Talenom Plc Half-year Financial Report 2026: First full quarter following the demerger - operational business progressed as planned, profitability burdened by non-recurring impairment
Talenom Plc, Stock exchange release, 13 August 2026 at 9:00 EEST
Talenom Plc Half-year Financial Report 2026: First full quarter following the demerger – operational business progressed as planned, profitability burdened by non-recurring impairment
The implementation of Talenom Plc's partial demerger and the establishment of the new Easor Plc were registered in the Trade Register on 28 February 2026. In the demerger, Talenom's accounting business remained within the current company (continuing operations). In the demerger, the software business was transferred to a new independent company, named Easor Plc (discontinued operations).
January–June 2026 in brief, continuing operations*
- Net sales EUR 60.8 million (60.2), growth 1.1%
- Comparable net sales EUR 60.8 million (58.7), growth 3.7%
- EBITDA EUR 11.2 million (13.2), 18.4% (21.9) of net sales
- Comparable EBITDA EUR 11.2 million (11.8), 18.5% (20.2) of net sales
- Operating profit (EBIT) EUR 4.3 million (6.3), 7.1% (10.5) of net sales
- Comparable operating profit (EBIT) EUR 4.3 million (5.1), 7.1% (8.6) of net sales
- Net profit EUR 2.3 million (3.4)
- Earnings per share EUR 0.05 (0.07)
*The profitability figures for the review period are weakened by a non-recurring impairment of EUR 1.2 million related to Spanish trade receivables, recorded in Q2/2026
April–June 2026 in brief, continuing operations*
- Net sales EUR 30.6 million (29.7), growth 2.8%
- Comparable net sales EUR 30.6 million (29.7), growth 2.8%
- EBITDA EUR 5.7 million (6.3), 18.8% (21.1) of net sales
- Comparable EBITDA EUR 5.8 million (6.2), 18.9% (20.9) of net sales
- Operating profit (EBIT) EUR 2.3 million (2.8), 7.6% (9.5) of net sales
- Comparable operating profit (EBIT) EUR 2.3 million (2.8), 7.7% (9.4) of net sales
- Net profit EUR 1.5 million (1.7)
- Earnings per share EUR 0.03 (0.04)
*The profitability figures for the review period are weakened by a non-recurring impairment of EUR 1.2 million related to Spanish trade receivables, recorded in Q2/2026
Reported key figures, continuing operations
| 1–6/2026 | 1–6/2025 | Change, % | 4–6/2026 | 4–6/2025 | Change, % | |
| Net sales, EUR 1,000 | 60,827 | 60,172 | 1.1% | 30,552 | 29,710 | 2.8% |
| Net sales, growth % | 1.1% | 2.8% | ||||
| EBITDA, EUR 1,000 | 11,211 | 13,169 | -14.9% | 5,749 | 6,264 | -8.2% |
| EBITDA of net sales, % | 18.4% | 21.9% | 18.8% | 21.1% | ||
| Operating profit (EBIT), EUR 1,000 | 4,298 | 6,320 | -32.0% | 2,318 | 2,814 | -17.6% |
| Operating profit (EBIT), as % of net sales | 7.1% | 10.5% | 7.6% | 9.5% |
Comparable key figures, continuing operations
| 1–6/2026 | 1–6/2025 | Change, % | 4–6/2026 | 4–6/2025 | Change, % | |
| Net sales, EUR 1,000 | 60,827 | 58,672 | 3.7% | 30,552 | 29,710 | 2.8% |
| Net sales, growth % | 3.7% | 2.8% | ||||
| EBITDA, EUR 1,000 | 11,241 | 11,838 | -5.0% | 5,778 | 6,218 | -7.1% |
| EBITDA of net sales, % | 18.5% | 20.2% | 18.9% | 20.9% | ||
| Operating profit (EBIT), EUR 1,000 | 4,327 | 5,072 | -14.7% | 2,347 | 2,779 | -15.5% |
| Operating profit (EBIT), as % of net sales | 7.1% | 8.6% | 7.7% | 9.4% |
The comparable figures have been adjusted for:
- A change in the revenue recognition principle made in Q1/2025, which resulted in a one-off increase of EUR 1.5 million in reported Q1/2025 net sales, EBITDA, and operating profit.
- The impact of adjustments to development expenses in Spain on reported Q2/2025 EBITDA was EUR -0.1 million and on operating profit EUR -0.1 million, and on reported H1/2025 EBITDA EUR -0.2 million and on operating profit EUR -0.1 million.
- Income and expenses related to additional acquisition costs, which impacted reported EBITDA and operating profit by EUR -0.1 million in Q2/2025, impacted reported EBITDA and operating profit by EUR -0.4 million in H1/2025, and impacted reported EBITDA and operating profit by EUR -0.0 million in Q2/2026.
Key figures, Group *)
| 1–6/2026 | 1–6/2025 | Change, % | 4–6/2026 | 4–6/2025 | Change, % | |
| Net sales, EUR 1,000 | 63,718 | 70,655 | -9.8% | 30,552 | 34,937 | -12.5% |
| Net sales, growth % | -9.8% | 3.9% | -12.5% | 3.1% | ||
| EBITDA, EUR 1,000 | 13,333 | 20,379 | -34.6% | 5,695 | 9,710 | -41.4% |
| EBITDA of net sales, % | 20.9% | 28.8% | 18.6% | 27.8% | ||
| Operating profit (EBIT), EUR 1,000 | 4,633 | 8,210 | -43.6% | 2,263 | 3,536 | -36.0% |
| Operating profit (EBIT), as % of net sales | 7.3% | 11.6% | 7.4% | 10.1% | ||
| Return on investment (ROI), % (rolling 12 months) | 0.7% | 7.2% | -89.8% | |||
| Operating cash flow, EUR 1,000 | 13,680 | 17,462 | -21.7% | |||
| Interest-bearing net liabilities, EUR 1,000 | 77,572 | 92,507 | -16.1% | |||
| Net gearing ratio, % | 203.7% | 167.3% | 21.8% | |||
| Equity ratio, % | 25.2% | 29.5% | -14.7% | |||
| Net investments, EUR 1,000 | 8,693 | 10,420 | -16.6% | 3,242 | 6,007 | -46.0% |
| Liquid assets, EUR 1,000 | 9,463 | 11,802 | -19.8% | 9,463 | 11,802 | -19.8% |
| Earnings per share, EUR | 0.68 | 0.11 | 546.4% | 0.03 | 0.05 | -36.8% |
| Weighted average number of shares during the period | 45,615,631 | 45,477,972 | 0.3% | 45,648,632 | 45,477,972 | 0.4% |
| Net profit, EUR 1,000 | 31,156 | 4,805 | 548.4% | 1,458 | 2,299 | -36.6% |
*) The figures in the table include figures for continuing and discontinued operations
Guidance for 2026 (continuing operations) unchanged (published on 16 December 2025)
Talenom estimates that 2026 net sales will be around EUR 110-120 million and comparable EBITDA around EUR 18-22 million.
The software business is presented as a discontinued operation due to the demerger
Talenom Plc's Extraordinary General Meeting, held on 27 January 2026, approved the separation of Talenom's software business through a partial demerger into a new company named Easor Plc. The effective date of the demerger was 28 February 2026.
Talenom presents the software business as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations from the last quarter of 2025 onwards. The net profit from discontinued operations is presented separately from the income and expenses of continuing operations in the consolidated income statement. The comparison periods have been adjusted accordingly. The balance sheet items of the software business related to discontinued operations were removed from the balance sheet in connection with the demerger on 28 February 2026. Presented discontinued operations include net sales and expenses directly related to the software business, as well as other income and expenses related to continuing operations that are not expected to continue after the demerger or would have been avoided without the demerger. Therefore, the financial information presented as Talenom's continuing operations and Easor's discontinued operations does not reflect the past or future profitability of either business as separate entities before or after the demerger.
CEO Juho Ahosola
The second quarter of the year was the first full reporting period for the new Talenom after the demerger. We continued the systematic implementation of our new service company's strategy as planned in all our operating countries. The Group's continuing operations’ net sales grew by 2.8% to EUR 30.6 million (29.7) during the second quarter. The comparable EBITDA for the Group's continuing operations was EUR 5.8 million (6.2) and comparable operating profit was EUR 2.3 million (2.8). The performance during the review period was in line with our expectations, but positive profitability development was weighed down by a non-recurring impairment of EUR 1.2 million related to Spanish trade receivables recognized in the review period. Excluding the impairment loss included in comparable figures, the profitability development for the review period was positive.
In Finland, comparable net sales from continuing operations grew by 1.4% to EUR 18.7 million (18.5). The operating environment in Finland remained challenging. Net sales development was slowed down in particular by customer churn and markdowns related to the challenging operating environment. As companies reduce costs, it is typical to cut various additional services in addition to competitive bidding. Recent positive indicators regarding Finland's economic growth typically impacts accounting services with a delay. Despite the low growth, the Finnish business's profitability and cash flow remained strong.
Our operations focused on building new growth channels to support our future growth. We leverage the best software on the market for growth, and we support its use with automation and artificial intelligence. In line with our strategy, we continued to develop digital tools, technology, and artificial intelligence. During the review period, we published a scalable AI-powered Financial Review Report for our customers in Finland. The report provides comprehensive information on the company's financial status, which assists our customers in decision-making. In line with our strategy, we want to be a pioneer in digitalisation and will continue to make other technology and AI-related investments that will benefit our customers and employees. In line with the new software strategy, we agreed on cooperation with several new system suppliers during the review period. We believe this opens up greater potential for new customer acquisition. During the review period, customer satisfaction and the ONE Talenom index, which describes the degree of ONE Talenom implementation, developed in the right direction.
Due to the high customer churn in the previous year, Sweden's net sales decreased by 9.9% to EUR 5.9 (6.5) million. In the previous review, we discussed the significant improvement in employee experience. In the second quarter, both customer experience and the ONE Talenom index developed positively. We see key metrics in Sweden, such as customer experience, employee experience, employee retention, net growth, and the ONE Talenom index, developing in the right direction. We are particularly pleased with the significant improvement in customer retention. Despite the decline in net sales, we succeeded in improving profitability in Sweden and are on the right track to turn last year's negative EBITDA of EUR 1.0 million into a positive one. We continue our determined work in Sweden on the implementation and development of the ONE Talenom concept.
Spain's growth was the strongest among our operating countries during the review period. Net sales grew by 26.2% to EUR 5.9 million (4.7). The net sales growth for the quarter mainly came from acquisitions. We continued our selective acquisitions, acquiring two new accounting firms in Spain during the second quarter. The profitability in Spain was weighted down by integration costs from acquisitions and an increase in software-related costs. The profitability for the review period was significantly affected by a non-recurring impairment of EUR 1.2 million recorded in trade receivables. The impact of this is included in the comparable figures. The entry relates to overdue receivables accumulated during the integration of Spanish acquisition targets. We have improved our acquisitions integration processes and estimate that the current operating models will help to streamline integration costs more quickly and significantly reduce the risk of similar accounts receivable maturities in the future. During the review period, we completed the implementation of the country's new ERP system. The system plays a key role in the implementation of the ONE Talenom concept, and we are very pleased that the project was completed on schedule. We estimate this will improve profitability in the future. We see significant potential in Spain's digitalizing financial administration market and an excellent opportunity for profitable growth.
Overall, the second quarter was positive in many respects. We made concrete progress in our strategic priorities, and the key indicators (employee satisfaction, customer satisfaction and profitability) also developed in the right direction. Growth in Finland is currently challenged by the general economic situation, but with the new software strategy, we as an organisation are better prepared for when positive economic indicators begin to concretely reflect in business activity. In Sweden, we saw a turnaround in profitability development, and growth in Spain remained strong. We continue the determined and systematic implementation of our new strategy. We believe it will create a strong foundation for sustainable growth and value creation in the long term in all our operating countries.
Webcast
The company's CEO Juho Ahosola and CFO Matti Säkkinen will present the main points of the release in a live webcast on 13 August 2026 at 10:00 EEST in English. Recording of the event will be published on Talenom’s website at https://investors.talenom.com/en.
You can watch the webcast live in English at 10:00 EEST at https://talenom.events.inderes.com/q2-2026
The presentation material will be published before the start of the briefing on the company’s website.
Talenom Plc
Further information:
Juho Ahosola
CEO, Talenom Oyj
+358 50 525 6043
juho.ahosola@talenom.fi
Talenom in brief
Talenom is a customer-centric and advanced accounting firm founded in 1972. Our mission is to help entrepreneurs succeed. We want to be a genuine partner to our customers and we help our customers with comprehensive accounting, payroll and expert services. Our vision is to be the most recommended financial partner. Talenom operates in Finland, Sweden and Spain. Talenom’s share is listed on the main market of Nasdaq Helsinki. Read more: https://investors.talenom.com/en/