Tulikivi Corporation Interim Report 1-3/2026: Strategic projects making good progress and laying the foundations for future growth
TULIKIVI CORPORATION INTERIM REPORT 8 May 2026 AT 1 PM
- The Tulikivi Group’s first-quarter net sales were EUR 6.3 million (6.0 million, 1–3/2025).
- The Tulikivi Group’s first-quarter operating profit was EUR -0.8 (-0.7) million and the profit before taxes was EUR -1.0 (-0.9) million.
- The equity ratio at the end of the review period was 45.1 per cent (49.4 per cent).
- Order books stood at EUR 3.5 (4.3) million at the end of the review period.
- The Suomussalmi talc project made good progress.
- Future outlook: Net sales in 2026 are expected to increase and the comparable operating profit to improve on 2025.
| Key financial ratios | |||||
| 1-3/26 | 1-3/25 | Change, % | 1-12/25 | ||
| Sales, MEUR | 6.3 | 6.0 | 3.8 % | 29.5 | |
| Operating profit/loss, MEUR | -0.8 | -0.7 | -21.9 % | -0.6 | |
| Comparable operating profit/loss, MEUR | -0.8 | -0.7 | -16.1 % | -0.1 | |
| Profit before tax, MEUR | -1.0 | -0.9 | -11.2 % | -1.3 | |
| Total comprehensive income for the period, MEUR | -1.1 | -0.9 | -23.2 % | -1.1 | |
| Earnings per share, Euro | -0.02 | -0.01 | -0.02 | ||
| Net cash flow from operating activities, MEUR | -0.6 | -0.8 | 2.9 | ||
| Comparable operating profit/loss, % | -12.8 | -11.4 | -0.4 | ||
| Equity ratio, % | 45.1 | 49.4 | 48.6 | ||
| Net indebtness ratio, % | 76.7 | 66.8 | 66.1 | ||
| Return on investments, % | -12.6 | -9.9 | -2.0 |
Comments by Heikki Vauhkonen, Managing Director:
Net sales in the first quarter increased slightly on the previous year but remained at a low level due to the seasonal nature of the industry. The weak profitability was due to low volumes and the composition of sales.
Low consumer confidence and the continued general uncertainty in the main market areas led consumers to postpone renovation and new construction projects. On the other hand, higher energy prices have increased consumers’ interest in the economic benefits of wood heating, and the greater energy self-sufficiency wood offers. The company’s order intake for the first quarter was EUR 6.8 (7.8) million.
Business operations in Russia were discontinued during the review period and operations there ended on 1 April 2026.
During the review period, Tulikivi advanced its strategic projects as planned. These projects include growing the share in the Central European fireplace market, increasing the net sales of the sauna business, modernising the enterprise resource management system and processes, and advancing the Suomussalmi talc project to the investment stage.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Central European consumers prefer products in the stove-size range, and the new collection enables Tulikivi to reach new customer groups. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were approximately 460 dealer locations. The popularity of the Jero collection has continued to grow thanks to positive customer experiences.
In the sauna business, the launch of the new Kevo electric sauna heater collection was continued by establishing partnerships with new retailers both in Finland and internationally. Product development in the sauna business focused on preparing for the launch of sales in North America by carrying out the tests required under UL safety standards. The aim is to launch sales during 2026. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot. These product features also offer growth opportunities in the North American sauna market.
Overall, the Suomussalmi talc project has progressed well. After the review period, the Finnish Supervisory Agency gave public notice on 2 April 2026 of the environmental and water management permit application for the Suomussalmi talc project. Tulikivi is applying for a permit under the Environmental Protection Act for the utilisation of talc deposits, for a talc enrichment plant, for talc grinding, for the establishment of new waste rock areas adjacent to the existing waste rock area, for the disposal of tailings and for the delivery of tailings for further processing.
TULIKIVI CORPORATION
Board of Directors
Distribution: Nasdaq Helsinki, key media, www.tulikivigroup.com
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
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