Martela (MARAS) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was EUR 17.5 million, down 31.9% year-over-year, with declines in all market areas.

• Operating result was EUR -1.9 million, a further loss compared to EUR -1.6 million last year.

• Net result for the period was EUR -2.4 million, with EPS at EUR -0.52.

• Customer demand and order intake weakened, especially for large office projects, with new orders down 29% in the Nordics.

• Efficiency measures and improved project margins partially offset revenue decline, but were insufficient to return to profitability.

Financial highlights

• Revenue: EUR 17.5 million (Q1 2025: EUR 25.6 million), a 31.9% decrease.

• Operating result: EUR -1.9 million (Q1 2025: EUR -1.6 million).

• Net result: EUR -2.4 million (Q1 2025: EUR -2.1 million).

• Cash flow from operating activities improved to EUR 0.8 million (Q1 2025: EUR -0.2 million).

• Personnel costs decreased to EUR 5.0 million (Q1 2025: EUR 5.6 million); average headcount fell 14%.

Outlook and guidance

• Full-year 2026 revenue expected at EUR 75–85 million.

• Comparable operating result forecasted between EUR +1 million and EUR -2 million.

• Demand in main markets not expected to strengthen materially before late 2026.

• Negative profit warning issued in April 2026, lowering revenue and earnings guidance.