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 – February 2026
Geopolitics and economic cycles
Geopolitical risks have increased globally. The direct impact of conflicts, sanctions, and restrictions on Gofore remains small. We still see the threat of a trade war as present, but smaller than before.
Our outlook is based on economic forecasts, according to which the economies of Finland and Germany will grow faster in 2026 than in the previous year. A possible deterioration in the economic situation would negatively affect Gofore’s 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. Weakening public finances and the new Finnish government’s adjustment-focused fiscal policy may affect IT investments. However, the content of the Finnish government program and its investment targets reduce this uncertainty. As competition in the public sector remains tight, the risk of price erosion is high.
A significant share of public sector assignments are carried out under larger framework agreements. Framework agreements are fixed-term or otherwise time-limited, and therefore they are retendered.
Information on Gofore’s known significant agreements to be retendered in the next 12 months is provided as part of financial reporting.
Private sector customer market
Companies are more vulnerable than the public sector to political situations or country-specific macroeconomic risks. If companies’ outlooks weaken, there is a risk that ongoing projects may end or investments may be reduced. However, in the medium and long term, digitalisation remains high on companies’ development agendas as a perceived competitive advantage, and Gofore’s offering generates high added value for customers.
Project risks
The share of fixed-price and ceiling-price projects is expected to rise due to tighter customer budgets. Gofore’s ability to manage demanding projects has improved with the new organisation. As the number of larger projects and projects with fixed-price elements increases, the overall risk of the project portfolio also grows.
Acquisition risk
The integration of companies acquired in 2025 increases the acquisition risk, which has nevertheless been minimised with ready-made integration models.
DACH region business
The business operations in the DACH region are at a critical stage. The integration of the new acquisition (Esentri AG) into Gofore’s other DACH business will be carried out gradually during 2026.
If the outlook for the German economy worsens, the risk of not being able to grow the business increases.
Cyber security
Cyber threats have increased recently due to geopolitical uncertainty and the growing activity of state operators. At Gofore, security is based on the ISO 27001 certified information security management system (in Germany, the Tisax security standard) and strong cyber security expertise, which we also use to serve our customers. Gofore actively participates in national networks to anticipate threats targeting itself and its clients.
Talent market and personnel
Gofore’s attractiveness as an employer remains strong. Potential reputational risks (e.g., personnel adjustments) may negatively impact the employer brand. Undesired attrition may also increase. Salary competition in particularly sought-after areas of expertise can intensify quickly, making it more difficult to maintain a sustainable margin.