Tulikivi (TULAV) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 increased 3.8% year-over-year to EUR 6.3 million, but profitability remained weak with an operating loss of EUR -0.8 million and a net loss of EUR -1.1 million.

• Strategic projects progressed, including expansion in Central Europe, sauna business growth, and advancement of the Suomussalmi talc project.

• Business operations in Russia were discontinued as of April 1, 2026.

Financial highlights

• Operating profit was EUR -0.8 million (Q1 2025: EUR -0.7 million); profit before tax was EUR -1.0 million (Q1 2025: EUR -0.9 million).

• Earnings per share were EUR -0.02 (Q1 2025: EUR -0.01).

• Net cash flow from operating activities improved to EUR -0.6 million from EUR -0.8 million year-over-year.

• Order intake for Q1 was EUR 6.8 million, down from EUR 7.8 million in Q1 2025; order book at period end was EUR 3.5 million.

Outlook and guidance

• Net sales for 2026 are expected to increase and comparable operating profit is expected to improve over 2025.

• Long-term targets: net sales to exceed EUR 50 million by 2030, with new product lines contributing 30% and a comparable operating profit margin above 12%.