Talenom Oyj

Good morning everyone and welcome to join Talenom's Q3 review 2026. My name is Juho Ahosola and I'm the CEO of Talenom and with me here today is as usually our CFO Matti Säkkinen.

Good morning everyone and welcome also on my behalf.

Thank you. Okay, let's kick off. So here is the agenda for this today's review. So I will start with a short brief about Talanom, if we have some new investors online, and then I will comment highlights of review period as well as our development during this review period Q3. And then after me, Matti will comment financial performance in a bit more detail level as well as outlook and guidance. And at the end of this session, there's time for questions as well. Okay, let's then start. So a couple of comments about Talenom. We have some new investors online. So comments about post-emerge Talenom. So first of all, what is Talenom? What do we do? So we are a service company. First of all, we are providing financial management services such as accounting, payroll and consulting services. And our mission is to help entrepreneurs succeed. And we are operating in three countries in Finland, Sweden and Spain as well. and we combine in our growth both organic growth and then selective acquisitions. And our approach as a company is to combine strong local expertise, strong local ownership with scalable one talent concept. And we also want to use best-in-class digital solutions, technologies, software and AI as well. And that's our way to create value for our clients and then also for owners. Then if we look briefly in our products or services or revenue streams from investor perspective, starting from our core services. So our core services are accounting, payroll and account receivable services. And these services are almost completely recurring. So revenue that comes from these services is recurring. and in addition to these core services, we also have different kind of value-added services, quite a large range of these. And there we could mention, for example, HR services or legal services or BI services. And these value-added services, they are important also like for two reasons. Basically, from revenue perspective, we see there are a lot of growth opportunities and then they are also supporting our... Customer Experience. And then in all our operating countries we have also industry-specific teams and solutions for our clients. But that's our service portfolio. Then a short comment about markets that we operate. So basically the market structure in all our operating countries is pretty similar. So there's high fragmentation, a lot of small companies, small players, and then we can also recognize this consolidation trend in all our operating countries. And then if we look into our market shares in these three countries starting from Finland, our market share is roughly 5% and market size 1.4 billion euros. In Sweden, slightly bigger market and our market share is roughly 1%. And in Spain, as we can see, this size of the bubble illustrates the size of the market, massive market and then market share 0.1%, so quite remarkable growth opportunities. and we are not looking to expand to new countries in the near future and basically reason is here that in all countries including Finland where we have a long history we have really massive growth opportunities. But that's what we do, that's our services summarized and markets where we operate. Let's then move into this review period and comments about that. First of all, a couple of highlights about Q3. First of all, this was quite a solid performance from the Talenom team, I would like to say. We progressed well with our strategy and things are going pretty much as planned right now. What it comes to figures, our group sales that grew a bit and then comparable EBITDA improved in all our operating countries, which is really positive. Then short comments about countries starting from Finland, from Finnish team really good performance, especially profitability wise, strong profitability and This Finland's strong profitability and cash flow creates really solid foundation for the whole group as we know. In Sweden, our most important goal for this year is to improve profitability, create profitability turnaround. And as we can see from figures, it's going to the right direction and progressing as planned. So we are really happy with development profitability-wise in Sweden. And Team Sweden has done really good work here. and in Spain we have continued our acquisition driven growth and profitability is also now step by step developing into right direction. And then also worth mentioning that during the review period and also here in Q4, we are really focusing on AI and we can see that that creates a lot of good opportunities for us to create even more client value. I will comment that a bit later. But overall, quite solid performance from the team, I would like to say. Then comments about our focus areas. So we have named three focus areas for this year 26. First of all, implementation of the new strategy as we have finalized this with ISOR in early March. So since then we have been working as an independent company and implementing our strategy in all our countries. Then also super important, improving profitability in Sweden and Spain. That's our second focus area. And third one is implementation of growth strategies, so working with growth in all countries. And then comments about these areas. So first starting from strategy implementation. I would like to say that no big news from here. We are making good progress with strategy. Two main components basically here is one Talenom concept. We are implementing that across all teams at Talenom. And then we're also working a lot around this, our software neutral strategy. in all all countries and no big news this time things are going pretty much as as planned strategy wise then what it comes to profitability in Sweden and Spain starting from Sweden so profitability trend is right and we have continued actions with profitability and it's developing definitely to the right direction and our Swedish team has done really good job around these. And overall, the situation is that churn-wise, we are really happy with the development and churn is now reaching or is at like sustainable level and we are happy with that. And now we want to focus more on sales and creating growth through sales. And we have also made some organizational changes there to support our growth. But overall, we are happy with this profitability development and with growth. We are working extremely hard in Sweden. Spain, we are going to the right direction. Profitability improved slightly. And what is challenging us is still these integration costs and higher software costs for this 2026. And we have a plan how to reduce these integration costs. Thus, we know the history in Spain. conducted quite many acquisitions in short period of time and because of that we have a lot of these integration costs in but we have a plan how to reduce those and we are working with that and now we can see that development profitability wise is right. And also want to highlight that we see a really great potential in Spanish market over time as well as in Sweden of course. And then third point, implementation of growth strategies. A couple of comments from here. First of all, of course, we have been working a lot around systematic sales and marketing efforts and also leveraging AI in marketing and sales. and then also this software strategy that's pretty important for us. And we can see, I would like to say, that quite promising results there with this new software neutral strategy. So these are basically the main elements that we are working with growth right now. But overall, this strategy progress or how it's going with these three components, I would like to say that Pretty much as planned and no big news this time from strategy field. Then last comment what it comes to our operations and actions is about AI and we were thinking that this is important to open for investors as well how we think in terms of AI. So Talenom has a long history as a digital frontrunner in our field and we have always used best tools, technologies, software and we have a long history in this digital frontrunnership so to say. And of course, AI is important for Talenom and important part of our strategy. And we can see that we can leverage it in multiple ways. First of all, in our everyday work, we have quite many people at Talenom helping our clients. So in that our everyday work, we can use it in multiple different ways. Then secondly, as we know, there's different processes in this work. and we can use AI there as well in pretty many, many ways. And last but not least, creating new customer value, like how we prepare meetings, what kind of reporting we can do for our clients. There's several ways to use AI in good ways and to create customer value. And what is the important thing or most crucial element when it comes to AI is that our customer need has not changed. So for a long time, our clients haven't been paying for this routine work or manual accounting or payroll work. It's about that. Peace of mind, someone takes care, someone takes responsibility, anticipation what it comes to future, elements like that. So it's not about manual work and this is why our clients choose us. So when we are acquiring new clients, they come to Talenom because of this, not because of that manual work. and we believe that this need will remain the same and our clients need someone who really looks after, helps them, looks towards the future and creates with that service, that peace of mind and AI can support us in this customer need. And then a short comment about our financial figures. So when it comes to net sales, that increased a bit, 3.6%. And then EBITDA, it was relatively strong during this review period. that increased 19.6% and as well as this operating profit improved to the right direction. But Matti will comment now financial figures in a bit more detailed level and then it's time for questions. Thank you at this point.