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Wulff Group Plc's Half-Year Financial Report January—June 2026: Record net sales and impressive earnings improvement for Wulff
16.7.2026 09:30:09 EEST | Wulff-Yhtiöt Oyj | Half Year financial report
This is a summary of Wulff Group Plc’s Half-Year Financial Report January—June 2026. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi
APRIL—JUNE 2026 BRIEFLY
- Net sales totalled EUR 36.4 million (31.0), increasing by 17.4%
- EBITDA was EUR 2.4 million (1.9), and comparable EBITDA was EUR 2.4 million (1.9)
- Operating profit (EBIT) was EUR 1.7 million (1.2), and comparable operating profit (EBIT) was EUR 1.7 million (1.2)
- Earnings per share (EPS) were EUR 0.10 (0.07) and comparable earnings per share (EPS) were EUR 0.10 (0.07)
- The equity ratio was 37.1% (36.1)
JANUARY—JUNE 2026 BRIEFLY
- Net sales totalled EUR 67.9 million (58.2), increasing by 16.7%
- EBITDA was EUR 5.7 million (2.8), and comparable EBITDA was EUR 4.0 million (2.9)
- Operating profit (EBIT) was EUR 4.2 million (1.5), and comparable operating profit (EBIT) was EUR 2.5 million (1.6)
- Earnings per share (EPS) were EUR 0.45 (0.06) and comparable earnings per share (EPS) were EUR 0.21 (0.07)
FINANCIAL GUIDANCE 2026 (UNCHANGED)
Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2026.
The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow compared to 2025. Key uncertainties affecting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and d tightened competition between superpowers.
KEY FIGURES
EUR 1 000 | Q2 2026 | Q2 2025 | Q1-Q2 2026 | Q1-Q2 2025 | Q1-Q4 2025 |
Net sales | 36 400 | 31 013 | 67 919 | 58 179 | 122 326 |
Change in net sales, % | 17.4% | 21.7% | 16.7% | 19.3% | 19.0% |
EBITDA | 2 376 | 1 868 | 5 679 | 2 842 | 7 583 |
EBITDA margin, % | 6.5% | 6.0% | 8.4% | 4.9% | 6.2% |
Comparable EBITDA | 2 377 | 1 901 | 4 029 | 2 875 | 6 790 |
Comparable EBITDA margin, % | 6.5% | 6.1% | 5.9% | 4.9% | 5.6% |
Comparable EBITA | 1 731 | 1 274 | 2 679 | 1 645 | 4 203 |
Comparable EBITA margin, % | 4.8% | 4.1% | 3.9% | 2.8% | 3.4% |
Operating profit/loss | 1 664 | 1 195 | 4 185 | 1 524 | 4 795 |
Operating profit/loss margin, % | 4.6% | 3.9% | 6.2% | 2.6% | 3.9% |
Comparable operating profit/loss | 1 665 | 1 228 | 2 535 | 1 557 | 4 002 |
Comparable operating profit/loss margin, % | 4.6% | 4.0% | 3.7% | 2.7% | 3.3% |
Comparable profit/loss before taxes | 1 355 | 895 | 1 920 | 891 | 2 894 |
Comparable profit/loss before taxes margin, % | 3.7% | 2.9% | 2.8% | 1.5% | 2.4% |
Net profit/loss for the period attributable to equity holders of the parent company | 655 | 450 | 3 047 | 409 | 2 130 |
Net profit/loss for the period, % | 1.8% | 1.5% | 4.5% | 0.7% | 1.7% |
Comparable net profit/loss for the period attributable to equity | 655 | 483 | 1 397 | 442 | 1 337 |
Comparable net profit/loss for the period, % | 1.8% | 1.6% | 2.1% | 0.8% | 1.1% |
Earnings per share, EUR (diluted = non-diluted) | 0.10 | 0.07 | 0.45 | 0.06 | 0.31 |
Comparable earnings per share, EUR (diluted = non-diluted) | 0.10 | 0.07 | 0.21 | 0.07 | 0.20 |
Cash flow from operating activities | 673 | 880 | 1 184 | 903 | 6 442 |
Return on equity (ROE), % | 4.3% | 3.3% | 13.7% | 2.9% | 13.1% |
Return on investment (ROI), % | 4.0% | 2.9% | 9.1% | 3.5% | 11.6% |
Equity-to-assets ratio at the end of period, % | 37.1% | 36.1% | 37.1% | 36.1% | 40.8% |
Debt-to-equity ratio at the end of period | 63.2% | 79.5% | 63.2% | 79.5% | 57.3% |
Investments in non-current assets | 304 | 367 | 567 | 629 | 1 320 |
Personnel on average during the period | 349 | 321 | 348 | 315 | 327 |
Temporary employees on average in person-years of work | 950 | 649 | 829 | 539 | 661 |
WULFF GROUP PLC’S CEO SAMI ASIKAINEN
Wulff’s employees are breaking records
It is fantastic to step into the role of Group CEO at this moment, following a record-breaking quarter. The first half of the year was Wulff’s strongest ever. We achieved a record net sales of EUR 67.9 million (H1 2025: EUR 58.2 million). Comparable operating profit stood at EUR 2.5 million, increasing by 62.8%. In the second quarter, the pace of net sales growth accelerated compared to the first quarter, reaching 17.4% for the April–June period. In line with our strategy, growth was driven particularly by our service businesses. We are well-positioned for continued positive development in both net sales and profitability.
Net sales in the Workplace Services segment grew by 47.3% during the first half of the year. Net sales increased across all service business areas. Staff leasing and consulting services saw organic growth. Our staff leasing company, Wulff Works, opened new locations in Finland and expanded its operations internationally; the first overseas office opened in Timișoara, Romania, in May. Profitability improved despite rapid growth and investments made to fuel that expansion.
Accounting services grew through both acquisitions and organic growth. The growth of the accounting business is based on an acquisition strategy, and we are continuing to make acquisitions. Wulff now employs over 120 accounting professionals, providing personal, local service across 12 cities in Finland.
In the Products for Work Environments segment, we significantly improved our results despite the cautious market environment. The results of our Finnish operations improved thanks to increased logistics efficiency and lower fixed costs. In Scandinavia, we succeeded in growing our net sales through close customer collaboration. Wulff is valued as a partner, and we hold a strong position in all our operating countries, driven by long-standing customer relationships. We help our customers make their workday run more smoothly and create more attractive work environments.
This record-breaking growth reflects the determined execution of our strategy across all business areas, successful customer interactions, and our personnel’s results-oriented mindset.
Wulff plays a massive role in Finnish working life. Our products are used in thousands of workplaces across Finland and Scandinavia. Our accounting firms serve five thousand Finnish companies. More than two thousand skilled professionals have worked at our client companies during the first part of the year. Wulff makes the world a better place one encounter at a time. Regarding workplace products, sustainability translates into more responsible choices, smarter logistics, and solutions that make the workday meaningful. In our accounting services, value is created through trust, expertise, and high-quality, personal service. In our staff leasing services, it is important to us that our employees enjoy their time with our clients and that employment relationships are managed responsibly.
Thank you to the Wulff team and our customers: we have achieved double-digit growth for eight consecutive quarters. Our inspirational goal is to grow profitably to a net sales of EUR 230 million by 2030. Achieving this goal requires both organic growth and growth through acquisitions. The best results come from skilled people and a positive spirit.
A commercial culture lies at the heart of our values. My primary task is to nurture Wulff’s unique spirit and ensure that we succeed together with our customers.
GROUP’S NET SALES AND RESULT
APRIL–JUNE 2026
Net sales increased by 17.4% from the previous year and totalled EUR 36.4 million (31.0).
Worklife Services Segment’s net sales increased by 47.3%.
Products for Work Environments Segment’s net sales increased by 0.1%. Net sales decreased in Finland by 1.3% and increased in Scandinavia by 3.2%.
The gross margin amounted to EUR 10.2 million (9.1) being 28.1% (29.2) of net sales.
Employee benefit expenses amounted to EUR 5.7 million (5.3) being 15.8% (17.0) of net sales.
Other operating expenses amounted to EUR 2.2 million (2.0) being 6.1% (6.5) of net sales.
EBITDA amounted EUR 2.4 million (1.9), or 6.5% (6.0) of net sales and comparable EBITDA amounted to EUR 2.4 million (1.9), or 6.5% (6.1) of net sales.
Operating profit (EBIT) amounted to EUR 1.7 million (1.2), or 4.6% (3.9) of net sales and comparable operating profit amounted to EUR 1.7 million (1.2), or 4.6% (4.0) of net sales.
Financial income totalled EUR 0.0 million (0.0) and financial expenses totalled EUR 0.4 million (0.4), including interest expenses of EUR 0.3 million (0.2), and mainly currency-related other financial items.
Result before taxes was EUR 1.4 million (0.9), and the comparable result before taxes was EUR 1.4 million (0.9).
Net profit attributable to equity holders of the parent company was EUR 0.7 million (0.5) and comparable net profit was EUR 0.7 million (0.5).
Earnings per share (EPS) were EUR 0.10 (0.07) and comparable earnings per share (EPS) were 0.10 (0.07).
JANUARY–JUNE 2026
Net sales increased by 16.7% and totalled EUR 67.9 million (58.2).
Worklife Services Segment’s net sales increased by 47.3%. The acquisitions of accounting companies implemented in January 2026 increased the net sales in January–June by EUR 0.7 million.
Products for Work Environments Segment’s net sales increased by 0.5%. Net sales decreased in Finland by 1.7% and increased in Scandinavia by 6.2%.
The gross margin amounted to EUR 19.7 million (17.1) being 28.9% (29.4).
Employee benefit expenses amounted to EUR 11.6 million (10.4) being 17.1% (17.9) of net sales. As a result of the change negotiations carried out in January, a one-time expense of EUR 0.2 million was incurred, which has been removed from the comparable result.
Other operating expenses amounted to EUR 4.3 million (4.0) being 6.4% (6.9) of net sales.
EBITDA amounted EUR 5.7 million (2.8), or 8.4% (4.9) of net sales and comparable EBITDA amounted to EUR 4.0 million (2.9), or 5.9% (4.9) of net sales.
Operating profit (EBIT) amounted to EUR 4.2 million (1.5), or 6.2% (2.6) of net sales in and comparable operating profit amounted to EUR 2.5 million (1.6), or 3.7% (2.7) of net sales.
Financial income totalled EUR 0.1 million (0.1) and financial expenses totalled EUR 0.7 million (0.7), including interest expenses of EUR 0.5 million (0.5), and mainly currency-related other financial items.
Result before taxes was EUR 3.6 million (0.9), and the comparable result before taxes was EUR 1.9 million (0.9).
Net profit attributable to equity holders of the parent company was EUR 3.0 million (0.4) and comparable net profit was EUR 1.4 million (0.4).
Earnings per share (EPS) were EUR 0.45 (0.06) and comparable earnings per share (EPS) were 0.21 (0.07).
SUBSEQUENT EVENTS
The Group has not had any significant events after the reporting period.
STRATEGY
Wulff Group Plc’s Board of Directors confirmed the company’s updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability.
Growth is sought especially in the company’s Worklife Services Segment. The company’s staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accelerated by M&A, especially in Wulff’s accounting business.
The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and considered acquisitions that support the strategy. Wulff’s goal is to make the world and working life better — one encounter at a time.
The company’s targets for the strategy period are:
• Net sales of EUR 230 million in 2030
• Comparable operating profit of EUR 20 million in 2030
• Growing dividend per share
FINANCIAL REPORTING
Wulff Group Plc will release the following financial reports in 2026:
Interim Report January–September 2026 Monday October 19, 2026
The publication time is approximately at 9:30 a.m. on the day of publication.
Wulff Group Plc’s financial announcements and the IR calendar can be found from our website https://www.wulff.fi/en/ir-calendar.
In Espoo on July 16, 2026
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Sami Asikainen
tel. +358 40 700 9915
e-mail: sami.asikainen@wulff.fi
DISTRIBUTION
Nasdaq Helsinki Oy
Key media
www.wulff.fi/en
What Wulff?
Worklife Services from staff leasing to recruitment, direct searches and consulting, and from accounting to employment services. Products and solutions for work environments: we are a partner for international corporations, the public sector and SMEs. We bring everything from coffee to copy paper, from refreshments to toner cartridges and from fruit to care products to the workplace. Our experts also provide services in branding solutions and ergonomics. Founded in 1890 and listed on the stock exchange in 2000, Wulff operates in Finland, Sweden, Norway and Denmark and its net sales in 2025 was EUR 122.3 million. The aim is to achieve net sales of EUR 230 million in 2030 by continuously developing own and customers’ businesses to be more sustainable.