Good morning everyone, and warmly welcome to join this Talenom's Q1 2026 business review. My name is Juho Ahosola, and I'm the CEO of Talenom, and I started in my position in the beginning of March, as well as my colleague Matti Säkkinen, CFO, who's here today with me.

Good morning everyone, and welcome also from my behalf.

Thank you. Let's roll out then.

Here's the agenda for this review. I will start with a short strategy recap, and after that, I will comment review period.

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

You can ask questions with the chat during the presentation as well. Let's start then with a strategy review.

Basically, the big thing of this first quarter and review period was this demerger with Easor. Company started in last fall, last September, strategy review of the potential separation of the Easor software business into an independent stock-listed company.

After a couple of different stages, we are finally here that there are two independent companies, Talenom and Easor. Both are operating with own managements, own boards, own growth strategies, and no cross-ownerships or structures like that.

This was basically the biggest thing of this review period, and we're super happy and excited that this is now finalized and we can move on as an independent service company. The reasons behind this demerger as a reminder, basically we had two main drivers or two different drivers for this big move.

Both companies, Talenom and Easor, can operate from software perspective much more flexibly, and also grow faster in a long run. Easor, they can acquire clients through other accounting firms or other channels they found working.

We in Talenom's side, we are no more kind of dependent on one single software solution in any level, and we can always use the best available tools and solutions to support our clients. Secondly, from investor perspective and also from operational perspective, it is much more clear case.

It gives a lot of focus, and we here in Talenom's side, we can focus fully on our clients and creating great customer experience with services. To be clear with our software strategy, we always use best-in-class solutions for our clients.

Sometimes it's Easor, sometimes it could be some other solution. Then if we move on and think about this new Talenom as we say here internally, this new start, what do we do?

What's our thing, to say? We are a service company, first of all.

We help our clients, entrepreneurs usually, with different kind of accounting, consulting, payroll services. We are operating in three, three countries: Finland, Sweden, and Spain.

In our growth, we combine two pillars. Organic growth, which is super important for us and where we want to deliver.

Then selective acquisitions. How we work, what is kind of the core of our strategy, we combine strong local ownership, local expertise with the scalable One Talenom concept.

Combining these two elements, we believe that we will achieve great long-term growth. This One Talenom concept is basically really important part of our strategy, and we have seen that it affects positively in our main business outcomes like employee experience, customer experience, and profitability as well.

That's the new Talenom. Then a couple of words of our operating areas and organizational structure as well.

We are operating in three countries. Company has been started in Finland 1972, more than 50 years history, strong growth history, and solid organization.

In Sweden, we started 2019 through first acquisition, and in Spain 2021. Here on the right-hand side, you can see this from financial statement how our personnel is located in different countries and offices.

Important thing or part of our strategy is that we are not in a near future looking to expand to new countries. We believe that we have a massive growth opportunities in these existing markets.

Also worth mentioning what it comes to this Easor split, that during previous year we built organizations in both organizations Easor and Talenom, and also in Talenom's side we gathered management team and local management teams as well in countries. That's important that we have now structures on place.

What it comes to revenue sources of new Talenom, the main part of our revenue comes from our core services. Accounting services, payroll services, accounts receivable services.

These are highly or almost completely recurring, and that's of course important and easy to forecast as well. Then in addition to this core services, we have value-added services, for example CFO services or HR services and business intelligence services.

We see that these are important source of growth in the future, and we are also focusing on these. Then secondly, they are supporting our customer experience, affecting positively in customer experience and that way customer retention.

Also worth mentioning that we have industry-focused teams for some selected sectors and there we can give even deeper knowledge and service for our clients. Revenue mostly recurring, and that's important, and comes from services.

If we then look into our markets where we operate, we have three markets and basically the structure of markets, it's pretty much the same. There's a lot of fragmentations, a lot of small companies and players in the field.

Then we can also recognize this consolidation trend in all our operating countries. The main point here is that when we are looking our market shares in Finland, where we have really established organization, strong history, we have roughly 5% market share, in Sweden more or less 1%, and in Spain 0.1%.

When we are looking those pie charts, we can see that there's a lot of growth opportunities and potential in these our existing markets, so that's basically the reason why we are not looking to expand to new countries in the near future. We have great opportunities in these existing ones.

Next, I will walk us through the key elements of our strategy, three, three main areas. Starting from One Talenom concept.

This is the core of this new Talenom's strategy, and One Talenom, it's our concept. It combines our processes, best practices, ways of doing things, way to lead basically this organization.

We have built this concept, and then of course we are further developing it and testing it. We can see that when we are applying the concept, it affects positively in our business outcomes in terms of employee experience, customer experience, and profitability as well.

This is the important part of our strategy for upcoming times, and we really believe, and we have seen that this works for us. Second point of our strategy is M&A.

We have done a lot of acquisitions in past and also during this review period. I would like to say that we have first of all learned a lot what it comes to acquisitions, and we have found our way to acquire companies and found what kind of companies to acquire.

We want that companies that are joining us are growth-minded. They really believe in this One Talenom concept and approach as well, and then they can build that organic growth in the future, which is important for us.

Maybe something I want to highlight here is that we are not doing this kind of volume acquisitions at all, only because of revenue we never acquire. If we don't find suitable ones, then we don't buy, so that's important part that we are really, really selective.

That's something that I want to highlight. Then third part, organic growth.

In addition to acquisitions, this organic growth is really important for us, and we believe that it's the most challenging part of growth in all organizations. There's basically two parts.

Acquiring new clients, selling new to new customers. We have in all our countries sales teams, marketing teams, organizations for doing new customer acquisition.

We're doing a lot of marketing, digital marketing. We have a lot strong local footprint in areas where we operate, and we do a lot activities around new customer acquisition.

Worth mentioning that in Spain especially, it's not that normal in this industry to actively sell for new clients, and we are doing that and see that as an important part of our strategy and way of doing things. Then secondly, as I mentioned, we have different kind of consulting services, and we believe that this is one area where we can grow, and we see that it's important in a couple of ways.

Revenue-wise, we see that it's a good source for growth, but then it's also important in terms of customer experience, and it supports retention. The clients that are buying more services are usually those who are the happiest ones.

Organic growth, it's definitely one of our focus areas. If we then move into this first quarter, Q1, and here's a couple of highlights from the review period.

As I mentioned, this demerger split with Easor was basically the biggest thing, and at this point I also want to thank our personnel and of course personnel in Easor as well. Organization did a lot of work around this, and it was really massive exercise.

Now we are super excited that this is completed and we can focus developing this new Talenom as a service company, and this is important that we are finally here. Super excited.

Then during the review period, we also continued work with our strategy and growth strategies, One Talenom, and it's been a good start that way. I'm happy with the work that organization is doing and proud of the organization how we have started with the strategy and this new era.

Then third point, as said, we are now in this software-neutral environment, to say. We can freely choose softwares that we are using.

I want to emphasize that Easor is important partner for us in the future as well. That's obvious.

In the long run, we believe that when we can acquire now clients with other softwares as well, that is opening doors for us and opening significant growth potential. That's something that we are working with right now.

If we then look into those priorities which we have set for us for this year 2026, we have three areas. This implementation of the new strategy as we have started 1st of March as a new company or new Talenom.

It's important that we work a lot around this implementation of new strategy and One Talenom concept especially. Then secondly, super important to us, we want to show profitability and profitability improvement both Sweden and Spain.

That's something where we are focusing the whole this year. This is important for us that we have three countries that are EBITDA-wise profitable.

Then third one, implementing growth strategies in all countries, a lot of working around growth. Then also as said, these acquisitions are part of this third focus area.

These three areas and here's a couple of points how it's going with those. With strategy, as said, we have been working with implementation of One Talenom concept in all countries.

I'm happy when I'm seeing how it's going. Management in all countries is doing good work in my opinion.

Maybe something I would like to highlight here is that we have measured during this review period employee satisfaction and customer satisfaction. Good results from Finland, it's not mentioned here, but in Sweden and Spain we had I would like to say that really remarkable improvements.

That's really, really good we are seeing. I'm happy with the figures that we are seeing.

It's definitely going to right direction. It usually tends to go in that order that first employee satisfaction goes to right direction, then customer satisfaction, and then we can see finally those improvements in financial figures as well.

That's usually the order. Then what it comes to profitability in Sweden and Spain, I want to highlight that this is extremely important for us that we can succeed in all our countries and be EBITDA-wise profitable.

That's obvious. In Sweden, we moved slightly into right direction and I'm happy with the trend that we are seeing and we have taken a lot of actions during last year and then also in the beginning of this year during this review period.

We believe strongly that we will deliver that positive EBITDA during this year from Sweden. Management has done a lot of work locally with profitability and I believe that we will deliver.

Then what it comes to Spain, profitability was weak and reasons behind the figures basically a lot of integration-related costs, so that's maybe the main topic I would like to say. Then we increased some investment in sales and marketing and that's also important that in Spain we want to keep this growth track and focus on organic growth because we see a lot of potential, we have not been cutting from sales and marketing costs that way.

Then also because of this demerger, some software-related costs. Then what it comes to these integration costs is both operational costs and then personnel costs as well.

We have a clear, detailed plan for the rest of year, for the holy year, how to work with development of and improving profitability in Spain. Really detailed plan for that.

Then thirdly, implementing growth strategies, this is important for us as we want to be a growth company. We have been working a lot with these software strategies.

It's important element for us and we believe that in the long run it will open us remarkable opportunities. In the short run, we don't see that we will see effects in our figures, but in the long run it's really, really important and offers us significant growth potential.

Then something that I want to also emphasize is that in Finland when we are looking at this market conditions, it's really, really challenging and actually accounting market declined previous year and we believe that it will remain really challenging for this year as well. At the same time our approach is that we want to be a little bit better every day.

We work really hard with growth strategies, with actions and we focus where we can, it doesn't make any sense to focus on those market conditions or challenges. We focus on our actions and we believe that over time that is the right approach.

In Spain also what it comes to growth, acquisitions are an important part of it and we completed a couple of acquisitions in the beginning of review period and one, one after as well. It's going according to plan.

Here are the financial figures and highlights from there. As we know, what it comes to net sales, it grew a bit, driven by Finland and Spain.

Then EBITDA and operating profit-wise, it decreased a bit as we were expecting as well. Matti will next go through financial figures in more detailed level and then it's time for questions.

Thank you at this point.

Thanks Juho. Let's jump to the financial figures and in my presentation, I will focus on comparable figures in our continuing operations.

At first, let's look at group's net sales. It was €30.3 million in Q1 and our growth was 4.5%.

This growth came from Finland and Spain, and in Sweden, we had negative growth. Our group's EBITDA, it was €5.5 million and 18% of net sales.

The development in Finland and Sweden had positive impact on profitability in euros. On the other hand, this development in Spain impacted negatively to our profitability.

Operating profit was €2 million and 6.5% of net sales. In addition this little bit lower EBITDA, we had a little bit higher depreciations and amortizations in the period.

Now we jump to the country-specific key figures, and we start from Finland. In Finland, we continued stable performance.

Our net sales was €20.2 million and our growth was 3.7%. This growth, it was entirely organic.

Still we want to say that this general economic situation is continuing challenging. We see lots of bankruptcies in Finland and also companies are closing down the businesses.

We estimate that this will also impact to our growth during the rest of the year. EBITDA in Finland, it was €5.9 million and 29.2% of net sales.

This EBITDA improved due to the revenue growth. On the other hand, as we have commented earlier, our relative costs are higher after this demerger and it was impacting negatively to our profitability.

Especially this relative profitability. In Sweden, our net sales was €5.4 million and decline in net sales was almost 9%.

The previous year high customer churn was impacting negatively to our net sales development. We have continued our efforts to reduce customer churn and acquire new customers.

We still see that this net impact of the new and lost customers, this trend is going to the right direction. We estimate that it will also help our net sales development in the future.

Profitability in EBITDA, it was -€100,000, small improvement there. Of course, this decline in the net sales was challenging our profitability development.

We have continued these costs adjustments and we still estimate that we can achieve positive EBITDA in Sweden in 2026. In Spain, we had a strongest growth.

It was 31.8% and our net sales was €4.6 million. This growth, it came mainly from the acquisitions.

We have made four acquisitions after the comparison period. This was good growth for us.

The profitability in EBITDA, it was -€300,000. As Juho commented earlier, we had some integration costs and increased investments in sales and marketing and also a higher cost in software.

These were impacting negatively to our profitability. We are continuing our efforts in terms of profitability development and we estimate that we can turn this on the right trend during the rest of the year.

Then let's look at outlook and guidance. Our guidance is unchanged, meaning that we estimate that our net sales will be from €110 to €120 million and comparable EBITDA will be from €18 to €22 million.

That's all from my side, and now it's time for the questions.

Yes, there's quite many questions from online. We are starting from Finland.

Strong growth, 3.7%, and where did it come from concretely? What was the contribution from pricing and volume and so on?

Yep. It was mixed of the customer base and also of course the price increases are impacting positively to our growth in Finland.

As we commented, yeah, it was good growth in Q1, but still we see that this economical situation is little bit challenging our growth efforts. Of course, as we said, we estimate that the rest of the year, we will see this continuing challenges about these reasons.

Yeah. How about the trend in this growth?

Are we seeing that it's going to be at the same level upcoming quarters or what is our point of that?

Yeah. I could comment on that.

I would like to say that this was quite strong quarter and when we are looking at the situation now and looking into the future, I would like to say that it might be challenging to keep that track going. We are working hard around the growth, but as said, when looking towards future, it's challenging market conditions.

Yes. Yeah.

Then we go to the Spain. Here is breakdown in Spain growth in Q1.

How much was the organic and how much M&A driven?

It was mostly inorganic, some organic growth as well. At the same time, when we are looking our sales and churn figures, we expect that we will have support from organic growth during this year.

Team is doing good work around new customer acquisitions and I would like to say that churn is also well under control in Spain. When thinking Spain in general, we don't see that kind of trends that we saw in Sweden at the same time with the story.

Spain is doing well.

Yeah.

Now I meant how it was in Sweden back in a couple of years ago. Yeah.

In Sweden, positive EBITDA for full year 2026 in Sweden would require clearly positive EBITDA in Q2 and Q4. Q2 is seasonally strong, but do you expect to be profitability in Q4 and Q4, Q3 and Q4, yeah?

Of course we know that we have some seasonality changes between the quarters, but if you look at the full year profitability, we estimate that it will be positive in EBITDA-wise.

Our actions are in line with that target.

Yeah. Then the guidance for 2026, was Q1 in line with your expectations?

Are you ahead of or behind the assumed development?

I would like to say that things are going in line with our guidance. Of course that Finnish figures were quite strong in Q1.

In general, it's going according to guidance and plan.

Yes.

Then

the asker wants to know about the seasonality and how the accounting high season goes in Spain and Sweden, compared to Finland?

Usually the high season is a bit different in Spain. Basically this Q1 is not usually that strong in Spain and it's Q2 and then also July actually is a part of that high season invoicing-wise.

Usually in Spain the holiday season is later than in Nordics. It's usually in August.

That plays also important role here. The high season is longer than in Finland and Sweden.

Yeah.

There

is also some questions in Finnish, one I tried to translate it because we are speaking English here. We have more offices compared to revenue in Spain and Sweden.

Any plans to lower the number of offices in those countries? For low costs,

yeah. It's true especially in Sweden, we have a lot of small offices.

Of course that's one element that we are considering what is the right way to organize our office network both to support our profitability, but that also to support our growth. What it comes to costs, we have plans in both as this improving profitability in Sweden and Spain is important objective or target for us.

Our plans are aligned with that. Of course this office network is one element to consider.

Yeah. There's still one question from Spain.

The profitability improvement plan, what are its concrete actions and which quarter do you expect them to start showing in numbers?

I could comment first. There's a lot of, first of all, software-related costs when we have acquired companies and when we are integrating those companies to our IT system.

When changing environment, that's one thing. Then we are implementing new ERP system, a lot of costs from there.

Then also some personal costs. We have clear really detailed level plans how to work with those costs.

I think it's quite normal that in this kind of speed of acquisitions, there's kind of double costs. Trying to reduce those first of all.

Then at the same time, we have been investing in sales and marketing, which is important because we want also to keep this positive trend in terms of new customer acquisition on the right track. It's important that we keep that growth going, organic growth.

Those operational costs, IT costs, and then of course costs in terms of personnel.

Yeah. There is still one question regarding to Sweden.

Revenue decline of 8.9% was deeper than expected. Has churn stabilized in Q1 or is there still a locked decline coming through?

It's from previous year. We had high churn previous year as we have commented.

Now it's definitely looking good and trend is really, really positive. We are happy with the figures that we have seen in the beginning of this year.

Then also worth mentioning that those customer experience results and then also results from employee survey were really, really high and it gives a lot of trust. These operational figures are definitely going to right direction in Sweden, and management is there doing really good work.

Yeah. Thank you.

That was all the questions for now.

Thank you very much.