Aankondiging • Feb 27
Piippo Oyj, Annual General Meeting, Mar 24, 2026 Piippo Oyj, Annual General Meeting, Mar 24, 2026, at 10:00 FLE Standard Time. Location: at the offices of reims & co oy, toolonkatu 4, 00100, helsinki Finland New Risk • Feb 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 54% per year over the past 5 years. Market cap is less than US$10m (€2.33m market cap, or US$2.75m). Reported Earnings • Dec 14
Full year 2025 earnings released Full year 2025 results: Revenue: €11.8m (down 11% from FY 2024). Net loss: €1.46m (loss narrowed 29% from FY 2024). New Risk • Nov 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 64% per year over the past 5 years. Market cap is less than US$10m (€2.61m market cap, or US$3.04m). Minor Risk Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Aankondiging • Aug 30
Inka Oy signed a binding preliminary agreement to acquire Manilla Oy from Piippo Oyj (HLSE:PIIPPO) for approximately €0.60 million. Inka Oy signed a binding preliminary agreement to acquire Manilla Oy from Piippo Oyj (HLSE:PIIPPO) for approximately €0.60 million on August 28, 2025. The preliminary net debt-free purchase price of Manilla Oy shares agreed in the preliminary agreement is approximately €0.6 million. The final Purchase Price will be adjusted based on the confirmed financial statements of September 30, 2024 and September 30, 2025. Piippo's decision to sell the entire share capital of its subsidiary Manilla is part of the strategy work that has been started earlier. Piippo has previously announced that it will continue to investigate the future of Piippo's parent company and Manilla Oy and announced that it will assess the possibility of continuing the business and, among other things, the possibility of selling the remaining business or implementing a so-called reverse listing with a company planning a listing.
The completion of the Transaction is subject to a Due Diligence audit, the parties agreeing on the final purchase agreement, the Buyer's board of directors' approval of the Transaction and the financing granted for the Transaction. The targeted signing date of the Transaction (“Signing Date”) is October 17, 2025 and the entry into force of the Transaction (“Closing Date”) is October 31, 2025 at the latest. Board Change • Aug 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Kari Juhani was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Mar 04
Piippo Oyj, Annual General Meeting, Mar 25, 2025 Piippo Oyj, Annual General Meeting, Mar 25, 2025, at 10:00 FLE Standard Time. Location: at the offices of reims & co oy, toolonkatu 4, 00100 helsinki, helsinki Finland Reported Earnings • Dec 17
Full year 2024 earnings released: €1.59 loss per share (vs €1.60 loss in FY 2023) Full year 2024 results: €1.59 loss per share (improved from €1.60 loss in FY 2023). Revenue: €13.3m (down 12% from FY 2023). Net loss: €2.06m (flat on FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. New Risk • Dec 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 65% per year over the past 5 years. Market cap is less than US$10m (€2.08m market cap, or US$2.20m). Minor Risk Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Price Target Changed • Nov 19
Price target decreased by 55% to €1.00 Down from €2.20, the current price target is provided by 1 analyst. New target price is 40% below last closing price of €1.66. Stock is down 34% over the past year. The company posted a net loss per share of €1.60 last year. Board Change • Nov 19
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Olli Piippo was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 08
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Olli Piippo was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Dec 15
New major risk - Revenue and earnings growth Earnings have declined by 39% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 39% per year over the past 5 years. Market cap is less than US$10m (€3.03m market cap, or US$3.32m). Reported Earnings • Dec 15
Full year 2023 earnings released Full year 2023 results: Revenue: €15.1m (down 32% from FY 2022). Net loss: €2.07m (down €2.52m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Dec 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (€3.13m market cap, or US$3.37m). Minor Risk Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (€4.29m market cap, or US$4.69m). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • May 27
First half 2023 earnings released First half 2023 results: Revenue: €7.30m (down 35% from 1H 2022). Net loss: €660.4k (down €743.5k from profit in 1H 2022). Buying Opportunity • Dec 09
Now 23% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be €4.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 2.0% per annum. Earnings is forecast to grow by 13% per annum over the same time period. Reported Earnings • Dec 04
Full year 2022 earnings released Full year 2022 results: Revenue: €22.5m (up 27% from FY 2021). Net income: €453.1k (up 429% from FY 2021). Profit margin: 2.0% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Luxury industry in Europe are expected to grow by 7.4%. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Olli Piippo was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 30
Upcoming dividend of €0.026 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 15 July 2022. Trailing yield: 0.8%. Lower than top quartile of Finnish dividend payers (5.0%). Lower than average of industry peers (1.7%). Price Target Changed • May 26
Price target increased to €3.00 Up from €2.70, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €3.02. Stock is down 21% over the past year. The company is forecast to post a net loss per share of €0.03 compared to earnings per share of €0.14 last year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 15% share price gain to €3.44, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 18x in the Luxury industry in Europe. Total loss to shareholders of 3.4% over the past three years. Price Target Changed • Apr 27
Price target decreased to €2.70 Down from €3.00, the current price target is provided by 1 analyst. New target price is 11% below last closing price of €3.02. Stock is down 25% over the past year. The company is forecast to post a net loss per share of €0.03 compared to earnings per share of €0.14 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Olli Piippo was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 15
Price target decreased to €2.70 Down from €3.20, the current price target is provided by 1 analyst. New target price is 22% below last closing price of €3.44. Stock is down 14% over the past year. The company is forecast to post a net loss per share of €0.03 compared to earnings per share of €0.14 last year. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 18% share price gain to €3.80, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 23x in the Luxury industry in Europe. Total loss to shareholders of 16% over the past three years. Major Estimate Revision • Jun 03
Consensus EPS estimates increase to €0.19 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €17.5m to €17.8m. EPS estimate increased from €0.17 to €0.19 per share. Net income forecast to grow 36% next year vs 37% growth forecast for Luxury industry in Finland. Consensus price target of €3.00 unchanged from last update. Share price was steady at €3.82 over the past week. Major Estimate Revision • Mar 04
Analysts lower EPS estimates to €0.17 The 2021 consensus revenue estimate was lowered from €17.7m to €17.5m. Earning per share (EPS) estimate was also lowered from €0.28 to €0.17 for the same period. Net income is expected to grow by 25% next year compared to 25% growth forecast for the Luxury industry in Finland. The consensus price target of €3.00 was unchanged from the last update. Share price stayed mostly flat at €3.72 over the past week. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 4.1%, compared to a 18% growth forecast for the Luxury industry in Finland. Reported Earnings • Feb 28
Full year 2020 earnings released The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €17.0m (flat on FY 2019). Net income: €184.0k (up 79% from FY 2019). Profit margin: 1.1% (up from 0.6% in FY 2019). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 26% share price gain to €4.18, the stock is trading at a trailing P/E ratio of 29.3x, up from the previous P/E ratio of 23.2x. This compares to an average P/E of 31x in the Luxury industry in Europe. Total return to shareholders over the past three years is a loss of 32%. Is New 90 Day High Low • Jan 04
New 90-day high: €3.46 The company is up 18% from its price of €2.92 on 06 October 2020. The Finnish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Luxury industry, which is also up 18% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: €3.16 The company is up 9.0% from its price of €2.90 on 18 September 2020. The Finnish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: €3.12 The company is up 11% from its price of €2.82 on 01 September 2020. The Finnish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 18% over the same period. 
