This is a summary of Wulff Group Plc’s Interim Report January–March 2026. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi
JANUARY—MARCH 2026 BRIEFLY
- Net sales totalled EUR 31.5 million (27.2), increasing by 16.0%
- EBITDA was EUR 3.3 million (1.0), and comparable EBITDA was EUR 1.7 million (1.0)
- Operating profit (EBIT) was EUR 2.5 million (0.3), and comparable operating profit (EBIT) was EUR 0.9 million (0.3)
- Earnings per share (EPS) was EUR 0.35 (-0.01) and comparable earnings per share (EPS) was EUR 0.11 (-0.01)
- The equity ratio was 35.4% (37.8)
- A one-off gain on the sale of logistics property in Tuusula of EUR 1.8 million was recorded, and has been removed from comparable results
FINANCIAL GUIDANCE 2026 (UNCHANGED)
Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2026.
The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow compared to 2025. Key uncertainties affecting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and d tightened competition between superpowers.
KEY FIGURES
EUR 1 000
Q1
2026
Q1 2025
Q1-Q4
2025
Net sales
31 519
27 166
122 326
Change in net sales, %
16.0%
16.7%
19.0%
EBITDA
3 303
974
7 583
EBITDA margin, %
10.5%
3.6%
6.2%
Comparable EBITDA
1 652
974
6 790
Comparable EBITDA margin, %
5.2%
3.6%
5.6%
Comparable EBITA
948
371
4 203
Comparable EBITA margin, %
3.0%
1.4%
3.4%
Operating profit/loss
2 521
329
4 795
Operating profit/loss margin, %
8.0%
1.2%
3.9%
Comparable operating profit/loss
870
329
4 002
Comparable operating profit/loss margin, %
2.8%
1.2%
3.3%
Comparable profit/loss before taxes
565
-4
2 894
Comparable profit/loss before taxes margin, %
1.8%
0.0%
2.4%
Net profit/loss for the period attributable to equity holders of the parent company
2 393
-40
2 130
Net profit/loss for the period, %
7.6%
-0.1%
1.7%
Comparable net profit/loss for the period attributable to equity holders of the parent company
741
-40
1 337
Comparable net profit/loss for the period, %
2.4%
-0.1%
1.1%
Earnings per share, EUR (diluted = non-diluted)
0.35
-0.01
0.31
Comparable earnings per share, EUR (diluted = non-diluted)
0.11
-0.01
0.20
Cash flow from operating activities
511
23
6 442
Return on equity (ROE), %
9.4%
-0.3%
13.1%
Return on investment (ROI), %
5.1%
0.6%
11.6%
Equity-to-assets ratio at the end of period, %
35.4%
37.8%
40.8%
Debt-to-equity ratio at the end of period
86.2%
78.9%
57.3%
Investments in non-current assets
263
262
1 320
Personnel on average during the period
347
310
327
Temporary employees on average in person-years of work
707
430
661
WULFF GROUP PLC’S CEO ELINA RAHKONEN
Wulff’s net sales grew by 16.0% in January–March compared to the previous year. Growth was particularly strong in Worklife Services where net sales growth was an impressive 47.4%. Staff leasing and consulting grew organically: growth was driven by winning new clients, systematic expansion into new regions, and strengthening the consulting team with new recruitments. The growth of the accounting business was supported by successful acquisitions.
The Workplace Products business saw a positive turnaround in the beginning of the year. The 1.0% net sales growth is encouraging, especially as the Scandinavian market is picking up.
The comparable operating profit in January—March more than doubled compared to the comparison period and profitability improved in both segments. Staff leasing company Wulff Works and consulting and regional development expert Wulff Consulting improved their results as operations scaled and operational efficiency improved. Due to the industry focus of the customer base, the beginning of the year is more moderate in the staff leasing business, and the most profitable high season months are April—September.
In the Products for Work Environments segment, operating profit grew in January—March, especially in Finland. The development was supported by the renewal of operating models, a lighter cost structure and determined work to develop the business.
We are a solution-oriented sales company, and we believe that growth will continue to be built especially in human encounters. The rapidly changing working world requires us to react quickly to changes, streamline our operations, sharpen operating models and develop our digital capabilities and digital channels. Even in the era of artificial intelligence, another person still understands and listens to the customer best, which is why our clearest competitive advantage is personal service and strong sales expertise.
The results of the first quarter show that our 2030 growth strategy, A better world one encounter at a time, updated a year ago, is inspiring Wulff employees, partners and customers. Our everyday life is guided by customer experience, trust, entrepreneurship and renewal, and what makes our work meaningful is that by building a good future for Wulff, we also help our customers to operate more sustainably. The key projects in our strategy are progressing at a rapid pace. The results of the beginning of the year inspire and encourage us to continue building an arena of shared success for us and our customers.
GROUP’S NET SALES AND RESULT PERFORMANCE
In January—March 2026 net sales increased by 16.0% from the previous year and totalled EUR 31.5 million (27.2).
Worklife Services Segment’s net sales increased by 47.4%. The accounting firm acquisitions carried out in January 2026 increased net sales by EUR 0.3 million.
Products for Work Environments Segment’s net sales increased by 1.0%. The net sales decreased in Finland and increased in Scandinavia.
Gross margin amounted to EUR 9.4 million (8.0) being 29.9% (29.5) of net sales in January—March 2026.
In January—March 2026 employee benefit expenses amounted to EUR 5.9 million (5.2) being 18.6% (19.0) of net sales. As a result of the change negotiations carried out in January, a one-time expense of EUR 0.2 million was incurred, which has been removed from the comparable result.
Other operating expenses amounted to EUR 2.1 million (2.0) in January—March 2026 being 6.7% (7.4) of net sales.
In January—March 2026 EBITDA amounted EUR 3.3 million (1.0), or 10.5% (3.6) of net sales. Comparable EBITDA amounted to EUR 1.7 million (1.0), or 5.2% (3.6) of net sales. In March, Wulff announced the sale and leaseback of its warehouse property in Tuusula. A one-off gain on the sale of the property of EUR 1.8 million was recorded from the transaction, which has been removed from comparable results.
Operating profit (EBIT) amounted to EUR 2.5 million (0.3), or 8.0% (1.2) of net sales. Comparable operating profit (EBIT) amounted to EUR 0.9 million (0.3), or 2.8% (1.2) of net sales.
In January–March 2026, the financial income totalled EUR 0.0 million (0.0) and financial expenses totalled EUR 0.3 million (0.4), including interest expenses of EUR 0.2 million (0.2), and mainly currency-related other financial items.
In January-March 2026 the result before taxes was EUR 2.2 million (-0.0), and the comparable result before taxes was EUR 0.6 million (-0.0).
The net profit attributable to equity holders of the parent company was EUR 2.4 million (-0.0) and comparable net profit was EUR 0.7 million (-0.0).
Earnings per share (EPS) were EUR 0.35 (-0.01) and comparable (EPS) were 0.11 (-0.01) in January–March 2026.
SUBSEQUENT EVENTS
Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 9, 2026. More has been said about the decisions of the meeting in ”Decisions of the Annual General Meeting and Board of Directors”. (Stock exchange release April 9, 2026)
STRATEGY
Wulff Group Plc’s Board of Directors confirmed the company’s updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability.
Growth is sought especially in the company’s Worklife Services Segment. The company’s staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accelerated by M&A, especially in Wulff’s accounting business.
The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and considered acquisitions that support the strategy. Wulff’s goal is to make the world and working life better — one interaction at a time.
The company’s targets for the strategy period are:
• Net sales of EUR 230 million in 2030
• Comparable operating profit of EUR 20 million in 2030
• Growing dividend per share
FINANCIAL REPORTING
Wulff Group Plc will release the following financial reports in 2026:
Half Year Report January–June 2026 Thursday July 16, 2026
Interim Report January–September 2026 Monday October 19, 2026
The publication time is approximately at 9:30 a.m. on the day of publication.
Wulff Group Plc’s financial announcements and the IR calendar can be found from our website https://www.wulff.fi/en/ir-calendar.
In Espoo on April 27, 2026
WULFF GROUP PLCBOARD OF DIRECTORS
Further information:CEO Elina Rahkonentel. +358 40 647 1444e-mail: elina.rahkonen@wulff.fi
DISTRIBUTIONNasdaq Helsinki OyKey mediawww.wulff.fi/en
What Wulff?Worklife services ranging from staff leasing solutions to consulting and accounting services, products for work Worklife Services from staff leasing to recruitment, direct searches and consulting, and from accounting to employment services. Products and solutions for work environments: we are a partner for international corporations, the public sector and SMEs. We bring everything from coffee to copy paper, from refreshments to toner cartridges and from fruit to care products to the workplace. Our experts also provide services in branding solutions and ergonomics. Founded in 1890 and listed on the stock exchange in 2000, Wulff operates in Finland, Sweden, Norway and Denmark and its net sales in 2025 was EUR 122.3 million. The aim is to achieve net sales of EUR 230 million in 2030 by continuously developing own and customers’ businesses to be more sustainable.
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