October - December

• Net sales for the quarter decreased to EUR 36.6 (45.6) million. Organically, net sales decreased by -17.9%

• During the quarter, the contract portfolio value decreased by net EUR -7.6 million. One contract was won, one contract was renewed and five were lost. Portfolio run rate annualized net sales at the end of the quarter was EUR 125.3 million, compared to EUR 132.9 million at the end of the third quarter of 2024.

• Operating profit for the quarter amounted to EUR -2.5 million, compared to EUR -1.0 million prior year

• Adjusted EBITDA amounted to EUR -1.6 (0.2) million, excluding the effect of implementation of IFRS 16 Leases

• Cash flow from operating activities amounted to EUR -2.2 (4.6) million, of which change in working capital amounted to EUR -1.1 (6.6) million

• Net income for the continuing business amounted to EUR 0.0 million compared to net loss EUR -3.4 million prior year

• The Adjusted EBITDA for discontinued operations was EUR 0.0 (-0.1) million and the net loss was EUR 0.0 (-0.6) million, which is not included in the reported numbers above

• Group net loss for the quarter, including discontinued operations, was EUR –9.4 (-4.0) million

January - December

• Net sales for the period decreased to EUR 183.3 (205.6) million. Organically, net sales decreased by -8.0%

• Operating profit amounted to EUR 2.0 million, compared to EUR 1.7 million prior year

• Adjusted EBITDA amounted to EUR 7.7 (8.9) million, excluding the effect of implementation of IFRS 16 Leases

• Cash flow from operating activities amounted to EUR -6.2 (1.5) million, of which change in working capital amounted to EUR -5.4 (3.3) million

• Net loss for the continuing business amounted to EUR -14.5 million compared to net loss EUR -8.2 million prior year

• The Adjusted EBITDA for discontinued operations was EUR 0.0 (-0.3) million and the net loss was EUR 0.0 (-0.9) million, which is not included in the reported numbers above

• Group net loss for the period, including discontinued operations, was EUR -14.5 (-9.1) million

 
Significant events during the quarter

Recapitalisation transaction
On 10 July 2024, the company announced its intention to explore potential refinancing solutions and, on 5 December 2024, the company further announced that it had received approval from a majority of its senior creditors to implement a recapitalisation transaction to strengthen the company’s debt capital structure.
 
As an initial step of the implementation of the recapitalisation transaction, the company issued new senior secured bonds due 2028 in a nominal amount of MEUR 12.5 on 6 December 2024.

On 11 December 2024, the company agreed with the relevant stakeholders in the recapitalisation transaction that completion of the recapitalisation transaction should be postponed to January 2025 due to certain technical difficulties relating to the structuring of the transaction.

Significant events after the quarter

Recapitalisation transaction
On 17 January 2025, the company announced that it had agreed with relevant stakeholders on a revised structure for the recapitalisation and the final implementation steps of the recapitalisation transaction formally commenced on 28 January 2025. Then, among other things, the ownership of the direct shareholder of the company was transferred from the existing shareholders to the then existing holders of the company’s senior bonds due 2025; additional new senior secured bonds in a nominal amount of EUR 12.5 million were issued; and the company’s existing senior bonds in a nominal amount of EUR 92 million plus accrued interest were refinanced. On 29 January 2025, the company’s existing super senior revolving credit facility was refinanced and replaced by a new guarantee facility with total commitments of EUR 3 million.

Telephone conference
There will be no investor relations call in connection with the release of the Q4 interim report. For specific questions related to the report, please see contact details below.