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| Land | Finland |
|---|---|
| Lista | Small Cap Helsinki |
| Sektor | Informationsteknik |
| Industri | Kommunikation |
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Tecnotree Corporation Stock Exchange Release 28 October 2025 at 9:00 EET
Sixth consecutive quarter delivering steady profitability and positive free cash flow.
January - September Results
- Net sales of EUR 52.8 million (54.0) -2.1% Year on Year; in constant currency, EUR 56.6 million, +4.8% Year on Year.
- Operating result of EUR 13.2 million (13.0) +2.1% Year on Year; in constant currency, EUR 14.9 million (13.0), +15.0% Year on Year.
- Operating margin of 25.0% (24.1%); in constant currency 26.4% (24.1%), +2.3% Year on Year.
- Foreign exchange losses EUR 3.9 million (2.2).
- Net Result EUR 6.0 million (7.8) -23.0% Year on Year.
- Gross cash flow from operations EUR 14.8 million (12.8).
- Positive free cash flow EUR 3.2 million (-2.2).
- Earnings per share EUR 0.4 (0.5).
- Order book at the end of the period EUR 105.5 million (75.1).
Q3 Results
- Net sales of EUR 18.6 million (19.0) -2.1% Year on Year; in constant currency, EUR 20.7 million, +5.4% Year on Year.
- Operating result of EUR 3.6 million (5.0) -27.4% Year on Year; in constant currency, EUR 4.3 million (5.0), -13.3 % Year on Year.
- Operating margin of 19.5% (26.3%); in constant currency, 21.0% (26.3%), -5.4% Year on Year.
- Foreign exchange gain EUR 0.3 million (0.2).
- Net Result EUR 3.4 million (4.1) -16.8% Year on Year.
- Gross cash flow from operations EUR 4.2 million (5.5).
- Positive free cash flow EUR 1.2 million (1.7).
- Earnings per share EUR 0.2 (0.2).
| Key figures, MEUR | 7-9/2025 | 7-9/2024 | 1-9/2025 | 1-9/2024 | 1-12/2024 | |
| Net sales | 18.6 | 19.0 | 52.8 | 54.0 | 71.6 | |
| Operating result (EBIT) | 3.6 | 5.0 | 13.2 | 13.0 | 23.8 | |
| Result before taxes | 4.0 | 4.9 | 8.4 | 9.8 | 12.8 | |
| Result for the period | 3.4 | 4.1 | 6.0 | 7.8 | 8.3 | |
| Earnings per share, basic, EUR | 0.20 | 0.24 | 0.35 | 0.46 | 0.50 | |
| Order book | 105.5 | 75.1 | 105.5 | 75.1 | 79.6 | |
| Gross cash flow from operating activities | 4.2 | 5.5 | 14.8 | 12.8 | 21.3 | |
| Free cash flow | 1.2 | 1.7 | 3.2 | -2.2 | -1.8 | |
| Change in cash and cash equivalents | 1.6 | 0.2 | 3.9 | -3.8 | -4.1 | |
| Cash and cash equivalents | 20.7 | 17.0 | 20.7 | 17.0 | 16.8 | |
| Equity ratio % (Equity/Total Liabilities) | 68.8 | 65.8 | 66.7 | |||
| Debt Equity ratio % (Debt/Equity) | 6.4 | 4.5 | 4.2 | |||
| Personnel at end of period | 695 | 810 | 758 | |||
Unless otherwise stated, all figures presented below are for the financial period 1-9/2025 and the figures for comparison are for the corresponding period in 1-9/2024.
Guidance for 2025
- Net sales are expected to grow by low to high-single digit percentage in constant currency terms.
- Operating result margin expected to see margin expansion of at least +200bp
- Free cash flow guidance > EUR 4 million for the full year.
- Capex as a percentage of net sales is targeted at 10-12%.
- Receivable days are expected to range between 100-140.
- Dividend pay-out policy targets 10% of free cash flow.
- Foreign exchange exposure to frontier country risk will be reduced to 10-15% within three years.
Assumptions for 2025
- Industry analysts reported that the long-term growth of the Business Support Systems (BSS) industry is forecasted to grow at +2.2% per annum 2024-2029, in constant currency. However, 2025 is forecast to be negative growth year for the industry. Despite this, the company expects positive top line growth due to anticipated significant market share gains and the current order backlog.
- The company will continue its focus on increasing license sales, while evolving its delivery model to an Annual Recurring Revenue (ARR) model and continue to increase the same in 2025. This will ensure that the company will have more predictable and stable quarter on quarter net sales.
- The cost optimisation programme that commenced in 2024 will continue to provide margin benefits in 2025 and beyond.
From CEO's Desk: On track with guidance; focus on order book conversion
Tecnotree third quarter of 2025 focused on profitable order book execution with year-to-date operating result up by 15% year on year, in constant currency. We continue to maintain cash positive operations for the sixth consecutive quarter, with EUR 3.2 million free cash flow year-to-date.
The profitability in Q3 2025 was slightly below Q3 2024. This was on account of strengthening our presence in more developed markets including Europe and the Americas, where ongoing digital transformation projects entered implementation and delivery phases, post deployment of the core stack in H1 2025. These programs also require us to incur mobilization costs towards hiring of local, high-skill talent to accelerate delivery. The revenue mix this quarter is more towards services compared to licenses. These projects will lay the foundation for future recurring revenues.
The operating result for Q3 2025 is further impacted due to taking adequate provisions for long outstanding receivables. In addition, we have also accrued 3rd party costs related to delivery of some of the large deals. These measures are towards our commitment to cash discipline and prudent risk management.
Q3 2025: Continued Analyst Confidence and Upgraded Position in AI Magic Quadrant
Tecnotree's AI-native digital platforms continue to gain strong global traction. System Integrator partnerships in Europe and the Americas are extending our reach beyond traditional BSS, helping Tier-1 operators modernize and monetize networks faster.
During the third quarter, Gartner upgraded Tecnotree's position in its Magic Quadrant for AI in CSP Customer and Business Operations 2025 from Niche Player to Visionary, recognizing our growing execution capability and innovation embedded in our digital stack of products. IDC named Tecnotree a Major Player for Worldwide Customer Experience Platforms for Telecommunications 2025.
These recognitions reinforce Tecnotree's steady progress-combining innovation, disciplined delivery, and long-term value creation for our customers across cloud, AIML and MVNX capabilities.
We also continued to make progress on operational efficiency, reducing total personnel cost year on year in line with our 2025 cost optimization program, while maintaining delivery capacity and product quality with localized high skill resources. Capex was 11.9% of sales year to date, within the 10-12% guidance. We are also on track with our guidance on DSO days, currently at 154 days, down from 175 from H1 2025.
Our focus for the coming quarters is clear:
- Backlog conversion and cash generation, ensuring each delivery milestone translates into measurable financial performance.
- Execution excellence, particularly in our large transformation programs across Europe, Americas, and Africa.
Management reiterates its full-year 2025 guidance for:
- Net sales growth in constant currency of low-to-high single digit.
- Operating result margin expansion of at least +200bps.
- Free cash flow > EUR 4 million for the full year.
I want to thank our employees, customers, and shareholders for their trust and continued support as we execute the next phase of Tecnotree's strategy.
Webcast for investors and media
Tecnotree webcast of results is on 30 October 2025 at 10.00 a.m. EET (Helsinki). Shareholders, investors, and other interested parties are invited to pre-register a zoom account and join the online presentation via this link: https://zoom.us/j/93654921990. The event will be recorded, and the presentation materials will be made available on the company's website https://investors.tecnotree.com.
Tecnotree Corporation
Board of Directors