Finance and Ownership
Here you'll find the CEO's review, a look at the business environment, and key financial figures.


CEO's review
I founded Innofactor 25 years ago, and the journey from a one-person business to a leading Microsoft solutions provider in the Nordics has been full of growth and learning. In our anniversary year 2025, we're moving ahead with a renewed strategy that emphasizes AI, Nordic expertise, and customer focus. We've reorganized our offering into four areas – Platforms, Solutions, Code, and Dynasty – and are supporting customers in adopting AI, especially through process-oriented AI agents. We're also building AI capabilities into our own products, particularly Dynasty.
Our strategy centers on Microsoft technologies, and our strong partnership has earned us key recognitions and supports customer value. We maintained personnel levels despite market challenges, and I'm proud of our team's drive to improve and innovate. Sustainability remains a key focus. This year is also bittersweet, as our 14-year journey as a listed company will likely end. While not an easy decision, I believe delisting is the right step forward. Thank you to everyone who has been part of our story.
Sami Ensio
Innofactor's founder, major owner, and CEO

Business Environment
We expect modest growth in the Nordic IT services market in 2025. However, due to the geopolitical situation and overall economic uncertainty, we are unable to provide a more precise estimate. Price competition remained intense in 2024, especially in the public sector, keeping the average prices of new contracts low. We anticipate a gradual increase in these prices in 2025. Our outlook is based on research institute forecasts and our own market insights.
Interest in generative AI continues to grow, offering significant opportunities for our customers and Innofactor, particularly in operational efficiency and new business models. While many AI projects are still in the experimental phase, we expect increased development in agent-based solutions during 2025. We are investing in enhancing AI capabilities in our own products, especially Dynasty. Additionally, factors such as climate change, shifting geopolitics, and nearshoring may support our strategy of relying on Nordic specialists. We believe these trends, along with Microsoft's strong market position in AI, will help us grow our market share in the region.
Key Figures
2024 |
2023 |
2022 |
2021 |
2020 |
|
Net sales, EUR thousand |
77,576 |
80,263 |
71,130 |
66,364 |
66,164 |
Operating profit before depreciation |
6,338 |
9,101 |
7,808 |
10,111 |
7,164 |
percentage of net sales |
8.2 % |
11.3% |
11.0% |
15.2% |
10.8% |
Operating profit (EBIT), EUR thousand |
3,386 |
5,835 |
4,751 |
6,519 |
2,501 |
percentage of net sales |
4.4 % |
7.3% |
6.7% |
9.8% |
3.8% |
Earnings before taxes, EUR thousand |
2,940 |
5,174 |
4,178 |
5,730 |
2,050 |
percentage of net sales |
3.8 % |
6.4% |
5.9% |
8.6% |
3.1% |
Earnings, EUR thousand |
263 |
3,438 |
3,320 |
4,504 |
1,761 |
percentage of net sales |
0.3 % |
4.3% |
4.7% |
6.8% |
2.7% |
Shareholders' equity, EUR thousand |
23,195 |
25,483 |
24,799 |
25,404 |
23,444 |
Interest bearing liabilities, EUR thousand |
4,342 |
6,325 |
14,349 |
9,818 |
15,386 |
Cash and cash equivalents, EUR thousand |
1,502 |
425 |
1,956 |
1,963 |
3,066 |
Deferred tax assets, EUR thousand |
293 |
2,415 |
4,090 |
4,830 |
6,413 |
Return on equity |
1.1 % |
13.7% |
13.2% |
18.4% |
7.7% |
Return on investment |
11.6 % |
18.0% |
14.5% |
20.6% |
11.1% |
Net Gearing |
30.1 % |
36.1% |
50.0% |
30.9% |
52.5% |
Equity ratio |
46.8 % |
48.3% |
44.8% |
51.1 % |
42.2% |
Balance sheet total, EUR thousand |
50,703 |
54,451 |
55,815 |
51,057 |
56,607 |
Research and development, EUR thousand |
5,558 |
5,108 |
4,153 |
3,504 |
3,618 |
percentage of net sales |
7.2 % |
6.4% |
5.8% |
5.3% |
5.5% |
Personnel on average during the year |
571 |
578 |
536 |
516 |
544 |
Personnel at the end of the year |
546 |
581 |
564 |
500 |
541 |
Annual Reports
Innofactor Plc Annual Report 2010.pdf (in Finnish)
Innofactor Plc Annual Report 2009.pdf (in Finnish)
Ownership
Innofactor is owned by:
- Ensio Investment Group Oy, the investment company of founder and CEO Sami Ensio
- CapMan Growth III Fund, managed by CapMan
- Mutual Pension Insurance Company Varma
- Osprey Capital, the investment company of Timo Larjoma
- The company's executive management
- The company's personnel through Innofactor's Personnel Fund