Reviewing risks in Gofore’s investor relations
Gofore comments the risks and uncertainty factors of its business on two levels, by discussing both near-term as well as mid to long-term risks and uncertainty factors on different frequencies.
Near-term risks and uncertainty factors are updated quarterly in interim and half-year reports as well as this page mainly by reviewing if anything has changed since the previous report. Interim reports and half-year reports also include a separate section on Gofore’s market outlook. Fast changes can also be highlighted as needed in Gofore’s monthly business reviews.
Gofore’s overall risks and uncertainty factors are updated as needed. Gofore’s overall risks have been updated in the prospectus of the transfer to the Nasdaq Helsinki Main List in 2021.
Near-term risks and uncertainty factors – October 2026
Geopolitics and economic cycles
Geopolitical risks have increased, but the direct impact of conflicts, sanctions and restrictions on Gofore is still small. The war in Iran does not currently have a direct impact on our business, but it increases uncertainty in economic demand, especially in export industries, as does a potential global energy crisis.
Our outlook is based on forecasts of accelerating economic growth in Finland and Germany in 2026. A weakening economy would reduce our customers’ ability to invest in digital development, especially in the private sector.
Public sector customer market
The public sector withstands macroeconomic changes better than the private sector. The weakening of public finances and the adjustment measures of Finland’s new government may affect IT investments, but the content of the government programme and the chosen investment targets reduce uncertainty. Tight competition keeps the risk of price erosion high.
A significant share of public sector engagements fall under large, time-limited framework agreements that are re-tendered. Gofore reports twice a year on significant contracts that will be retendered within the next 12 months according to its knowledge.
Private sector customer market
Companies are more exposed than the public sector to political and country-specific macroeconomic risks. Weakening outlooks can cancel projects or reduce investments. Nevertheless, digitalization will remain a key development focus and source of competitive advantage for companies in the medium and long term. Gofore’s offering provides customers with high added value.
Project risks
Tightening customer budgets are expected to increase the share of fixed-price and capped-price projects. The new organization has improved the management of demanding projects. However, the growth in the number of large projects and projects with fixed-price components increases the overall risk of the project portfolio.
Acquisition risk
The integration of companies acquired in 2025–2026 increases acquisition risk, which is minimized by established integration models.
DACH business
DACH business is at a critical stage. We will integrate Esentri AG into the rest of the DACH business step by step in 2026. A deterioration in Germany’s economic outlook would heighten the risk of growth failing to materialize. Germany’s economy and DACH customer demand are particularly exposed to the war in Iran and its impacts on energy availability, prices, and logistics.
Cybersecurity
Geopolitical uncertainty and increased activity by state actors have heightened cyber threats. Gofore’s information security is based on an ISO 27001-certified management system (in Germany, the Tisax standard) and strong cyber expertise, with which we also serve our customers. We proactively anticipate threats targeting us and our customers through participation in national networks.
AI disruption
The rapid development of generative AI radically increases productivity in consulting and software development. If customers use these benefits solely to achieve cost savings, the volume of demand for consulting work may decline. The costs of using AI may also rise. Gofore assesses that this development will lead to increased demand and is preparing for the impacts on pricing of expert services, demand structure, and competence requirements.
Talent market and personnel
Gofore’s attractiveness as an employer is strong. Reputation risks, such as personnel adjustments, may weaken the employer brand. Undesired employee turnover may also increase. Salary competition in the most sought-after competence areas can intensify quickly and make it harder to maintain sustainable margins.