Capnor Weasel Bidco Oyj, Half-Year Financial Report January–June 2025

Half Year Financial Report 2025 (unaudited)

Second quarter (April – June) highlights

• Second quarter revenue increased by 17% to EUR 33.2 (28.4) million
• Adjusted EBITDA increased by 84% to EUR 7.4 (4.0) million, corresponding to a 22% (14%) Adjusted EBITDA margin
• Adjusted EBIT increased by 280% to EUR 3.7 (1.0) million, corresponding to an 11% (3%) Adjusted EBIT margin
• Adjusted operational cash flow in the second quarter was EUR 4.2 million, up from EUR -0.5 million in the comparison period

First half (January – June) highlights

• Revenue increased by 17% to EUR 57.0 (48.6) million
• Adjusted EBITDA increased to EUR 9.2 (0.9) million, corresponding to a 16% (2%) Adjusted EBITDA margin
• Adjusted EBIT in the first half of 2025 was EUR 1.8 (-4.9) million, corresponding to 3% (-10%) Adjusted EBIT margin
• Adjusted operational cash flow in the first half was EUR 8.2 million, down by about 17% from EUR 9.9 million in the comparison period

Significant events during and after the second quarter

• iLOQ has been taking measures to secure its future growth and competitiveness, and these actions have been concluded in the second quarter of 2025 in relation to own personnel
• iLOQ’s Leadership Team composition was changed, as in May 2025, Trang Vu started as the Chief Supply Chain Officer and Jukka Havia as the Chief Financial Officer
• iLOQ is rolling out a global partner program to deepen its co-operation with its sales partner network 

			Change			Change
EUR ‘000	Q2 2025	Q2 2024	in %	H1 2025	H1 2024	in %	FY 2024
Revenue	33,178	28,352	17%	56,998	48,640	17%	128,746
EBITDA	6,088	4,027	51%	7,903	929	751%	19,614
EBITDA margin	18%	14%		14%	2%		15%
EBIT	2,349	963	144%	523	-4,872		7,212
EBIT margin	7%	3%		1 %	-10%		6%
Operational Cash Flow	3,507	-532		7,478	9,901	-24%	20,298
Operational Cash Flow %	11%	-2%		13 %	20%		16%
Adjusted EBITDA*	7,402	4,027	84%	9,218	929	892%	21,413
Adjusted EBITDA margin*	22%	14%		16 %	2 %		17%
Adjusted EBIT	3,663	963	280%	1,837	-4,872		9,011
Adjusted EBIT margin	11%	3%		3 %	-10%		7%
Adjusted Operational Cash Flow	4,201	-532		8,172	9,901	-17%	22,097
Adjusted Operational Cash Flow %	13%	-2%		14 %	20%		17%

* FY 2024 included EUR 1.8 million adjustments related to strategic analysis of iLOQ’s full sales potential together with restructuring costs. These costs have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above. During the first half of 2025, altogether EUR 1.3 million of non-recurring costs have been excluded in the aforementioned adjusted figures (some of them with a delayed cash flow impact), mainly in relation to growth and competitiveness boosting actions.

Management overview of the second quarter

During the second quarter of 2025, iLOQ Group’s revenue increased by 17% compared to the corresponding period of the previous year. When excluding some material delivery related sales to external manufacturing partners, revenue growth was 20% when comparing Q2/2025 to Q2/2024. Even though geopolitical uncertainties still exist, including tariffs on international trade, the underlying demand for iLOQ’s solutions has remained solid during the second quarter. There are still some cases where end-customer decision making on major projects is being delayed due to the temporary bottlenecks, for example in the housing sector in the Netherlands. In the North American market, iLOQ accelerated sales towards the end of the second quarter especially in the Critical Infrastructure segment and S50 solutions. There was also robust growth in Critical Infra in Europe and Emerging Markets. In 2025, iLOQ’s Nordics business has been steadily growing, and the Built Environment market segment is showing signs of recovery in Nordic countries.

Revenue growth contributed positively to quarterly profitability and cash flow. At the end of June, the net working capital level was close to the situation at the end of June 2024, however with a lower inventory level and a higher trade receivables level.

Key quarterly performance metrics for the second quarter:

• EBITDA amounted to EUR 6.1 (4.0) million, corresponding to 18% (14%) EBITDA margin
• EBIT amounted to EUR 2.3 (1.0) million, corresponding to 7% (3%) EBIT margin
• Operational Cash Flow was EUR 3.5 (-0.5) million

To ensure its future competitiveness, iLOQ decided to readjust its global sourcing and supply chain network and to ensure a more optimal future cost structure, which has also caused some non-recurring costs. In May 2025, the Group Leadership Team was renewed, as Trang Vu joined from inside of iLOQ as the Chief Supply Chain Officer and Jukka Havia was recruited as the Chief Financial Officer.

iLOQ continues to invest in future growth and technology leadership. The US market has numerous interesting opportunities for iLOQ’s solutions both via new partners as well as within new customer groups. During the second quarter,  a partnership agreement was made with Wesco, a leading provider of business-to-business distribution and logistics services and supply chain solutions. Moreover, iLOQ showcased its entire smart-locking ecosystem at ISC West in April. The Group has identified new potential use cases to further grow in the existing markets, for example in the Critical Infra. iLOQ is also currently rolling out a global partner program to secure its future growth and to better support its partners.

Management overview of the first half

During the first half of 2025, iLOQ had steady revenue growth and is rebounding well from slowdown at the end of 2024. R&D investments have been kept at a high level in the first half of the year, but iLOQ has started some actions to normalize and re-allocate investments. Based on the actions to boost competitiveness and future growth, iLOQ carried out and started additional measures to streamline the organization and to optimize the global supply chain. Therefore, during the first half of 2025 a total of EUR 1.3 million costs were recognized as non-recurring items, the majority of which was linked to own personnel redundancies.

Key quarterly performance metrics for the first half:

• EBITDA amounted to EUR 7.9 (1.0) million, corresponding to 14% (2%) EBITDA margin
• EBIT amounted to EUR 0.5 (-4.9) million, corresponding to 1% (-10%) EBIT margin
• Operational Cash Flow was EUR 7.5 (9.9) million

Capnor Weasel Bidco Oyj finalized a successful refinancing for EUR 55 million nominal value of floating rate notes in 2024, and these senior secured floating rate notes have been publicly listed on Nasdaq Stockholm from the first quarter of 2025. In addition to this, the company has a EUR 30 million bilateral revolving credit facility, which was fully undrawn at the end of June 2025.

iLOQ published its 2024 sustainability report in May 2025 and continues to drive and invest into its 360-degree approach to sustainability, with its battery-free solutions providing life cycle benefits to its end-customers.

Events after the reporting period

There were no significant events after the reporting period until the date of this release.

Quarterly information

QUARTERLY INFORMATION,EUR ‘000	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Revenue	32,000	29,135	22,905	57,278	20,288	28,352	27,828	52,278	23,820	33,178
EBITDA	6,060	2,840	1,679	20,786	-3,098	4,027	2,507	16,178	1,815	6,088
EBITDA margin	19%	10%	7%	36%	-15%	14%	9%	31%	8%	18%
EBIT	3,542	305	-948	17,594	-5,835	963	-681	12,765	-1,826	2,349
EBIT margin	11%	1%	-4%	31%	-29%	3%	-2%	24%	-8%	7%
Operational Cash Flow	7,753	-6,893	-3,639	12,295	10,433	-532	1,149	9,248	3,971	3,507
Operational Cash Flow %	24%	-24%	-16%	21%	51%	-2%	4%	18%	17%	11%
Adjusted EBITDA	6,438	2,840	2,609	20,786	-3,098	4,027	2,507	17,977	1,815	7,402
Adjusted EBITDA margin	20%	10%	11%	36%	-15%	14%	9%	34%	8%	22%

Declaration of the Board

We confirm that, to the best of our knowledge, the condensed financial statements give a true and fair view of the Group’s assets, liabilities, financial position and results of operations for the period. We also confirm, to the best of our knowledge, that the management overview includes a fair review of important events that have occurred during the first half of 2025.

Espoo, August 15, 2025

                       Heikki Hiltunen                                               Magnus Hammarström
                 President and CEO                                        Member of the Board

INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT, IFRS
EUR ‘000	Q2 2025	Q2 2024	H1 2025	H1 2024	FY 2024
Revenue	33,178	28,352	56,998	48,640	128,746
Other income	1	3	6	8	18
Materials and services	-12,678	-11,855	-21,378	-21,159	-53,956
Employee benefit expenses	-7,630	-6,907	-15,875	-15,934	-29,469
Depreciation, amortization and impairment losses	-3,739	-3,063	-7,380	-5,801	-12,402
Other operating expenses	-6,784	-5,565	-11,849	-10,627	-25,724
Operating profit (EBIT)	2,349	963	523	-4,872	7,212
Finance income	7	15	69	178	414
Finance cost	-1,183	-844	-2,474	-4,092	-7,004
Net financial expenses	-1,175	-829	-2,406	-3,915	-6,590
Profit (-loss) before taxes	1,174	134	-1,883	-8,787	622
Income taxes	-453	159	-225	417	-821
Profit (loss) for the financial period	720	293	-2,108	-8,369	-199
Items that may be subsequently reclassified to profit or loss
Translation differences	-1,045	-11	-546	-59	-256
Total comprehensive income	-325	281	-2,653	-8,428	-454
Earnings per share, undiluted (EUR)	7,203	2,929	-21,076	-83,692	-1,987
Earnings per share, diluted (EUR)	7,203	2,929	-21,076	-83,692	-1,987

BALANCE SHEET

CONSOLIDATED BALANCE SHEET, IFRS
EUR ‘000	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
ASSETS
Non-current assets
Intangible assets	109,416	108,315	108,797
Goodwill	92,467	92,467	92,467
Property, plant and equipment	5,724	6,374	6,483
Deferred tax assets	589	485	587
Total non-current assets	208,196	207,642	208,334
Inventories	22,327	26,710	23,064
Trade and other receivables	21,836	18,725	30,848
Current tax receivables for the financial year	2,791	1,749	1,978
Cash and cash equivalents	10,673	4,906	9,066
Total current assets	57,627	52,089	64,955
Total assets	265,824	259,731	273,289
EQUITY & LIABILITIES
Equity
Share capital	80	80	80
Invested unrestricted equity fund	143,240	143,240	143,240
Translation difference	-768	-26	-222
Retained earnings	25,735	19,317	27,881
Total equity	168,287	162,612	170,979
LIABILITIES
Non-current liabilities
Financial liabilities	54,654	54,607	54,599
Non-current lease liabilities	1,455	1,465	1,833
Non-current provisions	877	922	949
Deferred tax liabilities	14,839	15,943	15,437
Total non-current liabilities	71,826	72,938	72,818
Current liabilities
Short-term interest-bearing liabilities	62	1,387	62
Account payables and other liabilities	22,464	20,149	26,431
Current lease liabilities	2,001	1,575	1,842
Current provisions	1,143	824	1,113
Current tax liabilities	42	247	45
Total current liabilities	25,711	24,181	29,492
Total liabilities	97,537	97,119	102,310
Total equity and liabilities	265,824	259,731	273,289

STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS
EUR ‘000			H1 2025	H1 2024	FY 2024
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) for the financial period			-2,108	-8,369	-199
Adjustments:
Depreciation and amortization			7,380	5,801	12,402
Unrealized exchange rate gains and losses			0	0	189
Financial Income			-69	-178	-414
Financial Expense			2,474	4,092	7,004
Taxes			225	-417	821
Other adjustments			0	-370	476
Change in Working Capital:
Change in trade and other receivables			9,012	18,183	5,893
Change in inventory			737	-2,233	1,413
Change in trade and other payables			-3,834	-2,208	4,024
Change in provisions			-42	480	796
Interest paid			-1,989	-2,654	-4,988
Interest received			16	10	91
Income tax paid			-2,363	-3,218	-5,220
Other financial items			-66	-1,468	-1,522
Net cash flow from operating activities (A)			9,373	7,450	20,768
CASH FLOW FROM INVESTING ACTIVITIES
Investments in intangible assets			-6,235	-4,936	-10,843
Investments in tangible assets			-62	-313	-600
Net cash flow from investing activities (B)			-6,297	-5,249	-11,443
CASH FLOW FROM FINANCING ACTIVITIES
Payments of lease liabilities			-1,254	-904	-2,277
Withdrawals of short-term loans			0	1,325	0
Proceeds from short-term liabilities			0	-5,000	-5,000
Withdrawals of long-term loans			0	55,000	55,000
Payments of long-term liabilities			0	-55,000	-55,064
Net cash flow from financing activities (C)			-1,254	-4,579	-7,341
CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C)			1,822	-2,379	1,983
Cash and cash equivalents, in the beginning of period			9,066	7,397	7,397
Change in cash and cash equivalents			1,822	-2,379	1,983
Net effect of exchange rate changes on cash and cash equivalents			-214	-113	-314
Cash and cash equivalents, at the end of period			10,673	4,906	9,066

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR ‘000	Share capital	Reserve for invested non-restricted equity	Translation reserve	Retained earnings	Total
Equity on Jan 1, 2025	80	143,240	-223	27,882	170,979
Adjustment for previous year's retained       earnings				-38	-38
Comprehensive income
Profit for the financial year			-546	-2,108	-2,653
Total comprehensive income	80	143,240	-768	25,736	168,287
Equity on Jun 30, 2025	80	143,240	-768	25,736	168,287

EUR ‘000	Share capital	Reserve for invested non-restricted equity	Translation reserve	Retained earnings	Total
Equity on Jan 1, 2024	80	143,240	33	27,972	171,325
Adjustment for previous year's retained  Earnings				-286	-286
Comprehensive income
Profit for the financial year			-59	-8,369	-8,428
Total comprehensive income	80	143,240	-26	19,318	162,612
Equity on Jun 30, 2024	80	143,240	-26	19,318	162,612

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. Reporting entity

Capnor Weasel Bidco Oyj (the Company) is domiciled in Finland. These condensed interim financial statements for the quarter ending on June 30, 2025, comprise the Company and its subsidiaries (together referred to as the ‘Group’)

2. Accounting principles

The Group’s Interim Report for January–June 2025 has been prepared in line with IAS 34 ‘Interim Financial Reporting’ standard and should be read in conjunction with the Group’s financial statements for 2024. The Group has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2024. The information presented in this Interim Report has not been audited.

3. Seasonality

The Group operates in an industry that has seasonal fluctuations in revenue. In a typical year, the first three quarters amount to approximately two thirds of the Group’s full-year revenue, while the last quarter revenue typically amounts to about one third of the full-year revenue. Therefore, in a typical year, the financial results of the fourth quarter can be expected to be stronger than compared to the first three quarters, and this seasonality also affects the cash flow profile of the Group.

4. Segment reporting

In addition to the parent company Capnor Weasel Bidco Oyj, iLOQ Group belongs to the Group. Industrial operations are in the iLOQ Group that offers digital smart-locking solutions. iLOQ Group operates with a network business model in the manufacture and distribution of products, and hence it has only limited own assembly and manufacturing operations. iLOQ Group’s products are sold through iLOQ’s distribution partners that also provide professional installation and maintenance services to iLOQ’s end-customers. For certain critical infra customers. iLOQ Group also has direct deliveries. iLOQ Group has its parent company iLOQ Oy in Finland and foreign subsidiaries in Sweden, Denmark, Norway, Germany, Belgium, the Netherlands, France, Spain, Poland, Great Britain, Canada, United Arab Emirates, Australia and United States. The Group's business operations are managed and monitored as one entity. Subsidiaries are sales organizations, and their turnover consists of service charges from the iLOQ Group's parent company. Based on the similarity of business operations, products, services and production process, the Group has only one operating segment. The Executive Board is iLOQ Group's chief operative decision maker. The Executive Board evaluates the performance of the company and the use of resources as a whole. Composition of the Group's turnover and geographical distribution is presented with the notes related to turnover. The Group has currently no external customers with revenue of over 10% of the Group's total revenue. The Group's most significant non-current assets are located at the domicile of the parent company.

5. Revenue

The revenue of Capnor Weasel Bidco Group consists of digital locking and access management systems. The Group's products consist of supplied locks and software as well as lock operation and maintenance services. The Group's customers are to main extent retailers and partners for locking products. Revenue is recognized when control over the goods or the service is transferred to the customer. Lock deliveries are recognized as revenue when control is transferred on the basis of the delivery of the products, when the risks and benefits have been transferred to iLOQ Group’s customers. CIP Incoterms delivery term is generally used on the delivery of products. For some specific customers, Delivered Duty Paid Incoterms can also be applied. Revenue from maintenance and repair services and licenses is recognized over time as the customer receives the benefits simultaneously as the service is provided. Sales contracts are made with the regular payment terms. Annual rebates can be granted to customers belonging to Group’s partner program for products sold during a specified time frame.

The Group's revenue by geographical area is presented below.

REVENUE BY GEOGRAPHY	Q2	% of REV	Q2	% of REV	H1	% of REV	H1	% of REV
EUR ‘000	2025		2024		2025		2024
Nordics	19,539	59%	19,036	67%	35,947	63%	30,806	63%
Europe & Emerging markets	11,330	34%	8,914	31%	18,399	32%	16,823	35%
North America	2,309	7%	401	1%	2,652	5%	1,011	2%
Total Sales	33,178	100%	28,352	100%	56,998	100%	48,640	100%

REVENUE BY GEOGRAPHY	Q1	% of REV	Q1	% of REV
EUR ‘000	2025		2024
Nordics	16,408	69%	11,769	58%
Europe & Emerging markets	7,069	30%	7,909	39%
North America	343	1%	610	3%
Total Sales	23,820	100%	20,288	100%

The classification of revenue according to the timing of revenue recognition is presented below.

REVENUE BY TIME OF RECOGNITION	Q2	% of REV	Q2	% of REV	H1	% of REV	H1	% of REV
EUR ‘000	2025		2024		2025		2024
Revenue is recognized at point in time	31,337	94%	26,791	94%	53,470	94%	45,887	94%
Revenue is recognized over time	1,840	6%	1,561	6%	3,528	6%	2,753	6%
Total Sales	33,178	100%	28,352	100%	56,998	100%	48,640	100%

INTANGIBLE ASSETS

EUR ‘000	Technology	Intangible rights	Brand	Goodwill	Other Intangible assets	Customer relations	Work in progress	Total
Acquisition cost, Jan 1, 2025	95,200	2,635	12,865	92,467	4,082	12,142	17,832	237,222
Transfer between items	4,687				3,012		-7,699	0
Additions	5	121					6,113	6,239
Acquisition cost, Jun 30, 2025	99,892	2,756	12,865	92,467	7,094	12,142	16,245	243,461
Accumulated amortization and impairment Jan 1, 2025	23,539	1,016	4,338	0	2,546	4,090	429	35,958
Amortization	3,990	128	429		669	405		5,620
Accumulated amortization and impairment Jun 30, 2025	27,529	1,143	4,767	0	3,215	4,495	429	41,577
Carrying amount Jan 1, 2025	71,661	1,619	8,527	92,467	1,536	8,052	17,403	201,264
Carrying amount Jun 30, 2025	72,364	1,613	8,098	92,467	3,879	7,648	15,817	201,883

EUR ‘000	Technology	Intangible rights	Brand	Goodwill	Other Intangible assets	Customer relations	Work in progress	Total
Acquisition cost, Jan 1, 2024	85,742	2,253	12,865	92,467	4,200	12,142	17,501	227,170
Transfer between items	5,492				36		-5,528	0
Additions		239					4,697	4,936
Acquisition cost, Jun 30, 2024	91,234	2,492	12,865	92,467	4,236	12,142	16,670	232,106
Accumulated amortization and impairment Jan 1, 2024	17,733	722	3,480	0	1,737	3,281	0	26,953
Amortization	2,600	148	429		360	405	0	3,941
Impairment							429	429
Accumulated amortization and impairment Jun 30, 2024	20,333	869	3,909	0	2,097	3,686	429	31,322
Carrying amount Jan 1, 2024	68,009	1,531	9,385	92,467	2,463	8,861	17,501	200,217
Carrying amount Jun 30, 2024	70,902	1,622	8,956	92,467	2,140	8,457	16,242	200,783

TANGIBLE ASSETS

EUR ‘000	Machinery and equipment	Work in progress	Other tangible assets	Cars, right-of-use	Premises, right-of-use	Total
Acquisition cost, Jan 1, 2025	7,331	341	487	4,677	6,690	19,527
Additions	62			524	415	1,001
Acquisition cost, Jun 30, 2025	7,393	341	487	5,202	7,105	20,528
Accumulated depreciation and impairment Jan 1, 2025	4,933	0	327	3,204	4,580	13,044
Depreciation	551		35	496	678	1,760
Accumulated depreciation and impairment Jun 30, 2025	5,484	0	362	3,700	5,258	14,804
Carrying amount Jan 1, 2025	2,399	341	160	1,473	2,110	6,483
Carrying amount Jun 30, 2025	1,909	341	125	1,502	1,847	5,724

EUR ‘000	Machinery and equipment	Work in progress	Other tangible assets	Cars, right-of-use	Premises, right-of-use	Total
Acquisition cost, Jan 1, 2024	6,501	773	458	3,063	5,840	16,635
Additions	280	18	15	103	468	884
Deductions		-67				-67
Acquisition cost, Jun 30, 2024	6,781	723	473	3,166	6,308	17,451
Accumulated depreciation and impairment Jan 1, 2024	3,734	0	257	2,270	3,384	9,646
Depreciation	548		35	278	570	1,431
Accumulated depreciation and impairment Jun 30, 2024	4,283	0	292	2,548	3,954	11,077
Carrying amount Jan 1, 2024	2,767	773	200	793	2,456	6,989
Carrying amount Jun 30, 2024	2,498	723	180	618	2,354	6,374

RELATED PARTY TRANSACTIONS

The Group’s related parties consist of Capnor Weasel Bidco Oyj, its subsidiary iLOQ Oy and subsidiaries of ILOQ Oy. In addition, related parties include the Group’s Board members, the CEO and members of the Group Leadership Team, as well as entities that are under the control of key management personnel and their family members. There were no related party transactions during the reporting period except for the fees, business cost reimbursements and salaries paid to those persons specified as being related parties.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES
EUR ‘000		H1 2025	H1 2024	FY 2024
Contingent liabilities
Credit facility		30,000	30,000	30,000
Lease guarantee		146	146	146
Delivery guarantee		600	600	600
Corporate credit card		223	110	121
Total		30,969	30,856	30,867
COLLATERAL GRANTEDEUR ‘000		H1 2025	H1 2024	FY 2024
Collateral granted for own commitments		225,000	225,000	225,000
Total		225,000	225,000	225,000

Collateral granted for own commitments (shares given as security pcs., iLOQ Oy) total of 1,179,726 pcs.     

DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES

1. EBITDA = Operating profit (EBIT) before depreciation, amortization and impairment losses

2. Operational Cash Flow = EBITDA + change in trade and other receivables + change in inventories + change in trade and other payables + change in provisions + investments in intangible assets + investments in tangible assets. Operational Cash Flow is used internally by the group to follow EBITDA while also taking into account investments and changes in working capital

3. Operational Cash Flow % = Operational Cash Flow / Revenue

4. Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow = Same as above but excluding non-recurring items: in 2024 an impact of EUR 1.8 million adjustments related to strategic analysis of iLOQ’s full sales potential together with restructuring costs, and during the first half of 2025 altogether EUR 1.3 million of non-recurring costs (some of them with delayed cash flow impact) that have been recognized mainly in relation to growth and competitiveness boosting actions. These non-recurring items have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above.

CONTACT

Additional information about the company can be found on the corporate website www.iloq.com. The company can be contacted by e-mail, [email protected]

For questions concerning this report please contact:

Heikki Hiltunen
CEO and President
[email protected]

Jukka Havia
CFO
[email protected]