Talenom Plc’s Business Review January-March 2026: A strategically significant quarter; partial demerger completed and a good start to new Talenom
Talenom Plc, Stock Exchange Release 6 May 2026 at 9:00 EEST
Talenom Plc’s Business Review January-March 2026: A strategically significant quarter; partial demerger completed and a good start to new Talenom
The implementation of Talenom Plc's partial demerger and the establishment of the new Easor Plc were registered in the Trade Register on 28 February 2026. In the demerger, Talenom's accounting business remained within the current company (continuing operations). In the demerger, the software business was transferred to a new independent company, named Easor Plc (discontinued operations).
January–March 2026 summary, continuing operations
- Net sales EUR 30.3 million (30.5), a decrease of -0.6%
- Comparable net sales EUR 30.3 million (29.0), growth 4.5%
- EBITDA EUR 5.5 million (6.9), 18.0% (22.7) of net sales
- Comparable EBITDA EUR 5.5 million (5.6), 18.0% (19.4) of net sales
- Operating profit (EBIT) EUR 2.0 million (3.5), 6.5% (11.5) of net sales
- Comparable operating profit (EBIT) EUR 2.0 million (2.3), 6.5% (7.9) of net sales
- Net profit EUR 0.8 million (1.6)
- Earnings per share EUR 0.02 (0.04)
Reported key figures, continuing operations
| 1–3/2026 | 1–3/2025 | Change, % | |
| Net sales, EUR 1,000 | 30,276 | 30,462 | -0.6% |
| Net sales, growth % | -0.6% | ||
| EBITDA, EUR 1,000 | 5,462 | 6,907 | -20.9% |
| EBITDA of net sales, % | 18.0% | 22.7% | |
| Operating profit (EBIT), EUR 1,000 | 1,980 | 3,508 | -43.6% |
| Operating profit (EBIT), as % of net sales | 6.5% | 11.5% | |
| Earnings per share, EUR | 0.02 | 0.04 | -53.4% |
| Net profit, EUR 1,000 | 766 | 1,647 | -53.5% |
Comparable key figures, continuing operations
| 1–3/2026 | 1–3/2025 | Change, % | |
| Net sales, EUR 1,000 | 30,276 | 28,962 | 4.5% |
| Net sales, growth % | 4.5% | ||
| EBITDA, EUR 1,000 | 5,462 | 5,620 | -2.8% |
| EBITDA of net sales, % | 18.0% | 19.4% | |
| Operating profit (EBIT), EUR 1,000 | 1,980 | 2,294 | -13.7% |
| Operating profit (EBIT), as % of net sales | 6.5% | 7.9% |
The comparable figures have been adjusted for:
- A change in the revenue recognition principle made in Q1/2025, which resulted in a one-off increase of EUR 1.5 million in reported Q1/2025 net sales, EBITDA, and EBIT.
- The impact of adjustments to development expenses in Spain on reported Q1/2025 EBITDA was EUR 0.1 million and on EBIT was EUR 0.0 million.
- An expense related to the additional purchase prices of acquisitions, which had an impact of EUR -0.3 million on reported Q1/2025 EBITDA and EBIT.
Key figures, Group *)
| 1–3/2026 | 1–3/2025 | Change, % | |
| Net sales, EUR 1,000 | 33,166 | 35,718 | -7.1% |
| Net sales, growth % | -7.1% | 4.9% | |
| EBITDA, EUR 1,000 | 7,638 | 10,669 | -28.4% |
| EBITDA of net sales, % | 23.0% | 29.9% | |
| Operating profit (EBIT), EUR 1,000 | 2,369 | 4,673 | -49.3% |
| Operating profit (EBIT), as % of net sales | 7.1% | 13.1% | |
| Return on investment (ROI), % (rolling 12 months) | 1.7% | 8.1% | -79.6% |
| Interest-bearing net liabilities, EUR 1,000 | 79,604 | 91,611 | -13.1% |
| Net gearing ratio, % | 209.2% | 173.8% | 20.4% |
| Equity ratio, % | 25.0% | 29.0% | -13.6% |
| Net investments, EUR 1,000 | 5,450 | 4,413 | 23.5% |
| Liquid assets, EUR 1,000 | 7,499 | 9,021 | -16.9% |
| Earnings per share, EUR | 0.65 | 0.06 | 1080.7% |
| Weighted average number of shares during the period | 45,582,264 | 45,477,972 | 0.2% |
| Net profit, EUR 1,000 | 29,698 | 2,506 | 1085.0% |
*) The figures in the table include figures for continuing and discontinued operations
Guidance for 2026 (continuing operations) unchanged (published on 16 December 2025)
Talenom estimates that 2026 net sales will be around EUR 110-120 million and comparable EBITDA around EUR 18-22 million.
The software business is presented as a discontinued operation due to the demerger
Talenom Plc's Extraordinary General Meeting, held on 27 January 2026, approved the separation of Talenom's software business through a partial demerger into a new company named Easor Plc. The effective date of the demerger was 28 February 2026.
Talenom presents the software business as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations from the last quarter of 2025 onwards. The net profit from discontinued operations is presented separately from the income and expenses of continuing operations in the consolidated income statement. The comparison periods have been adjusted accordingly. The balance sheet items of the software business related to discontinued operations were removed from the balance sheet in connection with the demerger on 28 February 2026. Presented discontinued operations include net sales and expenses directly related to the software business, as well as other income and expenses related to continuing operations that are not expected to continue after the demerger or would have been avoided without the demerger. Therefore, the financial information presented as Talenom's continuing operations and Easor's discontinued operations does not reflect the past or future profitability of either business as separate entities before or after the demerger.
CEO Juho Ahosola
The first quarter was strategically significant for the company. We completed the partial demerger of the company, after which Talenom focuses fully on the financial management service business. Following the demerger, Easor became an independent, publicly listed software company, which continues as Talenom’s important software partner. Talenom and Easor will operate as independent companies after the demerger. Talenom will utilise the best digital tools, technologies, and artificial intelligence. The new software strategy unlocks significant growth potential through a more comprehensive software offering. These choices emphasise customer experience and sustainable growth. In addition to the new software strategy, the demerger enables Talenom to focus strongly on developing its service business. This clarifies both our business and Talenom as an investment.
The Group’s comparable net sales from continuing operations increased by 4.5% to EUR 30.3 million (29.0). The Group's net sales development was supported by growth in Finland and acquisition-driven growth in Spain. The Swedish business slowed down growth, with net sales remaining below the comparison period. The Group's comparable EBITDA from continuing operations was EUR 5.5 million (5.6) and comparable EBIT was EUR 2.0 million (2.3).
In Finland, comparable net sales from continuing operations increased by 3.7% to EUR 20.2 million (19.5). However, it should be emphasised that the operating environment in Finland remains challenging. The challenges are reflected in new customer sales and customer churn, or net growth development, as well as price reductions. It is worth mentioning that bankruptcies and business closures among our clientele were at a higher level than normal. According to Suomen Taloushallintoliitto ry (Association of Finnish Accounting Firms), the sector's net sales decreased by 0.2% in 2025 compared to the previous year. Although we expect the market to remain challenging, we will continue our determined work to implement our growth strategy.
In Sweden, net sales decreased by 8.9%. Net sales are burdened by last year's high customer churn. The net trend of sales and customer churn develops in the right direction and its impact on net sales will be realized with a delay. We have continued to adjust the cost base to match the anticipated net sales level and we estimate that Sweden's profitability, measured by EBITDA, will be positive in 2026. Swedish management has done a great job in implementing the One Talenom concept. According to recently completed surveys, our employee and customer satisfaction are currently at a record high.
Spain's growth was the strongest among our operating countries. Net sales increased by 31.8%. The quarter's net sales growth mainly came from acquisitions. We have continued new customer acquisition with good results. We expect organic growth to support positive net sales development this year. In Spain, recent surveys also indicate that our employee and customer satisfaction have developed excellently and are at record levels.
For the current year, we set three strategic priorities: 1. Implementing the new strategy in all operating countries, 2. Improving profitability in Sweden and Spain, 3. Implementing the growth strategy in all operating countries.
Regarding strategy implementation, we continued implementing the One Talenom concept in all operating countries during the review period. We continue to believe that the One Talenom concept supports financial performance.
Profitability in Sweden improved slightly during the review period, and we continue our efforts to enhance profitability. In Spain, profitability was weak. Profitability was burdened by integration costs, increased investments in sales and marketing, and a rise in fixed software-related costs following the demerger. There is a plan to improve profitability, which we are systematically implementing. Our goal is also to achieve positive profitability development in Spain during the rest of the year.
We continued to implement country-specific growth strategies. As mentioned, the general economic situation in Finland is challenging our growth. For Finland, a strategically significant matter is the introduction of new software into our portfolio. We do not believe this will have a significant impact on financial figures in the short term, but we believe that building capabilities will help us reach a wider range of customers in the future. In Sweden, our growth trend progressed in the right direction. New customer acquisition in Spain was successful, and we also made one acquisition after the review period. We are also continuing systematic work around organic growth in Spain.
In summary, the first quarter was positive for the company. We completed the demerger and have been able to focus on implementing the service company's strategy. The Finnish business performed steadily and strongly in a challenging market and is a stable pillar for the company. The One Talenom concept has enabled us to achieve progress in our key metrics. In Sweden, several indicators show a positive trend, and we are particularly pleased with the development of customer and employee satisfaction. In Spain, our growth continued, and we see a market disruption from which we aim to significantly benefit for the company's development. In addition, we see the new software strategy opening up significant growth potential for the company in the long term. We look positively ahead and focus on the systematic implementation of the strategy of the new Talenom.
Webcast
The company's CEO Juho Ahosola and CFO Matti Säkkinen will present the main points of the release in a live webcast on 6 May 2026 at 10:00 EEST in English. Recording of the event will be published on Talenom’s website at https://investors.talenom.com/en.
You can watch the webcast live in English at 10:00 EEST at https://talenom.events.inderes.com/q1-2026.
The presentation material will be published before the start of the briefing on the company’s website.
Further information:
Juho Ahosola
CEO, Talenom Oyj
+358 50 525 6043
juho.ahosola@talenom.fi
Talenom in brief
Talenom is a customer-centric and advanced accounting firm founded in 1972. Our mission is to help entrepreneurs succeed. We want to be a genuine partner to our customers and we help our customers with comprehensive accounting, payroll and expert services. Our vision is to be the most recommended financial partner. Talenom operates in Finland, Sweden and Spain. Talenom’s share is listed on the main market of Nasdaq Helsinki. Read more: investors.talenom.com/en