Wetteri Oyj: Wetteri Plc financial statements bulletin for the financial year 1 January to 31 December 2025
Wetteri Plc
Stock exchange release
12 March 2026 at 10 a.m.
Wetteri Plc financial statements bulletin for the financial year 1 January to 31 December 2025
Revenue remained stable, while the challenging operating environment weighed on profitability
This is a summary of Wetteri Oyj's financial statements bulletin. The financial statements bulletin is attached in its entirety to this summary and can be read on the company's website at www.sijoittjat.wetteri.fi/en.
The key figures and information presented in the summaries for the 2025 and 2024 financial years only include the Group's continuing operations.
Summary of the review period 1 October to 31 December 2025
- The Group's revenue was EUR 102.4 million (EUR 101.2 million), with an increase of 1%
- Adjusted EBITDA was EUR 0.3 million (EUR 3.0 million)
- The adjusted operating profit was EUR -3.7 million (EUR -0.5 million)
- The operating profit was EUR 4.9 million (EUR -2.1 million)
- The profit for the review period amounted to EUR 3.3 million, driven by the sale of the heavy equipment maintenance operations in Kajaani and Joensuu in October 2025
- The revenue of the Passenger Cars segment increased by EUR 2.0 million (3%) year-on-year
- The revenue of the Maintenance Services segment decreased by EUR 1.9 million (-8%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 1.3 million (1%) year-on-year
Summary of the financial year 1 January to 31 December 2025
- The Group's revenue was EUR 434.1 million (EUR 447.3 million), with a decrease of 3%
- Adjusted EBITDA was EUR 8.9 million (EUR 13.1 million)
- The adjusted operating profit was EUR -6.4 million (EUR -0.8 million)
- The operating profit was EUR -4.5 million (EUR -5.9 million)
- The profit for the financial year amounted to EUR 4.3 million, driven by the sale of Wetteri Power Oy in January 2025 and the sale of the heavy equipment maintenance operations in Kajaani and Joensuu in October 2025
- The revenue of the Passenger Cars segment decreased by EUR 16.5 million (-5%) year-on-year
- The revenue of the Maintenance Services segment decreased by EUR 5.7 million (-6%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 9.3 million (50%) year-on-year
- The financial position improved significantly: interest-bearing liabilities decreased by a total of EUR 43.5 million, and the equity ratio strengthened to 21 percent. At the end of the financial year, outstanding bank loan repayments amounted to EUR 4.1 million.
Outlook for 2026
Revenue is expected to grow from the previous year, and the adjusted operating profit is expected to grow and turn profitable.
Key performance indicators
| EUR thousand | 1 Oct to 31 Dec 20251 | 1 Oct to 31 Dec 20241 | Change | 1 Jan to 31 Dec 20251 | 1 Jan to 31 Dec 20241 | Change |
| Revenue | 102,433 | 116,765 | -12% | 434,057 | 514,519 | -16% |
| EBITDA | 9,376 | 2,629 | 257% | 12,787 | 17,638 | -28% |
| EBITDA, % of revenue | 9% | 2% | 3% | 3% | ||
| Adjusted EBITDA2 | 295 | 3,643 | -92% | 8,874 | 20,663 | -57% |
| Adjusted EBITDA, % of revenue | 0% | 3% | 2% | 4% | ||
| Operating profit (loss) (EBIT) | 4,892 | -1,847 | - | -4,538 | -188 | - |
| Operating profit (loss), % of revenue | 5% | -2% | -1% | 0% | ||
| Adjusted operating profit2 | -3,673 | -302 | - | -6,393 | 5,088 | -226% |
| Adjusted operating profit, % of revenue | -4% | 0% | -1% | 1% | ||
| Profit (loss) before tax | 2,936 | -4,715 | - | -13,764 | -12,063 | - |
| Profit (loss) before tax, % of revenue | 3% | -4% | -3% | -2% | ||
| Profit (loss) for the period | 3,343 | -3,873 | - | 4,267 | -7,139 | - |
| Profit (loss) for the period, % of revenue | 3% | -3% | 1% | -1% | ||
| Earnings per share from continuing operations, basic (EUR) | 0.02 | -0.02 | -0.07 | -0.10 | ||
| Earnings per share from continuing operations, diluted (EUR) | 0.02 | -0.02 | -0.07 | -0.10 | ||
| Earnings per share, basic (EUR) | 0.02 | -0.02 | 0.02 | -0.05 | ||
| Earnings per share, diluted (EUR) | 0.02 | -0.02 | 0.02 | -0.05 | ||
| Return on equity (ROE), % | 35% | -45% | -30% | -30% | ||
| Return on investment (ROI), % | 3% | -18% | -16% | -15% | ||
| Equity ratio, % | 21% | 15% | 21% | 15% | ||
| Liquidity, % | 85% | 74% | 85% | 74% | ||
| Average number of personnel during the review period | 776 | 974 | 803 | 1,016 | ||
| Invoiced sales of new passenger cars (pcs) | 918 | 782 | 3,837 | 3,472 | ||
| Invoiced sales of used passenger cars (pcs) | 1,703 | 1,835 | 8,950 | 9,082 | ||
| Invoiced sales of used commercial trucks (pcs) | 112 | 122 | 423 | 406 | ||
| Orders: new passenger cars (pcs) | 1,001 | 974 | 4,138 | 3,647 | ||
| Passenger cars: order backlog at the end of the period | 44,318 | 36,606 | 44,318 | 36,606 | ||
| Passenger car repair shop: hours sold | 94,514 | 87,859 | 354,568 | 349,404 |
1The financial performance figures for the 2025 and 2024 financial years include both the Group's continuing and discontinued operations unless the name of the key figure indicates otherwise. The training business operations sold in the first half of 2024 and the subsidiary Wetteri Power Oy, sold at the beginning of 2025, are presented as discontinued operations in the financial statements bulletin. Correspondingly, the income statement items of the discontinued operations are presented in the consolidated income statement for the financial year as part of the profit (loss) of the Group's discontinued operations, separately from the income statement items of the Group's continuing operations.
2The adjusted EBITDA and operating profit do not take items affecting the comparability of the Group's EBITDA and operating profit into account, such as expenses arising from reorganisation and other significant non-recurring items, as well as amortisation of the fair value of assets recognised on the balance sheet by means of acquisition calculations. The purpose of the adjusted EBITDA and operating profit is to improve the comparability of the Group's EBITDA and operating profit between periods. The reconciliation of the adjusted EBITDA and operating profit is presented on page 21 of the financial statements bulletin.
CEO Pietu Parikka's review
"In 2025, the automotive market remained challenging, driven by factors such as weak consumer confidence and overall economic uncertainty. Despite the market environment, our revenue from continuing operations remained stable at EUR 434.1 (447.3) million for the financial year. In the final quarter of the year, our revenue from continuing operations increased year-on-year to EUR 102.4 (101.2) million. The exceptionally challenging market environment, together with measures aimed at improving operational efficiency, weighed on profitability particularly in the final quarter of the year. The adjusted EBITDA for October-December was EUR 0.3 (3.0) million, and the adjusted operating result was EUR -3.7 (-0.5) million.
Overall, 2025 was a year of rebuilding for Wetteri. During the financial year, we strengthened our financial position and built a foundation for profitable growth. The measures introduced as part of the strategy update began to be reflected in our operations towards the end of the year.
In the Passenger Cars segment, 2025 was a year of mixed developments. The revenue remained stable and grew in the last quarter of the year, but the challenging market situation weighed on profitability. In Finland as a whole, first registrations decreased by 3% from the previous year and as much as 11.7% in December. Wetteri's new car sales improved despite the challenging market situation, and order and invoicing volumes increased year-on-year. In the final quarter of the year, the invoiced sales of new cars were 17% higher than in the comparison period, and our order backlog was EUR 7.7 million higher than a year earlier as we entered 2026. New locations, the expansion of brand representation to new locations and attractive model updates boosted the sales of new cars.
In the used car business, the competitive environment remained tight throughout the financial year, affecting both demand and pricing and weakening profitability. In 2025, we carried out extensive measures to optimise our used car inventory and developed our business models to better respond to changes in the market. Due to the market situation, the optimisation measures extended into the final quarter by repricing slow-moving items, for example. Towards the end of the year, we were already seeing clear signs of the effectiveness of the measures: our inventory turnover improved by around 24% compared with the previous year and the average age of the inventory began to decline. Entering 2026, our stock was appropriately priced and rotating efficiently, providing a solid foundation for business growth.
In the Maintenance Services segment, profitability remained stable in the final quarter of the year despite the decline in revenue. The decline in revenue was primarily driven by the transfer of the heavy equipment business in Joensuu and Kajaani to Raskone as of 1 October 2025. At the beginning of the quarter, the workload was at a good level, and we succeeded in scheduling and resourcing the work effectively. December is typically a challenging month for maintenance services due to the high number of public holidays. Overall, the improvement in profitability in the last quarter was a good achievement.
The Heavy Equipment segment's net sales developed favourably in the last quarter of the year, amounting to EUR 7.8 (6.5) million. Full-year revenue in 2025 increased by 50% from the previous year and totalled EUR 27.7 million.
During 2025, we updated our strategy, reorganised our business operations and streamlined our operating models, building a foundation for future profitable growth. We decided to further strengthen our strategic focus on the passenger car business and allocate resources to those business areas and brand representations that most effectively support improved profitability. Our updated strategy, published in November 2025, focuses on profitable growth in the brand business, doubling sales in the used car business and further improving the employee and customer experience.
Preparation for the new strategy period was also reflected in the development of our financial position. During 2025, we systematically reduced capital tied up in business operations: our interest bearing liabilities decreased by a total of EUR 43.5 million, and our equity ratio improved to 21%. At the end of the financial year, the outstanding bank loan repayments amounted to EUR 4.1 million.
Thanks to changes in business organisation and operating models, as well as measures to improve profitability, our financial position is developing in the right direction. In early 2026, we have already seen good development in all our business areas, which indicates the effectiveness of the measures taken during the second half of 2025. I would like to thank the Wetteri personnel, our customers, and our partners for the year 2025!"
Estimate of future developments in the industry and the company
For 2026, the automotive sector forecasts a moderate increase of 6 percent in new passenger car registrations, corresponding to approximately 80,000 vehicles. Registrations of vans are expected to grow by around 3 percent, which would mean roughly 11,000 first-time van registrations.
Registrations of new passenger cars are being boosted by factors such as the ongoing scrappage incentive and reductions in earned income taxation. The scrappage incentive programme has started off well given the current economic environment. In addition to the scrappage incentive, another significant factor supporting the automotive market is the extension of the tax incentive for fully electric company cars until the end of 2029.
Wetteri published its updated strategy in November 2025. The strategy focuses on redefining business priorities and reviewing regional service and product portfolios. During the 2026-2028 strategy period, Wetteri will allocate resources to those business areas and brand representations that most effectively enhance profitability in a challenging market environment. The four strategic priorities are profitable growth in brand-driven business, doubling used car sales, delivering excellent customer experience, and attracting and retaining top industry talent.
The company is currently focused on strengthening profitability and building a solid foundation for future growth. Wetteri does not base its targets on industry market forecasts; however, any market growth that materialises will support the achievement of its objectives. New locations opened during the previous strategy period, the expansion of brand representations into new regions, and attractive model updates among the brands represented by Wetteri are all contributing to the positive development of new car sales.
The Board of Director's proposal for measures concerning the profit for the financial year
The distributable funds of Wetteri Plc, the parent company, are EUR 64.0 million, including the profit for the financial year (EUR 0.1 million). The Board of Directors proposes to the Annual General Meeting that no dividend be distributed from the result for the financial year, and that the result for the financial year be transferred to retained earnings.
Annual General Meeting 2026
The Annual General Meeting is scheduled to be held on Wednesday 27 May 2026. The notice of the meeting will be issued separately by the company's Board of Directors at a later date.
Disclosure of financial information in 2026
In 2026, Wetteri Plc will publish the following financial reports:
· Financial statements bulletin 2025, Thursday 12 March 2026 at 10 am
· Interim report for January-March, Thursday 21 May 2026 at 10 am
· Half-year report for January-June, Thursday 20 August 2026 at 10 am
· Interim report for January-September, Thursday 19 November 2026 at 10 am
Oulu 12 March 2026
Wetteri Plc
Board of Directors
Further information:
Pietu Parikka, CEO, Wetteri Plc
Tel. +358 50 344 2886, pietu.parikka@wetteri.fi
Maria Halttunen, CFO, Wetteri Plc
Tel. +358 50 325 4370, maria.halttunen@wetteri.fi
Webcast on 12 March 2026 at 1 pm
Wetteri will hold a webcast for investors, analysts and the media on 12 March 2026 at 1 pm. During the webcast, Pietu Parikka, CEO of Wetteri Plc, and Maria Halttunen, CFO of Wetteri Plc, will discuss the company's performance in 2025 and the market outlook for the automotive sector. The webcast can be followed at https://wetteri.events.inderes.com/q4-2025
Wetteri Plc - A car dealership from the north, across Finland
Wetteri Plc is a full-service car dealership with more than 60 years of history in the Finnish car trade. Its business consists of three segments: passenger cars, maintenance services and heavy equipment. The company has grown from a local car dealership in Oulu into a national operator with 19 locations in Finland. Wetteri employs around 800 automotive professionals. Our goal is to deliver unrivalled car trade services and to be an excellent partner for our customers throughout the entire automotive life cycle. We are a key player in the Finnish car market on the journey towards zero-emission driving. Wetteri is listed on Nasdaq Helsinki. More information: sijoittajat.wetteri.fi/en/.
Distribution:
Nasdaq Helsinki
Key media
sijoittajat.wetteri.fi/en/