Lemonsoft Oyj | Company Release | November 05, 2026 at 10:00:00 EET

JULY - SEPTEMBER 2026, IFRS

• Net sales were EUR 7,171 thousand (7,065) and increased by 1.5%
• EBITDA was EUR 2,762 thousand (2,907), 38.5% (41.1) of net sales
• Adjusted EBITDA was EUR 2,822 thousand (2,736), 39.4% (38.7) of net sales
• EBIT was EUR 2,179 thousand (2,400), 30.4% (34.0) of net sales
• Adjusted EBIT was EUR 2,507 thousand (2,476), 35.0% (35.1) of net sales
• Profit of the review period was EUR 619 thousand (1,872), 8.6% (26.5) of net sales

JANUARY - SEPTEMBER 2026, IFRS

• Net sales were EUR 22,472 thousand (22,047) and increased by 1.9%
• EBITDA was EUR 6,851 thousand (7,469), 30.5% (33.9) of net sales
• Adjusted EBITDA was EUR 7,066 thousand (6,380), 31.4% (28.9) of net sales
• EBIT was EUR 5,069 thousand (5,759), 22.6% (26.1) of net sales
• Adjusted EBIT was EUR 6,087 thousand (5,413), 27.1% (24.6) of net sales
• Profit of the review period was EUR 2,668 thousand (3,345), 11.9% (15.2) of net sales

Key Figures, IFRS

CEO Alpo Luostarinen

During the third quarter, we launched several new functionalities and focused on supporting both new and existing customers in adopting our latest solutions and AI functionalities. Our net sales amounted to EUR 7.2 million, representing moderate growth of 1.5%. Growth in SaaS income remained at a good level at 8.2%, and its share of net sales continued to increase, reaching 82.6% (77.5). Adjusted EBIT remained at the previous year’s level at EUR 2.5 million, or 35.0% of net sales. The corporate transactions concerning Finvoicer Group Oy and Lixani Oy completed in July weaken comparability with the previous year, but at the same time they sharpen our strategic focus on our core industries.

The recovery of the manufacturing and wholesale market continued during the quarter. This was also reflected at the front end of our sales funnel: the number of ERP leads and the value of submitted offers were at a clearly higher level than before. The number of new deals still fell slightly short of our target, but customers’ decision-making clearly picked up at the end of the third quarter. During the quarter, we won several new customers who are migrating to us from competing systems approaching the end of their lifecycle. We estimate that this transition offers us a significant growth opportunity in the coming years.

During the quarter, we actively met both our existing customers and potential new customers at several live events and webinars. As a result of these direct customer contacts, manufacturing customers in particular have decided to begin the transition to our most modern solutions and latest AI features, which improve, among other things, the order-to-delivery chain, the planning of production processes and the use of ERP data in business analytics. New customer churn has been clearly more moderate since the summer, but the terminations that became known earlier in the year will increase the churn realised during the remainder of the year and keep it at a high level.

The pace of our product development increased clearly during the quarter. Thanks to AI and agent-based development, the number of completed functionalities during the review period was approximately three times higher than at the beginning of the year. Since the summer, we have released several significant updates related to finance and production. This autumn, we have also developed other core functions of our product, such as supply chain and inventory management. These updates strengthen our competitiveness in the software market for manufacturing and wholesale.

We are progressing with internationalization in a customer-driven manner and are following our manufacturing customers abroad. We are currently building our capabilities together with our existing customers in Sweden, Germany and the Baltics. In the short term, we will first ensure the local functionality of the product in our existing customers’ international operations. In the longer term, we will develop broader and more comprehensive local service capabilities.

Lemonsoft’s position as a leading provider in the Finnish software market for manufacturing and wholesale is strong. The market recovery, the faster release and adoption of our modern solutions and improved customer satisfaction create a good foundation for accelerating our growth during 2027.

Group Financial Development

Group financial result and profitability

July-September 2026Net sales for the review period were EUR 7,171 thousand (7,065). Net sales increased by EUR 106 thousand, 1.5%. Organic growth of the review period was 0.2%, organic growth of the recurring revenue was -0.5% and growth in SaaS income was 8.2%. Net sales were increased by the acquisition of Jakamo Oy completed in early March 2026, the company’s net sales were not included in the comparison period. For the organic growth of net sales, the impact of corporate transactions (Jakamo Oy, Finvoicer Group Oy and Lixani Oy) has been excluded.

The share of SaaS income was 82.6% (77.5), the share of transaction income 6.5% (9.8), and consulting and other income 10.9% (12.7). The increase in the share of SaaS income was driven by the Jakamo acquisition, and the decrease in transaction income and in consulting and other income was driven by the sale of Finvoicer Group.

EBITDA was EUR 2,762 thousand (2,907), 38.5% (41.1) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 2,822 thousand (2,736), 39.4% (38.7) of net sales.

EBIT was EUR 2,179 thousand (2,400), 30.4% (34.0) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 2,507 thousand (2,476), 35.0% (35.1) of net sales.

Profit for the review period was EUR 619 thousand (1,872), 8.6% (26.5) of net sales. The profit for the review period was affected by the corporate transactions completed during the period.

Cash flow from operating activities was EUR 1,808 thousand (969).

January-September 2026Net sales for the review period were EUR 22,472 thousand (22,047). Net sales increased by EUR 425 thousand, 1.9%. Organic growth of the review period was -1.9%, organic growth of the recurring revenue was 0.3% and growth in SaaS income was 9.2%. Net sales were increased by the acquisition of Jakamo Oy completed in early March 2026, the company’s net sales were not included in the comparison period. For the organic growth of net sales, the impact of corporate transactions (Jakamo Oy, Finvoicer Group Oy and Lixani Oy) has been excluded.

The share of SaaS income was 80.7% (75.4), the share of transaction income 7.7% (10.1), and consulting and other income 11.5% (14.5). The increase in the share of SaaS income was driven by the Jakamo acquisition, and the decrease in transaction income and in consulting and other income was driven by the sale of Finvoicer Group.

EBITDA was EUR 6,851 thousand (7,469), 30.5% (33.9) of net sales. Adjusted EBITDA (adjustments specified in the Alternative performance measures section) was EUR 7,066 thousand (6,380), 31.4% (28.9) of net sales. In the comparison period the most significant adjustment item is the recognition of additional purchase price as revenue.

EBIT was EUR 5,069 thousand (5,759), 22.6% (26.1) of net sales. Adjusted EBIT (adjustments specified in the Alternative performance measures section) was EUR 6,087 thousand (5,413), 27.1% (24.6) of net sales. In the comparison period the most significant adjustment item is the recognition of additional purchase price as revenue.

Profit for the review period was EUR 2,668 thousand (3,345), 11.9% (15.2) of net sales. The profit for the review period was affected by the corporate transactions completed during the third quarter.

Cash flow from operating activities was EUR 4,990 thousand (5,370).

Balance sheet, financing and investmentsThe balance sheet total at the end of the review period was EUR 50,697 thousand (48,090 at the end of the year 2025).

The Group has capitalized development expenses of EUR 357 thousand during the year 2026 (541 during the comparison period 2025). At the end of the review period, the Group's balance sheet included capitalized development expenses totaling EUR 3,137 thousand (2,809 at the end of the year 2025).

Total equity was EUR 29,328 thousand (29,516 at the end of the year 2025), equity decreased EUR 188 thousand.

Equity ratio was 58.1% (61.5 at the end of the year 2025) and interest-bearing debt was EUR 12,047 thousand (10,569 at the end of the year 2025).

Cash and cash equivalents at the end of the review period were EUR 4,547 thousand (6,553 at the end of the year 2025).

Personnel

The Group’s number of employees was 184 (196) on 30 September 2026. We reported our Group personnel as follows:

• Product organisation 99 employees
• Customer functions 65 employees
• Other functions, a total of 20 employees

Share-based incentive plan

The Board of Directors of Lemonsoft Oyj has established a share-based incentive plan for the key employees of the company in March 2024. The aim of the new plan is to align the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company’s shares, to retain the management at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.

The Performance Matching Share Plan 2024 - 2028 includes three performance periods, covering financial years 2024 - 2026, 2025 - 2027 and 2026 - 2028. The Board will decide annually on the commencement and details of a performance period. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Lemonsoft Oyj shares held by him or her to the plan or acquires the company’s shares in a number determined by the Board.

The rewards from the plan will be paid partly in the company’s shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant’s employment or service in the group ends before the reward payment.

The performance criterion in the first performance period 2024 - 2026 is the Total Shareholder Return of the company’s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consisted of 4 persons (the CEO and three members of the Management Team). The gross rewards for the first period correspond to a maximum total of 77,000 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and the achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2024 - 2026 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 2 persons at the end of the reporting period.

The performance criterion in the second performance period 2025 - 2027 is the Total Shareholder Return of the company’s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consists of 4 persons (the CEO and three members of the Management Team). The gross rewards for the second period correspond to a maximum total of 102,675 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2025 - 2027 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 3 persons at the end of the reporting period.

The performance criterion in the third performance period 2026 - 2028 is the Total Shareholder Return of the company’s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The target group of the plan consists of 6 persons (the CEO and five members of the Management Team). The gross rewards for the third period correspond to a maximum total of 142,500 Lemonsoft Oyj shares including the cash portion. The final number of shares depends on the number of shares acquired by participants and achievement of the TSR levels. The reward to be paid on the basis of the plan will be capped if the limits set by the Board for the payable reward from the performance period 2026 - 2028 are exceeded. The number of key employees in the target group changed during the performance period and consisted of 5 persons at the end of the reporting period.

Shares and shareholders

Share capital and number of sharesThe company has one series of shares, and all shares have equal rights. At the end of the review period, the number of Lemonsoft Oyj’s outstanding shares was 17,794,367 (17,928,748). The average number of outstanding shares during the review period January-September was 17,802,131 (18,236,618). Lemonsoft Oyj held 468,401 of its own shares at the end of the reporting period.

The company's share is traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Oy. During the review period July - September, the highest share price was EUR 5.20 and the lowest EUR 4.02. The closing price on 30 September 2026 was EUR 4.54. The market value of the company at the closing price of the review period was approximately EUR 82.91 million. Average daily trading volume during the review period was 17,748 shares (EUR 79,308).

On 30 September 2026, the company had a total of 2,139 shareholders. The company's largest shareholders can be found on the company's investor website at https://investors.lemonsoft.fi/share/shareholders/.

Authorizations of the Board of DirectorsLemonsoft Oyj has decided in its Annual General Meeting on 14 April 2026 to authorize the Board of Directors to decide on the repurchase of the company’s own shares on the following terms and conditions:

• By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company’s own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.9% of the company’s shares. The authorization includes the right to accept the company’s own shares as a pledge.
• The company’s own shares can be repurchased otherwise than in proportion to the existing shareholdings of the company’s shareholders (directed repurchase).
• The company’s own shares can be repurchased at the Nasdaq First North Growth Market Finland marketplace or outside of the marketplace.
• Own shares can be repurchased at a price formed on First North Growth Market Finland on the date of the repurchase or at a price otherwise determined by the markets.
• The shares shall be repurchased using the company’s unrestricted equity.
• The shares shall be repurchased for the purpose of financing or carrying out acquisitions or other arrangements, to implement the company’s incentive schemes, to develop the company’s capital structure, or for other purposes as decided by the Board of Directors.
• The Board of Directors shall decide on the other conditions related to the repurchase of the company’s own shares.

The authorization is valid until the 2027 Annual General Meeting, but not beyond 30 June 2027. The authorization shall replace the authorization granted to the Board of Directors by the Annual General Meeting of 9 April 2025 regarding the repurchase of a maximum of 1,800,000 of the company’s own shares.

The Annual General Meeting authorized the Board to decide on an ordinary or bonus issue of shares and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments:

• This issue may total a maximum of 1,800,000 shares corresponding to a maximum of approximately 9.9% of all shares of the company. The authorization applies to both new shares and treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for offering share-based incentive schemes, to develop the company’s capital structure, or for other purposes decided by the Board of Directors.
• The authorization entitles the Board of Directors to resolve on all conditions of the issuance of shares and special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive right.

The authorization is in force until the next Annual General Meeting; however, no longer than until 30 June 2027, and it replaces the previous authorizations.

Significant short-term risks and uncertainties

The deterioration of the economic situation and geopolitical changes may have direct and indirect effects on Lemonsoft's business. These may be reflected in the business operations of Lemonsoft's customer companies, for example, in reduced investments by industrial manufacturing companies and decreased needs of subcontracting chains, as well as business and bankruptcy risks. In turn, customers' business challenges may affect Lemonsoft's new customer acquisition, upsells from existing customers, and customer retention.

In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.

In Lemonsoft's cost structure, the single most significant factor is personnel costs, and an increase in the general price level may increase the pressure to increase personnel costs. Lemonsoft constantly monitors the development of the situation from a risk management perspective and strives to ensure the continuation of profitable growth by optimizing its cost structure and pricing.

The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in Lemonsoft's operating markets may intensify due to existing competitors or agile new entrants. With the acceleration of product development enabled by advances in AI, entry into the industry may become easier, the number of competitors may increase, and price competition in the market may intensify.

Risks related to information security and the IT systems of service providers, as well as potential misuse, are a significant factor affecting the security and continuity of the Group's business. Lemonsoft constantly invests in high reliability and high security systems and strives to ensure the high quality of the services it purchases by selecting leading players in the industry as its key partners. European data protection regulations may also bring unexpected risks to Lemonsoft's operating environment.

Success in acquisitions and related integration work is a key factor for Lemonsoft's growth. The company has made several acquisitions in recent years and aims to continue to grow through acquisitions. There may be unexpected risks associated with target companies and their integration into Lemonsoft.

Events after the review period

Lemonsoft Oyj announced on 20 October 2026 that it would initiate change negotiations in accordance with the Cooperation Act. The negotiations cover the personnel of the Group’s parent company, Lemonsoft Oyj. Lemonsoft estimates that the need to reduce personnel is at most nine employees. In addition, the negotiations will assess possible reorganisations of tasks and the organisational structure, which may also result in new positions within the company.

Lemonsoft Oyj announced on 2 November 2026 that the change negotiations had been concluded. As a result of the measures decided upon in the negotiations, personnel reductions will affect a total of seven employees, and material changes to employment terms will affect two employees. The outcome of the change negotiations has no impact on Lemonsoft Oyj’s profit forecast for 2026.

Profit forecast for 2026 (updated on 3 August 2026)

Lemonsoft estimates that the net sales for the financial year 2026 will increase by -1-5 percent compared to the financial year 2025, and that adjusted EBIT will be 23-29 percent of net sales in the financial year 2026.

Financial information

Lemonsoft Oyj will publish the financial calendar for 2027 later this year.

Webcast for investors and media

Lemonsoft will host a live webcast for investors and the media in English on November 5, 2026 at 1:00pm EET. The webcast can be followed online live via this link: https://events.inderes.com/lemonsoft/2026-q3-results

A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.

Lemonsoft OyjBoard of Directors

Further information

Alpo LuostarinenCEOalpo.luostarinen@lemonsoft.fi+358 50 911 3507

Mari ErkkiläCFOmari.erkkila@lemonsoft.fi+358 40 768 1415

Certified Adviser:Aktia Alexander Corporate Finance Oy, +358 50 520 4098

About Us

Lemonsoft is a Finnish software company that designs, develops and sells ERP software solutions to streamline its customers’ processes across different business lines and administration. The extensive offering of software solutions and related services enables the Company to provide its customers with holistic service. The Company’s standardised and scalable software solutions are delivered mainly from the cloud and are based on the SaaS model in which customers pay a monthly service fee for the use of the software. The Company operates in the ERP software market in Finland primarily as a service provider for SMEs. The Company’s customer base consists of customers from especially industrial manufacturing, wholesale and retail, professional services automation, construction and accounting.

Attachments

Lemonsoft Q3 2026 ENG