Good morning, everyone, and welcome to join Talenom's Q3 review 2026. My name is Juho Ahosola, and I'm the CEO of Talenom, and with me here today is, as usually, our CFO, Matti Säkkinen.

Good morning, everyone, and welcome also on my behalf.

Thank you. Let's kick off.

Here is the agenda for this today's review. I will start with a short brief about Talenom, if we have some new investors online, and then I will comment highlights of review period, as well as our development during this review period, Q3.

Then after me, Matti will comment financial performance in a bit more detailed level, as well as outlook and guidance. At the end of this session, there's time for questions as well.

Let's then start. A couple of comments about Talenom, if we have some new investors online, comments about post-demerge Talenom.

What is Talenom, what do we do? We are a service company, first of all.

We are providing financial management services, such as accounting, payroll, and consulting services, and our mission is to help entrepreneurs succeed. We are operating in three countries: in Finland, Sweden, and Spain as well.

We combine in our growth both organic growth and then selective acquisitions. Our approach as a company is to combine strong local expertise, strong local ownership with scalable One Talenom concept.

We also want to use best-in-class digital solutions, technologies, software, and AI as well. That's our way to create value for our clients, and then also for owners.

Then if we look briefly in our products or services or revenue streams from investor perspective, starting from our core services. Our core services are accounting, payroll, and account receivable services.

These services are almost completely recurring, revenue that comes from these services is recurring. In addition to these core services, we also have different kind of value-added services, a large range of these.

There we could mention, for example, HR services, or legal services, or BI services. These value-added services, they are important also for two reasons, basically: from revenue perspective, we see there are a lot growth opportunities; and then they are also supporting our customer experience.

Then in all our operating countries, we have also industry-specific teams and solutions for our clients. That's our service portfolio.

Then a short comment about markets that we operate. Basically, the market structure in all our operating countries is pretty similar.

There's high fragmentation, a lot of small companies, small players. Then we can also recognize this consolidation trend in all our operating countries.

Then if we look into our market shares in these three countries, starting from Finland, our market share is roughly 5%, and market size €1.4 billion. In Sweden, slightly bigger market, and our market share is roughly 1%.

In Spain, as we can see, this size of the bubble illustrates the size of the market, massive market, and then market share 0.1%, quite remarkable growth opportunities. We are not looking to expand to new countries in the near future, and basically reason is here that in all countries, including Finland where we have a long history, we have really massive growth opportunities.

That's what we do. That's our services summarized and markets where we operate.

Let's then move into this review period and comments about that. A couple of highlights about Q3.

This was quite solid performance from Talenom team, I would like to say. We progressed well with our strategy, and things are going pretty much as planned right now.

What it comes to figures, our group sales that grew a bit, and then comparable EBITDA improved in all our operating countries, which is really positive. Then short comments about countries, starting from Finland.

From Finnish team, really good performance, especially profitability-wise, strong profitability. This Finland strong profitability and cash flow creates really solid foundation for the whole group, as we know.

In Sweden, our most important goal for this year is to improve profitability, create profitability turnaround. As we can see from figures, it's going the right direction and progressing as planned.

We are really happy with development profitability-wise in Sweden, and team Sweden has done really good work here. In Spain, we have continued our acquisition-driven growth, and profitability is also now step-by-step developing into right direction.

Then also worth mentioning that during the review period and also here in Q4, we are really focusing on AI, and we can see that that creates a lot of good opportunities for us to create even more client value. I will comment that a bit later.

Overall, quite solid performance from the team, I would like to say. Then comments about our focus areas.

We have named three focus areas for this year '26: first of all, implementation of the new strategy, as we have finalized this demerge with Easor in early March, since then, we have been working as an independent company and implementing our strategy in all our countries; then also super important, improving profitability in Sweden and Spain, that's our second focus area; and third one is implementation of growth strategy, working with growth in all countries. Then comments about these areas.

First starting from strategy implementation, I would like to say that no big news from here. We are making good progress with strategy.

Two main components basically here is One Talenom concept, we are implementing that across all teams at Talenom; and then we are also working a lot around this our software-neutral strategy in all countries. No big news this time, things are going pretty much as planned, strategy-wise.

Then what it comes to profitability in Sweden and Spain, starting from Sweden, profitability trend is right, and we have continued actions with profitability, and it's developing definitely to the right direction. Our Swedish team has done really good job around this.

Overall, the situation is that churn-wise, we are really happy with the development, and churn is now reaching or is at sustainable level, and we are happy with that. Now we want to focus more on sales and creating growth through sales, and we have also made some organizational changes there to support our growth.

Overall, we are happy with this profitability development, and with growth, we are working extremely hard in Sweden. Spain, we are going to the right direction.

Profitability improved slightly, and what is challenging us is still these integration costs and higher software costs for this 2026. We have a plan how to reduce these integration costs.

As we know the history in Spain, we have conducted quite many acquisitions in short period of time, and because of that, we have a lot of this integration costs in, but we have a plan how to reduce those, and we are working with that, and now we can see that development profitability-wise is right. Also want to highlight that we see really great potential in Spanish market over time, as well as in Sweden, of course.

Then third point, implementation of growth strategies. A couple of comments from here.

Of course, we have been working a lot around systematic sales and marketing efforts, and also leveraging AI in marketing and sales. Then also this software strategy, that's pretty important for us, and we can see, I would like to say that quite promising results there with this new software-neutral strategy.

These are basically the main elements that we are working with growth right now. Overall, this strategy progress or how it's going with these three components, I would like to say that pretty much as planned, and no big news this time from strategy field.

Then last comment what it comes to our operations and actions is about AI, and we were thinking that this is important to open for investors, as well how we think in terms of AI. Talenom has a long history as a digital frontrunner in our field, and we have always used best tools, technologies, software, and we have a long history in this digital frontrunnership, to say.

Of course, AI is important for Talenom and important part of our strategy, and we can see that we can leverage it in multiple ways: first of all, in our everyday work, we have quite many people at Talenom helping our clients, in that our everyday work, we can use it in multiple different ways; then secondly, as we know, there's different processes in this work, and we can use AI there as well in pretty many ways; and last but not least, creating new customer value, like how we prepare meetings, what kind of reporting we can do for our clients, there's several ways to use AI in good ways and to create customer value. What is the important thing or most crucial element what it comes to AI is that our customer need has not changed.

For a long time, our clients hasn't been paying for this routine work or manual accounting or payroll work. It's about that peace of mind, someone takes care, someone takes responsibility, anticipation what it comes to future, elements like that.

It's not about manual work, and this is why our clients choose us. When we are acquiring new clients, they come to Talenom because of this, not because of that manual work, and we believe that this need will remain the same, and our clients need someone who really looks after, helps them, looks towards the future, and creates with that service that peace of mind, and AI can support us in this customer need.

Then short comment about our financial figures. What it comes to net sales, that increased a bit, 3.6%, and then EBITDA, it was relatively strong during this review period, and that increased 19.6%, and as well as this operating profit improved to the right direction.

Matti will comment now financial figures in a bit more detailed level, and then it's time for questions. Thank you at this point.

Thanks, Juho. Let's jump to financial key figures, and I will focus on comparable figures and also the continuing operations.

Let's start with group's comparable net sales. Our net sales was €25.4 million, and growth was 3.6%.

We had positive growth in Finland and Spain, and in Sweden, we had negative growth. Our comparable EBITDA was €5.8 million, and this improvement was almost 20%.

The quarter's profitability was strong, and I'm happy to say that we improved all this profitability in all our operating countries. Operating profit development was in line with the EBITDA development.

We had only small increase in our depreciation level, and operating profit was €2.2 million, and improvement there was 55%. Now we jump to country-specific key figures, and we start with Finland.

In Finland, our growth was 2%, and net sales was €16.2 million. This growth was totally organic, and during Q3, we didn't see any significant changes in this general economic environment compared to the previous quarter.

We still see positive news for this market overall, and we hope that this will impact also to the activity level of the companies. Of course, it would open more growth opportunities for us also in the future.

Despite this low revenue growth in Finland, our comparable EBITDA increased. It was €5.4 million, and improvement was over 10%.

During the year, we have actively managed our cost level with this challenging growth environment, and of course, happy to see this strong profitability in Finland in Q3. Then we go to Sweden.

In Sweden, our growth was -10.4%, and it was approximately at the same level with H1. Net sales was €3.9 million.

This high churn level in 2025 is still impacting to this our net sales development, and this good thing is that, as Juho said, we have now stabilized our customer churn into acceptable level, and now we are more and more focusing to sales activities, and we expect that it will support our growth in the future. Despite negative growth in Sweden, our comparable EBITDA improved well.

It was €0.1 million. This has been one of our high priority in Sweden during this year, and very happy to see this positive trend is continuing at the moment.

We still are on the track to achieve positive EBITDA this year in Sweden. Spain, in Spain, we had the strongest growth.

It was 23%, and we ended up to €5.4 million net sales. We have made five acquisitions after the comparison period, and this growth came mainly from these acquisitions.

New customer acquisitions continued also steady performance, and it will support our growth in the future. Spain's comparable EBITDA was €0.3 million, and it went forward slightly.

These integration costs and also higher software costs are slowed down our profitability improvement, but we continue our efforts around these profitability improvement actions and also implement this One Talenom concept, and we expect that we can improve our profitability step-by-step in the future. Now let's look at our outlook and guidance.

Our guidance for 2026 is unchanged. We expect that net sales will be between €110 and €120 million, and comparable EBITDA will be between €18 and €22 million.

Now it's time for the questions.

That's a good question. I think here it's important where the client value comes from.

Basically, for those accounting offices who are invoicing hourly-based from manual work and manual accounting, manual payroll, it's not about service, I think those players will be in quite remarkable challenges with AI. For us, I think it's about the client value that we create, and I want to emphasize that now when clients choose us, they are not thinking about how we do or what is the way to do that manual work.

It's about that client value, anticipation, future orientation, basically the value that we create for our clients. Of course, what it comes to this manual work, there will be price pressures in this industry, and it's more shifting towards what kind of value we create for our clients.

We believe that we, as a digital frontrunner, have a really good and solid position here, and at the same time, we have already for quite many years been going to this direction, and it's not new for us that way. Yes, answer to question, for manual work, definitely.

Yeah.

No, we don't have such a plans now, and we are working hard around growth. As we can see from the figures, profitability is definitely going to the right direction, and we are happy with that.

Churn-wise, we are in good position, and team has done really good work,

now we're focusing more and more in sales, and we have made some changes also around that to support that future growth. Yeah.

Good question. I could comment and then maybe you could then combine.

If we are looking our investments recently or during couple of past years, we have invested most in Spain with acquisitions basically. I think we are not that massively investing in Sweden.

We are more like running that business there, and those costs are mostly in P&L, but maybe, Matti, you could.

Yes, and of course, we are all the time estimating that what are the best country to invest and also where are the best profit for the our investments.

That's what we are doing all the time, thinking what kind of investments create most value for our owners in long run.

Exactly.

Good question, and we will report our cash flow in the financial statement release.

I think we are doing sales, and of course, we are investing that way in sales and marketing, and we also in the future want it to be that way that we have a foundation where we can grow. Of course, we are doing things around sales and marketing in all our operating countries, because we want that over time we are having organic growth in all countries.

Yeah.

big picture, I could comment first. Because we are integrating those to Talenom and we have centralized support functions, it's a bit challenging to say it that way, but, Matti, do you have something?

As we have commented that we have a little bit some double costs after this integrations, and we are all the time going forward with this cost level, and all the time we believe that with this hard work around this One Talenom concept, we will also improving our profitability in all units and offices.

Definitely, and still for us, Spain is super attractive market because of this low digitalization, and we see a lot of potential there, and we can also see that these elements that we are working with, they are working in team level. As said, of course, because we have this centralized functions and then we have this integration costs, it's a bit hard to answer that specific question.

good question. We have improved our processes in Spain, and we really believe that we have good trust for the future in terms of accounts receivable management.

Overall in Spain, of course, as we have been integrating, we have at the same time building multiple processes. This work that we are now doing in terms of integrations and building these processes, it creates a solid foundation for the future, which is important as we want to grow in Spain.

I think we have been doing selective acquisitions, we want always to find good acquisition targets, and it's also important that we are selective, we have said no also multiple times, so that's important. Good companies with good people and good local management, so that's what we are acquiring, and then also this growth orientation, we want to have offices which are growing in the future as well.

Answer what we are buying is good accounting offices.

Good question. We have not reported the exact figures in organic growth, but as we commented, the main part of this growth came via acquisitions, but there was also small organic growth.

Thank you very much. Thank you.

Thank you so much.