Tulikivi Corporation half year financial report 1–6/2025: Order intake continued to grow
TULIKIVI CORPORATION HALF YEAR FINANCIAL REPORT 15 AUG 2025 AT 1 PM
- The Tulikivi Group’s net sales were EUR 8.5 million (Q2/2024: EUR 9.3 million) in the second quarter and EUR 14.6 million (H1/2024: EUR 17.8 million) in the review period.
- The Tulikivi Group’s operating profit was EUR 0.5 (0.8) million in the second quarter and EUR -0.2 (1.1) million in the review period.
- The Tulikivi Group’s profit before taxes was EUR 0.3 (0.6) million in the second quarter and EUR -0.6 (0.7) million in the review period.
- The equity ratio at the end of the review period was 49.7 per cent (49.4).
- Order books stood at EUR 4.0 (3.5) million at the end of the review period.
- The environmental permit process for the Suomussalmi talc project is making progress.
- Future outlook: Net sales and the comparable operating profit for 2025 are expected to improve on 2024.
| Key financial ratios | ||||||||
| 1-6/25 | 1-6/24 | Change, % | 1-12/24 | 4-6/25 | 4-6/24 | Change, % | ||
| Sales, MEUR | 14.6 | 17.8 | -18.0 % | 33.3 | 8.5 | 9.3 | -8.5 % | |
| Operating profit/loss, MEUR | -0.2 | 1.1 | -117.4 % | 2.1 | 0.5 | 0.8 | -35.4 % | |
| Operating profit/loss without impairment loss, MEUR | -0.2 | 1.1 | -117.4 % | 2.1 | 0.5 | 0.8 | -35.4 % | |
| Profit before tax, MEUR | -0.6 | 0.7 | -187.4 % | 1.4 | 0.3 | 0.6 | -40.8 % | |
| Total comprehensive income for the period, MEUR | -0.6 | 0.6 | -200.2 % | 1.2 | 0.3 | 0.4 | -30.6 % | |
| Earnings per share, Euro | -0.01 | 0.01 | 0.02 | 0.01 | 0.01 | |||
| Net cash flow from operating activities, MEUR | 0.4 | 0.8 | 3.6 | 1.3 | 1.0 | |||
| Operating profit/loss without impairment loss, % | -1.3 | 6.1 | 6.3 | 5.8 | 8.3 | |||
| Equity ratio, % | 49.7 | 49.4 | 51.9 | |||||
| Net indebtness ratio, % | 62.7 | 57.3 | 58.0 | |||||
| Return on investments, % | -1.3 | 7.7 | 7.9 |
Comments by Heikki Vauhkonen, Managing Director:
In the first half of the year, net sales were lower than in the comparison period due to the seasonal nature of the fireplace industry and general economic uncertainty, which led consumers to postpone their renovation and new construction projects. The company’s order flow grew moderately in the second quarter, however, as it had in the previous two quarters, and was EUR 8.7 (8.2) million. Export sales of Tulikivi sauna heaters and domestic sales of interior stone products grew strongly. Relative profitability was weak at the beginning of the year due to a decline in net sales but improved in the second quarter thanks to pricing and cost-cutting measures. The company's balance sheet remained strong and its equity ratio was 49.7%.
During the period under review, Tulikivi advanced its strategic projects as planned. The strategic projects are to grow the market share in the Central European fireplace market, to increase the net sales of the sauna business, and 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. The aim is to increase the total number of fireplace export dealers to 500 by the end of 2026 from 330 at the end of 2023. In the first half of the year, the number of sales offices exceeded 400.
In the sauna business work was continued on the launch of the new Kevo electric sauna heater collection by starting cooperation with new retailers in Finland and abroad. The collection highlights the great features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot.
The most significant events in the Suomussalmi talc project during the review period were the submission of the environmental permit application to the Regional State Administrative Agency of Northern Finland in May and the enrichment trial carried out at the Geological Survey of Finland’s Mintec pilot plant in April. Also, the study launched at the end of 2024 to improve the energy and material efficiency of enrichment technology was concluded in the spring.
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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