Innofactor Plc Financial Statements Bulletin 2024 (IFRS)

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Innofactor Plc Financial Statements Bulletin February 28, 2025, at 9:00 a.m. Finnish time

Key figures of the group, IFRS

*) In accordance with IFRS 3, the operating result for July 1–December 31, 2024, includes EUR 117 thousand (2023: 136) and for January 1–December 31, 2024, EUR 233 thousand (2023: 359) in depreciation related to acquisitions, consisting of allocations of the purchase price to intangible assets.

On December 31, 2024, the Innofactor Group recognized write-downs on deferred tax assets related to the Group's business operations in Denmark, as the Group considers it possible that it will not accrue taxable income against which the losses could be utilized.

**) The Innofactor Group monitors the number of active personnel. The number of active personnel does not include employees who are on leave for more than three months.

Innofactor’s future outlook for 2025

Innofactor’s business is expected to continue as normal in 2025. Innofactor is in redemption proceedings concerning all shares in the company. The redemption proceedings are expected to be completed during the financial year, and the company will not issue more detailed financial guidance for the financial year 2025.

CEO Sami Ensio’s review: I want to thank all of the investors and partners who participated in Innofactor's journey as a listed company

This Financial Statements Bulletin is likely to be Innofactor's last earnings report as a listed company, at least for the time being. At the end of 2024, a consortium formed for the purposes of a voluntary recommended public cash tender offer achieved an ownership of over 90 percent of the company and commenced compulsory redemption proceedings for the remaining shares. It is estimated that the redemption proceedings will take a few months. Our period as a listed company lasted for over 14 great years, more than half of the total journey of Innofactor, which celebrated its 25th anniversary at the beginning of this year. Our years as a listed company included many successes but, naturally, also some challenges.

Between 2012 and 2016, we achieved strong growth in the Nordic countries in line with our strategy, as we used our listed share as a means of payment for acquisitions. In 2013, the financial publication Kauppalehti rated Innofactor as Finland's most successful listed company. The period from 2017 to 2020 was a more challenging time for the company, as we integrated the acquired entities and did not achieve much growth. We then resumed our growth in 2021 and 2022, but were subsequently affected by the challenges of the IT market in 2024.

Delisting the company is not an easy decision for me, personally. However, I am confident that, in the present moment, it is unquestionably the best move with regard to the company's success, customers, employees and investors. I want to take this opportunity to thank all of the investors and partners who have been part of our journey, and I wish you all success in the future.

Innofactor updated its strategy and organizational structure effective from the beginning of 2025. Going forward, our business will be divided into four main business areas: Platforms, Solutions, Code and Dynasty, which have been incorporated into separate companies. The members of the Group Executive Board are as follows:

• Sami Ensio, Chief Executive Officer
• Anni Wahlroos, Chief People Officer and Deputy CEO
• Aki Rahunen, Chief Financial Officer (appointed on February 7, 2025, will take up his post on May 8, 2025 at the latest)
• Martin Söderlind, Chief Strategy Implementation Officer
• Jørn Ellefsen, Managing Director, Innofactor Platforms
• Jyrki Vepsäläinen, Managing Director, Innofactor Solutions
• Marko Lybeck, Managing Director, Innofactor Code
• Vesa Niinistö, Managing Director, Innofactor Dynasty

In 2024, Innofactor's business was affected by a number of extraordinary factors, including measures and costs related to the public tender offer and unforeseen legal costs related to an individual acquisition, as well as the preparation of the Group's new strategy and the related changes in the organizational and corporate structure. Due to these factors and the challenging market situation in the IT industry, we were not able to achieve the targets we had set for our business for 2024. Net sales for the year 2024 totaled EUR 77.6 million, representing a year-on-year decrease of 3.3 percent. The operating margin (EBITDA) was EUR 6.3 million (8.2 percent of net sales).

Board of Directors' proposal on the distribution of profits

Innofactor is a growing company and intends to use its operating profit on actions promoting growth, for example, on realizing mergers. According to the dividend distribution policy, Innofactor will generally not pay dividends in the future but will instead use the retained earnings for growth-enhancing measures.

For 2024, the Group’s result for the financial period was EUR 263,161.73. In making the proposal on the dividend, the Board of Directors takes into account the company's financial situation, profitability and near-term outlook. At the end of the financial year 2024, the distributable assets of the Group’s parent company amounted to EUR 7,949,235.09.

The Board of Directors proposes that no dividend be distributed for the financial period of January 1–December 31, 2024.

Espoo, February 28, 2025

INNOFACTOR PLC

Board of Directors

Additional information:
CEO Sami Ensio, Innofactor Plc
tel. +358 50 584 2029
sami.ensio@innofactor.com

Financial releases in 2025

The annual report for 2024 will be published on the company’s website on Monday, March 31, 2025.

The Annual General Meeting is scheduled to be held on Wednesday, June 25, 2025.

The schedule for financial releases in 2025 is as follows:

• Half-yearly report January–June 2025 (H1) on Tuesday, September 30, 2025.
  
  

Distribution:
NASDAQ Helsinki
Main media
www.innofactor.com

Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

Attachment

• Innofactor Plc Financial Statement 2024 (IFRS)