Netum Group Plc | Company announcement | 18 August 2026 at 8.00 a.m. EEST
Netum Group Plc’s half-year report 1 January–30 June 2026: Revenue for January–June 2026 decreased 25.5%, EBITA -2.4% of revenue
This release is a summary of Netum's half-year report for January–June 2026. The complete report is attached to this release as a pdf file and available on the company’s website at https://www.netum.fi/en/investors/reports-and-presentations/.
Unless otherwise stated, the figures in parentheses refer to the comparison period and are in the same unit as the figures for the review period. The figures for 2026 contained in this business review are unaudited.
April–June 2026 in brief
January–June 2026 in brief
Group key figures
| EUR thousand unless otherwise stated | 4–6/2026 | 4–6/2025 | Change | 1–6/2026 | 1–6/2025 | Change | 1–12/2025 |
| Revenue | 7,594 | 10,226 | -25.7% | 15,954 | 21,401 | -25.5% | 37,814 |
| Revenue growth, % | -25.7% | -9.9% | -25.5% | 33.1% | |||
| Organic growth, % | -26.7% | -9.9% | -25.9% | 6.0% | |||
| EBITDA | -406 | 1,252 | -132.4% | -134 | 1,900 | -107.1% | 2,176 |
| EBITDA, % of revenue | -5.3% | 12.2% | -0.8% | 8.9% | 5.8% | ||
| EBITA | -536 | 429 | -224.7% | -382 | 1,572 | -124.3% | 1,532 |
| EBITA, % of revenue | -7.1% | 4.2% | -2.4% | 7.3% | 4.1% | ||
| Comparable EBITA1 | -500 | 518 | -196.4% | -179 | 1,661 | -110.8% | 2,018 |
| Comparable EBITA, % of revenue | -6.6% | 5.1% | -1.1% | 7.8% | 5.5% | ||
| Operating profit (loss) | -536 | 429 | -224.7% | -382 | 1,572 | -124.3% | 1,532 |
| Operating profit (loss), % of revenue | -7.1% | 4.2% | -2.4% | 7.3% | 4.1% | ||
| Result for the reporting period | -629 | 191 | -428.8% | -654 | 988 | -166.2% | 858 |
| Result for the reporting period, % of revenue | -8.3% | 1.9% | -4.1% | 4.6% | 2.3% | ||
| Basic earnings per share (EPS), EUR | -0.05 | 0.01 | -0.05 | 0.08 | 0.07 | ||
| Diluted earnings per share (EPS), EUR | -0.05 | 0.01 | -0.05 | 0.08 | 0.07 | ||
| Return on equity, % | -4.2% | 1.2% | -4.8% | 6.4% | 5.6% | ||
| Equity ratio, % | 47.1% | 48.1% | 47.1% | 48.1% | 49.0% | ||
| Number of employees, at the end of the period | 308 | 394 | 308 | 394 | 329 | ||
| Overall capacity, own personnel (FTE), at the end of the period | 299 | 379 | 299 | 379 | 318 |
1) Items affecting comparability are presented in the table Comparable EBITA.
Guidance for 2026 (changed 17 June 2026)
Previous outlook for 2026:
Netum estimates that revenue will decrease from the previous year’s level (2025: 37.8 million) and that comparable EBITA will remain at the previous year’s level (2025: 5.5%).
New outlook for 2026:
Netum estimates that revenue will decrease clearly from the previous year’s level (2025: 37.8 million) and that comparable EBITA margin will fall below the previous year’s level (2025: 5.5%).
The lowering of the guidance is due to the slower-than-expected start of new projects and their partial shift to the second half of the year, lower-than-anticipated volumes in existing projects during the second quarter, as well as factors that affected short-term delivery capacity and utilisation. As a combined effect of these factors, the company estimates that the expected improvement in the second half of the year will not be sufficient to raise full-year comparable relative profitability to the previous year’s level.
Repe Harmanen, CEO:
The first half of the year was a transition period in line with our expectations. However, it proved more challenging than we had anticipated, and our performance fell short of our expectations. During the reporting period, we won several new customer accounts. These include, among others, the Legal Register Centre, the Wellbeing Services County of Päijät-Häme, and the Government Shared Services Centre for Finance and HR.
We updated our guidance by issuing a profit warning on 17 June 2026, as the second half of the year will not be sufficient to close the gap created by the first half of the year compared to the comparative figures. There are three key factors behind this. Personnel took more accrued holiday leave than we had expected around public holidays. The start-ups of new projects were postponed more than expected to the second half of the year. Change negotiations increased employee turnover more than expected and temporarily reduced our delivery capacity. This was particularly unfortunate, but understandable in a situation involving significant change. The result was also affected by our deliberate choice to invest in artificial intelligence and cybersecurity. We invested approximately EUR 115 thousand in developing the Netum AI ACE platform and Cyberwatch’s solutions and recognised these as an expense in the income statement. This weakened short-term profitability but will support long-term business development.
New sales have developed in line with our expectations, and in some areas even better than expected. This lays a foundation for a stronger second half of the year, provided that the projects won during the spring commence at full volume and new sales continue at a good level. Slow project starts are very typical, and the summer season naturally postpones them until after August.
The employee turnover experienced during the spring and the resulting temporary reduction in capacity are not isolated disruption. The company’s structural transformation has continued since the second half of 2025 and will continue throughout this year. In June, we launched a redesign of our organisation aimed at making experts’ work easier, as well as simplifying the operating models of One Netum. During the second half of the year, we will establish this change as the foundation of the One Netum. We have communicated this, among other things, as part of our strategy work and through the disciplined execution of our success factors.
The market environment in Finland has remained challenging, and price competition continues to be intense. The increase in costs during the year has been covered through operational efficiency measures, as fully passing these costs on to prices is not practically possible in the current market situation. Weak demand also affected our Expert Services business (Buutti Oy) in particular during the first half of the year, and it has not yet recovered to the level of the previous year. This has a direct impact on our revenue and our volume-based profitability. The same market pressures are also reflected in our customers operations. The need to improve efficiency, utilise data and apply artificial intelligence continues to grow, at the same time the requirement to operate securely and ensure data protection is increasingly important. This supports our decision to invest in data, integration and AI solutions as well as cybersecurity, which is a cross-cutting component of our entire service promise.
On 21 April, we signed an agreement to acquire the entire share capital of cybersecurity company Cyberwatch Oy. The acquisition strengthens our cybersecurity expertise and expands our capabilities in dark web and deep web analytics, which we did not previously have. Cyberwatch, founded in 2017, is a company of eight experts with approximately 50 customers in Finland and internationally. By combining our expertise, we can provide the comprehensive service required under the cybersecurity legislation and open access to each other’s services for both customer bases. The acquisition directly supports our medium-term financial targets. The integration of the business has progressed in line with our expectations, and we have operated as one organisation since of 1 July 2026.
During the second half of the year, we will maintain the direction we set in the spring. We will execute our strategy with discipline and refine the direction for the coming years. At the same time, we will assess the strategic significance of the different business areas in a changing market and ensure that the AI transformation and the structural changes become a competitive advantage for us.
I would like to thank our customers for their excellent cooperation and our personnel for their commitment and hard work. Together, we are building an even better One Netum.
I wish everyone an excellent harvest and autumn season ahead of our third-quarter review in early November.
Repe Harmanen
CEO
For further information, please contact:
Netum Group Plc
Repe Harmanen, CEO
+358 400 467 717
repe.harmanen@netum.fi
Certified Adviser:
Evli Plc
+358 40 579 6210
Netum Group Plc
Netum is an IT service partner that builds a functional and secure digital society. We help our customers develop their digital business by designing and implementing sustainable digital solutions tailored to their needs – wisely and responsibly. Netum employs approximately 310 people, and the Group's revenue in 2025 was EUR 38 million. Netum Group Plc's shares are listed on Nasdaq Helsinki First North (NETUM). www.netum.fi