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Introduction & Market Context
Talenom Oyj (HEL:TNOM) released its half-year financial report for 2025 on July 18, presented by CEO Otto-Pekka Huhtala and CFO Matti Eilonen. The accounting and financial management services provider reported a 3.1% increase in comparable net sales for Q2 2025, reaching €34.9 million compared to €33.9 million in Q2 2024. This growth rate shows a deceleration from the 5% year-over-year increase reported in Q1 2025.
The company’s stock closed at €3.72 on July 17, 2025, and has experienced a 52-week range between €2.79 and €5.28. Following the presentation, the stock declined by 1.33% to €3.67, suggesting investors may have expected stronger results.
Quarterly Performance Highlights
Talenom’s Q2 2025 performance was characterized by mixed results across its geographic markets. The company’s comparable EBITDA increased by 1.2% to €9.8 million, significantly slower than the 12.5% growth reported in Q1. This deceleration reflects ongoing challenges in Sweden and increased investments in growth initiatives.
As shown in the following chart of quarterly financial performance:
The company has reorganized its business into two distinct areas: Accounting services and Software (ETR:SOWGn) business. The Accounting business generated €29.6 million in net sales with an EBITDA margin of 20.7%, while the Software business contributed €5.3 million with an impressive EBITDA margin of 67.7%.
The following breakdown illustrates the business area split:
Customer base growth continued at an annual rate of 4.7%, with the company reporting success in new customer acquisition, particularly in Finland and Spain. The company’s software business, now operating under the Easor brand, has been successfully piloted for sales to external accounting firms in Finland.
Detailed Financial Analysis
Talenom’s performance varied significantly across its geographic markets. In Finland, comparable net sales increased by 4.6% to €23.5 million in Q2 2025, while EBITDA remained flat at €8.8 million compared to the same period last year.
The following chart shows Finland’s net sales development:
Sweden continues to be a challenging market for Talenom, with net sales decreasing by 9.5% to €6.5 million in Q2 2025. However, the company maintained EBITDA at the previous year’s level of €0.4 million despite the revenue decline, indicating some success in cost management.
Spain emerged as the strongest performing region, with net sales increasing by 18.1% to €4.7 million in Q2 2025. This growth was driven by both organic expansion and a strategic acquisition completed at the beginning of April. EBITDA in Spain improved from €0.4 million in Q2 2024 to €0.7 million in Q2 2025.
The following chart illustrates the group’s overall EBITDA development:
Operating profit development was hampered by increased depreciation, though the company noted that investments in its own software decreased by €1.2 million in Q2 and €1.9 million in H1, improving cash flow.
Strategic Initiatives
Talenom has established three strategic priorities for 2025: improving profitability in Sweden, leveraging the Spanish e-invoicing directive, and building sales channels for its software business.
The separation of the software business under the Easor brand represents a significant strategic shift, positioning it as a second pillar alongside accounting services. Easor now serves over 12,000 SME clients with annual recurring revenue exceeding €20 million and more than 60,000 software end-users.
The following metrics highlight Easor’s current market position:
The company has appointed Country Managers for the software business and reports that the piloting of software sales in Finland has been successful. Talenom has already secured approximately 60 partner offices in Finland, out of an estimated 4,500 accounting firms in the country.
In Spain, Talenom is capitalizing on the transition to mandatory e-invoicing, which it describes as "the most significant trend" in that market. The company has built software capabilities to respond to these market changes and is preparing its customers for the e-invoicing transition.
Forward-Looking Statements
Talenom maintained its guidance for 2025, projecting net sales of approximately €130-140 million and EBITDA of around €36-42 million. This guidance, originally published on December 13, 2024, remains unchanged despite the mixed performance in Q2.
The company expects demand in the accounting services market to remain stable and anticipates completing additional acquisitions during 2025. Management expressed confidence that profitability in Sweden will improve as they implement "ONE Talenom" operating methods and invest in turning net sales onto a growth track.
The development of customer numbers shows positive trends in SaaS adoption, as illustrated in the following chart:
Looking ahead, Talenom’s strategy focuses on building digital capabilities, particularly in Spain where the e-invoicing directive creates market opportunities. The company’s proven historical track record of growth provides a foundation for its current strategic initiatives, though the slowing growth rate in Q2 2025 suggests challenges in maintaining the momentum seen in previous years.
Full presentation:
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