Slide 1: Business Review Q3 2025
Business Review Q3 2025 Talenom Plc 17 October 2025
Slide 2: Introduction
Otto-Pekka Huhtala Matti Eilonen Juho Ahosola Lourdes Santisteban Anxo Barreiro CEO CFO Deputy CEO CCO CD Group Group Accounting business Accounting business Software business Spain Spain Introduction
Slide 3: Contents
Contents • Introduction • Operational review, Otto-Pekka Huhtala, CEO • Talenom Accounting Business • Strategy, Juho Ahosola, Deputy CEO, Accounting business • Opportunities in the Spanish service market, Lourdes Santisteban, CCO, Accounting business, Spain • Easor Software Business • Strategy, Otto
Slide 4: Q3 2025 highlights
Q3 2025 highlights • Comparable net sales increased 2,4%, driven by Finland and Spain. • Cash flow improved significantly due improved EBITDA and lower investment level. • Customer base growth in Easor software business continued at 4.7% annually. • A strategic review of the potential separation of
Slide 5: Q3 2025 financial highlights
Q3 2025 financial highlights Comparable net sales increased EBITDA growth came from Finland and Cash flow improved due improved driven by Finland and Spain Sweden EBITDA and lower investment level Comparable net sales Q3 (EUR million) Comparable EBITDA Q3 (EUR million) Cash flow after investments +2
Slide 6: Strategic review
Strategic review Talenom updated Software company Talenom separated The software The board accepted Talenom initiates a strategy and made the started to invoice the management company's pilot sales finalized independent strategic review of decision to start selling directly its own team and created
Slide 7: Talenom Accounting Business
Talenom Accounting Business Juho Ahosola • Talenom in brief • Strengths after potential carve-out • Market potential • Sources of growth • Accounting business as an investment
Slide 8: Talenom accounting business in brief
Talenom accounting business in brief • Talenom is an accounting firm and long-term partner for entrepreneurs, helping them reach their goals. Finland Net sales** • Serving small and medium-sized enterprises (SMEs) with 53.0 MEUR accounting, payroll and advisory services. Sweden FTE 720 Net sales* •
Slide 9: Strengths after potential carve-out
ONE Talenom concept at team level – correlation with customer experience, employee experience and profitability Strengths after potential carve-out ONE Talenom & NPS 1. Decades of experience from accounting • Long history in the accounting industry since 1972. • Established international management
Slide 10: Significant market potential in Europe
Significant market potential in Europe Market size and Talenom market share 14 0.1% Talenom’s very 12 small market • Rising regulatory demands share in 8,5x bigger market are shaping the market 10 towards growth and consolidation 8 Talenom’s Talenom’s relatively big relatively small market share in
Slide 11: Multiple sources for long-term growth
Multiple sources for long-term growth 01. Organic growth • • Dedicated sales and growth organization – uncommon in the industry. Consistent ability to win new SME customers. • Highly selective approach – focus on quality, culture and strategic 02. Selective acquisitions • fit. Acquisitions are used
Slide 12: Talenom Accounting business as an investment
Talenom Accounting business as an investment • Defensive business model – revenues are largely recurring; accounting and payroll services are essential for SMEs. • Solid profitability and cash flow – enabling both dividends and growth investments. • Low capital intensity – limited need for fixed inv
Slide 13: Opportunities in the Spanish service market
Opportunities in the Spanish service market Lourdes Santisteban • Market size • Accounting market • Digital maturity level • M&A opportunities: Spain method and learnings of M&A functions • Talenom in Spain
Slide 14: Market Size
Market Size 2M Freelances + 2.8M companies Category © Corporate self-employed © Freelances © SMEs (<10 employees) © Mid-sized (10 to 50 employees) © Big (50 to 250 employees) © Big (>250 employees) Number of companies 1.000.000 1.000.000 2.600.000 136.000 18.000 26.000 TAM 420.000.000,00 € 828.000.0
Slide 15: Source: Wolters Kluwers barometer
Source: Wolters Kluwers barometer
Slide 16: Digital maturity level of customers
Digital maturity level TALENOM of customers Low They still perform many tasks in a traditional or manual way. Medium They are beginning to use solutions to manage their daily activities and explore new ways of working. 54,9% High They are used to working in the cloud, collaboratively, and with techn
Slide 17: Talenom Spain Timeline
Talenom Spain Timeline 2. First acquisition in Spain - 18 people (Barcelona) Entry into the country XX vA a Ee Acquisition of two more accounting offices in Barcelona Acquisition of a software company with an invoicing platform for our customers Establishing the core pillars XN a Acquisition of 11 a
Slide 18: Talenom Spain Growth
Talenom Spain Growth TALENOM 18 EMPLOYEES 72 EMPLOYEES 265 EMPLOYEES 302 EMPLOYEES 330 EMPLOYEES 0,4M€ REVENUE 1,7M€ REVENUE 7,9M€ REVENUE 14,6M€ REVENUE 2021 2022 2023 2024 2025
Slide 19: Talenom in Spain today
Talenom in Spain today TALENOM © 2 Y Local management P resence 16 330 6,500 management in 7 regions «ig: structures acquisitions People customers (out of 17) established
Slide 20: Talenom offices
Talenom °) °] TALENOM offices Vo 9 (@ Barcelona (central offices) and surroundings ) (@ Madrid and surrounding ) 9g 9 9 (© Galicia: A Corufia, Pontevedra, Vigo)
Slide 21: ONE Talenom in Spain
ONE Talenom in Spain TALENOM 7 ~\ The way of working Processes and Practices Y Clear objectives at all levels of the organization, designed Y Leadership practices are deployed across all Talenom Spain around our strategy. A culture that is present in teamwork. locations. © Processes created and impl
Slide 22: Easor Software Business
Easor Software Business Otto-Pekka Huhtala • Easor in brief • Growth drivers • Market potential • Easor software business as an investment
Slide 23: Software Business
€9SOr SOFTWARE BUSINESS
Slide 24: Easor in brief
Easor in brief SME clients ARR (Net Sales) +15,000 +20 MEUR Software end-users Transactions annually +60,000 +10 million In four countries Logins per month +140 FTE +200,000 Partner offices +65
Slide 25: Strategic focus areas
STRATEGIC FOCUS AREAS OUR PURPOSE ly We want entrepreneurs to My, succeed by taking care of their paperwork so they can focus on what they love most. Easor offers the easiest way to be an entrepreneur. 7) Growth — over 20% growth rate The most attractive ecosystem for providing B2B services. Efficie
Slide 26: Offering today
Offering today Easy routines Efficient business Entrepreneur Accountant Easy to use app The most efficient for your daily tools to run business accounting business Broad selection of accountants New customers Additional Support, education services, & community integrations & support Additional servi
Slide 27: Growth comes from new customer acquisition
Growth comes from new customer acquisition Amount of customers Amount of partner offices 70 16000 14000 60 12000 50 10000 40 8000 30 6000 20 4000 10 2000 0 0 Q32022 Q32023 Q32024 Q32025 Q125 Q225 Q325 SaaS, charged separately Saas, not charged separately
Slide 28: Growth drivers
Growth drivers 01. Legislation and market 02. Customer behavior is 03. Digitalisation 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 are being made Green Transitio
Slide 29: Easor software business as an investment
Easor software business as an investment 1. Frontrunner in financial management digitalization – in Nordic we have a long track record of digitalizing financial management. We can utilize this expertise in the digitalization of European markets. 2. Readiness for scalable growth – Easor already opera
Slide 30: Opportunities in the Spanish software market
Opportunities in the Spanish software market Anxo Barreiro
Slide 31: Market size - key figures in Spain
Market size – key figures in Spain Class size Number of enterprises Share Freelancers 2,000,000 41.7% Micro (<10 employees) 2,620,000 54.6% Medium-sized 136,000 2.8% Large 44,000 0.9% Total 4,800,000 100% Accounting offices 52,000 *) Publications from the Spanish Institute of Statistics (INE)
Slide 32: Partners situation and delivery channels
Partners situation and delivery channels Education and Partnerships Size and structure trainings and integrations Digitalization Delivery channels
Slide 33: Structural shifts are creating favorable momentum
Structural shifts are creating favorable momentum TicketBAI Verifactu eInvoice ▪ Implemented in 2022 in Vask Country (region ▪ Nationwide evolution of TicketBAI, ▪ Next step after Verifactu, expected in in the north of Spain) effective from 2026 (early adoption from 2027 July 2025) ▪ Requires freela
Slide 34: Our history in Spain
▪ +4,000 Talenom active clients +400 end clients without Our history in Spain ▪ Talenom service ▪ Easor brand launch (10/2025) ▪ 5 partner offices in piloting phase ▪ Talenom enters ▪ Talenom evolves to do Spain pre-accounting for SMEs ▪ +2,000 expected paying customers in 1Q26 2021 2022 2023 2024 2
Slide 35: Thank You
Thank You
Slide 36: Finances
TALENOM Finances
Slide 37: Group's comparable net sales
Group's comparable net sales Comparable net sales January-September (EUR million) Comparable net sales Q3 (EUR million) 140 +2.4% • Comparable net sales growth 120 was driven by successful new customer acquisition in 100 29.8 98.9 29.1 Finland and Spain. Also, 97.0 80 92.0 small acquisition in Spain
Slide 38: Group's comparable EBITDA
Group’s comparable EBITDA Comparable EBITDA January-September (EUR million, %) Comparable EBITDA Q3 (EUR million, %) 35 40% 27.7% 28.8% 30 35% • EBITDA growth 33.3% came from Finland 27.8 30% 25 27.0% 26.9 27.8% 28.1% 8.6 and Sweden, while 25.2 24.9 25% 8.1 Spain remained at 20 the comparison 20% 15
Slide 39: Group's comparable operating profit
Group’s comparable operating profit Comparable operating profit January-September Comparable operating profit Q3 (EUR million, %) (EUR million, %) 20 20% 17.0% • Operating profit 7.3% 7.6% increase slowed down 15 15% by increased depreciation. 2.3 12.9 2.1 • Investments in own 10.4% 10 9.9% 9.5% 10%
Slide 40: Comparable net sales development in Finland
Comparable net sales development in Finland Comparable net sales development January-September Comparable net sales development Q3 (EUR million) (EUR million) 100 +3.5% 80 20.2 20.9 • In Finland, the decrease in Talenom's customers' 68.9 60 61.2 67.0 66.1 transaction volumes has stopped and stabiliz
Slide 41: Comparable EBITDA development in Finland
Comparable EBITDA development in Finland Comparable EBITDA January-September (EUR million, %) Comparable EBITDA Q3 (EUR million, %) 40 50% 40.1% 39.6% 38.5% 41.4% 41.5% 36.0% 40% • Comparable 30 EBITDA margin 26.5 27.3 30% 8.3 8.7 remained at the 23.6 24.1 previous year’s high 20 level. 20% 10 10% 0
Slide 42: Net sales development in Sweden
Net sales development in Sweden Net sales development January-September (EUR million) Net sales development Q3 (EUR million) 30 -13.1% • In Sweden, net sales 25 continued to decrease as a 5.0 result of customer churn. 20 • Hard work to avoid churn 4.3 19.5 19.2 and acquire new clients 15 16.9 contin
Slide 43: EBITDA development in Sweden
EBITDA development in Sweden EBITDA January-September (EUR million, %) EBITDA Q3 (EUR million, %) 2.5 15% 12.6% Q3/2024 Q3/2025 2 • In Sweden, measures to 10% 7.2% achieve a profitability 1.5 1.7 turnaround were reflected 1 1.4 5% in the relative margin. -0.4% -0.4% • Margin development is 0.5 0% -0
Slide 44: Net sales development in Spain
Net sales development in Spain Net sales January-September (EUR million) Net sales Q3 (EUR million) 20 +16.8% • Organic growth strengthened in Spain. 15 4.4 • Small acquisition was 3.8 made in April. 12.7 11.3 • Organic growth is 10 expected to strengthen with well-functioning new 5 customer acquisi
Slide 45: EBITDA development in Spain
EBITDA development in Spain EBITDA January-September (EUR million) EBITDA Q3 (EUR million) 1 10% 0.8 5.8% 0.9 7.2% • EBITDA decreased 6.6% 5.4% 0.6 0.7 5% slightly due to non- 0.4 recurring expenses 0.3 and different 0.2 0% seasonality. The 0 company continued 2023 2024 1-9/2025 -0.2 -5% 0.2 to focu
Slide 46: Improved cash flow supported by solid performance and reduced investment needs
+2.4% Improved cash flow supported by solid performance and reduced investment needs +EBITDA improvement Cash flow improvement, Q3 2024 vs. Q3 2025 +new investment level Comparable EBITDA Cash flow improvement = improved cash Investments flow 30.0 Declined +€0,9m 20.0 investment +€3,6m 16.0 -€2.7m n
Slide 47: Business areas
Business areas Net sales Q3 2025 (EUR million) EBITDA Q3 2025 (EUR million) 5.2 3.8 5.0 24.5 Accounting business Software business Accounting business Software business • The net sales of the Accounting business were EUR 24.5 • The profitability of the Accounting business, measured by million. EBITD
Slide 48: Outlook and guidance
TALENOM Outlook and guidance
Slide 49: 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 50: Q&A Thank you
Otto-Pekka Huhtala CEO Q&A +358 40 703 8554 otto-pekka.huhtala@talenom.fi Matti Eilonen Thank you CFO +358 40 753 4335 matti.eilonen@talenom.fi