Finance and Ownership

CEO's review

The year 2025 was special for Innofactor, as we celebrated our 25th anniversary at our offices across the Nordic countries. A big thank you to all our customers, partners, and employees who took part! It was fantastic to celebrate Innofactor together with you, as well as my own quarter-century career as an entrepreneur.

Our anniversary year also involved a great deal of wistfulness. Innofactor's more than 14-year journey as a listed company came to an end. During our time as a listed company, we grew strongly in the Nordic countries in accordance with our strategy. Leaving the stock exchange was not an easy step for me personally, but in hindsight, I also see it as unequivocally the best possible solution for the company's success and for its customers, employees, and investors. I want to once again thank everyone who was part of our journey as a listed company!

In 2026, we will continue to invest in leveraging artificial intelligence in organizations' operating processes and in capturing the resulting superior productivity growth, both in our own operations and in those of our customers.

Sami Ensio
Innofactor's founder, major owner, and CEO

Business Environment

We estimate that the Nordic IT services market will continue to grow in 2026, although geopolitical developments and uncertainty surrounding economic growth make precise market forecasts difficult. Price competition remained intense in 2025, particularly in the public sector, but signs of market recovery emerged during the second half of the year.

Generative AI offers our customers significant opportunities to improve operational efficiency and create new business models. We believe that agent-based solutions will become increasingly widespread, and that Innofactor will play a strong role in this development. We are also actively developing AI capabilities for our own products, particularly Dynasty.

Climate change mitigation, rapid technological advancement, and geopolitical shifts are increasing the importance of digital solutions in organizations. At the same time, data sovereignty, cybersecurity, and business continuity are becoming ever more critical in our customers' decision-making, supporting demand for our strong expertise in data, infrastructure, and security. Microsoft's substantial investments in cloud and AI technologies, together with our partnership with Microsoft of more than 25 years, support our strategy and strengthen our ability to help customers take advantage of the latest technological innovations.

Key Figures

	2025	2024	2023	2022	2021
Net sales, EUR thousand	67,580	77,576	80,263	71,130	66,364
Operating profit before depreciation and amortization (EBITDA), EUR thousand	8,452*	6,338	9,101	7,808	10,111
percentage of net sales	12.5 %	8.2 %	11.3%	11.0%	15.2%
Operating profit (EBIT), EUR thousand	5,437	3,386	5,835	4,751	6,519
percentage of net sales	8.0 %	4.4 %	7.3%	6.7%	9.8%
Earnings before taxes, EUR thousand	4,763	2,940	5,174	4,178	5,730
percentage of net sales	7.0 %	3.8 %	6.4%	5.9%	8.6%
Earnings, EUR thousand	2,447	263	3,438	3,320	4,504
percentage of net sales	3.6 %	0.3 %	4.3%	4.7%	6.8%
Shareholders' equity, EUR thousand	27,181	23,195	25,483	24,799	25,404
Interest bearing liabilities, EUR thousand	4,438	4,342	6,325	14,349	9,818
Cash and cash equivalents, EUR thousand	666	1,502	425	1,956	1,963
Deferred tax assets, EUR thousand	49	293	2,415	4,090	4,830
Return on equity	9.7 %	1.1 %	13.7%	13.2%	18.4%
Return on investment	18.5 %	11.6 %	18.0%	14.5%	20.6%
Net Gearing	23.1 %	30.1 %	36.1%	50.0%	30.9%
Equity ratio	52.1 %	46.8 %	48.3%	44.8%	51.1 %
Balance sheet total, EUR thousand	53,369	50,703	54,451	55,815	51,057
Research and development, EUR thousand	5,278	5,558	5,108	4,153	3,504
percentage of net sales	7.8 %	7.2 %	6.4%	5.8%	5.3%
Personnel on average during the year	535	571	578	536	516
Personnel at the end of the year	507	546	581	564	500