Slide 1: Half-year Financial Report 2025
Half-year Financial Report 2025 CEO Otto-Pekka Huhtala and CFO Matti Eilonen Talenom Plc 18 July 2025
Slide 2: Content
Content • Review period • Strategy progress • Software business • Financial development • Outlook and guidance
Slide 3: Q2 2025 highlights
Q2 2025 highlights • Comparable net sales increased, driven by Finland and Spain. • The software business was separated into its own company with its own Easor brand, and the piloting of software sales in Finland to external accounting firms and their clients was successful. • Customer base growth c
Slide 4: Q2 2025 financial highlights
Q2 2025 financial highlights Comparable net sales increased EBITDA growth came from Spain, while Business areas from the beginning of driven by Finland and Spain Finland and Sweden remained at the 2025: Accounting and Software business comparison period's level Comparable net sales Q2 (EUR million)
Slide 5: Strategy progress
TALENOM Strategy progress
Slide 6: Growth.
Target Growth. We want to focus on our core competencies and drive scalable growth.
Slide 7: 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 8: Proven strategy and strong historical track record
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 9: Strategic priorities for 2025
Strategic priorities for 2025 01. Improving profitability in 02. Leveraging the entry into force of the 03. Building sales channels and Sweden. Spanish e-invoicing directive. developing SaaS capabilities in the software business. Systematic implementation of the The mandatory introduction of e- soft
Slide 10: Strategy progress Q2/2025
Strategy progress Q2/2025 • We systematically implemented ONE Talenom operating methods and processes, as well as our proprietary software. 01. • We invested in turning net sales onto a growth track. We saw the Improving profitability in Sweden. trend turning for the better in new sales and customer
Slide 11: Strategy progress Q2/2025
Strategy progress Q2/2025 • 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 market Improving profitability in Sweden. change. • We also continued to roll out our proprietar
Slide 12: Strategy progress Q2/2025
Strategy progress Q2/2025 • Business leads appointed in Spain and Sweden. • Talenom's software brand launch: Talenom's software solutions 01. will operate under the Easor brand from now on. Improving profitability in Sweden. • Piloting of software sales in Finland to external accounting firms and th
Slide 13: Software business
TALENOM Software business
Slide 14: Software business
€9SOr SOFTWARE BUSINESS
Slide 15: Easor App / Easor Accounting
Easor App Easor Accounting In our opinion, the easiest-to-use software on In our opinion, the most efficient software on the the market for SMEs market for accounting professionals
Slide 16: Easor business in figures today
Easor business in figures today SME clients ARR (net sales) +12,000 +20 MEUR Software end-users Transactions annually +60,000 +9.5 million In four countries Logins per month 140 FTE +200,000 Partner offices in Finland already +60 (approx. 4,500 accounting firms in Finland)
Slide 17: Development in the number of customers
Development in the number of customers Q2/2022 Q2/2023 Q2/2024 Q2/2025 SaaS, charged In Finland, Easor Oy directly invoices end customers for 8,920 9,526 9,730 10,050 separately software. Saas, not charged In Sweden and Spain, software fees are not yet charged 163 516 1,746 4,459 separately separate
Slide 18: Finances
TALENOM Finances
Slide 19: The Group's comparable net sales
The Group's comparable net sales Comparable net sales January-June (EUR million) Comparable net sales Q2 (EUR million) 140 +3.1% 120 33.9 34.9 • Comparable net sales 100 growth was driven by 80 successful new customer 69.2 acquisition in Finland and 60 68.0 63,7 Spain, supported by an 40 52,2 acquis
Slide 20: The Group's comparable EBITDA
The Group’s comparable EBITDA Comparable EBITDA January-June (EUR million, %) Comparable EBITDA Q2 (EUR million, %) 40 40% 34.5% 34.4% 28.5% 28.0% 35% • EBITDA growth 30 27.1% 27.8% 27.9% 30% came from Spain, 9.7 9.8 while Finland and 25% Sweden remained 20 20% at the comparison 18.2 18.9 19.3 perio
Slide 21: The Group's comparable operating profit
The Group’s comparable operating profit Comparable operating profit January-June Comparable operating profit Q2 (EUR million, %) (EUR million, %) 20 25% • Operating profit 20.5% 11.5% 10.3% development was 18.8% 20% 15 hampered by further 3,9 increased depreciation. 15% 3,6 • Investments in own 10 1
Slide 22: Comparable net sales development in Finland
Comparable net sales development in Finland Comparable net sales development January-June Comparable net sales development Q2 (EUR million) (EUR million) +4.6% 100 80 23.5 • In Finland, the decrease in 22.5 Talenom's customers' 60 transaction volumes has stopped. 40 46.7 45.9 48.1 • Thanks to succes
Slide 23: Comparable EBITDA development in Finland
Comparable EBITDA development in Finland Comparable EBITDA January-June (EUR million, %) Comparable EBITDA Q2 (EUR million, %) 40 50% 39.7% 39.5% 38.7% 39.3% 37.6% 38.0% 40% • Comparable 30 35.1% EBITDA remained 8.8 8.8 at the previous 30% year's level, mainly 20 due to growth 16.8 16.4 18.1 18.6 20
Slide 24: Net sales development in Sweden
Net sales development in Sweden Net sales development January-June (EUR million) Net sales development Q2 (EUR million) -9.5% 30 • In Sweden, net sales decreased as a result of 25 7.2 customer churn in 2024, 20 6.5 although the decline in net sales slowed down 15 slightly. 14.0 14.2 • Integration ch
Slide 25: EBITDA development in Sweden
EBITDA development in Sweden EBITDA January-June (EUR million, %) EBITDA Q2 (EUR million, %) 3 20% 15.5% 15% • Profitability development 6.0% 6.1% 2 10.8% 10.3% was corrected, and 10% relative EBITDA was kept 1.4 1.4 0.4 0.4 at the comparison period 1 2.9% 5% level. 1.7% • Profitability was 0.6 0.4
Slide 26: Net sales development in Spain
Net sales development in Spain Net sales January-June (EUR million) Net sales Q2 (EUR million) 20 +18.1% • Organic growth in Spain strengthened, and an 15 4.7 acquisition at the 4.0 beginning of April supported the growth. 10 • Organic growth is 8.3 expected to strengthen 7.6 5 with well-functioning
Slide 27: EBITDA development in Spain
EBITDA development in Spain EBITDA January-June (EUR million) EBITDA Q2 (EUR million) 0,8 20% 0,6 0.7 15% • EBITDA improved, 10.7% 14.0% 0,4 10% driven by organic 0.4 8.1% growth and the 0,2 5% 5.4% 0.7 acquisition. 0 0% • We still focused on -0,2 2023 2024 1-6/2025 -5% improving profitability by -0
Slide 28: Business areas
Business areas Net sales Q2 2025 (EUR million) EBITDA Q2 2025 (EUR million) 5.3 3.6 6.1 29.6 Accounting business Software business Accounting business Software business • The net sales of the Accounting business were EUR 29.6 • The profitability of the Accounting business, measured by million in the
Slide 29: Outlook and guidance
TALENOM Outlook and guidance
Slide 30: 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 31: Thank you
Otto-Pekka Huhtala CEO +358 40 703 8554 otto-pekka.huhtala@talenom.fi Matti Eilonen Thank you CFO +358 40 753 4335 matti.eilonen@talenom.fi