Martela (MARAS) investor relations material

Executive summary

• Revenue and operating result for January–June 2026 declined sharply year-over-year, with revenue down 36.4% and a deepening operating loss.

• Demand was significantly weaker than expected, especially in the Nordic countries, due to customer uncertainty, project postponements, and smaller project sizes.

• New orders in H1 2026 fell by 28% and order stock was 24% lower than the prior year.

• Management expects gradual improvement in delivery volumes towards year-end, with ongoing actions to strengthen competitiveness and working capital.

Financial highlights

• Q2 2026 revenue: EUR 14.5 million (down 41% YoY); H1 2026 revenue: EUR 32.0 million (down 36.4% YoY).

• Q2 operating result: EUR -0.5 million (vs. EUR 0.1 million YoY); H1 operating result: EUR -2.4 million (vs. EUR -1.4 million YoY).

• Comparable operating result for H1: EUR -3.5 million (vs. EUR -1.4 million YoY), excluding a EUR 1.1 million gain from the sale of the moving services business.

• H1 net result: EUR -3.5 million (vs. EUR -2.5 million YoY); EPS: EUR -0.75 (vs. EUR -0.54 YoY).

• Cash flow from operating activities: EUR 1.1 million (vs. EUR 1.7 million YoY).

Outlook and guidance

• Full-year 2026 revenue estimated at EUR 66–73 million; comparable operating result expected to be negative by EUR 1–3 million.

• No expectation of demand strengthening in main markets before year-end due to ongoing uncertainty.