Suominen Corporation’s Financial Statements Release (unaudited) for January 1 – December 31, 2025: Unsatisfactory performance in a challenging environment
Suominen Corporation Financial Statements Release on January 29, 2026, at 9:30 a.m. (EET)
Suominen Corporation’s Financial Statements Release (unaudited) for January 1 – December 31, 2025:
Unsatisfactory performance in a challenging environment
Key figures
| 10-12/ | 10-12/ | 1-12/ | 1-12/ | |
| 2025 | 2024 | 2025 | 2024 | |
| Net sales, EUR million | 95.3 | 118.5 | 412.4 | 462.3 |
| Comparable EBITDA, EUR million | 1.9 | 4.2 | 12.6 | 17.0 |
| Comparable EBITDA, % | 2.0 | 3.6 | 3.1 | 3.7 |
| EBITDA, EUR million | 1.3 | 5.4 | 11.3 | 17.2 |
| EBITDA, % | 1.4 | 4.5 | 2.7 | 3.7 |
| Comparable operating profit / loss, EUR million | -2.2 | -0.3 | -4.2 | -1.4 |
| Comparable operating profit / loss, % | -2.4 | -0.2 | -1.0 | -0.3 |
| Operating profit / loss, EUR million | -3.2 | 0.9 | -5.9 | -1.3 |
| Operating profit / loss, % | -3.4 | 0.7 | -1.4 | -0.3 |
| Profit / loss for the period, EUR million | -3.9 | 0.8 | -12.1 | -5.3 |
| Cash flow from operations, EUR million | 7.0 | 6.5 | 12.2 | 3.9 |
| Cash flow from operations per share, EUR | 0.12 | 0.11 | 0.21 | 0.07 |
| Earnings per share, basic, EUR | -0.07 | 0.01 | -0.21 | -0.09 |
| Dividend per share, EUR* | − | − | 0.00 | 0.00 |
| Return on invested capital, rolling 12 months, % | − | − | -3.3 | -0.7 |
| Gearing, % | − | − | 80.7 | 51.7 |
* Proposal by the Board of Directors
In this Financial Statements Release, the figures shown in brackets refer to the comparison period last year if not otherwise stated.
October–December 2025 in brief:
- Net sales decreased by 19.6% and were EUR 95.3 million (118.5)
- Comparable EBITDA was EUR 1.9 million (4.2)
- Cash flow from operations was EUR 7.0 million (6.5)
Financial year 2025 in brief:
- Net sales decreased by 10.8% and were EUR 412.4 million (462.3)
- Comparable EBITDA declined to EUR 12.6 million (17.0)
- Cash flow from operations totaled to EUR 12.2 million (3.9)
- Board of Directors proposes to the Annual General meeting that no dividend shall be distributed for the financial year 2025
Outlook for 2026:
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2026 will improve from 2025. In 2025, Suominen’s comparable EBITDA was EUR 12.6 million.
Board proposal on distribution of dividend:
The Board of Directors proposes to the Annual General meeting that no dividend shall be distributed for the financial year 2025.
Charles Héaulmé, President and CEO:
“In 2025, the nonwovens market continued its growth trajectory, with the wipes segment benefiting from the rapid expansion of the moist toilet tissue category in the United States. Market dynamics were affected by excess capacity, and changes in global trade flows linked to evolving trade policies. Imports from low-cost producers intensified, creating additional price and supply disruption.
Our net sales for the fourth quarter of 2025 amounted to EUR 95.3 million (EUR 118.5 million in the prior year), with a comparable EBITDA of EUR 1.9 million (EUR 4.2 million). For the full year, net sales reached EUR 412.4 million (EUR 462.3 million), reflecting lower volumes and adverse currency effects. Two significant incidents at our US facilities constrained our supply capabilities, negatively impacting both sales and profitability during the third and fourth quarters. These supply interruptions prompted some US customers to temporarily seek alternative sources, further increasing import pressures. Our full-year comparable EBITDA was EUR 12.6 million (EUR 17.0 million), with the primary driver of the decline being reduced sales volumes, partially offset by our cost-saving initiatives.
Throughout 2025, we executed our strategic initiatives as planned. Our investment in a new production line in Alicante, Spain, announced in 2024 to enhance our sustainable product capabilities, progressed towards commercial production commencing at the beginning of the second quarter of 2026, supporting our sustainability strategy and our commitment to innovation in sustainable solutions. Overall, new products accounted for 24% of net sales in the fourth quarter and 27% for the full year.
To improve our profitability, we launched a cost-saving program at the end of the second quarter, targeting approximately EUR 10 million in benefits over 24 months. Implementation advanced steadily in the second half of 2025, delivering results in line with our original plan. Despite these initial productivity gains, Suominen’s financial results and delivery reliability did not meet expectations. Accordingly, in the fourth quarter, we conducted a comprehensive analysis to identify opportunities for restoring performance and establishing a foundation for future success. We intend to launch a wide-ranging program in early 2026 to unlock the company’s full potential.
Looking ahead, we anticipate continued growth in the nonwovens market in 2026. With robust action plans and a renewed focus on execution, I am confident that our performance will improve compared to 2025.
I would like to extend my sincere gratitude to everyone who contributes to Suominen. To our employees, thank you for your dedication and resilience. To our customers and partners, thank you for your trust and collaboration. To our shareholders, thank you for your ongoing confidence and support as we invest in long-term, sustainable growth.”
NET SALES
October–December 2025
In the fourth quarter, Suominen’s net sales decreased by 19.6% from the comparison period to EUR 95.3 million (118.5). Sales volumes decreased from the comparison period, as well as sales prices following the raw material price development. Currencies impacted net sales negatively by EUR 4.8 million.
Net sales of the Americas business area amounted to EUR 58.8 million (72.7) and net sales of the EMEA business area to EUR 36.5 million (45.8).
Financial year 2025
In 2025, Suominen’s net sales decreased by 10.8% from the comparison period to EUR 412.4 million (462.3). The decrease in sales was driven by lower sales volumes, but we were able to offset the lower volumes partly with better sales prices and sales mix. Currencies impacted net sales negatively by EUR 12.0 million.
Net sales of Americas business area were EUR 252.6 million (287.9) and net sales of EMEA business area were EUR 159.9 million (174.4).
EBITDA, OPERATING PROFIT / LOSS AND RESULT
October–December 2025
Comparable EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 1.9 million (4.2). EBITDA was EUR 1.3 million (5.4). The main reasons for the decrease in comparable EBITDA were lower sales volume and sales prices offset however, with lower raw material prices. Currencies impacted EBITDA positively by EUR 0.4 million.
Comparable operating profit / loss decreased from the corresponding period of the previous year and was EUR -2.2 million (-0.3). Operating profit / loss was EUR -3.2 million (0.9).
Items affecting comparability of EBITDA in the fourth quarter of 2025 were EUR -0.6 million (+1.1) and they were mainly related to restructuring programs. The items affecting comparability of operating profit/loss in the fourth quarter of 2025 were EUR -1.0 million (+1.1) and consisted mainly of expenses related to restructuring programs and impairment losses arising from the closure of one production line. In the fourth quarter of 2024, items affecting comparability of EBITDA and operating profit/loss were EUR +1.1 million.
Result before income taxes in the fourth quarter was EUR -4.6 million (0.6) and loss for the period EUR -3.9 million (0.8). The income taxes for the period were EUR +0.7 million (+0.3).
Financial year 2025
Comparable EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 12.6 million (17.0). EBITDA was EUR 11.3 million (17.2). The main contributor to the decrease was lower sales volumes. However, higher sales prices offset partly the effect of the lower sales volumes. Currencies impacted EBITDA negatively by EUR 0.3 million.
Comparable operating profit / loss amounted to EUR -4.2 million (-1.4). Operating profit / loss amounted to EUR -5.9 million (-1.3).
Items affecting comparability of EBITDA were EUR -1.3 million (+0.2), related mainly to the restructuring programs. Items affecting comparability of operating profit / loss were EUR -1.7 million (+0.2), arising mainly from expenses related to restructuring programs and impairment losses arising from the closure of one production line.
In 2025, the loss before income taxes was EUR -13.4 million (-5.3). Income taxes for the financial year were EUR +1.3 million (+0.1).
The result for the period was EUR -12.1 million (-5.3).
FINANCING
The Group’s net interest-bearing liabilities, calculated with the nominal value of the interest-bearing liabilities at the end of the review period, December 31, 2025, amounted to EUR 77.6 million (60.8). Gearing was 80.7% (51.7%) and equity ratio 35.3% (37.9%).
In 2025, net financial expenses were EUR -7.5 million (-4.1), or -1.8% (-0.9%) of net sales. Net effect of changes in foreign exchange rates in financial items was EUR -2.1 million (+1.0).
Cash flow from operations in the fourth quarter was EUR 7.0 million (6.5). Cash flow from operations in 2025 was EUR 12.2 million (3.9). Cash flow from operations per share in 2025 was EUR 0.21 (0.07). The financial items in the cash flow from operations in total EUR -6.1 million (-5.0), were principally impacted by the interests paid during the reporting period. The change in the net working capital in 2025 was EUR 8.3 million positive (EUR 5.9 million negative) mainly due to more cash being released from receivables and inventories.
At the end of June 2025, Suominen entered into a single-currency syndicated credit facility agreement which consists of EUR 50 million term loan and EUR 50 million revolving credit facility with a maturity of three years with a one-year extension option. The lenders for the facility are Danske Bank A/S and Nordea Bank Abp. The new credit facility includes leverage ratio and gearing as financial covenants and it replaces the previous EUR 100 million syndicated revolving credit facility agreement of Suominen provided by Danske Bank A/S and Nordea Abp.
The financial covenants of these loans are regularly monitored. In order to ensure that the covenant conditions are met, Suominen has negotiated with the lenders about amendment of the covenant thresholds.
CAPITAL EXPENDITURE
In 2025, the gross capital expenditure totaled EUR 26.3 million (16.0) and the largest items were related to the growth investment initiatives in Alicante, Spain and Bethune, USA. Other investments were mainly for maintenance.
Depreciations and amortizations were EUR -16.8 million (-18.4) and impairment losses EUR -0.4 million (EUR -0.0 million in 2024).
PERSONNEL
During 2025, Suominen employed 695 FTEs (689) on average, and 672 (722) FTEs at the end of 2025. The decrease is mainly in the operations function.
PROGRESS IN SUSTAINABILITY
Suominen has a comprehensive approach to sustainability, and our Sustainability Agenda 2025-2030 defines our focus areas and their KPIs. Suominen’s portfolio includes sustainable nonwovens, and we continuously develop innovative solutions with reduced environmental impact.
We aim for over two-thirds of our consumed raw materials to be from plant-based resources and for more than half of our new R&D initiatives to focus on advancing the development of sustainable products. Suominen prioritizes safety and accident prevention, aiming for zero lost time accidents (LTA). 2 (2024: 4) LTA occurred in 2025 at Suominen sites.
We are committed to improving production efficiency and resource utilization, targeting reductions in scope 1, 2, and 3 greenhouse gas emissions in line with the Paris Agreement (limiting global warming to 1.5°C), and achieving zero nonwoven manufacturing waste to landfill by 2030.
In line with the 1.5°C climate scenario, the reduction target will be a 42% reduction in absolute GHG emissions across Scopes 1-3. The target period is 2025-2030, with 2024 as the base year.
In 2025, Suominen began developing its Climate Change Roadmap and Transition Plan, identifying key hot spots across its operations. For Scope 1 and 2, the main focus will be on enhancing energy efficiency and transitioning to fossil-free electricity. For Scope 3, the main emission source is purchased raw materials. Therefore, Suominen will focus on improving raw material efficiency, evaluating its product portfolio and potential investments, and strengthening supplier engagement activities.
Suominen 's Climate Transition plan will be integrated together with the company strategy. A more detailed Climate Transition Plan as well as absolute GHG reduction targets will be disclosed once the new strategy has been adopted by the company.
In 2025, Suominen took part in the EcoVadis assessment for the fourth time and received a Gold Medal for the second consecutive year. The result places Suominen in the top 2% of companies in the manufacture of other textiles industry and in the top 2% of all companies in all industries rated by EcoVadis.
This result is a reflection of continuous improvement of our sustainability work and shows that sustainability really is at the core of both our strategy and all our daily operations
Suominen provides a detailed overview of its sustainability performance in the Sustainability Statement in the Report by the Board of Directors included in the Annual Report 2025, which will be published in the week starting on March 16, 2026. Suominen’s sustainability statement is prepared in accordance with the Finnish Accounting Act, European Sustainability Reporting Standards (ESRS) and EU Taxonomy regulation.
SHARE INFORMATION
Share capital
The number of Suominen’s registered shares was 58,259,219 on December 31, 2025, equaling to a share capital of EUR 11,860,056.00. Suominen has one series of shares. Each share carries one vote in the Shareholders’ Meeting and right to an equally-sized dividend. Suominen’s shares are affiliated in a book-entry system.
Share trading and price
The number of Suominen Corporation shares (SUY1V) traded on Nasdaq Helsinki from January 1 to December 31, 2025, was 1,096,086 shares, accounting for 1.9% of the average number of shares (excluding treasury shares). The highest price was EUR 2.73, the lowest EUR 1.56, and the volume-weighted average price EUR 1.89. The closing price on the first trading date of the review period, January 2, 2025, was EUR 2.34 and on the last trading date, December 30, 2025, EUR 1.79.
The market capitalization (excluding treasury shares) was EUR 103.4 million on December 31, 2025.
Treasury shares
On December 31, 2025, Suominen Corporation held 486,744 treasury shares.
In accordance with the resolution of the Annual General Meeting, in total 36,013 shares were transferred in May to the members of the Board of Directors as their remuneration payable in shares.
As a part of the CEO’s share-based payment plan vested, in total 9,359 shares were transferred to the President and CEO Tommi Björnman in June.
The portion of the remuneration of the members of the Board of Directors paid in shares
The Annual General Meeting held on April 25, 2025, decided that 75% of the annual remuneration of the members of the Board of Directors is paid in cash and 25% in Suominen Corporation’s shares.
The number of shares forming the remuneration portion payable in shares was determined based on the share value in the stock exchange trading maintained by Nasdaq Helsinki Ltd, calculated as the trade volume-weighted average quotation of the share during the two-week period immediately following the date on which the Interim Report of January‒March 2025 of the company was published. The shares were given out of the treasury shares held by the company by the decision of the Board of Directors on May 16, 2025.
Authorizations of the Board of Directors
The Board of Directors was authorized to decide on the repurchase of a maximum of 1,000,000 of the company’s own shares. The company’s own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders through trading on the regulated market organized by Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition using the company’s unrestricted equity. The shares shall be repurchased to be used in the company’s share-based incentive programs, in order to disburse the remuneration of the members of the Board of Directors, to be used as consideration in acquisitions related to the company’s business, or to be held by the company, to be conveyed by other means or to be cancelled.
The Board of Directors shall decide on other terms and conditions related to the repurchase of the company’s own shares. The repurchase authorization is valid until June 30, 2026, and it revokes all earlier authorizations to repurchase company’s own shares.
The Board of Directors was authorized to decide on the issuance of new shares, conveyance of the company’s own shares held by the company and/or granting of option rights and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act. By virtue of the authorization, the Board of Directors may, by one or several resolutions, issue a maximum of 5,000,000 shares. The shares granted by virtue of option rights and other special rights are included in the aforementioned maximum number. Option rights and other special rights may not be granted as a part of the company’s remuneration system.
The share issue can be made either against payment or without payment and can also be directed to the company itself. The authorization entitles the Board of Directors to also decide that shares are issued otherwise than in proportion to the shareholdings of the shareholders (directed share issue). The authorization can be used to carry out acquisitions or other arrangements related to the company’s business, to finance investments, to improve the company’s financial structure, as part of the company’s remuneration system or to pay the share proportion of the remuneration of the members of the Board of Directors or for other purposes decided by the Board of Directors.
The authorization revokes all earlier authorizations regarding the issuance of shares and issuance of option rights and other special rights entitling to shares. The Board of Directors will decide on all other terms and conditions related to the authorization. The authorization is valid until June 30, 2026.
In accordance with the resolution of the Annual General Meeting, in total 36,013 shares were transferred in May to the members of the Board of Directors as their remuneration payable in shares.
As a part of the CEO’s share-based payment plan vested, in total 9,359 shares were transferred to the President and CEO Tommi Björnman in June.
After these transactions, the maximum amount of the authorization is 4,954,628 shares in aggregate.
Share-based incentive plans for the management and key employees valid in 2025
The Group management and key employees participate in the company’s share-based long-term incentive plans. The plans are described in more detail in the Financial Statements and in the Remuneration Report, available on the company’s website www.suominen.fi.
Company 's Performance Share Plan currently includes three 3-year performance periods, calendar years 2023–2025, 2024–2026 and 2025–2027. The aim of the Performance Share Plan is to combine the objectives of the shareholders and the persons participating in the plan in order to increase the value of the company in long-term, to build loyalty to the company and to offer them competitive reward plans based on earning and accumulating the company’s shares.
Performance Share Plan: Ongoing performance periods
| Performance Period | 2023–2025 | 2024–2026 | 2025–2027 |
| Incentive based on | Total Shareholder Return (TSR) | Absolute Total Shareholder Return (40%), Relative Total Shareholder Return (40%) and operative performance and sustainability goal (20%) | Absolute Total Shareholder Return (40%), Relative Total Shareholder Return (40%) and operative performance and sustainability goal (20%) |
| Potential reward payment | Vesting conditions were not fulfilled, no payment | Will be paid partly in Suominen shares and partly in cash in spring 2027 | Will be paid partly in Suominen shares and partly in cash in spring 2028 |
| Participants | – | 16 persons | 20 persons |
| Maximum number of shares | – | 621,337 | 1,097,804 |
The President & CEO of the company must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of his or her annual gross salary. A member of the Executive Team must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of half of his or her annual gross salary. Such number of shares must be held as long as the participant’s employment or service in a group company continues.
The President & CEO Charles Héaulmé’s share-based incentive plans
The President & CEO is eligible to participate in the company’s ongoing long-term share-based incentive plans for the periods 2023-2025, 2024-2026 and 2025-2027. The potential payment under incentive plans shall be pro-rated. His participation in these plans is presented in the table above.
The President & CEO is eligible for a signing bonus of 200,000 shares in Suominen; to be paid during Q3/2026, in case his employment agreement is still in force. Possible taxes shall be paid by the recipient.
Under the Annual Shares Contribution plan as of 2026, the President & CEO is expected to acquire up to 100,000 shares of Suominen Corporation at a price formed in public trading on Nasdaq Helsinki. Suominen will match the share investment by way of the President & CEO receiving, without consideration:
- 100,000 matching shares at minimum EUR 20 million comparable EBITDA
- 300,000 shares at target EUR 25 million comparable EBITDA
- 500,000 shares at maximum EUR 30 million comparable EBITDA.
The company shall transfer the shares within Q1 of the following year subject to a Board decision.
As of the Annual Shares contribution plan 2027, the first half of the plan shall be unconditional and second half based on performance targets set by the Board, provided that the President & CEO’s service in the company is in force at the time of the reward payments.
| Performance Period | 2025–2026; signing bonus | Annual Shares Contribution 2026 | Annual Shares Contribution 2027 - unconditional |
| Incentive based on | Employment precondition until reward payment | Shareholding requirement, comparable EBITDA | Shareholding requirement |
| Potential reward payment | In Suominen shares in September 2026 | In Suominen shares in spring 2027 | In Suominen shares in spring 2028 |
| Participants | President & CEO | President & CEO | President & CEO |
| Maximum number of shares | 200,000 | 500,000 | 250,000 |
The President & CEO Tommi Björnman’s share-based incentive plan
Under the plan the President & CEO was expected to own or acquire up to 30,000 shares of Suominen Corporation at a price formed in public trading on Nasdaq Helsinki. Suominen was to match the share investment by way of the President & CEO receiving, without consideration, up to 60,000 matching shares (gross, including also the proportion to be paid in cash).
The plan included three vesting periods, June 1, 2023–June 1, 2024, June 1, 2023–June 1, 2025, and June 1, 2023–June 1, 2026. The potential reward was to be paid partly in shares and partly in cash in three equal installments after each vesting period, provided that the President & CEO’s service in the company is in force at the time of the reward payment. The cash proportion was intended to cover taxes and tax-related costs arising from the rewards to the President & CEO.
The second vesting period ended in June 2025, and in total 9,359 shares were transferred to the CEO. The plan was terminated at the end of June as Tommi Björnman’s service in the company ended.
Restricted share unit plan for key employees
The Board of Directors of Suominen Corporation resolved in December 2025, to establish a new share-based incentive plan for selected key employees of the Group. The purpose of the plan is to align the interests of the company’s shareholders and key employees to increase the company’s value in the long term, to commit key employees to the company and to offer them a competitive incentive plan based on receiving the company’s shares.
The plan is intended to be used as a tool in situations seen necessary by the Board of Directors, for example ensuring retention of key talents to the company, attracting a new talent or other specific situations determined by the Board of Directors.
The Board of Directors may allocate rewards from the Restricted Share Unit Plan 2026–2028 during financial years 2026–2028. The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 200,000 shares of Suominen, including also the proportion to be paid in cash. The target group of the plan consists of key employees selected by the Board, including members of the Leadership Team and the CEO.
The rewards will be paid by the end of May 2029, but in any event minimum twelve (12) months after the determination of the reward opportunity. The reward is based on a valid employment or director contract and on the continuity of the employment or service.
The reward will be paid partly in Suominen’s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the key employee. As a rule, no reward will be paid if the key employee’s employment or director contract terminates before the reward payment. The Board may impose a share holding obligation on the shares delivered as reward.
SHAREHOLDERS
At the end of the review period, on December 31, 2025, Suominen Corporation had in total 4,365 shareholders. Suominen is not aware of any shareholder agreements related with the shareholding or use of voting rights. Detailed information on the management shareholding and a table presenting the largest shareholders is available in the notes of this Financial Statements Release.
Notifications under Chapter 9, Section 5 of the Securities Market Act
During the review period Suominen received no notifications under Chapter 9, Section 5 of the Securities Market Act.
CHANGES IN THE EXECUTIVE TEAM
Minna Rouru started in January 2025 as Chief People & Communications Officer at Suominen.
Mark Ushpol started in January 2025 as EVP, Americas business area at Suominen.
Darryl Fournier started in February 2025 as Chief Operating Officer at Suominen.
Jonni Friman, EVP, Transformation Management Office and a member of the Executive Management Team left the company at the end of July.
On June 30, Suominen announced that the President and CEO Tommi Björnman leaves the company and that the Board of Directors of Suominen had appointed Charles Héaulmé, the Chair of the Board, as the company’s new President and CEO. Mr. Héaulmé started on August 11, 2025. Janne Silonsaari, CFO, acted as interim President & CEO for the period June 30 – August 10, 2025.
Mr. Héaulmé continues to serve as Chair of the Board until the next Annual General Meeting of Suominen in 2026. He stepped down from his position as a Chair and member of the Personnel and Remuneration Committee of the Board of Directors as of June 30.
Suominen announced in October the appointment of Francois Guetat as Chief Operating Officer and member of Suominen Leadership Team as of November 2025. Suominen also announced that its Chief Operating Officer Darryl Fournier would step down from his role as Chief Operating Officer and member of the Leadership Team.
COMPOSITION OF THE NOMINATION BOARD
Suominen’s three largest registered shareholders Ahlstrom Capital B.V., Etola Group Oy and Oy Etra Invest Ab have nominated the following members to the Shareholders’ Nomination Board:
- Jyrki Vainionpää, President & CEO of A. Ahlström Oy, as a member appointed by Ahlstrom Capital B.V.
- Mikael Etola, CEO of Etola Group Oy, as a member appointed by Etola Group Oy
- Ville Vuori, Board Professional, as a member appointed by Oy Etra Invest
Charles Héaulmé, Chair of Suominen’s Board of Directors, serves as the fourth member of the Nomination Board. The shareholders entitled to appoint members to the Nomination Board were determined on the basis of the registered holdings in the company’s shareholders ' register on September 1, 2025.
In its organizing meeting on October 21, 2025, the Nomination Board elected Jyrki Vainionpää as the Chair of the Nomination Board.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Suominen Corporation was held on April 25, 2025.
The AGM adopted the Financial Statements for 2024 and discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2024.
The AGM resolved to adopt the Remuneration Report for the Company’s governing bodies for 2024. The resolution made by the AGM is advisory.
The AGM decided, in accordance with the proposal by the Board of Directors, that no dividend be paid based on the adopted balance sheet regarding the financial year 2024 and that the distributable funds be left in the company’s unrestricted equity.
The AGM decided, in accordance with the proposal of the Shareholders’ Nomination Board, that the remuneration of the Board of Directors remains unchanged and is as follows: the Chair is paid an annual fee of EUR 74,000, the Deputy Chair an annual fee of EUR 45,000 and other Board members an annual fee of EUR 35,000. The Chair of the Audit Committee is paid an additional fee of EUR 10,000. Further, the members of the Board will receive a fee for each Board and Committee meeting as follows: EUR 500 for each meeting held in the home country of the respective member, EUR 1,000 for each meeting held elsewhere than in the home country of the respective member and EUR 500 for each meeting attended by telephone or other electronic means.
75% of the annual fee is paid in cash and 25% in Suominen Corporation’s shares.
Compensation for expenses is paid in accordance with the company 's valid travel policy.
The AGM decided that the number of Board members will be seven (7). Andreas Ahlström, Björn Borgman, Charles Héaulmé, Nina Linander and Laura Remes were re-elected as members of the Board by the AGM. Gail Ciccione and Maija Joutsenkoski were elected as new members of the Board.
Charles Héaulmé was re-elected as the Chair of the Board of Directors.
Authorised Public Accountants KPMG Oy Ab was elected as the auditor of the company for the next term of office in accordance with the Articles of Association. KPMG Oy Ab informed that Anders Lundin, APA, ASA, will act as the principally responsible auditor of the company. The auditor’s fee was resolved to be paid according to the invoice approved by the company.
Sustainability audit firm KPMG Oy Ab was elected as the company’s authorized sustainability auditor for a term that lasts until the end of the company 's next Annual General Meeting. KPMG Oy Ab has informed that Anders Lundin, APA, ASA, will act as the responsible authorized sustainability auditor of the company. The authorized sustainability auditor’s fee was resolved to be paid according to the invoice approved by the company.
Suominen published a stock exchange release on April 25, 2025, concerning the resolutions of the Annual General Meeting and the organizing meeting of the Board of Directors. The stock exchange release and introductions of the new Board members can be viewed on Suominen’s website at www.suominen.fi.
Organizing meeting and permanent committees of the Board of Directors
In its organizing meeting held after the AGM, the Board of Directors elected Andreas Ahlström as the Deputy Chair of the Board.
The Board elected from among its members the members for the Audit Committee, Personnel and Remuneration Committee, and Strategy Committee. Nina Linander was re-elected as the Chair of the Audit Committee, and Andreas Ahlström and Laura Remes were re-elected as members. Maija Joutsenkoski was elected as a new member. Charles Héaulmé was re-elected as the Chair of the Personnel and Remuneration Committee, and Björn Borgman was re-elected as a member. Gail Ciccione was elected as a new member. Laura Remes was re-elected as the Chair of the Strategy Committee, and Andreas Ahlström was re-elected as a member. Maija Joutsenkoski was elected as a new member.
BUSINESS RISKS AND UNCERTAINTIES
Manufacturing risks
Suominen has production plants in several European countries, United States and Brazil. Interruptions at the plants caused for example by machinery breakdown can cause production losses and delivery problems. Ongoing maintenance and investments aiming to extend the lifetime of the assets are an essential part of ensuring the operational efficiency of the existing production lines.
Suominen’s operations could be disrupted due to abrupt and unforeseen events beyond the company 's control, such as power outages or fire and water damage. Suominen may not be able to control such events through predictive actions, which could lead to interruptions in business. Risks of this type are insured in order to guarantee the continuity of operations. As Suominen has valid property damage and business interruption insurances, it is expected that the damage would be compensated, and the direct financial losses caused by the interruption of business would be covered.
Suominen uses certain technologies in its production. In the management’s view, the chosen technologies are competitive and there is no need to make major investments in new technologies. However, it cannot be excluded that the company’s technology choices could prove wrong, and the development of new or substitute technologies would then require investments.
Competition
Suominen has numerous regional, national and global competitors in its different product groups. Products based on new technologies and imports from countries of lower production costs may reduce Suominen’s competitive edge. If Suominen is not able to compete with an attractive product offering, it may lose some of its market share. Competition may lead to increased pricing pressure on the company’s products.
Price and availability of raw materials
Suominen purchases significant amounts of pulp- and oil-based raw materials. Raw materials are the largest cost item for operations. Changes in the global market prices of raw materials can have an impact on the company’s profitability. Suominen’s stocks equal two to four weeks’ consumption and it generally takes two to five months for raw material price changes to be reflected in Suominen’s customer pricing either through automatic pricing mechanisms or negotiated price changes.
Extended interruptions in the supply of Suominen’s main raw materials could disrupt production and have a negative impact on the Group’s overall business operations. As Suominen sources most of its raw materials from a number of major international suppliers, significant interruptions in the production of the majority of Suominen’s products are unlikely.
Price and availability of energy
Energy costs represent a significant portion of Suominen 's production costs. Suominen consumes mainly electricity and gas. Higher prices as well as reduced availability of energy could have an impact on Suominen 's profitability through increased production costs.
Market and customer risks
Suominen’s customer base is fairly concentrated, which increases the potential impact of changes in customer specific sales volumes. In 2025, the Group’s ten largest customers accounted for 69.5% (69.4%) of the Group’s net sales. Long-term contracts are preferred with the largest customers. In practice, the customer relationships are long-term and last for several years. Customer-related credit risks are managed in accordance with a credit policy approved by the Board of Directors. Credit limits are confirmed for customers on the basis of credit ratings and customer history.
The demand for Suominen’s products depends on possible changes in consumer preferences. Historically, such changes have had mainly a positive impact on Suominen, as they have resulted in the growing demand for products made of nonwovens. However, certain factors, including consumers’ attitude towards the use of products made even partially of oil-based raw materials, or their perception on the sustainability of disposable products in general, might change the consumers’ buying habits. Suominen monitors the consumer trends proactively and develops its product offering accordingly. The company has had biodegradable, 100% plant-based nonwovens in its portfolio for over 15 years and hence is well positioned to respond to changes in customer preferences related to sustainability and climate change.
Generally, the demand for nonwovens for wipes has been resilient to changing economic conditions. However, it is conceivable that high consumer price inflation could lead to decline in end consumer demand for wiping products as the consumers’ available income effectively decreases.
Regarding the war in Ukraine, the direct impact to Suominen’s business is minor as we have no customers nor suppliers in Russia, Belarus or Ukraine. Suominen is mostly affected by the indirect economic impacts of the war.
The instabilities in different parts of the world continue to cause general uncertainty.
Changes in legislation, political environment, or economic conditions
Suominen’s business and products can be affected directly or indirectly by political decisions and changes in government regulations for example in areas such as environmental policy or waste legislation. An example of such legislation is the EU 's Single-Use Plastics Directive that focuses on reducing marine litter. The potential exists for similar regulations to expand worldwide. This creates demand for more sustainable products, and Suominen is well placed to respond to this increasing demand.
Global political developments could have an adverse effect on Suominen. For instance, a political decision that constrains the global free trade may significantly impact the availability and price of certain raw materials, which would in turn affect Suominen’s business and profitability. Suominen’s geographical and customer-industry diversity provide partial protection against this risk.
The relevance of the United States in Suominen’s business operations increases the significance of the exchange rate risk related to USD in the Group’s total foreign exchange position. Suominen manages its foreign exchange position in accordance with its hedging policy.
The risks that are characteristic to South American region, including significant changes in political environment or exchange rates, could have an impact on Suominen’s operations in Brazil.
Investments
Suominen continuously invests in its manufacturing facilities. The deployment of the investments may delay from what was planned, the costs of the investments may increase from what has been expected or the investments may create less business benefits than anticipated. The deployment phase of investments may cause temporary interruptions in operations.
Cyber and information security
Suominen’s operations are dependent on the integrity, security and stable operation of its information and communication systems and software as well as on the successful management of cyber-attack risks. If Suominen’s information and communication systems and software were to become unusable or significantly impaired for an extended period of time, or the cyber-attack risks are realized, Suominen’s reputation as well as ability to deliver products at the appointed time, order raw materials and handle inventory could be adversely impacted.
Financial risks
The Group is exposed to several financial risks, such as foreign exchange, interest rate, counterparty, liquidity and credit risks. The Group’s financial risks are managed in line with a policy confirmed by the Board of Directors. The financial risks are described in the Note 3 of the consolidated financial statements.
Suominen is subject to corporate income taxes in numerous jurisdictions. Significant judgment is required to determine the total amount of corporate income tax at Group level. There are many transactions and calculations that leave room for uncertainty as to the final amount of the income taxes. Tax risks relate also to changes in tax rates or tax legislation or misinterpretations, and materialization of the risks could result in increased payments or sanctions by the tax authorities, which in turn could lead to financial loss. Deferred tax assets included in the statement of financial position require that the deferred tax assets can be recovered against the future taxable income.
Suominen performs goodwill impairment testing annually. In impairment testing the recoverable amounts are determined as the value in use, which comprises of the discounted projected future cash flows. Actual cash flows can differ from the discounted projected future cash flows. Uncertainties related to the projected future cash flows include, among others, the long economic useful life of the assets and changes in the forecast sales prices of Suominen’s products, production costs as well as discount rates used in testing. Due to the uncertainty inherent in the future, it is possible that Suominen’s recoverable amounts will be insufficient to cover the carrying amounts of assets, particularly goodwill. If this happens, it will be necessary to recognize an impairment loss, which, when implemented, will weaken the result and equity. Goodwill impairment testing has been described in the consolidated financial statements.
BUSINESS ENVIRONMENT
In 2025, Suominen operated in an environment characterized by continued macroeconomic uncertainty and geopolitical tensions. The general economic situation, inflationary pressures and shifts in global trade policies influenced market sentiment and purchasing behavior across regions.
Ongoing geopolitical tensions, including the war in Ukraine and instabilities in the Middle East, continued to create uncertainty globally. In addition, developments related to US trade tariffs contributed to volatility in global supply chains and temporarily disrupted demand patterns, particularly during the first half of the year.
Market dynamics during the year were influenced by excess capacity and changes in global trade flows due to trade policies.
Oversupply and intensified competition placed pressure on pricing, especially in Europe, with raw material prices declining to record low levels. At the same time, customers increasingly focused on optimizing inventories and diversifying sourcing to mitigate supply chain risks.
Despite these uncertainties, the nonwovens and wipes markets continued to demonstrate resilience and long-term growth potential. Demand for daily consumer goods is not highly cyclical in nature, and the wipes market has historically demonstrated stability even in challenging economic conditions.
OUTLOOK
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2026 will improve from 2025. In 2025, Suominen’s comparable EBITDA was EUR 12.6 million.
PROPOSAL ON DISTRIBUTION OF FUNDS
The loss of the financial year 2025 of Suominen Corporation, the parent company of Suominen Group, was EUR -3,673,120.27. The funds distributable as dividends, including the loss for the period, were EUR 15,122,312.95 and total distributable funds were EUR 90,814,648.85.
The Board of Directors proposes that no dividend shall be distributed for the financial year 2025 and that the loss shall be transferred to retained earnings.
DISCLOSURE OF THE CORPORATE GOVERNANCE STATEMENT, REMUNERATION REPORT, THE FINANCIAL STATEMENTS AND THE REPORT BY THE BOARD OF DIRECTORS
Suominen will publish its Financial Statements, Report by the Board of Directors, Auditor’s Report, Sustainability Assurance Report, Corporate Governance Statement and Remuneration Report concerning the financial year 2025, as part of the Annual Report during the week commencing March 16, 2026. The above documents will be published as a Stock Exchange Release and they will be available also at www.suominen.fi.
ANNUAL GENERAL MEETING 2026
The Annual General Meeting of Suominen Corporation is planned to be held on April 15, 2026. The Board of Directors will convene the Annual General Meeting by issuing a Notice to the Annual General Meeting as a Stock Exchange Release. The notice to the Annual General Meeting will also be published at www.suominen.fi.
EVENTS AFTER THE REPORTING PERIOD
The Shareholders ' Nomination Board of Suominen Corporation published on January 26, 2026 its proposal on the number of the members, on the composition, and on the Chair of the Board of Directors to the Annual General Meeting.
The Nomination Board proposes to the Annual General Meeting 2026 that the number of Board members will be decreased from seven to six.
The Nomination Board proposes to the Annual General Meeting that Andreas Ahlström, Gail Ciccione, Nina Linander, Maija Joutsenkoski and Laura Remes would be re-elected as members of the Board of Directors and that Ville Vuori would be elected as a new member of the Board of Directors.
Out of the current Board members, Björn Borgman, is not available as a candidate for the Board of Directors. Additionally, the current Chairman of the Board, Charles Héaulmé, has decided to step out from the Board of Directors due to his role as the President & CEO of the Company.
Ville Vuori (b. 1973, B.Sc. (Mech. Eng.), eMBA, Finnish citizen) currently acts as the Chairman of the Boards of Incap Oyj and Aspocomp Oyj. Prior to that, he served as the CEO of Kemppi Oy and Incap Oyj.
All candidates have given their consent to the election. All candidates are independent of the company. The candidates are also independent of Suominen’s significant shareholders, with the exceptions of Andreas Ahlström who acts currently as the CEO of Ahlström Invest B.V. and Maija Joutsenkoski, who acts as the Investment Director at A. Ahlström Corporation. The largest shareholder of Suominen Corporation, Ahlstrom Capital B.V., belongs to the same group of companies as Ahlström Invest B.V. and A. Ahlström Corporation.
The Nomination Board proposes to the Annual General Meeting that Ville Vuori be elected as the Chair of the Board of Directors.
With regard to the election procedure for the members of the Board of Directors, the Nomination Board recommends that the shareholders take a position on the proposal as a whole at the Annual General Meeting. In preparing its proposals the Nomination Board, in addition to ensuring that individual board member candidates possess the required competences, has determined that the proposed Board of Directors as a whole has the best possible expertise for the company and that the composition of the Board of Directors meets the other requirements of the Finnish Corporate Governance Code for listed companies.
Proposal on the Board remuneration
The Nomination Board proposes that the remuneration of the Board of Directors remains unchanged and would be as follows: the Chair would be paid an annual fee of EUR 74,000, the Deputy Chair an annual fee of EUR 45,000 and other Board members an annual fee of EUR 35,000. The Nomination Board also proposes that the additional fee paid to the Chair of the Audit Committee remain unchanged and be EUR 10,000.
Further, the Nomination Board proposes that the fees payable for each Board and Committee meeting would remain unchanged and be as follows: EUR 500 for each meeting held in the home country of the respective member, EUR 1,000 for each meeting held elsewhere than in the home country of the respective member and EUR 500 for each meeting attended by telephone or other electronic means. No fee is paid for decisions made without convening a meeting.
75% of the annual fees are paid in cash and 25% in Suominen Corporation’s shares. The shares will be transferred out of the own shares held by the company by the decision of the Board of Directors within two weeks from the date on which the interim report of January–March 2026 of the company is published.
Compensation for expenses will be paid in accordance with the company 's valid travel policy.
The composition of the Nomination Board
The members of the Nomination Board, as of September 2, 2025, are Jyrki Vainionpää (President & CEO of A. Ahlström Corporation) as a member appointed by Ahlstrom Capital B.V., Mikael Etola (CEO of Etola-Yhtiöt) as a member appointed by Etola Group Oy and Ville Vuori (Board Professional) as a member appointed by Oy Etra Invest Ab. Charles Héaulmé, Chair of Suominen’s Board of Directors, serves as the fourth member of the Nomination Board.
Jyrki Vainionpää acts as the Chair of the Nomination Board.
All of the proposals made by the Nomination Board were unanimous, except that Charles Héaulmé and Ville Vuori abstained from participating in the decision-making relating to the Nomination Board’s proposal for the Chair of the Board.
The Board of Directors of Suominen Corporation will include the proposals submitted by the Nomination Board to the Notice of the Annual General Meeting of Suominen which will be published at a later date. The Annual General Meeting of Suominen Corporation is scheduled to be held on April 15, 2026.
THE NEXT FINANCIAL REPORT
Suominen Corporation will publish its Interim Report for January–March 2026 on Thursday, May 7, 2026.
ANALYST AND NEWS CONFERENCE
Charles Héaulmé, President & CEO, and Janne Silonsaari, CFO, will present the result in English in an audiocast and a conference call for analysts, investors, and media on the same day at 11:00 a.m. (EET). The audiocast can be followed https://suominen.events.inderes.com/q4-2025. The recording of the audiocast and the presentation material will be available after the event at www.suominen.fi.
Conference call participants can access the teleconference by registering at https://events.inderes.com/suominen/q4-2025/dial-in. The phone numbers and a conference ID to access the conference will be provided after the registration.
SUOMINEN GROUP JANUARY 1– DECEMBER 31, 2025
The consolidated financial statements of Suominen presented in this Financial Statements Release have not been audited. Also the quarterly information, half-year report and interim reports have not been audited.
As result of rounding differences, the figures presented in the tables do not necessarily add up to total.
ACCOUNTING PRINCIPLES
The consolidated financial statements of Suominen Group are prepared in accordance with IFRS Accounting Standards, including International Accounting Standards (IAS) and Interpretations issued by the International Financial Reporting Interpretations Committee (SIC and IFRIC). IFRS Accounting Standards are standards and their interpretations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and of the Council. The Notes to the Financial Statements are also in accordance with the Finnish Accounting Act and Ordinance and the Finnish Companies ' Act.
This Financial Statements Release has been prepared in accordance with the principles defined in IAS 34 Interim Financial Reporting as approved by the European Union. Financial statement release does not include all information required for full financial statements.
The principles for preparing consolidated financial statements are mainly the same as those used for preparing the consolidated financial statements for 2024. The new or amended standard, annual improvements, or interpretations applicable from January 1, 2025, are presented below.
New or amended standard, annual improvements or interpretations applicable from January 1, 2025:
- Lack of Exchangeability, Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, applicable from January 1, 2025. The amendments specify how an entity should assess whether a currency is exchangeable to another currency and how it should determine a spot exchange rate when exchangeability is lacking. As Suominen conducts business only in currencies which are exchangeable, the amendments have no effect on Suominen.
Other new or amended accounting standards, improvements or annual improvements applicable from January 1, 2025, were not material for Suominen Group.
New and amended IFRS standards and IFRIC interpretations published but mandatory from January 1, 2026, or later:
- Classification and Measurement of Financial Instruments, Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, applicable from January 1, 2026. The new requirements will be applied retrospectively with an adjustment to opening retained earnings.
The amendments clarify the derecognition of financial liabilities, how to assess the contractual cash flow characteristics of financial assets that include ESG-linked or similar contingent features and the treatment of non-recourse assets and contractually linked instruments. The amendments also introduce an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met.
The amendments require additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event, including those that are ESG-linked, and equity instruments classified as fair value through other comprehensive income.
The amendments have no material effect on the notes of equity instruments classified as fair value through other comprehensive income.
Otherwise, the amendments have no material effect on Suominen.
- IFRS 18 Presentation and Disclosure in Financial Statements, applicable from January 1, 2027. Also, the consequential amendments to other IFRS Accounting Standards due to application of IFRS 18 are effective from January 1, 2027. The standard will be applied retrospectively.
The standard will introduce new categories and subtotals in the statement of profit or loss. It also requires disclosure of management-defined performance measures (MPM) in the financial statements and includes new requirements for the location, aggregation and disaggregation of financial information. IFRS 18 will replace IAS 1 Presentation in Financial Statements.
In accordance with the new standard, an entity is required to classify all income and expenses in the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. IFRS 18 also requires an entity to present in its statement of profit or loss subtotals and totals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
IFRS 18 introduces the concept of management-defined performance measures (MPM) which it defines as a subtotal of income and expenses that an entity uses in public communications outside financial statements in order to communicate the management 's view of the financial performance of the entity. IFRS 18 requires disclosure of information about all the entity 's MPMs in a single note to the financial statements and requires several disclosures to be made of each MPM, including the calculation of the MPM as well as reconciliation to the most comparable subtotal specified by IFRS accounting standards.
IFRS 18 also differentiates between presenting information in the primary financial statements and disclosing it in the notes and introduces a principle for determining the location of information based on identified roles of the primary financial statements and the notes. The standard requires aggregation and disaggregation of information to be performed with reference to similar and dissimilar characteristics. There is also new guidance for determining meaningful descriptions or labels for items that are aggregated in the financial statements.
The application of IFRS 18 will also amend IAS 7 Statement of Cash Flows. The standard amends the starting point of determining cash flows from operations under the indirect method to operating profit or loss. The optionality around classification of cash flows from dividends and interests in the statement of cash flows has also largely been removed.
There are also some consequential changes to other IFRS Accounting Standards, of which the most material to Suominen is the amendment of IAS 34 Interim Financial Reporting, which will require disclosure of MPMs also in the interim reports.
The new standard will change the definition of operating profit/loss (EBIT). Operating profit/loss of Suominen as defined in IFRS 18 will be lower than operating profit/loss calculated before the application of the standard, as certain expenses currently included in financial items will be included in the operating category before operating profit/loss. In addition, some income items included currently in financial items will be, in accordance with the new standard, included in the investing category. After the application of IFRS 18 standard financing category will include mainly interest and other expenses related to interest-bearing liabilities.
Also, the profit / loss before income taxes will change slightly, as interest income and expenses related to income taxes will be included in the income tax category.
Other new or amended accounting standards, improvements or annual improvements applicable from January 1, 2026, or later are not material for Suominen Group.
STATEMENT OF FINANCIAL POSITION
| EUR thousand | 31.12.2025 | 31.12.2024 | |
| Assets | |||
| Non-current assets | |||
| Goodwill | 15,496 | 15,496 | |
| Intangible assets | 1,150 | 2,754 | |
| Property, plant and equipment | 124,844 | 120,356 | |
| Right-of-use assets | 8,617 | 11,003 | |
| Equity instruments | 421 | 421 | |
| Other non-current receivables | 155 | 158 | |
| Deferred tax assets | 3,595 | 2,269 | |
| Total non-current assets | 154,278 | 152,457 | |
| Current assets | |||
| Inventories | 40,443 | 47,470 | |
| Trade receivables | 38,077 | 62,477 | |
| Other current receivables | 6,869 | 6,119 | |
| Assets for current tax | 660 | 514 | |
| Cash and cash equivalents | 32,064 | 41,340 | |
| Total current assets | 118,112 | 157,919 | |
| Total assets | 272,391 | 310,376 |
| Equity and liabilities | ||
| Equity | ||
| Share capital | 11,860 | 11,860 |
| Share premium account | 24,681 | 24,681 |
| Reserve for invested unrestricted equity | 75,692 | 75,692 |
| Fair value and other reserves | 553 | 436 |
| Exchange differences | -6,751 | 3,312 |
| Retained earnings | -9,933 | 1,626 |
| Total equity attributable to owners of the parent | 96,102 | 117,608 |
| Liabilities | ||
| Non-current liabilities | ||
| Deferred tax liabilities | 4,278 | 7,990 |
| Liabilities from defined benefit plans | 172 | 189 |
| Non-current provisions | 579 | 588 |
| Non-current lease liabilities | 6,829 | 9,277 |
| Other non-current interest-bearing liabilities | 49,825 | − |
| Debentures | 49,765 | 49,606 |
| Total non-current liabilities | 111,448 | 67,650 |
| Current liabilities | ||
| Current provisions | − | 178 |
| Current lease liabilities | 2,837 | 2,877 |
| Other current interest-bearing liabilities | − | 40,000 |
| Liabilities for current tax | 5 | 214 |
| Trade payables and other current liabilities | 62,129 | 81,849 |
| Total current liabilities | 64,840 | 125,118 |
| Total liabilities | 176,289 | 192,768 |
| Total equity and liabilities | 272,391 | 310,376 |
STATEMENT OF PROFIT OR LOSS
| EUR thousand | 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 |
| Net sales | 95,338 | 118,510 | 412,433 | 462,318 |
| Cost of goods sold | -90,484 | -110,979 | -386,153 | -432,589 |
| Gross profit | 4,855 | 7,531 | 26,280 | 29,729 |
| Other operating income | 668 | 2,209 | 2,619 | 4,952 |
| Sales, marketing and administration expenses | -8,034 | -8,050 | -31,503 | -32,068 |
| Research and development expenses | -613 | -763 | -2,811 | -4,023 |
| Other operating expenses | -109 | -58 | -489 | 152 |
| Operating profit / loss | -3,233 | 869 | -5,904 | -1,257 |
| Net financial expenses | -1,365 | -275 | -7,467 | -4,086 |
| Profit / loss before income taxes | -4,598 | 595 | -13,370 | -5,343 |
| Income taxes | 683 | 250 | 1,300 | 53 |
| Profit / loss for the period | -3,915 | 845 | -12,070 | -5,290 |
| Earnings per share, EUR | ||||
| Basic | -0.07 | 0.01 | -0.21 | -0.09 |
| Diluted | -0.07 | 0.01 | -0.21 | -0.09 |
STATEMENT OF COMPREHENSIVE INCOME
| EUR thousand | 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 |
| Profit / loss for the period | -3,915 | 845 | -12,070 | -5,290 |
| Other comprehensive income: | ||||
| Other comprehensive income that will be subsequently reclassified to profit or loss | ||||
| Exchange differences | -532 | 6,734 | -11,513 | 3,949 |
| Income taxes related to other comprehensive income | 8 | -902 | 1,449 | -749 |
| Total | -523 | 5,832 | -10,064 | 3,201 |
| Other comprehensive income that will not be subsequently reclassified to profit or loss | ||||
| Remeasurements of defined benefit plans | 5 | -11 | 5 | -11 |
| Total | 5 | -11 | 5 | -11 |
| Total other comprehensive income | -518 | 5,821 | -10,059 | 3,190 |
| Total comprehensive income for the period | -4,433 | 6,666 | -22,129 | -2,100 |
STATEMENT OF CHANGES IN EQUITY
| EUR thousand | Share capital | Share premium account | Reserve for invested unrestricted equity | Exchange differences |
| Equity 1.1.2025 | 11,860 | 24,681 | 75,692 | 3,312 |
| Profit / loss for the period | − | − | − | − |
| Other comprehensive income | − | − | − | -10,064 |
| Total comprehensive income | − | − | − | -10,064 |
| Share-based payments | − | − | − | − |
| Conveyance of treasury shares | − | − | − | − |
| Transfers | − | − | − | − |
| Equity 31.12.2025 | 11,860 | 24,681 | 75,692 | -6,751 |
| EUR thousand | Fair value and other reserves | Retained earnings | Total equity attributable to owners of the parent |
| Equity 1.1.2025 | 436 | 1,626 | 117,608 |
| Profit / loss for the period | − | -12,070 | -12,070 |
| Other comprehensive income | − | 5 | -10,059 |
| Total comprehensive income | − | -12,065 | -22,129 |
| Share-based payments | − | 562 | 562 |
| Conveyance of treasury shares | − | 61 | 61 |
| Transfers | 117 | -117 | − |
| Equity 31.12.2025 | 553 | -9,933 | 96,102 |
| EUR thousand | Share capital | Share premium account | Reserve for invested unrestricted equity | Exchange differences |
| Equity 1.1.2024 | 11,860 | 24,681 | 75,692 | 111 |
| Profit / loss for the period | − | − | − | − |
| Other comprehensive income | − | − | − | 3,201 |
| Total comprehensive income | − | − | − | 3,201 |
| Distribution of dividend | − | − | − | − |
| Share-based payments | − | − | − | − |
| Conveyance of treasury shares | − | − | − | − |
| Transfers | − | − | − | − |
| Equity 31.12.2024 | 11,860 | 24,681 | 75,692 | 3,312 |
| EUR thousand | Fair value and other reserves | Retained earnings | Total equity attributable to owners of the parent |
| Equity 1.1.2024 | 316 | 12,251 | 124,912 |
| Profit / loss for the period | − | -5,290 | -5,290 |
| Other comprehensive income | − | -11 | 3,190 |
| Total comprehensive income | − | -5,301 | -2,100 |
| Distribution of dividend | − | -5,769 | -5,769 |
| Share-based payments | − | 511 | 511 |
| Conveyance of treasury shares | − | 54 | 54 |
| Transfers | 120 | -120 | − |
| Equity 31.12.2024 | 436 | 1,626 | 117,608 |
STATEMENT OF CASH FLOWS
| EUR thousand | 1-12/2025 | 1-12/2024 |
| Cash flow from operations | ||
| Profit / loss for the period | -12,070 | -5,290 |
| Total adjustments to profit / loss for the period | 23,977 | 21,244 |
| Cash flow before changes in net working capital | 11,906 | 15,954 |
| Change in net working capital | 8,348 | -5,931 |
| Financial items | -6,123 | -4,975 |
| Income taxes | -1,913 | -1,191 |
| Cash flow from operations | 12,218 | 3,857 |
| Cash flow from investments | ||
| Investments in property, plant and equipment and intangible assets | -25,588 | -14,391 |
| Sales proceeds from property, plant and equipment and intangible assets | 120 | 114 |
| Cash flow from investments | -25,468 | -14,277 |
| Cash flow from financing | ||
| Drawdown of non-current interest-bearing liabilities | 50,000 | − |
| Drawdown of current interest-bearing liabilities | 88,000 | 160,000 |
| Repayment of current interest-bearing liabilities | -128,000 | -160,000 |
| Repayment of lease liabilities | -2,848 | -3,312 |
| Dividends paid | − | -5,769 |
| Cash flow from financing | 7,152 | -9,081 |
| Change in cash and cash equivalents | -6,098 | -19,501 |
| Cash and cash equivalents at the beginning of the period | 41,340 | 58,755 |
| Effect of changes in exchange rates | -3,177 | 2,086 |
| Change in cash and cash equivalents | -6,098 | -19,501 |
| Cash and cash equivalents at the end of the period | 32,064 | 41,340 |
KEY RATIOS
| 10-12/ 2025 | 10-12/ 2024 | 1-12/ 2025 | 1-12/ 2024 | |
| Change in net sales, % * | -19.6 | 3.1 | -10.8 | 2.5 |
| Gross profit, as percentage of net sales, % | 5.1 | 6.4 | 6.4 | 6.4 |
| Comparable EBITDA, as percentage of net sales, % | 2.0 | 3.6 | 3.1 | 3.7 |
| EBITDA, as percentage of net sales, % | 1.4 | 4.5 | 2.7 | 3.7 |
| Comparable operating profit / loss, as percentage of net sales, % | -2.4 | -0.2 | -1.0 | -0.3 |
| Operating profit / loss, as percentage of net sales, % | -3.4 | 0.7 | -1.4 | -0.3 |
| Net financial items, as percentage of net sales, % | -1.4 | -0.2 | -1.8 | -0.9 |
| Profit / loss before income taxes, as percentage of net sales, % | -4.8 | 0.5 | -3.2 | -1.2 |
| Profit / loss for the period, as percentage of net sales, % | -4.1 | 0.7 | -2.9 | -1.1 |
| Gross capital expenditure, EUR thousand | 9,311 | 7,181 | 26,289 | 16,004 |
| Depreciation, amortization and impairment losses, EUR thousand | 4,565 | 4,496 | 17,201 | 18,431 |
| Return on equity, rolling 12 months, % | − | − | -11.4 | -4.4 |
| Return on invested capital, rolling 12 months, % | − | − | -3.3 | -0.7 |
| Equity ratio, % | − | − | 35.3 | 37.9 |
| Gearing, % | − | − | 80.7 | 51.7 |
| Average number of personnel (FTE - full time equivalent) | − | − | 695 | 689 |
| Earnings per share, EUR, basic | -0.07 | 0.01 | -0.21 | -0.09 |
| Earnings per share, EUR, diluted | -0.07 | 0.01 | -0.21 | -0.09 |
| Cash flow from operations per share, EUR | 0.12 | 0.11 | 0.21 | 0.07 |
| Equity per share, EUR | − | − | 1.66 | 2.04 |
| Dividend per share, EUR ** | − | − | 0.00 | 0.00 |
| Price per earnings per share (P/E) ratio | − | − | -8.57 | -24.87 |
| Dividend payout ratio, % | − | − | N/A | N/A |
| Dividend yield, % | − | − | N/A | N/A |
| Number of shares, end of period, excluding treasury shares | − | − | 57,772,475 | 57,727,103 |
| Share price, end of period, EUR | − | − | 1.79 | 2.28 |
| Share price, period low, EUR | − | − | 1.56 | 1.96 |
| Share price, period high, EUR | − | − | 2.73 | 2.93 |
| Volume weighted average price during the period, EUR | − | − | 1.89 | 2.53 |
| Market capitalization, EUR million | − | − | 103.4 | 131.6 |
| Number of traded shares during the period | − | − | 1,096,086 | 951,426 |
| Number of traded shares during the period, % of average number of shares | − | − | 1.9 | 1.7 |
* Compared with the corresponding period in the previous year.
** 2025 Proposal of the Board
| 31.12.2025 | 31.12.2024 | |||
| Interest-bearing net debt, EUR thousands | ||||
| Non-current interest-bearing liabilities, nominal value | 106,929 | 59,277 | ||
| Current interest-bearing liabilities, nominal value | 2,837 | 42,877 | ||
| Cash and cash equivalents | -32,064 | -41,340 | ||
| Interest-bearing net debt | 77,602 | 60,815 |
CALCULATION OF KEY RATIOS
Key ratios per share
Key ratios per share are either IFRS key ratios (earnings per share) or required by Ordinance of the Ministry of Finance in Finland or alternative performance measures (cash flow from operations per share).
Earnings per share
Basic earnings per share are calculated by dividing the net result attributable to owners of the parent by the weighted share-issue adjusted average number of shares outstanding during the reporting period, excluding shares acquired by the Group and held as treasury shares.
When calculating diluted earnings per share the number of shares is adjusted with the effects of the share-based incentive plans.
| EUR thousand | 31.12.2025 | 31.12.2024 | |
| Profit / loss for the period | -12,070 | -5,290 | |
| Average share-issue adjusted number of shares | 57,760,108 | 57,713,587 | |
| Average diluted share-issue adjusted number of shares excluding treasury shares | 57,949,178 | 57,878,570 | |
| Earnings per share | |||
| EUR | |||
| Basic | -0.21 | -0.09 | |
| Diluted | -0.21 | -0.09 |
Cash flow from operations per share
| Cash flow from operations per share | Cash flow from operations | |
| = | Share-issue adjusted number of shares excluding treasury shares, end of reporting period |
| 2025 | 2024 | ||
| Cash flow from operations, EUR thousand | 12,218 | 3,857 | |
| Share-issue adjusted number of shares excluding treasury shares, end of the reporting period | 57,772,475 | 57,727,103 | |
| Cash flow from operations per share, EUR | 0.21 | 0.07 |
Equity per share
| Equity per share | Total equity attributable to owners of the parent | ||
| = | Share-issue adjusted number of shares excluding treasury shares, end of reporting period | ||
| 2024 | 2024 | ||
| Total equity attributable to owners of the parent, EUR thousand | 96,102 | 117,608 | |
| Share-issue adjusted number of shares excluding treasury shares, end of the reporting period | 57,772,475 | 57,727,103 | |
| Equity per share, EUR | 1.66 | 2.04 |
Dividend payout ratio, %
| Dividend payout ratio, % | Dividend per share x 100 | |
| = | Basic earnings per share |
| 2025 | 2024 | ||
| Dividend per share x 100 | 0.00 | 0.00 | |
| Basic earnings per share, EUR | -0.21 | -0.09 | |
| Dividend payout ratio, % | N/A | N/A |
Dividend yield, %
| Dividend yield, % | = | Dividend per share x 100 |
| Share price at end of the period |
| 2025 | 2024 | ||
| Dividend per share x 100 | 0.00 | 0.00 | |
| Share price at end of the period, EUR | 1.79 | 2.28 | |
| Dividend yield, % | N/A | N/A |
Price per earnings per share (P/E)
| Price per earnings per share (P/E) | Share price at end of the period | |
| = | Basic earnings per share |
| 2025 | 2024 | ||
| Share price at end of the period, EUR | 1.79 | 2.28 | |
| Basic earnings per share, EUR | -0,21 | -0.09 | |
| Price per earnings per share (P/E) | -8.57 | -24.87 |
Market capitalization
| Market capitalization | = | Number of shares at the end of reporting period excluding treasury shares x share price at the end of period |
| 2025 | 2024 | ||
| Number of shares at the end of reporting period excluding treasury shares | 57,772,475 | 57,727,103 | |
| Share price at end of the period, EUR | 1.79 | 2.28 | |
| Market capitalization, EUR million | 103.4 | 131.6 |
Share turnover
| Share turnover | = | The proportion of number of shares traded during the period to weighted average number of shares excluding treasury shares |
| 2025 | 2024 | ||
| Number of shares traded during the period | 1,096,086 | 951,426 | |
| Average number of shares excluding treasury shares | 57,760,108 | 57,713,587 | |
| Share turnover, % | 1.9 | 1.7 |
Alternative performance measures
Some of Suominen 's key ratios are alternative performance measures. An alternative performance measure is a key ratio which has not been defined in IFRS standards. Suominen believes that the use of alternative performance measures provides useful information for example to investors regarding the Group 's financial and operating performance and makes it easier to make comparison between the reporting periods.
Operating profit/loss and comparable operating profit/loss
Operating profit/loss, or earnings before interest and taxes (EBIT) is an important measure of profitability as by ignoring income taxes and financial items it focuses solely on the company 's ability to generate profit from operations. Operating profit/loss is presented as a separate line item in the consolidated statement of profit or loss.
In order to improve the comparability of result between reporting periods, Suominen presents comparable operating profit / loss as an alternative performance measure. Operating profit/loss is adjusted with material items that are considered to affect comparability between reporting periods. These items include, among others, impairment losses or reversals of impairment losses, gains or losses from the sales of property, plant and equipment or intangible assets or other assets and restructuring costs. In 2025, items affecting comparability of result were impairment losses arising from the closure of one production line and restructuring expenses. In 2024, the items affecting comparability consisted mainly of restructuring expenses.
| Operating profit / loss (EBIT) | = | Profit / loss before income taxes + net financial expenses | ||
| Comparable operating profit / loss (EBIT) | = | Profit / loss before income taxes + net financial expenses, adjusted with items affecting comparability | ||
| EUR thousand | 2025 | 2024 | ||
| Operating profit / loss | -5,904 | -1,257 | ||
| + Dismissal costs affecting comparability | 781 | 1,605 | ||
| + Restoration costs affecting comparability / reversals of restoration provisions | -85 | -1,435 | ||
| + Other costs affecting comparability | 650 | 4 | ||
| + Other operating income, affecting comparability | -49 | -305 | ||
| + Impairment losses of property, plant and equipment, affecting comparability of result | 426 | − | ||
| + Impairment losses of right-of-use assets, affecting comparability of result | − | 3 | ||
| + Impairment losses of inventories and reversals of the impairment losses, affecting comparability of result | − | -41 | ||
| Comparable operating profit / loss | -4,182 | -1,426 |
EBITDA and comparable EBITDA
EBITDA is an important measure that focuses on the operating performance excluding the effect of depreciation and amortization, financial items and income taxes, in other words what is the margin on net sales after deducting operating expenses.
| EBITDA | = | EBIT + depreciation, amortization and impairment losses |
| Comparable EBITDA | = | EBIT + depreciation, amortization and impairment losses, adjusted with items affecting comparability |
| EUR thousand | 2025 | 2024 | |
| Operating profit / loss | -5,904 | -1,257 | |
| + Depreciation, amortization and impairment losses | 17,201 | 18,680 | |
| EBITDA | 11,298 | 17,174 | |
| EBITDA | 11,298 | 17,174 | |
| + Dismissal costs affecting comparability | 781 | 1,605 | |
| + Restoration costs affecting comparability / reversals of restoration provisions | -85 | -1,435 | |
| + Other costs affecting comparability | 650 | 4 | |
| + Other operating income, affecting comparability | -49 | -305 | |
| + Impairment losses of inventories and reversals of the impairment losses, affecting comparability of result | − | -41 | |
| Comparable EBITDA | 12,594 | 17,001 |
Gross capital expenditure
Suominen considers gross capital expenditure as a relevant measure in order to understand for example how the Group maintains and renews its production machinery and facilities. Gross capital expenditure includes also capitalized borrowing costs and capitalized cash flow hedges. Gross capital expenditure (gross investments) does not include increases in right-of-use assets.
| EUR thousand | 2025 | 2024 | |
| Increases in intangible assets | 160 | 169 | |
| Increases in property, plant and equipment | 26,130 | 15,895 | |
| Gross capital expenditure | 26,289 | 16,004 |
Interest-bearing net debt
Suominen considers interest-bearing net debt to be an important measure for investors to be able to understand the Group’s indebtedness. It is the opinion of Suominen that presenting interest-bearing liabilities not only at amortized cost but also at nominal value gives relevant additional information to the investors.
| Interest-bearing net debt | = | Interest-bearing liabilities at nominal value - cash and cash equivalents |
| EUR thousand | 2025 | 2024 | |
| Interest-bearing liabilities | 109,256 | 101,760 | |
| Tender and issuance costs of the debentures | 408 | 394 | |
| Cash and cash equivalents | -32,064 | -32 064 | |
| Interest-bearing net debt | 77,602 | 60,815 | |
| Interest-bearing liabilities | 109,256 | 101,760 | |
| Tender and issuance costs of the debentures | 408 | 394 | |
| Nominal value of interest-bearing liabilities | 109,666 | 102,154 |
Return on equity (ROE), %
The return on equity is one of the most important profitability ratios used by owners and investors. The ratio measures the ability of a company to generate profits from its shareholders ' investments in the company and it defines the yield on the company 's equity during the reporting period.
| Return on equity (ROE), % | = | Profit / loss for the reporting period (rolling 12 months) x 100 |
| Total equity attributable to owners of the parent (quarterly average) |
| EUR thousand | 2025 | 2024 | |
| Profit / loss for the reporting period (rolling 12 months) | -12,070 | -5,290 | |
| Total equity attributable to owners of the parent December 31, 2024 / 2023 | 117,608 | 124,912 | |
| Total equity attributable to owners of the parent March 31, 2025 / 2024 | 112,466 | 126,045 | |
| Total equity attributable to owners of the parent June 30, 2025 / 2024 | 101,577 | 118,081 | |
| Total equity attributable to owners of the parent September 30, 2025 / 2024 | 100,153 | 110,781 | |
| Total equity attributable to owners of the parent December 31, 2025 / 2024 | 96,102 | 117,608 | |
| Average | 105,581 | 119,485 | |
| Return on equity (ROE), % | -11.4 | -4.4 |
Invested capital
| Invested capital | = | Total equity + interest-bearing liabilities - cash and cash equivalents |
| EUR thousand | 2025 | 2024 | |
| Total equity attributable to owners of the parent | 96,102 | 117,608 | |
| Interest-bearing liabilities | 109,256 | 101,760 | |
| Cash and cash equivalents | -32,064 | -41,340 | |
| Invested capital | 173,294 | 178,028 |
Return on invested capital (ROI), %
Return on invested capital is one of the most important key ratios. It measures the relative profitability of the company, i.e. the yield on the capital invested in the company.
| Return on invested capital (ROI), % | = | Operating profit / loss (rolling 12 months) x 100 |
| Invested capital, quarterly average |
| EUR thousand | 2025 | 2024 | |
| Operating profit / loss (rolling 12 months) | -5,904 | -1,257 | |
| Invested capital December 31, 2024 / 2023 | 178,028 | 168,435 | |
| Invested capital March 31, 2025 / 2024 | 179,559 | 174,706 | |
| Invested capital June 30, 2025 / 2024 | 188,099 | 174,218 | |
| Invested capital September 30, 2025 / 2024 | 175,792 | 173,650 | |
| Invested capital December 31, 2025 / 2024 | 173,294 | 178,028 | |
| Average | 178,954 | 173,807 | |
| Return on invested capital (ROI), % | -3.3 | -0.7 |
Equity ratio, %
Equity ratio is an important key ratio as it measures the solidity of the company, the company 's tolerance for losses and ability to cover its long-term commitments. The performance measure shows how much of the company 's assets are financed with equity. The equity creates a buffer against potential losses, and equity ratio represents the level of this buffer.
Equity ratio, % | = | Total equity attributable to owners of the parent x 100 | |
| Total assets - advances received | |||
| EUR thousand | 2025 | 2024 | |
| Total equity attributable to owners of the parent | 96,102 | 117,608 | |
| Total assets | 272,391 | 310,376 | |
| Advances received | -212 | -31 | |
| 272,178 | 310,345 | ||
| Equity ratio, % | 35.3 | 37.9 |
Gearing, %
Gearing represents the ratio between the equity invested by the owners of the company and the interest-bearing liabilities borrowed from financiers. Gearing is an important performance measure in assessing the financial position of a company. A high gearing is a risk factor which might limit the possibilities for growth of a company and narrow its financial freedom.
| Gearing, % | = | Interest-bearing net debt x 100 |
| Total equity attributable to owners of the parent |
| EUR thousand | 2025 | 2024 | |
| Interest-bearing net debt | 77,602 | 60,815 | |
| Total equity attributable to owners of the parent | 96,102 | 117,608 | |
| Gearing, % | 80.7 | 51.7 |
NET SALES BY GEOGRAPHICAL MARKET AREA
| EUR thousand | 1-12/2025 | 1-12/2024 |
| Finland | 3,725 | 3,619 |
| Rest of Europe | 147,322 | 159,639 |
| North and South America | 260,942 | 297,628 |
| Rest of the world | 444 | 1,432 |
| Total | 412,433 | 462,318 |
QUARTERLY DEVELOPMENT
| 2025 | 2024 | |||||||
| EUR thousand | 10-12 | 7-9 | 4-6 | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 |
| Net sales | 95,338 | 99,767 | 99,827 | 117,501 | 118,510 | 111,553 | 118,668 | 113,587 |
| Comparable EBITDA | 1,890 | 3,428 | 3,217 | 4,060 | 4,231 | 3,305 | 4,982 | 4,484 |
| as % of net sales | 2.0 | 3.4 | 3.2 | 3.5 | 3.6 | 3.0 | 4.2 | 3.9 |
| Items affecting comparability | -558 | -102 | -636 | − | 1,135 | 72 | -1,224 | 190 |
| EBITDA | 1,331 | 3,326 | 2,581 | 4,060 | 5,365 | 3,377 | 3,758 | 4,673 |
| as % of net sales | 1.4 | 3.3 | 2.6 | 3.5 | 4.5 | 3.0 | 3.2 | 4.1 |
| Comparable operating profit / loss | -2.249 | -675 | -966 | -292 | -265 | -1,481 | 408 | -88 |
| as % of net sales | -2.4 | -0.7 | -1.0 | -0.2 | -0.2 | -1.3 | 0.3 | -0.1 |
| Items affecting comparability | -984 | -102 | -636 | − | 1,135 | 72 | -1,224 | 186 |
| Operating profit / loss | -3,233 | -777 | -1,602 | -292 | 869 | -1,409 | -816 | 99 |
| as % of net sales | -3.4 | -0.8 | -1.6 | -0.2 | 0.7 | -1.3 | -0.7 | 0.1 |
| Net financial items | -1,365 | -1,341 | -2,888 | -1,874 | -275 | -1,926 | -1,095 | -790 |
| Profit / loss before income taxes | -4,598 | -2,117 | -4,489 | -2,166 | 595 | -3,335 | -1,911 | -691 |
| as % of net sales | -4.8 | -2.1 | -4.5 | -1.8 | 0.5 | -3.0 | -1.6 | -0.6 |
QUARTERLY SALES BY BUSINESS AREA
| 2025 | 2024 | ||||||||
| EUR thousand | 10-12 | 7-9 | 4-6 | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 | |
| Americas | 58,839 | 60,279 | 59,874 | 73,577 | 72,659 | 69,523 | 75,694 | 70,030 | |
| EMEA | 36,504 | 39,497 | 39,981 | 43,935 | 45,829 | 42,065 | 42,977 | 43,549 | |
| Unallocated exchange differences and eliminations | -5 | -10 | -29 | -11 | 22 | -35 | -3 | 8 | |
| Total | 95,338 | 99,767 | 99,827 | 117,501 | 118,510 | 111,553 | 118,668 | 113,587 |
INFORMATION ON RELATED PARTIES
Suominen Group 's related parties include the parent of the Group (Suominen Corporation) and subsidiaries. In addition, the related parties of Suominen include the members of the Board of Directors, President & CEO and the members of the Suominen Leadership Team as well as their family members and their controlled companies. In addition, shareholders who have a significant influence in Suominen through share ownership are included in related parties. Suominen has no associated companies.
In its transactions with related parties Suominen follows the same commercial terms as in transactions with third parties.
Suominen has separate consulting agreements with two of the members of the Board of Directors, Laura Remes and Gail Ciccione. The services purchased from them during January−December based on the consulting agreements were as follows: Laura Remes EUR 19.5 thousand and Gail Ciccione EUR 24.1 thousand.
Management remuneration
The Annual General Meeting held on April 25, 2025, resolved that 25% of the annual remuneration for the Board of Directors is paid in Suominen Corporation’s shares. The number of shares transferred to the members of the Board of Directors as their remuneration payable in shares for 2025 was 36,013 shares. The shares were transferred on May 16, 2025, and the value of the transferred shares totaled EUR 75,987.
The annual and meeting fees paid to the Board of Directors of Suominen Corporation in 2025 were in total EUR 401 thousand, of which EUR 76 thousand were paid in shares.
A part of the CEO Tommi Björnman’s share-based plan vested, and shares were transferred to him in June. The number of the shares transferred was 9,359 shares. The value of the shares and the portion settled in cash was in total EUR 40,604.
Salaries paid or accrued, including fringe benefits, to President & CEO and other members of the Suominen Leadership Team during January-December 2025 amounted to EUR 2,365 thousand, of which EUR 42 thousand was the value of the vested share-based payments. Obligatory pension payments and accruals were EUR 251 thousand and voluntary pension payments and accruals EUR 97 thousand. In January 2026, an additional compensation corresponding to the 12 months ' salary, totaling 462,000 euros, was also paid to Tommi Björnman. The accrual, excluding social costs, based on the non-vested share-based incentive plans in accordance with IFRS standards was EUR 598 thousand for the related parties for the reporting period.
Management share ownership
Number of shares
| Board of Directors | 31.12.2025 | 31.12.2024 |
| Charles Héaulmé(* | − | 19,902 |
| Andreas Ahlström, Deputy Chair of the Board | 36,320 | 30,989 |
| Björn Borgman | 32,312 | 28,166 |
| Gail Ciccione from April 25, 2025 | 4,146 | − |
| Maija Joutsenkoski from April 25, 2025 | 4,146 | − |
| Nina Linander | 37,159 | 31,828 |
| Laura Remes | 10,366 | 6,220 |
| Aaron Barsness until April 25, 2025 | − | 8,723 |
| Total | 124,449 | 125,828 |
| Total % of shares and votes | 0.21% | 0.22% |
| (* Charles Héaulmé 's share ownership is presented in 2024 in Board of Directors ' share ownership and in 2025 in Suominen Leadership Team 's share ownership. | ||
| Suominen Leadership Team | ||
| Charles Héaulmé(* | 44,750 | − |
| François Guetat | − | − |
| Markku Koivisto | 53,172 | 53,172 |
| Minna Rouru | 1,300 | − |
| Janne Silonsaari | − | − |
| Mark Ushpol | − | − |
| Tommi Björnman | − | 39,556 |
| Jonni Friman | − | − |
| Total | 99,222 | 92,728 |
| Total % of shares and votes | 0.17% | 0.16% |
THE LARGEST SHAREHOLDERS ON DECEMBER 31, 2025
| Shareholder | Number of shares | % of shares and votes |
| Ahlström Capital B.V. | 14,127,449 | 24.2% |
| Etola Group Oy | 7,434,000 | 12.8% |
| Oy Etra Invest Ab | 7,000,000 | 12.0% |
| OP Life Assurance Company Ltd. | 4,771,850 | 8.2% |
| Nordea Nordic Small Cap Fund | 3,600,371 | 6.2% |
| Mandatum Life Insurance Company | 2,884,864 | 5.0% |
| Ilmarinen Mutual Pension Insurance Company | 1,912,000 | 3.3% |
| Nordea Life Assurance Finland Ltd. | 1,747,927 | 3.0% |
| Varma Mutual Pension Insurance Company | 1,689,751 | 2.9% |
| Oy H. Kuningas & Co. AB | 1,327,317 | 2.3% |
| Maijala Investment Oy | 1,176,232 | 2.0% |
| Skandinaviska Enskilda Banken AB (publ.) | 1,031,314 | 1.8% |
| Laakkosen Arvopaperi Oy | 900,000 | 1.5% |
| Juhani Maijala | 794,026 | 1.4% |
| Pension Insurance Company Elo | 689,430 | 1.2% |
| 15 largest total | 51,086,531 | 87.7% |
| Other shareholders | 5,382,793 | 9.2% |
| Nominee registered | 486,744 | 2.2% |
| Treasury shares | 1,303,151 | 0.8% |
| Total | 58,259,219 | 100.0% |
CHANGES IN PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
| 31.12.2025 | 31.12.2024 | |||||
| EUR thousand | Property, plant and equipment | Intangible assets | Right-of-use assets | Property, plant and equipment | Intangible assets | Right-of-use assets |
| Carrying amount at the beginning of the period | 120,356 | 2,754 | 11,003 | 112,727 | 6,084 | 11,109 |
| Capital expenditure and increases | 26,130 | 160 | 1,195 | 15,895 | 109 | 2,580 |
| Disposals and decreases | -46 | − | -202 | − | − | -33 |
| Depreciation, amortization and impairment losses | -12,569 | -1,761 | -2,872 | -12,083 | -3,439 | -2,909 |
| Exchange differences and other changes | -9,028 | -4 | -506 | 3,817 | 0 | 256 |
| Carrying amount at the end of the period | 124,844 | 1,150 | 8,617 | 120,356 | 2,754 | 11,003 |
Intangible assets excluding goodwill.
CONTINGENT LIABILITIES
EUR thousand
| Guarantees and other commitments | 2025 | 2024 |
| On own commitments | 1,088 | 1,921 |
| Other own commitments | 24,345 | 18,307 |
| Total | 25,433 | 20,228 |
| Other contingencies | ||
| Contractual commitments to acquire property, plant and equipment | 3,699 | 11,267 |
| Commitments to leases not yet commenced | 458 | 274 |
| Total | 4,127 | 11,541 |
Rental obligations | ||
| Within one year | 164 | 86 |
| Between 1-5 years | 230 | 252 |
| After 5 years | 8 | 56 |
| Total | 401 | 393 |
FINANCIAL ASSETS BY CATEGORY
| a. Financial assets at amortized cost |
| b. Financial assets at fair value through other comprehensive income |
| c. Carrying amount |
| d. Fair value |
| EUR thousand | a. | b. | c. | d. |
| Equity instruments | − | 421 | 421 | 421 |
| Trade receivables | 38,077 | − | 38,077 | 38,077 |
| Interest and other financial receivables | 239 | − | 239 | 239 |
| Cash and cash equivalents | 32,064 | − | 32,064 | 32,064 |
| Total 31.12.2025 | 70,380 | 421 | 70,801 | 70,801 |
| Classification | ||||
| EUR thousand | a. | b. | c. | d. |
| Equity instruments | − | 421 | 421 | 421 |
| Trade receivables | 62,477 | − | 62,477 | 62,477 |
| Interest and other financial receivables | 246 | − | 246 | 246 |
| Cash and cash equivalents | 41,340 | − | 41,340 | 41,340 |
| Total 31.12.2024 | 104,063 | 421 | 104,484 | 104,484 |
Principles in estimating fair value for financial assets for 2025 are the same as those used in consolidated financial statements for 2024.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousand
| 31.12.2025 | 31.12.2024 | |
| Total interest-bearing liabilities at the beginning of the period | 101,760 | 102,278 |
| Current liabilities at the beginning of the period | 42,877 | 43,117 |
| Repayment of lease liabilities, cash flow items | -2,848 | -3,312 |
| Repayment of other current liabilities, cash flow items | -128,000 | -160,000 |
| Drawdown of current liabilities, cash flow items | 88,000 | 160,000 |
| Increases in current liabilities, non-cash flow items | 376 | 630 |
| Decreases of current liabilities, non-cash flow items | -108 | -284 |
| Reclassification from non-current liabilities | 2,735 | 2,643 |
| Exchange rate difference, non-cash flow item | -194 | 81 |
| Current liabilities at the end of the period | 2,837 | 42,877 |
| Non-current liabilities at the beginning of the period | 9,277 | 9,711 |
| Increases in non-current liabilities, cash flow items | 50,000 | − |
| Increases in non-current liabilities, non-cash flow items | 819 | 1,949 |
| Decreases of non-current liabilities, non-cash flow items | -91 | -11 |
| Reclassification to current liabilities | -2,735 | -2,643 |
| Periodization of interest-bearing non-current liabilities to amortized cost, non-cash flow items | -175 | − |
| Exchange rate difference, non-cash flow item | -442 | 272 |
| Non-current liabilities at the end of the period | 56,654 | 9,277 |
| Non-current debentures at the beginning of the period | 49,606 | 49,449 |
| Periodization of debenture to amortized cost, non-cash flow items | 159 | 157 |
| Non-current debentures at the end of the period | 49,765 | 49,606 |
| Total interest-bearing liabilities at the end of the period | 109,256 | 101,760 |
FINANCIAL LIABILITIES
| 31.12.2025 | 31.12.2024 | |||||
| EUR thousand | Carrying amount | Fair value | Nominal value | Carrying amount | Fair value | Nominal value |
| Non-current financial liabilities | ||||||
| Debentures | 49,765 | 46,530 | 50,000 | 49,606 | 45,255 | 50,000 |
| Non-current loans from financial institutions | 49,825 | 50,000 | 50,000 | − | − | − |
| Lease liabilities | 6,829 | 6,829 | 6,829 | 9,277 | 9,277 | 9,277 |
| Total non-current financial liabilities | 106,419 | 103,359 | 106,829 | 58,883 | 54,532 | 59,277 |
| Current financial liabilities | ||||||
| Current loans from financial institutions | − | − | − | 40,000 | 40,000 | 40,000 |
| Lease liabilities | 2,837 | 2,837 | 2,837 | 2,877 | 2,877 | 2,877 |
| Interest accruals | 426 | 426 | 426 | 582 | 582 | 582 |
| Other current liabilities | 312 | 312 | 312 | 269 | 269 | 269 |
| Trade payables | 49,192 | 49,192 | 49,192 | 67,654 | 67,654 | 67,654 |
| Total current financial liabilities | 52,768 | 52,768 | 52,768 | 111,382 | 111,382 | 111,382 |
| Total | 159,187 | 156,127 | 159,597 | 170,265 | 165,914 | 170,659 |
The financial liabilities in the table above are measured at amortized cost.
Principles in estimating fair value for financial liabilities for 2025 are the same as those used in consolidated financial statements for 2024.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousand
| Fair value hierarchy in 2025 | |||
| Financial assets at fair value | Level 1 | Level 2 | Level 3 |
| Equity instruments | − | − | 421 |
| Total in 2025 | − | − | 421 |
| Fair value hierarchy in 2024 | |||
| Financial assets at fair value | Level 1 | Level 2 | Level 3 |
| Equity instruments | − | − | 421 |
| Total in 2024 | − | − | 421 |
Principles in estimating fair value for financial assets for 2025 are the same as those used in consolidated financial statements for 2024.
SUOMINEN CORPORATION
Board of Directors
For further information, please contact:
Charles Héaulmé, President and CEO, tel. +358 10 214 3268
Janne Silonsaari, CFO, tel. +358 50 409 9264
Suominen manufactures nonwovens as roll goods for wipes and other applications. Our vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen’s nonwovens are present in people’s daily life worldwide. Suominen’s net sales in 2025 were EUR 412.4 million and we have almost 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki. Read more at www.suominen.fi.
Distribution:
Nasdaq Helsinki
Main media
www.suominen.fi
Attachment
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