure in 2025.
Revenue and operating result
The January–December 2025 revenue was EUR
93.7 (86.7) million, a increase of 8.1 per cent from
previous year. Compared to the previous year,
revenues increased in Finland 10.5 per cent and in
other countries 2.6 per cent. Revenue decreased in
Sweden 0.5 per cent and in Norway 2.5 per cent
compared to the previous year.
The Group’s operating result for the January-
December was EUR -1.1 (-6.5) million. The January–
December result before taxes was EUR -3.2 (-8.2)
million.
Financial position
The cash flow from operating activities in
January–December was EUR 4.1 (0.1) million.
At the end of the period, interest-bearing
liabilities stood at EUR 20.7 million including EUR
17.1 million lease liabilities according to IFRS 16. At
the end of comparison period the interest bearing
liabilities stood at EUR 20.8 million including EUR
16.3 million lease liabilities according to IFRS 16.
MARTELA ANNUAL REPORT 2025 15
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Net liabilities were EUR 18.2 (16.9) million.
At the end of the period, short-term limits of EUR
0.0 (0.0) million were in use. Short-term cash limits
of EUR 0.3 (0.3) million would have been available
for utilization.
The gearing ratio at the end of the period was
negative 921.2 because the equity was negative. In
the comparison period the gearing ratio was 1,455.2
per cent. The equity ratio was -5.1 (2.5) per cent.
Financial income and expenses were EUR -2.1 (-1.7)
million.
The balance sheet total stood at EUR 45.8 (54.7)
million at the end of the period.
Capital expenditure
The Group’s gross capital expenditure for
January–December came to EUR 0.5 (0.4) million.
Investments do not include changes in non-current
assets capitalized in the balance sheet of lease
liabilities in accordance with IFRS 16.
Changes in the group management team
Kari Leino, who was a member of the group
management team during the period from January
1, 2025, to January 31, 2025, left the Group
Management Team as a result of organizational
changes implemented on February 1, 2025.
There were no other changes in the composition
of the group’s management team during 2025.
Personnel
The Group employed an average of 330 (372)
people, change -11.3 per cent. Personnel on average
employed in Finland was 270 (302), in Sweden
19 (25), in Norway 11 (14) and in group Other
countries 30 (31).
The number of employees in the Group was 307
(360) at the end of the review period. Personnel costs
in January–December totalled EUR 19.7 (22.3) million.
Non financial information
MANAGEMENT OF CORPORATE
RESPONSIBILITY
Sustainability is an important part of Martela’s
strategy and operations. The group’s sustainability,
quality and environmental management, as well as
occupational health and safety systems, are overseen
by the VP, Human Resources and Sustainability.
The responsibility for guiding sustainability in
operations lies with the Sustainability Steering Group,
which consists of members of the executive team, with
the Sustainability Director acting as the secretary.
More detailed information about the group’s
sustainability aspects, goals, and achievements can
be found in the separate sustainability report, which
is published annually. The Global Reporting Initiative
(GRI) indicators related to the 2025 sustainability
reporting will be published after the annual report.
The CSRD reform implemented in 2025 significantly
eased the regulatory burden on small and medium-
sized listed companies. With the new increased
reporting thresholds, Martela will not be subject to
the mandatory reporting requirements of CSRD.
However, reporting obligations may affect Martela
indirectly through stakeholders and supply chains,
and regulatory developments therefore is further
monitored and ensured that Martela’s voluntary
and strategy-driven sustainability reporting
serves the needs of stakeholders and supports
the company’s long-term value.
Already since 2011, Martela’s corporate
responsibility has been guided by the Martela
REVENUE (EUR MILLION)
0
50
100
15 0
2021 2022 2023 2024 2025
OPERATING PROFIT (EUR MILLION) INVESTMENTS AND DEPRECIATIONS
(EUR MILLION)
EARNINGS/SHARE AND DIVIDENDS
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
2 021 2022 2 023 2 024 2 025
0
1
2
3
4
5
6
7
8
2021 2022 2023 2 024 2025
-2
-1,5
-1
-0,5
0
0,5
1
1,5
2
2021 2022 2023 2024 2025
Capital expenditure
excluding leases
Depreciations Earnings/share
(EUR)
Dividends paid (EUR million)
MARTELA ANNUAL REPORT 2025 16
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Corporate Code of Conduct approved and annually
reviewed by the Board of Directors. The principles
contain references to international corporate
responsibility commitments. The company has
engaged itself in the UN Global Compact challenge,
which aims at promoting human rights, rights in
working life, environmental protection and the
eradication of corruption and bribery.
As Martela operates in an international market,
it also takes into account any international treaties,
commitments and recommendations that concern
its work. The most important ones are:
• The UN Universal Declaration of Human Rights
• OECD Guidelines for Multinational Enterprises
• The ILO Declaration on Fundamental Principles and
Rights at Work and other ILO conventions related
to its activities
Since 2011, the practical activities of the
company have been guided by the corporate
responsibility policies approved by the Management
Group concerning matters related to personnel, the
environment and supply chain management.
The principles and policies published on Martela’s
website www.martela.com/about-us/sustainability/
corporate-responsibility are reviewed and, when
necessary, updated annually under the coordination
of the Sustainability Steering Group. The principles
and policies cover social and employee matters and
matters related to respecting human rights and
eradication of corruption and bribery.
DESCRIPTION OF THE BUSINESS
OPERATING MODEL
The Martela Lifecycle model takes into account
the entire life cycle of the workplace. Martela
supports the sustainability of its client companies
by offering workplace solutions based on circular
economy principles.
The Group units have the ISO 9001 quality,
ISO 14001 environmental and ISO 45001
occupational health and safety management system
certifications, granted by an independent party, to
ensure continuous improvement, meeting customer
expectations and that environmental and work
safety aspects are controlled.
In the manufacturing process, there is an
emphasis on a strong supplier chain. Martela’s own
manufacturing is focused on final assembly and
remanufacturing production at its logistics centre
in Nummela, Finland, which also houses most of
the company’s R&D and purchasing. The assembly
of upholstery components takes place at Martela’s
own plant in Poland. The manufacture of table top
and storage components takes place mainly at Kidex
Oy, Martela’s subsidiary located in Kitee, Finland.
The Martela headquarters in Otaniemi, Espoo,
houses sales and support functions in addition to
the Group administration. Martela has several sales
offices in Finland, Sweden and Norway. In other
countries, the sale of Martela’s products takes place
mostly through a dealer network.
The purchasing of products and services from
service providers accounts for more than 70 per
cent of Martela Group’s turnover. A network of
around hundred reliable suppliers delivers materials
and components for Martela labelled products.
Around a quarter of the Group’s turnover goes
on salaries and social security payments. Martela
values local manufacturing and employment. As
the share of its service business is growing, the
company will keep creating more new jobs close to
its markets. The distribution of financial value will
be discussed in further detail in the forthcoming
Sustainability Report.
ENVIRONMENTAL MATTERS
Martela’s Environmental Policy, approved by
the Group Management Team, aims to decrease
the company’s environmental impacts and
promote recycling. The policy gives instructions
on taking environmental matters into account in
the development of its offering, through which
the company will also have an indirect impact
on the environmental effects of its customers.
The essential environmental aspects in Martela’s
operations are presented in the materiality
assessment found in the Sustainability Report.
Martela has the best opportunities to influence
the reduction of greenhouse gas emissions and
energy use in its market area through its customers’
premises. Martela is constantly working to help its
customers create facilities that support knowledge
work and improve space efficiency. Therefore,
Martela’s most important environmental goal is to
offer its customers the Martela Lifecycle model,
which supports customers’ space efficiency.
As Martela does not have the means to
measure the effects of improved space efficiency
and reduced energy use among its customers,
sustainability reporting focuses on the direct and
indirect impacts of its own operations.
Martela’s most significant climate impact
arises from the material usage associated with
the products and services provided to customers.
To optimise material use, Martela’s goal is to
produce necessary and durable furniture. Martela
has received the third-party environmental and
sustainability label, Möbelfakta, for a significant
part of its collection. The label emphasises product
quality and sustainability and gives customers
the opportunity to use comparable decision-making
criteria for their sustainable furniture procurement.
Many Martela products have a third-party verified
EPD calculation or a carbon footprint calculation
comparable to one. These enable customers to
assess the climate impact of the manufacturing
process of the furniture they choose. Martela
calculates its climate impact according to the
GHG protocol, taking into account direct emissions
(scope 1), emissions from the production of
purchased energy (scope 2) and indirect emissions
from the value chain (scope 3). Of the greenhouse
gas emissions in 2024, 73 per cent came from
materials purchased or products delivered to
customers (scope 3), 3 per cent from indirect energy
use (scope 2) and 6 per cent from the delivery and
installation of finished products to customers (scope
1). The energy intensity within Martela’s calculations,
relative to revenue, was 321 GJ/million euros.
The durability, recyclability and recycling of
furniture are at the heart of Martela’s operations.
EQUITY RATIO (EUR MILLION)
-25
0
2 5
50
75
100
-20
0
2 0
40
60
80
2 021 2 022 2 023 2024 2025
(%)
Balance sheet total Equity Equity ratio (%)
MARTELA ANNUAL REPORT 2025 17
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Martela’s furniture has been designed to be safe,
durable, refurbishable and restorable, and the
materials used in them to be recycled or used
to produce energy. As part of its comprehensive
service, Martela also offers a furniture recycling
service to its customer companies. When designing
new facility solutions for customers, their old
furniture can either be included in the new design or
recycled responsibly through Martela. Used furniture
in good condition is cleaned and refurbished at
the Nummela remanufacturing facility and then
made available to corporate and private customers
through the Martela Outlet online service and shops.
In 2024, around 20,600 pieces of used furniture
found new homes through the Martela Outlet chain.
There are no significant environmental risks in
Martela’s own operations, but global changes in,
for example, energy sources, pricing, availability of
materials and changes in the way of working may
affect Martela’s operations in the future.
Environmental goals, their latest realisation and
more detailed environmental metrics are published
annually in the Sustainability Report.
PERSONNEL JA SOCIAL MATTERS
Martela’s vision is to create the best places to work.
This goal is enabled by competent and committed
personnel who feel good. Martela’s people
management principles are based on company
values and responsible management and leadership
practices. Martela’s Sustainability Report contains a
comprehensive description of the social and people
related matters.
The key objectives of personnel competence
development is to develop customer excellence
and experience in every touch point and to improve
operational performance. From supply chain
view point, during 2025 information security and
cybersecurity training was provided to all personnel.
Team leader training was provided in the removal
services and WaaS and Circularity Certification
training was provided to sales personnel.
Hybrid work under expert professions is still in
transition phase in organisations. So too in Martela.
The rules of hybrid work has been specified to
better support different ways of working, taking
into account both individual and teamwork needs.
The principle of the flexible working is to provide
the balance between in-office and remote work
and employees are encouraged to work in different
places in accordance with the nature of work. The
premises at Martela’s head office meet the needs
of hybrid work and support working together,
a sense of community and work that requires
concentration.
A safe working environment and working
conditions are of primary importance for the well-
being of the personnel. The basis of a safe work
environment is adequate familiarization with work
tasks, up-to-date instructions and the necessary
safety training. Martela’s personnel will have safety
training relevant to their work, enabling them to
perform their work in a professional and safe
manner. Working safely is important in all kind of
work but its importance is emphasised especially
in production, removal and installation services.
Employees are encouraged to actively report all
safety near misses and incidents as they provide
valuable information to improve occupational safety.
During 2025 a break exercise offered as an online
service was piloted to support the well-being
and functional capacity of personnel. In addition,
guidance on ergonomic working methods was
offered in production.
RESPECTING HUMAN RIGHTS
Matters related to respecting human rights are
discussed in, for example, the company’s People
PERSONNEL BY AREAS, ON AVERAGE 2024
TOTAL
370
PERSONNEL BY AREAS, ON AVERAGE 2025
Policy and Sustainability Policy for Supply Chain.
The main principle is to offer equal opportunities to
all of employees and to treat each employee fairly. In
the requirements for the suppliers, the focus is on
observing national legislation and ILO conventions,
depending on which of them is found more
demanding from the viewpoint of employee rights.
No breaches of respecting human rights have been
observed in Martela’s operations or supply chain.
Martela’s products are manufactured on
the basis of customer orders, which means that
the supply chains are short and that the acquisitions
mainly take place from the neighbouring areas
and from elsewhere in Europe. In Europe, where
there is a long tradition of follow-up of working
conditions and labour legislation, the risks related
to respecting human rights are smaller. The social
risks of Martela’s suppliers have been thoroughly
investigated and are always reviewed when
selecting new suppliers and in conjunction with
supplier evaluation.
Analysis of sustainability aspects is an
important part of continuous interaction with
suppliers. The policy is communicated with each
purchase order. Additionally, for the most important
suppliers, compliance is checked on a risk-based
basis. Martela annually assesses the risks of social
responsibility in its supply chain through country-
specific sustainability indicators and, on the basis
of these, plans the necessary measures for verifying
social responsibility on a supplier-by-supplier basis.
Since 2022, Martela has annually participated in
the EcoVadis assessment. EcoVadis is the world’s
largest sustainability rating agency. Its assessment
includes 21 sustainability criteria, which are
grouped into four themes: environment, labour and
human rights, ethics, and sustainable procurement.
The rating criteria are based on international
Finland OtherScandinavia Finland OtherScandinavia
TOTAL
372
MARTELA ANNUAL REPORT 2025 18
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
sustainability standards, such as the UN Global
Compact’s ten principles, the International Labour
Organization (ILO) conventions, the Global
Reporting Initiative (GRI) standards, and the ISO
26000 standard. Through EcoVadis, Martela offers
visibility to the latest third-party assessment of
Martela’s performance.
The 2025 sustainability training was conducted
in the fall, with 92 per cent of the staff participating.
The training aimed to assess Martela employees’
commitment to the principles of responsible
business practices and remind of the appropriate
actions to take if they observe activities contrary to
these principles of responsible business conduct.
The survey showed that all of the respondents
were committed to these principles. During 2025,
Martela’s Whistleblowing portal was opened 76
times. Of these, eight contained actual reports of
suspected wrongdoing, leading the company
to take the necessary internal actions.
PREVENTION OF CORRUPTION
AND BRIBERY
Matters related to prevention of corruption and
bribery are discussed in, for example, the Corporate
Code of Conduct and Sustainability Policy for
Supply Chain. Martela does not accept bribery in
any form in its business in any of its market areas.
Giving or receiving bribes is not permitted under any
circumstances.
All transactions are recorded through the financial
management/bookkeeping of each subsidiary.
Martela’s and all its subsidiaries bookkeeping and
transactions are subject to an annual statutory audit.
The bookkeeping is transparent to the CFO of
the Group.
Share
Martela has two share series, A and K, with each
K share entitling its holder to 20 votes at a General
Meeting and each A share entitling its holder to one
vote. Private holders of K shares have shareholder
agreement that restricts the sale of K shares to
any party outside the existing holders of K shares.
There is a total of 604,800 K shares and a total of
4,034,412 A series, together 4,639,212 shares.
In January–December, a total of 2,163,262
(1,962,972) of the company’s series A shares were
traded on the NASDAQ OMX Helsinki exchange,
corresponding to 53.6 (48.7) per cent of the total
number of series A shares.
The value of trading turnover was EUR 2.0 (2.2)
million, and the share price was EUR 0.72 (0.85) at
the end of the period. During January–December
the share price was EUR 1.25 at its highest and
EUR 0.68 at its lowest. At the end of December,
equity per share was EUR -0.43 (0.25).
During 2025, Martela did not receive any
notifications pursuant to Chapter 9, Section 5
of the Finnish Securities Markets Act.
During 2024 Martela has received three
notifications in accordance with the Finnish
Securities Market Act Chapter 9, Section 5.
On September 18, 2024 Martela received an
announcement from Isku Yhtymä Oy that the total
number of Martela Corporation shares owned by
Isku-Yhtymä Oy has decreased below 5 per cent
and 10 per cent of the share capital in Martela plc,
as a result of share transactions concluded on
September 17, 2024.
On September 18, 2024 Martela received an
announcement from Isku Inspira Oy that the total
number of Martela Corporation shares owned by
Isku Inspira Oy has increased above 5 per cent of
the share capital in Martela plc, as a result of share
transactions concluded on September 17, 2024.
On October 11, 2024, Martela received an
announcement from Isku Inspira Oy, according to
which the total number of Martela Corporation shares
owned by Isku Inspira Oy has increased above 10 per
cent of the shares in Martela plc, as a result of share
transactions concluded on October 10, 2024.
More information on the Martela Corporation
shares and shareholders can be found under note 27
of the Notes to the financial statements.
TREASURY SHARES
Martela did not purchase any of its own shares in
January–December 2025.
On December 31, 2025, Martela owns a total of
1,425 Martela A shares and its holding of treasury
shares amounted to 0.03 per cent of all shares and
0.01 per cent of all votes. Out of the shares, 379 were
purchased at an average price of EUR 10.65 and 1,046
were transferred from Martela Corporation’s joint
account to the treasury shares.
BOARD AND MANAGEMENT
SHAREHOLDINGS OF MARTELA OYJ
Members of the Board, CEO and Management Team
hold at 31.12.2025 total of 141,078 Martela Oyj A
-shares and 2, 673 K -shares, which represents 3.1
per cent of the total amount of shares and 1.2 per
cent of the voting rights.
SHARE-BASED INCENTIVE PROGRAMME
On March 13, 2024, Martela Oyj’s Board of Directors
decided on a new share-based incentive plan for the
group’s key employees.
Participating in the new plan requires that the
participant acquire new or transfer already acquired
company A shares up to the amount decided by the
Board of Directors. In order to implement the plan,
the Board of Directors decided on April 29, 2024,
on a share issue of 65,717 company A shares aimed
at the target group of the plan. In addition to this,
the employees who participated in the old plan have
transferred 172,644 of the company’s A shares from
their investments in the old plan to the new plan.
In the system, it is possible for the target
group to earn Martela Oyj’s A shares based on
performance and personal investment in Martela
Oyj’s A shares. The board decides the earning
criteria of the plan and the goals set for each
earning criterion at the beginning of the earning
period.
The rewards paid based on the plan are
estimated to correspond to a maximum of 715,000
Martela Oyj’s A shares, including the portion paid in
cash.
37 people, including the CEO and other members
of Martela’s management team, were part of
the plan’s target group when the plan started.
The new performance-based additional share
plan 2024—2026 has three earning periods,
the fiscal years 2024, 2025 and 2026.
In the earning period 2025, the rewards are
based on the group’s operating profit (EBIT).
The rewards will be paid partly in Martela
Corporation series A shares and partly in cash.
The cash proportions of the rewards are intended
for covering taxes and tax-related expenses arising
from the rewards to the participants. In 2026,
no reward will be paid based on the program, as
the targets for the 2025 earning period were not
achieved. In 2025, no reward were paid on the basis
of the plan, because the targets of the earning
period 2024 were not achieved.
As part of the implementation of
the performance-based share plan, the Board of
Directors has decided to grant interest-bearing
MARTELA ANNUAL REPORT 2025 19
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
loans of a maximum of approximately EUR 60,000
to persons participating in the program to finance
the acquisition of the company’s shares. With
the loans in question, the participants finance
the acquisition of 65,717 of the company’s A shares
in the above-mentioned share issue. The maximum
amount of the loans in question is 70 percent of
the participant’s share investment. In addition to
this, for persons who participated in the old plan
and have transferred to the new plan, the Bord of
Directors has decided to extend the maturity of
the loans granted in 2021 by two years until
the end of 2027.
2025 Annual General Meeting
Martela Corporation’s Annual General Meeting was
held on Monday, April 7, 2025. The Meeting approved
the Financial Statements, discharged the members
of the Board of Directors and CEO’s from liability
for the year of 2024 and approved remuneration
report and new remuneration policy. The Board of
Directors proposal that no dividends would be paid
was approved.
The Annual General Meeting confirmed that
the Board of Directors will consist of six members
and Mr. Eero Martela, Ms. Hanna Mattila, Mr. Jan
Mattsson, Mr. Johan Mild, Ms. Anni Vepsäläinen and
Mr. Jacob Kragh be re-elected as members of the
Board of Directors. The Annual General Meeting
resolved a monthly compensation of EUR 3,700
be paid for the Chairman of the Board and EUR
1,850 for the Board Members, and an additional
compensation of EUR 1,600 per year to the Board
members belonging to a committee.
Authorized Public Accountant Ernst & Young Oy
was elected as the company’s auditor.
The remuneration of the auditor will be paid
according to the invoice that has been accepted by
the Audit Committee of the company. Ernst & Young
Oy has informed that Authorized Public Accountant
Mr. Osmo Valovirta will act as the principal auditor.
Sustainability audit firm Ernst & Young Oy was
elected as the company’s sustainability reporting
assurer. The remuneration of the sustainability
reporting assurer will be paid according to the
invoice that has been accepted by the Audit
Committee of the company. Ernst & Young Oy has
informed that Authorized Sustainability Auditor
Mr. Osmo Valovirta will act as the principally
responsible sustainability reporting assurer.
The Annual General Meeting authorized the
Board in accordance with the proposal of the Board
of Directors to decide on the repurchase and/
or accepted as pledge of a maximum of 450,000
Company’s own A shares in one or several occasions.
Own shares will be repurchased in public trading
maintained by Nasdaq Helsinki Ltd at the market
price of the shares as per the time of repurchase
or otherwise at a price formed on the market. Own
shares may be repurchased when necessary as a
part of the Company’s salary and incentive scheme,
for use in conjunction with corporate acquisitions
and other business arrangements, if the Board
deems this is in the interest of the shareholders
in light of the company’s share indicators, or if
the Board deems it is an economical way of using
liquid assets, or for some other similar purpose. Own
shares repurchased to the Company may be retained
in the possession of the Company, cancelled or
transferred further. The Board of Directors resolves
how own shares are repurchased and/or accepted
as pledge. The authorization grants the Board of
Directors the right to resolve on all other terms
of the repurchase and/or acceptance as pledge
of the own shares. Thus, this share repurchase
authorization includes the right to repurchase shares
otherwise than in proportion of the shareholdings
(directed repurchase). The authorization cancels
any previous unused authorizations to repurchase
the Company’s own shares. This share repurchase
authorization will be valid until the closing of
the next Annual General Meeting, however, no
longer than until 30 June 2026.
The General Meeting authorized the Board of
Directors to decide upon the issuance of shares and
the issuance of special rights entitling to shares as
referred to in Chapter 10 Section 1 of the Companies
Act in one or several tranches, either against
payment or without payment. The aggregate number
of shares to be issued, including the shares to be
received based on special rights, cannot exceed
450,000 of the Company’s A-series shares. The Board
of the Directors may resolve to issue new shares
or to transfer own shares possibly held by the
company. The maximum amount of the authorization
corresponds to approximately 10 per cent of all
shares in the Company. The Board of Directors is
authorized to decide on all other matters related to
the issuance of shares and special rights entitling
to shares, including the right to deviate from
the pre-emptive right of shareholders to subscribe
for shares to be issued. The authorization is
proposed to be used for the purposes of paying
purchase prices of corporate acquisitions, share
issues and issues of option rights and other special
rights entitling to shares. This authorization remains
valid until the closing of the next Annual General
Meeting, however, no longer than until 30 June 2026.
The Board of Directors elected by Martela
Corporation’s Annual General Meeting had its
organisational meeting after the Annual General
Meeting and elected from among its members
Johan Mild as the Chairman and Anni Vepsäläinen
as the Vice Chairman of the Board.
Administration
Martela Corporation is a Finnish limited liability
company that is governed in its decision-making
and management by Finnish legislation, especially
the Finnish Limited Liability Companies Act,
by other regulations concerning public listed
companies, and by its Articles of Association.
The company complies with the NASDAQ
OMX Guidelines for Insiders and the Corporate
Governance Code 2025 for Finnish listed companies
published by the Securities Market Association.
Company has published its Corporate Governance
report as a separate document in company’s
website. More information on Martela’s governance
can be found on the company’s website.
Martela Responsibility Report includes
extensively the non-financial information (NFI)
required by the accounting law. The Responsibility
Report of 2025 will be published after the Annual
Report.
Risks and uncertainties
The principal risk regarding profit performance
relates to the general economic uncertainty and
the consequent effects on the overall demand
in Martela’s operating environment. To general
economic development, changes related to working
life trends, such as the evolving relationship
between remote work and on-site work, also affect
the overall demand in the business environment
and the product-specific focus areas of demand.
Mentioned changes in working life trends create
risks for performance development and its
forecasting. In addition, due to the project-based
nature of the industry, short-term predictability
is generally challenging. According to Martela’s
risk management model, risks are classified and
addressed in various ways.
MARTELA ANNUAL REPORT 2025 20
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Company regularly evaluates and monitors
the financing need of its operations in order to
secure sufficient liquid funds to run the operations
and to facilitate other liabilities, like long-term
rental agreements related payments. Lower-than-
expected demand or unfavorable conditions in the
operating environment can however cause that
company’s liquid funds will not be sufficient to
finance the operations. This risk is managed, among
other measures, by adjusting costs and increasing
operational efficiency. Additionally, efforts are made
to raise product margins whenever possible without
reducing the overall volume of revenue. Furthermore,
the group aims to accelerate the turnover of working
capital by lowering inventory levels and increasing
billing frequency through advance invoicing.
Additional funding opportunities are also evaluated
regularly.
There is a moderate risk related to the
delivery reliability of the components required for
manufacturing, which could also negatively impact
the delivery reliability of Martela’s final products.
Production of Martela’s products is based on orders
placed by customers, supply chain is short and
purchases are mainly from neighboring area and
from other parts of Europe. Extensive warehousing
is not necessary for products other than the most
common product lines, where the delivery speed has
been prioritized. The product assembly is automated
and based on component subcontracting and on
assembly carried out by Martela.
Risks of damage are covered with appropriate
insurance and this provides comprehensive
coverage for property, business interruption, supplier
interruption loss and loss liability risks. The services
of an external partner are used in insurance as well
as in legal matters.
Finance risks are discussed in note 22 of
the notes to the financial statements.
SHORT-TERM RISKS
The company’s most significant individual risks
affecting operations in the short-term are related
to earnings development and, consequently, to
the evolution of liquidity. The key risks to earnings
development and liquidity are related to general
economic uncertainty and its impact on the overall
demand for Martela’s business environment, as well
as Martela’s relative performance in the total market.
Additionally, the decline of the overall market in
recent years has increased price competition within
the industry, which has pressured profitability. These
factors together increase uncertainty regarding
overall demand and margins, making the demand
for Martela’s products and margins less predictable.
Due to the project-based nature of the industry,
forecasting in the near term is challenging.
The company utilizes certain financial solutions
to maintain short-term liquidity. It is possible that
the terms of these financial arrangements may
deteriorate, which could negatively impact
the company’s short-term liquidity.
The Board of Directors and management have
identified new efficiency, and operational as well
as administrative saving measures in late 2025
and early 2026, which are to be implemented in
the early part of 2026. Some of these actions are
also targeting to decrease the funds tied to working
capital. Furthermore, the company has identified and
preparing structural changes, which are improving
the short-term liquidity. The above mentioned
actions are improving the company’s cash flow and
liquidity situation during 2026.
Events after the end of the financial year
There are no other significant events to report after
the period from January to December 2025, and
operations have continued as planned.
Outlook for 2026
Martela anticipates its revenue to decerese slightly
in full-year 2026 compared to previous year and
comparable operating result to be on profit.
The operating profit is expected to improve from
the previous year, primarily due to a more profitable
project and product portfolio as well as the impact
of operational and administrative efficiency
measures. The decrease in net sales is mainly due
to a reduction in the proportion of large project
deliveries.
The general economic situation and customer
investment demand are still associated with
significant uncertainties also in the year 2026,
primarily due to geopolitical and trade policy
situation. Uncertainty also relates to the outlook
for interest rates and inflation. Therefore, we do not
expect a significant strengthening of demand in
the main markets in 2026.
The need for changes in office spaces arises as
work methods evolve. The materialization of this
need will increase demand for Martela’s services
and furniture in the long-term.
Proposal of the board of directors for
distribution of profit
The Board of Directors proposes to the Annual
General Meeting that no dividend will be distributed
for 2025.
Annual general meeting
Martela Corporation’s AGM is planned to be held on
Wednesday April 8, 2026. The notice of the Annual
General Meeting will be published in a separate
release.
MARTELA ANNUAL REPORT 2025 21
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Consolidated comprehensive income statement
(EUR 1,000)
Note 1 Jan–31 Dec 2025 1 Jan–31 Dec 2024
Revenue 1 93,664 86,668
Other operating income 2 117 148
Changes of inventories of finished goods and work in progress -1,352 4,572
Raw material and consumables used
-56,017 -56,618
Production for own use
Employee benefits expenses 3
-19,748 -22,300
Other operating expenses 4
-10,558 -12,216
Depreciation and impairment 5
-7,407 -7,114
Operating profit (-loss)
-1,056 -6,533
Financial income 7
Financial expenses 7
-2,333 -1,839
Profit (-loss) before taxes
-3,156 -8,210
Income taxes 8
-304 -482
Profit (-loss) for the financial year
-3,460 -8,692
Other comprehensive income:
Items that will not later be recognised through profit or loss
Items resulting from remeasurement of the net debt related to
defined benefit plans
Taxes from items that will not later be recognised through profit or loss
Items that may later be recognised through profit or loss
Translation differences
Other comprehensive income for the period
Total comprehensive income
-3,136 -8,485
Allocation of profit (-loss) for the financial year
Equity holders of the parent
-3,460 -8,692
Allocation of total comprehensive income
Equity holders of the parent
-3,136 -8,485
Earnings per share of the profit attributable to the equity holders of the parent
Basic earnings/share, EUR 9
-0.75 -1.87
Diluted earnings/share, EUR 9
-0.75 -1.87
Consolidated balance sheet
(EUR 1,000)
Note 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Intangible assets 10 2,729 3,337
Tangible assets 11 14,658 14,707
Non-current financial assets 12 428 567
Deferred tax assets 13
Non-current assets, total
Current assets
Inventories 14
Trade receivables and other receivables 12, 15
Cash and cash equivalents
Current assets, total
Assets, total
MARTELA ANNUAL REPORT 2025 22
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Consolidated cash flow statement
(EUR 1,000)
Note 1 Jan–31 Dec 2025 1 Jan–31 Dec 2024
Cash flows from operating activities
Profit/loss before taxes -3,156 -8,210
Depreciation and impairment 7,407 7,114
Unrealized exchange rate gains and losses -37 106
Financial income and expenses 2,100 1,677
Other adjustments and income and expense non-cash *)
-546 -1,886
Cash flow before change in working capital
Change in working capital
Non-interest-bearing receivables, increase (-) / decrease (+)
Inventories, increase (-) / decrease (+)
Non-interest-bearing liabilities, increase (+) / decrease (-)
-5,763 4,735
Cash flow before financial items and taxes
Interest and other financial items paid
-1,393 -827
Interest and other financial items received
Interest on lease liabilities
-681 -673
Income tax paid
-374 -711
Net cash from operating activities (A)
Cash flows from investing activities
Capital expenditure on tangible and intangible assets
-470 -387
Proceeds from sale of tangible and intangible assets
Cash flow from investing activities (B)
-450 -363
Cash flows form financing activities
Proceeds from short-term loans
Repayments of short-term loans 18
-788 0
Repayments of lease liabilities
-4,260 -3,979
Proceeds from long-term loan receivables
Cash proceeds from issuing shares
Cash flow from financing activities (C)
-4,909 -738
Change in cash and cash equivalents (A+B+C), increase (+) / decrease (-)
-1,234 -990
Cash and cash equivalents at the beginning of year
Translation differences
-81 -160
Cash and cash equivalents at the end of year
*) The amount includes netted cash flows adjusting revenue and purchases related to the rental service model.
(EUR 1,000) Note
31 Dec 2025
31 Dec 2024
Equity and liabilities
Equity attributable to holders of the parent 16
Share capital
Share premium account
Reserve for invested unrestricted equity
Other reserves
-9 -9
Treasury shares*)
-4 -4
Translation differences
-581 -878
Retained earnings
-10,580 -7,147
Equity, total
-1,977 1,159
Non-current liabilities
Pension obligations 19
Financial liabilities 12, 18
Provisions 20
Non-current liabilities, total
Current liabilities
Financial liabilities 12, 18
Advances received 21
Trade payables 12, 21
Accrued liabilities and prepaid income 12, 21
Other current liabilities 12, 21
Provisions 20
Current liabilities, total
Liabilities, total
Equity and liabilities
*) The treasury shares acquired for and assigned to share-based incentive scheme
are shown in accounting terms as treasury shares. See notes 16.
MARTELA ANNUAL REPORT 2025 23
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Statement of changes in equity
Equity attributable to equity holders of the parent (EUR 1,000)
Share capital
Share premium
account
Reserve for invested
unrestricted equity Other reserves Treasury shares Translation diff. Retained earnings Equity total
Equity 1 Jan 2024 7,000
Profit (-loss) for the financial year -8,692 -8,692
Translation differences 192 192
Items resulting from remeasurement of the net debt related to defined benefit
plans (incl. Deferred taxes)
Other comprehensive income for the period 192 15 207
Total comprehensive income 192 -8,677 -8,485
Share issue 85 85
Equity 31 Dec 2024 7,000
Equity 1 Jan 2025 7,000
Profit (-loss) for the financial year -3,460 -3,460
Translation differences 297 297
Items resulting from remeasurement of the net debt related to defined benefit
plans (incl. Deferred taxes)
Other comprehensive income for the period 297 27 324
Total comprehensive income 297 -3,433 -3,136
Share issue 0
Equity 31 Dec 2025 7,000
More information in Notes 16 Equity and 17 share-based payments.
MARTELA ANNUAL REPORT 2025 24
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 25
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 26
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 27
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 28
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 29
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 30
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 31
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 32
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 33
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 34
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 35
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 36
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 37
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 38
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 39
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
,134 7,570
-3,841 20,751
MARTELA ANNUAL REPORT 2025 40
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 41
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
*) For more information see note 20.
MARTELA ANNUAL REPORT 2025 42
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 43
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 44
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 45
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
25. Key financial indicators for the Group
Martela Group 2021-2025
2025 2024 2023 2022 2021
Revenue MEUR
93.7 86.7 94.4 106.7 91.9
Change in revenue %
8.1 -8.2 -11.5 16.1 4.0
Export and operations outside Finland MEUR
20.5 20.5 27.1 34.5 22.1
In relation to revenue %
21.9 23.7 28.8 32.3 24.1
Exports from Finland MEUR
20.1 20.1 2 7. 7 34.2 21.9
Gross capital expenditure MEUR
0.5 0.4 2.3 0.9 0.4
In relation to revenue %
0.5 0.4 2.4 0.8 0.4
Depreciation MEUR 7. 4 7. 1 6.8 5.8 5.4
Research and development *) MEUR
1.1 1.3 1.6 1.6 1.6
In relation to revenue *) %
1.1 1.5 1.7 1.5 1.7
Personnel on average
330 372 403 403 419
Change in personnel %
-11.3 - 7. 7 0.0 -3.9 -7.1
Personnel at the end of year
307 360 386 400 400
of which in Finland
248 294 312 324 326
Profitability
Operating profit MEUR
-1.1 -6.5 -2.4 2.5 -1.3
In relation to revenue %
-1.1 -7.5 -2.5 2.3 -1.4
Profit before taxes MEUR
-3.2 -8.2 -3.3 1.3 -2.3
In relation to revenue %
-3.4 -9.5 -3.5 1.3 -2.5
Profit for the year MEUR
-3.5 -8.7 -3.5 2.6 -2.4
In relation to revenue %
-3.7 -10.0 -3.7 2.4 -2.6
Revenue/employee TEUR
284 233 234 265 219
Return on equity %
n/a -362.6 -31.3 20.8 -21.3
Return on investment %
-5.1 -25.4 -7.5 9.1 -4.7
Finance and financial position
Balance sheet total MEUR
45.8 54.7 55.7 62.3 51.1
Equity MEUR
-2.0 1.2 9.6 13.9 10.8
Interest-bearing net liabilities MEUR
18.2 16.9 13.1 8.1 8.1
In relation to revenue %
19.4 19.5 13.9 7. 5 8.8
Equity ratio %
-5.1 2.5 20.0 24.7 22.2
Gearing %
-921.2 1,455.2 137.2 58.6 74.8
Net cash flow from operations MEUR
4.1 0.1 0.3 2.1 -3.4
Dividends paid MEUR
0.0 0.0 0.5 0.0 0.0
*) The figures for the comparison years 2021-2022 have been adjusted in relation
to the previously published due to reclassification.
MARTELA ANNUAL REPORT 2025 46
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
7. 3
6.1
MARTELA ANNUAL REPORT 2025 47
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
MARTELA ANNUAL REPORT 2025 48
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Parent company income statement
(EUR 1,000)
Note 1 Jan–31 Dec 2025 1 Jan–31 Dec 2024
Revenue
1
89,469 85,112
Change in inventories of finished goods and work in progress
3
-1,708 1,784
Production for own use
245 317
Other operating income 2
423 666
Materials and services 3
-69,947 -70,384
Personnel expenses 4
-11,264 -12,420
Other operating expenses 5
-9,836 -11,642
Depreciation and impairment 6
-4,874 -2,438
Operating profit (-loss)
-7,493 -9,004
Financial income and expenses 7
715 -1,918
Profit (-loss) before appropriations and taxes
-6,778 -10,922
Group contributions 8
1,218 1,600
Depreciation difference and Group contributions
1,218 1,600
Income taxes 9
0 0
Profit (-loss) for the financial year
-5,560 -9,322
MARTELA ANNUAL REPORT 2025 49
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Parent company balance sheet
(EUR 1,000)
Note 31 Dec 2025 31 Dec 2024
Assets
Non-current assets
Intangible assets 10
Intangible rights
1,192 1,512
Goodwill
276 390
Other long-term expenditure
332 612
Advance payments
111 98
1,911 2,612
Tangible assets 11
Buildings and structures
0 11
Machinery and equipment
1,598 2,371
Other tangible assets
23 23
Advance payments
49 82
1,671 2,488
Investments 12
Subsidiary shares
7,252 9,417
Receivables from subsidiaries
775 3,760
8,027 13,177
Current assets
Inventories
Materials and supplies
4,203 5,215
Work in progress
215 329
Finished goods
1,833 3,427
Advances paid to suppliers
641 335
6,892 9,306
Non-current receivables 13
Loan receivables
428 567
Current receivables 13
Trade receivables
15,805 16,685
Loan receivables
1,218 1,600
Prepaid expenses
293 356
Accrued income
808 1,523
18,123 20,165
Cash and cash equivalents
2,247 3,541
39,298 51,856
(EUR 1,000)
Note 31 Dec 2025 31 Dec 2024
Equity and liabilities
Shareholders' equity 14
Share capital
7,000 7,000
Share premium account
1,116 1,116
Reserve fund
11 11
Invested unrestricted equity fund
1,081 1,081
Retained earnings
6,055 15,377
Profit for the year
-5,560 -9,322
Total
9,703 15,263
Compulsory reservations
Other compulsory reservations
390 366
Liabilities
Non-current 15
Accrued liabilities and prepaid income
77 143
77 143
Current 16
Loans from financial institutions
3,616 4,404
Advances received
1,025 524
Trade payables
16,664 22,083
Accrued liabilities and prepaid income
3,727 6,194
Other current liabilities
4,096 2,880
29,129 36,085
Liabilities, total
29,206 36,227
39,298 51,856
MARTELA ANNUAL REPORT 2025 50
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Parent company’s cash flow statement
(EUR 1,000)
1 Jan–31 Dec 2025 1 Jan–31 Dec 2024
Cash flows from operating activities
Profit (-loss) before appropriations and taxes
-6,778 -10,922
Depreciation and impairment
4,874 2,438
Unrealized exchange rate gains and losses
22 161
Financial income and expenses
-662 1,979
Other adjustments and income and expense non-cash
-157 -255
Cash flow before change in working capital
-2,701 -6,600
Change in working capital
Non-interest-bearing receivables, increase (-) / decrease (+)
1,811 562
Inventories, increase (-) / decrease (+)
2,414 -851
Non-interest-bearing liabilities, increase (+) / decrease (-)
-636 3,733
Cash flow before financial items and taxes
888 -3,156
Interest and other financial items paid
-1,051 -659
Interest and other financial items received
43 35
Dividends received
321 0
Net cash from operating activities (A)
201 -3,781
Cash flows from investing activities
Capital expenditure on tangible and intangible assets
-371 -377
Investments on subsidiary shares
-475 -314
Cash flows from investing activities
-846 -690
Cash flows form financing activities
Proceeds from short-term loans
0 3,198
Repayments of short-term loans
-788 0
Proceeds from long-term loan receivables
139 0
Cash proceeds from issuing shares
0 43
Cash flow from financing activities (C)
-649 3,241
Change in cash and cash equivalents (A+B+C), increase (+) / decrease (-)
-1,295 -1,230
Cash and cash equivalents at the beginning of year *)
3,541 4,771
Cash and cash equivalents at the end of year *)
2,247 3,541
*) Liquid assets include cash and bank receivables.
MARTELA ANNUAL REPORT 2025 51
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Accounting policies for the parent company
financial statements
Martela Oyj’s financial statements have been
prepared in accordance with Finnish Accounting
Standards (FAS). Items in the financial statements
have been recognised at cost. No assets have been
recorded to appreciated values, unless separately
mentioned.
Items denominated in foreign currency
Transactions denominated in foreign currencies are
recognised at the rate of exchange on the date of
their occurrence. Receivables and liabilities in
the balance sheet are translated at the average
rate on the balance sheet date. Exchange rate
differences arising from trade receivables are
recognised in revenue and those of trade payables
in adjustment items for purchases. Exchange rate
differences arising from balance sheet financial
items, such as loans, are recognised in exchange
rate differences of finance. Shareholders loans
denominated in foreign currency to subsidiaries
are considered as investments. Currency exchange
rate differences are hence not recognised in
parent company financial statements. Exchange
rate differences related to shareholder loans are
recognised in the Consolidated financial statements.
Intangible assets
Intangible assets are reported in the balance sheet
at cost and depreciated according to the plan
(by straight line method). Intangible assets are
depreciated according to their estimated useful life
in 3–10 years. Goodwill is depreciated by straight-
line method in 10 years.
Tangible assets
Buildings, machinery, equipment and other tangible
assets are reported in the balance sheet at their
undepreciated aquisition cost. No depreciation is
recognised on revaluations of buildings or on land
areas. Otherwise, depreciation is calculated on
a straight line basis according to the estimated
useful life.
DEPRECIATION PERIODS FOR
TANGIBLE ASSETS
Buildings and structures ………………………………20-30 years
Machinery and equipment ………………………………… 4-8 years
Other tangible assets ………………………………………… 3-5 years
Impairment testing of long-term assets
Goodwill and investments in subsidiaries are tested
for impairment whenever there are indications
the carrying amount of an asset may be materially
and permanently impaired. The recoverable
amount of the subsidiaries’ cash-generating units
is determined based on value-in-use calculations.
These calculations use projected cash flows derived
from management-approved financial plans covering
a five-year period. The key assumptions in these
plans relate to the units’ growth and profitability
developments. The projected cash flows are based
on management-approved financial plans covering
a five-year period and a terminal value thereafter.
Inventories
Inventories are recognised at weighted average
purchase prices. The value of inventories is reduced
with respect to nonmarketable items. The cost of
goods includes also a share of the overhead costs
of production.
Income tax
The company income taxes are recognised on
accrual basis and are calculated according to local
tax legislation with adjustments from previous
financial years. In the financial statements
the company does not recognise deferred tax
receivables or deferred tax liabilities. The amount
of the unrecorded deferred tax asset arising from
the loss to be confirmed for the financial year is
EUR 776 thousand.
Revenue and recognition policies
Revenue is recognised on accrual basis. Direct
taxes, discounts and exchange rate differences are
deducted from sales income in calculating revenue.
Research and development
Research and development expenses are recognised
normally in profit or loss in the year they arise.
Research and development-related equipment is
capitalised in machinery and equipment.
Other operating income and expenses
Proceeds from sale of assets, public subsidies and
other income (rent income) are recognised in ”Other
operating income”. Losses from disposal of assets
and other costs are recognised in ”Other operating
expenses”.
Operating leases
All leasing payments are reported as rent expenses.
Share-based payments
In the effective share-based incentive programme
there are three earning periods, which are 2024,
2025 and 2026, and payment are made as a
combination of shares and cash.
Treasury shares
The treasury shares held by the parent company are
reported as a deduction from equity.
Other compulsory reservations
The normal warranty for standard Martela produced
products is five years. The warranty provision (EUR
390 thousand) has been calculated as an estimate
of the five-year warranties for Martela products and
the sale of Martela products.
MARTELA ANNUAL REPORT 2025 52
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
1. Breakdown of revenue by market area
% of revenue
2025 2024
Finland
78 76
Scandinavia
14 16
Other
8 8
Total
100 100
2. Other operating income
(EUR 1,000)
2025 2024
Rental income
5 43
Other operating income
15 30
Other operating income, Group
403 593
Total
423 666
3. Materials and services
(EUR 1,000)
2025 2024
Purchasing during the financial year
-53,781 -50,862
Change in inventories of materials and suppliers
-1,012 -1,123
External services
-16,862 -16,614
Materials and supplies, total
-71,655 -68,600
4. Personnel expenses and number of personnel
(EUR 1,000)
2025 2024
Salaries, CEO
-226 -240
Pension expenses
-56 -58
Salaries of the Board and directors
-165 -167
Salaries of the Board and directors and managing director, total
-447 -465
Other salaries
-8,941 -9,967
Pension expenses
-1,583 -1,749
Other salary-related expenses
-293 -240
Personnel expenses in the income statement
-11,264 -12,420
Fringe benefits
-111 -122
Total
-11,375 -12,542
Personnel
Personnel on average, workers
39 44
Personnel on average, officials
126 136
Personnel on average, total
165 180
Personnel at the year end
164 179
Salaries of the Board and directors are not income subject to pension.
5. Other operating expenses
(EUR 1,000)
2025 2024
Auditor's fees
Auditing
-138 -184
Auditor's fees, total
-138 -184
6. Depreciation and write-down
(EUR 1,000)
2025 2024
Depreciation according to plan
Intangible assets
-803 -1,230
Tangible assets
Buildings and structures
-11 -2
Machinery and equipment
-1,076 -1,207
Depreciation according to plan, total
-1,889 -2,438
Impairments
-2,985
Depreciations and impairments, total
-4,874 -2,438
7. Financial income and expenses
(EUR 1,000)
2025 2024
Financial income and expenses
Interest income from short-term investments
43 35
Foreign exchange gains
120 96
Interest expenses
-485 -255
Dividends from Group companies received
4,322 361
Losses on foreign exchange
-179 -289
Other financial expenses
-514 -344
Impairments
-2,592 -1,523
Total
715 -1,918
Based on the goodwill testing impairment of Martela AB shares EUR 765 thousand
and Martela AS shares EUR 1,827 thousand.
8. Depreciations and Group contributions
(EUR 1,000)
2025 2024
Appropriations
Group contributions, received
1,218 1,600
Group contributions total
1,218 1,600
Appropriations, total
1,218 1,600
MARTELA ANNUAL REPORT 2025 53
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
10. Intangible assets
1 Jan–31 Dec 2025 (EUR 1,000)
Intangible
rights Goodwill
Other long-
term expenses
Work in
progress
Intangible
assets total
Acquisition cost 1 Jan
7,405 9,200 12,471 98 29,174
Increases
58 20 9 128 215
Decreases
0 0 0 -116 -116
Acquisition cost 31 Dec
7,464 9,220 12,480 111 29,274
Accumulated depreciation 1 Jan
-5,895 -8,810 -11,856 0 -26,563
Depreciation for the year 1 Jan–31 Dec
-377 -134 -292 0 -803
Accumulated depreciation 31 Dec
-6,273 -8,944 -12,148 0 -27,366
Carrying amount 1 Jan
1,511 410 613 98 2,632
Carrying amount 31 Dec
1,192 276 332 111 1,911
1 Jan–31 Dec 2024 (EUR 1,000)
Intangible
rights Goodwill
Other long-
term expenses
Work in
progress
Intangible
assets total
Acquisition cost 1 Jan
6,338 9,200 12,471 1,008 29,018
Increases
1,067 0 0 212 1,279
Decreases
0 0 0 -1,122 -1,122
Acquisition cost 31 Dec
7,405 9,200 12,471 98 29,174
Accumulated depreciation 1 Jan
-5,086 -8,680 -11,567 0 -25,333
Depreciation for the year 1 Jan–31 Dec
-810 -130 -290 0 -1,230
Accumulated depreciation 31 Dec
-5,895 -8,810 -11,856 0 -26,563
Carrying amount 1 Jan
1,254 520 902 1,008 3,685
Carrying amount 31 Dec
1,512 390 612 98 2,612
9. Income taxes
(EUR 1,000)
2025 2024
Income taxes from operations
0 0
Taxes from previous years
0 0
Total
0 0
Deferred tax liabilities and assets are not included in the income statement or balance sheet.
The total deferred tax asset arising from confirmed losses is EUR 2,073 thousand.
11. Tangible assets
1 Jan–31 Dec 2025 (EUR 1,000)
Buildings
Machinery
and
equipment
Other
tangible
assets
Work in
progress Total
Acquisition cost 1 Jan
8,784 17,640 23 82 26,529
Increases
0 314 0 44 358
Decreases
0 -148 0 -78 -148
Acquisition cost 31 Dec
8,784 17,806 23 49 26,662
Accumulated depreciation 1 Jan
-8,773 -15,268 0 0 -24,041
Accumulated depreciation on decreases
0 137 0 137
Depreciation for the year 1 Jan–31 Dec
-11 -1,076 0 0 -1,086
Accumulated depreciation 31 Dec
-8,784 -16,207 0 0 -24,990
Carrying amount 1 Jan
10 2,371 23 82 2,487
Carrying amount 31 Dec
0 1,598 23 49 1,671
1 Jan–31 Dec 2024 (EUR 1,000)
Buildings
Machinery
and
equipment
Other
tangible
assets
Work in
progress Total
Acquisition cost 1 Jan
8,784 17,210 23 116 26,133
Increases
0 567 0 126 693
Decreases
0 -137 0 -159 -137
Acquisition cost 31 Dec
8,784 17,640 23 82 26,529
Accumulated depreciation 1 Jan
-8,771 -14,198 0 0 -22,970
Accumulated depreciation on decreases
0 137 0 0 137
Depreciation for the year 1 Jan–31 Dec
-2 -1,207 0 0 -1,208
Accumulated depreciation 31 Dec
-8,773 -15,268 0 0 -24,041
Carrying amount 1 Jan
12 3,011 23 116 3,163
Carrying amount 31 Dec
11 2,371 23 82 2,488
Carrying amount of production machinery and equipment was EUR 15 (20) thousand.
MARTELA ANNUAL REPORT 2025 54
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
12. Investments
1 Jan–31 Dec 2025 (EUR 1,000)
Subsidiary
shares
Other
shares and
participations
Share-
holder loan
receivables Total
Balance sheet value at beginning of year
9,417 0 3,760 13,177
Increases
485 0 0 485
Decreases/Impairment
-2,650 0 -2,985 -5,635
Balance sheet value at end of year
7,252 0 775 8,027
1 Jan–31 Dec 2024 (EUR 1,000)
Subsidiary
shares
Other
shares and
participations
Share-
holder loan
receivables Total
Balance sheet value at beginning of year
9,324 7 3,760 13,091
Increases
1,609 0 0 1,609
Decreases/Impairment
-1,516 -7 0 -1,523
Balance sheet value at end of year
9,417 0 3, 760 13,177
Subsidiary shares
Parent
company’s
holding, %
Of total
votes, %
Number of
shares
Par value
(1,000)
Book value
(EUR 1,000)
Kidex Oy
Finland 100 100 200 2,208 EUR 2,208
Muuttopalvelu Grundell Oy
Finland 100 100 100 8 EUR 4,440
Martela AB, Nässjö
Sweden 100 100 50,000 10,000 SEK 0
Martela AS, Oslo
Norway 100 100 200 13,700 NOK 469
Martela Sp.z o.o., Varsova
Poland 100 100 3,483 3,483 PLN 135
Tehokaluste Oy
Finland 100 100 1 0 EUR 0
Total
7 252
Aski Avvecklingsbolag AB shares have been sold to Martela AB Price EUR 50 thousand.
Shareholder loan receivable Martela AB EUR 775 thousand. Impairment of shareholder loan
receivable EUR 2,985 thousand.
Impairment of Martela AB shares EUR 765 thousand and Martela AS shares EUR 1,837 thousand.
13. Receivables
(EUR 1,000)
2025 2024
Non-current receivables
Loan receivables
428 567
Current receivables
Receivables from Group companies
Trade receivables
3,036 781
Loan receivables
1,218 1,600
Prepaid expenses
293 356
Receivables from others
Trade receivables
12,769 15,905
Accrued income and prepaid expenses
808 1,523
Current receivables, total
18,123 20,165
Accrued income and prepaid expenses, main items
2025 2024
Related to personnel expenses
77 84
Related to payments in advance
276 539
Other accrued income or prepaid expenses
48 391
Periodization of revenue
407 510
Accrued income and prepaid expenses total
808 1,523
Related party loan
2025
2024
Loan 1 Jan
174 138
Increases
0 36
Decreases
10 0
Loan 31 Dec
164 174
The Board of Directors has decided to grant an interest-bearing loan to
finance the acquisition of the company’s shares. The maximum amount
of the loan is 70% of the investment in shares. The loan will be repaid
in full on 31 December 2027, at the latest. The interest rate is 12
months euribor but not below 0%.
The loan granted to the board of directors is EUR 164 (174) thousand,
of which the CEO loan EUR 82 (82) thousand and others EUR 82 (92)
thousand.
MARTELA ANNUAL REPORT 2025 55
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
14. Changes in shareholders’ equity
Distribution of shares 31 Dec 2025
Number of
shares Total EUR
% of share
capital Votes % of Votes
K-shares (20 votes/share)
604,800 925,682 13 12,096,000 75
A-shares (1 vote/share)
4,034,412 6,074,318 87 4,034,412 25
Total
4,639,212 7,000,000 100 16,130,412 100
Treasury shares
1,425
Number of shares outstanding
4,637,787
Shareholders' equity (EUR 1,000)
2025 2024
Restricted equity
Share capital 1 Jan and 31 Dec
7,000 7,000
Share premium account 1 Jan and 31 Dec
1,116 1,116
Unrestricted equity
Reserve fund 1 Jan and 31 Dec
11 11
Invested unrestricted equity fund 1 Jan
1,081 995
Share issue
0 85
Invested unrestricted equity fund 31 Dec
1,081 1,081
Retained earnings 1 Jan
6,055 15,377
Profit (-loss) for the year
-5,560 -9,322
Retained earnings 31 Dec
495 6,055
Shareholders' equity total
9,703 15,263
15. Non-current liabilities
(EUR 1,000)
2025 2024
Accrued expenses
77 143
Total
77 143
Accrued expenses
Related to the personnel expenses
77 84
The company has purchased electricity derivatives, of which long-term liabilities
amount to EUR 0 (58) thousand and short-term liabilities amount to EUR 0 (0) thousand.
16. Current liabilities
(EUR 1,000)
2025 2024
Current liabilities
Liabilities to Group companies
Trade payables to Group companies
9,961 11,350
Accrued liabilities to Group companies
1,334 2,048
Other current liabilities Group companies
148 1,283
Total
11,443 14,681
Other current liabilities
Loans from financial institutions
3,616 4,404
Advances received
1,025 524
Trade payables
6,704 10,732
Other current liabilities
3,948 2,880
Accrued liabilities
2,393 2,863
Total
17,686 21,404
Current liabilities, total
29,129 36,085
Current liabilities are specified in notes because items are combined in Balance sheet.
(EUR 1,000)
2025 2024
Personnel expenses
1,693 1,710
Royalties
161 151
Residual expenses
539 1,002
Accrued liabilities, total
2,393 2,863
The parent company´s distributable equity was EUR 1,576 thousand
on December 31, 2025.
Treasury shares held by Martela Oyj are reported as a deduction from
retained earnings. Martela Oyj owns 1,425 (1,425) A shares. Out of
the shares 379 were purchased at an average price of EUR 10.65 and
1,046 were transferred from Martela Corporation’s joint account to
the treasury shares reserve based on the decision by AGM on
March 13, 2018.
Market value of treasury shares on December 31, 2025 was EUR 0.72
(0.85) per share, a total of EUR 1.0 (1.2) thousand.
The subscription price of the directed share issue has been registered
in reserve for invested unrestricted equity. Company has decided on a
paid direct share issue April 5, 2024, in which 65,717 of series A shares
have been subscribed. The share subscription price EUR 85 thousand,
has been credited to the company’s reserve for invested unrestricted
equity.
MARTELA ANNUAL REPORT 2025 56
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
17. Pledges granted and contingent liabilities
(EUR 1,000)
2025 2024
Debts secured by mortgages
Corporate mortgages
7,191 7,191
Shares pledged
7,191 7,191
Other pledges
Guarantees as security for rents
680 898
Total
680 898
Other liabilities
Residual value liabilities related to the service business
3,059 3,111
Total
3,059 3,111
Leasing commitments
Falling due within 12 months
930 541
Falling due after 12 months
1,023 2,127
Total
1,953 2,668
Rent commitments
14,523 14,886
Factoring debts which customer receivables as guarantee
3,616 4,404
Factoring receivables as guarantee
4,216 5,095
Company has signed premises lease contract on May 24, 2021.
Contract is valid at least until March 31, 2029, and the monthly rent is EUR 38,859.
Company has signed Nummela property sale and leaseback contract on August 3, 2022.
Contract is valid untill April 31, 2033, and the monthly rent is EUR 131,489.
MARTELA ANNUAL REPORT 2025 57
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Auditor’s report
(Translation of the Finnish original)
To the Annual General Meeting of Martela Oyj
Report on the Audit of
the Financial Statements
OPINION
We have audited the financial statements of Martela
Oyj (business identity code 0114891-2) for the year
ended 31 December, 2025. The financial statements
comprise the consolidated balance sheet, statement
of comprehensive income, statement of changes in
equity, statement of cash flows and notes, including
material accounting policy information, as well
as the parent company’s balance sheet, income
statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give
a true and fair view of the group’s financial
position, financial performance and cash flows in
accordance with IFRS Accounting Standards as
adopted by the EU.
• the financial statements give a true and fair view
of the parent company’s financial performance and
financial position in accordance with the laws and
regulations governing the preparation of financial
statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional
report submitted to the Audit Committee.
BASIS FOR OPINION
We conducted our audit in accordance with good
auditing practice in Finland. Our responsibilities
under good auditing practice are further described
in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report.
We are independent of the parent company and
of the group companies in accordance with the
ethical requirements that are applicable in Finland
and are relevant to our audit, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-
audit services that we have provided to the parent
company and group companies are in compliance
with laws and regulations applicable in Finland
regarding these services, and we have not provided
any prohibited non-audit services referred to in Article
5(1) of regulation (EU) 537/2014. The non-audit
services that we have provided have been disclosed
in note 4 to the consolidated financial statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the financial statements of
the current period. These matters were addressed
in the context of our audit of the financial
statements as a whole, and in forming our
opinion thereon, and we do not provide a separate
opinion on these matters.
We have fulfilled the responsibilities described
in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report,
including in relation to these matters. Accordingly,
our audit included the performance of procedures
designed
to respond to our assessment of the risks of
material misstatement of the financial statements.
The results of our audit procedures, including
the procedures performed to address the matters
below, provide the basis for our audit opinion on
the accompanying financial statements.
We have also addressed the risk of management
override of internal controls. This includes
consideration of whether there was evidence of
management bias that represented a risk of material
misstatement due to fraud.
SPONSIBILITIES OF THE BOARD OF
DIRECTORS AND THE MANAGING DIRECTOR
FOR THE FINANCIAL STATEMENTS
The Board of Directors and the Managing Director
are responsible for the preparation of consolidated
financial statements that give a true and fair view
in accordance with IFRS Accounting Standards as
adopted by the EU, and of financial statements that
give a true and fair view in accordance with the laws
and regulations governing the preparation of finan-
cial statements in Finland and comply with statutory
requirements. The Board of Directors and the Man-
aging Director are also responsible for such internal
control as they determine is necessary to enable the
preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board
of Directors and the Managing Director are
responsible for assessing the parent company’s and
the group’s ability to continue as 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.
MARTELA ANNUAL REPORT 2025 58
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance
on whether the financial statements as a whole are
free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an
audit conducted in accordance with good auditing
practice will always detect a material misstatement
when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or
in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with good
auditing practice, we exercise professional judgment
and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in
the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the Board
of Directors’ and the Managing Director’s use
of the going concern basis of accounting and
based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt
on the parent company’s or the group’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the parent company or the group to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events
so that the financial statements give a true and
fair view.
• Plan and perform the group audit to obtain
sufficient appropriate audit evidence regarding
the financial information of the entities or business
units within the group as a basis for forming an
opinion on the group financial statements. We
are responsible for the direction, supervision and
review of the audit work performed for purposes of
the group audit. We remain solely responsible for
our audit opinion.
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit and
significant audit findings, including any significant
deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance
with a statement that we have complied
with relevant ethical requirements regarding
independence, and communicate with them all
relationships and other matters that may reasonably
be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the
audit of the financial statements of the current
period and are therefore the key audit matters.
We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure
about the matter or when, in extremely rare
circumstances, we determine that a matter should
Key Audit Matter
How our audit addressed the Key Audit Matter
Revenue Recognition
We refer to the Group’s accounting policies and note 1.
Our audit procedures to address the risk of material misstatement
in respect of revenue recognition included among others:
The Group’s revenue includes mainly sale of furniture and, to
a lesser extent, sale of services and leasing of furniture. In
furniture deliveries the Group fulfills its contractual performance
obligations at a point in time and the revenue is recognized when
control is transferred to a customer.
Revenue recognition is considered as a key audit matter because
revenues are a key performance measure which could create
an incentive for revenue to be recognized prematurely. Revenue
recognition was also determined to be a significant risk of
material misstatement referred to in EU Regulation No 537/2014,
point (c) of Article 10(2).
• We assessed the appropriateness of the group’s accounting
policies over revenue recognition compared to IFRS standards.
• We assessed the group’s processes and controls over timing of
revenue recognition.
• We tested the correct timing of revenue recognition by using
analytical procedures and transaction level testing. Our procedures
included data analytics, obtaining external confirmations and
transaction level testing before and after the balance sheet date
as well as inspection of credit notes prepared after the balance
sheet date.
• We considered the appropriateness of the group’s disclosures
in respect of revenues.
Valuation of subsidiary shares and long-term receivables
in parent company’s balance sheet
We refer to parent company’s accounting policies
and notes 7 and 12.
Our audit procedures to address the risk of material misstatement
in respect of valuation of subsidiary shares and long-term
receivables included among others:
As of balance sheet date December 31, 2025 the subsidiary shares
and long-term receivables amounted to 8 M€ corresponding to 20
% of parent company’s total assets and 83 % of parent company’s
equity.
The management of the parent company prepares annually
impairment calculation for balance sheet value of the investments
based on their value in use. These calculations include significant
management judgements, like forecasted revenue growth, EBITDA
and discount rate used in discounting cash flows. Based on the
calculation, an impairment of 0,8 M€ was recognized in the 2025
financial statements for the shares in Martela AB and 3,0 M€ for
the loan receivable, as well as an impairment of 1,8 M€ for
the shares in Martela AS.
• We assessed the basis and appropriateness of the forecasts used
in the impairment calculations, like assumptions related to revenue
growth and EBITDA development.
• We assessed the principles applied in determining the discount
rate and the parameters applied in the calculation. Our valuation
specialists assisted us in these procedures.
• We assessed the appropriateness of the models applied in the
impairment testing and performed procedures to verify the
mathematical accuracy of the calculations
This matter was also determined to be a significant risk of
material misstatement referred to in EU Regulation No 537/2014,
point (c) of Article 10(2).
MARTELA ANNUAL REPORT 2025 59
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
not be communicated in our report because the
adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits
of such communication.
Other Reporting Requirements
INFORMATION ON OUR AUDIT ENGAGEMENT
We were first appointed as auditors by
the Annual General Meeting on March 12, 2020,
and our appointment represents a total period
of uninterrupted engagement of six 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 and the information included in
the Annual Report, but does not include the
financial statements and our auditor’s report
thereon. We have obtained the report of the Board
of Directors prior to the date of this auditor’s report,
and the Annual Report is expected to be made
available to us after that date.
Our opinion on the financial statements does not
cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read the other
information identified above and, in doing so,
consider whether the other information is materially
inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise
appears to be materially misstated. With respect to
report of the Board of Directors, our responsibility
also includes considering whether the report of
the Board of Directors has been prepared in
compliance with the applicable provisions.
In our opinion, the information in the report of
the Board of Directors is consistent with
the information in the financial statements and
the report of the Board of Directors has been
prepared in compliance with the applicable
provisions. If, based on the work we have performed
on the other information that we obtained prior
to the date of this auditor’s report, we conclude
that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Espoo 24.2.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Osmo Valovirta
Authorized Public Accountant
MARTELA ANNUAL REPORT 2025 60
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Independent Auditor’s report on the ESEF consolidated
financial statements of Martela Oyj
(Translation of the Finnish original)
To the Board of Directors of Martela Oyj
We have performed a reasonable assurance
engagement on the financial statements
743700M4EIEVD61PNN55-2025-12-31-fi.zip of
Martela Oyj (y-identifier: 0114891-2) that have been
prepared in accordance with the Commission’s
regulatory technical standard for the financial year
ended 31.12.2025.
RESPONSIBILITIES OF THE BOARD OF
DIRECTORS AND THE MANAGING DIRECTOR
The Board of Directors and the Managing
Director are responsible for the preparation of the
company’s report of Board of Directors and financial
statements (the ESEF financial statements) in such
a way that they comply with the requirements of the
Commission’s regulatory technical standard. This
responsibility includes:
• preparing the ESEF financial statements in
XHTML format in accordance with Article 3 of
the Commission’s regulatory technical standard
• tagging the primary financial statements,
notes and company’s identification data in the
consolidated financial statements that are included
in the ESEF financial statements with iXBRL tags
in accordance with Article 4 of the Commission’s
regulatory technical standard and
• ensuring the consistency between the ESEF
financial statements and the audited financial
statements.
The Board of Directors and the Managing Director
are also responsible for such internal control as they
determine is necessary to enable the preparation
of ESEF financial statements in accordance 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 firm 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
technical regulatory standard. We express an
opinion on whether the consolidated financial
statements that are included in the ESEF financial
statements have been tagged, in all material
respects, in accordance with the requirements of
Article 4 of the Commission’s regulatory technical
standard.
Our responsibility is to indicate in our opinion
to what extent the assurance has been provided.
We conducted a reasonable assurance engagement
in accordance with International Standard on
Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain
evidence on:
• whether the primary financial statements in the
consolidated financial statements that are included
in the ESEF financial statements have been
tagged, in all material respects, with iXBRL tags
in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard
and
• whether the notes and company’s identification
data in the consolidated financial statements that
are included in the ESEF financial statements have
been tagged, in all material respects, with iXBRL
tags in accordance with the requirements of
Article 4 of the Commission’s regulatory technical
standard and
• whether there is consistency between the ESEF
financial statements and the audited financial
statements.
MARTELA ANNUAL REPORT 2025 61
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
The nature, timing and extent of the selected
procedures depend on the auditor’s judgement.
This includes an assessment of the risk of
material deviations due to fraud or error from
the requirements of the Commission’s technical
regulatory standard.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
OPINION
Our opinion pursuant to Chapter 7, Section 8 of the
Securities Markets Act is that the primary financial
statements, notes and company’s identification
data in the consolidated financial statements that
are included in the ESEF financial statements of
Martela Oyj 743700M4EIEVD61PNN55-2025-12-31-fi.
zip for the financial year ended 31.12.2025 have been
tagged, in all material respects, in accordance with
the requirements of the Commission’s regulatory
technical standard.
Our opinion on the audit of the consolidated
financial statements of Martela Oyj for the financial
year ended 31.12.2025 has been expressed in our
auditor’s report dated 24.2.2026. With this report
we do not express an opinion on the audit of the
consolidated financial statements nor express
another assurance conclusion.
Espoo 10.3.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Osmo Valovirta
Authorized Public Accountant
MARTELA ANNUAL REPORT 2025 62
MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Corporate governance statement 2025
Martela Corporation is a Finnish limited liability
company that is governed in its decision-making
and management by Finnish legislation, especially
the Finnish Limited Liability Companies Act,
by other regulations concerning public listed
companies, and by its Articles of Association.
The company complies with the NASDAQ OMX
Guidelines for Insiders and the Finnish Corporate
Governance Code 2025 published by the Securities
Market Association. Corporate Governance code
is available at www.cgfinland.fi/en/corporate-
governance-code/. Martela complies with all of
the Code’s guidelines.
Organisation
The Group is managed according to both
its operational organisation and legal Group
organisation. The Group’s management is based
primarily on an operational matrix organisation.
In 2025 The Group was organised in units as:
• Customer Success, which is responsible for
customer relationships, sales, workplace services.
Additionally, the unit is responsible for marketing
together with the Brand, Products and Services
unit.
• Operations, which is responsible for after-sales
activities, including sourcing, production, removal
services, product development, quality assurance,
the research laboratory, planning of material flows
and logistics and as well as IT matters.
• People and sustainability, which is responsible for
the human resource administration, sustainability
management and internal communication.
• Finance, which is responsible for the Group’s
financial planning and reporting, investor relations
as well as legal matters.
• Brand, Products & Services unit, which is
responsible for brand and product portfolio
management and for the planning and development
of work and learning environment projects.
Additionally, the unit is responsible for marketing
together with the Customer Success unit.
Annual general meeting
The General Meeting is the company’s supreme
decision-making body. The Annual General Meeting
must be held within six months of the end of
the financial year. The financial statements, Board
of Directors’ report and the auditor’s report are
presented at the Annual General Meeting.
The Meeting decides on the approval of the financial
statements, use of the profit shown on the balance
sheet, discharging the members of the Board of
Directors and the CEO from liability, the fees of
the Board members and auditors and the number
of members on the Board. The General Meeting also
elects the Directors of the Board and the auditor.
Other matters on the agenda of the General Meeting
are mentioned in the notice of meeting.
Shares
Martela has two share series (K shares and
A shares), with each K share entitling its holder to
20 votes at a General Meeting and each A share
entitling its holder to one vote. The redeeming of
K shares is referred to in the Articles of Association.
Private owners of K shares have a valid shareholder
agreement that restricts the sale of these shares
to other than existing holders of K shares.
The company’s total share capital on 31 December
2025 was EUR 7 million.
Board of directors
The Board of Directors, elected by the Annual
General Meeting each year, is responsible for
the management and proper arrangement of
the operations of the company in compliance
with the Limited Liability Companies Act and
the Articles of Association.
Preparations concerning the composition of
the Board of Directors are carried out by the
principal shareholders, who propose Board
candidates to the Annual General Meeting based
on their preparatory work. In accordance with
the Articles of Association, the Board of Directors
consists of no less than five and no more than nine
members. There may be no more than two deputy
members. The Board of Directors elects from among
its members a Chairman and Vice Chairman to serve
until the end of the next Annual General Meeting.
The Board has confirmed a Charter defining
the duties of the Board, meeting practices,
the matters to be dealt with at meetings, the targets
set by the Board for its operations, a self-evaluation
of these operations, and the Board’s committees.
In addition to the duties mentioned in the Limited
Liability Companies Act and the Articles of
Association, the Board of Directors is responsible for:
• deciding on the Group strategy
• deciding on the Group structure
• approving financial statements, interim financial
statements and interim reports
• approving the Group’s operating plans, budgets,
major investments and donations
• deciding on business expansion and reduction,
acquisitions and divestments
• deciding on the Risk management policy and
principles of the internal control
• deciding on dividend policy and make a proposal
to the Annual General Meeting on the amount of
dividend to be paid
• deciding on the Treasury policy
• approving and dismissing the CEO and to decide
on his salary
• authorising the Remuneration Committee to decide
on the appointments and remuneration of
the members of the Group Management Team
and the general principles of the Group’s
performance bonus scheme
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• deciding on Management’s share-based incentive
schemes
• regularly approving and revising corporate
governance principles and internal policies
• annually approving the company’s internal control
and risk management principles and addressing
the most significant risks and uncertainties
associated with the company’s operations
• appointing board committees and deciding
on their reporting
• accepting stock exchange releases related to
the Board’s decisions
• confirming the principles of the Board diversity
• the other statutory provisions of the Limited
Liability Companies Act, the Corporate Governance
Code or elsewhere
The Board of Directors consisted of following
members:
• Johan Mild, chairman of the Board, born 1974,
M.Sc. Accounting, CEO of Plugit Finland Oy.
Does not own any company shares
• Hanna Mattila, born 1972, D. Sc (Tech), Director of
Turku Urban Research Programme, University of
Turku, owns 1,600 Martela Oyj K shares
• Eero Martela, born 1984, M.Sc Tech., Managing
Partner, Columbia Road Oy, owns 6,710 Martela Oyj
A shares and 1,073 K shares
• Jan Mattsson, born 1966 M.Sc, Architecture,
Head of AFRY Architects Stockholm, owns 6,759
Martela Oyj A shares
• Anni Vepsäläinen, born 1963, M.Sc Tech., Member
of the Board, Cinia Oy, owns 2,000 Martela Oyj
A shares
• Jacob Kragh, born 1970, M.Sc. International
Business, CEO of Quooker Nederland B.V. Does not
own any company shares
The Board convened ten times during the financial
year. The average attendance of the Board members
was 98 per cent.
The Board reviews its own activities annually,
either by self-assessment or assessment made by
an external consultant. In both cases a summary
of the evaluations is jointly discussed at a Board
meeting.
The Board has evaluated the independence of
its members and determined that Hanna Mattila,
Eero Martela, Jan Mattsson, Johan Mild, Jacob
Kragh and Anni Vepsäläinen are independent of
the company. Of the company’s largest shareholders
Jan Mattsson, Jacob Kragh, Johan Mild and Anni
Vepsäläinen are independent members of the Board.
The Board has formed from among its members
a Human Resource and Rewarding Committee
and an Audit Committee, which both have written
Charters.
According to the Charter, the key duties of the
Human Resource and Rewarding Committee include:
• deciding, with authorisation from the Board, on
the remuneration issues and annual performance
bonuses of the CEO and the Group Management
Team as well as general principles for the Group’s
performance bonus scheme for the entire
personnel
• preparing for the Board the structure, criteria and
target levels of the long-term incentive plans for
key personnel
• processing the appointments of the CEO and
Group Management Team members, deputy
arrangements and successor issues.
• The Compensation Committee also handles
remuneration statements in connection with
the financial statements
The Board’s Human Resource and Rewarding
Committee comprises Johan Mild, Jan Mattsson and
Jacob Kragh.
The Committee convened two times during
the financial year. The average attendance of
the Committee members was 100 per cent.
According to the Charter, the key duties of the Audit
Committee include:
• monitoring the financial reporting and interim
report processes,
• supervising the financial reporting process,
• monitoring the company’s financial condition,
• monitoring the adequacy and effectiveness of
the company’s internal control and risk
management systems,
• processing the description of the internal control
and risk management systems related to the
financial re¬porting process included in the
Corporate Governance Statement,
• monitoring the statutory audit of the financial
statements and the consolidated financial
statements,
• observing, together with the auditors and
the management of the company, the findings
of the auditing carried out and the possible
difficulties in carrying out the audit,
• assessing the independence of the auditor or
the audit firm, and in particular the provision of
ancillary services to the company,
• evaluating the fees charged on auditing and
ancillary services and their criteria,
• preparing a proposal for a decision on the election
of the auditor,
• assessing the compliance process with laws and
regulations and respect for ethical principles in
the organisation,
• conducting reports on the company’s most
significant legal and regulatory procedures
The Board’s Audit Committee comprises Anni
Vepsäläinen, Eero Martela and Hanna Mattila.
The Committee convened four times during
the financial year. The average attendance of
the Committee members was 100 per cent.
The secretary of the Board of Directors is
a lawyer from the same company from where
other legal services is provided to the Group.
The Chairman of the Board is in direct contact
with the CFO as necessary.
BOARD DIVERSITY
According to the principles of the Board diversity,
the members of the Board of Directors must have
sufficient and complementary experience and
expertise in Martela’s most important business
sectors and markets. The Board must have equal
representation of both sexes and a diverse age
distribution. In addition, differences related to
nationality are creating diversity. Board members
should have sufficiently diverse professional and
educational background, strategy development
and implementation skills, economic expertise,
experience in managing companies at various stages
of development, innovation, decision-making and
questioning skills, and sufficient time for working
in the board. The achievement and development
of diversity in reaching the goals is assessed in
the Board Self-Evaluation Discussion, and diversity
has been implemented in accordance with
the recommendations.
The principles set for diversity have been
well implemented in Martela. In 2025, the board
comprised six members representing three different
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nationalities. The board members had diverse
backgrounds from key industries as well as from
the institutions related to Martela. All board
members held university degrees in fields such a
s engineering, economics, international business,
and architecture and urban planning.
The board members were well acquainted
with the company’s operating environment and
possessed specialized expertise in areas such as
sustainability, ESG issues, finance, and the core
business environment relevant to the company’s
operations. By the end of 2025, the age of the board
members ranged from 41 to 62 years. Among them,
two were women and four were men. And thus, the
distribution was 33.33 per cent women and 66.67
per cent men.
CEO
The Board appoints Martela Corporation’s CEO and
decides on the terms and conditions of his service
relationship, which are defined in a written CEO’s
service contract. The CEO is responsible for
the operational management and supervision of
the parent company and the Group according to
the guidelines set by the Board. Company CEO is
Ville Taipale, born 1971, M.Sc Tech., owns 61,000
Martela Oyj A shares.
Group management team
The Board of Directors and the CEO appoint
the members of the Group Management Team.
The CEO of Martela Corporation acts as
the Chairman of the Group Management Team.
The directors responsible for the units and
processes are also represented in the Group
Management Team. The Group Management
Team drafts and reviews strategies, budgets and
investment proposals and monitors the financial
situation of the Group and its business areas and
processes and the attainment of operational targets
and plans. The Group Management Team meets
once a month.
Group Management Team consisted of following
members led by Group CEO:
• Kimmo Hakkala responsible for Customer Success
unit (owns 11,538 Martela Oyj A shares)
• Kalle Sulkanen responsible for Operations unit
(owns 13,555 Martela Oyj A shares)
• Eeva Terävä responsible for Brand, Products &
Services unit (owns 23,016 Martela Oyj A shares)
• Suvi-Maarit Kario responsible for People and
sustainability unit (owns 1,500 Martela Oyj
A shares)
• Henri Berg responsible for Finance unit (owns
15,000 Martela Oyj A shares)
Financial reporting in the group
Martela Corporation’s Board of Directors is provided
regularly reports on the financial performance and
forecasts of the Group. The reports and forecasts
are also presented by the CEO and CFO at Board
meetings, where they are reviewed.
The Group Management Team meets at least
once a month to evaluate the financial performance,
outlook and risks of the Group.
Auditing
The auditing of Group companies is carried out
in accordance with the valid laws in each country
and each company’s Articles of Association.
The principally responsible auditor of the parent
company co-ordinates the auditing of the Group’s
subsidiaries together with the Group’s CEO and
CFO. The auditors of Martela Corpora¬tion and
the Group are the authorised public accountants
Ernst & Young, with Osmo Valovirta, Authorised
Public Accountant, as the principally responsible
auditor. All the auditors of the Group’s companies
are in the Ernst & Young chain.
Internal control
The reliability of financial reporting is one of
the principal objectives of Martela Corporation’s
internal control.
The CEO is responsible for the operational
management and supervision of the Group
according to the guidelines set by the Board.
Martela’s strategy is updated and its targets
defined on an annual basis. Strategic planning
forms the basis of all planning at Martela and is
carried out on a rolling basis. Target setting is an
internal control prerequisite because the targets
of the companies, business areas, functions and
supervisors are derived from Group-level targets.
For each business area, specific financial and
non-financial targets are set in accordance with
the business plan, and their attainment is monitored
regularly through comprehensive reporting to
executive management, for example.
The CFO has overall responsibility for financial
reporting in the Group. Reporting to executive
management is carried out separately and
independently of business operations.
Controllers and financial managers (controller
function) are responsible for Group, company and
other financial reporting. At Martela, financial
reporting is carried out in compliance with
guidelines, laws and regulations in a consistent
manner throughout the Group. The reliability of
financial reporting depends on the appropriateness
and reliability of financial and reporting processes
and on the control measures taken to ensure these.
During recent years, the internal control has focused
among others on sales, quote to cash processes,
on management of working capital, on ERP system
implementation, on development of the receivables
collection procedures as well as on leasing and
service contract management and processes.
The CFO is responsible for the maintenance and
development of reporting processes and defining
and implementing control measures. Control
measures include guidelines, matching, management
reviews and reporting on deviations. The CFO
monitors compliance with defined processes and
controls. He also monitors the reliability of financial
reporting.
The Board of Directors approves Martela’s
strategy and annual operating plans. It also approves
the principles and rules of risk management, and
monitors on a regular basis the effectiveness
and sufficiency of the internal control and risk
management. Furthermore, the Board is responsible
for the internal control of the financial reporting
process.
Auditors and other external controllers assess
the control measures in terms of the reliability of
financial reporting.
Risk management and internal audit
Martela’s Board of Directors has confirmed
the principles of risk management. The purpose
of risk management is to identify, monitor and
manage risks that could pose a threat to business
and to the achievement of business objectives.
Group management has supreme operational
responsibility for risk management policy.
In the Group, risks are analysed and decisions
are made to manage these risks as a part of the
regular monitoring carried out by the Board and
the management teams as described above. Risks
are also evaluated when planning and making
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decisions on significant projects and investments.
Risk management is integrated with the strategy
process as a separate stage of analysis and as part
of the process of drawing up annual action plans.
There is no separate risk management organisation,
but the associated responsibilities are assigned in
line with the rest of the business operations and
organisation. The company’s Board of Directors has
included an annual review of risk management in its
schedule of work.
Taking into consideration the nature and
scope of Martela’s business, the company has not
considered it appropriate to form a separate internal
audit function. The internal control is carried out
in the form of controls in business processes, and
the company will either make its own or, if
necessary, conduct separate internal audit
reports with external experts.
Risks
In accordance with Martela’s risk management
model, risks are classified and prepared for in
different ways. The manufacture of Martela’s
products is largely based on the company
performing the final assembly and using
subcontractors for components. Production control
is based on orders placed by customers, which
means that there is no need for any large-scale
warehousing. Risks of damage are covered by
appropriate insurance policies, and these provide
comprehensive coverage for property, business
interruption, supplier interruption loss and loss
liability risks. Martela uses the services of an
external insurance broker to manage insurance
matters. The services of an external partner are
also used in legal matters. The responsibility
perspectives regarding the supply chain are
discussed as part of the annual responsibility
report. Finance risks are discussed in the notes
to the financial statements.
Management, remuneration, benefits
and incentive plans
Information on management remuneration and
the impact on the result for the financial year can
be found in the notes to the financial statements
and in the remuneration report, which can be found
on the company’s website.
Principles regarding related party
transactions
Martela Oyj follows the recommendations of
the Corporate Governance Code 2025 issued by
the Securities Market Association. The Company’s
related party transactions policy is adopted by
the board of directors that also has the monitoring
and supervision responsibility regarding related
party transactions.
The up-to-datedness of the related party list is
monitored at least on an annual basis. The Chief
Financial Officer of the Company is responsible for
determining the related parties of the Company and
maintaining the related party list.
Insider administration
Martela complies with the Guidelines for Insiders
issued by Nasdaq Helsinki Ltd. In addition, Martela’s
Board of Directors has confirmed specific insider
guidelines for the company to complement Nasdaq
Helsinki Ltd’s Guidelines for Insiders.
The company has defined as permanent insider
persons who work at Martela Group and who have
access to all inside information concerning Martela
due to their position or task. The information
in the permanent insider list is not public. In
addition to the permanent insider list, non-public
project-specific insider lists shall be established,
if necessary, as defined in Nasdaq Helsinki Ltd’s
Guidelines for Insiders. Permanent insiders are not
entered into the project-specific insider lists.
The persons discharging managerial
responsibilities, other permanent insiders and
persons participating in preparing of financial
reports of the company must not trade in Martela’s
financial instruments prior to the publication of an
interim report and financial statement release of
the company. The length of the closed period is
30 days at Martela.
Martela discloses inside information that directly
concerns Martela or its financial instrument as
soon as possible, unless the conditions for delay of
disclosure of inside information are met. Martela
has defined an internal process in order to evaluate
and disclose the inside information and to monitor
and evaluate the duration and the conditions for
the delay. Martela continuously monitors the
situation to ensure that the conditions for the delay
are met and the company has the ability to publicly
disclose the information immediately in the case of
a data leakage.
In accordance with MAR, Martela has an
obligation to disclose transactions with Martela’s
financial instru¬ments conducted by persons
discharging managerial responsibilities at the
company and persons closely associated with them.
The obligation to disclose transactions applies
to the following persons discharging managerial
responsibilities at Martela:
• Members of Martela’s Board of Directors and CEO,
and
• Members of Martela Group’s Management Team.
Transactions between companies in the Martela
Group conducted by persons discharging managerial
responsibilities at Martela and persons closely
associated with them are monitored. In 2025 there
were no other material related party transactions.
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Board of Directors
Johan Mild
CHAIRMAN OF THE BOARD
• Born in 1974, M.Sc. (Accounting)
• Member of the Board since 2020
• Chairman of the Board since 2021
Other key duties:
• CEO, Plugit Finland Oy
• Chairman of the Board, Luotea Oyj
Does not own any company shares.
Eero Martela
BOARD MEMBER
• Born in 1984, M.Sc. (Tech.)
• Member of the Board since 2015
Other key duties:
• Managing partner, Finland,
Columbia Road Oy
Owns 6,710 Martela Oyj A shares and
1,073 K shares.
Hanna Mattila
BOARD MEMBER
• Born in 1972, D.Sc. (Tech.)
• Member of the Board since 2022
Other key duties:
• Director of Turku Urban Research
Programme, University of Turku
Owns 1,600 Martela Oyj K shares.
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Jan Mattsson
BOARD MEMBER
• Born in 1966, M.Sc. (Architecture), KHT
Royal Institute of Technology
• Member of the Board since 2019
Other key duties:
• Head of AFRY Architects Stockholm
Owns 6,759 Martela Oyj A shares.
Jacob Kragh
BOARD MEMBER
• Born in 1970, M.Sc.
(International Business)
• Member of the Board since 2024
Other key duties:
• CEO, Quooker Nederland B.V.
Does not own any company shares.
Anni Vepsäläinen
BOARD MEMBER
• Born in 1963, M.Sc. (Tech.)
• Member of the Board since 2016
Other key duties:
• Member of the Board, Cinia Oy
Owns 2,000 Martela Oyj A shares.
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Management team
Ville Taipale
CHIEF EXECUTIVE OFFICER (CEO)
• Born in 1971, M.Sc. (Tech)
• Joined the company and has been a member of the
management team since 2018, the CEO since 2021
Previous professional experience:
• Martela Oyj, Vice President, Operations, 2018–2021
• Patria Land Systems Oy, Vice President, Sourcing
and Logistics, 2015–2018 Componenta Oyj, Vice
President, Sourcing and Procurement, 2010–2015
• Fiskars Oyj, Director, Sourcing Unit, 2007–2010
Nokia Oyj, Supply chain management and
development positions, 1998–2007
• VTT, Researcher, 1997–1998
Owns 61,000 Martela Oyj A shares.
Henri Berg
CHIEF FINANCIAL OFFICER (CFO)
• Born in 1970, M.Sc. (Econ.)
• Area of responsibility: Group Finance,
Investor Relations and Legal
• Joined the company and a member of
the management team since 2023
Previous professional experience:
• A-Insinöörit Oy AG, CFO, 2021–2023
• Sato Oyj, Head of Financial services, 2017–2021
• Componenta Oyj, several managerial positions in
financial administration, 2008–2017
• Stora Enso Oyj, several managerial and specialist
positions in financial administration, 1998–2008
Owns 15,000 Martela Oyj A shares.
Eeva Terävä
VP, BRAND, PRODUCTS & SERVICES
• Born in 1983, M.Sc. (Regional Science) & Bachelor
of Culture and Arts (Interior Architecture)
• Area of responsibility: Design & Development
Services of Work and Learning Environments
• Joined the company in 2016, a member of the
management team since 2021
Previous professional experience:
• Martela Oyj, Head of Workplace development,
2018–2021
• Martela Oyj, Workplace Specialist, 2016–2018
• Ramboll Management Consulting Oy, different roles
in research and development projects, and project
management, 2009–2016
Owns 23,613 Martela Oyj A shares.
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Suvi-Maarit Kario
VP, HR & SUSTAINABILITY
• Born in 1968, M.Soc.Sc.
• Area of responsibility: HR, Sustainability and
internal communication
• Joined the company and a member of
the management team since 2023
Previous professional experience:
• Puro Tekstiilihuoltopalvelut Oy, HR Director,
2020–2023
• HKScan Oyj, Head of Talent Management & Senior
HR Manager 2018–2020
• GS-Hydro Oy, VP, HR and Sustainability, 2012–2017
• Alstom Finland Oy, Country HR Director, 2010–2012
• Destia Oy, Manager, Strategic HR, 2007–2010
• Finnlines Oyj, Human Resources Development
Manager, 1997–2007
Owns 1,500 Martela Oyj A shares.
Kimmo Hakkala
VP, SALES AND MARKETING
• Born in 1971, M.Sc. (Agric.)
• Area of responsibility: Group Customers, Sales
and Marketing in Finland, Sweden & Norway and
international dealer Network
• Joined the company and a member of
the management team since 2023
Previous professional experience:
• Berner Oy, Business Unit Director, 2013–2022
• Fiskars Finland Oy Ab, Sales and Marketing
Director, 2007–2013
• Kemira Grow-How Oyj, Business and Marketing
Manager, 2001–2007
• Kesko Oyj, Product Manager, 1996–2001
Owns 11,538 Martela Oyj A shares.
Kalle Sulkanen
VP, OPERATIONS
• Born in 1978, M.Sc. (Tech.)
• Area of responsibility: Group Sourcing, Production,
Removal Services, Product Development,
Sustainability, Logistics and Quality Control
• Joined the company and a member of
the management team since 2022
Previous professional experience:
• Peab AB, Head of Procurement, 2020–2022 YIT Oyj,
Procurement Director, 2019–2020
• AB Enzymes GmbH / Roal Oy, Head of Procurement,
2017–2019
• Componenta Oyj, Sourcing Director and managerial
positions, 2011–2017
• Nokia Oyj, Development Manager positions in
supply chain, 2001–2011
Owns 13,555 Martela Oyj A shares.
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MARTELA 2024 CEO’S REVIEW OPERATING ENVIRONMENT FINANCIAL STATEMENTS GOVERNANCE
Information for shareholders
Annual General Meeting
The Annual General Meeting of Martela Oyj will
be held on Wednesday 8 April 2026 at 2 p.m. at
Itämerentori 2, 00180 Helsinki (conference center
Valla).
A shareholder, who has the right to participate in
the Annual General Meeting and whose shares are
registered on his/her Finnish book-entry account,
may participate in the Annual General Meeting by
way of remote access. Shareholder participating via
remote access to the Annual General Meeting has
voting right and speaking right during the Annual
General Meeting. Instructions for shareholders
are presented in this notice under section C
(Instructions for the participants in the General
Meeting) and on the Company’s website www.
martela.com/about-us/about-martela/investors
The names of shareholders wishing to attend
the meeting should be entered in the share-holder
register at Euroclear Finland Ltd no later than 25
March 2026 and the shareholder should register
by email to agm@innovatics.fi, by post to Innovatics
Oy, Yhtiökokous / Martela Oyj, Ratamestarinkatu
13 A, 00520 Helsinki, or on the website of the
Corporation https://www.martela.com/about-us/
about-martela/investors no later than April 1, 2026
at 4 p.m.
Payment of dividends
The Board of Directors proposes to the Annual
General Meeting that no dividend would be paid for
the financial year 1 January 2025 – 31 December
2025.
Publication of financial information
Martela Corporation’s financial information in 2026
will be published as follows:
• January–March (Q1) Financial Review
on Tuesday May 12, 2026
• January–June (H1) Half-Year Report
on Wednesday August 12, 2026
• January–September (Q3) Financial Review
on Wednesday November 11, 2026
Financial reports are available in Finnish and English
on the company’s website (www.martela.fi and
www.martela.com). Annual reports are available
on the company’s website in pdf format. After
published, stock exchange releases are available on
the company’s website, where you can find all stock
exchange releases in chronological order
Contacts
FINLAND
Martela Oyj
Miestentie 1
02150 Espoo
Tel. +358 10 345 50
www.martela.com
Kidex Oy
Savikontie 25
82500 Kitee
Tel. +358 10 345 7211
www.kidex.fi
Muuttopalvelu Grundell Oy
Tikkurilantie 146
01530 Vantaa
Tel. +358 10 480 4200
www.martela.com/fi/palvelut/
toteutuspalvelut/muuttopalvelut
SWEDEN
Martela AB
Storgatan 49A
57132 Nässjö
Tel. +46 380 37 19 00
www.martela.com/sv
NORWAY
Martela AS
Drammensveien 130
0277 Oslo
Tel. +47 23 28 38 50
www.martela.com/no
POLAND
Martela Sp. z o.o.
ul Geodetów 156
05-500 Józefosław
www.martela.com