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ETTEPLAN Q1 2024: The year started as expected

Stock exchange release – Published: 08.05.2024 13:00:00

ETTEPLAN OYJ Interim Report May 8, 2024, at 1.00 p.m. (EEST)

ETTEPLAN Q1 2024: The year started as expected

Key points January-March 2024

  • The Group’s revenue increased by 2.3 percent and was EUR 97.1 million (1-3/2023: EUR 95.0 million). At comparable exchange rates, revenue increased by 2.3 percent.
  • Operating profit (EBITA) increased by 8.1 percent and was EUR 8.2 (7.6) million, or 8.4 (8.0) percent of revenue.
  • Operating profit (EBIT) increased by 7.0 percent and was EUR 6.7 (6.3) million, or 6.9 (6.6) percent of revenue.
  • Operating cash flow improved and was EUR 8.1 (7.2) million.
  • Basic earnings per share were EUR 0.16 (0.17).

Etteplan also monitors non-IFRS performance measures because they provide additional information on Etteplan’s development. More information on performance measures is provided at the end of the release.

Key figures

EUR 1,0001-3/20241-3/20231-12/2023
Operating profit (EBITA)8,1857,56930,883
Operating profit (EBIT)6,6956,25925,540
Basic earnings per share, EUR0.160.170.66
Equity ratio, %39.239.740.9
Operating cash flow8,0567,17935,571
ROCE, %13.313.213.3
Personnel at end of the period3,8473,9493,902

President and CEO Juha Näkki:

As expected, the year began in an expectant mood. Uncertainty caused by geopolitical tensions, high interest rates and our customers' declining orderbooks slowed our customers' decision-making on new investments, and the demand situation was difficult. Demand related to the defense industry, the energy industry and electrification remained at a high level, but the demand situation in other areas was weak.

Under the prevailing conditions, our operational efficiency was at a moderate level thanks to the implemented adaptation measures. We achieved a moderate result and our cash flow was strong. Revenue increased slightly, supported by acquisitions. During the review period, we acquired Strongit, which strengthens our market position in Denmark. Nevertheless, our organic revenue decreased, partly due to Easter and the related holidays falling in the review period.

We continued to develop the company and launched Etteplan's renewed brand and values during the review period. The company has developed and changed significantly over the past years. With the renewal, we aim to update our brand to reflect the company's current position as a leading global technology service company in its field and create opportunities for the company to develop further with the support of the renewed brand. During the review period, we also continued to invest in the development of our service offering, in which artificial intelligence plays a significant role. We implemented the first service solutions utilizing AI for our customers in the Technical Communication Solutions service area during the review period. The results are very promising, and we expect AI to create significant opportunities, both in terms of increasing value for customers and improving our internal efficiency.

The mood in the market remained expectant at the start of the second quarter, but the first signs of improved investment activity can generally be seen in the European markets. There are no corresponding signs in Finland as of yet. Nevertheless, the European Central Bank's comments regarding interest rate cuts have improved the mood in the market, and we expect that the potential interest rate cuts would have a significant stimulating impact on industrial investment. Investments typically start with product development, and we expect this to lead to a clear improvement in the demand situation during the latter part of the year. 

Market outlook 2024

The most important factor affecting Etteplan’s business is the global development of the machinery and metal industry. The uncertainty caused by geopolitical tensions and high interest rates are still affecting our customers' willingness to invest and keeping the demand situation at a low level in certain customer industries. Investments related to the defense industry, energy efficiency and accelerating the green transition are still at a good level. The markets expect interest rates to decrease in 2024, which we believe will accelerate investments. We have seen first signs of market improvement in Europe, and we expect the demand situation to improve to a good level during the rest of the year.

Financial guidance 2024

Etteplan keeps its guidance for revenue and operating profit (EBIT) intact and issues the following estimate:

Revenue in 2024 is as estimated to be EUR 375-415 (2023: 360.0) million, and
operating profit (EBIT) in 2024 is estimated to be EUR 28-34 (2023: EUR 25.5) million.

Disclosure procedure

This stock exchange release is a summary of Etteplan's January-March 2024 Interim Report. The complete Interim Report is attached to this stock exchange release in pdf format and is also available on Etteplan's website at

Conference call and live webcast today, May 8, 2024

Etteplan’s President and CEO Juha Näkki will present the Company’s results for January-March 2024 in a conference call and a live webcast, held in English language, on May 8, 2024 starting at 2.30 p.m. Finnish time (EEST).

Questions can be asked in Finnish and in English after President and CEO’s presentation only through conference call connection. Participants must register through this link to ask questions through the conference call lines. After registering the participants will receive a teleconference number and a code to join the call. The participants are asked to press *5 to join the queue for questions.

Juha Näkki’s presentation can be followed as a live webcast on The webcast starts at 2.30 p.m. Finnish time (EEST). A recording of the webcast will be available later at

Espoo, May 8, 2024

Etteplan Oyj

Board of Directors

Additional information:
Juha Näkki, President and CEO, tel. +358 10 307 2077
Outi Torniainen, SVP, Marketing and Communications, tel. +358 10 307 3302

The information presented herein has not been audited.
Releases and other corporate information are available on Etteplan's website at

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Etteplan in brief

Etteplan is a growing technology service company with the purpose of bringing people and technologies together to change things for the better. Together with our customers, we are building a world where every system, process, and product can be made smarter, more efficient, and more sustainable. Our customers include world’s leading companies in the manufacturing industry. In 2023, we had a turnover of EUR 360.0 million and around 4,000 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.