CEO's review

In the last quarter, the Group’s comparable revenue amounted to EUR 12.1 million, an improvement year-on-year for the first time in eight quarters. The development was driven by growth in the Utilities business, in particular. Despite the increase in revenue, financial performance remained below expectations, especially in the Retail & Commerce segment, and the company issued a profit warning in December 2025. The Group’s comparable operating result amounted to EUR 0.5 million, an improvement of EUR 0.3 million relative to the comparison period.

The Retail & Commerce segment performed below expectations during the last quarter. The segment’s comparable revenue amounted to EUR 8.8 million, down by EUR 0.3 million from the comparison period. The segment’s comparable operating result amounted to EUR 0.8 million, a decrease of EUR 0.1 million year-on-year. The segment’s performance was impacted by cautious customer demand and delays in decision-making in several new customer projects.

The revenue development in the Utilities segment was pleasing during the last quarter. The segment’s revenue amounted to EUR 3.2 million, up by EUR 0.5 million from the comparison period. The comparable operating result for the last quarter amounted to EUR -0.3 million, an improvement of EUR 0.3 million year-on-year. Investments in product development continued, and new software solutions will be introduced to the market in phases during the current financial year. The focus, during the current financial year, is on strengthening the prerequisites for profitable growth and turning the segment’s results positive.

During the first quarter of the current financial year, change negotiations were initiated to adjust the company’s workforce to current demand, streamline operations, and improve profitability. Through these measures, the company estimates achieving annual savings of approximately EUR 2.1 million. At the same time, the company continues its long-term efforts to strengthen its offering, competitiveness, customer value, and growth opportunities.

The operating environment for the Retail & Commerce segment remains tough, and customer demand is expected to stay cautious, also in the near future. The Utilities segment’s outlook is moderate: while customer market consolidation is reducing the overall market size, changes in regulation and market practices create demand for new IT solutions.

CEO Aarne Aktan