Talenom Oyj · OMXHEX:TNOM
Talenom Oyj — Q4 2025 Earnings Presentation
39 slides from Talenom Oyj's earnings presentation, Mar 11, 2026
Slide 1: Financial Statements Release 2025
Financial Statements Release 2025 CEO Juho Ahosola and CFO Matti Säkkinen Talenom Plc 11 March 2026
Slide 2: Juho Ahosola / Matti Säkkinen
Juho Ahosola Matti Säkkinen Chief Executive Officer CFO juho.ahosola@talenom.fi matti.sakkinen@talenom.fi +358 50 525 6043 +358 41 433 8544
Slide 3: Content
Content • Demerger • Talenom in general • Market and strategy • Review period in brief • Financial performance • Outlook and guidance
Slide 4: Demerger of Easor completed
Separation of Easor software business into an independent publicly listed company has been completed Talenom Plc initiates a strategic review of the potential separation of the Easor software business into an independent publicly listed Extraordinary General Meeting Accounting business company The d
Slide 5: Demerger and strategic background
Demerger and its 1) Both companies can operate from software perspective more flexibly and grow faster because: strategic background • Easor can acquire customers through other accounting firms, and • Talenom is no longer dependent on a single software. We use the best solutions available to meet ou
Slide 6: Talenom overview
TALENOM Talenom overview
Slide 7: Talenom at glance
Talenom at glance Talenom is a modern provider of financial management services. We help entrepreneurs succeed through a comprehensive range of accounting, payroll, and consulting services. We operate in Finland, Sweden, and Spain, and grow both organically and through strategic acquisitions. Taleno
Slide 8: Operating areas and organizational structure
Talenom overview: Operating Sweden Finland areas and organizational structure Net sales 21 MEUR Net sales 70 MEUR FTE FTE 233 704 Offices Offices Operating areas 28 27 • Operating in Finland (since 1972), Sweden (since 2019) and Spain (since 2021). • 1,235 employees in 72 offices. • We are not pursu
Slide 9: Comprehensive offering
We support our clients with a comprehensive Value-added services offering – tailored to Group accounting & their specific needs reporting CFO & Financial manager services Legal Reporting services Core services development Industry-focused Accounting services solutions for selected Payroll services i
Slide 10: Market and strategy
TALENOM Market and strategy
Slide 11: Significant market potential
Markets: Significant market potential in our operating countries Talenom’s very small market share in a very large market • The accounting services market in Europe is highly fragmented. Talenom’s Talenom’s relatively big relatively market share • Rising regulatory demands in very small market share
Slide 12: Accountant invoicing in different countries
Accountant invoicing in different countries 100% • The country's stage of development is also 90% reflected in the invoicing per accountant 80% 70% • The ONE Talenom concept offers potential 60% for improving productivity per accountant 50% 40% 30% 20% 10% 0% Finland Sweden Spain Revenue / accountan
Slide 13: Expanding our reach within the same market
Expanding our reach within the same market Broader software flexibility expands addressable market • Separation expands Talenom’s addressable customer base within the same market Customers staying on • Ability to serve customers using multiple their existing systems software environments Not willing
Slide 14: Key elements and focus areas
Key elements and focus areas of the strategy: What is Talenom’s strategy built on? 1. ONE Talenom concept 2. M&A strategy 3. Organic growth
Slide 15: ONE Talenom concept
1. ONE Talenom concept • ONE Talenom – A Unified Way to Lead, Serve and Grow • We have decades of experience in developing processes and best practices. • ONE Talenom leverages these best practices ‒ our leadership models, processes, use of digitalization and automation, and the ways we build excell
Slide 16: M&A strategy
2. M&A strategy 1. We have learned a lot • Our recent years of experience have shown what works: we acquire firms that want to integrate fully into Talenom and believe in the ONE Talenom model. 2. Selective approach with a shared vision Selective • We are transparent about our strategy and expectati
Slide 17: Organic growth
3. Organic growth 1. Acquisition of new customers 2. Growing existing customer relationships • We have dedicated sales and marketing organizations in every country – something that • We offer consulting, broader service packages, is not typical in our industry. advisory services, HR services and oth
Slide 18: 2026 strategic priorities
2026 strategic priorities 1. 2. 3. Implementation of the new Improving profitability in Implementing the growth strategy in all operating Sweden and Spain strategy in all operating countries countries • Operations to commence as • Adjusting resources in • Focus on organic growth an independent servi
Slide 19: Talenom as an investment
Talenom 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 investments; main inves
Slide 20: Year 2025 in brief
TALENOM Year 2025 in brief
Slide 21: 2025 highlights
2025 highlights • A year of strategic changes; with the demerger, Talenom will focus on financial administration services, and Easor, listed as a separate company, will focus on the software business. • The financial targets set for 2025 were not met; comparable net sales and EBITDA of continuing op
Slide 22: Q4 2025 financial highlights
Q4 2025 financial highlights (continuing operations) Comparable net sales grew, driven Comparable EBITDA on comparison Comparable operating profit was by Finland and Spain period’s level almost at the same level as in the comparison period Comparable net sales Q4 (EUR million) Comparable EBITDA Q4 (
Slide 23: Finances
TALENOM Finances
Slide 24: Comparable net sales development
The Group’s comparable net sales development (continuing operations) Comparable net sales January-December Comparable net sales Q4 (EUR million) (EUR million) +1.8% 120 30 +1.9% • Net sales growth was driven by successful new customer 100 105.7 107.6 acquisition in Finland and 23.9 24.4 80 20 Spain,
Slide 25: Comparable EBITDA development
The Group’s comparable EBITDA development (continuing operations) Comparable EBITDA January-December Comparable EBITDA Q4 (EUR million) (EUR million) +4.4% +1.9% • The good development in 20 3 Finland had a positive impact 19.0 18.2 on profitability. The 15 17.6% development in Spain slowed 17.2% 2.
Slide 26: Comparable operating profit development
The Group’s comparable operating profit development (continuing operations) Comparable operating profit January-December Comparable operating profit Q4 (EUR million) (EUR million) +17.4% 0 6 Q4/2024 Q4/2025 • Comparable operating profit was almost at the same level 5.3 as in the comparison period. 4
Slide 27: Finland net sales development
Finland’s comparable net sales development (continuing operations) Comparable net sales January-December Comparable net sales Q4 (EUR million) (EUR million) +4.2% 80 20 +2.6% • The growth was entirely organic, driven by successful 60 67.0 69.8 new customer acquisition. 15 16.0 15.6 • The general eco
Slide 28: Finland EBITDA development
Finland’s comparable EBITDA development (continuing operations) Comparable EBITDA January-December Comparable EBITDA Q4 (EUR million) (EUR million) 25 +5.5% 5 +12.2% • Comparable EBITDA improved due to net sales 20 4 growth and further increased 4.2 19.0 20.0 efficiency. 3.7 15 3 26.0% 28.7% 28.3% 2
Slide 29: Sweden net sales development
Sweden’s comparable net sales development (continuing operations) Comparable net sales January-December Comparable net sales Q4 (EUR (EUR million) million) 30 -11.9% 6 -10.8% • In Sweden, net sales continued to contract due to 5.1 customer churn. 24.3 20 21.4 4 4.5 • Efforts to reduce churn and acqu
Slide 30: Sweden EBITDA development
Sweden’s comparable EBITDA development (continuing operations) Comparable EBITDA January-December Comparable EBITDA Q4 (EUR million) (EUR million) 0,0 0,0 • The decline in net sales 1-12/2024 1-12/2025 Q4/2024 Q4/2025 weighed on profitability -0,2 -0,2 development. -0,4 -0,4 • We have continued to a
Slide 31: Spain net sales development
Spain’s comparable net sales development (continuing operations) Comparable net sales January-December Comparable net sales Q4 (EUR million) (EUR million) 20 +13.9% 5 +18.2% • In the last quarter, growth mainly came from acquisitions 4 made during the year. 15 16.5 3.9 14.5 3 3.3 • In 2025, around 2
Slide 32: Spain EBITDA development
Spain’s comparable EBITDA development (continuing operations) Comparable EBITDA January-December Comparable EBITDA Q4 (EUR million) (EUR million) -118.7 % 0,4 0 Q4/2024 Q4/2025 • Comparable EBITDA declined 0,3 mainly due to non-recurring -0,2 0.3 -12.0% expenses and increased sales 0,2 2.2% -0.4 cos
Slide 33: Investments and depreciation
Investments and depreciation (continuing operations) • Investments stemming from new customer contracts Comparable depreciation and impairment and amounted to EUR 3.6 (3.7) million in the review period investments (EUR million) • Acquisitions accounted for EUR 2.8 (2.7) million of net 16 investments
Slide 34: Dividend proposal and policy
Dividend proposal and policy • Talenom's (continuing operations) earnings per share were EUR 0.06 (0.06) Eur 0,3 • The Board of Directors' proposal for a dividend of a maximum of EUR 0.05 (0.20) per share, of which EUR 0.03 0,27 per share would be paid after the Annual General Meeting 0,25 and a max
Slide 35: Outlook and guidance
TALENOM Outlook and guidance
Slide 36: Outlook and guidance 2026
Outlook and guidance 2026 (continuing operations) Guidance unchanged (published 16 December 2025) • Net sales around EUR 110–120 million • Comparable EBITDA around EUR 18–22 million Background for the guidance Talenom expects demand in the accounting services market to remain stable in all of the Co
Slide 37: Strategy event invitation
Welcome to hear more about Talenom's strategy on 19 March 2026, at 10:00 EET https://talenom.events.inderes.com/strategy-2026
Slide 38: Q&A
TALENOM Q&A
Slide 39: Thank you
Thank you! Juho Ahosola, CEO Matti Säkkinen, CFO juho.ahosola@talenom.fi matti.sakkinen@talenom.fi +358 50 525 6043 +358 41 433 8544