Administer (ADMIN) Q3 2025 earnings summary

Executive summary

• Revenue/net sales for January–September 2025 was €55.4 million, slightly down from €56.0 million year-over-year, reflecting a challenging Finnish market environment.

• Profitability weakened in Q3 due to lower revenue and delayed cost adaptation, with EBITDA for the period at €4.3 million and ongoing measures expected to improve results in coming quarters.

• Operating profit was negative at -€0.1 million, impacted by €3.1 million in goodwill amortization from acquisitions.

• Transaction volumes among customers remained stable year-over-year, supporting cautious optimism for the Finnish economy.

• Record number of payroll experts completed PHT-degree, supporting competence development.

Financial highlights

• Revenue/net sales for Q3 2025 was €17.0 million, down from €17.6 million year-over-year.

• Q3 EBITDA was €0.7 million, a 32.8% decrease from the previous year, or 4.0% of revenue.

• Comparable EBITDA for January–September was €4.5 million, or 8.1% of revenue.

• Operating profit for Q3 was -€0.8 million, with goodwill amortization of -€1.0 million.

• EPS for January–September was -€0.07 (vs. -€0.04), and ROE was -11.4%.

Outlook and guidance

• Revenue/net sales for 2025 is expected to be €72–78 million, with an EBITDA margin of 7–10%.

• Growth investments will continue, targeting both organic and inorganic expansion.

• Guidance and outlook may be updated if Sarastia acquisitions are completed.

• Long-term financial targets published in March 2024 were withdrawn in November 2025; new targets to be set in 2026.