Talenom Oyj · OMXHEX:TNOM
Talenom Oyj — Q1 2025 Earnings Presentation
27 slides from Talenom Oyj's earnings presentation, Apr 24, 2025
Slide 1: Business review Q1 2025
Business review Q1 2025 CEO Otto-Pekka Huhtala and CFO Matti Eilonen Talenom Plc 24 April 2025
Slide 2: Content
Content • Review period • Financial development • Outlook and guidance • Strategy progress • Software business
Slide 3: Software business separated, Finnish business grew while profitability improved
The separation of the Software business was completed, the Finnish business grew while profitability improved further Net sales in Finland developed Finland's excellent margin boosted the Business areas from the beginning of positively, Group’s comparable net Group's EBITDA 2025: Accounting and Soft
Slide 4: Finances
TALENOM Finances
Slide 5: The Group's comparable net sales at the previous year's level
The Group's comparable net sales at the previous year's level Net sales January-March (EUR million) Net sales by business area in January-March (EUR million) 40 +5% 40 7 30 36 34 29 30 31 20 Software business 25 20 Accounting business 20 10 10 0 0 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2025 • Co
Slide 6: Group profitability continued to strengthen due to good development in Finland
The Group’s profitability continued to strengthen due to the good development in Finland EBITDA development January-March Operating profit development January-March 15 35.4% 40% 6 30% 35.2% 27.9% 29.9% 26.7% 30% 21.7% 4.9 4.7 10 4 4.4 19.3% 20% 10.7 9.5 3.9 8.9 20% 3.5 8.4 11.0% 13.1% 7.2 5 2 11.3%
Slide 7: Business development in Finland
Business development in Finland Net sales development in January-March (EUR million) EBITDA development in January-March 30 +11.3% 12 50% 43.3% 40.0% 39.7% 10 11.3 25 35.0% 40% 26.1 23.4 23.4 8 9.3 20 8.4 21.0 8.2 30% 6 15 20% 4 10 10% 2 5 0 0% 0 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 20
Slide 8: Business development in Sweden
Business development in Sweden Net sales development in January-March (EUR million) EBITDA development in January-March -14.0% 8 1 13.6% 15% 12.6% 7.0 0.8 6 6.7 10% 6.0 0.5 0.5 5% 4 4.0 -0.02 -0.2 0 Q1 2022 Q1 2023 Q1 2024 Q1 2025 0% 2 -0.3% -0.5 -3.0% -5% 0 Q1 2022 Q1 2023 Q1 2024 Q1 2025 EBITDA Sw
Slide 9: Business development in Spain
Business development in Spain Net sales development in January-March (EUR million) EBITDA development in January-March (EUR million) +0,7 % 4 0.1 10% -0.02 0.01 3.6 0 0.2% 3.5 0% 3 Q1 2023 Q1 2024 Q1 2025 -0.1 -0.6% -10% -0.2 2 -20% -0.3 -0.4 1 -30% 1.1 -0.4 -37.2% -0.5 -40% 0 Q1 2023 Q1 2024 Q1 202
Slide 10: Business areas
Business areas Comparable net sales January-March 2025 (EUR million) Comparable EBITDA January-March 2025 (EUR million) 5.4 3.8 5.3 28.8 Accounting business Software business Accounting business Software business • The net sales of the Accounting business were • The Accounting business’ EBITDA margi
Slide 11: Outlook and guidance
TALENOM Outlook and guidance
Slide 12: Outlook and guidance for 2025
Outlook and guidance for 2025 Guidance unchanged (published 13 December 2024) • Net sales around EUR 130-140 million • EBITDA around EUR 36-42 million Background for the guidance Talenom expects demand in the accounting services market to remain stable in all of the company’s operating countries in
Slide 13: Strategy progress
TALENOM Strategy progress
Slide 14: Growth. Target state
Target state Growth. We want to focus on our core competencies and promote scalable growth.
Slide 15: Key market trends accelerating growth
Key market trends accelerating growth • 02. 01. Legislation and market 02. Customer behavior is 03. Digitalization is happening trends are driving changing towards digital now – particularly in Spain digitalization (PSD2, e- platforms. and Italy: choices between invoicing, e-receipts, EU platforms a
Slide 16: Our values
Updated strategy is focused Ease Most preferred financial on the core expertise management partner Automation “We help entrepreneurs succeed” Our values Courage Care Will Care
Slide 17: Proven strategy and strong historical track record – high investment phase is over
Proven strategy and strong historical track record – high investment phase is over Building digital capabilities Digital transformation's Strong investments in Replicating a proven strategy and platform in Finland impact on profitability in internationalization and and concept in international Finla
Slide 18: Strategic priorities for 2025
Strategic priorities for 2025 01. Improving profitability in 02. Leveraging the entry into force of 03. Building sales channels and Sweden. the Spanish e-invoicing directive. developing SaaS capabilities in the software business. Systematic implementation of The mandatory introduction of e- the soft
Slide 19: Strategy progress Q1/2025
Strategy progress Q1/2025 • We systematically implemented ONE Talenom operating methods and processes, as well as our proprietary 01. software. Improving profitability in Sweden. • We invested in turning net sales onto a growth track. We saw the trend turning for the better in new sales and customer
Slide 20: Strategy progress Q1/2025
Strategy progress Q1/2025 • The transition to e-invoicing driven by legislation is the most significant trend driving future customer demand. 01. • We have built these software capabilities to respond to Improving profitability in Sweden. market change. • We also continued to roll out our proprietar
Slide 21: Strategy progress Q1/2025
Strategy progress Q1/2025 01. Improving profitability in Sweden. 02. Capitalizing on the entry into force of the Spanish e-invoicing directive 03. Building sales channels and developing SaaS capabilities in the Software business.
Slide 22: Talenom software business
TALENOM Talenom software business
Slide 23: Talenom Online and App, Talenom Accounting
Talenom Online ja App Talenom Accounting In our opinion, the easiest to use software on In our opinion, most efficient software on the market the market for SMEs for accounting professionals
Slide 24: Talenom software business in figures
Talenom software business in figures SME clients ARR (net sales FIN) +12,000 +20 MEUR Software end-users Transactions annually +60,000 +9.5 million In four countries Logins per month 140 FTE +200,000 Partnef offices in Finland already +40 (approx. 4,500 accounting firms in Finland)
Slide 25: Development of the number of customers
Development of the number of customers • In Finland, software charges and service 25000 charges are separated and generate separated revenue from Q1 2025. 20000 • In Sweden and Spain, software fees are not charged separately. Software fees will be separated later. 15000 • We estimate the average rev
Slide 26: Roadmap for launching Software business distribution
Roadmap for launching Software business distribution • Figures for the Software business are • More than 50% of the • The strategy update reported separately platform business focuses on starting • Recruitment of business leads in Spain growth came from software sales to other and Sweden partner age
Slide 27: Thank you
Otto-Pekka Huhtala CEO +358 40 703 8554 otto-pekka.huhtala@talenom.fi Matti Eilonen CFO Thank you +358 40 753 4335 matti.eilonen@talenom.fi