Martela Corporation’s Interim Report 1 January – 30 September 2026

Martela Corporation, Interim Report, 11.11.2026, at 08:00 a.m.

The revenue and operating result for January-September 2026 decreased compared to the same period of the previous year.

July–September 2026 

• Revenue was EUR 11.8 million (20.7), representing a change of -42.8%
• Comparable operating result was EUR -1.0 million (0.3)
• Operating result was EUR -0.8 million (0.3)
• Operating profit per revenue was -6.9% (1.3)
• The result for the period was EUR -1.4 million (-0.4)
• Earnings per share amounted to EUR -0.30 (-0.09)

January–September 2026 

• Revenue was EUR 43.8 million (70.9), representing a change of -38.2%
• Comparable operating result was EUR -4.5 million (-1.2)
• Operating result was EUR -3.2 million (-1.2)
• Operating profit per revenue was -7.3% (-1.6)
• The result for the period was EUR -4.8 million (-2.9)
• Earnings per share amounted to EUR -1.04 (-0.63)

Outlook

Outlook for 2026

Martela Group’s full-year revenue for 2026 is estimated to amount to approximately EUR 66–73 million.
The comparable operating result is estimated to be negative by EUR 1–3 million.

Key figures, EUR million

*) Return on equity has not been informed for the review period, because the average equity of the rewiev period was negative.
**) Gearing was negative because equity was negative.
Panu Ala-Nikkola, CEO:

“During the review period, demand was considerably weaker than expected, particularly in Finland and Sweden. Customer uncertainty, postponements of projects and the decrease in average project size were reflected in both order intake and revenue. In particular, the market for large office projects was significantly below the level of the corresponding period of the previous year. Deliveries are expected to increase during the fourth quarter. In addition, some deliveries originally scheduled for the review period have been postponed to the fourth quarter.

Our revenue in January–September was EUR 43.8 million, which was 38.2% lower than in the corresponding period of the previous year. Comparable revenue, taking into account the divestment of the moving services business, decreased by 34%. Revenue decreased in all market areas compared with the corresponding period of the previous year. Our revenue in July–September was weak at EUR 11.8 million, which was 42.8% lower than in the corresponding period of the previous year. Comparable revenue, taking into account the divestment of the moving services business, decreased by 33%.

The Group’s total new orders decreased by approximately 29% during the review period compared with the corresponding period of the previous year. Orders decreased in all Nordic countries during the review period but increased in export markets outside the Nordic countries. At the end of the review period, the order backlog was approximately 4% higher than in the corresponding period of the previous year, and we therefore expect deliveries in the final quarter of the year to be clearly higher than in the previous quarters.

Our comparable operating result weakened during the review period compared with the corresponding period of the previous year and amounted to EUR -4.5 million (-1.2). In July–September, the comparable operating result was EUR -1.0 million (+0.3). The main reason for the negative operating result was the significant decrease in delivery volumes. We succeeded in improving the efficiency of both our operational and administrative activities, but the impact of these measures was not sufficient to compensate for the significant decrease in revenue.

In September, the Extraordinary General Meeting resolved to carry out a share issue. Share issue was carried out in early October and generated gross proceeds of approximately EUR 7.2 million. I would like to thank all our shareholders for their confidence in the company’s future. The company’s objective is to improve its competitiveness, profitability and cash flow. Measures already implemented and planned will help us adapt to lower volumes and fluctuations in demand, with their full impact expected to be seen in 2027. Key measures include, among other things, streamlining and developing the product portfolio, increasing our focus on soundproof work and meeting pods, growing the WaaS (‘Workplace as a Service’) business model, shifting towards more order-driven production, and further reducing administrative and premises-related costs.

The need for work and learning environments has not disappeared. Customer needs are constantly evolving, creating demand also in the future. Martela is well positioned to respond to these needs, and further sharpening our product portfolio and concepts will remain at the core of our operations. The company has a focused organisation, a competitive offering, strong customer relationships and extensive experience in the industry. We are now building the next phase of the company.”

Market situation

The general market situation in the office sector continued to be more challenging than expected in the Nordic countries. The office property market remained subdued, and vacancy rates in 2026 have, on average, been slightly higher than in the previous year. Significant uncertainties continue to surround both the general economic situation and customer demand for office-related investments. The geopolitical and trade policy environment is contributing to uncertainty and also affects the outlook for interest rates and inflation. For 2026, we do not expect a significant strengthening of demand. The continued intense competitive environment is also placing pressure on margin development in certain customer segments.
For 2027, we expect the office property market to strengthen slightly. However, the outlook remains subject to significant uncertainty and regional variation.

Changes in ways of working continue to create a need for changes in workspaces. In addition, we continue to believe that the relative share of on-site work will increase from its current level, particularly in Martela’s main markets in the Nordic countries. As the above-mentioned needs materialise, they will support long-term demand for Martela’s services and furniture.

BRIEFING

A briefing will not be held, but additional information can be asked by telephone from CEO Panu Ala-Nikkola and CFO Henri Berg on Wednesday November 11, 2026 from 12 noon to 2 p.m. EET.

Martela Corporation
Board of Directors

Panu Ala-Nikkola
CEO

Further information
Panu Ala-Nikkola, CEO, +358 50 502 4728
Henri Berg, CFO, +358 40 836 5464

Distribution
Nasdaq Helsinki
Key news media

www.martela.com

Martela is a Nordic leader specialising in user-centric working and learning environments. With over 80 years of experience, we create the best places to work and offer our customers the Martela Lifecycle solutions which combine furniture and related services into a seamless whole.