Half year financial report 1-6 2026
Tulikivi Corporation Half Year Financial Report 1–6/2026: Strategic projects progressed despite uncertainty in the fireplace market
TULIKIVI CORPORATION HALF YEAR FINANCIAL REPORT 14 AUG 2026 AT 1 PM
- The Tulikivi Group’s net sales were EUR 7.2 million (Q2/2025: EUR 8.5 million) in the second quarter and EUR 13.5 million (H1/2025: EUR 14.6 million) in the review period.
- The Tulikivi Group’s comparable operating profit was EUR -0.2 million (EUR 0.5 million) in the second quarter and EUR -1.0 million (EUR -0.2 million) in the review period.
- Non-recurring expenses of EUR 0.3 million for the modernisation of the ERP system were recorded for the review period.
- The Tulikivi Group’s operating profit was EUR -0.4 (0.5) million in the second quarter and EUR -1.2 (-0.2) million in the review period.
- The Tulikivi Group’s profit before taxes was EUR -0.6 (0.3) million in the second quarter and EUR -1.6 (-0.6) million in the review period.
- The equity ratio at the end of the review period was 43.8 per cent (49.7).
- Order books stood at EUR 3.2 (4.0) million at the end of the review period.
- The Suomussalmi talc project made good progress.
- Future outlook: Net sales in 2026 are expected to increase and the comparable operating profit to improve on 2025.
| Key financial ratios | ||||||||
| 1-3/26 | 1-3/25 | Change, % | 1-12/25 | 4-6/26 | 4-6/25 | Change, % | ||
| Sales, MEUR | 13.5 | 14.6 | -7.5 % | 29.5 | 7.2 | 8.5 | -15.5 % | |
| Operating profit/loss, MEUR | -1.2 | -0.2 | -534.7 % | -0.6 | -0.4 | 0.5 | -173.0 % | |
| Comparable operating profit/loss, MEUR | -1.0 | -0.2 | -401.6 % | -0.1 | -0.2 | 0.5 | -131.0 % | |
| Profit before tax, MEUR | -1.6 | -0.6 | -166.7 % | -1.3 | -0.6 | 0.3 | -265.4 % | |
| Total comprehensive income for the period, MEUR | -1.6 | -0.6 | -182.4 % | -1.1 | -0.5 | 0.3 | -274.3 % | |
| Earnings per share, Euro | -0.03 | -0.01 | -0.02 | -0.01 | 0.01 | |||
| Net cash flow from operating activities, MEUR | -0.5 | 0.4 | 2.9 | 0.1 | 1.3 | |||
| Comparable operating profit/loss, % | -7.1 | -1.3 | -0.4 | -2.1 | 5.8 | |||
| Equity ratio, % | 43.8 | 49.7 | 48.6 | |||||
| Net indebtness ratio, % | 81.8 | 62.7 | 66.1 | |||||
| Return on investments, % | -8.9 | -1.3 | -2.0 |
Comments by Heikki Vauhkonen, Managing Director:
Second-quarter net sales decreased on the comparison period, and the operating profit remained weak due to low volumes. Investments in strategic projects were continued despite the uncertainty of the fireplace market.
The continued low consumer confidence and the general uncertainty in the main market areas led consumers to postpone renovation and new construction projects in the second quarter. On the other hand, higher energy prices increased consumers’ interest in the economic benefits of wood heating and the greater energy self-sufficiency wood offers. The company’s order intake for the second quarter was EUR 7.0 (8.7) million.
During the review period, Tulikivi advanced its strategic projects as planned. The projects include growing the share of the Central European fireplace market, increasing the net sales of the sauna business and bringing the Suomussalmi talc project to the investment stage. In addition, the ERP system and processes will be renewed in 2026. The project has progressed according to plan in terms of schedule and costs.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Central European consumers prefer products in the stove-size range, and the new Jero collection enables Tulikivi to reach new customer groups. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were approximately 460 dealer locations. The company’s market share grew during the first half of the year in the Central European markets. Market demand was modest, and the German fireplace market in particular performed weakly in the first half of the year. As a result, the achieved growth in market share was not reflected in the growth of total net sales.
In the sauna business, the launch of the new Kevo electric sauna heater collection was continued by establishing partnerships with new retailers both in Finland and abroad. Product development in the sauna business focused on preparing for the launch of sales in North America by carrying out the tests required under UL safety standards. Sales in North America will commence in the third quarter of 2026. The tests also enable the commencement of exports to Japan in the future. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency, original soap and cast stone materials and safe exterior surfaces that do not become hot. These product features interest consumers, retailers and sauna room manufacturers in the North American sauna market.
The environmental permit process for the Suomussalmi talc project has made good progress. The public notice period for the environmental and water management permit application ended in May, and a total of seven opinions, four reminders and an expert memorandum were submitted regarding the application. The Finnish Supervisory Agency (LVV) forwarded them to the company for the preparation of a response.
The company's written response addressed the specific requirements and other matters raised in the opinions and reminders, and supplemented the application as requested by the authority. The response and the requested supplements were submitted to the Finnish Supervisory Agency after the end of the review period on 3 July 2026.
TULIKIVI CORPORATION
Board of Directors
Distribution: Nasdaq Helsinki
Key media
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593