News Tag: Yearend

OCTOBER – DECEMBER 2024, IFRS

• Net sales increased 3.2% and were EUR 7,672 thousand (7,437)
• EBITDA was EUR 1,776 thousand (2,512), 23.2% (33.8) of net sales
• Adjusted EBITDA was EUR 1,777 thousand (2,028), 23.2% (27.3) of net sales
• EBIT was EUR 1,257 thousand (2,119), 16.4% (28.5) of net sales
• Adjusted EBIT was EUR 1,506 thousand (1,811), 19.6% (24.3) of net sales
• Profit of the review period was EUR 943 thousand (1,729), 12.3% (23.2) of net sales

JANUARY – DECEMBER 2024, IFRS

• Net sales increased 9.7% and were EUR 28,911 thousand (26,344)
• EBITDA was EUR 7,329 thousand (8,215), 25.3% (31.2) of net sales
• Adjusted EBITDA was EUR 7,522 thousand (7,951), 26.0% (30.2) of net sales
• EBIT was EUR 5,404 thousand (6,890), 18.7% (26.2) of net sales
• Adjusted EBIT was EUR 6,444 thousand (7,195), 22.3% (27.3) of net sales
• Profit of the review period was EUR 4,031 thousand (5,349), 13.9% (20.3) of net sales

Key Figures, IFRS

*The calculation of key figures has been changed for other operating income and the comparison periods have been changed accordingly.

CEO Alpo Luostarinen

The fourth quarter remained slightly subdued in terms of revenue and profitability. Our revenue amounted to €7.7 million, with a revenue growth of 3.2%. The adjusted operating profit was €1.5 million, and the adjusted operating profit margin was 19.6%. The weak sales in the spring and summer were reflected in both recurring revenue and consulting revenue towards the end of the year. However, our development efforts, particularly in sales, technological transitions, and organizational development, progressed according to plan.

The general market situation in our key industries, manufacturing and wholesale trade, showed cautious recovery towards the end of the year. After more than a year and a half of economic downturn, the market is gradually turning in a positive direction, though strong growth has not yet materialized. The financial situation of our customers is generally stable, but as the weaker economic cycle persists, payment delays increased towards the end of the year.

Regarding new sales, the quarter ended on a promising note. Sales of ERP solutions, particularly in the manufacturing and wholesale trade sectors, reached their highest level of the year. Additionally, we have focused on cross-selling within our extensive product portfolio. A more unified sales approach has resulted in more frequent joint deals, where customers opt for multiple solutions from our selection. Revenue churn, which was slightly elevated at the beginning of the year, showed a downward trend towards the end of the year and stood at 4.4% for the entire year, compared to 5.4% in 2023. The retention of recurring revenue from our existing customer base (Net Revenue Retention, NRR) was 97.6% for the year (101.4%), reflecting a challenging year for our customer companies.

Technological transitions progressed during the fourth quarter. The Azure migration is crucial for the company's future and will continue into the spring. The costs associated with this transition have negatively impacted Lemonsoft’s profitability in 2024, and this effect will continue into the first months of 2025. After this, the impact on profitability is expected to be clearly positive. The transition to a new e-invoicing operator was successfully completed well ahead of schedule in the fall, and we are now focusing on improving the overall service quality for our customers.

In recent years, we have made significant investments in the comprehensive development of cybersecurity, data protection, and risk management. Before the turn of the year, Lemonsoft’s information security management system was awarded the ISO/IEC 27001 certification. This system aims to futher enhance service security and continuous availability while protecting the data of our customers, partners, and employees in the best possible way. The transition to the Azure platform also strongly supports this goal.

With the system, we aim to further enhance the security and continuous availability of services, as well as protect the data of our customers, partners, and staff in the best possible way.

During the last quarter, we also launched a share buyback program. One of the key objectives of this program is to improve capital efficiency and earnings per share, thereby creating shareholder value.

Lemonsoft’s management team and organization have undergone significant changes in 2024. In addition to a change of CEO, the leadership team has been updated, particularly the roles of Chief Technology Officer and Chief Commercial Officer. In addition to developing the sales process, the Chief Commercial Officer aims to enhance the tangible value of our extensive product portfolio for customers. The Chief Product Officer is responsible for improving efficiency and quality in launching new products and further developing the existing product portfolio. At the same time, various initiatives have been implemented within the organization to elevate our operations to a whole new level.

The year 2024 was a period of significant changes for the entire Lemonsoft Group. In 2025, our goal is to return to a profitable growth trajectory, supported by these transformations.

Group Financial Development

Group financial result and profitability

October-December 2024

Net sales for the review period were EUR 7,672 thousand (7,437). Net sales increased by EUR 235 thousand, 3.2%. Organic growth of the review period was -4.1%, but organic growth of the recurring revenue remained positive. Consulting and other income remained at the lower level than in the comparison period. Net sales increased due to the acquisition of Atmotics Oy (2024) and Applirent Oy (2024), whose net sales were not included in the comparison period.

The share of SaaS income was 71.1% (68.3), the share of transaction income 11.0% (11.5), and consulting and other income 17.9% (20.2).

EBITDA was EUR 1,776 thousand (2,512), 23.2% (33.8) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 1,777 thousand (2,028), 23.2% (27.3) of net sales. EBITDA and adjusted EBITDA were lower than the comparison period due to the timing of certain development projects.

EBIT was EUR 1,257 thousand (2,119), 16.4% (28.5) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 1,506 thousand (1,811), 19.6% (24.3) of net sales. EBIT and adjusted EBIT were lower than the comparison period due to the timing of certain development projects.

Profit for the review period was EUR 943 thousand (1,729), 12.3% (23.2) of net sales.

Cash flow from operating activities was EUR 1,973 thousand (2,102).

January – December 2024

Net sales for the review period were EUR 28,911 thousand (26,344). Net sales increased by EUR 2,567 thousand, 9.7%. Organic growth of the review period was -0.8%, but organic growth of the recurring revenue remained positive. Consulting and other income remained at the lower level than in the comparison period. Net sales increased mainly due to the acquisition of Finvoicer Group Oy (2023), whose net sales were not included in the comparison period in January – May and due to the acquisition of Atmotics Oy (2024) and Applirent Oy (2024), whose net sales were not included all in the comparison.

The share of SaaS income was 71.9% (72.7), the share of transaction income 11.4% (8.6), and consulting and other income 16.7% (18.7).

EBITDA was EUR 7,329 thousand (8,215), 25.3% (31.2) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 7,522 thousand (7,951), 26.0% (30.2) of net sales.

EBITDA and adjusted EBITDA were lower than the comparison period due to the timing of certain development projects and termination agreement with the CEO.

EBIT was EUR 5,404 thousand (6,890), 18.7% (26.2) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 6,444 thousand (7,195), 22.3% (27.3) of net sales. EBIT and adjusted EBIT were lower than the comparison period due to the timing of certain development projects and termination agreement with the CEO.

Profit for the review period was EUR 4,031 thousand (5,349), 13.9% (20.3) of net sales.

Cash flow from operating activities was EUR 5,353 thousand (3,880).

Balance sheet, financing and investments

The balance sheet total at the end of the review period was EUR 53,862 thousand (48,885 at the end of the year 2023).

The Group has capitalized development expenses of EUR 804 thousand during the year 2024 (1653 thousand during the comparison period 2023). At the end of the review period, the Group's balance sheet included capitalized development expenses totaling EUR 2,734 thousand (2,352 at the end of the year 2023).

Total equity was EUR 32,526 thousand (30,422 at the end of the year 2023), equity increased EUR 2,105 thousand.

Equity ratio was 60.4% (61.9 at the end of the year 2023) and interest-bearing debt was EUR 10,405 thousand (8,399 at the end of the year 2023).

Cash and cash equivalents at the end of the review period were EUR 7,650 thousand (7,389 at the end of the year 2023).

Personnel

The Group’s number of employees was 228 (208) on 31 December 2024. We reported our Group personnel as follows:

• R&D 112 employees
• Customer functions 102 employees
• Other functions, a total of 14 employees

Share-based incentive plan

The Board of Directors of Lemonsoft Oyj has established a new share-based incentive plan for the key employees of the company in March 2024. The aim of the new plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company’s shares, to retain the target group at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.

The new Performance Matching Share Plan 2024 – 2028 includes three performance periods, covering financial years 2024 – 2026, 2025 – 2027 and 2026 – 2028. The Board will decide annually on the commencement and details of a performance period. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Lemonsoft Oyj shares held by him or her to the plan or acquires the company’s shares in a number determined by the Board.

The rewards from the plan will be paid partly in the company’s shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant’s employment or service in the group ends before the reward payment.

The performance criterion in the first performance period 2024 – 2026 is the Total Shareholder Return of the company’s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consists of 4 persons (the CEO and three members of the Management Team). The gross rewards from the first performance period 2024 – 2026 correspond to the value of an approximate maximum total of 77,000 Lemonsoft Oyj shares, including the proportion to be paid in cash. The final number of shares depends on the number of shares acquired by participants and the achievement of the TSR levels. The reward to be paid on the basis of Plan will be capped if the limits set by the Board for the payable reward from the performance period 2024 – 2026 are exceeded.

Shares and shareholders

Share capital and number of shares

The company has one series of shares, and all shares have equal rights. At the end of the review period, Lemonsoft Oyj’s share capital consisted of 18,656,702 (18,562,005) shares. The average number of outstanding shares during the review period October-December was 18,664,000 (18,562,005). At the end of the review period, Lemonsoft Oyj held 14,930 shares.

The company's share is traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Oy. During the review period October-December, the highest share price was EUR 6.65 and the lowest EUR 5.35. The closing price on 31 December 2024 was EUR 5.70. The market value of the company at the closing price of the review period was approximately EUR 106,4 million. Average daily trading volume during the review period was 3,620 shares (EUR 21,129).

On 31 December 2024, the company had a total of 2,297 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/osakkeenomistajat/.

Authorizations of the Board of Directors

Lemonsoft Oyj has decided in its Annual General Meeting on 9 April 2024 to authorize the Board of Directors to decide on the repurchase of the company’s own shares on the following terms and conditions:

• By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company’s own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.7% of the company’s shares. The authorization includes the right to accept the company’s own shares as a pledge.
• The company’s own shares can be repurchased otherwise than in proportion to the existing shareholdings of the company’s shareholders (directed repurchase).
• The company’s own shares can be repurchased at the Nasdaq First North Growth Market Finland marketplace or outside of the marketplace.
• Own shares can be repurchased at a price formed on First North Growth Market Finland on the date of the repurchase or at a price otherwise determined by the markets.
• The shares shall be repurchased using the company’s unrestricted equity.
• The shares shall be repurchased for the purpose of financing or carrying out acquisitions or other arrangements, to implement the company’s incentive schemes, to develop the company’s capital structure, or for other purposes as decided by the Board of Directors.
• The Board of Directors shall decide on the other conditions related to the repurchase of the company’s own shares.

The authorization is valid until the 2025 Annual General Meeting, but not beyond 30 June 2025. The authorization shall replace the authorization granted to the Board of Directors by the Annual General Meeting of 4 April 2023 regarding the repurchase of a maximum of 1,800,000 of the company’s own shares.

The Annual General Meeting authorized the Board to decide on an ordinary or bonus issue of shares and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments:

• This issue may total a maximum of 2,000,000 shares corresponding to a maximum of approximately 10.8% of all shares of the company. The authorization applies to both new shares and treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for offering share-based incentive schemes, to develop the company’s capital structure, or for other purposes decided by the Board of Directors.
• The authorization entitles the Board of Directors to resolve on all conditions of the issuance of shares and special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive right.

The authorization is in force until the next Annual General Meeting; however, no longer than until 30 June 2025, and it replaces the previous authorizations.

Lemonsoft Oyj's Board of Directors has decided on February 15, 2024 directed share issue and deviation from the shareholders' preemptive right based on the authorization given by the Annual General Meeting on 4 April 2023.The share issue is related to the acquisition of Finvoicer Group Oy, which Lemonsoft announced on June 1, 2023. New shares a total of 17,986 (112 thousand euros) were registered in the trade register on April 15, 2024. As a result of the share issue, the total number of Lemonsoft Oyj’s outstanding shares increased to 18,579,991 shares.

Lemonsoft Oyj's Board of Directors has decided on June 29, 2024 directed share issue and deviation from the shareholders' preemptive right based on the authorization given by the Annual General Meeting on 9 April 2024.The share issue is related to the acquisition of Applirent Oy, which Lemonsoft announced on July 1, 2024. New shares a total of 91,641 (570 thousand euros) were registered in the trade register on September 3, 2024. As a result of the share issue, the total number of Lemonsoft Oyj’s outstanding shares increased to 18,671,632 shares.

Significant short-term risks and uncertainties

The deterioration of the economic situation and geopolitical changes may have direct and indirect effects on Lemonsoft's business. These may be reflected in the business operations of Lemonsoft's customer companies, for example, in reduced investments by industrial manufacturing companies and decreased needs of subcontracting chains, as well as business and bankruptcy risks. In turn, customers' business challenges may affect Lemonsoft's new customer acquisition, upsells from existing customers, and customer retention.

In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.

In Lemonsoft's cost structure, the single most significant factor is personnel costs, and an increase in the general price level may increase the pressure to increase personnel costs. Lemonsoft constantly monitors the development of the situation from a risk management perspective and strives to ensure the continuation of profitable growth by optimizing its cost structure and pricing.

The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in Lemonsoft's operating markets may intensify due to existing competitors or agile new entrants.

Risks related to information security and the IT systems of service providers are a significant factor affecting the security and continuity of the Group's business. Lemonsoft constantly invests in high reliability and high security systems and strives to ensure the high quality of the services it purchases by selecting leading players in the industry as its key partners. European data protection regulations may also bring unexpected risks to Lemonsoft's operating environment.

Success in acquisitions and related integration work is a key factor for Lemonsoft's growth. The company has made several acquisitions in recent years and aims to continue to grow through acquisitions. There may be unexpected risks associated with target companies and their integration into Lemonsoft.

Board of Director’s proposal for dividend

At the end of the financial year 2024, the Group's parent company’s distributable funds were EUR 31,148 thousand and the net result of the Group's parent company for the financial year was EUR 3,957 thousand. There have been no material changes in the company's financial position since the end of the financial year.

Lemonsoft Oyj’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.14 (0.14) per share will be paid for the financial year ended 31 December 2024, i.e. a total dividend would be approximately EUR 2.6 million.

Events after the review period

There were no significant events after the review period.

Profit forecast for 2025

Lemonsoft estimates that the net sales for the financial year 2025 will increase by 0-10 percent compared to the financial year 2024, and that adjusted EBIT will be 18-24 percent of net sales in 2025.

Financial information

Lemonsoft Oyj will publish the following financial information in 2025:

• Interim Report January – March 2025 on Friday, 25 April 2025
• Half-year Report January – June 2025 on Thursday, 14 August 2025
• Interim Report January – September 2024 on Friday, 31 October 2025

The company's annual report for the financial year ending 31 December 2024 is scheduled for publication in the week beginning 17 March 2025.

Lemonsoft's Annual General Meeting is scheduled to be held on 9th of April 2025.

Webcast for investors and media

Lemonsoft will host a live webcast for investors and the media in English on February 20, 2025 at 1:00pm EET. The webcast can be followed online live via this link: https://player.videosync.fi/lemonsoft/2024-results

A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.

Lemonsoft Oyj
Board of Directors

Distribution

Nasdaq Helsinki Oy
Principal media

OCTOBER – DECEMBER 2023, IFRS

• Net sales increased 15.3% and were EUR 7,437 thousand (6,449)
• EBITDA was EUR 2,512 thousand (2,287), 33.8% (35.5) of net sales
• Adjusted EBITDA was EUR 2,028 thousand (2,301), 27.3% (35.7) of net sales
• EBIT was EUR 2,119 thousand (2,037), 28.5% (31.6) of net sales
• Adjusted EBIT was EUR 1,811 thousand (2,142), 24.3% (33.2) of net sales
• Profit of the review period was EUR 1,729 thousand (1,594), 23.2% (24.7) of net sales

JANUARY – DECEMBER 2023, IFRS

• Net sales increased 16.8% and were EUR 26,344 thousand (22,550)
• EBITDA was EUR 8,215 thousand (7,332), 31.2% (32.5) of net sales
• Adjusted EBITDA was EUR 7,951 thousand (7,589), 30.2% (33.7) of net sales
• EBIT was EUR 6,890 thousand (6,594), 26.2% (29.2) of net sales
• Adjusted EBIT was EUR 7,195 thousand (7,054), 27.3% (31.3) of net sales
• Profit of the review period was EUR 5,349 thousand (5,128), 20.3% (22.7) of net sales

Key Figures, IFRS

CEO Jan-Erik Lindfors

2023 was a year of market uncertainty and difficult macroeconomic conditions in Finland. At Lemonsoft, we tackled these headwinds by taking actions focused on taking care of our customers as well as making our organization more resilient and efficient. We were again able to deliver good, profitable growth, our net sales grew by 16.8% and our adjusted EBIT margin was 27.3%. Most of the growth came from acquisitions, as our organic growth rate through the year did not develop according to our targets. We made one acquisition during the year, adding Finvoicer Group products to our product/service portfolio. This was our largest acquisition to date and the one with the clearest synergies and upsell/cross-sell potential.

Our customer base expanded even further to 12,600 customers. Revenue churn rate in 2023 was -5.4% (-3.5% in 2022) and Net Revenue Retention rate (NRR) at 101.3% (102.6% in 2022). The long-term potential of this customer base is a significant upsell opportunity and during the year we invested in developing our sales and delivery capability, scaling up for 2024.

We are a SaaS-product company and as such, our wide product portfolio is our competitive advantage. Having a well-integrated product offering covering our customers’ business-critical needs drives quicker time to value. Going forward we see excellent opportunities to deliver even more value to customers by helping them with data insights, ESG reporting and automating routine tasks using AI.

In 2023 we at Lemonsoft were able to develop our products, our customer relationships, and our organizational capabilities in the right direction. We have a strong foundation of great products, loyal customers and a dedicated team working together for the purpose of making our customers’ business better. Our business is stable, profitable and growing and we intend to scale it even further during 2024.

Group Financial Development

Group financial result and profitability

October – December 2023
Net sales for the review period were EUR 7,437 thousand (6,449). Net sales increased by EUR 988 thousand, 15.3%. Organic growth of the review period was -3.7% due to the challenging market situation. Especially consulting and other income remained at a lower level than in the comparison period. Organic growth of the recurring revenue was positive. Net sales increased due to the acquisitions of Duunissa.fi business (2022), whose net sales were not included in the comparison period in October – November, and Finvoicer Group Oy (2023), whose net sales were not included at all in the comparison period.

The share of SaaS income was 68.3% (71.0), the share of transaction income 11.5% (4.8), and consulting and other income 20.2% (24.2). The share of transaction income increased especially due to the acquisition of Finvoicer Group Oy.

EBITDA was EUR 2,512 thousand (2,287), 33.8% (35.5) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 2,028 thousand (2,301), 27.3% (35.7) of net sales.

EBIT was EUR 2,119 thousand (2,037), 28.5% (31.6) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 1,811 thousand (2,142), 24.3% (33.2) of net sales.

Profit for the review period was EUR 1,729 thousand (1,594), 23.2% (24.7) of net sales.

Cash flow from operating activities was EUR 2,214 thousand (2,834).

January – December 2023
Net sales for the review period were EUR 26,344 thousand (22,550). Net sales increased by EUR 3,794 thousand, 16.8%. Organic growth of the review period was -2.0% due to the challenging market situation. Especially consulting and other income remained at a lower level than in the comparison period. Organic growth of the recurring revenue was positive. Net sales increased due to the acquisitions of Logentia Oy (2022), whose net sales were not included in the comparison period in January – May, Finazilla Oy (2022), whose net sales were not included in the comparison period in January – June, and Duunissa.fi business (2022), whose net sales were not included in the comparison period in January – November, and Finvoicer Group Oy (2023), whose net sales were not included at all in the comparison period.

The share of SaaS income was 72.7% (75.3), the share of transaction income 8.6% (5.2), and consulting and other income 18.7% (19.5).

EBITDA was EUR 8,215 thousand (7,332), 31.2% (32.5) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 7,951 thousand (7,589), 30.2% (33.7) of net sales.

EBIT was EUR 6,890 thousand (6,594), 26.2% (29.2) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 7,195 thousand (7,054), 27.3% (31.3) of net sales.

Profit for the review period was EUR 5,349 thousand (5,128), 20.3% (22.7) of net sales.

Cash flow from operating activities was EUR 4,286 thousand (6,439).

Balance sheet, financing and investments
The balance sheet total at the end of the review period was EUR 48,885 thousand (38,194 at the end of the year 2022). The acquisition of Finvoicer Group Oy on 1.6.2023 increased the balance sheet total significantly.

The Group has capitalized development expenses of EUR 1,653 thousand during the year 2023. At the end of the review period, the Group's balance sheet included capitalized development expenses totalling EUR 2,352 thousand (849 at the end of the year 2022).

Total equity was EUR 30,422 thousand (26,292 at the end of the year 2022), equity increased EUR 4,129 thousand.

Equity ratio was 61.9% (69.7 at the end of the year 2022) and interest-bearing debt was EUR 8,399 thousand (3,031 at the end of the year 2022). Interest-bearing debt increased with the acquisition of Finvoicer Group Oy.

Cash and cash equivalents at the end of the review period were EUR 7,389 thousand (11,692 at the end of the year 2022).

Personnel

The Group number of employees was 208 (184) on 31 December 2023. We reported our Group personnel as follows:

• R&D 93 employees
• Customer functions 101 employees
• Other functions, a total of 14 employees

Shares and shareholders

Share capital and number of shares
The company has one series of shares, and all shares have equal rights. At the end of the review period, Lemonsoft Oyj’s share capital consisted of 18,562,005 (18,393,440) shares. The average number of outstanding shares during the review period October – December was 18,562,005 (18,393,440).

The company's share is traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Oy. During the review period October – December, the highest share price was EUR 6.14 and the lowest EUR 4.53. The closing price on 31 December 2023 was EUR 6.02. The market value of the company at the closing price of the review period was approximately EUR 111.7 million. Average daily trading volume during the review period was 7,117 shares (EUR 36,544).

On 31 December 2023, the company had a total of 2,469 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/osakkeenomistajat/.

Authorizations of the Board of Directors
Lemonsoft Oyj has decided in its Annual General Meeting on 4 April 2023 to authorize the Board of Directors to decide on the repurchase of the company’s own shares on the following terms and conditions:

• By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company’s own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.7% of all the company’s shares. The authorization includes the right to accept the company’s own shares as a pledge.

The authorization is valid until the 2024 Annual General Meeting, but not beyond 30 June 2024.

The Annual General Meeting authorized the Board to decide on a share issue against payment or a share issue without payment and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments with the following terms and conditions:

• By virtue of the authorization the share issue may be a maximum of 2,000,000 shares. The authorization applies to both issuing new shares and to transferring of treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for implementation of share-based incentive schemes, to develop the company’s capital structure, and for other purposes decided by the Board.
• The authorization entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right.

The authorization is in force until the next Annual General Meeting; however, no longer than until 30 June 2024, and it replaces the previous authorizations granted regarding a directed share issue and the issuance of special rights entitling to shares.

As part of the completion of the acquisition of Finvoicer Group Oy, Lemonsoft Oyj’s Board of Directors decided on a directed share issue, in which a total of 23,986 (EUR 196 thousand) new Lemonsoft Oyj shares were offered for subscription by Finvoicer Group Oy's shareholders transferring to Lemonsoft Oyj. As a result of the share issue, the total number of Lemonsoft Oyj’s outstanding shares increased to 18,562,005 shares.

Significant short-term risks and uncertainties

The deterioration of the economic situation, the impact of inflation and events with a global impact, such as the war in Ukraine, may have direct and indirect effects on Lemonsoft's business. These may be reflected in the business operations of Lemonsoft's customer companies, for example, in reduced investments by industrial manufacturing companies and decreased needs of subcontracting chains, as well as business and bankruptcy risks. In turn, customers' business challenges may affect Lemonsoft's new customer acquisition, upsells from existing customers, and customer retention.

In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.

In Lemonsoft's cost structure, the single most significant factor is personnel costs, and an increase in the general price level may increase the pressure to increase personnel costs. Lemonsoft constantly monitors the development of the situation from a risk management perspective and strives to ensure the continuation of profitable growth by optimizing its cost structure and pricing.

The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in Lemonsoft's operating markets may intensify due to existing competitors or agile new entrants.

Risks related to information security and the IT systems of service providers are a significant factor affecting the security and continuity of the Group's business. Lemonsoft constantly invests in high reliability and high security systems and strives to ensure the high quality of the services it purchases by selecting leading players in the industry as its key partners. European data protection regulations may also bring unexpected risks to Lemonsoft's operating environment.

Success in acquisitions and related integration work is a key factor for Lemonsoft's growth. The company has made several acquisitions in recent years and aims to continue to grow through acquisitions. There may be unexpected risks associated with target companies and their integration into Lemonsoft.

Board of Director’s proposal for dividend

At the end of the financial year 2023, the Group's parent company’s distributable funds were EUR 30,833 thousand and the net result of the Group's parent company for the financial year was EUR 3,563 thousand. There have been no material changes in the company's financial position since the end of the financial year.

Lemonsoft Oyj’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.14 (0.14) per share will be paid for the financial year ended 31 December 2023, i.e. a total dividend would be approximately EUR 2.6 million.

Events after the review period

There were no significant events after the review period.

Outlook 2024

Lemonsoft's goal is to continue growth, both by increasing the number of software modules offered to its existing customer base and by expanding its customer base with new customer acquisition. The company estimates that the prevailing economic situation will continue to restrain the growth of new sales and the current customer base.

Profit forecast for 2024

Lemonsoft estimates that the net sales for the financial year 2024 will increase by 10-18 percent compared to the financial year 2023, and that adjusted EBIT will be 23-28 percent of net sales in 2024.

Financial information and Annual General Meeting in 2024

Lemonsoft Oyj will publish the following financial information in 2024:

• Interim Report January – March 2024 on Thursday, 25 April 2024
• Half-year Report January – June 2024 on Thursday, 8 August 2024
• Interim Report January – September 2024 on Tuesday, 5 November 2024

The company's annual report for the financial year ending 31 December 2023 is scheduled for publication in the week beginning 18 March 2024.

Lemonsoft's Annual General Meeting is scheduled to be held on Tuesday, 9th of April 2024.

Webcast for investors and media

Lemonsoft will host a live webcast for investors and the media in English on February 15, 2024 at 1:00pm EET. The webcast can be followed online live via this link:
https://lemonsoft.videosync.fi/2023-results

A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.

Lemonsoft Oyj
Board of Directors

Distribution

Nasdaq Helsinki Oy
Principal media

OCTOBER – DECEMBER 2021

• Net sales increased 35.2% and was EUR 4,943 thousand (3,656)
• Adjusted EBITDA was EUR 1,269 thousand (1,241), 25.7% (33.9) of net sales
• EBIT was EUR -298 thousand (1,026), -6.0% (28.1) of net sales
• Adjusted EBIT was EUR 1,207 thousand (1,213), 24.4% (33.2) of net sales
• Profit for the period was EUR -364 thousand (742), -7.4% (20.3) of net sales
• Lemonsoft Oyj was listed on Nasdaq First North Growth Market Finland in November 2021. In connection with the IPO, the company raised gross proceeds of approximately EUR 15 million and gained more than 5,200 new shareholders. Extraordinary costs related to the IPO amounted to EUR 1.4 million, of which EUR 1.2 million in the last quarter of 2021

JANUARY – DECEMBER 2021

• Net sales increased 26.8% and was EUR 17,227 thousand (13,588)
• Adjusted EBITDA was EUR 5,635 thousand (4,683), 32.7% (34.5) of net sales
• EBIT was EUR 3,070 thousand (3,906), 17.8% (28.7) of net sales
• Adjusted EBIT was EUR 5,411 thousand (4,428), 31.4% (32.6) of net sales
• Profit for the period was EUR 2,272 thousand (2,976), 13.2% (21.9) of net sales
• Acquisition of Metsys Oy, which specializes in warehouse management solutions (WMS), in February 2021; asset purchase of Talosofta, ERP system for construction and housing, in June 2021; and acquisition of PlanMill Oy, which specializes in ERP systems for professional services providers, in August 2021

Key figures

* Adjusted EBITDA is EBITDA adjusted by costs related to the acquisitions and the IPO as well as certain extraordinary items (Covid-19 reduction of pension contribution and Business Finland’s aid)
** Adjusted EBIT is EBIT adjusted by goodwill amortizations, costs related to the acquisitions and the IPO as well as certain extraordinary items (Covid-19 reduction of pension contribution and Business Finland’s aid)

CEO Kari Joki-Hollanti

“Lemonsoft’s business continued in 2021 on a strong growth trajectory – net sales increased by 26.8% due to accelerated new customer sales, additional sales to the existing customer base as well as acquisitions. We gained new customers in all of our customer industries, especially in industrial manufacturing and wholesale and retail. We made three acquisitions during the year and in November we completed a successful IPO on Nasdaq First North. Despite significant growth investments, completed acquisitions and the IPO, our profitability remained on a good level.

The number of customers continued to grow and was ca. 6,800 at the end of 2021, compared to ca. 6,100 at the end of 2020. Revenue churn decreased slightly from previous year and was 3.1% of net sales, compared to 3.4% in 2020. Net Revenue Retention (NRR) remained at the same level as in 2020 at 108%.

We focused on new customer acquisition during the year and we gained 31.8% more new customers compared to 2020. At the same time, we developed our organization through additional recruitments and reorganization, e.g. within customer service. We managed to keep customer satisfaction in support services on a high-level (92% on average) throughout the year.

In line with our strategy, we invest heavily in R&D, especially with regards to direct customer needs. One of the big projects was a single-sign-in user management, which we completed in late 2021. We also released two completely new products: WorkIn, a platform solution that allows you to employ a person or get employed, and Regista, which allows a company to define its business processes and integrate them into an ERP system. Our e-commerce solution LemonShop also developed well, supported by both the COVID-19 pandemic and general digitalization.

Through acquisitions, our objective is to strengthen our market position, enter into a new industry vertical or obtain new competencies. In February 2021, we acquired Metsys Oy, which brought us strong expertise in developing demanding WMS solutions. Metsys' customers are large international industrial companies for which a warehouse management solution is tailored to meet their needs. With Metsys, we are now also present in Jyväskylä. The second acquisition of the year took place in June through a asset purchase of Talosofta from Alma Media. Talosofta is specially designed for prefabricated house manufacturers and strengthens our position in the construction industry. With the acquisition we also opened a new office in Oulu. The third acquisition of the year was PlanMill Oy in August. PlanMill specializes in solutions for professional service providers serving domestic and international customers. Our goal is to significantly strengthen our position in this sector.

In 2021, we increased our personnel with almost 50 new Lemonsoft employees, partially through acquisitions. We gained new leadership experience with Jan-Erik Lindfors starting as Deputy CEO in spring 2021. We have shared our responsibilities in a clear way: CEO focuses on product and technology, and Deputy CEO on sales, marketing and customer service.

In 2022, we will continue executing our strategy, which can be summed up in the phrase “for your business”. We develop solutions that help companies improve their own business. Our aim is to continue to grow and to focus heavily on R&D. Developing the competence of our personnel and to help them enjoy their work will also continue to be a priority. I would like to thank our personnel for their excellent work during the past year as well as our new shareholders for their confidence in Lemonsoft.”

Group Financial Development

Group financial result and profitability

October-December 2021
Lemonsoft's net sales for the review period were EUR 4,943 thousand (3,656). Net sales increased by EUR 1,287 thousand, 35.2%, and organic growth was 13.1%. Net sales grew especially due to new customer acquisition, the acquisitions of Metsys Oy and Planmill Oy and the asset purchase of Talosofta.

The share of SaaS income of the group's total net sales during the review period was 75.7% (73.6), the share of transaction income 6.0% (7.7), and consulting and other income 18.3% (18.6).

The Group's EBITDA for the period was EUR 52 thousand (1,260), 1.1% (34.5) of net sales. EBITDA for the review period was affected especially by extraordinary expenses related to the IPO, which amounted to 1.2 million euros during the review period. Adjusted EBITDA was EUR 1,269 thousand (1,241), 25.7% (33.9) of net sales. In addition to costs related to the IPO, adjusted EBITDA was affected by increased salary costs due to front-loaded recruitments and higher other operating costs. During the review period, 13 new employees started at Lemonsoft and a new office was established in Oulu.

EBIT was EUR -298 thousand (1,026), -6.0% (28.1) of net sales. Adjusted EBIT was EUR 1,207 thousand (1,213), 24.4% (33.2) of net sales. Adjusted EBIT is EBIT adjusted by goodwill amortizations, in addition to costs related to the acquisitions and the IPO. In addition to costs related to the IPO, adjusted EBITDA was affected by increased salary costs due to front-loaded recruitments and higher other operating costs.

Profit for the period was EUR -364 thousand (742), -7.4% (20.3) of net sales.

Cash flow from operating activities during the review period was EUR 269 thousand (1,372). The cash flow from operating activities was affected by extraordinary expenses related to the IPO.

January-December 2021
Lemonsoft's net sales for the period were EUR 17,227 thousand (13,588). Net sales increased by EUR 3,639 thousand, 26.8%, and organic growth was 13.4%. Net sales grew especially due to new customer acquisition, the acquisition of Metsys Oy and for the second half of the year due to the acquisition of Planmill Oy and the asset purchase of Talosofta.

The share of SaaS income of the group's total net sales during the period was 75.4% (75.9), the share of transaction income 6.3% (7.0), and consulting and other income 18.3% (17.0).

The Group's EBITDA for the period was EUR 4,231 thousand (4,794), or 24.6% (35.3) of net sales. EBITDA for the period was affected by extraordinary expenses related to the IPO. Adjusted EBITDA was EUR 5,635 thousand (4,683), or 32.7% (34.5) of net sales. Costs related to the listing during the financial year were EUR 1.4 million and costs related to the acquisitions were EUR 62 thousand (34). Adjusted EBITDA for the financial year was also affected by higher salary costs for the fourth quarter as well as higher other operating costs.

EBIT was EUR 3,070 thousand (3,906), 17.8% (28.7) of net sales. Adjusted EBIT was EUR 5,411 thousand (4,428), 31.4% (32.6) of net sales.

Profit for the period was EUR 2,272 thousand (2,976), 13.2% (21.9) of net sales.

Cash flow from operating activities during the period was EUR 3,994 thousand (4,455). The cash flow from operating activities was affected by extraordinary expenses related to the IPO.

Balance sheet, financing and investments
The balance sheet total at the end of the review period was EUR 29,798 thousand (11,823). The balance sheet total was increased mainly due to the IPO, which increased cash and bank receivables to EUR 19,060 thousand (5,099). In addition, the acquisitions of Metsys Oy, PlanMill Oy and the Talosofta business increased the balance sheet total, increasing the amount of consolidated goodwill to EUR 5,478 thousand (3,207) at the end of the financial year. The share of other investments increased with the investment in business premises in Vaasa, with investments amounting to EUR 1,874 thousand (1,494) at the end of the financial year.

The company has not capitalized any R&D costs during the financial year or the comparison period.

The Group's equity at the end of the financial year was EUR 21,991 thousand (6,988). Equity was increased by the IPO, as a result of which the invested unrestricted equity fund increased to EUR 14,980 thousand (41) at the end of the financial year. A dividend of EUR 2,210 thousand was distributed to shareholders during the financial year.

Equity ratio at the end of the review period was 75.0% (61.6) and interest-bearing debt was EUR 3,300 thousand (2,000).

Personnel, management and administration

Lemonsoft Group's average number of employees 129 (102) during the year. The number of employees was 153 (110) at the end of the year. By increasing the number of employees we have focused on strengthening the entire organization. As a result of 3 completed acquisitions we received 24 new employees. Due to a combination of investments on recruitments and acquisitions, the number of employees increased by more than 39% during the year.

Our personnel, 153 employees on 31 December 2021, is divided as follows:

• R&D 85 employees
• Customer service 35 employees
• Sales 16 employees
• Other functions, a total of 17 employees

Lemonsoft's organization was reformed in June 2021, after which the Group Management Team consists of CEO Kari Joki-Hollanti, Deputy CEO Jan-Erik Lindfors (in charge of sales, marketing and customer service), Sales Director Timur Karakan, Customer Experience Director Janika Vilponen, Director of Product Management Pauli Siirtola and CFO Mari Erkkilä. One of the focus areas of our strategy is also M&A acquisitions, which we invested in by recruiting Alpo Luostarinen (Director, M&A and IR), who is responsible for acquisitions and investor relations.

Annual General Meeting

Lemonsoft Oyj’s Annual General Meeting was held on 11th March 2021. The Annual General Meeting adopted the financial statements for the year 2020 and discharged the members of the Board of Directors and the CEO from liability.

The Annual General Meeting elected four members to the Board of Directors; Christoffer Häggblom, Michael Richter, Kari Joki-Hollanti and Jani Tyyni. The Board elected Christoffer Häggblom as Chairman from among its members. Jani Tyyni resigned from the Board of Directors in April 2021. The Annual General Meeting decided that the Chairman of the Board be paid EUR 1,500 per month and the ordinary members of the Board EUR 1,000 per month.

The Annual General Meeting decided that KPMG will continue as the company's auditor. Mari Kaasalainen, Authorized Public Accountant, will continue as the responsible auditor appointed by the audit firm. It was decided to pay the auditor a fee in accordance with the agreement.

Unanimous decision of the shareholders

On August 30, 2021, Lemonsoft Oyj made the following resolutions by unanimous decision of the shareholders:

Ilkka Hiidenheimo and Saila Miettinen-Lähde were elected as new members of the company's Board of Directors. Christoffer Häggblom (Chairman), Kari Joki-Hollanti and Michael Richter will continue as old members of the Board.

The remuneration paid to the members of the Board of Directors was increased as follows:

• the remuneration paid to the Chairman of the Board is EUR 3,000 per month (previously EUR 1,500 per month); and
• The remuneration paid to the other members of the Board of Directors is EUR 1,500 per month each (previously EUR 1,000 per month).

It was decided to change the company's legal entity type to a public limited company and to increase the company's share capital. At the same time, it was decided to carry out a share split, in which 24,999 shares were issued for each existing share. Simultaneously, it was decided to amend the company's Articles of Association to meet the requirements of the Nasdaq First North Growth Market Finland marketplace.

The Board of Directors was authorized to decide on a share issue. A maximum of 1,000,000 shares may be issued under the authorization. The authorization is valid until the next Annual General Meeting, but no later than 30 June 2022.

In addition, it was noted that the company's auditor KPMG Oy Ab has announced that Lemonsoft’s principal auditor will change and that the new principal auditor will be Authorized Public Accountant Kim Järvi.

Shares and shareholders

Share capital and number of shares
The company has one series of shares and all shares have equal rights. At the end of the financial year, Lemonsoft’s share capital consisted of 18,273,726 (680) shares. The average number of shares during the financial year was 5,879,408 (680). The share split has been taken into account in the number of shares.

The company's share is traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Oy. During the review period, the highest share price was EUR 20.00 and the lowest EUR 14.05. The closing price on 30 December 2021 was EUR 18.00. The market value of the company at the closing price of the review period was approximately EUR 328.9 million.

On 31 December 2021, the company had a total of 2,870 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/osakkeenomistajat/.

Authorizations of the Board of Directors
On 30 August 2021, Lemonsoft Oyj decided by unanimous resolution of the shareholders to authorize the Board of Directors to decide on a share issue. A maximum of 1,000,000 shares may be issued under the authorization. The authorization is valid until the next Annual General Meeting, but not later than 30 June 2022.

Significant short-term risks and uncertainties

The biggest challenge for our industry is the availability of skilled personnel. To maintain strong growth, Lemonsoft is investing heavily in recruiting new employees with strong expertise. The company's success and opportunities for organic growth depend largely on how well we are able to recruit, motivate and engage more skilled personnel and maintain and develop our expertise.

Possible weakening of the business of Lemonsoft's customer companies could result in e.g. reduced investments by industrial manufacturing companies and the need for subcontracting chains. This would also have a negative impact on the demand for ERP systems, which could slow down the development of Lemonsoft’s new sales and upselling potential to the existing customer base.

Global pandemics such as the Covid-19 pandemic may also have a direct and indirect impact on Lemonsoft’s business. In addition, pandemics may pose business and bankruptcy risks to the Lemonsoft’s customers, which in turn may affect Lemonsoft’s business and cash position. The company constantly monitors the development of the situation from a risk management perspective.

The ERP market is generally a highly competitive market and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in Lemonsoft's operating markets may intensify due to existing competitors or agile new entrants.

Risks related to information security and the IT systems of service providers are a significant factor affecting the security and continuity of the company's business. Lemonsoft constantly invests in high reliability and high security systems, and strives to ensure the high quality of the services it purchases by selecting leading players in the industry as its key partners. European data protection regulations may also bring unexpected risks to Lemonsoft's operating environment.

Success in acquisitions and related integration work is a key factor for Lemonsoft's growth. The company has made several acquisitions in recent years and also aims to continue to grow through acquisitions. There may be unexpected risks associated with target companies and their integration into Lemonsoft.

Board of Director’s proposal for dividend

At the end of the financial year 2021, the Group's parent company’s distributable funds were EUR 24,120 thousand and the net result of the Group's parent company for the financial year was EUR 4,155 thousand. There have been no material changes in the company's financial position since the end of the financial year.

Lemonsoft Oyj’s Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.13 per share be paid for the financial year ended 31 December 2021, i.e. a total dividend of EUR 2.4 million.

Events after the reporting period

There were no significant events after the reporting period.

Outlook 2022

Lemonsoft's goal is to continue steady growth, both by increasing the number of software modules offered to its existing customer base and by expanding its customer base with new customer acquisition.

Digitalisation and increasing use of ERP systems in Lemonsoft's potential customer base is expected to continue, especially in the construction industry and in industrial manufacturing and logistics. ERP is a key system for management and continuation of a customer's business, based on which customer retention is also expected to remain at the current high level.

Recruitment made in the second half of 2021 will weaken relative profitability in the first half of 2022 compared to the second half.

Profit forecast for 2022

Lemonsoft estimates that the net sales for the financial year 2022 will increase by 23-28 percent compared to the financial year 2021, and that adjusted EBIT will be 30-35 percent of net sales in 2022.

Financial information and Annual General Meeting in 2022

Lemonsoft Oyj will publish the following financial information in 2022:

• Interim Report January – March 2022 on Wednesday 27 April 2022
• Half-year Report January-June 2022 on Friday, 22 July 2022
• Interim Report January – September 2022 on Friday, 28 October 2022

The company's annual report for the financial year ending 31 December 2021 is scheduled for publication in the week beginning 14 March 2022.

Lemonsoft's Annual General Meeting is scheduled to be held on Tuesday, 5th of April 2022.

Lemonsoft Oyj
Board of Directors

For further information, please contact:

Kari Joki-Hollanti
CEO
kari.joki-hollanti@lemonsoft.fi
+358 44 730 9271

Alpo Luostarinen
Director, M&A and IR
alpo.luostarinen@lemonsoft.fi
+358 50 911 3507

Certified Adviser:
Danske Bank A/S, Finland Branch, +358 40 841 3052

About Lemonsoft Oyj

Lemonsoft is a Finnish software company that designs, develops and sells ERP software solutions to streamline its customers’ processes across different business lines and administration. The extensive offering of software solutions and related services enables the company to provide its customers with holistic service. The company’s standardized and scalable software solutions are delivered mainly from the cloud and are based on the SaaS model in which customers pay a monthly service fee for the use of the software. The company operates in the ERP software market in Finland primarily as a service provider for SMEs. As of the date of this press release, the company’s customer base consists of over 6,800 customer companies using the Company’s software solutions, including customers from especially industrial manufacturing, wholesale and retail, professional services automation, construction and accounting.

Get to know us better at www.lemonsoft.fi.

Distribution

Nasdaq Helsinki Oy
Principal media

TABLES
Accounting principles for the review period

The figures have been prepared in accordance with Finnish Accounting Standards (FAS).

The figures in the financial report are unaudited.

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED BALANCE SHEET

CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

GROUP’S COMMITMENTS

*The value of cash pledges corresponds to the purchase price of the pledged real estate shares

CALCULATION OF KEY FIGURES

Gross margin = Net sales – materials and services

EBITDA = EBIT + Depreciation, amortization and impairment

Adjusted EBITDA = EBIT + Depreciation and amortization – Covid-19 reduction of pension contribution – Business Finland’s aid + M&A costs + IPO costs

Operating profit (EBIT) = Net sales + other operating income – materials and services – personnel expenses – other operating expenses – depreciation, amortization and impairment

Adjusted EBIT = EBIT – Covid-19 reduction of pension contribution – Business Finland’s aid + M&A costs + IPO costs + amortization of goodwill

Equity ratio, % = Equity +/- minority interest x100 / (Balance sheet total – advances received)

Gearing, % = (Interest-bearing liabilities – Cash and cash equivalents) x100 / Equity

Net debt = Loans from credit institutions – cash in hand and at bank

Earnings per share (EPS) = Earnings for the financial year / Adjusted average number of outstanding shares during the period

EBITDA AND EBIT ADJUSTMENTS

* Adjusted EBITDA is EBITDA adjusted by costs related to the acquisitions and the IPO as well as certain extraordinary items (Covid-19 reduction of pension contribution and Business Finland’s aid)
** Adjusted EBIT is EBIT adjusted by goodwill amortizations, costs related to the acquisitions and the IPO as well as certain extraordinary items (Covid-19 reduction of pension contribution and Business Finland’s aid)