TULIKIVI CORPORATION INTERIM REPORT 6 November 2026 at 1.00 p.m.
- The Tulikivi Group’s net sales were EUR 6.0 million (EUR 7.0 million, 7–9/2025) in the third quarter and EUR 19.5 million (EUR 21.6 million, 1–9/2025) in the review period.
- The Tulikivi Group’s comparable operating profit was EUR 0.3 million (EUR 0.2 million) in the third quarter and EUR -0.7 million (EUR 0.0 million) in the review period.
- One-off costs of EUR 0.4 million were recognised during the review period in connection with the renewal of the enterprise resource planning system, of which EUR 0.1 million was attributable to the third quarter.
- The Tulikivi Group’s operating profit was EUR 0.1 (0.2) million in the third quarter and EUR -1.1 (0.0) million in the review period.
- Profit before taxes was EUR 0.0 (0.0) million in the third quarter and EUR -1.6 (-0.6) million in the review period.
- The equity ratio at the end of the review period was 44.1 per cent (48.6 per cent).
- Order books stood at EUR 3.2 (3.1) million at the end of the review period.
- The Suomussalmi talc project made good progress.
- Future outlook: Net sales in 2026 are expected to be EUR 26.5 to 28.5 million and the comparable operating profit is expected to be EUR -1.0 to 0.0 million.
| Key financial ratios | ||||||||
| 1-9/26 | 1-9/25 | Change, % | 1-12/25 | 7-9/26 | 7-9/25 | Change, % | ||
| Sales, MEUR | 19.5 | 21.6 | -9.6 % | 29.5 | 6.0 | 7.0 | -14.1 % | |
| Operating profit/loss, MEUR | -1.1 | 0.0 | -3569.0 % | -0.6 | 0.1 | 0.2 | -11.8 % | |
| Comparable operating profit/loss, MEUR | -0.7 | 0.0 | -2224.1 % | -0.1 | 0.3 | 0.2 | 73.3 % | |
| Profit before tax, MEUR | -1.6 | -0.6 | -192.9 % | -1.3 | 0.0 | 0.0 | -200.0 % | |
| Total comprehensive income for the period, MEUR | -1.6 | -0.5 | -203.8 % | -1.1 | 0.0 | 0.0 | -250.9 % | |
| Earnings per share, Euro | -0.03 | -0.01 | -0.02 | 0.00 | 0.00 | |||
| Net cash flow from operating activities, MEUR | 0.1 | 1.2 | 2.9 | 0.5 | 0.8 | |||
| Comparable operating profit/loss, % | -3.4 | -0.1 | -0.4 | 4.6 | 2.3 | |||
| Equity ratio, % | 44.1 | 48.6 | 48.6 | |||||
| Net indebtness ratio, % | 80.8 | 63.7 | 66.1 | |||||
| Return on investments, % | -5.2 | -0.1 | -2.0 |
Comments by Heikki Vauhkonen, Managing Director:
Net sales in the third quarter decreased compared with the corresponding period, but comparable operating profit improved. Profitability was supported by sales being weighted towards fireplace exports and sauna heaters, as well as by improvements in operational efficiency. The company’s order intake for the third quarter was EUR 6.6 (6.4) million.
Higher energy prices increased consumers’ interest in the economic benefits of wood heating and the greater energy self-sufficiency wood offers. As consumer confidence stopped improving in Finland and Central Europe in September–October, affecting customers' purchasing decisions, demand for our products did not increase as anticipated. For this reason, we lowered and refined our guidance for 2026 on 28 October 2026. We estimate full-year net sales to be from EUR 26.5 to 28.5 million and comparable operating profit to be from EUR -1.0 to 0.0 million.
During the review period, we continued our strategic projects: increasing our market share in the Central European fireplace market, growing the sauna business and bringing the Suomussalmi talc project to the investment stage. The renewal of the enterprise resource planning system and processes also progressed according to schedule and within the cost framework.
In Central Europe, we continued to expand the sales and distribution network for the compact Jero collection. In markets that favour products in the stove-size category, the range helps us reach new customer groups. 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 490 dealer locations. Our market share increased in Central Europe in the early part of the year, but subdued overall market demand and, in particular, weak performance in the German fireplace market prevented this growth from being reflected in total net sales.
In the sauna business, we developed and commissioned testing of a new range of electric sauna heaters for the US market. The Kaarna, Pyry and Usva electric sauna heaters, as well as the WiFi control system, were tested in accordance with the sauna heater safety standard UL 60335-2-53:2025, published in summer 2025. The first container shipment to the United States was made in the third quarter. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency and original soapstone and cast stone materials.
The environmental permit process for the Suomussalmi talc project progressed. Representatives of the Finnish Supervisory Agency carried out an audit of the project area in early September. The audit did not raise any specific questions or need for further clarification. The update to the enrichment plant’s preliminary design, prepared by Metso Corporation, was completed. The update took into account the results and findings of the enrichment trial carried out in 2025 at the Geological Survey of Finland’s Mintec test plant. Based on the preliminary design, the new flotation process requires less space than before, and its operating costs are estimated to be approximately 10 per cent lower than those of the previously planned process. The estimate is based on lower consumption of energy, operating supplies and consumable parts, as well as reduced maintenance requirements. We also continued our investigations into the beneficial use of the magnesite contained in tailings, as well as studying potential operating models and partnerships.
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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