Talenom (TNOM) Q1 2026 earnings summary

Executive summary

• Completed the demerger with Easor, resulting in two independent companies and enabling a focused strategy on financial management services and software neutrality, with shareholders receiving Easor shares.

• Continued implementation of the ONE Talenom concept and country-specific growth strategies, aiming to drive employee and customer satisfaction and profitability.

• Strategic priorities for 2026 include organic growth, selective acquisitions, and improving profitability in Sweden and Spain.

• Progressed with a new software strategy expected to unlock significant growth potential.

Financial highlights

• Comparable net sales for Q1 2026 grew 4.5% year-over-year to EUR 30.3 million, driven by organic growth in Finland and acquisitions in Spain.

• Comparable EBITDA was EUR 5.5 million (18% of net sales), down from the previous year; operating profit for continuing operations was EUR 2.0 million (6.5% margin), impacted by higher depreciation and amortization.

• Finland net sales grew 3.7% organically to EUR 20.2 million; EBITDA EUR 5.9 million (29.2% margin).

• Sweden net sales declined 8.9% to EUR 5.4 million; EBITDA negative, but customer and employee satisfaction improving and cost adjustments ongoing.

• Spain net sales rose 31.8% to EUR 4.6 million, mainly from acquisitions; EBITDA negative due to integration and higher fixed costs.

Outlook and guidance

• Guidance for 2026 unchanged: net sales expected at EUR 110–120 million and comparable EBITDA at EUR 18–22 million.

• Q1 performance in line with expectations and guidance; demand in core markets expected to remain stable, with growth mainly organic and supported by acquisitions.

• Profitability improvement targeted in Sweden and Spain as integration progresses, with positive EBITDA expected in Sweden for the full year.

• Challenging market conditions expected to persist, especially in Finland.