Translation: Original published in Finnish on 02/12/2026 at 07:35 am EET

Lemonsoft will publish its Q4 report on Thursday, February 19, at 10 am EET, and the company’s financial statement can be followed here starting at 1 pm EET. We expect the company's revenue to have decreased in the latter part of the year, but due to cost savings, the result remains stable compared to the comparison period. Our focus in the report will be particularly on the 2026 guidance and outlook. The short-term growth outlook is still unclear, but we believe the prerequisites for earnings growth are good following the efficiency measures, organizational changes, and technology platform transition. After the revision phase, the company is also likely to become active on the M&A front.

We expect a drop in revenue in Q4

Lemonsoft has guided for 2025 revenue growth of 0-10%, and our estimate is  1% growth for the full year. For Q4, this would mean a 6% decrease in revenue and a revenue of 7.2 MEUR. We expect SaaS revenue (Q4'25e: 5.45 MEUR) to remain stable year-on-year, with Consulting (-25%) and Transaction revenue (-15%) weighing on development. In addition to limited implementations, we believe Consulting is weighed down by Lemonsoft's strategic focus on recurring revenue streams. This has already been reflected in the decrease in Consulting. The transactions reflect decreased invoice financing volumes as a significant customer faced payment difficulties already early in the year. We estimate that SaaS revenue growth has continued to be hampered by ongoing uncertainty in the company's key customer industries (manufacturing and wholesale).

We expect full-year profitability to be at the top of the guidance range

We expect Lemonsoft's Q4 adjusted EBIT to be 1.5 MEUR, corresponding to an EBIT margin of 21.5%. For the full year 2025, we expect adjusted EBIT to reach 7.0 MEUR (2024: 6.4 MEUR) and a margin of 23.8% (guidance 18-24%). Profitability in late 2025 should be supported by the fact that the technology platform transition is largely complete, and the change negotiations held during the year reduced the number of employees. However, the company has again increased recruitment towards the end of the year, and in light of the guidance, more costs must have been incurred in late 2025. We expect Lemonsoft's Board of Directors to propose a dividend of EUR 0.14 per share, similar to the previous year. The company's healthy balance sheet and cash flow enable good dividend payments.

Focus on 2026 and new strategy implementation

In the report, interest will particularly focus on the guidance provided for 2026. We currently forecast conservative revenue growth of 1% for 2026, but with cost savings already implemented and the completion of the technology platform migration, we expect a clear improvement in the adjusted EBIT margin to 28.9%. 2026 is the first year of Lemonsoft’s new strategy period. The company's financial target is to achieve an average adjusted EBIT growth of 25% in 2026-2028. Growth is sought particularly by strengthening the market share in industry and wholesale, and through selective acquisitions. We will follow the company's comments on new sales prospects and the effectiveness of the reorganized sales team after the transformation phase. After the transformation phase, the company is also likely to become active on the M&A front, with news expected this year.