– The Tulikivi Group’s net sales were EUR 7.2 million (Q2/2025: EUR 8.5 million) in the second quarter and EUR 13.5 million (H1/2025: EUR 14.6 million) in the review period. – The Tulikivi Group’s comparable operating profit was EUR -0.2 million (EUR 0.5 million) in the second quarter and EUR -1.0 million (EUR -0.2 million) in the review period. – Non-recurring expenses of EUR 0.3 million for the modernisation of the ERP system were recorded for the review period. – The Tulikivi Group’s operating profit was EUR -0.4 (0.5) million in the second quarter and EUR -1.2 (-0.2) million in the review period. – The Tulikivi Group’s profit before taxes was EUR -0.6 (0.3) million in the second quarter and EUR -1.6 (-0.6) million in the review period. – The equity ratio at the end of the review period was 43.8 per cent (49.7). – Order books stood at EUR 3.2 (4.0) million at the end of the review period. – The Suomussalmi talc project made good progress. – Future outlook: Net sales in 2026 are expected to increase and the comparable operating profit to improve on 2025.
Comments by Heikki Vauhkonen, Managing Director:
Second-quarter net sales decreased on the comparison period, and the operating profit remained weak due to low volumes. Investments in strategic projects were continued despite the uncertainty of the fireplace market.
The continued low consumer confidence and the general uncertainty in the main market areas led consumers to postpone renovation and new construction projects in the second quarter. On the other hand, higher energy prices increased consumers’ interest in the economic benefits of wood heating and the greater energy self-sufficiency wood offers. The company’s order intake for the second quarter was EUR 7.0 (8.7) million.
During the review period, Tulikivi advanced its strategic projects as planned. The projects include growing the share of the Central European fireplace market, increasing the net sales of the sauna business and bringing the Suomussalmi talc project to the investment stage. In addition, the ERP system and processes will be renewed in 2026. The project has progressed according to plan in terms of schedule and costs.
In Central Europe, the expansion of the sales and distribution network for the new compact Jero collection continued. Central European consumers prefer products in the stove-size range, and the new Jero collection enables Tulikivi to reach new customer groups. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were approximately 460 dealer locations. The company’s market share grew during the first half of the year in the Central European markets. Market demand was modest, and the German fireplace market in particular performed weakly in the first half of the year. As a result, the achieved growth in market share was not reflected in the growth of total net sales.
In the sauna business, the launch of the new Kevo electric sauna heater collection was continued by establishing partnerships with new retailers both in Finland and abroad. Product development in the sauna business focused on preparing for the launch of sales in North America by carrying out the tests required under UL safety standards. Sales in North America will commence in the third quarter of 2026. The tests also enable the commencement of exports to Japan in the future. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency, original soap and cast stone materials and safe exterior surfaces that do not become hot. These product features interest consumers, retailers and sauna room manufacturers in the North American sauna market.
The environmental permit process for the Suomussalmi talc project has made good progress. The public notice period for the environmental and water management permit application ended in May, and a total of seven opinions, four reminders and an expert memorandum were submitted regarding the application. The Finnish Supervisory Agency (LVV) forwarded them to the company for the preparation of a response.
The company’s written response addressed the specific requirements and other matters raised in the opinions and reminders, and supplemented the application as requested by the authority. The response and the requested supplements were submitted to the Finnish Supervisory Agency after the end of the review period on 3 July 2026.
TULIKIVI CORPORATION
Board of Directors
Distribution: NASDAQ OMX Helsinki Key media www.tulikivigroup.com
Additional information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
Interim Report 1-3/2026: Strategic projects making good progress and laying the foundations for future growth
– The Tulikivi Group’s first-quarter net sales were EUR 6.3 million (6.0 million, 1–3/2025). – The Tulikivi Group’s first-quarter operating profit was EUR -0.8 (-0.7) million and the profit before taxes was EUR -1.0 (-0.9) million. – The equity ratio at the end of the review period was 45.1 per cent (49.4 per cent). – Order books stood at EUR 3.5 (4.3) million at the end of the review period. – The Suomussalmi talc project made good progress. – Future outlook: Net sales in 2026 are expected to increase and the comparable operating profit to improve on 2025.
Net sales in the first quarter increased slightly on the previous year but remained at a low level due to the seasonal nature of the industry. The weak profitability was due to low volumes and the composition of sales.
Low consumer confidence and the continued general uncertainty in the main market areas led consumers to postpone renovation and new construction projects. On the other hand, higher energy prices have increased consumers’ interest in the economic benefits of wood heating, and the greater energy self-sufficiency wood offers. The company’s order intake for the first quarter was EUR 6.8 (7.8) million.
Business operations in Russia were discontinued during the review period and operations there ended on 1 April 2026.
During the review period, Tulikivi advanced its strategic projects as planned. These projects include growing the share in the Central European fireplace market, increasing the net sales of the sauna business, modernising the enterprise resource management system and processes, and advancing 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. Central European consumers prefer products in the stove-size range, and the new collection enables Tulikivi to reach new customer groups. The goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were approximately 460 dealer locations. The popularity of the Jero collection has continued to grow thanks to positive customer experiences.
In the sauna business, the launch of the new Kevo electric sauna heater collection was continued by establishing partnerships with new retailers both in Finland and internationally. Product development in the sauna business focused on preparing for the launch of sales in North America by carrying out the tests required under UL safety standards. The aim is to launch sales during 2026. The collection highlights the key features of Tulikivi sauna heaters: high-quality design, energy efficiency, original materials and safe exterior surfaces that do not become hot. These product features also offer growth opportunities in the North American sauna market.
Overall, the Suomussalmi talc project has progressed well. After the review period, the Finnish Supervisory Agency gave public notice on 2 April 2026 of the environmental and water management permit application for the Suomussalmi talc project. Tulikivi is applying for a permit under the Environmental Protection Act for the utilisation of talc deposits, for a talc enrichment plant, for talc grinding, for the establishment of new waste rock areas adjacent to the existing waste rock area, for the disposal of tailings and for the delivery of tailings for further processing.
ATTACHMENTS: Interim report 1-3/2026
Distribution: Nasdaq Helsinki Key media www.tulikivigroup.com
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
Interim report 1–9/2025: Despite the challenging market, investments continued in strategic projects.
– The Tulikivi Group’s net sales were EUR 7.0 million (EUR 7.2 million, 7–9/2024) in the third quarter and EUR 21.6 million (EUR 25.0 million, 1–9/2024) in the review period. – The Tulikivi Group’s operating profit was EUR 0.2 (0.5) million in the third quarter and EUR 0.0 (1.6) million in the review period. – The Tulikivi Group’s profit before taxes was EUR 0.0 million (0.3 million) in the third quarter and EUR -0.6 (1.0) million in the review period. – The equity ratio at the end of the review period was 48.6 per cent (50.9). – Order books stood at EUR 3.1 (3.1) million at the end of the review period. – The Suomussalmi talc project made good progress. – Future outlook: 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.
Comments by Heikki Vauhkonen, Managing Director
In the third quarter, net sales were lower than in the comparison period due to general economic uncertainty, which caused consumers to further postpone their renovation and new construction projects. The company’s order intake in the third quarter was lower than anticipated at EUR 6.4 (6.8) million. Due to the challenging market situation in construction, additional investments were made in marketing and sales, and production was adjusted accordingly. In the review period, export sales of Tulikivi sauna heaters and domestic sales of interior stone products continued to grow. Because of the decline in net sales and the lower share of fireplace exports, relative profitability was weak in the third quarter. The company’s balance sheet remained strong, and its equity ratio was 48.6%.
During the period under review, Tulikivi advanced its strategic projects as planned. The projects are to grow the market share in the Central European fireplace market, to increase the net sales of the sauna business, and to 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 goal is to increase the total number of fireplace export dealer locations from 330 at the end of 2023 to 500 by the end of 2026. At the end of the review period, there were some 450 dealer locations. The popularity of the Jero collection has been steadily growing, and it became the largest export collection in the third quarter.
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. In addition, studies have been continued on the exploitation of the magnesite contained in the ore.
Distribution: NASDAQ OMX Helsinki Key media www.tulikivi.com
ATTACHEMENT: Interim Report 1-9/2025