Gofore Plc
Half-year Report
14 August 2025 at 8.45 a.m. EET
Gofore Plc’s Half-year Report January-June 2025: Q2 profitability was weak, corrective measures taken
April-June 2025
- Net sales decreased by 7.9%, and profitability weakened, adjusted EBITA at 2.6% (12.7%). The quarter's profitability was affected by the decline in net sales as well as projects that exceeded the workload estimate, and a write-down of one fixed-price project, which had a one-off impact of 1.0 million euros on profitability.
- Change negotiation and transactional costs were one-off items impacting the EBIT result and do not weaken the adjusted EBITA.
- Change in customer prices from April to June was +0.3% without projects exceeding the work estimates, and -4.5% considering them. The +0.3% change is in balance with the moderate average salary change, +0.6% (+0.1%).
- The number of employees decreased to a total of 1,390 (1,453) people. Total capacity stood at 1,460 (1,511). People subject to the restructuring have been fully deducted from the numbers.
- After the reporting period, Gofore signed an agreement to acquire the entire share capital of the Finnish technology and design company Huld Group with a debt-free enterprise value of 54.5 million euros. The acquisition requires approval from the Finnish Competition and Consumer Authority.
January-June 2025
- Net sales declined from the previous year’s level, -6.8% and were 90.6 (97.2) million euros.
- Adjusted EBITA 4.9 (12.9) million euros, 5.4% (13.2%) of net sales.
- Customer price change in January-June was +0.3% without projects exceeding the work estimates, and -3.4% considering them. The +0.3% change is in balance with the average salary development that continued restrained; +0.4%.
- The satisfaction of Gofore customers remained at a high level. The net promoter score in the spring measurement was 62, on the same level as the previous year’s all-time high customer satisfaction.
Guidance for 2025
On 8 August 2025, Gofore issued a negative profit warning and contrary to its usual disclosure method, gave guidance concerning the adjusted EBITA for the entire year 2025. Gofore has no previous guidance in place for 2025.
Gofore guides that the adjusted EBITA for the entire year 2025 will be set at 8-10 percent of net sales. This guidance applies to the Gofore Group excluding the Huld acquisition. Gofore reports its net sales monthly; most recently in the June business review on 9 July 2025.
Gofore remains committed to its long-term financial targets approved by the Board of Directors on 19 December 2024.
Key figures
The half-year report is attached to this release and can be found on Gofore’s IR website at . The report includes e.g. the most significant new agreements, an extensive key figure table, profit and loss statement and balance sheet, as well as Gofore’s market outlook and near-term risks. This is an IAS34 compliant interim report. The numbers are unaudited.
|
Group Key Figures Summary, MEUR |
Q2/2025 |
Q2/2024 |
H1/2025 |
H1/2024 |
2024 |
|
Net sales |
44.2 |
48.0 |
90.6 |
97.2 |
186.2 |
|
Organic growth of net sales, % |
-7.9% |
-3.1% |
-6.8% |
-2.5% |
-3.2% |
|
Adjusted EBITA |
1.2 |
6.1 |
4.9 |
12.9 |
23.9 |
|
Adjusted EBITA, % |
2.6% |
12.7% |
5.4% |
13.2% |
12.8% |
|
EBITA |
-0.3 |
6.1 |
3.4 |
12.9 |
24.4 |
|
Operating Profit (EBIT) |
-1.1 |
5.2 |
1.7 |
11.0 |
20.8 |
|
Earnings per share (EPS), undiluted |
-0.06 |
0.25 |
0.06 |
0.53 |
1.04 |
|
Earnings per share (EPS), diluted |
-0.06 |
0.25 |
0.06 |
0.53 |
1.02 |
|
Number of employees at end of period |
1,390 |
1,453 |
1,390 |
1,453 |
1,471 |
|
Overall capacity; in-house and subcontracted |
1,460 |
1,511 |
1,460 |
1,511 |
1,539 |
CEO Mikael Nylund:
“Our net sales for the second quarter were 44.2 (48.0) million euros. Adjusted EBITA profitability was only 1.2 million euros, driven by weak net sales development. However, the period was, in the big picture, constructive for Gofore's future, and we made significant investments and actions regarding both growth and profitability. Thanks to these, we are excited about the opportunities for the rest of the year and the coming years.
In July, we announced a significant corporate acquisition in which Gofore is acquiring the technology company Huld. With Huld, 400 top-tier professionals are joining Gofore, enhancing our expertise in strategic areas. The key competence of Huld's team lies in the digitalization development of industry and industrial products. Together, we are a significantly stronger partner in the strategic digital transformation of our industrial customers. Additionally, Huld significantly strengthens our position in security, with its extensive experience and unique expertise in space technology and defense-related clientele.
In May, we also held Gofore's first-ever change negotiations. The prolonged period of weaker demand in the sector has clearly begun to reflect in the employment situation of Gofore's professionals. This is why we decided to reduce our capacity by 80 people on a one-time basis.
Although the reduction was a harsh measure, it also ensures that our expertise now meets and will continue to meet the needs of our customers.
At the same time, we adjusted our capacity to align with the current customer demand, allowing us to continue working from a healthy foundation in terms of available capacity and billing rate, while still aiming for a strong 15% profitability.
At the beginning of the year, we implemented a new operating model and organisation. In the new model, we are closer to our customers. We want to continue this way and further strengthen Gofore's long-term competitive advantage of being a strategic partner for our customers and providing them with comprehensive expert services in digital transformation.
During the early part of the year, we reported several significant wins in the public sector. In this report, we also provide examples from The Digital and Population Data Agency and the Finnish Centre for Pensions. These wins provide a solid foundation for conducting effective business in the latter part of the year and for beginning to build new growth. We also believe that the public sector market will continue to remain at a reasonable level, and the competitive situation will gradually improve.
In the industrial sector, the outlook has also strengthened. We have experienced an exceptionally long period of weak investment activity. Although global economic uncertainty persists, our own job situation is quite good. We are pleased to report that, for example, all of our embedded software experts are currently engaged in customer projects.
Although the past quarter was historically weak, we look to the future with confidence. We have successfully implemented significant measures to ensure our future competitiveness. The slate is now clean, and the conditions for conducting successful business in line with our goals in the future are in place. Furthermore, having made the decision for a significant investment supporting the implementation of our strategy, we believe we are in an excellent position.
Digitalisation continues, and digital technology is evolving at an accelerating pace. Gofore employees are ready to support our customers in the successful implementation of digitalisation.”
Monthly net sales development in 2025
The numbers are unaudited.
|
Month |
Net sales, |
LTM pro forma |
No. of employees |
No. of working |
Own capacity |
Sub- |
|
January |
15.6 (16.9) |
184.9 |
1470 (1463) |
21 (22) |
1387 (1372) |
148 (147) |
|
February |
14.8 (16.3) |
183.3 |
1470 (1461) |
20 (21) |
1381 (1372) |
144 (149) |
|
March |
16.1 (16.0) |
183.4 |
1469 (1456) |
21 (20) |
1379 (1371) |
150 (160) |
|
April |
15.5 (17.0) |
181.8 |
1470 (1456) |
20 (21) |
1388 (1372) |
163 (155) |
|
May |
15.5 (16.8) |
180.5 |
1472 (1455) |
20 (21) |
1381 (1369) |
163 (159) |
|
June |
13.2 (14.2) |
179.6 |
1390 (1453) |
20 (19) |
1313 (1368) |
149 (143) |
Next financial disclosure
Gofore’s next interim report is the Q3 Interim Report on 23 October 2025. Gofore also publishes business reviews in the months between IAS 34 compliant interim reports. July and August numbers will be released together at the beginning of September.
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280
Contacts
- Emmi Berlin, IR & PR Lead, +358400903260,
About Gofore Oyj
Gofore is an international digital transformation consultancy with Finnish roots. We employ nearly 1,500 experts across 18 locations in Finland, Germany, Austria, Spain, and Estonia. With our technology and business expertise, we work for functional, secure and equal services for the digital society and sustainable solutions for the intelligent industry. Our diverse group of professionals share a pioneering ambition to create a more humane and responsible digital world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2024, our net sales amounted to EUR 186,2 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Our vision is to be the most significant digital transformation consultancy in Europe. Discover more about us at