Framery Group Plc | Stock Exchange Release | February 16, 2026 at 09:00:00 EET
This release is a summary of Framery Group Plc’s Financial statements release 2025. The complete report is attached to this release as a pdf file. It is also available on Framery’s website at https://framery.com/sijoittajat/en/investors/
Highlights of the review period
The fourth quarter of the year was strong for Framery in terms of revenue and profitability, especially considering the volatile trade environment. Both full-year revenue and adjusted operating profit (adjusted EBIT) were in line with the guidance provided in the prospectus. Growth continued on a global scale, demonstrating strong demand for the new product line.
October–December 2025 in brief:
- Revenue increased by 17.2% to EUR 58.2 million (49.6 million). At comparable exchange rates, revenue would have increased by 21.5% to EUR 60.3 million*.
- EBIT was EUR 10.0 (14.0) million, accounting for 17.3% (28.3%) of the revenue as the Initial Public Offering (IPO)-related costs, U.S. tariffs, and exchange rates impacted the quarterly profitability.
- Adjusted EBIT was EUR 11.9 (14.6) million, accounting for 20.4% (29.3%) of revenue. U.S. tariffs and unfavorable exchange rates primarily drove the decrease, as this quarter’s results do not yet reflect the related price increases. Additionally, the comparison period in Q4 2024 was very strong in profitability, for example, due to highly favorable currency effects.
- Operating Free Cash Flow was EUR 17.8 (13.4) million, and cash conversion was 133.3% (83.0%).
- Net debt was EUR 66.9 (67.9) million, and leverage, calculated as net debt divided by the last 12 months’ adjusted EBITDA, was 1.2 (1.8).
- Earnings per share (basic and diluted) was EUR 0.04 (0.14).
*Revenue at comparable exchange rates has been calculated by translating the full-year 2025 revenue using 2024 average exchange rates, less the previous reporting period's revenue at comparable exchange rates.
January–December 2025 in brief:
- Revenue increased by 37.0% to EUR 221.1 (162.1) million. At comparable exchange rates, revenue would have increased by 39.5% to EUR 226.2 million*.
- EBIT was EUR 41.0 (29.6) million or 18.5% (18.3%) of revenue.
- Adjusted EBIT increased to EUR 50.5 (33.0) million and was 22.8% (20.4%) of revenue.
- Operating Free Cash Flow was EUR 51.6 (26.6) million and cash conversion at 91.6% (68.9%).
- Net debt was EUR 66.9 (67.9) million, and leverage, calculated as net debt divided by the last 12 months’ adjusted EBITDA, was 1.2 (1.8).
- Earnings per share (basic and diluted) was EUR 0.26 (0.24).
- The Board’s proposal for the dividend is 0.23 EUR per share, and it is proposed to be paid in one installment.
*Revenue at comparable exchange rates has been calculated by translating the reporting period revenue using the previous year's average exchange rates.
Key figures
| Key figure (EUR million) | 10-12 2025 | 10-12 2024 | Change | 1-12 2025 | 1-12 2024 | Change |
| Revenue | 58.2 | 49.6 | 8.5 | 222.1 | 162.1 | 60.0 |
| Revenue Growth, % | 17.2% | N/A | N/A | 37.0% | 7.3% | 29.7% |
| EBITDA | 11.5 | 15.5 | -4.0 | 46.9 | 35.2 | 11.7 |
| EBITDA margin, % | 19.8% | 31.3% | -11.5% | 21.1% | 21.7% | -0.6% |
| Adjusted EBITDA* | 13.4 | 16.1 | -2.7 | 56.4 | 38.6 | 17.8 |
| Adjusted EBITDA margin, % | 23.0% | 32.4% | -9.4% | 25.4% | 23.8% | 1.6% |
| EBIT | 10.0 | 14.0 | -4.0 | 41.0 | 29.6 | 11.4 |
| EBIT margin, % | 17.3% | 28.3% | -11.0% | 18.5% | 18.3% | 0.2% |
| Adjusted EBIT* | 11.9 | 14.6 | -2.7 | 50.5 | 33.0 | 17.5 |
| Adjusted EBIT margin, % | 20.4% | 29.3% | -8.9% | 22.8% | 20.4% | 2.4% |
| EPS (basic and diluted), EUR | 0.04 | 0.14 | -0.10 | 0.26 | 0.24 | 0.02 |
| Operating Free Cash Flow | 17.8 | 13.4 | 4.4 | 51.6 | 26.6 | 25.1 |
| Capital Employed | 38.6 | 35.4 | 3.2 | 38.6 | 35.4 | 3.2 |
| ROCE | 130.9% | 93.4% | 37.6% | 130.9% | 93.4% | 37.6% |
| ROE | 39.9% | 41.8% | -2.0% | 39.9% | 41.8% | -2.0% |
| Investments | 0.7 | 0.8 | -0.1 | 3.1 | 3.8 | -0.7 |
| Net debt | 66.9 | 67.9 | -1.0 | 66.9 | 67.9 | -1.0 |
| Net debt / Adjusted EBITDA* | 1.2 | 1.8 | -0.6 | 1.2 | 1.8 | -0.6 |
| Cash Conversion | 133.3% | 83.0% | 50.2% | 91.6% | 68.9% | 22.7% |
| Personnel | 484 | 455 | 29 | 484 | 455 | 29 |
*Adjusted with items affecting comparability, which are considered unusual significant items outside the ordinary course of business. Items affecting comparability include, e.g., costs related to changes in group structure, non-recurring consulting and legal expenses, people related non-recurring expenses, expenses related to pre-listing share based incentive programs, non-recurring expenses related to the new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, and costs related to preparations for and the implementation of the Company’s listing on the stock exchange.
Financial targets and outlook
The Company has set long-term targets for growth, profitability, and leverage. Framery targets an average annual organic revenue growth to exceed 10% compared to 2025, an adjusted EBIT margin of 25% in the midterm, and net debt to adjusted EBITDA below 2.0x.
Framery does not publish a short-term outlook.
Framery’s dividend policy is to target payout of 70-90% of the net profit. Part of the distribution may be executed through share buybacks.
President and CEO Samu Hällfors:
The fourth quarter of 2025 continued the strong momentum seen in the previous quarters of the year. Revenue for the quarter grew to EUR 58.2 million, representing an increase up 17.2% year over year. Looking at the full year, we achieved 37.0% revenue growth to EUR 222.1 million, significantly exceeding the estimated 15% compound annual growth rate (2024–2030) for the core office pod market. Combined with strong growth, the return on capital employed (ROCE) of 130.9% is a testament to the company's capital-efficient operating model, which I am particularly pleased with. This combination of growth and capital efficiency demonstrates the continued strong demand for our products and the company's ability to scale operations effectively, even in a rapidly changing and increasingly uncertain global market environment.
The adjusted operating profit (EBIT) for the final quarter fell behind the previous year, amounting to EUR 11.9 million and an adjusted EBIT margin of 20.4%. When evaluating profitability, it is important to note the very strong comparative period a year earlier. In the fourth quarter of 2024, our adjusted EBIT margin reached a very high level of 29.3% (EUR 14.6 million), driven by the combined effect of several positive factors, including highly favorable currency exchange rate developments. In contrast, the final quarter of 2025 suffered from several negative market factors, which impacted the period's profitability. Profitability was impacted by the significant weakening of the U.S. dollar and the U.S. import tariffs, among other things. We implemented price increases during the second half of the year to mitigate the impact of tariff costs, but these were not yet fully reflected in the final quarter's results. We estimate that all pricing changes related to the U.S. tariffs will begin to fully impact profitability during the first half of 2026.
Framery has consistently invested in the development of global key accounts in recent years. This strategic work has yielded significant results, particularly in the exceptionally strong growth of a long-term global key account in 2025. Numerous office development projects by this customer across multiple continents further accelerated Framery's growth. This partnership is an excellent example of Framery's ability to act as a reliable partner to the world's largest companies in their most critical work environment projects. However, it is important to emphasize that Framery's growth over the past year was not based solely on this single account. Framery's organic revenue growth in 2025, excluding this individual customer, was 19.5% - an excellent achievement that exceeds our estimate for the growth of the core office pod market during the same period.
The year 2025 will go down in Framery's history as a significant milestone. The listing on the Nasdaq Helsinki Main Market is a strategic achievement, but above all, it marks the beginning of a new era. I want to thank all our nearly ten thousand shareholders for the trust you have shown in our company. The strengthened balance sheet and international credibility as a listed company resulting from the IPO enable us to further accelerate the execution of our strategy: the expansion from a market leader in office pods to a pioneer in comprehensive smart office solutions is now in full swing.
Our vision of a better workday experience is being realized more widely around the world, and I am proud of our impact on our customers' daily lives. In 2025 alone, over 27 million meetings or work sessions were held in our new generation smart soundproof office pods. Users of Framery products spent a staggering total of 1,344 years in our spaces during the year. This is a strong indication of the value we provide to our customers and shows that our solutions are becoming an important enabler for productive work in the modern office. We do not just deliver furniture; we provide valuable infrastructure for the functioning of work environments. We help companies attract employees back to the office.
Framery's personnel strategy has also been very successful during the past year. We have successfully recruited experts for business-critical roles to accelerate our future growth, and the company has proven to be an attractive workplace for top professionals in its field. I am particularly proud that our employee satisfaction has remained at a high level. The commitment of the entire personnel to a common goal is also reflected in ownership: 242 of our employees participated in the personnel offering organized in connection with the IPO, and by the end of 2025, Framery had more than 270 employees as shareholders. The broad ownership base among employees is a strong sign of confidence in the company's strategy and future, and it unites our organization to build sustainable shareholder value together.
In summary, 2025 was a good year for Framery. The company's successes across all its market areas and its success with global key accounts propelled Framery to 37.0% growth. We estimate that the market for office pods developed positively during the year, and furthermore, we estimate that we succeeded in gaining market share. It is a great achievement, for which I would like to thank our entire organization.
Press conference on financial results:
Framery will hold a webcast for analysts, investors and media on February 16, 2026, at 12:00 p.m. EET. The conference will be held in English. Framery’s CEO Samu Hällfors and CFO Lauri Isotalo will host the event. The webcast can be followed at https://framery.events.inderes.com/q4-2025/
A recording of the webcast and presentation material will be available after the event on the company’s website https://framery.com/sijoittajat/en/investors/
For further information, please contact:
CEO Samu Hällfors, samu.hallfors@framery.com
CFO Lauri Isotalo, lauri.isotalo@framery.com, tel. +358 50 410 5133
Framery in Brief
Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solution, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within many of the world’s leading companies.