MARTELA CORPORATION’S HALF YEAR REPORT 1 JANUARY – 30 JUNE

The January–June 2022 revenue increased and operating result improved compared to previous year.

April–June 2022

• Revenue was EUR 27.3 million (18.6), representing a change of 46.6%
• Operating result was EUR 0.1 million (-2.0)
• Operating profit per revenue was 0.3% (-10.6%)
• The result for the period was EUR -0.3 million (-2.1)
• Earnings per share amounted to EUR -0.06 (-0.46)

January–June 2022

• Revenue was EUR 54.3 million (38.5), representing a change of 41.1%
• Comparable operating result was EUR 0.2 million (-3.5)
• Operating result was EUR 0.2 million (-4.0)
• Operating profit per revenue was 0.3% (-10.3%)
• The result for the period was EUR -0.3 million (-4.4)
• Earnings per share amounted to EUR -0.07 (-0.98)

Outlook

Outlook for 2022

Martela anticipates its Revenue to grow over 10 % compared to previous year and operating result to be positive.

Key figures, EUR million

Ville Taipale, CEO:

“Second quarter this year was still defined by war in Ukraine, which caused general uncertainty in the market. Despite of this we were able to increase our revenue by 46.6 % in the second quarter compared to same period last year. Revenue for the second quarter was EUR 27.3 million and for the period January – June EUR 54.3 million.

Development where our new orders increased compared to same period last time continued in all main markets also in the second quarter of this year.

Our operating result improved significantly also in the second quarter compared to the same period last year and was EUR 0.1 million. Operating result was positively impacted by increased revenue, actions done in terms of improvements in the cost structure, as well as determined work to manage material price increases and maintaining sales prices.

I am pleased that we again achieved a positive operating result, which was the fourth consecutive quarter after a long period of loss making years. Operating result clearly is still not on satsifactory level, but it gives us possibility in the future to focus even more on creating profitable growth.

War in Ukraine and uncertainty caused by it has negatively impacted the overall market situation as well as raw material prices and supply. Increases in inflation and interests rates will also have impact to the market situation. It is difficult at this point to evaluate what impacts these will have in the mid-term to development of our revenue and result performance.

We believe that working environments will permanently change in the future. The coronavirus pandemic has accelerated the process of changing the way we work. The office is just one of the many places where we work from, and for some of us the amount of remote work will increase for good. This will increase the demand for multipurpose working spaces and the need to invest in remote working conditions. We will continue, together with our customers, to be a forerunner in creating user centric working environments, which will improve user experience, efficiency and innovation capabilities, as well as lower the overall costs. We will meet our customers needs for increased flexibility in workplace with our WaaS concept, which we have piloted and actively developed further during the last winter. Interest towards our concept has been encouraging and we expect it to have a positive impact on our business.”

Market situation

Gradual removal of restrictions caused by corona pandemic has impacted positively to Martela’s market environment. Simultaneously war in Ukraine has brought uncertainty to the market and caused radical price increases in the raw materials as well as restricted the supply of materials. In addition rapid increase in inflation and interest rates will also have impact to the market situation. It is too early to say what impacts these will have in the mid-term to overall market situation.

BRIEFING

A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Kalle Lehtonen on Friday 12^th August, 2022 from 12 a.m. to 2 p.m. EET.

Martela Corporation
Board of Directors

Ville Taipale
CEO

Further information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, tel. +358 400 539 968

Distribution
Nasdaq OMX Helsinki
Key news media

www.martela.com

Our strategic direction is defined by our mission “Better working” and our vision “People-centric workplaces”. Martela supplies user-centric workplaces where the users and their wellbeing are what matter most. We focus on the Nordic countries because, based on our common open work culture and needs, the Nordic countries are leaders in hybrid workplaces.

Attachment

• 2022_0812 Q2 Half Year Report