contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Lemonsoft is a Finnish SaaS company that designs, develops and sells ERP software solutions. The company is primarily a service provider of business systems to small and medium-sized businesses. Its customer base consists of companies in industrial manufacturing, wholesale and retail trade, construction and accounting firms. The company operates mainly in Finland.

I’ve reached the same conclusion in my own work - though from a slightly different perspective. In my opinion, it’s not so much about new entrants entering the market but rather about the decrease in the cost of self-development. I recently received an assignment to consider the buy vs. build setup in the AI era from a company slightly larger than Lemonsoft’s scope that is considering an ERP renewal. It’s clear that AI has shifted the buy vs. build balance in favor of in-house construction. With a slightly larger development investment, you could theoretically get a solution where you don’t have to pay licensing costs, which are by far the largest component in any long-term TCO calculation. However, the modeling fairly quickly concluded that:  The AMS for an AI-developed solution is practically infinite, whereas the opex costs of a more traditional SaaS solution are predictable and manageable. Many CFOs prefer the latter. A SaaS company’s R&D still scales across the entire customer base, and one can’t afford to spend more than a fraction of a percent on in-house development compared to an ERP provider’s development budget. In practice, AI-assisted development quickly creates a significant legacy mess, while a SaaS solution stays “evergreen” without any effort. An ERP provides the necessary GAAP etc. processing out-of-the-box. Building these yourself offers no competitive advantage when talking about traditional finance and supply chain ERPs.  Build could become sensible if we’re talking about, for example, more complex business (e.g., configurable products and an associated service component) that a typical ERP might not handle very well without add-ons or other customizations. In such cases, a competitive advantage could be created by tailoring the ERP to the processes and not the other way around - which is how the current paradigm works. As I understand it, Lemonsoft is used specifically for these basic functions that are shielded from competitive advantage considerations. Lemonsoft is also protected by the size of its customers - even in the AI era, the capabilities of the SME (PK) sector won’t rise in the big picture to a level where maintaining a custom solution would be reasonably trivial. But, the lowering costs of application development do limit the kind of premium SaaS companies can charge in the future. When you combine this with the fact that AI solutions on top of software are no longer things that can be duplicated with zero marginal cost, I’m not at all surprised that valuations have come down due to pressure on both the top and bottom lines, alongside increased uncertainty.

For the first time in our coverage history, I have now moved to the buy side with Lemonsoft. Overall, the valuations of Nordic ERP providers (Admicom, Lemonsoft, Smartcraft) have been pushed to historical lows in the recent SaaS sell-off, and at least I am now taking the view that AI fears have become overblown here. At least for the moment, I don’t see AI posing a significant threat to ERP providers, but I am also ready to change my mind if developments start to look that way at some point.                   Inderes              Lemonsoft Q4'25: Tekoälypelot vaikuttavat ylimitoitetuilta - Inderes    Yhtiön Q4-tulos osui odotuksiimme ja näkymät ennakoivat tälle vuodelle odotustemme mukaisesti tuloskasvun jatkuvan.

SaaS revenue grew 1.9%. Likely, the SaaS base has decreased when adjusted for price increases. Churn is 6.8%, which in my opinion is a lot. I’d be most worried about the consulting revenue falling by over 11%. I’d like to know how badly that core contract base has eroded. At least the CEO didn’t dare to admit it. It’s a pity the guy didn’t answer the questions properly in the earnings live stream either…

And here is the interview with CEO Alpo Luostarinen regarding Q4, with Atte as the interviewer, of course.                    Inderes              Lemonsoft Q4'25: Vauhdikas vuosi päätökseen - Inderes    Aika: 19.02.2026 klo 15.50 Lemonsoftin SaaS-liikevaihto kehittyi positiivisesti loppuvuonna ja kannattavuus oli odotusten mukaista.                             Topics: 00:00 Introduction  00:13 An eventful year comes to a close  01:13 Development of customer churn  02:11 Cost savings implemented and the recruitment situation  03:24 Improved cash flow  04:20 Jakamo acquisition  07:21 Outlook on the M&A front  08:10 Impact of AI development  11:07 R&D and utilizing AI  11:54 Outlook for 2026  13:20 Drivers for profitability improvement

That was a lackluster revenue guidance. Organic growth could even turn negative; Inderes predicted +1% growth, guidance is 5-13%, BUT Inderes doesn’t have last week’s major acquisition in their forecasts.

Lemonsoft reported a Q4 result largely in line with our expectations. As a minor positive, SaaS revenue was slightly better than our forecasts at the end of the year. Operating cash flow (Q4’25: 3.1 MEUR) was strong at the end of the year, as was the figure for the full year (8.5 MEUR).  The 2026 guidance was also largely in line with our expectations. Our forecast (+1% growth) did not yet include the recent Jakamo acquisition, which supports growth by roughly 6 percentage points this year. Jakamo’s EBITDA (9.6%) somewhat dilutes Lemonsoft’s relative profitability. Our forecast for this year’s adjusted operating profit was at the upper end of the guidance range at 29%, so even including Jakamo, it remains within the range.  The company’s webcast is today at 1:00 PM, followed by another interview with Alpo. I will need to ask specifically about the company’s views on AI and whether investors’ concerns are justified.                   Inderes              Lemonsoft, Webcast, Q4'25 - Inderes    Time: 19.02.2026 klo 13.00 Language: en Language: en Sector: Information Technology Activity: Webcast

Here are Atte’s comments as Lemonsoft has been out doing a bit of shopping.  Lemonsoft announced on Friday that it is acquiring a 76% majority stake in the share capital of Jakamo Osakeyhtiö, a software company specializing in industrial procurement processes. The relatively small acquisition strengthens Lemonsoft’s offering in its strategic core segment, manufacturing. The acquisition did not come as a major surprise, as we have been expecting Lemonsoft to become active on the M&A front following the company’s transformation phase. We will incorporate the acquisition into our forecasts in conjunction with Lemonsoft’s Q4 results, to be published on February 19.                   Inderes              Lemonsoft pitkästä aikaa yrityskaupoilla - Inderes    Kooltaan suhteellisen pieni kauppa vahvistaa Lemonsoftin tarjoomaa sen strategisessa ydinsegmentissä eli valmistavassa teollisuudessa.

Lemonsoft

Lemonsoft Oyj | Company Release | February 18, 2026 at 08:30:00 EETLemonsoft Oyj: SHARE REPURCHASE 17.2.2026Helsinki Stock Exchange Trade date: 17.2.2026 Bourse trade: BUY Share: LEMON Amount...

<div class="mfn-header mfn-header-finland"><p>Lemonsoft Oyj | Company Release | February 18, 2026 at 08:30:00 EET</p></div><div class="mfn-preamble"><p><strong>Lemonsoft Oyj: SHARE REPURCHASE 17.2.2026</strong></p></div><div class="mfn-body"><p>Helsinki Stock Exchange<br></p><p>Trade date: 17.2.2026<br>Bourse trade: BUY<br>Share: LEMON<br>Amount: 5 760 shares<br>Average price / share: 5.0716 EUR<br>Total cost: 29 212.24 EUR<br></p><p>Following shares repurchased on 17.2.2026<br>the Company now holds 457 591 shares.<br></p><p>On behalf of Lemonsoft Oyj<br><br>Lago Kapital Ltd<br><br>Maj van Dijk Jani Koskell</p></div><div class="mfn-footer mfn-contacts mfn-0b26908cadd1"><p><strong class="mfn-heading-1">Further information</strong></p><hr><p>Alpo Luostarinen<br>CEO<br><a rel="noopener" href="mailto:alpo.luostarinen@lemonsoft.fi">alpo.luostarinen@lemonsoft.fi</a><br>+358 50 911 3507</p><p>Mari Erkkilä<br>CFO<br><a rel="noopener" href="mailto:mari.erkkila@lemonsoft.fi">mari.erkkila@lemonsoft.fi</a><br>+358 40 768 1415</p><p>Certified Adviser:<br>Aktia Alexander Corporate Finance Oy, +358 50 520 4098</p></div><div class="mfn-footer mfn-about mfn-c4559429cbbb"><p><strong class="mfn-heading-1">About Us</strong></p><hr><p>Lemonsoft is a Finnish software company that designs, develops and sells ERP software solutions to streamline its customers’ processes across different business lines and administration. The extensive offering of software solutions and related services enables the Company to provide its customers with holistic service. The Company’s standardised and scalable software solutions are delivered mainly from the cloud and are based on the SaaS model in which customers pay a monthly service fee for the use of the software. The Company operates in the ERP software market in Finland primarily as a service provider for SMEs.  The Company’s customer base consists of  customers from especially industrial manufacturing, wholesale and retail, professional services automation, construction and accounting.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/12f11313-8474-4644-9d67-1443351a0c87/dev-lemon-sbb-trades-20260217.xlsx">DEV LEMON SBB Trades 20260217</a></p></div>