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Tulikivi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net sales for the third quarter were EUR 7.0 million, down from EUR 7.2 million year-over-year; for the nine-month period, net sales were EUR 21.6 million, a 13.3% decrease from EUR 25.0 million.
Operating profit for Q3 was EUR 0.2 million (EUR 0.5 million last year); for the review period, operating profit was EUR 0.0 million (EUR 1.6 million last year).
Profit before taxes was EUR 0.0 million in Q3 and EUR -0.6 million for the review period, compared to EUR 0.3 million and EUR 1.0 million, respectively, last year.
Order books remained stable at EUR 3.1 million at the end of the review period.
Strategic projects advanced, including the Suomussalmi talc project and expansion of the Jero fireplace and Kevo sauna heater collections.
Financial highlights
Net sales declined 13.3% year-over-year for the nine-month period; Q3 sales fell 1.6% year-over-year.
Operating profit margin dropped to -0.1% for the review period from 6.3% last year.
Earnings per share were EUR -0.01 for the review period, compared to EUR 0.01 last year.
Net cash flow from operating activities was EUR 1.2 million for the review period, unchanged in Q3 at EUR 0.8 million.
Equity ratio at period end was 48.6%, down from 50.9% last year.
Outlook and guidance
Net sales for 2025 are expected to be EUR 29–33 million, with comparable operating profit forecast at EUR 1–2 million.
Long-term targets include exceeding EUR 50 million in net sales by 2027 and maintaining an equity ratio above 40%.
How Jero/Kevo drive 2027 sales target?
Impact of talc permit additional info request?
What caused the cash and liquid assets drop?
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Q4 20256 Mar, 2026
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Frequently asked questions
Tulikivi Corporation specializes in the production of heat-retaining fireplaces, sauna heaters, and other related heating solutions. The company focuses on utilizing soapstone and other natural materials to manufacture products that promote energy-efficient heating for residential and commercial applications. Tulikivi’s product portfolio includes fireplaces, ovens, and stoves designed for sustainable heat generation. In addition to heating appliances, the company offers sauna heaters and interior stone products, such as countertops and tiles. Tulikivi serves customers in various markets, particularly in Europe and other regions with a demand for environmentally friendly heating solutions. The company is headquartered in Juuka, Finland, and its shares are listed on the Helsinki Stock Exchange.
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