EUR 1,000 | 1 Jan\u201331 Dec 2025 | 1 Jan\u201331 Dec 2024 |
Recognised over time | 328 | 4,586 |
Recognised at a specific time | 109,048 | 100,181 |
Revenue from contracts with customers | 109,375 | 104,766 |
2025 (EUR 1,000) | Finland | Russia | Baltic countries | Sweden | Total |
Net sales | 62,430 | 30,016 | 16,929 | 109,375 | |
Non-current assets | 51,605 | 667 | 12,051 | 64,322 |
2024 (EUR 1,000) | Finland | Russia | Baltic countries | Sweden | Total |
Net sales | 57,451 | 46,822 | 493 | 104,766 | |
Non-current assets | 56,621 | 13 | 599 | 12,899 | 70,131 |
2025 (EUR 1,000) | Finland | Russia | Baltic countries | Sweden | Total |
Net sales | 62,430 | 30,016 | 16,929 | 109,375 | |
Non-current assets | 51,605 | 667 | 12,051 | 64,322 |
2024 (EUR 1,000) | Finland | Russia | Baltic countries | Sweden | Total |
Net sales | 57,451 | 46,822 | 493 | 104,766 | |
Non-current assets | 56,621 | 13 | 599 | 12,899 | 70,131 |
EUR 1,000 | 2025 | 2024 |
| Gains from sale of property, plant and equipment | 106 | 2,047 |
| Gain from the bargain purchase | 40 | |
| Other items | 221 | 73 |
| Total | 327 | 2,160 |
EUR 1,000 | 2025 | 2024 |
Use of materials and supplies | 58,755 | 59,322 |
Expenses relating to short term low value leases | 1,417 | 1,423 |
Administrative expenses | 6,559 | 5,827 |
Other cost items | 4,037 | 2,424 |
Total other operating expenses | 12,013 | 9,673 |
EUR 1,000 | 2025 | 2024 |
Auditing | 371 | 353 |
Other services | 36 | 20 |
Total | 407 | 373 |
EUR 1,000 | 2025 | 2024 |
| Gains from sale of property, plant and equipment | 106 | 2,047 |
| Gain from the bargain purchase | 40 | |
| Other items | 221 | 73 |
| Total | 327 | 2,160 |
EUR 1,000 | 2025 | 2024 |
Use of materials and supplies | 58,755 | 59,322 |
Expenses relating to short term low value leases | 1,417 | 1,423 |
Administrative expenses | 6,559 | 5,827 |
Other cost items | 4,037 | 2,424 |
Total other operating expenses | 12,013 | 9,673 |
EUR 1,000 | 2025 | 2024 |
Auditing | 371 | 353 |
Other services | 36 | 20 |
Total | 407 | 373 |
EUR 1,000 | 2025 | 2024 |
Use of materials and supplies | 58,755 | 59,322 |
Expenses relating to short term low value leases | 1,417 | 1,423 |
Administrative expenses | 6,559 | 5,827 |
Other cost items | 4,037 | 2,424 |
Total other operating expenses | 12,013 | 9,673 |
EUR 1,000 | 2025 | 2024 |
Auditing | 371 | 353 |
Other services | 36 | 20 |
Total | 407 | 373 |
EUR 1,000 | 2025 | 2024 |
Salaries and fees | 11,633 | 10,901 |
Pension expenses, defined contribution plans | 1,589 | 1,586 |
Pension expenses, defined benefit plans | -5 | -27 |
Other social security costs | 793 | 456 |
Share-based payments | 327 | 303 |
Total | 14,336 | 13,218 |
EUR 1,000 | 2025 | 2024 |
| Intangible assets | ||
Customer relationships | 782 | |
Intangible rights | 6 | 6 |
Other capitalised long-term expenditure | 552 | 384 |
Impairment losses | 1,847 | |
Total | 3,187 | 390 |
| Property, plant and equipment | ||
Buildings | 466 | 890 |
Machinery and equipment | 2,914 | 2,807 |
Other tangible assets | 32 | 18 |
Total | 3,411 | 3,716 |
Amortisation of right-of-use assets (IFRS 16) | 3,409 | 1,314 |
Total | 10,007 | 5,420 |
EUR 1,000 | 2025 | 2024 |
Current tax expense | -2,268 | -2,985 |
Deferred taxes, net | -931 | -156 |
Total | -3,199 | -3,140 |
EUR 1,000 | 2025 | 2024 |
Result before income tax | 9,727 | 16,211 |
Corporate tax rate | 20% | 20% |
Income tax calculated using the Finnish corporate tax rate | -1,945 | -3,242 |
| Adjustments | ||
Effect of tax rates used in foreign subsidiaries | -84 | -1,129 |
Unrecognised deferred tax assets on losses | -1,214 | -229 |
Tax-exempt income | 8 | |
Non-deductible expenses | -137 | -296 |
Use of previously unrecognised tax losses | 152 | 713 |
Recognised deferred tax assets on losses | -129 | -833 |
Deferred tax liabilities from undistributed earnings | 219 | 1,925 |
Other differences | -63 | -57 |
Total adjustments | -1,254 | 102 |
Income tax expense in the income statement | -3,199 | -3,140 |
EUR 1,000 | 2025 | 2024 |
Auditing | 371 | 353 |
Other services | 36 | 20 |
Total | 407 | 373 |
EUR 1,000 | 2025 | 2024 |
| Financial income | ||
Interest income | 60 | 72 |
Exchange rate gains | 233 | 371 |
Proceeds from other investments | 211 | |
Total financial income | 293 | 654 |
| Financial expenses | ||
Interest expenses | 2,882 | 2,577 |
Exchange rate losses | 881 | 280 |
Financial expenses on lease liabilities (IFRS 16) | 970 | 494 |
Other financial expenses | 340 | 297 |
Total financial expenses | 5,073 | 3,649 |
EUR 1,000 | 2025 | 2024 |
| Financial income | ||
Interest income | 60 | 72 |
Exchange rate gains | 233 | 371 |
Proceeds from other investments | 211 | |
Total financial income | 293 | 654 |
| Financial expenses | ||
Interest expenses | 2,882 | 2,577 |
Exchange rate losses | 881 | 280 |
Financial expenses on lease liabilities (IFRS 16) | 970 | 494 |
Other financial expenses | 340 | 297 |
Total financial expenses | 5,073 | 3,649 |
EUR 1,000 | 2025 | 2024 |
| Financial income | ||
Interest income | 60 | 72 |
Exchange rate gains | 233 | 371 |
Proceeds from other investments | 211 | |
Total financial income | 293 | 654 |
| Financial expenses | ||
Interest expenses | 2,882 | 2,577 |
Exchange rate losses | 881 | 280 |
Financial expenses on lease liabilities (IFRS 16) | 970 | 494 |
Other financial expenses | 340 | 297 |
Total financial expenses | 5,073 | 3,649 |
EUR 1,000 | 2025 | 2024 |
Salaries and fees | 11,633 | 10,901 |
Pension expenses, defined contribution plans | 1,589 | 1,586 |
Pension expenses, defined benefit plans | -5 | -27 |
Other social security costs | 793 | 456 |
Share-based payments | 327 | 303 |
Total | 14,336 | 13,218 |
2025 | 2024 | |
Total | 178 | 178 |
2025 | 2024 | |
Total | 178 | 178 |
EUR 1,000 | 2025 | 2024 |
| Intangible assets | ||
Customer relationships | 782 | |
Intangible rights | 6 | 6 |
Other capitalised long-term expenditure | 552 | 384 |
Impairment losses | 1,847 | |
Total | 3,187 | 390 |
| Property, plant and equipment | ||
Buildings | 466 | 890 |
Machinery and equipment | 2,914 | 2,807 |
Other tangible assets | 32 | 18 |
Total | 3,411 | 3,716 |
Amortisation of right-of-use assets (IFRS 16) | 3,409 | 1,314 |
Total | 10,007 | 5,420 |
EUR 1,000 | 2025 | 2024 |
| Intangible assets | ||
Customer relationships | 782 | |
Intangible rights | 6 | 6 |
Other capitalised long-term expenditure | 552 | 384 |
Impairment losses | 1,847 | |
Total | 3,187 | 390 |
| Property, plant and equipment | ||
Buildings | 466 | 890 |
Machinery and equipment | 2,914 | 2,807 |
Other tangible assets | 32 | 18 |
Total | 3,411 | 3,716 |
Amortisation of right-of-use assets (IFRS 16) | 3,409 | 1,314 |
Total | 10,007 | 5,420 |
| Prepay- | |||||||||
| Land and | Machinery | ments and | |||||||
| Land and | water | Machinery | and | Other | acquisi- | ||||
| water | areas, | Buildings, | and | equipment, | tangible | tions in | |||
| EUR 1,000 | areas | IFRS 16 | Buildings | IFRS 16 | equipment | IFRS 16 | assets | progress | Total |
| 2025 | |||||||||
Cost at 1 January | 262 | 2,006 | 11,879 | 20,382 | 53,535 | 3,222 | 923 | 8 | 92,216 |
Additions | 370 | 5 | 654 | 68 | 2,656 | 456 | 4,210 | ||
| Transfers between asset | |||||||||
categories | 398 | -376 | 22 | ||||||
Disposals | -504 | -226 | -730 | ||||||
Translation differences | 1 | 2 | 49 | 11 | 10 | 6 | 14 | 95 | |
Cost at 31 December | 263 | 2,378 | 11,933 | 21,048 | 53,508 | 5,658 | 938 | 89 | 95,813 |
| Accumulated depreciation | |||||||||
| and impairment losses at 1 | |||||||||
January | -342 | -8,417 | -8,503 | -21,216 | -2,086 | -645 | -41,209 | ||
Depreciation for the period | -79 | -466 | -2,667 | -2,914 | -663 | -32 | -6,820 | ||
| Accumulated depreciation | |||||||||
for disposals and transfers | 167 | 99 | 265 | ||||||
Translation differences | 2 | -2 | 2 | 1 | 2 | ||||
| Accumulated depreciation | |||||||||
and impairment losses at 31 December | -422 | -8,880 | -11,172 | -23,961 | -2,651 | -677 | -47,762 | ||
| Carrying amount at 1 Jan | |||||||||
2025 | 262 | 1,664 | 3,462 | 11,879 | 32,319 | 1,135 | 278 | 8 | 51,007 |
| Carrying amount at 31 | |||||||||
Dec 2025 | 263 | 1,956 | 3,053 | 9,875 | 29,547 | 3,007 | 261 | 89 | 48,051 |
| 2024 | |||||||||
Cost at 1 January | 247 | 8,978 | 47,222 | 8,273 | 53,755 | 2,693 | 909 | 23 | 122,100 |
| Additions from business | |||||||||
acquisitions | 15 | 23 | 898 | 95 | 460 | 259 | 1,750 | ||
Additions | 12,363 | 239 | 792 | 5 | 294 | 13,692 | |||
| Transfers between asset | |||||||||
categories | 60 | 222 | 15 | -299 | -3 | ||||
| Deductions from business | |||||||||
divestments | -6,996 | -36,305 | -349 | -1,143 | -265 | -10 | -45,067 | ||
Disposals | -264 | -264 | |||||||
Translation differences | 0 | 0 | 4 | 0 | 2 | 1 | 8 | ||
Cost at 31 December | 262 | 2,006 | 11,879 | 20,382 | 53,535 | 3,222 | 923 | 8 | 92,216 |
| Accumulated depreciation | |||||||||
| and impairment losses at 1 | |||||||||
January | -1,033 | -13,855 | -7,829 | -19,527 | -1,913 | -791 | -44,947 | ||
Depreciation for the period | -161 | -890 | -716 | -2,807 | -437 | -18 | -5,030 | ||
| Accumulated depreciation | |||||||||
for disposals and transfers | 851 | 6,329 | 41 | 1,119 | 264 | 164 | 8,768 | ||
| Accumulated depreciation | |||||||||
and impairment losses at 31 December | -342 | -8,417 | -8,503 | -21,216 | -2,086 | -645 | -41,209 | ||
| Carrying amount at 1 Jan | |||||||||
2024 | 247 | 7,945 | 33,367 | 444 | 34,228 | 781 | 118 | 23 | 77,153 |
| Carrying amount at 31 | |||||||||
Dec 2024 | 262 | 1,664 | 3,462 | 11,879 | 32,319 | 1,135 | 278 | 8 | 51,007 |
EUR 1,000 | 2025 | 2024 |
Payments for short-term or low value leases | -3,325 | -2,910 |
Depreciation, amortisation and impairment losses | -3,409 | -1,314 |
Operating profit | -6,735 | -4,224 |
Financial expenses | -970 | -494 |
Profit for the financial period | -7,705 | -4,718 |
| EUR 1,000 | Land and water | Machinery and | Right-of-use assets | |
| Assets | areas | Buildings | equipment | total |
| 2025 | ||||
Cost at 1 January | 2,006 | 20,382 | 3,222 | 25,610 |
Additions | 370 | 654 | 2,656 | 3,680 |
Disposals | -226 | -226 | ||
Translation differences | 2 | 11 | 6 | 19 |
Cost at 31 December | 2,378 | 21,048 | 5,658 | 29,083 |
Accumulated depreciation at 1 January | -342 | -8,503 | -2,086 | -10,932 |
Accumulated depreciation for disposals | 99 | 99 | ||
Depreciation for the period | -79 | -2,667 | -663 | -3,409 |
Translation differences | -2 | -2 | ||
Accumulated depreciation at 31 December | -422 | -11,172 | -2,651 | -14,245 |
Carrying amount at 1 Jan 2025 | 1,664 | 11,879 | 1,135 | 14,678 |
Carrying amount at 31 Dec 2025 | 1,956 | 9,875 | 3,007 | 14,838 |
| 2024 | ||||
Cost at 1 January | 8,978 | 8,273 | 2,694 | 19,945 |
Additions from business acquisitions | 23 | 95 | 119 | |
Additions | 12,363 | 792 | 13,154 | |
Deductions from business divestments | -6,996 | -349 | -7,345 | |
Disposals | -264 | -264 | ||
Translation differences | 0 | 0 | 1 | |
Cost at 31 December | 2,006 | 20,382 | 3,222 | 25,610 |
Accumulated depreciation at 1 January | -1,033 | -7,829 | -1,913 | -10,774 |
Accumulated depreciation for disposals | 851 | 41 | 264 | 1,156 |
Depreciation for the period | -161 | -716 | -437 | -1,314 |
Accumulated depreciation at 31 December | -342 | -8,503 | -2,086 | -10,932 |
Carrying amount at 1 Jan 2024 | 7,945 | 444 | 781 | 9,171 |
Carrying amount at 31 Dec 2024 | 1,664 | 11,879 | 1,135 | 14,678 |
2025 | 2024 | |
Result attributable to the equity holders of the parent company (EUR 1,000) | 3,091 | 7,100 |
Weighted average number of shares, undiluted | 80,582,788 | 78,165,952 |
Earnings per share, undiluted, EUR | 0.04 | 0.09 |
Result attributable to the equity holders of the parent company (EUR 1,000) | 3,091 | 7,100 |
Weighted average number of shares, diluted | 82,068,171 | 79,721,952 |
Earnings per share, diluted, EUR | 0.04 | 0.09 |
EUR 1,000 | 2025 | 2024 |
Current tax expense | -2,268 | -2,985 |
Deferred taxes, net | -931 | -156 |
Total | -3,199 | -3,140 |
EUR 1,000 | 2025 | 2024 |
Result before income tax | 9,727 | 16,211 |
Corporate tax rate | 20% | 20% |
Income tax calculated using the Finnish corporate tax rate | -1,945 | -3,242 |
| Adjustments | ||
Effect of tax rates used in foreign subsidiaries | -84 | -1,129 |
Unrecognised deferred tax assets on losses | -1,214 | -229 |
Tax-exempt income | 8 | |
Non-deductible expenses | -137 | -296 |
Use of previously unrecognised tax losses | 152 | 713 |
Recognised deferred tax assets on losses | -129 | -833 |
Deferred tax liabilities from undistributed earnings | 219 | 1,925 |
Other differences | -63 | -57 |
Total adjustments | -1,254 | 102 |
Income tax expense in the income statement | -3,199 | -3,140 |
| Recognised in | |||||
| the income | Recognised in | Exchange rate | |||
EUR 1,000 | 1 Jan 2025 | statement | the balance sheet | differences | 31 Dec 2025 |
| Movements in deferred taxes during 2025: | |||||
| Deferred tax assets: | |||||
| Losses of Group companies from previous | |||||
financial years | 4,647 | -859 | 3,788 | ||
Lease liabilities | 2,952 | -605 | 692 | -1 | 3,037 |
From pension provisions | 5 | -1 | 5 | 9 | |
Intangible and tangible assets | 898 | -568 | 2 | 332 | |
Other items | 70 | -64 | 2 | 8 | |
Total | 8,572 | -2,097 | 697 | 3 | 7,174 |
Netting of deferred taxes | -3,150 | -3,050 | |||
Deferred tax assets net | 5,422 | -2,097 | 697 | 3 | 4,124 |
| Deferred tax liabilities: | |||||
Intangible and tangible assets | 3,692 | -841 | 692 | 42 | 3,585 |
Transaction costs of financial instruments | 182 | -62 | 120 | ||
Retained earnings of subsidiaries | 865 | -219 | 646 | ||
Other items | 45 | -45 | 0 | ||
Total | 4,783 | -1,166 | 692 | 42 | 4,351 |
Netting of deferred taxes | -3,150 | -3,050 | |||
Deferred tax liabilities net | 1,633 | -1,166 | 692 | 42 | 1,301 |
| Recognised in | |||||
| the income | Recognised in | Exchange rate | |||
EUR 1,000 | 1 Jan 2024 | statement | the balance sheet | differences | 31 Dec 2024 |
| Movements in deferred taxes during 2024: | |||||
| Deferred tax assets: | |||||
| Losses of Group companies from previous | |||||
financial years | 5,895 | -1,248 | 4,647 | ||
Lease liabilities | 1,873 | -237 | 1,316 | 2,952 | |
From pension provisions | 11 | -5 | -1 | 5 | |
Intangible and tangible assets | 1,497 | -597 | -2 | 898 | |
Other items | 36 | 34 | 70 | ||
Total | 9,276 | -2,050 | 1,349 | -2 | 8,572 |
Netting of deferred taxes | -1,804 | -3,150 | |||
Deferred tax assets net | 7,471 | -2,050 | 1,349 | -2 | 5,422 |
| Deferred tax liabilities: | |||||
Intangible and tangible assets | 1,805 | -170 | 2,059 | -2 | 3,692 |
Transaction costs of financial instruments | 182 | 182 | |||
Retained earnings of subsidiaries | 2,790 | -1,925 | 865 | ||
Other items | 18 | 26 | 45 | ||
Total | 4,594 | -1,895 | 2,086 | -2 | 4,783 |
Netting of deferred taxes | -1,804 | -3,150 | |||
Deferred tax liabilities net | 2,790 | -1,895 | 2,086 | -2 | 1,633 |
EUR 1,000 | 2025 | 2024 |
| Deferred taxes | ||
Confirmed losses of Group companies for which no deferred tax assets have been recognised | 26,773 | 18,673 |
| The confirmed losses will expire in 2026\u20132035 or later | ||
Off-balance sheet deferred tax assets from losses in prior periods | 5,362 | 3,735 |
Subsidiaries | Domicile | Ownership (%) | Share of votes (%) |
Nurminen Logistics Services Oy | Finland | 100.0% | 100.0% |
North Rail Oy | Finland | 79.8% | 79.8% |
North Rail Holding Oy | Finland | 79.8% | 79.8% |
Kiinteist\u00f6 Oy Kotkan Siikasaarentie 78 | Finland | 100.0% | 100.0% |
Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101 | Finland | 100.0% | 100.0% |
Kiinteist\u00f6 Oy Vainikkalan Huolintatie 13 | Finland | 100.0% | 100.0% |
Nurminen Maritime Latvia SIA | Latvia | 51.0% | 51.0% |
Nurminen Maritime UAB | Lithuania | 51.0% | 51.0% |
Nurminen Logistics Services AB | Sweden | 100% | 100% |
Essinge Rail AB | Sweden | 100% | 100% |
2025 | 2024 | ||||||||
| Nurminen | Nurminen | Nurminen | Kiinteist\u00f6 Oy | ||||||
| North | Maritime | Maritime | North | Maritime | Nurminen | Helsingin | |||
| EUR 1,000 | Rail | Latvia SIA | UAB | Total | Rail | Latvia SIA | Maritime UAB | Satamakaari 24 | Total |
| Summary of comprehensive income statement | |||||||||
Net sales | 32,788 | 15,444 | 14,572 | 62,805 | 27,678 | 28,657 | 18,816 | 2,172 | 77,324 |
Profit before taxes | 10,275 | 2,470 | 1,956 | 14,701 | 9,383 | 5,943 | 3,257 | 641 | 19,224 |
Income taxes | 2,126 | 454 | 321 | 2,901 | 933 | 869 | 183 | 94 | 2,078 |
Comprehensive income | 8,149 | 2,016 | 1,635 | 11,800 | 8,450 | 5,074 | 3,074 | 548 | 17,146 |
Total comprehensive income attributable to NCI | 1,646 | 988 | 802 | 3,436 | 1,707 | 2,487 | 1,508 | 268 | 5,970 |
| Summary of balance sheets | |||||||||
Current assets | 17,999 | 3,237 | 2,268 | 23,504 | 10,780 | 3,930 | 3,811 | 18,521 | |
Non-current assets | 29,719 | 464 | 203 | 30,386 | 32,435 | 443 | 156 | 33,034 | |
Current liabilities | 3,602 | 810 | 654 | 5,066 | 2,433 | 735 | 1,059 | 4,227 | |
| Non-current | |||||||||
liabilities | 12,060 | 779 | 140 | 12,980 | 11,787 | 865 | 90 | 12,743 | |
Net assets | 32,056 | 2,112 | 1,677 | 35,845 | 28,996 | 2,772 | 2,818 | 34,585 | |
Equity attributable to NCI | 6,475 | 1,035 | 822 | 8,333 | 5,857 | 1,359 | 1,382 | 8,598 | |
| Summary of cash flows | |||||||||
Cash flow from operating activities | 13,401 | 2,057 | 1,638 | 17,095 | 6,030 | 5,349 | 2,484 | 1,440 | 15,303 |
Cash flow from investing activities | -372 | -191 | -131 | -694 | -5,080 | -2 | -20 | -84 | -5,187 |
Cash flow from financing activities | -5,321 | -2,521 | -2,748 | -10,590 | 5,738 | -9,960 | -4,257 | -807 | -9,285 |
| Net increase/ | |||||||||
| decrease in cash | |||||||||
| and cash | |||||||||
equivalents | 7,707 | -655 | -1,241 | 5,811 | 6,687 | -4,613 | -1,792 | 550 | 831 |
Dividends paid to NCI during the year | 1,029 | 1,310 | 1,361 | 3,701 | 4,863 | 2,064 | 6,927 |
Subsidiaries | Domicile | Ownership (%) | Share of votes (%) |
Nurminen Logistics Services Oy | Finland | 100.0% | 100.0% |
North Rail Oy | Finland | 79.8% | 79.8% |
North Rail Holding Oy | Finland | 79.8% | 79.8% |
Kiinteist\u00f6 Oy Kotkan Siikasaarentie 78 | Finland | 100.0% | 100.0% |
Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101 | Finland | 100.0% | 100.0% |
Kiinteist\u00f6 Oy Vainikkalan Huolintatie 13 | Finland | 100.0% | 100.0% |
Nurminen Maritime Latvia SIA | Latvia | 51.0% | 51.0% |
Nurminen Maritime UAB | Lithuania | 51.0% | 51.0% |
Nurminen Logistics Services AB | Sweden | 100% | 100% |
Essinge Rail AB | Sweden | 100% | 100% |
ASSOCIATES AND JOINT VENTURES | Domicile | Ownership (%) | Share of votes (%) |
Pelkolan Terminaali Oy | Finland | 20.0% | 20.0% |
2025 | 2024 | ||||||||
| Nurminen | Nurminen | Nurminen | Kiinteist\u00f6 Oy | ||||||
| North | Maritime | Maritime | North | Maritime | Nurminen | Helsingin | |||
| EUR 1,000 | Rail | Latvia SIA | UAB | Total | Rail | Latvia SIA | Maritime UAB | Satamakaari 24 | Total |
| Summary of comprehensive income statement | |||||||||
Net sales | 32,788 | 15,444 | 14,572 | 62,805 | 27,678 | 28,657 | 18,816 | 2,172 | 77,324 |
Profit before taxes | 10,275 | 2,470 | 1,956 | 14,701 | 9,383 | 5,943 | 3,257 | 641 | 19,224 |
Income taxes | 2,126 | 454 | 321 | 2,901 | 933 | 869 | 183 | 94 | 2,078 |
Comprehensive income | 8,149 | 2,016 | 1,635 | 11,800 | 8,450 | 5,074 | 3,074 | 548 | 17,146 |
Total comprehensive income attributable to NCI | 1,646 | 988 | 802 | 3,436 | 1,707 | 2,487 | 1,508 | 268 | 5,970 |
| Summary of balance sheets | |||||||||
Current assets | 17,999 | 3,237 | 2,268 | 23,504 | 10,780 | 3,930 | 3,811 | 18,521 | |
Non-current assets | 29,719 | 464 | 203 | 30,386 | 32,435 | 443 | 156 | 33,034 | |
Current liabilities | 3,602 | 810 | 654 | 5,066 | 2,433 | 735 | 1,059 | 4,227 | |
| Non-current | |||||||||
liabilities | 12,060 | 779 | 140 | 12,980 | 11,787 | 865 | 90 | 12,743 | |
Net assets | 32,056 | 2,112 | 1,677 | 35,845 | 28,996 | 2,772 | 2,818 | 34,585 | |
Equity attributable to NCI | 6,475 | 1,035 | 822 | 8,333 | 5,857 | 1,359 | 1,382 | 8,598 | |
| Summary of cash flows | |||||||||
Cash flow from operating activities | 13,401 | 2,057 | 1,638 | 17,095 | 6,030 | 5,349 | 2,484 | 1,440 | 15,303 |
Cash flow from investing activities | -372 | -191 | -131 | -694 | -5,080 | -2 | -20 | -84 | -5,187 |
Cash flow from financing activities | -5,321 | -2,521 | -2,748 | -10,590 | 5,738 | -9,960 | -4,257 | -807 | -9,285 |
| Net increase/ | |||||||||
| decrease in cash | |||||||||
| and cash | |||||||||
equivalents | 7,707 | -655 | -1,241 | 5,811 | 6,687 | -4,613 | -1,792 | 550 | 831 |
Dividends paid to NCI during the year | 1,029 | 1,310 | 1,361 | 3,701 | 4,863 | 2,064 | 6,927 |
EUR 1,000 | 2025 | 2024 |
At 1 January | 84 | 171 |
Share of profit/loss for the year | -84 | -87 |
At 31 December | 0 | 84 |
ASSOCIATES AND JOINT VENTURES | Domicile | Ownership (%) | Share of votes (%) |
Pelkolan Terminaali Oy | Finland | 20.0% | 20.0% |
2025 | 2024 | ||||||||
| Nurminen | Nurminen | Nurminen | Kiinteist\u00f6 Oy | ||||||
| North | Maritime | Maritime | North | Maritime | Nurminen | Helsingin | |||
| EUR 1,000 | Rail | Latvia SIA | UAB | Total | Rail | Latvia SIA | Maritime UAB | Satamakaari 24 | Total |
| Summary of comprehensive income statement | |||||||||
Net sales | 32,788 | 15,444 | 14,572 | 62,805 | 27,678 | 28,657 | 18,816 | 2,172 | 77,324 |
Profit before taxes | 10,275 | 2,470 | 1,956 | 14,701 | 9,383 | 5,943 | 3,257 | 641 | 19,224 |
Income taxes | 2,126 | 454 | 321 | 2,901 | 933 | 869 | 183 | 94 | 2,078 |
Comprehensive income | 8,149 | 2,016 | 1,635 | 11,800 | 8,450 | 5,074 | 3,074 | 548 | 17,146 |
Total comprehensive income attributable to NCI | 1,646 | 988 | 802 | 3,436 | 1,707 | 2,487 | 1,508 | 268 | 5,970 |
| Summary of balance sheets | |||||||||
Current assets | 17,999 | 3,237 | 2,268 | 23,504 | 10,780 | 3,930 | 3,811 | 18,521 | |
Non-current assets | 29,719 | 464 | 203 | 30,386 | 32,435 | 443 | 156 | 33,034 | |
Current liabilities | 3,602 | 810 | 654 | 5,066 | 2,433 | 735 | 1,059 | 4,227 | |
| Non-current | |||||||||
liabilities | 12,060 | 779 | 140 | 12,980 | 11,787 | 865 | 90 | 12,743 | |
Net assets | 32,056 | 2,112 | 1,677 | 35,845 | 28,996 | 2,772 | 2,818 | 34,585 | |
Equity attributable to NCI | 6,475 | 1,035 | 822 | 8,333 | 5,857 | 1,359 | 1,382 | 8,598 | |
| Summary of cash flows | |||||||||
Cash flow from operating activities | 13,401 | 2,057 | 1,638 | 17,095 | 6,030 | 5,349 | 2,484 | 1,440 | 15,303 |
Cash flow from investing activities | -372 | -191 | -131 | -694 | -5,080 | -2 | -20 | -84 | -5,187 |
Cash flow from financing activities | -5,321 | -2,521 | -2,748 | -10,590 | 5,738 | -9,960 | -4,257 | -807 | -9,285 |
| Net increase/ | |||||||||
| decrease in cash | |||||||||
| and cash | |||||||||
equivalents | 7,707 | -655 | -1,241 | 5,811 | 6,687 | -4,613 | -1,792 | 550 | 831 |
Dividends paid to NCI during the year | 1,029 | 1,310 | 1,361 | 3,701 | 4,863 | 2,064 | 6,927 |
| Other | Advance | ||||||
| Customer | Intangible | Development | intangible | payments for | |||
| EUR 1,000 | relationships | Goodwill | rights | costs | assets | intangible assets | Total |
| 2025 | |||||||
Cost at 1 January | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 | |
| Additions from business | |||||||
acquisitions | 399 | 399 | |||||
Additions | 4 | 960 | 964 | ||||
Disposals | -2,014 | -90 | -275 | -2,380 | |||
Transfers between asset categories | 1,969 | 342 | -2,334 | -22 | |||
Translation differences | 205 | 405 | 45 | 36 | 691 | ||
Cost at 31 December | 3,979 | 13,432 | 867 | 0 | 6,442 | 110 | 24,829 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -850 | -5,507 | -11,629 | |||
Depreciation for the period | -782 | -6 | -195 | -357 | -1,340 | ||
Impairment losses | -1,774 | -73 | -1,847 | ||||
Accumulated depreciation for disposals and transfers | 2,014 | 90 | 2,105 | ||||
Translation differences | -45 | -45 | |||||
Accumulated depreciation and impairment losses at 31 December | -782 | -5,271 | -856 | 0 | -5,846 | -12,756 | |
Carrying amount at 1 Jan 2025 | 3,774 | 7,356 | 16 | 0 | 679 | 1,722 | 13,548 |
Carrying amount at 31 Dec 2025 | 3,197 | 8,161 | 10 | 0 | 596 | 110 | 12,074 |
| Other | Advance | |||||
| Customer | intangible | payments for | ||||
| EUR 1,000 | relationships | Goodwill | Intangible rights | assets | intangible assets | Total |
| 2024 | ||||||
Cost at 1 January | 6,171 | 864 | 6,016 | 363 | 13,414 | |
| Additions from business | ||||||
acquisitions | 3,756 | 6,425 | 94 | 10,275 | ||
Additions | 14 | 1,424 | 1,438 | |||
Transfers between asset categories | 3 | 62 | -62 | 3 | ||
Translation differences | 18 | 31 | -2 | 47 | ||
Cost at 31 December | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -844 | -5,123 | -11,239 | ||
Depreciation for the period | -6 | -384 | -390 | |||
Accumulated depreciation and impairment losses at 31 December | -5,271 | -850 | -5,507 | -11,629 | ||
Carrying amount at 1 Jan 2024 | 899 | 19 | 893 | 363 | 2,175 | |
Carrying amount at 31 Dec 2024 | 3,774 | 7,356 | 16 | 679 | 1,722 | 13,548 |
| Other | Advance | ||||||
| Customer | Intangible | Development | intangible | payments for | |||
| EUR 1,000 | relationships | Goodwill | rights | costs | assets | intangible assets | Total |
| 2025 | |||||||
Cost at 1 January | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 | |
| Additions from business | |||||||
acquisitions | 399 | 399 | |||||
Additions | 4 | 960 | 964 | ||||
Disposals | -2,014 | -90 | -275 | -2,380 | |||
Transfers between asset categories | 1,969 | 342 | -2,334 | -22 | |||
Translation differences | 205 | 405 | 45 | 36 | 691 | ||
Cost at 31 December | 3,979 | 13,432 | 867 | 0 | 6,442 | 110 | 24,829 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -850 | -5,507 | -11,629 | |||
Depreciation for the period | -782 | -6 | -195 | -357 | -1,340 | ||
Impairment losses | -1,774 | -73 | -1,847 | ||||
Accumulated depreciation for disposals and transfers | 2,014 | 90 | 2,105 | ||||
Translation differences | -45 | -45 | |||||
Accumulated depreciation and impairment losses at 31 December | -782 | -5,271 | -856 | 0 | -5,846 | -12,756 | |
Carrying amount at 1 Jan 2025 | 3,774 | 7,356 | 16 | 0 | 679 | 1,722 | 13,548 |
Carrying amount at 31 Dec 2025 | 3,197 | 8,161 | 10 | 0 | 596 | 110 | 12,074 |
| Other | Advance | |||||
| Customer | intangible | payments for | ||||
| EUR 1,000 | relationships | Goodwill | Intangible rights | assets | intangible assets | Total |
| 2024 | ||||||
Cost at 1 January | 6,171 | 864 | 6,016 | 363 | 13,414 | |
| Additions from business | ||||||
acquisitions | 3,756 | 6,425 | 94 | 10,275 | ||
Additions | 14 | 1,424 | 1,438 | |||
Transfers between asset categories | 3 | 62 | -62 | 3 | ||
Translation differences | 18 | 31 | -2 | 47 | ||
Cost at 31 December | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -844 | -5,123 | -11,239 | ||
Depreciation for the period | -6 | -384 | -390 | |||
Accumulated depreciation and impairment losses at 31 December | -5,271 | -850 | -5,507 | -11,629 | ||
Carrying amount at 1 Jan 2024 | 899 | 19 | 893 | 363 | 2,175 | |
Carrying amount at 31 Dec 2024 | 3,774 | 7,356 | 16 | 679 | 1,722 | 13,548 |
EUR 1,000 | Business in Finland | Business in Sweden | ||
2025 | 2024 | 2025 | 2024 | |
Goodwill | 899 | 899 | 7,262 | 6,457 |
| Other | Advance | ||||||
| Customer | Intangible | Development | intangible | payments for | |||
| EUR 1,000 | relationships | Goodwill | rights | costs | assets | intangible assets | Total |
| 2025 | |||||||
Cost at 1 January | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 | |
| Additions from business | |||||||
acquisitions | 399 | 399 | |||||
Additions | 4 | 960 | 964 | ||||
Disposals | -2,014 | -90 | -275 | -2,380 | |||
Transfers between asset categories | 1,969 | 342 | -2,334 | -22 | |||
Translation differences | 205 | 405 | 45 | 36 | 691 | ||
Cost at 31 December | 3,979 | 13,432 | 867 | 0 | 6,442 | 110 | 24,829 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -850 | -5,507 | -11,629 | |||
Depreciation for the period | -782 | -6 | -195 | -357 | -1,340 | ||
Impairment losses | -1,774 | -73 | -1,847 | ||||
Accumulated depreciation for disposals and transfers | 2,014 | 90 | 2,105 | ||||
Translation differences | -45 | -45 | |||||
Accumulated depreciation and impairment losses at 31 December | -782 | -5,271 | -856 | 0 | -5,846 | -12,756 | |
Carrying amount at 1 Jan 2025 | 3,774 | 7,356 | 16 | 0 | 679 | 1,722 | 13,548 |
Carrying amount at 31 Dec 2025 | 3,197 | 8,161 | 10 | 0 | 596 | 110 | 12,074 |
| Other | Advance | |||||
| Customer | intangible | payments for | ||||
| EUR 1,000 | relationships | Goodwill | Intangible rights | assets | intangible assets | Total |
| 2024 | ||||||
Cost at 1 January | 6,171 | 864 | 6,016 | 363 | 13,414 | |
| Additions from business | ||||||
acquisitions | 3,756 | 6,425 | 94 | 10,275 | ||
Additions | 14 | 1,424 | 1,438 | |||
Transfers between asset categories | 3 | 62 | -62 | 3 | ||
Translation differences | 18 | 31 | -2 | 47 | ||
Cost at 31 December | 3,774 | 12,628 | 867 | 6,186 | 1,722 | 25,177 |
Accumulated depreciation and impairment losses at 1 January | -5,271 | -844 | -5,123 | -11,239 | ||
Depreciation for the period | -6 | -384 | -390 | |||
Accumulated depreciation and impairment losses at 31 December | -5,271 | -850 | -5,507 | -11,629 | ||
Carrying amount at 1 Jan 2024 | 899 | 19 | 893 | 363 | 2,175 | |
Carrying amount at 31 Dec 2024 | 3,774 | 7,356 | 16 | 679 | 1,722 | 13,548 |
EUR 1,000 | Business in Finland | Business in Sweden | ||
2025 | 2024 | 2025 | 2024 | |
Goodwill | 899 | 899 | 7,262 | 6,457 |
EUR 1,000 | 2025 | 2024 |
Payments for short-term or low value leases | -3,325 | -2,910 |
Depreciation, amortisation and impairment losses | -3,409 | -1,314 |
Operating profit | -6,735 | -4,224 |
Financial expenses | -970 | -494 |
Profit for the financial period | -7,705 | -4,718 |
| EUR 1,000 | Land and water | Machinery and | Right-of-use assets | |
| Assets | areas | Buildings | equipment | total |
| 2025 | ||||
Cost at 1 January | 2,006 | 20,382 | 3,222 | 25,610 |
Additions | 370 | 654 | 2,656 | 3,680 |
Disposals | -226 | -226 | ||
Translation differences | 2 | 11 | 6 | 19 |
Cost at 31 December | 2,378 | 21,048 | 5,658 | 29,083 |
Accumulated depreciation at 1 January | -342 | -8,503 | -2,086 | -10,932 |
Accumulated depreciation for disposals | 99 | 99 | ||
Depreciation for the period | -79 | -2,667 | -663 | -3,409 |
Translation differences | -2 | -2 | ||
Accumulated depreciation at 31 December | -422 | -11,172 | -2,651 | -14,245 |
Carrying amount at 1 Jan 2025 | 1,664 | 11,879 | 1,135 | 14,678 |
Carrying amount at 31 Dec 2025 | 1,956 | 9,875 | 3,007 | 14,838 |
| 2024 | ||||
Cost at 1 January | 8,978 | 8,273 | 2,694 | 19,945 |
Additions from business acquisitions | 23 | 95 | 119 | |
Additions | 12,363 | 792 | 13,154 | |
Deductions from business divestments | -6,996 | -349 | -7,345 | |
Disposals | -264 | -264 | ||
Translation differences | 0 | 0 | 1 | |
Cost at 31 December | 2,006 | 20,382 | 3,222 | 25,610 |
Accumulated depreciation at 1 January | -1,033 | -7,829 | -1,913 | -10,774 |
Accumulated depreciation for disposals | 851 | 41 | 264 | 1,156 |
Depreciation for the period | -161 | -716 | -437 | -1,314 |
Accumulated depreciation at 31 December | -342 | -8,503 | -2,086 | -10,932 |
Carrying amount at 1 Jan 2024 | 7,945 | 444 | 781 | 9,171 |
Carrying amount at 31 Dec 2024 | 1,664 | 11,879 | 1,135 | 14,678 |
| EUR 1,000 | 2025 | 2024 |
| Liabilities | ||
1 January | 14,963 | 9,610 |
Additions | 3,658 | 13,273 |
Disposals | -3,180 | -7,919 |
Translation differences | 17 | 0 |
31 December | 15,458 | 14,963 |
Non-current lease liabilities | 11,990 | 12,374 |
Current lease liabilities | 3,469 | 2,589 |
Total | 15,458 | 14,963 |
Net cash flow from operating activities | -970 | -494 |
Cash flow from financing activities | -3,003 | -1,159 |
Increase (+) / decrease (-) in cash and cash equivalents | -3,973 | -1,653 |
EUR 1,000 | 2025 | 2024 |
Less than one year | 688 | 1,792 |
Between one year and five years | 226 | 456 |
Total | 914 | 2,248 |
| EUR 1,000 | 2025 | 2024 |
| Liabilities | ||
1 January | 14,963 | 9,610 |
Additions | 3,658 | 13,273 |
Disposals | -3,180 | -7,919 |
Translation differences | 17 | 0 |
31 December | 15,458 | 14,963 |
Non-current lease liabilities | 11,990 | 12,374 |
Current lease liabilities | 3,469 | 2,589 |
Total | 15,458 | 14,963 |
Net cash flow from operating activities | -970 | -494 |
Cash flow from financing activities | -3,003 | -1,159 |
Increase (+) / decrease (-) in cash and cash equivalents | -3,973 | -1,653 |
| Carrying | ||||||
| Assets | Liabilities | Financial | amounts in | |||
| measured at | Financial assets | measured at | liabilities at fair | the balance | ||
EUR 1,000 | Note | amortised cost | at fair value | amortised cost | value | sheet |
| 2025 | ||||||
Financial assets and liabilities according to IFRS 9 | ||||||
| Long-term financial assets | ||||||
Non-current receivables | 17 | 54 | 19 | 74 | ||
| Short-term financial assets | ||||||
Trade and other receivables | 19 | 10,393 | 10,393 | |||
Cash and cash equivalents | 20 | 20,342 | 20,342 | |||
| Long-term financial liabilities | ||||||
Interest-bearing liabilities | 19,373 | 19,373 | ||||
IFRS 16 lease liabilities | 13 | 11,990 | 11,990 | |||
| Short-term financial liabilities | ||||||
Interest-bearing liabilities | 3,869 | 3,869 | ||||
IFRS 16 lease liabilities | 13 | 3,469 | 3,469 | |||
Trade payables | 25 | 5,453 | 5,453 | |||
Contingent consideration | 31 | 3,086 | 3,086 |
| Carrying | ||||||
| Assets | Liabilities | Financial | amounts in | |||
| measured at | Financial assets | measured at | liabilities at fair | the balance | ||
EUR 1,000 | Note | amortised cost | at fair value | amortised cost | value | sheet |
| 2024 | ||||||
Financial assets and liabilities according to IFRS 9 | ||||||
| Long-term financial assets | ||||||
Non-current receivables | 17 | 52 | 19 | 71 | ||
| Short-term financial assets | ||||||
Trade and other receivables | 19 | 12,861 | 12,861 | |||
Cash and cash equivalents | 20 | 16,297 | 16,297 | |||
| Long-term financial liabilities | ||||||
Interest-bearing liabilities | 19,970 | 19,970 | ||||
IFRS 16 lease liabilities | 13 | 12,374 | 12,374 | |||
Contingent consideration | 30 | 2,769 | 2,769 | |||
| Short-term financial liabilities | ||||||
Interest-bearing liabilities | 6,133 | 6,133 | ||||
IFRS 16 lease liabilities | 13 | 2,589 | 2,589 | |||
Trade payables | 25 | 5,339 | 5,339 | |||
Contingent consideration | 30 | 1,989 | 1,989 |
| 2025 | |||
31 December 2025 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,338 | ||
Variable interest rate instruments | -113 | 113 | |
Total effect | -113 | 113 |
| 2024 | |||
31 December 2024 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,419 | ||
Variable interest rate instruments | -114 | 114 | |
Total effect | -114 | 114 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,238 | 2,632 | 19,973 | |
| Purchase price debt | 3,178 | |||
| Lease liabilities | 1,080 | 3,253 | 11,167 | 2,951 |
Trade payables | 5,453 | |||
Interest to financial institutions | 595 | 1,634 | 1,393 | |
Total | 8,366 | 10,697 | 32,534 | 2,951 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,063 | 2,069 | 20,878 | |
| Purchase price debt | 4,990 | 3,117 | ||
| Lease liabilities | 883 | 2,582 | 12,304 | 2,541 |
Trade payables | 5,339 | |||
Interest to financial institutions | 619 | 1,944 | 3,389 | |
Total | 7,904 | 11,585 | 39,689 | 2,541 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Long-term liabilities, interest bearing | 19,970 | 3,000 | -3,597 | 19,373 | ||
Contingent consideration | 2,769 | -103 | -2,667 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 12,374 | -384 | 11,990 | |||
Total | 35,113 | 3,000 | -103 | -6,648 | 31,363 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Short-term liabilities, interest bearing | 3,132 | -3,167 | 3,904 | 3,869 | ||
Current purchase price debt | 3,001 | -3,159 | 158 | |||
Contingent consideration | 1,989 | -2,606 | 502 | 3,201 | 3,086 | |
| Long-term leasing liabilities, interest | ||||||
bearing | 2,589 | -3,003 | 3,883 | 3,469 | ||
Total | 10,710 | -11,934 | 502 | 11,146 | 10,424 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
Long-term liabilities, interest bearing | 18,172 | 21,132 | -10,780 | -8,555 | 19,970 | |
Contingent consideration | 2,744 | 26 | 2,769 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 9,001 | -6,346 | 9,718 | 12,374 | ||
Total | 27,173 | 21,132 | -14,381 | 1,188 | 35,113 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
| Short-term liabilities, interest | ||||||
bearing | 15,931 | -19,996 | -871 | 8,067 | 3,132 | |
Current purchase price debt | 4,700 | -4,700 | 2,986 | 15 | 3,001 | |
Contingent consideration | 1,979 | 10 | 1,989 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 609 | -1,159 | -215 | 3,354 | 2,589 | |
Total | 21,240 | -25,854 | 3,880 | 11,445 | 10,710 |
| Carrying | ||||||
| Assets | Liabilities | Financial | amounts in | |||
| measured at | Financial assets | measured at | liabilities at fair | the balance | ||
EUR 1,000 | Note | amortised cost | at fair value | amortised cost | value | sheet |
| 2025 | ||||||
Financial assets and liabilities according to IFRS 9 | ||||||
| Long-term financial assets | ||||||
Non-current receivables | 17 | 54 | 19 | 74 | ||
| Short-term financial assets | ||||||
Trade and other receivables | 19 | 10,393 | 10,393 | |||
Cash and cash equivalents | 20 | 20,342 | 20,342 | |||
| Long-term financial liabilities | ||||||
Interest-bearing liabilities | 19,373 | 19,373 | ||||
IFRS 16 lease liabilities | 13 | 11,990 | 11,990 | |||
| Short-term financial liabilities | ||||||
Interest-bearing liabilities | 3,869 | 3,869 | ||||
IFRS 16 lease liabilities | 13 | 3,469 | 3,469 | |||
Trade payables | 25 | 5,453 | 5,453 | |||
Contingent consideration | 31 | 3,086 | 3,086 |
| Carrying | ||||||
| Assets | Liabilities | Financial | amounts in | |||
| measured at | Financial assets | measured at | liabilities at fair | the balance | ||
EUR 1,000 | Note | amortised cost | at fair value | amortised cost | value | sheet |
| 2024 | ||||||
Financial assets and liabilities according to IFRS 9 | ||||||
| Long-term financial assets | ||||||
Non-current receivables | 17 | 52 | 19 | 71 | ||
| Short-term financial assets | ||||||
Trade and other receivables | 19 | 12,861 | 12,861 | |||
Cash and cash equivalents | 20 | 16,297 | 16,297 | |||
| Long-term financial liabilities | ||||||
Interest-bearing liabilities | 19,970 | 19,970 | ||||
IFRS 16 lease liabilities | 13 | 12,374 | 12,374 | |||
Contingent consideration | 30 | 2,769 | 2,769 | |||
| Short-term financial liabilities | ||||||
Interest-bearing liabilities | 6,133 | 6,133 | ||||
IFRS 16 lease liabilities | 13 | 2,589 | 2,589 | |||
Trade payables | 25 | 5,339 | 5,339 | |||
Contingent consideration | 30 | 1,989 | 1,989 |
EUR 1,000 | Business in Finland | Business in Sweden | ||
2025 | 2024 | 2025 | 2024 | |
Goodwill | 899 | 899 | 7,262 | 6,457 |
| CGU net sales and | |||||||
| operating result | Actual | ||||||
| 2025\u20132030 | Finland | Forecast (Finland) | |||||
2025 | 2026 | 2027 | 2028 | 2029 | 2030 | ||
| Terminal value | |||||||
Net sales | 62,430 | 100,691 | 117,925 | 121,345 | 124,875 | 128,518 | 129,804 |
Operating result | 12,014 | 16,427 | 19,401 | 20,927 | 22,521 | 24,186 | 24,509 |
| CGU net sales and | |||||||
| operating result | Actual | ||||||
| 2025\u20132030 | Sweden | Forecast (Sweden) | |||||
2025 | 2026 | 2027 | 2028 | 2029 | 2030 | ||
| Terminal value | |||||||
Net sales | 16,929 | 21,846 | 22,278 | 22,719 | 23,169 | 23,627 | 23,863 |
Operating result | -2 100 | 2,004 | 2,084 | 2,285 | 2,492 | 2,705 | 2,736 |
Forecast period 2026\u20132030 | Change | Impact of change on recoverable amount | |
\u2022 | Terminal growth 1% | Terminal growth -1%-point i.e. terminal growth | EUR -15.2 million |
| 0% | |||
\u2022 | WACC 10.35% | WACC +1 %-point i.e. WACC 11.35% | EUR -21.4 million |
\u2022 | Average EBIT 16.2% and EBITDA 22.3% | EBITDA decrease 1%-point i.e. average | EUR -12.7 million |
| EBITDA 21.3% |
EUR 1,000 | 2025 | 2024 |
At 1 January | 84 | 171 |
Share of profit/loss for the year | -84 | -87 |
At 31 December | 0 | 84 |
EUR 1,000 | 2025 | 2024 |
Financial assets at fair value through profit or loss | 19 | 19 |
Other receivables | 54 | 52 |
Total | 74 | 71 |
| Recognised in | |||||
| the income | Recognised in | Exchange rate | |||
EUR 1,000 | 1 Jan 2025 | statement | the balance sheet | differences | 31 Dec 2025 |
| Movements in deferred taxes during 2025: | |||||
| Deferred tax assets: | |||||
| Losses of Group companies from previous | |||||
financial years | 4,647 | -859 | 3,788 | ||
Lease liabilities | 2,952 | -605 | 692 | -1 | 3,037 |
From pension provisions | 5 | -1 | 5 | 9 | |
Intangible and tangible assets | 898 | -568 | 2 | 332 | |
Other items | 70 | -64 | 2 | 8 | |
Total | 8,572 | -2,097 | 697 | 3 | 7,174 |
Netting of deferred taxes | -3,150 | -3,050 | |||
Deferred tax assets net | 5,422 | -2,097 | 697 | 3 | 4,124 |
| Deferred tax liabilities: | |||||
Intangible and tangible assets | 3,692 | -841 | 692 | 42 | 3,585 |
Transaction costs of financial instruments | 182 | -62 | 120 | ||
Retained earnings of subsidiaries | 865 | -219 | 646 | ||
Other items | 45 | -45 | 0 | ||
Total | 4,783 | -1,166 | 692 | 42 | 4,351 |
Netting of deferred taxes | -3,150 | -3,050 | |||
Deferred tax liabilities net | 1,633 | -1,166 | 692 | 42 | 1,301 |
| Recognised in | |||||
| the income | Recognised in | Exchange rate | |||
EUR 1,000 | 1 Jan 2024 | statement | the balance sheet | differences | 31 Dec 2024 |
| Movements in deferred taxes during 2024: | |||||
| Deferred tax assets: | |||||
| Losses of Group companies from previous | |||||
financial years | 5,895 | -1,248 | 4,647 | ||
Lease liabilities | 1,873 | -237 | 1,316 | 2,952 | |
From pension provisions | 11 | -5 | -1 | 5 | |
Intangible and tangible assets | 1,497 | -597 | -2 | 898 | |
Other items | 36 | 34 | 70 | ||
Total | 9,276 | -2,050 | 1,349 | -2 | 8,572 |
Netting of deferred taxes | -1,804 | -3,150 | |||
Deferred tax assets net | 7,471 | -2,050 | 1,349 | -2 | 5,422 |
| Deferred tax liabilities: | |||||
Intangible and tangible assets | 1,805 | -170 | 2,059 | -2 | 3,692 |
Transaction costs of financial instruments | 182 | 182 | |||
Retained earnings of subsidiaries | 2,790 | -1,925 | 865 | ||
Other items | 18 | 26 | 45 | ||
Total | 4,594 | -1,895 | 2,086 | -2 | 4,783 |
Netting of deferred taxes | -1,804 | -3,150 | |||
Deferred tax liabilities net | 2,790 | -1,895 | 2,086 | -2 | 1,633 |
EUR 1,000 | 2025 | 2024 |
| Deferred taxes | ||
Confirmed losses of Group companies for which no deferred tax assets have been recognised | 26,773 | 18,673 |
| The confirmed losses will expire in 2026\u20132035 or later | ||
Off-balance sheet deferred tax assets from losses in prior periods | 5,362 | 3,735 |
Forecast period 2026\u20132030 | Change | Impact of change on recoverable amount | |
| 133 thousand euros of the balance sheet | |||
Average forecast period profit before tax is 10% less than estimated | Profit before taxes 90% of forecast | deferred tax assets will not be used in 2029. | |
| The use of off-balance sheet deferred | |||
| tax assets is postponed by one year. | |||
| 184 thousand euros of the balance sheet | |||
Average forecast period profit before tax is 15% less than estimated | Profit before taxes 85% of forecast | deferred tax assets will not be used in 2029. | |
| The use of off-balance sheet deferred | |||
| tax assets is postponed by one year. | |||
| 17 thousand euros of the balance | |||
| sheet deferred tax assets will not be | |||
| Average forecast period profit before tax is | used in 2026, 15 | thousand in 2028 | |
| Profit before taxes 80% of forecast | and 235 thousand in 2029. | ||
| 20% less than estimated | The use of off-balance sheet deferred tax | ||
| assets is postponed by three years. |
| EUR 1,000 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | Later | Total |
Deferred tax assets | 735 | 347 | 709 | 1,051 | 761 | 185 | 3,788 |
EUR 1,000 | 2025 | 2024 |
Trade receivables | 8,845 | 10,204 |
Prepayments and accrued income | 913 | 1,800 |
VAT receivables | 456 | 612 |
Other receivables | 179 | 245 |
Total | 10,393 | 12,861 |
| Trade and other receivables in currencies | ||
EUR | 9,591 | 10,677 |
USD | 433 | 505 |
SEK | 370 | 1,663 |
NOK | 16 | |
10,393 | 12,861 |
EUR 1,000 | 2025 | 2024 |
Cash and bank balances | 20,342 | 16,297 |
Cash and cash equivalents in the balance sheet | 20,342 | 16,297 |
| Reserve for | |||||
| Share premium | invested | ||||
| Share capital, | reserve, | Legal reserve, | unrestricted | ||
| Number of | thousands of | thousands of | thousands of | equity, thou- | |
| shares | euro | euro | euro | sands of euro | |
1 Jan 2022 | 77,194,190 | 4,215 | 86 | 2,376 | 36,838 |
Directed free share issue in February 2022 1) | 774,386 | ||||
Repayment of equity in April 2022 2) | -740 | ||||
Directed free share issue in July 2022 3) | 133,078 | ||||
Repayment of equity in September 2022 4) | -507 | ||||
31 December 2022 | 78,101,654 | 4,215 | 86 | 2,376 | 35,591 |
Directed free share issue in June 2023 5) | 26,201 | ||||
31 December 2023 | 78,127,855 | 4,215 | 86 | 2,376 | 35,591 |
Repayment of equity in May 2024 6) | -1,563 | ||||
Directed free share issue in July 2024 7) | 85,309 | ||||
Repayment of equity in November 2024 8) | -3,129 | ||||
Directed share issue in December 2024 9) | 2,339,756 | 2,274 | |||
31 December 2024 | 80,552,920 | 4,215 | 86 | 2,376 | 33,174 |
Directed free share issue in April 2025 10) | 40,250 | ||||
Repayment of equity in May 2025 11) | -2,417 | ||||
Directed free share issue in May 2025 12) | 102,041 | ||||
31 December 2025 | 80,695,211 | 4,215 | 86 | 2,376 | 30,757 |
| Reserve for | |||||
| Share premium | invested | ||||
| Share capital, | reserve, | Legal reserve, | unrestricted | ||
| Number of | thousands of | thousands of | thousands of | equity, thou- | |
| shares | euro | euro | euro | sands of euro | |
1 Jan 2022 | 77,194,190 | 4,215 | 86 | 2,376 | 36,838 |
Directed free share issue in February 2022 1) | 774,386 | ||||
Repayment of equity in April 2022 2) | -740 | ||||
Directed free share issue in July 2022 3) | 133,078 | ||||
Repayment of equity in September 2022 4) | -507 | ||||
31 December 2022 | 78,101,654 | 4,215 | 86 | 2,376 | 35,591 |
Directed free share issue in June 2023 5) | 26,201 | ||||
31 December 2023 | 78,127,855 | 4,215 | 86 | 2,376 | 35,591 |
Repayment of equity in May 2024 6) | -1,563 | ||||
Directed free share issue in July 2024 7) | 85,309 | ||||
Repayment of equity in November 2024 8) | -3,129 | ||||
Directed share issue in December 2024 9) | 2,339,756 | 2,274 | |||
31 December 2024 | 80,552,920 | 4,215 | 86 | 2,376 | 33,174 |
Directed free share issue in April 2025 10) | 40,250 | ||||
Repayment of equity in May 2025 11) | -2,417 | ||||
Directed free share issue in May 2025 12) | 102,041 | ||||
31 December 2025 | 80,695,211 | 4,215 | 86 | 2,376 | 30,757 |
| CEO | Restricted | Restricted | |||||
| Performance | Performance | Performance | Performance | Share Plan | Performance | Share Plan | |
| Plan | Share Plan | Share Plan | Share Plan | Share Plan | 2022-2029 | Share Plan | 2025-2029 |
| Installments | Plan | Plan | Plan | Payment | Plan | Payment | |
| Instrument | 2023\u20132025 | 2022\u20132024 | 2023\u20132025 | 2024\u20132026 | 2025 | 2025\u20132029 | 2027 |
Granting dates | 21 Nov 2023 | 4 Jul 2022 | 21 Nov 2023 | 30 May 2024 | 6 Jun 2023 | 22 May 2025 | 8 Sep 2025 |
Fair value of the share reward at the time of granting, EUR | 0.79 | 0.69 | 0.79 | 0.54 | 1.07 | 1.05 | 1.03 |
Share price at the time of granting, EUR | 0.92 | 0.77 | 0.92 | 1.14 | 1.11 | 1.08 | 1.06 |
Share price limit of the reward, EUR | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
Maximum number of shares paid | 608,000 | 500,000 | 376,000 | 376,000 | 60,000 | 420,000 | 75,000 |
Share price at the end of the financial year | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
Earning period start date | 21 Nov 2023 | 4 Jul 2022 | 21 Nov 2023 | 30 May 2024 | 6 Jun 2023 | 22 May 2025 | 8 Sep 2025 |
| 31 May | |||||||
| Earning period end date | 2027\u2013 | 31 May 2025 | 31 May 2026 | 31 May 2027 | 31 May 2025 | 31 May 2028 | 31 May 2027 |
| 31 May 2028 | |||||||
Number of persons in the plan | 1 | 3 | 5 | 5 | 7 | 4 | 7 |
| Changes during the financial year | |||||||
Number of share rewards at the beginning of the year | 608,000 | 216,000 | 336,000 | 336,000 | 60,000 | ||
Granted | 26,667 | 53,333 | 420,000 | 75,000 | |||
Forfeited | 66,667 | 93,333 | 5,000 | 80,000 | |||
Exercised | 55,000 | ||||||
Expired | 216,000 | ||||||
Number of share rewards at the end of the year | 608,000 | 0 | 296,000 | 296,000 | 0 | 340,000 | 75,000 |
EUR 1,000 | 2025 | 2024 |
Cost impact of share-based payments, paid in shares | 223 | 213 |
EUR 1,000 | 2025 | 2024 |
| Interest-bearing net liabilities | ||
Non-current interest-bearing liabilities | 31,363 | 35,113 |
Current interest-bearing liabilities | 10,424 | 10,711 |
Interest-bearing liabilities, total | 41,786 | 45,824 |
Cash and cash equivalents | 20,342 | 16,297 |
Interest-bearing net liabilities, total | 21,444 | 29,527 |
| Interest-bearing liabilities in currencies | ||
EUR | 38,149 | 38,065 |
SEK | 3,637 | 7,759 |
EUR 1,000 | 2025 | 2024 |
| Interest-bearing net liabilities | ||
Non-current interest-bearing liabilities | 31,363 | 35,113 |
Current interest-bearing liabilities | 10,424 | 10,711 |
Interest-bearing liabilities, total | 41,786 | 45,824 |
Cash and cash equivalents | 20,342 | 16,297 |
Interest-bearing net liabilities, total | 21,444 | 29,527 |
| Interest-bearing liabilities in currencies | ||
EUR | 38,149 | 38,065 |
SEK | 3,637 | 7,759 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,238 | 2,632 | 19,973 | |
| Purchase price debt | 3,178 | |||
| Lease liabilities | 1,080 | 3,253 | 11,167 | 2,951 |
Trade payables | 5,453 | |||
Interest to financial institutions | 595 | 1,634 | 1,393 | |
Total | 8,366 | 10,697 | 32,534 | 2,951 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,063 | 2,069 | 20,878 | |
| Purchase price debt | 4,990 | 3,117 | ||
| Lease liabilities | 883 | 2,582 | 12,304 | 2,541 |
Trade payables | 5,339 | |||
Interest to financial institutions | 619 | 1,944 | 3,389 | |
Total | 7,904 | 11,585 | 39,689 | 2,541 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Long-term liabilities, interest bearing | 19,970 | 3,000 | -3,597 | 19,373 | ||
Contingent consideration | 2,769 | -103 | -2,667 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 12,374 | -384 | 11,990 | |||
Total | 35,113 | 3,000 | -103 | -6,648 | 31,363 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Short-term liabilities, interest bearing | 3,132 | -3,167 | 3,904 | 3,869 | ||
Current purchase price debt | 3,001 | -3,159 | 158 | |||
Contingent consideration | 1,989 | -2,606 | 502 | 3,201 | 3,086 | |
| Long-term leasing liabilities, interest | ||||||
bearing | 2,589 | -3,003 | 3,883 | 3,469 | ||
Total | 10,710 | -11,934 | 502 | 11,146 | 10,424 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
Long-term liabilities, interest bearing | 18,172 | 21,132 | -10,780 | -8,555 | 19,970 | |
Contingent consideration | 2,744 | 26 | 2,769 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 9,001 | -6,346 | 9,718 | 12,374 | ||
Total | 27,173 | 21,132 | -14,381 | 1,188 | 35,113 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
| Short-term liabilities, interest | ||||||
bearing | 15,931 | -19,996 | -871 | 8,067 | 3,132 | |
Current purchase price debt | 4,700 | -4,700 | 2,986 | 15 | 3,001 | |
Contingent consideration | 1,979 | 10 | 1,989 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 609 | -1,159 | -215 | 3,354 | 2,589 | |
Total | 21,240 | -25,854 | 3,880 | 11,445 | 10,710 |
EUR 1,000 | 2025 | 2024 |
| Current | ||
Trade payables | 5,453 | 5,339 |
Advances received | 23 | 502 |
Other liabilities | 644 | 633 |
Accrued expenses | 4,560 | 5,275 |
Total trade payables and other liabilities | 10,680 | 11,748 |
| Trade payables and other liabilities in currencies | ||
EUR | 9,156 | 9,989 |
SEK | 1,180 | 1,220 |
USD | 345 | 539 |
10,680 | 11,748 | |
| Non-current | ||
Other liabilities | 44 | 23 |
Non-current liabilities, total | 44 | 23 |
| 2025 | |||
31 December 2025 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,338 | ||
Variable interest rate instruments | -113 | 113 | |
Total effect | -113 | 113 |
| 2024 | |||
31 December 2024 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,419 | ||
Variable interest rate instruments | -114 | 114 | |
Total effect | -114 | 114 |
| 2025 | ||||||
Trade receivables 10% | Trade payables 10% | |||||
EUR 1,000 | USD | decreases | increases | decreases | increases | |
| Total currency items | ||||||
Trade receivables | 433 | |||||
Trade payables | 345 | |||||
Total effect | -33 | 41 | 27 | -33 |
| 2024 | ||||||
Trade receivables 10% | Trade payables 10% | |||||
EUR 1,000 | USD | decreases | increases | decreases | increases | |
| Total currency items | ||||||
Trade receivables | 505 | |||||
Trade payables | 539 | |||||
Total effect | -44 | 54 | 47 | -58 |
| Balance sheet exchange rate | ||
Exchange rates used | 2025 | 2024 |
USD | 1.18 | 1.04 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,238 | 2,632 | 19,973 | |
| Purchase price debt | 3,178 | |||
| Lease liabilities | 1,080 | 3,253 | 11,167 | 2,951 |
Trade payables | 5,453 | |||
Interest to financial institutions | 595 | 1,634 | 1,393 | |
Total | 8,366 | 10,697 | 32,534 | 2,951 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,063 | 2,069 | 20,878 | |
| Purchase price debt | 4,990 | 3,117 | ||
| Lease liabilities | 883 | 2,582 | 12,304 | 2,541 |
Trade payables | 5,339 | |||
Interest to financial institutions | 619 | 1,944 | 3,389 | |
Total | 7,904 | 11,585 | 39,689 | 2,541 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Long-term liabilities, interest bearing | 19,970 | 3,000 | -3,597 | 19,373 | ||
Contingent consideration | 2,769 | -103 | -2,667 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 12,374 | -384 | 11,990 | |||
Total | 35,113 | 3,000 | -103 | -6,648 | 31,363 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Short-term liabilities, interest bearing | 3,132 | -3,167 | 3,904 | 3,869 | ||
Current purchase price debt | 3,001 | -3,159 | 158 | |||
Contingent consideration | 1,989 | -2,606 | 502 | 3,201 | 3,086 | |
| Long-term leasing liabilities, interest | ||||||
bearing | 2,589 | -3,003 | 3,883 | 3,469 | ||
Total | 10,710 | -11,934 | 502 | 11,146 | 10,424 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
Long-term liabilities, interest bearing | 18,172 | 21,132 | -10,780 | -8,555 | 19,970 | |
Contingent consideration | 2,744 | 26 | 2,769 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 9,001 | -6,346 | 9,718 | 12,374 | ||
Total | 27,173 | 21,132 | -14,381 | 1,188 | 35,113 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
| Short-term liabilities, interest | ||||||
bearing | 15,931 | -19,996 | -871 | 8,067 | 3,132 | |
Current purchase price debt | 4,700 | -4,700 | 2,986 | 15 | 3,001 | |
Contingent consideration | 1,979 | 10 | 1,989 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 609 | -1,159 | -215 | 3,354 | 2,589 | |
Total | 21,240 | -25,854 | 3,880 | 11,445 | 10,710 |
MAXIMUM EXPOSURE TO CREDIT RISK | EUR 1,000 |
2025 | 8,845 |
2024 | 10,204 |
EUR 1,000 | Not past due | Past due less than 30 days | Past due 30\u2013120 days | Past due over 120 days | Total |
2025 | 7,488 | 1,028 | 285 | 44 | 8,845 |
2024 | 7,970 | 1,574 | 435 | 224 | 10,204 |
| 2025 | |||
31 December 2025 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,338 | ||
Variable interest rate instruments | -113 | 113 | |
Total effect | -113 | 113 |
| 2024 | |||
31 December 2024 | Income statement 100 bp | ||
EUR 1,000 | Increase | Decrease | |
Total amount of variable interest rate loans | 11,419 | ||
Variable interest rate instruments | -114 | 114 | |
Total effect | -114 | 114 |
| 2025 | ||||||
Trade receivables 10% | Trade payables 10% | |||||
EUR 1,000 | USD | decreases | increases | decreases | increases | |
| Total currency items | ||||||
Trade receivables | 433 | |||||
Trade payables | 345 | |||||
Total effect | -33 | 41 | 27 | -33 |
| 2024 | ||||||
Trade receivables 10% | Trade payables 10% | |||||
EUR 1,000 | USD | decreases | increases | decreases | increases | |
| Total currency items | ||||||
Trade receivables | 505 | |||||
Trade payables | 539 | |||||
Total effect | -44 | 54 | 47 | -58 |
| Balance sheet exchange rate | ||
Exchange rates used | 2025 | 2024 |
USD | 1.18 | 1.04 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,238 | 2,632 | 19,973 | |
| Purchase price debt | 3,178 | |||
| Lease liabilities | 1,080 | 3,253 | 11,167 | 2,951 |
Trade payables | 5,453 | |||
Interest to financial institutions | 595 | 1,634 | 1,393 | |
Total | 8,366 | 10,697 | 32,534 | 2,951 |
EUR 1,000 | 1\u20133 months | 4 months\u20131 year | 2\u20135 years | 5 years \u2013> |
Loans from financial institutions | 1,063 | 2,069 | 20,878 | |
| Purchase price debt | 4,990 | 3,117 | ||
| Lease liabilities | 883 | 2,582 | 12,304 | 2,541 |
Trade payables | 5,339 | |||
Interest to financial institutions | 619 | 1,944 | 3,389 | |
Total | 7,904 | 11,585 | 39,689 | 2,541 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Long-term liabilities, interest bearing | 19,970 | 3,000 | -3,597 | 19,373 | ||
Contingent consideration | 2,769 | -103 | -2,667 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 12,374 | -384 | 11,990 | |||
Total | 35,113 | 3,000 | -103 | -6,648 | 31,363 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2025 | additions | disposals | divested businesses | flow effect | 31 Dec 2025 | |
Short-term liabilities, interest bearing | 3,132 | -3,167 | 3,904 | 3,869 | ||
Current purchase price debt | 3,001 | -3,159 | 158 | |||
Contingent consideration | 1,989 | -2,606 | 502 | 3,201 | 3,086 | |
| Long-term leasing liabilities, interest | ||||||
bearing | 2,589 | -3,003 | 3,883 | 3,469 | ||
Total | 10,710 | -11,934 | 502 | 11,146 | 10,424 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
Long-term liabilities, interest bearing | 18,172 | 21,132 | -10,780 | -8,555 | 19,970 | |
Contingent consideration | 2,744 | 26 | 2,769 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 9,001 | -6,346 | 9,718 | 12,374 | ||
Total | 27,173 | 21,132 | -14,381 | 1,188 | 35,113 |
| Cash flows | Cash flows | Changes from | Other changes | |||
| from | from | acquisitions and | with no cash | |||
| 1 Jan 2024 | additions | disposals | divested businesses | flow effect | 31 Dec 2024 | |
| Short-term liabilities, interest | ||||||
bearing | 15,931 | -19,996 | -871 | 8,067 | 3,132 | |
Current purchase price debt | 4,700 | -4,700 | 2,986 | 15 | 3,001 | |
Contingent consideration | 1,979 | 10 | 1,989 | |||
| Long-term leasing liabilities, interest | ||||||
bearing | 609 | -1,159 | -215 | 3,354 | 2,589 | |
Total | 21,240 | -25,854 | 3,880 | 11,445 | 10,710 |
MAXIMUM EXPOSURE TO CREDIT RISK | EUR 1,000 |
2025 | 8,845 |
2024 | 10,204 |
EUR 1,000 | Not past due | Past due less than 30 days | Past due 30\u2013120 days | Past due over 120 days | Total |
2025 | 7,488 | 1,028 | 285 | 44 | 8,845 |
2024 | 7,970 | 1,574 | 435 | 224 | 10,204 |
| EUR 1,000 | Nominal | Derivative | Net fair | At fair value through | |
| 2025 | value | Derivative assets | liabilities | value | profit or loss |
| Currency derivatives | |||||
| Forward currency contracts, not in hedge | 2,771 | 6 | 0 | 6 | 6 |
| accounting | |||||
Derivative contracts, total | 2,771 | 6 | 0 | 6 | 6 |
MAXIMUM EXPOSURE TO CREDIT RISK | EUR 1,000 |
2025 | 8,845 |
2024 | 10,204 |
EUR 1,000 | Not past due | Past due less than 30 days | Past due 30\u2013120 days | Past due over 120 days | Total |
2025 | 7,488 | 1,028 | 285 | 44 | 8,845 |
2024 | 7,970 | 1,574 | 435 | 224 | 10,204 |
EUR 1,000 | 2025 | 2024 |
| Liabilities and contingent liabilities secured by corporate mortgages and pledges | ||
Loans from financial institutions | 23,843 | 23,963 |
Customs duties and other guarantees | 10,434 | 7,672 |
| Interest-bearing accounts for which business mortgages have been given and subsidiary shares | ||
| pledged | ||
Credit limit | 3,000 | 3,000 |
Unused credit | 3,000 | 3,000 |
| Pledges given on own behalf | ||
Book value of pledged subsidiary shares | 50,198 | 50,073 |
| Mortgages given on own behalf | ||
Company mortgages | 59,500 | 59,900 |
Real estate mortgages | 2,662 | 2,242 |
EUR 1,000 | 2025 | 2024 |
Less than one year | 688 | 1,792 |
Between one year and five years | 226 | 456 |
Total | 914 | 2,248 |
EUR 1,000 | 2025 | 2024 |
| Liabilities and contingent liabilities secured by corporate mortgages and pledges | ||
Loans from financial institutions | 23,843 | 23,963 |
Customs duties and other guarantees | 10,434 | 7,672 |
| Interest-bearing accounts for which business mortgages have been given and subsidiary shares | ||
| pledged | ||
Credit limit | 3,000 | 3,000 |
Unused credit | 3,000 | 3,000 |
| Pledges given on own behalf | ||
Book value of pledged subsidiary shares | 50,198 | 50,073 |
| Mortgages given on own behalf | ||
Company mortgages | 59,500 | 59,900 |
Real estate mortgages | 2,662 | 2,242 |
EUR 1,000 | 2025 | 2024 |
Sales | 48 | 2 |
Current receivables | 2 | 2 |
EUR 1,000 | 2025 | 2024 |
| CEO, the members of the Board and the Management Team | ||
Salaries and other short-term employee benefits | 1,568 | 2,172 |
Statutory pension payments | 276 | 428 |
Share-based payments | 110 | 90 |
Total | 1,954 | 2,690 |
EUR 1,000 | 2025 | 2024 |
| Salaries and fees | ||
| President and CEO | ||
Olli Pohjanvirta | 547 | 863 |
| Members of the Board | ||
Juha Nurminen | 26 | 38 |
Olli Pohjanvirta | 45 | 38 |
Irmeli Rytk\u00f6nen | 82 | 77 |
Erja Sankari | 52 | 43 |
Karri Koskela | 55 | 46 |
Total | 807 | 1,105 |
EUR 1,000 | 2025 | 2024 |
| CEO, the members of the Board and the Management Team | ||
Salaries and other short-term employee benefits | 1,568 | 2,172 |
Statutory pension payments | 276 | 428 |
Share-based payments | 110 | 90 |
Total | 1,954 | 2,690 |
EUR 1,000 | 2025 | 2024 |
| Salaries and fees | ||
| President and CEO | ||
Olli Pohjanvirta | 547 | 863 |
| Members of the Board | ||
Juha Nurminen | 26 | 38 |
Olli Pohjanvirta | 45 | 38 |
Irmeli Rytk\u00f6nen | 82 | 77 |
Erja Sankari | 52 | 43 |
Karri Koskela | 55 | 46 |
Total | 807 | 1,105 |
| Essinge | ILP-Group | |
| EUR 1,000 | Rail AB | Logistics Oy |
Consideration paid in cash for the acquisition | 4,489 | 0 |
Shares issued | 2,274 | |
Purchase price debt | 2,986 | |
Contingent consideration | 5,122 | |
Total consideration | 14,871 | 0 |
Customer relationships | 3,756 | |
Other intangible fixed assets | 94 | |
Property, plant and equipment | 1,494 | 137 |
Right-of-use assets | 119 | |
Non-current receivables | 49 | |
Trade and other receivables | 3,385 | 424 |
Deferred tax assets | 936 | |
Cash in hand and at bank | 2,635 | |
Deferred tax liabilities | -766 | |
Loans from financial institutions | -280 | |
Lease liabilities | -119 | |
Trade payables and other current liabilities | -2,288 | -334 |
Deferred tax liabilities | -1,155 | |
Acquired net assets | 8,047 | 40 |
Difference, gain from the bargain purchase | -40 | |
Difference, goodwill | 6,824 | |
| Consideration for acquisition - cash flows: | ||
Cash consideration paid during the financial year 2024 | -4,489 | 0 |
| Less: | ||
Cash in hand and at bank on the balance sheet at the time of acquisition | 2,635 | |
Net cash flows, investment during the financial year | -1,853 | 0 |