Tulikivi Corporation Financial statements release 1–12/2025: Investments in strategic projects continued despite challenging market conditions.
TULIKIVI CORPORATION FINANCIAL STATEMENTS RELEASE 6 MARCH 2026 AT 1 PM
- The Tulikivi Group’s net sales were EUR 7.9 million (EUR 8.4 million in 10–12/2024) in the fourth quarter and EUR 29.5 million (EUR 33.3 million, 1–12/2024) in the review period.
- The Tulikivi Group’s comparable operating profit was EUR -0.1 million (EUR 0.5 million) in the fourth quarter and EUR -0.1 million (EUR 2.1 million) in the review period.
- EUR 0.4 million of non-recurring expenses were recorded for the financial year 2025, of which EUR 0.3 million relates to the winding down of the Russian subsidiary OOO Tulikivi and the termination of its operations.
- The Tulikivi Group’s operating profit was EUR -0.5 million (EUR 0.5 million) in the fourth quarter and EUR -0.6 million (EUR 2.1 million) in the review period.
- The Tulikivi Group’s profit before taxes was EUR -0.7 million (EUR 0.4 million) in the fourth quarter and EUR -1.3 million (EUR 1.4 million) in the review period.
- The equity ratio at the end of the review period was 48.6 per cent (51.9 per cent).
- Order books stood at EUR 2.6 million (EUR 2.8 million) at the end of the review period.
- The Suomussalmi talc project made good progress.
- The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the financial year 2025.
- Future outlook: Net sales in 2026 are expected to increase and the comparable operating profit to improve on 2025.
| Key financial ratios | |||||||
| 1-12/25 | 1-12/24 | Change, % | 10-12/25 | 10-12/24 | Change, % | ||
| Sales, MEUR | 29.5 | 33.3 | -11.4 % | 7.9 | 8.4 | -5.8 % | |
| Operating profit/loss, MEUR | -0.6 | 2.1 | -126.8 % | -0.5 | 0.5 | -201.1 % | |
| Comparable operating profit/loss, MEUR | -0.1 | 2.1 | -105.3 % | -0.1 | 0.5 | -115.5 % | |
| Profit before tax, MEUR | -1.3 | 1.4 | -190.1 % | -0.7 | 0.4 | -270.9 % | |
| Total comprehensive income for the period, MEUR | -1.1 | 1.2 | -193.6 % | -0.5 | 0.4 | -252.2 % | |
| Earnings per share, Euro | -0.02 | 0.02 | -0.01 | 0.01 | |||
| Net cash flow from operating activities, MEUR | 2.9 | 3.6 | 1.7 | 2.0 | |||
| Comparable operating profit/loss, % | -0.4 | 6.3 | -1.0 | 6.2 | |||
| Equity ratio, % | 48.6 | 51.9 | |||||
| Net indebtness ratio, % | 66.1 | 58.0 | |||||
| Return on investments, % | -2.0 | 7.9 |
Comments by Heikki Vauhkonen, Managing Director:
Net sales in the fourth quarter were lower than in the comparison period due to general economic uncertainty, which led consumers to postpone renovation and new construction projects even further.
The poor profitability in the fourth quarter was due to lower-than-expected productivity in quarrying and production, as well as a slower-than-anticipated recovery in demand in the fireplace market. In response to the challenging market situation in construction, additional investments were made in marketing and sales. The company’s order intake in the final quarter of the year was lower than anticipated at EUR 7.5 million (EUR 8.0 million).
Export sales of Tulikivi sauna heaters and domestic sales of interior stone products continued to grow during the review period. Due to the decline in net sales and the lower share of fireplace exports, the relative profitability for the full year was weak. The company’s balance sheet remained strong and its equity ratio was 48.6%.
The operating profit for 2025 was affected by a EUR 0.3 million write-down provision related to the ongoing winding down of the Russian subsidiary OOO Tulikivi. The winding down is progressing as planned. The process has included terminations of employment, contract cancellations and on-site liquidation of company assets. Completion is expected on 1 April 2026.
During the review period, Tulikivi advanced its strategic projects as planned. The projects are to grow the market share in the Central European fireplace market, to increase the net sales of the sauna business, and to advance the Suomussalmi talc project to the investment stage.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Consumers in Central Europe prefer products in the heater-size range, and the new Jero collection will enable Tulikivi to reach new customer groups. Deliveries of the new Siera model commenced in the last quarter of the year. Its key feature is a three-sided view of the fire. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were approximately 460 dealer locations. The popularity of the Jero collection has been steadily growing, becoming the largest export collection during 2025.
In the sauna business, the launch of the new Kevo electric sauna heater collection was advanced by establishing partnerships with new retailers in Finland and abroad. Product development in the sauna business focused on preparing for the launch of sales in North America by carrying out the tests required under UL safety standards. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot. These product features also offer growth opportunities in the North American sauna market.
Overall, the Suomussalmi talc project has progressed well. Key achievements in 2025 include the advancement of the environmental permit application submitted in May and the completion of an enrichment test run at the Geological Survey of Finland’s Mintec pilot plant. In addition, studies have been continued on the exploitation of the magnesite contained in the ore.
TULIKIVI CORPORATION
Board of Directors
Distribution: Nasdaq Helsinki
Key media
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
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