Financial overview
Net Sales and Gross Profit
Second quarter, October-December 2025
Net sales amounted to 28.2 mEUR (129.0) during the second quarter. The decrease compared to the same quarter last year is due to the difficulties Valuno faced last year, and the fact that the new revenue model has not yet taken off. However, Valuno notes a significant increase compared to the previous quarter.
Gross profit amounted to 0.4 mEUR (3.7) during the second quarter with a gross margin of 1.4% (2.9%). The low margin is a result of the fact that we, despite the low transaction volume we have handled, have been forced to use suboptimal solutions regarding banking and redemption services, which have taken a higher price for their services than usual.
Six months, July-December 2025
Net sales amounted to 35.5 mEUR (204.7) during the half-year. The difference compared to the same period last year is explained by the same factors as described for sales during the second quarter.
Gross profit amounted to 0.4 mEUR (6.1) during the half-year with a gross margin of 1.1% (3.0%). The reason for the lower margin is the same factors as described for the quarter.
Costs
Second quarter, October-December 2025
Other external expenses amounted to -1.1 mEUR (-1.4) during the second quarter.
Personnel costs amounted to -1.7 mEUR (-1.0). The increase compared to the same period last year is explained by temporarily increased costs in connection with staff turnover. No personnel costs have been capitalized during the quarter.
Six months, July-December 2025
Other external expenses amounted to -2.1 mEUR (-2.4) during the half-year.
Personnel costs amounted to -2.8 mEUR (-2.0). The increase compared to the same period last year is explained by temporarily increased costs in connection with staff turnover. No personnel costs have been capitalized during the quarter.
Result
Second quarter, October-December 2025
Adjusted EBITDA amounted to -1.9 mEUR (1.3), corresponding to an adjusted EBITDA margin of -6.9% (1.0%). An adjustment for exchange rate differences has been made of 0.1 mEUR (-0.2).
Depreciation and write-downs on tangible and intangible assets amounted to 1.0 mEUR (0.3) and relate to planned depreciation on capitalized development expenses and other intangible assets.
Operating profit amounted to -2.9 mEUR (1.2).
Tax amounted to -0.1 mEUR (0.0).
Net profit for the period amounted to -2.8 mEUR (1.2).
Six months, July-December 2025
Adjusted EBITDA amounted to -3.9 mEUR (1.6), corresponding to an adjusted EBITDA margin of -11% (0.8%). An adjustment for exchange rate differences has been made of 0.1 mEUR (-0.3).
Depreciation and write-downs on tangible and intangible assets amounted to 1.5 mEUR (0.6) and relate to planned depreciation on capitalized development expenses and other intangible assets.
Operating profit amounted to -5.4 mEUR (1.2).
Tax amounted to -0.1 mEUR (0.0).
Net profit for the period amounted to -5.3 mEUR (1.2).
Financial position
Other intangible assets amount to 1.7 mEUR (1.6) and consist mainly of self-developed products. No write-downs have been charged this quarter.
Other receivables in the Group's balance sheet amounted to 2.1 mEUR (3.9) as of December 31, 2025.
Cash flow
Second quarter, October-December 2025
Cash flow from operating activities amounted to -1.4 mEUR (4.2) during the second quarter.
Cash flow from investing activities amounted to 0.0 mEUR (-0.1) during the second quarter.
Cash flow from financing activities amounts to 2.3 mEUR (-0.1).
The Group's liquid assets amounted to 1.5 mEUR (8.4) as of December 31, 2025.
Six months, July-December 2025
Cash flow from operating activities amounted to -1.8 mEUR (5.3) during the period.
Cash flow from investing activities amounted to 0.0 mEUR (-0.2) during the first quarter.
Cash flow from financing activities amounts to 2.2 mEUR (-0.2).