Financial statements
and Report of the Board of Directors
Report of the Board of Directors'
Financial year 2025 in brief
Fiscal year 2025 was volatile but pivotal for Detection Technology's long-term success. Sales in medical applications developed
well, but the growth was only sufficient to offset the decline in sales in other application areas. Total net sales remained flat in comparable currencies. Toward the end of the year, the company's outlook strengthened, flat panel detector sales grew strongly,
and the company made a strong start in executing the DT2030 strategy. Detection Technology is now well positioned for 2026 and the new strategic period.
The operating environment was characterized by instability in international business and global markets, as well as their indirect effects. In addition, certain one-off events negatively affected sales performance.
Detection Technology's total net sales declined by -6.0% to EUR 101.0 million. Sales outcome was impacted by exchange rate fluctuations, changes in regulatory approvals for aviation CT (computed tomography) systems, and partial renewal of customers' product portfolios. Despite these challenges, the company maintained a strong market position across its key applications.
Revenue development varied by application. Sales in medical applications increased by 10.6% to EUR 46.7 million, accounting for 46.2% of total net sales. Growth was supported by the easing of indirect effects related to China's healthcare reform and strengthening CT demand. Apart from a temporary dip in the third quarter due to material shortages, sales developed positively throughout the year.
Sales in security applications decreased by -22.8% to EUR 35.7 million, representing 35.4% of total net sales. The decline reflected a strong comparison period, regulatory changes in the
aviation sector in the EMEIA (Europe, Middle East, India and Africa) region, weak demand in China, and certain one-off events. Toward the end of the year, CT system installations in the aviation sector gained momentum and inventory buffers began to unwind.
Sales in industrial applications declined by -2.2% to EUR 18.6 million, accounting for 18.4% of total net sales. Sales of TFT flat panel detectors grew strongly in the APAC region (Asia-Pacific countries), offsetting the decline in line-scan sales. In other regions, sales were supported particularly by demand from the food industry.
Within industrial application sales, an important shift occurred. TFT sales increased by 60%, driven especially by the battery industry in China. The strong development of the TFT business creates growth opportunities also in medical and defense applications globally.
Geographically, APAC remained the largest market area. Sales in APAC decreased by -0.2% to EUR 70.4 million. In the EMEIA region, sales declined by -16.2% to EUR 25.5 million, while in the Americas sales decreased by -21.8% to EUR 5.2 million. APAC accounted for 69.7% of the company's total net sales, EMEIA for 25.2%, and the Americas for 5.1%.
Profitability weakened year-on-year. EBITA excluding non-recurring items amounted to EUR
9.6 million, corresponding to 9.5% of net sales. Profitability was burdened by lower sales volumes and a sales mix weighted toward medical applications.
Exchange rate fluctuations reduced euro-denominated revenue, while the earnings impact was mitigated by a similar currency distribution on the cost base. In the second half of the year, operations were adjusted and resources re-allocated to important growth areas.
The DT2025 strategy period concluded at year-end. All targets were not fully achieved, as the company operated in an exceptionally challenging market environment marked by trade policy tensions, COVID-related disruptions, supply chain challenges, decline in the Chinese security market, and China's healthcare reform. At the same time, competitors in the low-price segment in China strengthened their position. However, the foundations for long-term success were built by expanding the technology base, launching dozens of new products to the market, and improving operational efficiency. The company now offers a comprehensive product portfolio for all digital X-ray detector applications, supporting more balanced and predictable growth.
The inauguration of the new factory in India and the first customer deliveries from the site enhanced customer experience and strengthened the company's position in a growth market. The investment also improved risk management and increased the company's resilience within the global supply chain.
Other significant events during the financial year included the recognition of Detection Technology as GE HealthCare's Supplier of the Year 2025 among several thousand companies. The company also received an EcoVadis rating in its first assessment.
In November, Detection Technology launched its DT2030 strategy for the next five-year period. The company aims to outgrow the X-ray detector market by delivering data-generating hardware and software solutions that provide greater added value and usability for customers.
Detection Technology enters the new strategic period with strengthened confidence. Demand has normalized across all main applications, and the outlook has improved. The company is well positioned for renewed growth.
Net sales and financial result development
In January-December 2025, Detection Technology's total net sales decreased by -6.0% (3.6%) and were EUR 101.0 (107.5) million. Net sales of APAC Business Unit decreased by -0.2% (2.8%) and were EUR 70.4 (70.5) million. Net sales of EMEIA Business Unit decreased by -16.2% (40.8%) and were EUR 25.5 (30.4) million. Net sales of Americas Business Unit decreased by
-21.8% (-51.5%) and were EUR 5.2 (6.6) million. APAC accounted for 69.7% (65.6%) of total net
sales, EMEIA for 25.2% (28.3%) and the Americas for 5.1% (6.1%).
Net sales from medical applications increased by 10.6% (-12.8%) and were EUR 46.7 (42.2) million. Net sales from security applications decreased by -22.8% (17.8%) and were EUR 35.7 (46.3) million. Net sales from industrial applications decreased by -2.2% (18.2%) and were EUR
18.6 (19.0) million. Medical applications accounted for 46.2% (39.2%) of total net sales, security applications 35.4% (43.1%), and industrial applications 18.4% (17.7%).
The share of the five largest customers in total net sales was 51.5% (52.0%).
EBITA for the review period January-December 2025 was EUR 9.3 (14.9) million, or 9.2% (13.9%) of net sales. Non-recurring items (NRI) totaling EUR 0.3 (0.0) million were registered. EBITA excluding NRI was EUR 9.6 (14.9) million, or 9.5% (13.9%) of total net sales.
Financial items totaled EUR -0.7 (-0.4) million, and income taxes were EUR -0.9 (-2.2) million. The result for the financial year 2025 was EUR 6.4 (11.1) million. Earnings per share were EUR
0.44 (0.76).
Financial position
Cash flow from operations in January-December 2025 amounted to EUR 3.9 (20.1) million. The company's working capital increased by EUR 4.3 million during the financial period. Stocks increased by EUR 7.6 million as the company began preparing for procurement risks. Current receivables increased by EUR 1.9 million. Short-term payables increased by EUR 5.1 million.
Cash flow from financing activities in January-December 2025 was EUR -3.3 (-9.3) million. The change in the long-term loans was EUR 0.0 (-4.2) million. Short-term loans increased by EUR
4.0 (-1.8) million. In accordance with the decision by the Annual General Meeting held on 27 March 2025, a total of EUR 7.3 (3.4) million of dividend was paid during the financial year.
Net interest-bearing debt totaled EUR -20.5 (-27.8) million at the end of the year. Gearing was
-26.1% (-33.6%).
Cash and cash equivalents amounted to EUR 25.0 (28.3) million at the end of the year. The company has secured its liquidity by agreeing with banks on lines of credit totaling EUR 23.2 (24.8) million at the closing rate of the review period. At the end of the review period, the unused line of credit was EUR 18.7 (24.3) million.
The loans taken by the company and the parent company's commitments to related entities are presented in the notes to balance sheet.
Key figures of financial performance | ||||||
Group 2025 | Group 2024 | Group 2023 | Parent company 2025 | Parent company 2024 | Parent company 2023 | |
Net sales, EUR 1,000 | 101,023 | 107,514 | 103,794 | 33,006 | 39,281 | 30,470 |
EBITA excluding NRI, EUR 1,000 | 9,597 | 14,892 | 9,656 | 4,728 | 6,688 | 2,884 |
EBITA excluding NRI, % | 9.5% | 13.9% | 9.3% | 14.3% | 17.0% | 9.5% |
EBITA, EUR 1,000 | 9,255 | 14,892 | 8,784 | 4,728 | 6,688 | 2,884 |
EBITA, % | 9.2% | 13.9% | 8.5% | 14.3% | 17.0% | 9.5% |
Return on investment (ROI), % | 9.2% | 17.4% | 9.9% | 9.5% | 35.1% | 12.1% |
Earnings per share, EUR | 0.44 | 0.76 | 0.38 | - | - | - |
Earnings per share (diluted), EUR | 0.44 | 0.76 | 0.38 | - | - | - |
Equity ratio, % | 75.5% | 82.6% | 77.3% | 89.6% | 91.9% | 79.6% |
EBITA = EBIT - goodwill amortization according to Finnish Accounting Standards (FAS) Earnings per share have been calculated based on weighted average number of shares outstanding.
Earnings per share (diluted) have been calculated based on weighted average number of shares outstanding, diluted.
Number of shares | 2025 | 2024 | 2023 | |
Number of shares at the end of the period | 14,655,630 | 14,655,930 | 14,655,930 | |
Weighted average number of shares outstanding | 14,655,630 | 14,655,930 | 14,655,930 | |
Weighted average number of shares outstanding, diluted | 14,655,630 | 14,659,106 | 14,655,930 |
Research and development
During the financial year January-December 2025, R&D expenses were EUR 11.3 (11.4) million, corresponding to 11.2% (10.6%) of total net sales. All R&D costs are recognized as expenses.
Personnel
At the end of December 2025, Detection Technology employed 497 people (487). A total of 385 people worked in China, 95 in Finland, 9 in France, 5 in India, and 3 in the US. In January-De-cember 2025, personnel expenses totaled EUR 23.7 (23.9) million.
Headcount, salaries and rewardsGroup | Group | Group | Parent company | Parent company | Parent company | |
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
Average headcount | 489 | 474 | 484 | 97 | 95 | 103 |
Salaries and rewards (EUR 1,000) | 18,616 | 19,058 | 18,938 | 7,537 | 7,685 | 7,405 |
Personnel by geography | |||
31.12.2025 | 31.12.2024 | Change, % | |
APAC | 385 | 378 | 1.9% |
Americas | 3 | 4 | -25.0% |
EMEIA | 109 | 105 | 3.8% |
Total | 497 | 487 | 2.1% |
New operating model and reporting structure
Detection Technology's new operating model entered into force on 1 January 2025. Under the new model, the company's sales and product organization consists of three regional business units: Asia-Pacific (APAC), Europe, Middle East, India and Africa (EMEIA), and the Americas. The Group level functions, which include research and development (R&D), operations, HR, financial administration and IT remained the same. In addition, a member responsible for business development was appointed to the management group.
Starting from Q1 of 2025, the company adjusted the net sales split reporting method used in its financial reporting to correspond to its new operating model. The company reports net sales for each region in line with the new geographical division as well as for its three main applications, namely, medical, industrial and security.
Board of Directors and management
Hannu Syrjälä, Chair of the Board of Directors of Detection Technology Plc, passed away due to illness in February 2025. Due to this, the Board of Directors operated with five members, and Vice Chair Henrik Roos served as Chair until the Annual General Meeting held on 27 March 2025.
The Annual General Meeting resolved that the Board of Directors consists of six (6) members. Marion Björkstén, Amy Chen, Richard Ingram, Henrik Roos and Jyrki Vainionpää were re-elect-ed while Antti Vasara was elected as a new member to the Board of Directors.
The Board of Directors elected Henrik Roos as the Chair in accordance with the recommendation of the Shareholders' Nomination Board, and Antti Vasara as the Vice Chair of the Board until the next Annual General Meeting.
The Board of Directors has appointed Remuneration and Audit Committees from among its members. The members of the Remuneration Committee have been Antti Vasara, Amy Chen and Henrik Roos. The Remuneration Committee appointed Antti Vasara to chair the committee. The members of the Audit Committee have been Jyrki Vainionpää, Marion Björkstén, and Richard Ingram. Jyrki Vainionpää has acted as Chair of the Auditing Committee.
Detection Technology's President and CEO has been Hannu Martola. The company's auditor was Authorised Public Accounting firm KPMG Oy Ab, and Petri Kettunen, Authorised Public Accountant, acted as the Responsible Auditor.
At the end of the financial year, the company's management group members were Hannu Martola, President and CEO; Matti Nylander, CFO; Arve Lukander, President, EMEIA and Americas Business Units; Chen Wu, President, APAC Business Unit; Juha Talasmäki, Vice President, Business Development; Sari Holopainen, Vice President, People and Culture; Jyrki Still, CTO; and Kai Utela, Vice President, Operations.
Bree Allen, President of the Americas Business Unit and a member of the Management Group,
left his position at Detection Technology on 23 May 2025. Arve Lukander, President of the EMEIA Business Unit, led the Americas Business Unit alongside his other responsibilities until the end of January 2026.
After the financial year ended, Detection Technology appointed Michael Smith as Vice President, Sales Americas, effective 2 February 2026. The change had no impact on the company's financial reporting model.
Report on the Corporate Governance
A report on the company's Corporate Governance (CG) has been given for FY 2025. The report can be found on the company's website.
Annual General Meeting
Annual General Meeting (AGM) 2025 of Detection Technology Plc was held on 27 March 2025. The following matters were handled and resolved in the AGM, in addition to the matters referred to in the company's Articles of Association:
The company's Board of Directors was authorized to acquire the company's own shares. This authorization amounts to 732,781 shares and is valid until the conclusion of the following Annual General Meeting, but no later than 30 June 2026. At the end of FY 2025, the authorization had not been used.
The company's Board of Directors was authorized to issue a total of 1,465,563 new shares in the company. This authorization is valid until the conclusion of the following Annual General Meeting, but no later than 30 June 2026. At the end of FY 2025, the authorization had not been used.
It was decided on the forfeiture of the rights to all the shares entered in the Joint Account, the registration of which has not been requested in accordance with Chapter 6, Section 3 of the Act on the Book-Entry System and Settlement Activities before the decision of Annual General Meeting (27 March 2025 at 14:00 EET), as well as of the rights attached to such shares. The Joint Account held a total of 300 shares, corresponding to approximately 0.002 per cent of all shares in the company.
Shareholders' Nomination Board
As of 1 September 2025, the Nomination Board has consisted of Peter Seligson, Chair of the Board of A. Ahlström, representing Ahlstrom Capital BV, as Chair of the Nomination Board; and Tomi Viia, Head of Investments at OP, representing the OP mutual funds, and Niina Ark-ko, Director of Sustainability at Aktia, representing the Aktia mutual funds, as members. The Chair of Detection Technology's Board of Directors, Henrik Roos, has served as an expert member of the Nomination Board.
The proposals of the Nomination Board to the Annual General Meeting were published on 29 January 2026. The proposals and the Charter of the Nomination Board are available on the company's website.
Shares and shareholders
The average share price of Detection Technology was EUR 12.00 in January-December 2025. The highest price for 2025 was EUR 16.65 and the lowest EUR 9.38. The closing price at the end of December was EUR 11.10, and the company had a market capitalization of approximately EUR 163 million.
A total of 1.10 million shares, which is 7.5% of the total number of shares, were traded between 2 January and 30 December. The number of shares outstanding in Detection Technology was 14,655,630 at the end of the review period. The company does not hold its own shares, and the authorization given to the Board of Directors by the Annual General Meeting to acquire the company's own shares has not been used.
The number of shareholders at the end of the review period was 5,697. Approximately 72.0% of the shares were held by the ten largest shareholders. The nominee-registered foreign holding of shares in the company was 12.2%.
Detection Technology has one share series, and all shares bear equal voting rights. The com-pany's shares are listed on the Nasdaq First North Growth Market Finland marketplace under the ticker symbol DETEC.
The largest registered shareholders on 31 December 2025 | Shares | % | ||
AHLSTROM CAPITAL BV | 5,280,167 | 36.0% | ||
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) HELSINGIN SIVUKONTTORI | 1,719,919 | 11.7% | ||
OP-SUOMI -SIJOITUSRAHASTO | 574,172 | 3.9% | ||
KESKINÄINEN TYÖELÄKEVAKUUTUSYHTIÖ VARMA | 515,000 | 3.5% | ||
KESKINÄINEN ELÄKEVAKUUTUSYHTIÖ ILMARINEN | 493,000 | 3.4% | ||
SIJOITUSRAHASTO AKTIA CAPITAL | 485,154 | 3.3% | ||
MARTOLA HANNU VEIKKO | 434,690 | 3.0% | ||
EVLI FINNISH SMALL CAP FUND | 403,800 | 2.8% | ||
PENSIONSFÖRSÄKRINGSAKTIEBOLAGET VERITAS | 389,387 | 2.7% | ||
SÄÄSTÖPANKKI KOTIMAA -SIJOITUSRAHASTO | 260,000 | 1.8% | ||
SIJOITUSRAHASTO SÄÄSTÖPANKKI PIENYHTIÖT | 192,471 | 1.3% | ||
NACAWI AB | 186,025 | 1.3% | ||
OP FIN SMALL CAP | 164,337 | 1.1% | ||
NORDEA LIFE ASSURANCE FINLAND LIMITED | 156,200 | 1.1% | ||
SIJOITUSRAHASTO AKTIA NORDIC SMALL CAP | 140,000 | 1.0% | ||
FONDITA NORDIC MICRO CAP SIJOITUSRAHASTO | 133,643 | 0.9% | ||
CHEN WU | 104,085 | 0.7% | ||
KIRKON ELÄKERAHASTO | 100,000 | 0.7% | ||
PROPRIUS PARTNERS MICRO FINLAND (NON-UCITS) | 67,000 | 0.5% | ||
STILL JYRKI MATTI KRISTIAN | 65,960 | 0.5% | ||
The 20 largest shareholders in total | 11,865,010 | 81.0% | ||
Other shareholders | 2,790,620 | 19.0% | ||
Shares in total | 14,655,630 | 100.0% | ||
Breakdown of share ownership on 31 December 2025 | ||||
Number of shares | Owners | % | Shares | % |
1-100 | 2,821 | 49.5% | 128,231 | 0.9% |
101-500 | 2,020 | 35.5% | 513,636 | 3.5% |
501-1,000 | 451 | 7.9% | 347,033 | 2.4% |
1,001-5,000 | 311 | 5.5% | 627,720 | 4.3% |
5,001-10,000 | 38 | 0.7% | 268,931 | 1.8% |
10,001-50,000 | 34 | 0.6% | 801,705 | 5.5% |
50,001-100,000 | 5 | 0.1% | 336,324 | 2.3% |
100,001- | 17 | 0.3% | 11,632,050 | 79.4% |
5,697 | 100.0% | 14,655,630 | 100.0% | |
Shares | % | |
Members of the Board | 23,967 | 0.2% |
President and CEO | 469,690 | 3.2% |
Other members of the management team | 223,274 | 1.5% |
Stock option program 2020
The subscription period of Detection Technology's stock options 2020B1 and 2020B2 terminated on 31 May 2025, and no subscriptions were made. This was the company's final active stock option program. The description and terms of the stock option programs can be found on the company's website.
Share-based long-term incentive scheme
Detection Technology has a rolling Performance Share Plan (PSP). This long-term incentive scheme established for the company's management and other key employees consists of separate stock awards, which the company's Board of Directors resolve each year.
On 6 February 2025, the company announced the decision by the Board of Directors to launch the PSP 2025-2027 program. The performance period of PSP 2025-2027 started in the beginning of January 2025, and it will end at the end of 2027. The potential awards under the performance share plan will be paid in H1 2028 as listed shares of Detection Technology.
The primary performance measure on the basis of which the potential share rewards under the program will be paid is the total shareholder return (absolute TSR) of Detection Technolo-gy's share. In addition, performance is evaluated with a sustainability metric, which is connected to the reduction of carbon dioxide emissions.
If all the performance targets set for the program are fully achieved, the aggregate maximum number of shares to be paid as a reward under the plan is approximately 279,600 shares (gross earnings before the applicable withholding tax). Approximately 60 people, including management group members, are eligible to participate in the program.
The performance period of the PSP 2022-2024 program started at the beginning of August 2022 and ended at the end of 2024, and no share-based payments were made under the program. The performance period of the PSP 2023-2025 program started at the beginning of January 2023 and ended at the end of 2025. The performance period of the PSP 2024-2026 program started in the beginning of January 2024 and will finish at the end of 2026. The performance period of the PSP 2025-2027 program started in the beginning of January 2025 and will finish at the end of 2027.
Notifications of major holdings
Detection Technology did not receive any flagging notifications in FY 2025. The obligation to notify and disclose major changes in holdings and voting rights is set out in Chapter 9 of the Finnish Securities Markets Act.
Risks and uncertainties
The company's most significant short-term direct and indirect risk factors and uncertainties are changes in geopolitics, in particular changes in the U.S. policies and tariffs, changes in the U.S.-China and the EU-China relations, global economic uncertainty, the Russian war in Ukraine and the unrest in the Middle East, along with their ramifications on the global and European security and economy, availability and prices of raw materials and the consequent
increase in global political uncertainty. In addition, challenges in the availability of special materials and electronic components may have an adverse impact on the company's business.
Other risks are related to business operations in developing markets, the changes in the competitive landscape, price competition, a significant share of net sales being generated by the five largest customers, APAC countries' large share of sales, customer liquidity, product quality, the startup of production of new products, exchange rate fluctuations, overall cost development particularly in China, the permanence and competence of personnel, recruitment of experts and organizational efficiency.
The Group has not hedged foreign exchange risks because the Group's sales in various currency areas are sufficiently balanced by purchases in the same areas. Group loans are not covered by interest rate hedging instruments, and consequently possible interest rate changes may impact the company's results. The Group has taken measures to protect against material and immaterial damage by obtaining sufficient insurance coverage for its operations. The Group manufactures high-tech X-ray detectors that meet rigorous quality standards and that are used for the critical applications of the medical and the security industry, in particular. It is possible that, despite on-going quality and assurance mechanisms, errors may occur in the company's design, manufacture and testing processes, due to which the quality of the products may not fully meet customer requirements and thereby cause additional quality costs for the company. Every product is tested in production, in addition to which statistical design and manufacturing process monitoring systems along with various quality assurance and testing methods are used in both production and product development. The company's management regard these to be adequate to ensure the good quality of products under normal conditions. The Group's key processes in China and Finland are certified to comply with ISO 9001:2015, 14001:2015 and 13485:2016.
The company takes continuous measures to manage the aforementioned risks. Through normal control and precautionary measures, the Company management aims to reduce the impact of risks affecting the company's operational continuity.
Sustainability
Detection Technology continued to advance its sustainability efforts during the financial year. The company further developed its operating model in line with the Responsible Business Alliance (RBA) framework and its sustainable development objectives.
In the second half of 2025, the company received an EcoVadis Bronze Medal in its first assessment. The rating provides an internationally recognized benchmark for environmental, social and governance performance and is aligned with the RBA Code of Conduct, reinforcing the company's commitment to responsible business practices.
In 2025, the themes and subitems of Detection Technology's sustainability agenda remained unchanged from 2024. The company has decided to retain a similar structure for 2026.
Detection Technology achieved all the sustainable development goals set for 2025, except the energy intensity reduction target. The deviation was primarily attributable to increased production in Finland, energy-intensive manufacturing processes and higher electricity con-
sumption in future-oriented activities, such as R&D projects requiring extensive reliability testing. The company will continue to promote energy efficiency and monitor energy intensity development in line with its operational plans; however, no specific energy intensity target has been set for 2026.
Detection Technology did not receive any information regarding environmental infringements during the financial year 2025. The company also did not receive any notifications of infringements of EU or national laws, or of the company's Code of Conduct, through its whis-tleblowing channel or other reporting channels.
Based on the EU Omnibus legislative proposal approved in December 2025 concerning the Corporate Sustainability Reporting Directive (CSRD), Detection Technology is currently not subject to CSRD reporting requirements. The company continues to monitor regulatory developments and will further develop its sustainability practices in line with its strategy and applicable legislation.
To ensure a strong focus on driving transformation and achieving sustainable development goals, sustainability KPIs (Key Performance Indicators) are included in the company's incentive plans. Short-term incentive (STI) plans apply to all employees, and sustainability is also integrated as a key metric in the share-based long-term incentive (LTI) scheme.
The outcomes of the 2025 sustainability KPIs and the targets set for 2026 are described in more detail in the company's 2025 annual review. The annual review also includes examples of measures supporting the implementation of the company's corporate social responsibility. In addition, the annual review describes the company's RBA framework for responsible business and sustainable development.
Events after financial year ended
After FY 2025, the company's business has continued without abnormal events.
Business outlook
Detection Technology expects double-digit year-on-year net sales growth in Q1 and H1 of 2026.
The geopolitical situation, new U.S. import tariffs, U.S. relations with other countries, material shortages, and price competition especially in China create uncertainty.
Financial targets
Detection Technology aims to increase its sales by at least 10% per annum and to achieve an operating margin (EBITA) of 15% in the medium term. The company aims to distribute approximately 30-60% of the Group's annual result (earnings per share) to shareholders as dividend.
Board of Directors' profit distribution proposal
The distributable funds of the parent company Detection Technology Plc are EUR 44,080,486, of which EUR 3,693,403 represents the net profit for the financial year. The company's funds eligible for dividend distribution total EUR 15,675,401. After the end of the financial year, there have not been significant changes in the company's financial situation, nor does the solvency test referred to in Chapter 13, Section 2 of the Companies Act affect the amount of distributable funds.
The Board of Directors proposes to the Annual General Meeting to be held on 26 March 2026 that, based on the financial statements adopted for 2025, a dividend of EUR 0.30 per share would be paid. The number of shares entitled to dividend is 14,655,630, which means that the total amount of the dividend would be EUR 4,396,689.
Group income statement | ||
(EUR) | ||
1.1.-31.12.2025 | 1.1.-31.12.2024 | |
NET SALES | 101,022,985 | 107,513,799 |
Change in inventories of finished goods and work in progress | -444,460 | 2,487,599 |
Other operating income | 667,529 | 1,248,934 |
Materials and services | -55,336,849 | -58,811,643 |
Personnel expenses | -23,709,765 | -23,919,970 |
Depreciations | -2,829,071 | -3,193,846 |
Other operating expenses | -11,244,343 | -11,561,503 |
OPERATING PROFIT | 8,126,026 | 13,763,370 |
Financial income and expenses | -719,240 | -416,520 |
PROFIT BEFORE TAXES | 7,406,786 | 13,346,850 |
Income taxes | -913,126 | -2,235,472 |
Minority interest | -53,201 | 598 |
PROFIT FOR THE FINANCIAL YEAR | 6,440,458 | 11,111,976 |
Group balance sheet | ||
(EUR) | ||
ASSETS | 31.12.2025 | 31.12.2024 |
NON-CURRENT ASSETS Intangible assets | 10,096,627 | 11,243,807 |
Tangible assets | 4,045,297 | 4,426,765 |
Investments | 1,690,371 | 10,500 |
TOTAL NON-CURRENT ASSETS | 15,832,295 | 15,681,072 |
CURRENT ASSETS Inventories | 29,172,058 | 22,792,668 |
Non-current receivables | 449,041 | 370,322 |
Current receivables | 33,673,704 | 33,067,202 |
Cash and cash equivalents | 24,978,800 | 28,265,545 |
TOTAL CURRENT ASSETS | 88,273,603 | 84,495,737 |
TOTAL ASSETS | 104,105,897 | 100,176,809 |
EQUITY AND LIABILITIES | ||
EQUITY | ||
Share capital | 80,000 | 80,000 |
Share premium account | 5,130,025 | 5,130,025 |
Invested non-restricted equity fund | 28,405,085 | 28,405,085 |
Retained earnings | 38,132,942 | 37,633,856 |
Profit for the financial period | 6,440,458 | 11,111,976 |
TOTAL EQUITY | 78,188,510 | 82,360,941 |
Minority interest | 232,332 | 194,858 |
Current liabilities | 25,685,055 | 17,621,010 |
TOTAL LIABILITIES | 25,685,055 | 17,621,010 |
TOTAL EQUITY AND LIABILITIES | 104,105,897 | 100,176,809 |
Group cash flow statement (EUR) | ||
CASH FLOW FROM OPERATIONS | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
Operating profit | 8,126,026 | 13,763,370 |
Depreciations | 2,829,071 | 3,193,846 |
Other non-cash business activities | -1,541,276 | 1,112,390 |
Change in working capital | -4,296,909 | 4,906,489 |
Financial income and expenses | -29,097 | -755,183 |
Income taxes paid | -1,203,271 | -2,087,601 |
CASH FLOW FROM OPERATIONS | 3,884,544 | 20,133,312 |
CASH FLOW FROM INVESTMENTS Investments in intangible and tangible assets | -1,597,778 | -2,217,889 |
Payment for shares in subsidiaries and associated undertakings | -1,367,253 | 0 |
CASH FLOW FROM INVESTMENTS | -2,965,031 | -2,217,889 |
FREE CASH FLOW | 919,513 | 17,915,423 |
CASH FLOW FROM FINANCING Change in non-current loans | 0 | -4,200,000 |
Change in current loans | 4,041,595 | -1,765,088 |
Dividend paid | -7,327,815 | -3,370,995 |
CASH FLOW FROM FINANCING | -3,286,220 | -9,336,083 |
CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period | 28,265,545 | 19,101,101 |
Foreign exchange rate effect | -920,038 | 585,103 |
Cash and cash equivalents at the end of the period | 24,978,800 | 28,265,545 |
CHANGE IN CASH AND CASH EQUIVALENTS | -2,366,707 | 8,579,340 |
CHANGE IN WORKING CAPITAL Change in current receivables | -1,850,594 | 2,938,630 |
Change in inventories | -7,593,508 | 1,597,520 |
Change in current liabilities | 5,147,193 | 370,340 |
CHANGE IN WORKING CAPITAL | -4,296,909 | 4,906,489 |
Detection Technology Plc income statement
(EUR)
1.1.-31.12.2025 | 1.1.-31.12.2024 | |
NET SALES | 33,005,600 | 39,280,963 |
Change in inventories of finished goods and work in progress | -988,922 | 381,267 |
Other operating income | 6,519,704 | 6,936,894 |
Materials and services | -17,645,106 | -22,519,146 |
Personnel expenses | -9,032,198 | -9,012,614 |
Depreciations | -462,146 | -466,999 |
Other operating expenses | -6,668,520 | -7,912,427 |
OPERATING PROFIT | 4,728,411 | 6,687,939 |
Financial income and expenses | -169,710 | 10,073,188 |
PROFIT BEFORE APPROPRIATIONS AND TAXES | 4,558,701 | 16,761,127 |
Group contributions | 0 | -50,000 |
Income taxes | -865,298 | -1,533,625 |
PROFIT FOR THE FINANCIAL YEAR | 3,693,403 | 15,177,502 |
Detection Technology Plc balance sheet
(EUR)
31.12.2025
1,296,749
751,624
21,594,383
23,642,756
3,842,361
1,421,100
15,150,116
10,992,382
31,405,959
55,048,715
80,000
5,130,025
28,405,085
11,981,998
3,693,403
49,290,511
5,758,204
5,758,204
55,048,715
NON-CURRENT ASSETS
Intangible assets Tangible assets Investments
TOTAL NON-CURRENT ASSETS
1,413,732
857,623
19,683,600
21,954,955
CURRENT ASSETS
Inventories
Non-current receivables Current receivables
Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS
4,337,317
1,298,600
14,241,478
15,786,216
35,663,611
57,618,566 EQUITY AND LIABILITIESEQUITY
Share capital
Share premium account
Invested non-restricted equity fund Retained earnings
Profit for the financial year TOTAL EQUITY
80,000
5,130,025
28,405,085
4,131,832
15,177,502
52,924,443
LIABILITIES
Current liabilities TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES4,694,123
4,694,123
57,618,566Detection Technology Plc cash flow statement
(EUR)
CASH FLOW FROM OPERATIONS | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
Operating profit | 4,728,411 | 6,687,939 |
Depreciations | 462,146 | 466,999 |
Other non-cash business activities | -876,708 | 680,064 |
Change in working capital | 325,417 | -3,210,175 |
Financial income and expenses | 270,471 | 9,759,857 |
Income taxes paid | -863,645 | -1,045,723 |
CASH FLOW FROM OPERATIONS | 4,046,092 | 13,338,960 |
CASH FLOW FROM INVESTMENTS Investments in intangible and tangible assets | -239,164 | -1,487,551 |
Payment for shares in subsidiaries and associated undertakings | -1,356,566 | -16,815 |
CASH FLOW FROM INVESTMENTS | -1,595,730 | -1,504,366 |
CASH FLOW FROM FINANCING Change in non-current loans | 0 | -4,200,000 |
Change in non-current loans to group companies | -122,500 | 2,368,724 |
Change in current loans | 0 | -1,200,000 |
Change in current loans to group companies | 206,120 | 1,183,840 |
Group contributions | 0 | -50,000 |
Dividend paid | -7,327,815 | -3,370,864 |
CASH FLOW FROM FINANCING | -7,244,195 | -5,268,300 |
CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period | 15,786,216 | 9,219,922 |
Cash and cash equivalents at the end of the period | 10,992,382 | 15,786,216 |
CHANGE IN CASH AND CASH EQUIVALENTS | -4,793,833 | 6,566,294 |
CHANGE IN WORKING CAPITAL Change in current receivables | -1,443,847 | -370,284 |
Change in inventories | 910,803 | -1,537,591 |
Change in current liabilities | 858,462 | -1,302,300 |
CHANGE IN WORKING CAPITAL | 325,417 | -3,210,175 |
Accounting principles for consolidated financial statements
Principles for consolidated financial statementsThe consolidated financial statements of Detection Technology Group have been prepared in accordance with Finnish Accounting Standards (FAS) and include all Group companies. Intercompany transactions, receivables and liabilities as well as internal shareholding have been eliminated from consolidated financial statements. The associated undertaking has been included in the group financial statements using the equity method. The income statements of subsidiaries and associated undertaking have been converted to euros by using monthly average exchange rates for the financial period, and balance sheets have been converted by using the official rates at the end of the financial period.
Differences arising from the currency conversion as well as the translation of foreign subsidiaries and the associated undertaking's equity are included in retained earnings. Cash flow statements of the Group and Detection Technology Plc have been prepared in compliance with the indirect cash flow reporting method described in the general instructions of the Finnish Accounting Board (KILA).
Company shares Share's basic informationTrading code | DETEC | ||
ISIN -code | FI4000115464 | ||
Votes/share, pcs | 1 | ||
Share capital, EUR | 80,000 | ||
Share amount, pcs | 14,655,630 | ||
Group companies | Ownership | Country | |
Detection Technology Plc | Parent company | Finland | |
Detection Technology Holding Oy | Subsidiary | 100% | Finland |
DTF (H.K.) Ltd. | Subsidiary | 100% | Hong Kong |
DT Detection Technology India Pvt. Ltd. | Subsidiary | 100% | India |
DT Electronic Manufacturing (Beijing) Co., Ltd. | Subsidiary | 100% | China |
DT Electronic Technology (Wuxi) Co., Ltd. | Subsidiary | 100% | China |
DT Imaging Technology (Shanghai) Co., Ltd. | Subsidiary | 89.75% | China |
Detection Technology S.A.S. | Subsidiary | 100% | France |
Detection Technology, Inc. | Subsidiary | 100% | United States |
Associated companies | |||
Ownership | Country | ||
Beijing Ylongfeng Technology Co. Ltd. | Associated undertaking | 27% | China |
The company recognizes goodwill in its balance sheet resulting from acquisition of a subsidiary, in accordance with Finnish Accounting Standards (FAS).
Deferred taxesThe company recognizes material and probable deferred income tax receivables and liabilities. According to the precautionary principle, deferred income tax receivables have not been recognized from subsidiaries operating on loss.
Valuation methods and principlesInventories under current assets have been valued at variable acquisition cost in accordance with principles in Chapter 5, Section 6 of the Finnish Accounting Act.
Depreciation according to plan has been deducted from the acquisition cost of intangible and tangible assets recorded in the balance sheet. The variable costs incurred from the acquisition and commissioning of the asset have been included in the acquisition cost. Planned depreciations have been recorded as straight-line depreciation based on the economic service life of assets.
Planned depreciation periods for different asset types are as follows:
Intangible rights Straight-line depreciation 3-10 years
Goodwill Straight-line depreciation 10 years
Other capitalized expenses Straight-line depreciation 3-5 years
Machines and equipment Straight-line depreciation 3-10 years
Net sales recognition principlesThe sales of products and services are recognized as revenue on delivery.
Conversion of foreign currency itemsForeign currency denominated receivables and liabilities have been converted into euros using the exchange rates on the end date of the financial period.
Detection Technology PlcA Grid, Otakaari 5A, FI-02150 Espoo, Finland Tel +358 (0) 20 766 9700
https://www.deetee.com
Domicile Espoo, Finland Business ID 0878389-8
Copies of Detection Technology Plc consolidated financial statement can be obtained from the company's offices in Espoo and Oulu, Finland.
Notes to group's financial statements | ||
1.1.-31.12.2025 (EUR) | ||
NOTES TO INCOME STATEMENT | ||
NET SALES | 2025 | 2024 |
Net sales by business units Americas | 5,155,055 | 6,590,634 |
APAC | 70,379,884 | 70,525,043 |
EMEIA | 25,488,047 | 30,398,122 |
Total | 101,022,985 | 107,513,799 |
Net sales by applications Industrial | 18,621,146 | 19,038,492 |
Medical | 46,678,036 | 42,189,819 |
Security | 35,723,803 | 46,285,487 |
Total | 101,022,985 | 107,513,799 |
The five largest customers accounted for 52% (52%) of total sales in the financial year 2025.
2025
61,517,375
-6,875,131
694,606
55,336,849
Materials, supplies and goods Change in inventories External services
Total54,791,290
3,295,457
724,896
58,811,6432025
18,615,699
2,776,210
2,317,857
23,709,765
326,500
463,546
790,046
Personnel expenses Salaries and wages Pension expenses
Other indirect personnel expenses
Total19,057,775
2,669,679
2,192,517
23,919,970Board of Directors' rewards and CEO's salaries and benefits Board of Directors' rewards
CEO's salaries and benefits
Total327,500
344,689
672,189President and CEO has a voluntary pension scheme provided by the company.
Key personnel's share-based incentive schemesThe company's key personnel have share-based incentive schemes that have not been recorded in the financial statements. The performance share plan launched in 2022 enables a share issue of a maximum of 411,780 new shares by the end of 2028 if the set goals are achieved. The incentive schemes do not have a material impact on the company's profit or its financial position.
Average number of personnel during the financial year | 2025 | 2024 |
Officers | 280 | 271 |
Workers | 209 | 203 |
Total | 489 | 474 |
DEPRECIATIONS | 2025 | 2024 |
Intangible rights | 139,100 | 213,280 |
Goodwill | 1,128,612 | 1,128,612 |
Other capitalized expenses | 240,242 | 396,689 |
Machinery and equipment | 1,321,117 | 1,455,265 |
Total | 2,829,071 | 3,193,846 |
In the financial year 2025, the company recognized a provision change for sales credit loss with value of EUR -121,394 (-136,126) based on management assessment.
AUDITING SERVICES | 2025 | 2024 |
Annual audits | 158,148 | 184,190 |
Other services | 31,327 | 35,963 |
Total | 189,474 | 220,154 |
FINANCIAL INCOME AND EXPENSES | 2025 | 2024 |
Financial income | 328,408 | 322,658 |
Interest expenses | -58,158 | -184,070 |
Other financial expenses | -1,322 | -580,078 |
Share of profit (loss) of associated undertaking | -241,599 | 0 |
Conversion items | -746,569 | 24,970 |
Total | -719,240 | -416,520 |
In the fiscal year 2025, conversion items consisted mainly of realized and unrealized foreign exchange conversion losses related to the parent company's currency position of CNY and USD, the foreign exchange rates of which weakened against the EUR. The impacts of changes in the currencies mentioned during the comparison year 2024 have been insignificant.
INCOME TAXES | 2025 | 2024 |
Income taxes | 913,126 | 2,235,472 |
Total | 913,126 | 2,235,472 |
In the financial year 2025, the company recognized current taxes with EUR 824,459 (2,095,336) and deferred income tax receivables of EUR -88,667 (-140,136) related to cost provisions of sales credit loss and inventory write off.
NOTES TO BALANCE SHEET | ||
INTANGIBLE ASSETS | 2025 | 2024 |
Immaterial rights Carrying amount at 1.1. | 230,754 | 392,737 |
Increases | 22,903 | 46,962 |
Reclassification | 28,739 | 0 |
Conversion items | -6,666 | 4,335 |
Depreciations | -139,100 | -213,280 |
Carrying amount at 31.12. | 136,630 | 230,754 |
Goodwill Carrying amount at 1.1. | 9,593,201 | 10,721,813 |
Amortizations | -1,128,612 | -1,128,612 |
Carrying amount at 31.12. | 8,464,589 | 9,593,201 |
Other capitalized expenses Carrying amount at 1.1. | 1,366,708 | 404,332 |
Increases | 130,576 | 123,189 |
Reclassification | 177,936 | 1,252,554 |
Decreases | 0 | -22,483 |
Conversion items | -10,925 | 5,805 |
Depreciations | -240,242 | -396,689 |
Carrying amount at 31.12. | 1,424,054 | 1,366,708 |
Prepayments for intangible assets | ||
Carrying amount at 1.1. | 53,144 | 388,496 |
Increases | 233,897 | 917,163 |
Reclassification | -206,618 | -1,252,554 |
Conversion items | -9,069 | 39 |
Carrying amount at 31.12. | 71,355 | 53,144 |
Total | 10,096,627 | 11,243,807 |
TANGIBLE ASSETS | 2025 | 2024 |
Machinery and equipment Carrying amount at 1.1. | 3,942,189 | 3,969,903 |
Increases | 609,994 | 220,335 |
Reclassification | 760,906 | 1,216,016 |
Decreases | -27,709 | -117,640 |
Conversion items | -241,108 | 108,840 |
Depreciations | -1,321,117 | -1,455,265 |
Carrying amount at 31.12. | 3,723,156 | 3,942,189 |
Other tangible assets Carrying amount at 1.1. | 7,300 | 3,000 |
Increases | 0 | 4,300 |
Carrying amount at 31.12. | 7,300 | 7,300 |
Prepayment for tangible assets Carrying amount at 1.1. | 477,276 | 819,416 |
Increases | 649,059 | 905,939 |
Reclassification | -760,906 | -1,216,016 |
Decreases | -17,407 | -46,056 |
Conversion items | -33,181 | 13,993 |
Carrying amount at 31.12. | 314,841 | 477,276 |
Total | 4,045,297 | 4,426,765 |
INVESTMENTS | 2025 | 2024 |
Other shares Carrying amount at 1.1. | 10,500 | 10,501 |
Increases | 1,679,871 | 0 |
Decreases | 0 | -1 |
Carrying amount at 31.12. | 1,690,371 | 10,500 |
INVENTORIES | 2025 | 2024 |
Materials and supplies | 21,334,749 | 14,459,619 |
Work in progress | 1,529,807 | 1,275,008 |
Finished goods | 6,307,502 | 7,058,042 |
Total | 29,172,058 | 22,792,668 |
RECEIVABLES | 2025 | 2024 |
Non-current receivables Other receivables | 449,041 | 370,322 |
Total | 449,041 | 370,322 |
Current receivables Trade receivables | 30,447,857 | 30,368,314 |
Other receivables | 1,315,683 | 818,356 |
Accrued income Tax receivables | 313,403 | 425,222 |
Other accrued income | 1,596,761 | 1,455,310 |
Accrued income total | 1,910,165 | 1,880,532 |
Total | 33,673,704 | 33,067,202 |
Other non-current receivables include a corporate income tax refund of EUR 449,041 (370,322) that French subsidiary Detection Technology S.A.S. will receive based on its future R&D expenses. This is credited against payable income tax or as a cash refund in the fourth year from the financial year on which the tax refund was confirmed. Tax receivables contain current income tax receivables EUR 59,260 (82,411) and deferred tax receivables EUR 254,143 (342,811).
NOTES TO EQUITY AND LIABILITIES | ||
EQUITY | 2025 | 2024 |
Share capital 1.1. | 80,000 | 80,000 |
Share capital 31.12. | 80,000 | 80,000 |
Share premium account 1.1. | 5,130,025 | 5,130,025 |
Share premium account 31.12. | 5,130,025 | 5,130,025 |
Total restricted equity | 5,210,025 | 5,210,025 |
Invested non-restricted equity fund 1.1. | 28,405,085 | 28,405,085 |
Invested non-restricted equity fund 31.12. | 28,405,085 | 28,405,085 |
Retained earnings 1.1. | 48,745,831 | 39,189,632 |
Adjustments to Retained earnings | 480 | 0 |
Retained earnings from associated undertakings | 10,198 | 0 |
Conversion items | -3,295,753 | 1,815,087 |
Dividend payment | -7,327,815 | -3,370,864 |
Profit for the financial year | 6,440,458 | 11,111,976 |
Retained earnings 31.12. | 44,573,400 | 48,745,831 |
Total | 78,188,510 | 82,360,941 |
In the Annual General Meeting (27 March 2025), it was decided on the forfeiture of the rights to all the shares (300) entered in the Joint Account. The dividend debt was returned to adjustments to retained earnings.
LIABILITIES | 2025 | 2024 |
Current liabilities Loans from financial institutions | 4,505,885 | 498,294 |
Advances received | 208,926 | 247,353 |
Trade payables | 14,602,484 | 10,910,282 |
Other liabilities | 1,910,709 | 655,208 |
Accrued liabilities | ||
Accrued salaries | 2,463,103 | 3,389,109 |
Accrued indirect personnel expenses | 441,661 | 452,231 |
Accrued tax payables | 229,597 | 366,805 |
Warranty provision | 502,855 | 498,144 |
Other accrued liabilities | 819,836 | 603,582 |
Accrued liabilities total | 4,457,051 | 5,309,873 |
Total | 25,685,055 | 17,621,010 |
Warranty provision equals to approximately 0.5% of the Group's net sales, according to the estimate by the management.
PLEDGES AND COMMITMENTS | 2025 | 2024 |
Pledges Enterprise mortgages provided as collateral | 10,734,913 | 10,734,913 |
Total | 10,734,913 | 10,734,913 |
Credit limit Credit limit granted | 23,234,451 | 24,780,307 |
Credit limit in use | 4,505,892 | 498,294 |
Credit limit available | 18,728,558 | 24,282,012 |
Other commitments Bank guarantee | 21,606 | 21,606 |
Total | 21,606 | 21,606 |
Lease commitments Payable in the following financial year | 1,827,211 | 1,862,392 |
Payable in later years | 3,248,913 | 3,773,534 |
Total | 5,076,124 | 5,635,926 |
The granted credit limit contains a credit limit arrangement to the Chinese subsidiaries with an amount of CNY 150,000,000 (150,000,000) and in the end of financial year 2025, the value was EUR 18,234,451 (19,780,307).
Notes to parent company's financial statements
1.1.-31.12.2025 (EUR)
NOTES TO INCOME STATEMENT NET SALES 2024Americas APAC EMEIA
Total1,313,703
7,700,869
30,266,391
39,280,963 20251,228,880
6,407,884
25,368,835
33,005,600 20256,151,934
52,784
314,985
0
6,519,704 OTHER OPERATING INCOME 2024Royalty income from group companies Other income from group companies Subsidies from public institutions Other income
Total6,301,520
24,443
604,352
6,579
6,936,894 202517,946,306
-494,031
192,831
17,645,106 MATERIALS AND SERVICES 2024Materials, supplies and goods Change in inventories External services
Total22,935,288
-1,069,497
653,354
22,519,146 20257,537,036
1,239,567
255,594
9,032,198326,500
463,546
790,046 PERSONNEL 2024Personnel expenses Salaries and wages Pension expenses
Other indirect personnel expenses
Total7,685,432
1,143,306
183,876
9,012,614Board of Directors' rewards and CEO's salaries and benefits Members of the Board of Directors' rewards
CEO's salaries and benefits
Total327,500
344,689
672,189President and CEO has a voluntary pension scheme provided by the company.