OCTOBER – DECEMBER 2025, IFRS
- Net sales decreased 3.5% and were EUR 7,407 thousand (7,672)
- EBITDA was EUR 1,821 thousand (1,776), 24.6% (23.2) of net sales
- Adjusted EBITDA was EUR 1,821 thousand (1,777), 24.6% (23.2) of net sales
- EBIT was EUR 1,282 thousand (1,257), 17.3% (16.4) of net sales
- Adjusted EBIT was EUR 1,529 thousand (1,506), 20.6% (19.6) of net sales
- Profit of the review period was EUR 1,018 thousand (943), 13.7% (12.3) of net sales
JANUARY – DECEMBER 2025, IFRS
- Net sales increased 1.9% and were EUR 29,454 thousand (28,911)
- EBITDA was EUR 9,290 thousand (7,329), 31.5% (25.3) of net sales
- Adjusted EBITDA was EUR 8,201 thousand (7,522), 27.8% (26.0) of net sales
- EBIT was EUR 7,041 thousand (5,404), 23.9% (18.7) of net sales
- Adjusted EBIT was EUR 6,942 thousand (6,444), 23.6% (22.3) of net sales
- Profit of the review period was EUR 4,363 thousand (4,031), 14.8% (13.9) of net sales
Key Figures, IFRS
| EUR 1,000 | 10-12/2025 | 10-12/2024 | Change | 1-12/2025 | 1-12/2024 | Change |
| Net sales | 7,407 | 7,672 | -3.5 % | 29,454 | 28,911 | 1.9 % |
| SaaS | 5,559 | 5,454 | 1.9 % | 22,177 | 20,774 | 6.8 % |
| Transaction | 745 | 846 | -12.0 % | 2,974 | 3,299 | -9.8 % |
| Consulting and other | 1,103 | 1,372 | -19.6 % | 4,303 | 4,838 | -11.1 % |
| | | | | | |
| Gross margin* | 6,121 | 6,604 | -7.3 % | 24,927 | 24,973 | -0.2 % |
| Gross margin, % of net sales | 82.6 % | 86.1 % | | 84.6 % | 86.4 % | |
| EBITDA | 1,821 | 1,776 | 2.5 % | 9,290 | 7,329 | 26.8 % |
| EBITDA, % of net sales | 24.6 % | 23.2 % | | 31.5 % | 25.3 % | |
| Adjusted EBITDA | 1,821 | 1,777 | 2.5 % | 8,201 | 7,522 | 9.0 % |
| Adjusted EBITDA, % of net sales | 24.6 % | 23.2 % | | 27.8 % | 26.0 % | |
| EBIT | 1,282 | 1,257 | 1.9 % | 7,041 | 5,404 | 30.3 % |
| EBIT, % of net sales | 17.3 % | 16.4 % | | 23.9 % | 18.7 % | |
| Adjusted EBIT | 1,529 | 1,506 | 1.6 % | 6,942 | 6,444 | 7.7 % |
| Adjusted EBIT, % of net sales | 20.6 % | 19.6 % | | 23.6 % | 22.3 % | |
| Profit (Loss) of the period | 1,018 | 943 | 7.9 % | 4,363 | 4,031 | 8.2 % |
| Profit (Loss) of the period, % of net sales | 13.7 % | 12.3 % | | 14.8 % | 13.9 % | |
| | | | | | |
| Equity ratio, % | 61.5 % | 60.4 % | | 61.5 % | 60.4 % | |
| Net debt | 4,016 | 2,755 | 45.8 % | 4,016 | 2,755 | 45.8 % |
| Gearing, % | 13.6 % | 8.5 % | | 13.6 % | 8.5 % | |
| Earnings per share (EPS) | 0.06 | 0.05 | 12.2 % | 0.25 | 0.22 | 12.1 % |
| Return on invested capital, % (ROIC) | 3.2 % | 3.0 % | | 17.7 % | 13.0 % | |
| Return on equity, % (ROE) | 3.3 % | 3.0 % | | 14.1 % | 12.8 % | |
| Number of employees at the end of the period | 193 | 228 | -15.4 % | 193 | 228 | -15.4 % |
| Outstanding shares at the end of the period | 17,882,821 | 18,656,702 | | 17,882,821 | 18,656,702 | |
| Average outstanding shares during the period | 17,897,069 | 18,664,000 | | 18,149,850 | 18,604,133 | |
*The calculation of key figures has been changed for other operating income and the comparison periods have been changed accordingly.
CEO Alpo Luostarinen
The final quarter of 2025 was significant for Lemonsoft and marked a clear turning point in the direction clarification that had been prepared throughout the year. Towards the end of the year, we updated our strategy and placed an even stronger focus on our selected customer segments, strengthening our competitiveness, and creating the foundations for profitable growth.Net sales in the final quarter were EUR 7.4 million and decreased by 3.5%, while SaaS income grew by 1.9%. The share of recurring revenue increased clearly during 2025 and accounted for 85.2% of total net sales. Adjusted EBIT was EUR 1.5 million, and the adjusted EBIT margin was 20.6%.
In our key industries, manufacturing and wholesale trade, the market conditions remained cautious toward the end of the year. Uncertainty continued to affect the pace of customers’ decision-making, although signs of modest recovery were visible in manufacturing. After a clearly weaker summer in terms of sales, we were able to improve sales performance towards the end of the year in our key industries, particularly through measures targeted at manufacturing. Improving delivery capability and customer experience were key priorities towards the end of the year, and we continued to develop our operating models, particularly in implementations and customer support. Full year revenue churn was 6.3%, and it improved during the second half of the year compared to the first half. Net Revenue Retention (NRR) stood at 98.2% at year-end and was slightly higher than in the previous year.
In technology and product development, the platform migrations completed during the year created a strong foundation for executing the strategy. They support performance, scalability and cost-efficient capacity management, and enable a faster development pace. Towards the end of the year, the focus increasingly shifted to developing new functionalities and usability and delivering improvements to customers more rapidly through continuous releases. At the same time, we progressed in leveraging AI in line with our strategy: our objective is to significantly improve internal efficiency, particularly in product development, and to bring AI into customers’ daily operations to deliver tangible productivity benefits.
Lemonsoft is entering a new phase following technological and organizational changes. The updated strategy provides a clearer direction and enables us to focus on the areas where we can create the most value for our customers and shareholders. We enter 2026 with a clear focus: increasing market share in selected segments both organically and through acquisitions, profitable growth, high customer satisfaction and delivery capability, and the practical integration of artificial intelligence into customers’ everyday operations.
Group Financial Development
Group financial result and profitability
October – December 2025
Net sales for the review period were EUR 7,407 thousand (7,672). Net sales decreased by EUR 265 thousand, 3.5%. Organic growth of the review period was -3.5% and organic growth of the recurring revenue was 0.1%. The decline in net sales was driven by lower transaction income and consulting and other income, while SaaS income increased by 1.9%.
The share of SaaS income was 75.1% (71.1), the share of transaction income 10.1% (11.0), and consulting and other income 14.9% (17.9).
EBITDA was EUR 1,821 thousand (1,776), 24.6% (23.2) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 1,821 thousand (1,777), 24.6% (23.2) of net sales.
EBIT was EUR 1,282 thousand (1,257), 17.3% (16.4) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 1,529 thousand (1,506), 20.6% (19.6) of net sales.
Profit for the review period was EUR 1,018 thousand (943), 13.7% (12.3) of net sales.
Cash flow from operating activities was EUR 3,098 thousand (1,973).
January – December 2025
Net sales for the review period were EUR 29,454 thousand (28,911). Net sales increased by EUR 543 thousand, 1.9%. Organic growth of the review period was -1.5% and organic growth of the recurring revenue was 1.0%. Net sales increased mainly due to the acquisition of Atmotics Oy (2024) and Applirent Oy (2024), whose net sales were not included in the comparison period in January – June.
The share of SaaS income was 75.3% (71.9), the share of transaction income 10.1% (11.4), and consulting and other income 14.6% (16.7).
EBITDA was EUR 9,290 thousand (7,329), 31.5% (25.3) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 8,201 thousand (7,522), 27.8% (26.0) of net sales. The most significant adjustment item is the recognition of additional purchase price as revenue.
EBIT was EUR 7,041 thousand (5,404), 23.9% (18.7) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 6,942 thousand (6,444), 23.6% (22.3) of net sales. The most significant adjustment item is the recognition of additional purchase price as revenue.
Profit for the review period was EUR 4,363 thousand (4,031), 14.8% (13.9) of net sales.
Cash flow from operating activities was EUR 8,468 thousand (5,353).
Balance sheet, financing and investments
The balance sheet total at the end of the review period was EUR 48,090 thousand (53,862 at the end of the year 2024). The decrease in the balance sheet total was mainly due to the acquisition of own shares.
The Group has capitalized development expenses of EUR 652 thousand during the year 2025 (804 during the comparison period 2024). At the end of the review period, the Group's balance sheet included capitalized development expenses totaling EUR 2,809 thousand (2,734 at the end of the year 2024).
Total equity was EUR 29,516 thousand (32,526 at the end of the year 2024), equity decreased EUR 3,010 thousand. The decrease in equity was mainly due to the acquisition of own shares.
Equity ratio was 61.5% (60.4 at the end of the year 2024) and interest-bearing debt was EUR 10,569 thousand (10,405 at the end of the year 2024).
Cash and cash equivalents at the end of the review period were EUR 6,553 thousand (7,650 at the end of the year 2024).
Personnel
The Group’s number of employees was 193 (228) on 31 December 2025. We reported our Group personnel as follows:
- R&D 94 employees
- Customer functions 83 employees
- Other functions, a total of 16 employees
Share-based incentive plan
The Board of Directors of Lemonsoft Oyj has established a 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 management 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 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 consisted of 4 persons (the CEO and three members of the Management Team). The gross rewards for the first period correspond to a maximum total of 77,000 Lemonsoft Oyj shares including the cash portion. 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 the plan will be capped if the limits set by the Board for the payable reward from the performance period 2024 – 2026 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 2 persons at the end of the reporting period.
The performance criterion in the second performance period 2025 – 2027 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 for the second period correspond to a maximum total of 102,675 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2025 – 2027 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 3 persons at the end of the reporting period.
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 17,882,821 (18,656,702) shares. The average number of outstanding shares during the review period January-December was 18,149,850 (18,604,133).
Lemonsoft Oyj carried out a reverse accelerated bookbuilding process on 14 May 2025 and acquired 408,864 of the company’s shares, which were cancelled on 19 May 2025. The purchase price of the shares was approximately EUR 2.5 million.
On 21 May 2025, the Board of Directors of Lemonsoft Oyj decided to continue the company’s share buyback program based on the authorisation granted by the Annual General Meeting held on 9 April 2025. Lemonsoft Oyj held 379,947 of its own shares at the end of the reporting period.
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 7.64 and the lowest EUR 5,70. The closing price on 31 December 2025 was EUR 6.12. The market value of the company at the closing price of the review period was approximately EUR 111.8 million. Average daily trading volume during the review period was 2,629 shares (EUR 16,906).
On 31 December 2025, the company had a total of 2,038 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/share/shareholders/.
Authorizations of the Board of Directors
Lemonsoft Oyj has decided in its Annual General Meeting on 9 April 2025 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 9.6% 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 2026 Annual General Meeting, but not beyond 30 June 2026. The authorization shall replace the authorization granted to the Board of Directors by the Annual General Meeting of 9 April 2024 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 1,800,000 shares corresponding to a maximum of approximately 9.6% 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 2026, and it replaces the previous authorizations.
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. With the acceleration of product development enabled by advances in AI, entry into the industry may become easier, the number of competitors may increase, and price competition in the market may intensify.
Risks related to information security and the IT systems of service providers, as well as potential misuse, 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 2025, the Group's parent company’s distributable funds were EUR 25,280 thousand and the net result of the Group's parent company for the financial year was EUR 3,101 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 2025, i.e. a total dividend would be approximately EUR 2.5 million.
Events after the review period
Lemonsoft Oyj announced on 29 January 2026 that it will strengthen its management team as of 9 February 2026. Reeti Saarinen has been appointed Chief Operating Officer (COO) and a member of the management team.
Lemonsoft Oyj announced on 13 February 2026 that it will acquire a 76% ownership stake in Jakamo Oy, a software company specializing in industrial procurement processes. Lemonsoft Oyj and the shareholders of Jakamo Oy signed the share purchase agreement on 13 February 2026, and the transaction is expected to be completed on 2 March 2026.
Profit forecast for 2026
Lemonsoft estimates that the net sales for the financial year 2026 will increase by 5-13 percent compared to the financial year 2025, and that adjusted EBIT will be 23-29 percent of net sales in the financial year 2026.
Financial information
Lemonsoft Oyj will publish the following financial information in 2026:
- Interim Report January – March 2026 on Wednesday, 29 April 2026
- Half-year Report January – June 2026 on Friday, 14 August 2026
- Interim Report January – September 2026 on Thursday, 5 November 2026
The company's annual report for the financial year ending 31 December 2025 is scheduled for publication in the week beginning 16 March 2026.
Lemonsoft's Annual General Meeting is scheduled to be held on 14th of April 2026.
Webcast for investors and media
Lemonsoft will host a live webcast for investors and the media in English on February 19, 2026 at 1:00pm EET. The webcast can be followed online live via this link: https://lemonsoft.events.inderes.com/2025-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