Vincit Plc’s Business Review 1 January–31 March 2026: Adjustment measures continue, scaling of AI solutions progresses

Vincit Plc

Company announcement April 22, 2026 at 9:00 EEST

Vincit Plc’s Business Review 1 January–31 March 2026: Adjustment measures continue, scaling of AI solutions progresses

This release is a summary of Vincit's Business Review 1 January–31 March 2026. The complete report is attached to this release and is available on the company's website at https://investors.vincit.com/en.

Figures in brackets refer to the corresponding period of the previous year, unless otherwise stated. Percentages and figures presented in this business review may include rounding differences and therefore may not exactly match the totals presented.

January–March 2026

• Revenue was EUR 16.4 (19.4) million. Revenue declined by EUR 3.0 million, or 15.2%.
• Adjusted EBITA was EUR 0.3 (0.3) million, or 1.8% (1.5%) of revenue.
• EBITA was EUR -0.2 (-0.2) million, or -1.5% (-0.8%) of revenue.
• EBIT was EUR -0.4 (-0.2) million, or -2.3% (-1.2%) of revenue.
• Items affecting comparability were EUR -0.5 (-0.4) million.
• Earnings per share were EUR -0.02 (-0.04).
• Total capacity (FTE) averaged 481 (598) over the reporting period, of which subcontracting was 32 (42).
• At the end of the review period, the Group employed a total of 490 (605) people.

Outlook for 2026 (unchanged)

The 2026 adjusted EBITA margin is expected to improve from the previous year.

Financial targets for the strategy period 2025–2027

The Board of Directors of Vincit Plc approved on December 18, 2024 the company’s updated financial targets for 2025-2027.

• Adjusted EBITA margin of 10 percent of revenue by 2027
• In 2025, the goal is to stabilize the business, and in 2026-2027 the target is 10 percent organic revenue growth
• Strengthen the chosen business areas through acquisitions
• Equity ratio above 50 percent and net debt-to-EBITDA ratio below two

Vincit’s dividend policy remains unchanged and the company aims to distribute at least 30 percent of the annual net profit as dividends.

Key figures

Vincit CEO Julius Manni

In the first quarter of 2026, Vincit's revenue decreased by 15% year-on-year to EUR 16.4 (19.4) million. Adjusted EBITA remained at the comparison period's level of EUR 0.3 million but improved to 1.8% (1.5%) of revenue. Customer activity levels are on the rise, but like previous quarters, sales cycles remain long, and customers are prioritizing cost-saving and efficiency measures over new investments.

We continued to adapt to rapid market changes and conducted change negotiations in Finland, which resulted in the termination of 21 employment contracts. Overall, during the beginning of the year, Vincit's headcount has been streamlined by around 40 people across the entire organization. For the rest of the year, turning around the revenue decline is our top priority.

We have continued to strengthen our position as a pioneer in AI-driven custom software development. We currently observe an interesting dichotomy in the market: while large organizations are still contemplating changes to their operating models, more agile companies are already daring to fully leverage the opportunities brought by AI.

On the other hand, our larger clients have begun to take more purposeful steps in agentic business process automation, which seamlessly integrates with our broader SAP ERP and Commerce implementations. Our credibility as an AI partner is further strengthened by our recent ISO 42001 AI certification. This international standard demonstrates that we operate in accordance with the industry's best and most responsible practices.

The beginning of the year also brought significant recognition for Vincit when Edilex AI, developed in collaboration with Alma Media, won Finland's most prestigious digital competition, Grand One, in the Best Use of AI category. In addition, our client projects were nominated in several other categories, and we were among the top five finalists in the Company of the Year category, out of hundreds of companies. This is a great indication of Vincit's renewal and ability to help its customers create world-class digital services.

I want to thank our customers for their trust and all Vincitizens for their dedication – we are now building a Vincit that is ready to meet the opportunities brought by AI and the market recovery.

Resolutions of Vincit Plc’s Annual General Meeting 2026 and Organization of the Board of Directors

The Annual General Meeting of Vincit Plc was held on Wednesday, March 25, 2026 at 1 pm EET. The General Meeting adopted the financial statements for the financial year 2025 and discharged the members of the Board of Directors and the CEO from liability for the financial year 2025. The General Meeting decided that no dividend be paid from the company's distributable funds for the financial year 2025.

The number of members of the Board of Directors was confirmed to be five. Current Board members Mikko Kuitunen, Veera Siivonen and Matti Copeland were re-elected to the Board of Directors, and Ilkka Laurila and Kaarina Ståhlberg were elected as new members.

The General Meeting decided that the remuneration of the Board of Directors remains unchanged. Chairman of the Board of Directors will receive EUR 48,000 a year, the possible Vice Chairman EUR 36,000 per year and the other members of the Board of Directors EUR 24,000 each per year. A meeting fee of EUR 800 per meeting will be paid to the Chair for meetings of the Board committees. The committee members’ meeting fee is EUR 500 per meeting. In addition, the members of the Board of Directors are reimbursed for reasonable travel and other expenses for meetings.

In addition, the General Meeting decided that the compensation of the Chairman of the Board, the possible Vice Chairman of the Board, and other members of the Board be paid once a year, with 50% of the annual remuneration being paid in Vincit Plc shares held by the company or, if this is not possible, in Vincit Plc shares acquired from the market, and 50% being paid in cash. The shares will be transferred to the Chairman of the Board of Directors, the possible Vice Chairman, and the members, and if necessary, acquired on the market directly on their behalf by the end of the financial year.

The committee members' meeting fees shall be paid in cash.

KPMG Oy Ab, member of the Finnish Institute of Authorized Public Accountants, was appointed as auditor of the company, with Miika Karkulahti, APA, as chief auditor. The auditor shall be remunerated according to an invoice approved by the Company.

The Annual General Meeting authorized the Board of Directors to resolve on the issuance of shares, option rights and other special rights entitling to shares as referred to in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act in one or several tranches as follows:

A maximum of 2,500,000 shares (including shares issued based on special rights) may be issued based on the authorization, which corresponds to approximately 15% of the company’s current share capital.

The Board of Directors will decide on the issuance of shares, option rights and other special rights entitling to shares. The authorization includes the right to resolve to issue new shares or to transfer own shares held by the company. Shares, option rights and other special rights entitling to shares can be issued deviating from the shareholders’ pre-emptive subscription right (directed issue).

The authorization is valid until June 30, 2027, and it revokes all previous unused authorizations to resolve on the issuance of shares, option rights, and other special rights entitling to shares.

The Annual General Meeting authorized the Board of Directors to decide on repurchasing and/or accepting the company’s own shares as pledge under the following conditions:

A maximum of 1,000,000 shares may be repurchased and/or pledged, which corresponds to approximately 6% of the company’s current share capital. The shares will be purchased in public trading organized by Nasdaq Helsinki Ltd on the Nasdaq First North Growth Market Finland marketplace at the market price at the time of purchase. Own shares may be repurchased deviating from the pro rata holdings of shareholders. The repurchase of shares reduces the company's distributable unrestricted equity. The Board of Directors decides how the shares will be repurchased and/or accepted as a pledge.

The authorization is valid until June 30, 2027, and it revokes all previous unused authorizations to repurchase own shares.

Annual General Meeting approved amendment of the Shareholder’s Nomination Committee's Rules of Procedure. It was decided that the largest shareholders of the company entitled to appoint members to the Shareholder’s Nomination Committee be determined annually based on the ownership data registered in the company's shareholder register maintained by Euroclear Finland Oy on the last business day of May (currently the last business day of August) or based on ownership data separately presented by nominee-registered shareholders.

The Nomination Committee shall submit its proposals to the Board of Directors annually so that they can be included in the notice of the General Meeting and, at the latest, by January 31 (currently January 15) preceding the Annual General Meeting.

At the organizing meeting arranged after the General Meeting, the Board of Directors elected Mikko Kuitunen as its Chair.

Ilkka Laurila (Chair), Mikko Kuitunen and Matti Copeland were elected as members of the Audit Committee.

Matti Copeland (Chair), Kaarina Ståhlberg and Veera Siivonen were elected as members of the Personnel Committee.

Significant events during the review period

Directed share issue related to the long-term incentive plan for Vincit Plc’s key personnel and the result of the share issue

On December 18, 2025, Vincit Plc's Board of Directors resolved on a directed share issue related to the long-term incentive plan 2024–2026, based on the authorization granted by the Annual General Meeting on March 26, 2025. A maximum total of 90,000 new shares in the company were offered for subscription by the management team members and key employees participating in the program, deviating from the shareholders’ pre-emptive right of subscription.

The subscription price was EUR 1.29 per share, based on the trade volume weighted average quotation of the share on Nasdaq Helsinki Ltd between November 1, 2025, and November 30, 2025. The subscription period for the shares was December 22, 2025, to January 11, 2026. The Board of Directors has approved the subscription of a total of 37,330 new shares in the share issue to key employees. The total subscription price of the shares is EUR 48,155.70. The shares subscribed for in the share issue to key employees represent approximately 0.2% of the company's shares and votes. A total of four (4) key employees of the company subscribed.

The new shares accepted in the share issue were registered in the Finnish Trade Register on January 28, 2026, and admitted to trading on Nasdaq First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Ltd on January 29, 2026. After the registration of the new shares in the Finnish Trade Register, the total number of shares in the company is 16,989,869.

Change in Vincit Plc’s Leadership Team

Vincit announced on 20 January 2026 that Jens Krogell, Deputy CEO and Chief Growth Officer at Vincit Plc, has resigned from his position to pursue new challenges outside the company. He served at the company until January 31, 2026. The responsibilities of the Chief Growth Officer are divided between the company's CEO, Julius Manni, and the rest of the Leadership Team.

Change negotiations

Vincit announced on March 4, 2026, that it would initiate change negotiations in accordance with the Act on Co-operation in Undertakings. The change negotiations concerned Vincit's billable personnel in its service business at all Finnish locations and as a result of them, employment of 21 Vincit employees was terminated. In addition, due to voluntary resignations during the first quarter, the number of personnel has decreased by approximately 40 employees. The change negotiations resulted in one-off costs of around 0.4 MEUR, which were recorded as items affecting comparability in the first quarter of 2026.

Revision to Vincit Plc's financial reporting schedule in 2026

Vincit changed the publication dates for the company's January–March interim report, half-year report, and January–September business review for 2026. The change was due to a reorganization of the meeting schedule. The updated financial reporting calendar can be found in the section "Financial reporting in 2026" of this review.

Financial calendar in 2026

In 2026, Vincit will publish financial information as follows:

• Half-year Report for January–June on Tuesday, July 14, 2026, at around 2:00 pm EEST
• Business Review for January–September on Wednesday, October 21, 2026, at around 2:00 pm EEST

The reports will be available on the company’s website investors.vincit.com immediately after publication.

In Helsinki, 22 April, 2026

VINCIT PLC 

Board of Directors

Additional information

Vincit Plc, CEO Julius Manni, phone: +358 50 424 3932

Certified advisor: Aktia Alexander Corporate Finance Oy, phone: +358 50 520 4098

Vincit Plc in brief

Vincit turns digital into business results by combining leading enterprise platform, tailored solutions, human-centered design and AI. Vincit Plc’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.vincit.com