Siili Solutions Plc_Q3 2026
Siili Solutions Plc, Business review, 1 January–30 September 2026 (unaudited)
Siili Solutions Plc, Business review, 1 January–30 September 2026 (unaudited)
Profitability in Q3 improved compared to comparison period – actions to improve revenue and competitiveness continue
Siili Solutions Plc Stock Exchange Release 28 October 2026 at 9:30 am EET
JULY-SEPTEMBER 2026
- There are signs of recovery in the market, and we started significant new client projects
- Efficiency measures continued and had the expected impact
- The revenue for the third quarter was EUR 22,029 (23,886) thousand, representing decrease of 7.8% year on year
- Adjusted EBITA for the third quarter was EUR 1,087 (565) thousand, which corresponds to 4.9% (2.4%) of revenue
JANUARY-SEPTEMBER 2026
- We focused on strengthening our sales and competitiveness
- The demand for and the sizes of projects related to AI modernisation and transformation continued to strengthen
- The revenue for the first three quarters was EUR 72,088 (81,430) thousand, representing decrease of 11.5% year on year
- Adjusted EBITA for the first three quarters was EUR 724 (3,127) thousand, which corresponds to 1.0% (3.8%) of revenue
| EUR million | 7–9/2026 | 7–9/2025 | 1–9/2026 | 1–9/2025 |
| Revenue | 22.0 | 23.9 | 72.1 | 81.4 |
| Revenue growth, % | -7.8% | -1.0% | -11.5% | -2.3% |
| Organic revenue growth, % | -7.8% | -2.5% | -11.5% | -4.1% |
| Share of international revenue, % | 31.5% | 27.4% | 28.1% | 26.5% |
| Adjusted EBITA | 1.1 | 0.6 | 0.7 | 3.1 |
| Adjusted EBITA, % of revenue | 4.9% | 2.4% | 1.0% | 3.8% |
| EBITA | 0.9 | -1.1 | -0.2 | 0.5 |
| EBIT | 0.6 | -1.5 | -1.2 | -0.5 |
| Earnings per share, EUR | 0.05 | -0.21 | -0.25 | -0.12 |
| Number of employees at the end of the period | 786 | 839 | 786 | 839 |
| Average number of employees during the period | 792 | 870 | 821 | 891 |
| Number of full-time employees (FTE) at the end of the period | 751 | 856 | 751 | 856 |
| Number of full-time subcontractors (FTE) at the end of the period | 98 | 134 | 98 | 134 |
Outlook of 2026
Revenue for 2026 is expected to be EUR 95–105 million and adjusted EBITA EUR 0.5–3.3 million. (Updated on 6 August 2026)
Interim CEO Markku Savusalo:
During the third quarter of 2026, we continued our determined work to improve revenue and profitability. The measures taken to improve efficiency, as well as the strengthening of the offering, are having the planned effect, and profitability improved from the beginning of the year as a result. However, we still cannot be satisfied with the level of revenue.
Sales have developed positively thanks to the strengthened offering and sales organisation. However, the loss of and reductions in certain important clients during the first half of the year resulted in decline in revenue of the third quarter compared to comparison period.
Revenue for the third quarter of the year was 22.0 million euros, representing a decrease of 7.8% from the previous year. Adjusted EBITA in July-September was 1.1 million euros, or 4.9% of revenue.
There are signs of recovery in the market compared to previous years. The demand for and the sizes of projects related to AI modernisation and transformation continued to strengthen in the third quarter. The share of AI projects in our client work is significant and showing strong growth. Demand is currently focused on specialised expertise and strong AI expertise, which is consistent with our strategy. Siili's reputation as a pioneer in the utilisation of artificial intelligence has given us a strong position in many tenders as demand picks up.
One example of an AI modernisation project is our cooperation with Outokumpu. Together with Outokumpu stainless steel production in Tornio, we are currently modernising the steel melt shop and hot rolling mill production systems. The work is done with a modern agentic development process, and the new system is taken into use part by part alongside the old one. The modernisation will continue in 2027.
In the course of this year, Siili Auto has strengthened its position in the defence industry by delivering real-time computer vision and visualisation software to leading defence sector clients in Finland and elsewhere in Europe. Siili Auto's technological expertise combined with an understanding of the requirements of the defence sector's operating environment makes us a reliable partner for our clients. Cooperation with our client Senop has rapidly progressed from the demonstration phase to a full-scale product development programme. Senop is a leading Nordic defence sector optronics company that supplies advanced night vision, thermal imaging, sighting and vehicle camera systems to defence forces operating in the most demanding operating environments.
In accordance with our strategy, we are also seeking growth internationally. Siili's subsidiary Supercharge has strengthened its position during the year and gained new client relationships particularly in the energy sector. Another example of our international projects is our cooperation with Swedavia. Siili will implement the Airport Operational Status (AOS) solution for Swedavia and the ten airports it operates in Sweden. We have worked closely with Swedavia's stakeholders to finalise the functional specifications to meet Swedavia's operational needs, and the integrations into various operational systems are ready. The basic functionalities of the AOS solution will be delivered in the first quarter of 2027.
In the last quarter of the year, we will continue to focus on improving revenue and profitability. Focusing on sales and value creation for our current clients will play a key role. We will also continue to develop Siili's AI and data expertise in accordance with our strategy so that we can respond to the current and future demand in the market. We are also investing heavily in the development of Siili's AI platform as well as our own assets and accelerators.
I would like to thank Siili's clients, partners and personnel for good cooperation during the third quarter of the year. Although there is still much to be done in terms of improving revenue and profitability, we are on the right track. Positive signs from the development of sales and the improved profitability provide us with a more stable starting point for the last quarter of the year.
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This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company's financial performance. The financial information presented in this business review is unaudited.
FURTHER INFORMATION:
Interim CEO Markku Savusalo
Tel: +358 40 154 7970,
email: markku.savusalo(at)siili.com
CFO Tuomas Toropainen
Tel: +358 50 911 9598,
email: tuomas.toropainen(at)siili.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
Main media
www.siili.com/en
SIILI SOLUTIONS IN BRIEF:
Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc's shares are listed on the Nasdaq Helsinki Stock Exchange. www.siili.com/en