Tulikivi is revising downward and focusing its guidance for 2025: Net sales are expected to be EUR 29 to 33 million and comparable operating profit is expected to be EUR 1 to 2 million.
Tulikivi is revising downward and focusing its earlier estimate of the 2025 net sales and operating profit. The net sales in 2024 were EUR 33.3 million and the comparable operating profit was EUR 2.1 million. According to the new estimate, net sales in 2025 are expected to be EUR 29 to 33 million and the comparable operating profit is expected to be EUR 1 to 2 million. The reason for the lowered outlook is the slower-than-expected recovery in demand in the fireplace market.
Previous guidance for 2025 (originally published on March 7, 2025): Net sales and the comparable operating profit for 2025 are expected to improve on 2024.
TULIKIVI CORPORATION
Board of Directors
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
Distribution: Nasdaq Helsinki, key media
www.tulikivigroup.com
– The Tulikivi Group’s net sales were EUR 8.5 million (Q2/2024: EUR 9.3 million) in the second quarter and EUR 14.6 million (H1/2024: EUR 17.8 million) in the review period. – The Tulikivi Group’s operating profit was EUR 0.5 (0.8) million in the second quarter and EUR -0.2 (1.1) million in the review period. – The Tulikivi Group’s profit before taxes was EUR 0.3 (0.6) million in the second quarter and EUR -0.6 (0.7) million in the review period. – The equity ratio at the end of the review period was 49.7 per cent (49.4). – Order books stood at EUR 4.0 (3.5) million at the end of the review period. – The environmental permit process for the Suomussalmi talc project is making progress. – Future outlook: Net sales and the comparable operating profit for 2025 are expected to improve on 2024.
Comments by Heikki Vauhkonen, Managing Director:
In the first half of the year, net sales were lower than in the comparison period due to the seasonal nature of the fireplace industry and general economic uncertainty, which led consumers to postpone their renovation and new construction projects. The company’s order flow grew moderately in the second quarter, however, as it had in the previous two quarters, and was EUR 8.7 (8.2) million. Export sales of Tulikivi sauna heaters and domestic sales of interior stone products grew strongly. Relative profitability was weak at the beginning of the year due to a decline in net sales but improved in the second quarter thanks to pricing and cost-cutting measures. The company’s balance sheet remained strong and its equity ratio was 49.7%.
During the period under review, Tulikivi advanced its strategic projects as planned. The strategic projects are to grow the market share in the Central European fireplace market, to increase the net sales of the sauna business, and advance the Suomussalmi talc project to the investment stage.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Consumers in Central Europe prefer products in the heater-size range, and the new Jero collection will enable Tulikivi to reach new customer groups. The aim is to increase the total number of fireplace export dealers to 500 by the end of 2026 from 330 at the end of 2023. In the first half of the year, the number of sales offices exceeded 400.
In the sauna business work was continued on the launch of the new Kevo electric sauna heater collection by starting cooperation with new retailers in Finland and abroad. The collection highlights the great features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot.
The most significant events in the Suomussalmi talc project during the review period were the submission of the environmental permit application to the Regional State Administrative Agency of Northern Finland in May and the enrichment trial carried out at the Geological Survey of Finland’s Mintec pilot plant in April. Also, the study launched at the end of 2024 to improve the energy and material efficiency of enrichment technology was concluded in the spring.
Distribution: NASDAQ OMX Helsinki Key media www.tulikivigroup.com
Additional information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
Tulikivi Corporation has received the following notification on 15 June 2025.
Person subject to the notification requirement Name: Jaakko Aspara Position: Member of the Board/Deputy member Issuer: Tulikivi Oyj LEI: 743700GSL41H2DXZY963 Notification type: INITIAL NOTIFICATION Reference number: 112159/4/8 ____________________________________________
Transaction date: 2025-06-13 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI0009900583 Nature of transaction: ACQUISITION
Transaction details (1): Volume: 3916 Unit price: 0.453 EUR (2): Volume: 10000 Unit price: 0.46 EUR (3): Volume: 885 Unit price: 0.454 EUR (4): Volume: 1299 Unit price: 0.462 EUR
Aggregated transactions (4): Volume: 16100 Volume weighted average price: 0.45813 EUR
Further information: Heikki Vauhkonen, Managing Director, Tulikivi Corporation Tel. +358 (0)40 524 5593, heikki.vauhkonen@tulikivi.fi
Distribution: Nasdaq Helsinki, Key media
www.tulikivi.com
Interim report 1–3/2025: Difficult operating environment, increasing order flow
– The Tulikivi Group’s first-quarter net sales were EUR 6.0 million (EUR 8.5 million, 1–3/2024). – The Tulikivi Group’s first-quarter operating profit was EUR -0.7 (0.3) million and the profit before taxes was EUR -0.9 (0.1) million. – The equity ratio at the end of the review period was 49.4 per cent (49.5). – Order books stood at EUR 4.3 (5.4) million at the end of the review period. – The environmental permit process for the Suomussalmi talc project is making progress. – Future outlook: Net sales and the comparable operating profit for 2025 are expected to improve on 2024.
In the first quarter, net sales remained low due to the seasonal nature of the fireplace sector and general economic uncertainty, which was exacerbated by international tariff disputes. Because of the uncertainty, consumers postponed renovation and new construction projects. The company’s order flow continued to increase moderately during the quarter and was EUR 7.8 (7.6) million. Sales of Tulikivi sauna heaters and interior design stones also made positive progress, while demand for subcontracted cladding stones for room-heating stoves continued to decline. Due to the decline in net sales, the relative profitability for the first quarter of the year was weak. The company’s balance sheet position remained strong and its equity ratio was 49.4%.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Consumers in Central Europe prefer products in the heater-size range, and the new Jero collection will enable Tulikivi to reach new customer groups. The aim is to increase the total number of dealer sales offices by 50 per cent from 330 (in 2023) by the end of 2026. The number of sales outlets continued to grow during the first half of the year to around 400 dealers.
The sauna business focused on launching a new collection of electric sauna heaters on the market. The new Kevo collection was introduced at the Interbad trade fair in October 2024, and its features attracted a lot of interest in the market. The work to launch the collection continued in the first quarter by starting cooperation with new retailers in Finland and abroad. The collection highlights the great features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot.
In the Suomussalmi talc project, the focus during the review period was on making progress with the environmental permit and on process design and producing a larger sample of enriched talc powder. The environmental permit application for the talcum powder project was submitted to the Regional Office of Northern Finland after the review period on 9 May 2025.
ATTACHMENTS: Interim report 1-3/2025
Distribution: Nasdaq Helsinki Key media www.tulikivigroup.com
STOCK EXCHANGE RELEASE 24 APRIL 2025 AT 2:00 P.M. EEST
The Annual General Meeting of Tulikivi Corporation was held on 24 April 2025 in Helsinki.
The Annual General Meeting approved the financial statements for the financial year 2024 and discharged the members of the Board and the Managing Director from liability. The Annual General Meeting accepted the proposals of the Board to authorise the Board to decide on the issue of new shares or the company’s own shares in the possession of the company and on the right to issue option rights and other special rights entitling to shares. The Annual General Meeting approved Tulikivi Corporation’s Remuneration Report for Governing Bodies. The resolution on the Remuneration Report is advisory.
1. Use of profit
The Annual General Meeting decided to authorise the Board of Directors to resolve on the distribution of funds, in one or more instalments from the reserve for invested unrestricted equity, of a maximum of EUR 0.01 per A share and EUR 0.0083 per K share.
2. Remuneration of Board members and auditor’s fees
The annual remuneration of each member of the Board of Directors is EUR 22,000. The annual remuneration shall be paid in the form of Series A shares in Tulikivi Corporation so that the shares are purchased on the stock exchange by 31 December 2025. The company will acquire shares from the market on behalf of, or transfer the company’s own shares held by the company to, the board members. The company will bear the costs of acquiring the shares.
Unless the Board of Directors grants express permission in advance on a case-by-case basis, the members of the Board of Directors are not allowed to transfer any shares received until their membership on the Board of Directors has ended. Alternatively, the annual remuneration may be paid in whole or in part in cash. The Chair of the Board of Directors shall, in addition to this, be paid a monthly remuneration of EUR 4,500 for this work. Those members of the Board of Directors who perform non-Board work for the company shall be paid a fee on the basis of time rates and invoices approved by the Board of Directors. Travel costs shall be reimbursed in accordance with the company’s travelling compensation regulations.
The members of the Audit Committee and the Nomination Committee of the Board of Directors shall receive a fee of EUR 350 per meeting. The Chair of the Audit Committee shall receive a fee of EUR 700 per meeting.
The fees for the auditor are paid according to the relevant invoice approved by the company.
3. Board members
The number of Board members was set at seven. The following current Board members were re-elected as members to the Board of Directors: Jaakko Aspara, Niko Haavisto, Satoko Taguma, Tarmo Tuominen, Jyrki Tähtinen and Heikki Vauhkonen. Panu Paappanen was elected as a new Board member.
4. Auditor
Authorised Public Accounting firm KPMG Oy Ab was elected auditor, with Heli Tuuri, Authorised Public Accountant, acting as the auditor in charge.
5. Authorisation of the Board to decide on the issuance of shares and issuance of option rights and other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Companies Act
The General Meeting authorised the Board of Directors to decide on the issue of new shares and the company’s own shares in the possession of the company in accordance with the proposal of Board of Directors. The new shares and the company’s own shares in the possession of the company could be issued either against payment or without payment to the company’s shareholders in proportion to their current shareholdings in the company or through a directed issue by deviating from the shareholders’ pre-emptive subscription right provided that there is a weighty financial reason for the company to do so. A directed share issue could only be made without payment if there is an especially weighty financial reason for it from the point of view of the company and all its shareholders and their interests.
In addition, the authorisation includes a right to issue shares without payment to the company itself, provided that the number of shares issued to the company does not exceed one tenth (1/10) of all shares in the company. When calculating this number, the number of shares held by the company as well as those held by its subsidiaries must be taken into account as set out in Chapter 15, Section 11(1) of the Companies Act.
The authorisation also includes the right to issue special rights, as referred to in Chapter 10, Section 1 of the Companies Act, which entitle their holders to subscribe for new shares in the company or the company’s own shares in the possession of the company against payment. The payment for the share subscription may be made either in cash or by setting off the subscriber’s receivable from the company.
The Board of Directors is entitled to decide on other issues related to the share issues and share transfers.
No more than 10,437,748 Series A shares in the aggregate, and no more than 1,536,500 Series K shares in the aggregate (no more than 11,974,248 shares in the aggregate) may be issued on the basis of this authorisation (including the shares issued under special rights), regardless of whether such shares are new shares or the company’s own shares in the company’s possession.
The authorisation to issue shares will remain in force until the Annual General Meeting to be held in 2026, but no longer than until 30 June 2026. The authorization will not revoke any prior authorizations granted to the Board of Directors.
6. Organisation of the Board
At its organisational meeting following the Annual General Meeting, the Board elected Jyrki Tähtinen as its Chair. Jyrki Tähtinen was elected as Chair of the Nomination Committee and Heikki Vauhkonen and Niko Haavisto as its members. Niko Haavisto was elected as Chair of the Audit Committee and Jaakko Aspara and Panu Paappanen as its members.
The minutes of the General Meeting will be available on the website of Tulikivi Corporation at www.tulikivigroup.com/en/tulikivi/General_meetings as of 8 May 2025, at the latest.
In Helsinki, 24 April 2025
Jyrki Tähtinen Chair of the Board
Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100 Jyrki Tähtinen, Chair of the Board, tel. +358 400 406 509 Heikki Vauhkonen, Managing Director, tel. +358 40 524 5593
Distribution: Nasdaq Helsinki Ltd Major media www.tulikivigroup.com