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Vincit Plc
Company announcement October 23, 2025 at 9:00 EEST
Vincit Plc’s Business Review 1 January–30 September 2025: Success in sales is not yet reflected in revenue development
This release is a summary of Vincit's Business Review 1 January–30 September 2025. The complete report is attached to this release and is available on the company's website at https://investors.vincit.com/en.
The company has transferred to reporting in accordance with IFRS Financial Reporting Standards (IFRS). This business review is not an interim report in accordance with IAS 34 standard. The company prepares its interim financial reporting in accordance with the Securities Market Act, in addition to which the company publishes business reviews for the first three and first nine months of the year.
The figures of the business review are unaudited. Figures in brackets refer to the corresponding period of the previous year, unless otherwise stated.
July–September 2025
- Revenue was EUR 14.4 (18.4) million. Revenue declined by EUR 4.1 million, or 22.0%.
- Adjusted EBITA was EUR 0.2 (0.7) million or 1.3% (4.0%) of revenue.
- EBITA was EUR 0.1 (0.7) million, or 0.5% (4.0%) of revenue.
- EBIT was EUR -0.1 (0.7) million, or -0.4% (3.6%) of revenue.
- Items affecting comparability were EUR 0.1 (0.0) million.
- Earnings per share were EUR -0.03 (0.01).
- Total capacity (FTE) averaged 523 (663) over the reporting period, of which subcontracting was 32 (54) FTEs.
January–September 2025
- Revenue was EUR 51.4 (63.2) million. Revenue declined by EUR 11.8 million, or 18.7%.
- Adjusted EBITA was EUR 0.0 (1.0) million, or 0.0% (1.5%) of revenue.
- EBITA was EUR -1.2 (0.5) million, or -2.3% (0.7%) of revenue.
- EBIT was EUR -1.5 (0.3) million, or -2.9% (0.4%) of revenue.
- Items affecting comparability were EUR 1.2 (0.5) million.
- Earnings per share were EUR -0.17 (-0.03).
- Total capacity (FTE) averaged 554 (673) over the reporting period, of which subcontracting was 37 (62).
Outlook for 2025 (unchanged)
Revenue in 2025 is expected to be lower than in 2024, but relative profitability is expected to improve year-on-year.
Financial targets for the strategy period 2025–2027
The Board of Directors of Vincit Plc approved on December 18, 2024 the company’s updated financial targets for 2025-2027.
- Adjusted EBITA margin of 10 percent of revenue by 2027
- In 2025, the goal is to stabilize the business, and in 2026-2027 the target is 10 percent organic revenue growth
- Strengthen the chosen business areas through acquisitions
- Equity ratio above 50 percent and net debt-to-EBITDA ratio below two
Vincit’s dividend policy remains unchanged and the company aims to distribute at least 30 percent of the annual net profit as dividends.
Key figures
| EUR 1,000 | 7-9/2025 | 7-9/2024 | Change | 1-9/2025 | 1-9/2024 | Change | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | 14,385 | 18,440 | -22.0% | 51,354 | 63,170 | -18.7% | 84,647 |
| EBITDA | 866 | 1,685 | -48.6% | 1,628 | 3,277 | -50.3% | 3,837 |
| % of revenue | 6.0% | 9.1% | 3.2% | 5.2% | 4.5% | ||
| EBITA | 66 | 732 | -91.0% | -1,172 | 462 | <-100.0% | -12 |
| % of revenue | 0.5% | 4.0% | -2.3% | 0.7% | 0.0% | ||
| Items affecting comparability | 114 | 6 | < 100.0% | 1,181 | 504 | < 100.0% | -520 |
| Adjusted EBITDA | 981 | 1,692 | -42.0% | 2,809 | 3,781 | -25.7% | 4,358 |
| % of revenue | 6.8% | 9.2% | 5.5% | 6.0% | 5.1% | ||
| Adjusted EBITA | 180 | 738 | -75.6% | 9 | 966 | -99.1% | 508 |
| % of revenue | 1.3% | 4.0% | 0.0% | 1.5% | 0.6% | ||
| EBIT | -59 | 661 | <-100.0% | -1,496 | 262 | <-100.0% | -288 |
| % of revenue | -0.4% | 3.6% | -2.9% | 0.4% | -0.3% | ||
| Profit/ -loss for the period | -530 | 256 | <-100.0% | -2,885 | -406 | < 100.0% | -629 |
| Equity ratio % | 61.1% | 64.7% | 61.1% | 64.7% | 58.3% | ||
| Return on equity (ROE), % | -12.1% | 0.9% | -11.4% | -1.4% | -1.7% | ||
| Return on Investment (ROI), % | -7.6% | 2.0% | -4.3% | 1.2% | 0.6% | ||
| Net Gearing Ratio % | 6.7% | -8.4% | 6.7% | -8.4% | 1.3% | ||
| Number of employees at the end of the period | 528 | 645 | -18.1% | 528 | 645 | -18.1% | 640 |
| EPS, EUR | -0.03 | 0.01 | <-100.0% | -0.17 | -0.03 | < 100.0% | -0.04 |
Vincit CEO Julius Manni
For July-September, Vincit’s revenue decreased by 22% year-on-year. The decline in revenue is due to a change in demand for software development work and lower investments by customers in digital commerce solutions compared to previous years.
Our adjusted EBITA for the period stood at EUR 0.2 million (0.7). Profitability was weakened by a decrease in margin levels in custom software development. Additionally, our result was burdened by a one-off write-down of EUR 0.3 million from a fixed-price project where the original work estimate was exceeded. To address profitability challenges, we have implemented stricter project management and are actively optimizing team compositions. Alongside these measures, we have continued with cost adjustment efforts, the benefits of which are expected to progressively materialize in our results starting from the final quarter of the year.
Progress in strategic focus areas
Long-term work to develop our sales is yielding results, and during the review period, we have succeeded in winning new, strategically important projects. The current market environment increasingly values deep business understanding and proven solutions that deliver tangible commercial value. We are especially proud of our new cooperation with Hiab, a global leader in load handling equipment, on a significant eCommerce project – a clear testament to the trust placed in our capabilities.
We have also strengthened our Data & AI business area with new leadership and continued to invest in developing our expertise. This focus is already helping us win new customers, particularly by differentiating ourselves through our proficiency in AI-assisted software development. Our selection as VTT's data warehouse provider and maintenance partner further underscores our strong capabilities in the data domain. During the remainder of the year, we will accelerate our investments in leveraging agentic AI to enhance our customers' business processes. We see growth opportunities especially in combining our deep SAP cloud expertise with AI technologies, enabling both the automation of core processes and the creation of innovative new business models.
Although the turnaround in profitability has proven painfully slow for us, our clear successes in these strategic focus areas confirm that our strategy and refined offering are well-aligned with evolving customer needs. I remain confident that through our determined efforts, Vincit will return to a sustainable growth trajectory.
In Helsinki, 23 October, 2025
VINCIT PLC
Board of Directors
Additional information
Vincit Plc, CEO Julius Manni, phone: +358 50 424 3932
Certified advisor: Aktia Alexander Corporate Finance Oy, phone: +358 50 520 4098
Vincit Plc in brief
Vincit turns digital into business results by combining leading enterprise platforms and tailored solutions Vincit Plc’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.vincit.com