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Finance and Ownership

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

Microsoft Azure

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
and amortization (EBITDA), EUR thousand

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

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