New Risk • Jun 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 (4.7% average weekly change). Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (€4.10m market cap, or US$4.75m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€3.5m revenue, or US$4.1m). New Risk • Jun 05
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 Estonian stocks, typically moving 4.4% 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 Less than 1 year of cash runway based on free cash flow trend (-€800k free cash flow). Share price has been highly volatile over the past 3 months (4.4% average weekly change). Earnings have declined by 8.6% per year over the past 5 years. Market cap is less than US$10m (€4.14m market cap, or US$4.81m). Minor Risk Revenue is less than US$5m (€3.4m revenue, or US$3.9m). Reported Earnings • Apr 06
Full year 2025 earnings released Full year 2025 results: Revenue: €3.71m (up 17% from FY 2024). Net loss: €252.3k (loss narrowed 77% from FY 2024). New Risk • Mar 31
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 Estonian stocks, typically moving 3.2% 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 Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (€3.87m market cap, or US$4.43m). Minor Risks Share price has been volatile over the past 3 months (3.2% average weekly change). Revenue is less than US$5m (€3.5m revenue, or US$4.0m). New Risk • Feb 18
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 Estonian stocks, typically moving 3.5% 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 Less than 1 year of cash runway based on free cash flow trend (-€634k free cash flow). Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (€3.95m market cap, or US$4.68m). Minor Risks Share price has been volatile over the past 3 months (3.5% average weekly change). Revenue is less than US$5m (€3.5m revenue, or US$4.2m). Announcement • Jun 30
Saunum Group AS, Annual General Meeting, Jun 30, 2025 Saunum Group AS, Annual General Meeting, Jun 30, 2025. New Risk • Jun 05
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 Estonian stocks, typically moving 11% 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 Less than 1 year of cash runway based on free cash flow trend (-€577k free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (€4.40m market cap, or US$5.03m). Minor Risk Revenue is less than US$5m (€3.2m revenue, or US$3.6m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 36% per year over the past 5 years. Market cap is less than US$10m (€2.95m market cap, or US$3.36m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (€3.4m revenue, or US$3.9m). New Risk • Jul 26
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 Estonian stocks, typically moving 7.2% 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 Less than 1 year of cash runway based on free cash flow trend (-€1.6m free cash flow). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (€5.22m market cap, or US$5.67m). Minor Risks Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Revenue is less than US$5m (€3.7m revenue, or US$4.1m). Reported Earnings • Jun 29
Full year 2023 earnings released: €0.72 loss per share (vs €1.33 loss in FY 2022) Full year 2023 results: €0.72 loss per share (improved from €1.33 loss in FY 2022). Revenue: €3.74m (up 68% from FY 2022). Net loss: €1.01m (loss narrowed 38% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year and the company’s share price has also fallen by 43% per year. Reported Earnings • Mar 30
Full year 2023 earnings released Full year 2023 results: Revenue: €3.75m (up 69% from FY 2022). Net loss: €1.01m (loss narrowed 38% from FY 2022). New Risk • Jan 30
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 Estonian stocks, typically moving 4.9% 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 Less than 1 year of cash runway based on free cash flow trend (-€2.0m free cash flow). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (€6.22m market cap, or US$6.73m). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (€3.1m revenue, or US$3.4m). Announcement • Dec 06
Saunum Group, Saunum Saunas OU, Saunum Sauna Team OU and Protoskoop OU Appoint Allan Selirand as New Board Member Saunum Group appointed Allan Selirand as a new board member of Saunum Group as of December 1, 2023. Henri Lindal, who currently holds the position of Saunum Group board member, will continue as a board member of Saunum Saunas North America from January 1, 2023 focusing on the development of Saunum's most important market, North America, the company told the stock exchange. In addition to the position of Saunum Group board member, Selirand will also take up the duties of a board member in Saunum Saunas OU, Saunum Sauna Team OU and Protoskoop OU. Until Dec. 31, 2023, the board of Saunum Group will continue to consist of two members: Allan Selirand and Henri Lindal. New Risk • Sep 29
New major risk - Revenue and earnings growth Earnings have declined by 66% 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 Less than 1 year of cash runway based on free cash flow trend (-€2.0m free cash flow). Earnings have declined by 66% per year over the past 5 years. Market cap is less than US$10m (€8.77m market cap, or US$9.28m). Minor Risks Share price has been volatile over the past 3 months (3.3% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (€3.1m revenue, or US$3.3m). Reported Earnings • Oct 05
First half 2022 earnings released: EPS: €0 (vs €0.16 loss in 1H 2021) First half 2022 results: EPS: €0. Revenue: €1.05m (up 45% from 1H 2021). Net loss: €690.3k (loss widened 290% from 1H 2021). Reported Earnings • Mar 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €1.95m (up €1.67m from FY 2020). Net loss: €460.6k (loss widened 107% from FY 2020). Revenue was in line with analyst estimates. 
