This is a summary of Wulff Group Plc’s Interim Report January–March 2025. 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 2025 BRIEFLY
- Net sales totalled EUR 27.2 million (23.3), increasing by 16.7%
- EBITDA was EUR 1.0 million (0.9), and comparable EBITDA was EUR 1.0 million (1.1)
- Operating profit (EBIT) was EUR 0.3 million (0.4), and comparable operating profit (EBIT) was EUR 0.3 million (0.6)
- Earnings per share (EPS) was EUR -0.01 (0.03) and comparable earnings per share (EPS) was EUR -0.01 (0.06)
- The equity ratio was 37.8% (42.0)
FINANCIAL GUIDANCE 2025 (UNCHANGED)
Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2025.
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 2024. 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
2025
Q1
2024
Q1-Q4
2024
Net sales
27 166
23 279
102 815
Change in net sales, %
16.7%
-7.8%
9.6%
EBITDA
974
889
5 416
EBITDA margin, %
3.6%
3.8%
5.3%
Comparable EBITDA
974
1 065
5 577
Comparable EBITDA margin, %
3.6%
4.6%
5.4%
Operating profit/loss
329
390
3 180
Operating profit/loss margin, %
1.2%
1.7%
3.1%
Comparable operating profit/loss
329
566
3 340
Comparable operating profit/loss margin, %
1.2%
2.4%
3.2%
Comparable profit/loss before taxes
-4
251
2 270
Comparable profit/loss before taxes margin, %
0.0%
1.1%
2.2%
Net profit/loss for the period attributable to equity holders of the parent company
-40
201
1 778
Net profit/loss for the period, %
-0.1%
0.9%
1.7%
Comparable net profit/loss for the period attributable to equity holders of the parent company
-40
377
1 939
Comparable net profit/loss for the period, %
-0.1%
1.6%
1.9%
Earnings per share, EUR (diluted = non-diluted)
-0.01
0.03
0.26
Comparable earnings per share, EUR (diluted = non-diluted)
-0.01
0.06
0.29
Cash flow from operating activities
23
-739
4 114
Return on equity (ROE), %
-0.3%
0.2%
8.2%
Return on investment (ROI), %
0.6%
0.9%
9.0%
Equity-to-assets ratio at the end of period, %
37.8%
42.0%
41.3%
Debt-to-equity ratio at the end of period
78.9%
66.6%
65.6%
Investments in non-current assets
262
494
1 628
Personnel on average during the period
310
263
271
Temporary employees on average in person-years of work
430
47
256
WULFF GROUP PLC’S CEO ELINA RAHKONEN
Wulff’s January–March net sales grew by 16.7% in compared to the previous year. We experienced significant growth particularly in our service businesses, which are reshaping Wulff’s identity from a seller of workplace products into a versatile expert in working life. We saw strong organic growth in staffing services, consulting, and accounting. The growth of our accounting services was further accelerated by acquisitions.
Wulff Accounting’s operating profit more than doubled compared to the reference period. Wulff Works’ profitability improved compared to January–March the previous year when operations started. I am especially pleased with our success in the Worklife Services, as the key drivers of our growth are Wulff’s personal approach to customer service and our ability to build long-term partnerships. While we continue to develop highly efficient operating models and invest in strengthening our digital capabilities, our most distinct competitive advantage remains the human connection. It is truly rewarding that the most valuable currency in today’s job market is trust and authentic presence.
Products for Work Environments Segment’s revenue decreased by 6.2% year-on-year during the review period. While the segment continues to feel the effects of a subdued economic climate, we also see clear opportunities. Our position as a trusted partner in our key sectors—healthcare and education—has strengthened. We know that our corporate customers are increasingly focused on making workplaces more attractive—whether it’s through ergonomic solutions, quality coffee, or shared moments around our latest innovation, the Wulff FruitBar. Growth in workplace product sales is built by listening to our customers, developing our digital channels, and sharpening our shared operating models.
Early in the year, we reorganized our Finnish operations within the Products for Work Environments segment. As a result of change negotiations, we now have a lighter, more agile organizational structure that equips us for profitable growth and enhanced competitiveness in the current market.
At the beginning of April, we launched our new Wulff 2030 growth strategy and updated our purpose: to make the world a better place, one interaction at a time. At the heart of our strategy are the customer, humanity, and sustainable growth. Our values—customer experience, trust, entrepreneurship, and renewal—guide our choices and our way of working. What makes our work meaningful is that by building a better future for Wulff, we are also helping our customers reach their sustainability goals. Together, guided by our values, in every single interaction.”
GROUP’S NET SALES AND RESULT PERFORMANCE
In January—March 2025 net sales increased by 16.7% (-7.8) from the previous years and totalled EUR 27.2 million (23.3).
Worklife Services Segment’s net sales increased by 150.7% (50.8). The growth in net sales was particularly influenced by higher volumes in the staff leasing business than in the comparison period, as well as the organic growth and growth through acquisitions of Wulff Accounting. The accounting firm acquisitions carried out in January—February 2025 increased net sales by EUR 0.4 million.
Products for Work Environments Segment’s net sales decreased by 6.2% (-9.9). The net sales decreased both in Finland and in Scandinavia.
Gross margin amounted to EUR 8.0 million (7.1) being 29.5% (30.3) of net sales in January—March 2025. The development of relative sales margin was affected by the changes in the focus areas of demand for the products sold by Wulff. There were no disturbances in the availability of products during the reporting period.
In January—March 2025 employee benefit expenses amounted to EUR 5.2 million (4.3) being 19.0% (18.4) of net sales. The increased personnel costs are due to business growth in the labor-intensive Worklife Services Segment.
Other operating expenses amounted to EUR 2.0 million (1.9) in January—March 2025 being 7.4% (8.2) of net sales.
In January—March 2025 EBITDA amounted EUR 1.0 million (0.9), or 3.6% (3.8) of net sales. Comparable EBITDA amounted to EUR 1.0 million (1.1), or 3.6% (4.6) of net sales.
Operating profit (EBIT) amounted to EUR 0.3 million (0.4), or 1.2% (1.7) of net sales. Comparable operating profit (EBIT) amounted to EUR 0.3 million (0.6), or 1.2% (2.4) of net sales.
In January–March 2025, the financial income and expenses totalled (net) EUR -0.3 million (-0.3), including interest expenses of EUR -0.2 million (-0.2), and mainly currency-related other financial items (net) totalled EUR -0.1 million (-0.1).
In January-March 2025 the result before taxes was EUR -0.0 million (0.1), and the comparable result before taxes was EUR -0.0 million (0.3).
The net profit attributable to equity holders of the parent company was EUR -0.0 million (0.2) and comparable net profit was EUR -0.0 million (0.4).
Earnings per share (EPS) were EUR -0.01 (0.03) and comparable (EPS) were -0.01 (0.06) in January–March 2025.
SUBSEQUENT EVENTS
Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 3, 2025. 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 3, 2025)
On April 3, 2025, Wulff announced their new strategy and long-term financial targets (Stock exchange release)
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 2025:
Half Year Report January–June 2025 Thursday July 17, 2025
Interim Report January–September 2025 Monday October 20, 2025
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 28, 2025
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 environments to workplace, remote and mobile work, as well as exhibitions, event services, and commercial interior design. We deliver also Canon printing and document management services. Founded in 1890, Wulff operates, in addition to Finland, in Sweden, Norway and Denmark. The company has been listed on the stock exchange since 2000 and its net sales in 2024 were EUR 102.8 million. Focusing on sustainable products, services, and operations, Wulff aims for profitable growth and net sales of EUR 230 million in 2030.
Attachments
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Wulff Group Plc Interim Report Q1 2025.pdf
