Gofore Plc
Interim Report
23 October 2025 at 8.50 a.m. EET
Gofore Plc’s Interim Report January-September 2025: Q3 profitability at the highest level of the year
July-September 2025
- Net sales increased from the acquisition by 5.2%, but profitability was behind last year, adjusted EBITA at 8.7% (11.2%). July was impacted by the holiday season, but August-September utilisation was at a good level.
- Change in customer prices from July to September was -0.6% without projects exceeding the work estimates, and -1.8% considering them. Also, the average salary change was decreasing, -0.6% (-1.0%).
- The number of employees increased along with the business acquisition to a total of 1,786 (1,474) people. Total capacity stood at 1,855 (1,552).
- Huld was consolidated into Gofore Group starting from 1 September 2025. The debt-free enterprise value was 54.5 million euros and preliminary purchase price 41.4 million euros. Of the purchase price 10% (appr. 4.1 MEUR) was paid through share issue and 90% (appr. 37.3 MEUR) in cash.
January-September 2025
- Net sales declined from the previous year’s level, -3.3% and were 131.8 (136.3) million euros.
- Adjusted EBITA 8.5 (17.2) million euros, 6.4% (12.6%) of net sales. January-June was strained by mainly certain projects delivery challenges and a write-down of one fixed-price project.
- Customer price change in January-September was -0.4% (-0.2%) without projects exceeding the work estimates, and -3.0% considering them. Projects exceeding the workload estimates affected customer price development mainly in January-June.
- The average salary development continued to be controlled; January-September was +0.2% (+0.6%).
Guidance for 2025
Gofore specified on 22 October 2025 its guidance for 2025 following the acquisition of Huld. Gofore has successfully integrated the Huld acquisition into its consolidated figures and specifies its guidance accordingly.
Specified profitability guidance for the year 2025
Gofore guides that the adjusted EBITA for the entire year of 2025 will be set at 8-10 percent of net sales. This guidance applies to the Gofore Group, including the Huld acquisition.
Gofore reports its net sales monthly; most recently in the September business review on 9 September 2025.
Previous guidance
Gofore guides that the adjusted EBITA for the entire year of 2025 will be set at 8-10 percent of net sales. This guidance applies to the Gofore Group excluding the Huld acquisition.
Key figures
The half-year report is attached to this release and can be found on Gofore’s IR website at https://gofore.com/en/invest/. The report includes e.g. the most significant new agreements, an extensive key figure table, profit and loss statement and balance sheet, as well as Gofore’s market outlook and near-term risks. This is an IAS34 compliant interim report. The numbers are unaudited.
|
Group Key Figures Summary, MEUR |
Q3/2025 |
Q3/2024 |
2024 |
|
Net sales |
41.2 |
39.1 |
186.2 |
|
Organic Growth of Net Sales, % |
-3.3% |
-4.2% |
-3.2% |
|
Adjusted EBITA |
3.6 |
4.4 |
23.9 |
|
Adjusted EBITA, % |
8.7% |
11.2% |
12.8% |
|
EBITA |
2.7 |
4.9 |
24.4 |
|
Operating Profit (EBIT) |
1.8 |
4.1 |
20.8 |
|
Earnings per share (EPS), undiluted |
0.10 |
0.21 |
1.04 |
|
Earnings per share (EPS), diluted |
0.10 |
0.21 |
1.02 |
|
Number of employees at the end of period |
1,786 |
1,474 |
1,471 |
|
Overall capacity; own and subcontracted personnel (FTE), at the end of period |
1,855 |
1,552 |
1,539 |
CEO Mikael Nylund:
“Our net sales for the third quarter was 41.2 (39.1) million euros. We improved our profitability after a weak start to the year, with adjusted EBITA at 3.6 (4.4) million euros, or 8.7% (11.2) of revenue. The customer demand, which picked up slightly during the summer, ultimately provided rather modest support. In September, we already saw a small increase in both the number of employees and capacity.
This quarter was the first following the adjustment measures we implemented in the spring, and we focused on ensuring that these measures yield the desired results. The direction was positive, evident in the clear improvement in utilisation rates, but there is still room for improvement. Particularly in the DACH region, we still have a lot of work to do to restore the employment situation to a healthy level.
The Huld acquisition that we announced in the summer was completed at the beginning of September. The integration of the two great companies is already well underway, and the staff is excited to build the new entity together. In September, we reported the first Huld numbers as part of Gofore, and although the softness in the market is also affecting Huld, we can be satisfied with the company’s performance. We have scheduled a larger functional integration of the organisations for next year, at which point the first cost synergies will also begin to materialise.
Our joint customers have received the merger news very well. We present ourselves to our industrial clients as a clearly larger and more capable partner. We were able to share this message at our Intelligent Industry 25 event in early October to an interested audience.
In October, we also announced Huld’s Space business’ LISA project agreement worth approximately 10 years and 9.2 million euros. The agreement is singular but an excellent example of new growth opportunities that we have identified in the fields of defense and space based on the foundation created by Huld.
We are also seeking future growth in the field of artificial intelligence. In September, we published two important concepts that position Gofore and our offerings in AI transformation. We hear from our customers the need for a concrete thinking and change model, where artificial intelligence is not isolated tools and experiments but an integral part of all organisational activities and the daily work of every individual. Gofore’s AI Landing Zone and Testing Genius aim to address these needs. In this report, we present an interesting example of AI product development that we have ideated and implemented with Valtra.
Our market outlook has not changed significantly. In our industry, we still see quite extensive adjustment measures, which will likely lead to a better balance between demand and supply. Among industrial customers, we see a partially recovering demand, although customers are still closely monitoring news related to the global economy and international trade.
At the end of the year, we will focus on three areas. First, we will continue to ensure operational efficiency. Based on the adjustments we have made, we can still improve our billing rate and reduce the amount of free capacity, known as “bench.” Second, we are actively seeking customer synergies as part of the Huld integration, both in the industrial sector and in national security and defence customers. Third, we are building future growth in accordance with our chosen strategy and in collaboration with Huld.”
Monthly net sales development in 2025
The numbers are unaudited. The table’s September figures include acquired Huld business’ net sales 3.6 MEUR, number of employees 407, own capacity FTE 365 and subcontracting FTE 22.
|
Month |
Net sales, |
LTM |
No. of |
No. of working |
Own |
Sub- |
|
January |
15,6 (16,9) |
184.9 |
1470 (1463) |
21 (22) |
1387 (1372) |
148 (147) |
|
February |
14,8 (16,3) |
183.3 |
1470 (1461) |
20 (21) |
1381 (1372) |
144 (149) |
|
March |
16,1 (16,0) |
183.4 |
1469 (1456) |
21 (20) |
1379 (1371) |
150 (160) |
|
April |
15,5 (17,0) |
181.8 |
1470 (1456) |
20 (21) |
1388 (1372) |
163 (155) |
|
May |
15,5 (16,8) |
180.5 |
1472 (1455) |
20 (21) |
1381 (1369) |
163 (159) |
|
June |
13,2 (14,2) |
179.6 |
1390 (1453) |
20 (19) |
1313 (368) |
149 (143) |
|
July |
5,8 (5,9) |
179.4 |
1380 (1452) |
23 (23) |
1304 (1366) |
72 (65) |
|
August |
14,7 (15,8) |
178.3 |
1373 (1452) |
21 (22) |
1298 (1366) |
149 (144) |
|
September |
20,7 (14,7) |
215.1 |
1786 (1474) |
22 (21) |
1665 (1380) |
190 (172) |
Next financial disclosure
Gofore’s next financial report is the 2025 Financial Statements on 25 February 2026. Gofore also publishes business reviews in the months between IAS 34 compliant interim reports. Financial communication dates and the Annual General Meeting date for 2026 can now be seen on the IR calendar on Gofore’s investor website:
https://gofore.com/en/invest/investor-calendar/
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280
mikael.nylund@gofore.com
Contacts
- Emmi Berlin, IR & PR Lead, +358400903260, emmi.berlin@gofore.com
About Gofore Oyj
Gofore is an international digital transformation consultancy with Finnish roots. We employ nearly 1,800 experts across 23 cities in Finland, Germany, Austria, Czech Republic, Spain, and Estonia. With our technology and business expertise, we work for functional, secure and equal services for the digital society and sustainable solutions for the intelligent industry. Our diverse group of professionals share a pioneering ambition to create a more humane and responsible digital world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2024, our net sales amounted to EUR 186,2 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Our vision is to be the most significant digital transformation consultancy in Europe.