CEO's review

The first quarter was weak, primarily due to subdued customer demand affecting the Retail & Commerce segment. The Group’s comparable revenue for the review period amounted to EUR 11.2 million, a decrease of EUR 0.9 million relative to the comparison period. The comparable operating result diminished by EUR 0.5 million year-on-year, amounting to EUR -0.3 million. To respond to the subdued market environment and the volume of available work, the company carried out change negotiations during the review period. The measures agreed in these negotiations are expected to yield annual savings of approximately EUR 2.5 million. Of these cost savings, approximately EUR 1.8 million are expected to be realized during the current financial year. Together with the business development efforts, these measures support expectations of improved financial performance as the year progresses. The company published a stock exchange bulletin on March 20, 2026, regarding the outcome of the change negotiations.

The company’s financial performance was two-fold. The Retail & Commerce segment’s revenue and profitability declined relative to the comparison period, while the Utilities segment continued to grow and improve its profitability.

The Retail & Commerce segment was affected by subdued demand. The segment’s comparable revenue amounted to EUR 8.1 million, down by EUR 1.1 million from the comparison period. The segment’s comparable operating result amounted to EUR 0.0 million, a year-on-year decrease of EUR 0.8 million. Efforts to develop the offering, competitiveness, and customer value continued during the review period, and new service offerings and digital commerce solutions will be introduced to the market during the current financial year. These are expected to support a gradual recovery in demand during the financial year.

The Utilities segment’s business developed positively during the review period. The segment’s revenue amounted to EUR 3.1 million, an increase of EUR 0.2 million relative to the comparison period. The comparable operating result amounted to EUR -0.3 million, an improvement of EUR 0.3 million year-on-year. The cost-saving measures implemented during the review period will strengthen the software business's profitability, in particular, from the second quarter onwards.

Expectations of improved financial performance are supported in particular by the Utilities segment, where growth is expected to strengthen as the year progresses. In the Retail & Commerce segment, sales are also expected to recover due to the renewed offering. In addition, profitability is supported by the implemented efficiency and cost-saving measures.

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

CEO Aarne Aktan