Wetteri Plc
Stock Exchange Release
20 August 2026 at 10 a.m.
Wetteri Plc half-year report 1 January to 30 June 2026
Revenue close to the previous year’s level – strong order backlog and efficiency measures support performance for the rest of the year
Summary of the review period 1 April to 30 June 2026
- The Group’s revenue was EUR 109.4 million (EUR 109.0 million), change 0%
- Adjusted EBITDA was EUR 0.8 million (EUR 2.3 million)
- The adjusted operating profit was EUR -2.9 million (EUR -1.4 million)
- The operating profit was EUR -4.3 million (EUR -2.0 million)
- The revenue of the Passenger Cars segment increased by EUR 1.4 million (2%) year-on-year, the order backlog for new vehicles increased by EUR 8.7 million (14%) during the review period and amounted to EUR 70.3 million at the end of the review period
- The revenue of the Maintenance Services segment increased by around EUR 0.4 million (2%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 0.5 million (6%) year-on-year
Summary of the review period 1 January to 30 June 2026
- The Group’s revenue was EUR 217.2 million (EUR 224.5 million), with a decrease of 3%
- Adjusted EBITDA was EUR 3.0 million (EUR 4.6 million)
- The adjusted operating profit was EUR -4.5 million (EUR -2.8 million)
- The operating profit was EUR -6.4 million (EUR -4.2 million)
- The revenue of the Passenger Cars segment decreased by EUR 5.5 million (-3%) year-on-year, the order backlog for new vehicles increased by EUR 25.9 million (59%) during the review period and amounted to EUR 70.3 million at the end of the review period
- The comparable revenue of the Maintenance Services segment increased by around EUR 1.9 million (4%) year-on-year
- The revenue of the Heavy Equipment segment increased by EUR 0.6 million (4%) year-on-year
Outlook for 2026
Revenue is expected to grow from the previous year, and the adjusted operating profit is expected to grow and turn profitable.
Key performance indicators
| EUR thousand | 1 Apr to 30 Jun 2026 | 1 Apr to 30 Jun 2025 | Change | 1 Jan to 30 Jun 2026 | 1 Jan to 30 Jun 2025 | Change | 1 Jan to 31 Dec 2025 |
| Revenue | 109,441 | 109,000 | 0% | 217,203 | 224,509 | -3% | 434,057 |
| EBITDA | -44 | 2,206 | -102% | 2,098 | 4,224 | -50% | 12,787 |
| EBITDA, % of revenue | 0% | 2% | 1% | 2% | 3% | ||
| Adjusted EBITDA1 | 810 | 2,298 | -65% | 3,004 | 4,566 | -34% | 8,874 |
| Adjusted EBITDA, % of revenue | 1% | 2% | 1% | 2% | 2% | ||
| Operating profit (loss) (EBIT) | -4,311 | -2,036 | 112% | 6,398 | -4,177 | 53% | -4,538 |
| Operating profit (loss), % of revenue | -4% | -2% | -3% | -2% | -1% | ||
| Adjusted operating profit1 | -2,942 | -1,429 | 106% | -4,462 | -2,806 | 59% | -6,393 |
| Adjusted operating profit, % of revenue | -3% | -1% | -2% | -1% | -1% | ||
| Profit (loss) before tax | -6,363 | -4,547 | 40% | -10,328 | -8,840 | 17% | -13,764 |
| Profit (loss) before tax, % of revenue | -6% | -4% | -5% | -4% | -3% | ||
| Profit (loss) for the period | -5,068 | -3,639 | 39% | -8,167 | 7,240 | -213% | 4,267 |
| Profit (loss) for the period, % of revenue | -5% | -3% | -4% | 3% | 1% | ||
| Earnings per share from continuing operations, basic (EUR) | -0.03 | -0.02 | -0.05 | -0.05 | -0.07 | ||
| Earnings per share from continuing operations, diluted (EUR) | -0.03 | -0.02 | -0.05 | -0.05 | -0.07 | ||
| Earnings per share, basic (EUR) | -0.03 | -0.02 | -0.05 | 0.04 | 0.02 | ||
| Earnings per share, diluted (EUR) | -0.03 | -0.02 | -0.05 | 0.04 | 0.02 | ||
| Return on equity (ROE), % | -65% | -35% | -50% | -39% | -30% | ||
| Return on investment (ROI), % | -30% | -19% | -25% | -18% | -16% | ||
| Equity ratio, % | 17% | 20% | 17% | 20% | 21% | ||
| Liquidity, % | 74% | 89% | 74% | 89% | 85% | ||
| Average number of personnel during the review period | 768 | 791 | 746 | 775 | 803 | ||
| Invoiced sales of new passenger cars (pcs) | 957 | 960 | 1,793 | 1,989 | 3,837 | ||
| Invoiced sales of used passenger cars (pcs) | 2,064 | 2,083 | 4,016 | 4,200 | 8,950 | ||
| Invoiced sales of used commercial trucks (pcs) | 119 | 114 | 206 | 217 | 423 | ||
| Orders: new passenger cars (pcs) | 1,214 | 1,041 | 2,530 | 2,110 | 4,138 | ||
| Passenger cars: order backlog at the end of the period | 70,258 | 37,574 | 70,258 | 37,574 | 44,318 | ||
| Gross margin on passenger cars (EUR) | 1,197 | 1,577 | 1,309 | 1,412 | 1,153 | ||
| Passenger car repair shop: hours sold | 87,077 | 85,938 | 176,881 | 173,272 | 354,568 |
1The adjusted EBITDA and operating profit do not take items affecting the comparability of the Group’s EBITDA and operating profit into account, such as expenses arising from reorganisation and other significant non-recurring items, as well as amortisation of the fair value of assets recognised on the balance sheet by means of acquisition calculations. The purpose of the adjusted EBITDA and operating profit is to improve the comparability of the Group’s EBITDA and operating profit between periods. The reconciliation of the adjusted EBITDA and operating profit is presented on page 22 of the half-year report.
Aarne Simula, CEO:
“The car trade had a sluggish start to 2026 but picked up towards the end of the first half of the year. In January–June, demand grew particularly for electric cars, in both new and used cars. Across the country, the number of first registrations of new cars remained at the previous year’s level during the first half of the year. After the review period, clear signs of economic recovery were already visible in the market, with the number of first registrations growing by 11.4% year-on-year in July.
Wetteri’s revenue in January–June was EUR 217.2 (224.5) million, and its adjusted operating result was EUR -4.5 (-2.8) million. In the second quarter, the impacts of the market pick-up began to show in the business, and revenue returned to modest growth, reaching EUR 109.4 (109.0) million.
The revenue of the Passenger Cars segment in January–June was EUR 157.1 (162.5) million, and its adjusted operating result was EUR -5.2 (-4.1) million. In the first half of the year, profitability was weighed down particularly by intense competition in the used car market, which drove up purchasing costs and affected vehicle pricing. In addition, a large proportion of the invoicing for new models across Wetteri’s brand representation, as well its and profit-improving impact, is weighted towards the latter part of 2026.
During the first half of the year, customer orders for new cars increased by 20% from the comparison period, and the order backlog rose to a multi-year high of EUR 70.3 (37.6) million. Demand was boosted not only by the attractive new model ranges across our represented brands, but also by the geopolitical situation and the resulting rise in fuel prices. Electric cars with a long operating range were in particularly high demand during the review period, accounting for as much as 60% of Wetteri’s new car sales. A strong order backlog and a market showing signs of recovery create solid conditions for the Passenger Cars segment for the remainder of the year.
Maintenance Services revenue in January–June was EUR 43.8 (46.2) million, and the adjusted operating profit was EUR 0.4 (1.0) million. The decline in revenue and profitability was impacted by the divestment of the heavy equipment business in Joensuu and Kajaani, completed in October 2025. On a comparable basis, however, the business developed positively, with segment revenue growing by around 4%. Performance was supported by efficiency measures implemented during the early part of the year and improved operational efficiency.
Business in the Heavy Equipment segment remained stable during the first half of the year. Revenue remained at the previous year's level and amounted to EUR 14.7 million (EUR 14.1 million). Profitability improved by 21%, with adjusted operating profit increasing to EUR 0.3 million (EUR 0.3 million). After the review period, we announced the discontinuation of Lahden Rekkapaja Oy's operations during autumn 2026. Going forward, Wetteri’s Heavy Equipment segment will consist of the business operations of Suvanto Trucks Oy.
At the end of the review period, there was a change in Wetteri’s CEO, and I returned as the company’s CEO on 24 June 2026. I see growth opportunities for the company particularly in the passenger car business, where the market recovery, a stronger order backlog and automotive sector consolidation offer us significant potential. As car sales volumes increase, we are now directing our resources particularly towards growing new car sales, which also generates a substantial supply of used cars for us. Our aim is to strengthen our position as a strategic partner for importers and actively capitalise on the structural changes in the market. Going forward, Wetteri will focus particularly on high-volume car brands while consolidating its operations into locations that enable the addition of new car brands to its portfolio in the future. A prime example of this is our location in the Helsinki metropolitan area, Wetteri Airport, which opened in May 2026, along with the launch of Polestar sales there towards the end of the year.
To secure profitable growth and enhance our operational efficiency, we launched extensive cost-saving measures after the review period, targeting annual cost savings of EUR 7.3 million through personnel cost reductions, the optimisation of our dealership network, and other measures aimed at improving profitability. We completed the change negotiations on 3 August 2026 and expect to fully achieve the targeted cost savings. At the same time, we restructured our organisation to support faster decision-making, greater operational efficiency and enhanced local competitiveness and customer service. We are optimising our dealership network from the perspective of profitability and volume, as a result of which we decided after the review period to close the used car outlets in Raisio and Vantaa, as well as the Iisalmi location.
Thanks to the gradual market recovery, a record order backlog for new cars and our efficiency measures, I believe Wetteri is well-positioned for profitable growth.”
Estimate of future developments in the industry and the company
For 2026, the automotive sector forecasts a 6% increase in registrations of new passenger cars, amounting to around 80,000 passenger cars. The market is supported by signs of a positive economic turnaround, reflected in strengthening consumer confidence and gradually improving purchasing power among consumers.
The stabilisation of interest rates and the expanding range of electric vehicle models are also contributing positively to market growth.
The growth rate predicted for vans is around 3%, translating into around 11,000 first registrations of vans.
Wetteri’s strategy is increasingly focused on the passenger car business. As car sales volumes increase, the company is now channelling its resources particularly towards growing new car sales, which also generates a substantial supply of used cars.
To secure profitable growth and improve operational efficiency, Wetteri launched extensive cost-saving measures in July, targeting EUR 7.3 million in annual cost savings, including personnel reductions, dealership network optimisation and other actions aimed at improving profitability. The change negotiations were completed on 3 August, and according to the company’s estimate, the targeted cost savings will be achieved in full. At the same time, the company restructured its organisation to support faster decision-making, greater operational efficiency and enhanced local competitiveness and customer service.
As part of the cost-saving measures, the company is optimising its dealership network from the perspective of profitability and volume, resulting in the decision to close the used car outlets in Raisio and Vantaa, as well as the Iisalmi location, in July–August.
The company estimates that the measures already completed and currently under way, combined with an attractive nationwide brand selection of new cars and the opening of a new location in the Helsinki metropolitan area, will enable profitable growth in the future.
Disclosure of financial information in 2026
In 2026, Wetteri Plc will publish the following financial reports:
- Half-year report for January–June, Thursday 20 August 2026 at 10:00 a.m.
- Interim report for January–September, Tuesday 24 November 2026 at 10:00 a.m.
Wetteri updates its financial reporting calendar. The publication date of the Interim Report for January–September 2026 is changed from Thursday, 19 November 2026 at 10:00 a.m. to Tuesday, 24 November 2026 at 10:00 a.m.
Oulu 20 August 2026
Wetteri Plc
Board of Directors
Further information:
Aarne Simula, CEO, Wetteri Plc
Tel. +358 40 068 9613, aarne.simula@wetteri.fi
Maria Halttunen, CFO, Wetteri Plc
Tel. +358 50 325 4370, maria.halttunen@wetteri.fi
Webcast on 20 August 2026 at 1 p.m.
Wetteri will hold a webcast for investors, analysts and the media on 20 August 2026 at 1 p.m. During the webcast, Aarne Simula, CEO of Wetteri Plc, and Maria Halttunen, CFO of Wetteri Plc, will discuss the company’s performance for the first half of 2026 and the market outlook for the automotive sector. The webcast can be followed at https://wetteri.events.inderes.com/q2-2026
Wetteri Plc – A car dealership from the north, across Finland
Wetteri Plc is a full-service car dealership with more than 60 years of history in the Finnish car trade. Its business consists of three segments: passenger cars, maintenance services and heavy equipment. The company has grown from a local car dealership in Oulu into a national operator with locations across Finland. Wetteri employs around 760 automotive professionals. Our goal is to deliver unrivalled car trade services and to be an excellent partner for our customers throughout the entire automotive life cycle. We are a key player in the Finnish car market on the journey towards zero-emission driving. More information: sijoittajat.wetteri.fi/en/
Distribution:
Nasdaq Helsinki
Key media
sijoittajat.wetteri.fi/en/