Slides
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Business Review Q3 2025 Talenom Plc 17 October 2025
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Otto-Pekka Huhtala CEO Group Matti Eilonen CFO Group Juho Ahosola Deputy CEO Accounting business Lourdes Santisteban CCO Accounting business Spain Anxo Barreiro CD Software business Spain Introduction
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Contents • Introduction • Operational review, Otto-Pekka Huhtala, CEO • Talenom Accounting Business • Strategy, Juho Ahosola, Deputy CEO, Accounting business • Opportunities in the Spanish service market, Lourdes Santisteban, CCO, Accounting business, Spain • Easor Software Business • Strategy, Otto-Pekka Huhtala, COO • Opportunities in the Spanish software market, Anxo Barreiro, Country Director, Software business, Spain • Financials, Matti Eilonen, CFO • Q&A
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Q3 2025 highlights • Comparable net sales increased 2,4%, driven by Finland and Spain. • Cash flow improved significantly due improved EBITDA and lower investment level. • Customer base growth in Easor software business continued at 4.7% annually. • A strategic review of the potential separation of the Easor software business into an independent publicly listed company was initiated.
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Q3 2025 financial highlights Comparable net sales Q3 (EUR million) Comparable net sales increased driven by Finland and Spain Comparable EBITDA Q3 (EUR million) EBITDA growth came from Finland and Sweden Cash flow improved due improved EBITDA and lower investment level +6.5%+2.4% Cash flow after investments 29.1 29.8 Q3/2024 Q3/2025 8.1 8.6 Q3/2024 Q3/2025 9.5 13.8 Q1- Q3 2024 Q1-Q3 2025 +45%
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Strategic review Talenom updated strategy and made the decision to start selling software to other accounting firms. Software company started to invoice directly its own clients. Talenom separated the management team and created separate business management teams for both companies. The software company's pilot sales in Finland were successful and the Easor brand was launched for the software company. The board accepted finalized independent strategy to both businesses. Talenom initiates a strategic review of the potential separation of the Easor software business into an independent publicly listed company. 10/2024 1/2025 2/2025 5/2025 6/2025 9/2025
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Talenom Accounting Business Juho Ahosola • Talenom in brief • Strengths after potential carve-out • Market potential • Sources of growth • Accounting business as an investment
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Talenom accounting business in brief • Talenom is an accounting firm and long-term partner for entrepreneurs, helping them reach their goals. • Serving small and medium-sized enterprises (SMEs) with accounting, payroll and advisory services. • Operating in Finland (since 1972), Sweden (since 2019) and Spain (since 2021). Mission We help entrepreneurs succeed. Vision The most recommended financial partner – by the people we serve and the people we work with. Finland Net sales** 53.0 MEUR FTE 720Sweden Net sales* 16.9 MEUR FTE 238 Spain Net sales* 12.7 MEUR FTE 309 *1-9/2025 **1-9/2025, Accounting business
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Strengths after potential carve-out 1. Decades of experience from accounting • Long history in the accounting industry since 1972. • Established international management team and strong country leadership structures in place. 2. ONE Talenom concept • Internationally unified operating model - implementation ongoing across all countries. • Concept built on our best practices and processes, proven to improve customer experience, employee experience and profitability. 3. Strong commercial capabilities • Dedicated sales and growth organization, uncommon in the industry. • Ability to drive organic growth in addition to acquisitions. • Proven capability to win new customers consistently. ONE Talenom & NPS ONE Talenom & Salary margin ONE Talenom & Employee experience ONE Talenom concept at team level – correlation with customer experience, employee experience and profitability
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12 2 1.4 0.1% 1.1% 4.9% 0 2 4 6 8 10 12 14 Spain Sweden Finland Market size and Talenom market share Market size, billion eur Talenom market share Significant market potential in Europe Talenom’s very small market share in 8,5x bigger market Talenom’s relatively small market share in bigger market Talenom’s relatively big market share in a very fragmented market • Rising regulatory demands are shaping the market towards growth and consolidation • Especially south of Europe very fragmented and relatively big market where Talenom processes and offering fits well Sources: Management estimation in Spain, Taloushallintoliitto in Finland and SRF in Sweden
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Multiple sources for long-term growth Organic growth01. Selective acquisitions 02. Expanding customer value03. • Dedicated sales and growth organization – uncommon in the industry. • Consistent ability to win new SME customers. • Highly selective approach – focus on quality, culture and strategic fit. • Acquisitions are used to complement organic growth, not to replace it. • Growing with existing clients through payroll, advisory and additional services. • Long-term relationships provide a strong platform for upselling and cross-selling.
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• Defensive business model – revenues are largely recurring; accounting and payroll services are essential for SMEs. • Solid profitability and cash flow – enabling both dividends and growth investments. • Low capital intensity – limited need for fixed investments; main investments in M&A and sales generate cash flow quickly. • Targeting >10% growth – medium-term goal through both organic sales and selective acquisitions. Talenom Accounting business as an investment
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Opportunities in the Spanish service market Lourdes Santisteban • Market size • Accounting market • Digital maturity level • M&A opportunities: Spain method and learnings of M&A functions • Talenom in Spain
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Source: Wolters Kluwers barometer
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2021 2022 2023 2024 2025
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Easor Software Business Otto-Pekka Huhtala • Easor in brief • Growth drivers • Market potential • Easor software business as an investment
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SOFTWARE BUSINESS
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Easor in brief Partner offices +65 SME clients +15,000 ARR (Net Sales) +20 MEUR Software end-users +60,000 In four countries +140 FTE Transactions annually +10 million Logins per month +200,000
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Easy routines Efficient business For entrepreneurs For accountants Entrepreneur Accountant Easy to use app for your daily business Broad selection of accountants Additional services, integrations & support The most efficient tools to run accounting business New customers Support, education & community Additional services Easor Easor Partner Offering today
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Growth comes from new customer acquisition 0 10 20 30 40 50 60 70 Q125 Q225 Q325 Amount of partner offices 0 2000 4000 6000 8000 10000 12000 14000 16000 Q32022 Q32023 Q32024 Q32025 Amount of customers SaaS, charged separately Saas, not charged separately
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Growth drivers 02. Customer behavior is changing towards digital platforms. 03. Digitalisation is happening now – particularly in Spain and Italy: choices between platforms are being made and the barrier to switch is proven to be high. 01. Legislation and market trends are driving digitalization (PSD2, e- invoicing, e-receipts, EU Green Transition).
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Easor software business as an investment 1. Frontrunner in financial management digitalization – in Nordic we have a long track record of digitalizing financial management. We can utilize this expertise in the digitalization of European markets. 2. Readiness for scalable growth – Easor already operates in several European countries. Big investments and architectural renewal are behind. 3. High recurring revenue creates stable cash flow – reduces the risk level of the business. 4. Targeting > 20% annual revenue growth rate – medium-term goal through organic sales.
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Opportunities in the Spanish software market Anxo Barreiro
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Market size – key figures in Spain Class size Number of enterprises Share Freelancers 2,000,000 41.7% Micro (<10 employees) 2,620,000 54.6% Medium-sized 136,000 2.8% Large 44,000 0.9% Total 4,800,000 100% *) Publications from the Spanish Institute of Statistics (INE) Accounting offices 52,000
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Partners situation and delivery channels Digitalization Partnerships and integrations Size and structure Delivery channels Education and trainings
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▪ Nationwide evolution of TicketBAI, effective from 2026 (early adoption from July 2025) ▪ Current studies show over 70% of SMEs and freelancers will need to adapt ▪ Paper invoices remain valid, but must be generated through authorized platforms Structural shifts are creating favorable momentum ▪ Implemented in 2022 in Vask Country (region in the north of Spain) ▪ Requires freelancers and companies to include a QR code on invoices and submit them to the Tax Office ▪ Simplifies tax filling and inspections ▪ Strong adoption: 82% of SMEs and freelancers complied within the first year ▪ Next step after Verifactu, expected in 2027 ▪ Eliminates paper invoices entirely ▪ Further streamlines tax filling and inspections ▪ Improves payment control and reconciliation between SMEs TicketBAI Verifactu eInvoice
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Our history in Spain ▪ Talenom enters Spain 2021 2022 ▪ Talenom buys invoicing software from Sabadell Bank 2023 ▪ Talenom evolves to do pre-accounting for SMEs 2024 ▪ +2,500 Talenom clients using the software to invoice and control their business 2025 ▪ +4,000 Talenom active clients ▪ +400 end clients without Talenom service ▪ Easor brand launch (10/2025) ▪ 5 partner offices in piloting phase ▪ +2,000 expected paying customers in 1Q26
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Thank You
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Finances
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75.8 92.0 97.0 98.9 0 20 40 60 80 100 120 140 2022 2023 2024 1-9/2025 Net sales Q1-Q3 Net sales Q4 Group's comparable net sales Comparable net sales January-September (EUR million) Comparable net sales Q3 (EUR million) • Comparable net sales growth was driven by successful new customer acquisition in Finland and Spain. Also, small acquisition in Spain in April. • The development in Sweden slowed down net sales growth, with net sales still remaining below the comparison period. +2.4% 29.1 29.8 Q3/2024 Q3/2025
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25.2 24.9 26.9 27.8 33.3% 27.0% 27.8% 28.1% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 5 10 15 20 25 30 35 2022 2023 2024 1-9/2025 Comparable EBITDA Q4, EUR million Comparable EBITDA Q1-Q3, EUR million Comparable EBITDA Q1-Q3, as of % of revenue Group’s comparable EBITDA Comparable EBITDA January-September (EUR million, %) • EBITDA growth came from Finland and Sweden, while Spain remained at the comparison period's level. Comparable EBITDA Q3 (EUR million, %) 27.7% 28.8% 8.1 8.6 Q3/2024 Q3/2025
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12.9 9.5 9.6 9.4 17.0% 10.4% 9.9% 9.5% 0% 5% 10% 15% 20% 0 5 10 15 20 2022 2023 2024 1-9/2025 Comparable operating profit Q4, EUR million Comparable operating profit Q1-Q3, EUR million Comparable operating profit Q1-Q3, as of % of revenue Group’s comparable operating profit Comparable operating profit January-September (EUR million, %) • Operating profit increase slowed down by increased depreciation. • Investments in own software decreased by EUR 2.7 million in January-September, which will have impact to depreciation level in future. Comparable operating profit Q3 (EUR million, %) 7.3% 7.6% 2.1 2.3 Q3/2024 Q3/2025
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20.2 20.9 Q3/2024 Q3/2025 61.2 67.0 66.1 68.9 0 20 40 60 80 100 2022 2023 2024 1–9/2025 Comparable net sales Finland Q1-Q3 Comparable net sales Finland Q4 Comparable net sales development in Finland Comparable net sales development January-September (EUR million) Comparable net sales development Q3 (EUR million) • In Finland, the decrease in Talenom's customers' transaction volumes has stopped and stabilized. • Strong performance in challenging accounting market. • Comparable net sales growth continued due to successful new customer acquisition. +3.5%
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8.3 8.7 Q3/2024 Q3/2025 23.6 24.1 26.5 27.3 38.5% 36.0% 40.1% 39.6% 0% 10% 20% 30% 40% 50% 0 10 20 30 40 2022 2023 2024 1-9/2025 Comparable EBITDA Finland Q4, EUR million Comparable EBITDA Finland Q1-Q3, EUR million Comparable EBITDA Finland Q1-Q3, as % of revenue Comparable EBITDA development in Finland Comparable EBITDA January-September (EUR million, %) • Comparable EBITDA margin remained at the previous year’s high level. Comparable EBITDA Q3 (EUR million, %) 41.4% 41.5%
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5.0 4.3 Q3/2024 Q3/2025 13.6 19.5 19.2 16.9 0 5 10 15 20 25 30 2022 2023 2024 1–9/2025 Net sales Sweden Q1-Q3 Net sales Sweden Q4 Net sales development in Sweden Net sales development January-September (EUR million) Net sales development Q3 (EUR million) • In Sweden, net sales continued to decrease as a result of customer churn. • Hard work to avoid churn and acquire new clients continued. -13.1%
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1.7 1.4 -0.1 -0.1 12.6% 7.2% -0.4% -0.4% -15% -10% -5% 0% 5% 10% 15% -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 2022 2023 2024 1-9/2025 EBITDA Sweden Q4, EUR million EBITDA Sweden Q1-Q3, EUR million EBITDA Sweden Q1-Q3, as % of revenue EBITDA development in Sweden EBITDA January-September (EUR million, %) • In Sweden, measures to achieve a profitability turnaround were reflected in the relative margin. • Margin development is hampered by net sales development. • Aim is to ensure long- term growth opportunities. EBITDA Q3 (EUR million, %) -10.0% -6.4% -0.5 -0.3 Q3/2024 Q3/2025
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3.8 4.4 Q3/2024 Q3/2025 Net sales development in Spain Net sales January-September (EUR million) Net sales Q3 (EUR million) • Organic growth strengthened in Spain. • Small acquisition was made in April. • Organic growth is expected to strengthen with well-functioning new customer acquisition and soon coming e-invoicing directive, for both software and accounting service customers. +16.8% 5.1 11.3 12.7 0 5 10 15 20 2023 2024 1–9/2025 Net sales Spain Q1-Q3 Net sales Spain Q4
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-0.6 0.7 0.9 -12.6% 5.8% 7.2% -15% -10% -5% 0% 5% 10% -1 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8 1 2023 2024 1-9/2025 EBITDA Spain Q4, EUR million EBITDA Spain Q1-Q3, EUR million EBITDA Spain Q1-Q3, as % of revenue EBITDA development in Spain EBITDA January-September (EUR million) • EBITDA decreased slightly due to non- recurring expenses and different seasonality. The company continued to focus on improving its margin by streamlining processes and investing in acquiring recurring and profitable customers. EBITDA Q3 (EUR million) 6.6% 5.4% 0.3 0.2 Q3/2024 Q3/2025
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26.9 27.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Q1- Q3 2024 Q1-Q3 2025 Comparable EBITDA Comparable Ebitda 9.5 13.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1- Q3 2024 Q1-Q3 2025 Cash flow improvement Cash flow after investments 11.1 8.4 6.3 5.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Q1- Q3 2024 Q1-Q3 2025 Investments Investments on own software Other investments Improved cash flow supported by solid performance and reduced investment needs Cash flow improvement, Q3 2024 vs. Q3 2025 46 Declined investment need +EBITDA improvement +new investment level = improved cash flow +€0,9m +2.4% -€2.7m +€3,6m 45%
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Business areas EBITDA Q3 2025 (EUR million) • The net sales of the Accounting business were EUR 24.5 million. • Comparable recurring net sales from the Software business were around EUR 5.2 million. The net sales is estimated to have very low seasonality. Net sales Q3 2025 (EUR million) • The profitability of the Accounting business, measured by EBITDA, was EUR 5.0 million, or 20.3%. • The profitability of the continuously billed Software business, measured by EBITDA and adjusted for income recognition principles, was EUR 3.8 million, or 72.6%. 24.5 5.2 Accounting business Software business 5.0 3.8 Accounting business Software business
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Outlook and guidance
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Outlook and guidance for 2025 Guidance unchanged (published 13 December 2024) • Net sales around EUR 130-140 million • EBITDA around EUR 36-42 million Background for the guidance Talenom expects demand in the accounting services market to remain stable in all of the company’s operating countries in 2025. Market conditions affecting the company are estimated to remain unchanged in Finland and Sweden in the first half of 2025 and to pick up during the second half of the year. In addition to organic growth, the guidance includes an estimate of possible acquisitions to be completed during 2025. In addition, consolidation in the industry is expected to continue, driven by, for instance, the digital revolution and tightening legislation in electronic financial management. Expansion into new market areas has enabled long-term growth for the company. Acquisitions are focused on strategically significant targets. Talenom expects profitability to improve driven by uniform processes and automation.
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Q&A Thank you Otto-Pekka Huhtala CEO +358 40 703 8554 otto-pekka.huhtala@talenom.fi Matti Eilonen CFO +358 40 753 4335 matti.eilonen@talenom.fi