Duyuru • Apr 22
Netum Group Oyj (HLSE:NETUM) acquired Cyberwatch Oy from Matti Mujunen and others. Netum Group Oyj (HLSE:NETUM) acquired Cyberwatch Oy from Matti Mujunen and others on April 21, 2026. The purchase price consists of a cash share and Netum Group Plc’s shares. In addition, an additional purchase price will be paid if the agreed targets are met by 30 June 2027 and 30 June 2028. Cyberwatch Oy will continue to operate as a subsidiary of Netum Group Plc until the end of 2026, but the operations will be unified as of 1 July 2026. The first installment of the purchase price will be paid in the form of 15,000 treasury shares of Netum Group Plc and a cash payment of €0.22 million. The additional purchase price installments can be paid at Netum Group Plc's discretion, either in treasury shares or with cash. The amounts of additional purchase prices depend on separately agreed revenue and EBITA targets.
For the period ending December 31, 2025, Cyberwatch Oy reported total revenue of €0.73 million. Cyberwatch Oy employs nine experts, and its clientele includes approximately 50 companies and public sector operators, both domestically and internationally. Cyberwatch's office is located in Helsinki, Finland.
The transaction has no impact on Netum Group Plc's guidance for 2026.
Evli Oyj acted as financial advisor for Netum Group Oyj.
Netum Group Oyj (HLSE:NETUM) completed the acquisition of Cyberwatch Oy from Matti Mujunen and others on April 21, 2026. Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Kirsi Mettala was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 16
Netum Group Plc Elects New Board Members Netum Group Plc at its AGM held on 15 April 2026 Sebastian Seppänen and Pasi Aaltola were elected as new members. The members of the Board of Directors were elected for a term ending at the end of the next Annual General Meeting. New Risk • Mar 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (€14.0m market cap, or US$16.1m). Reported Earnings • Mar 10
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.07 (up from €0.04 loss in FY 2024). Revenue: €37.9m (down 14% from FY 2024). Net income: €858.0k (up €1.31m from FY 2024). Profit margin: 2.3% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the IT industry in Finland. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Mar 08
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (€13.0m market cap, or US$15.0m). New Risk • Feb 17
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 5.5% 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: Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable over next 3 years (€1.4m net loss in 3 years). Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (€13.3m market cap, or US$15.8m). Duyuru • Dec 22
Netum Group Oyj, Annual General Meeting, Apr 15, 2026 Netum Group Oyj, Annual General Meeting, Apr 15, 2026. Major Estimate Revision • Aug 26
Consensus EPS estimates fall by 167% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €41.4m to €39.7m. Losses expected to increase from €0.06 per share to €0.16. IT industry in Finland expected to see average net income growth of 28% next year. Consensus price target down from €2.20 to €1.80. Share price fell 11% to €1.54 over the past week. Reported Earnings • Aug 20
First half 2025 earnings released First half 2025 results: Revenue: €21.4m (down 6.0% from 1H 2024). Net loss: €625.0k (loss widened 247% from 1H 2024). Revenue is expected to fall by 2.5% p.a. on average during the next 3 years compared to a 6.4% decline forecast for the IT industry in Finland. New Risk • Aug 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €901k Forecast net loss in 3 years: €101k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable over next 3 years (€101k net loss in 3 years). Market cap is less than US$100m (€21.9m market cap, or US$25.5m). Duyuru • Jun 20
Netum Group Oyj Announces Changes in Management Team, Effective 1 July 2025 Netum Group Oyj will reduce the size and streamline the work of its Management Team. As of the beginning of July, the Management Team will consist of seven members instead of the previous nine members. Netum Group's Management Team as of 1 July 2025: Repe Harmanen, CEO, Peter Ahlskog, CFO, Liina Kangas, Director, HR & Marketing, Sami Rantanen, Director, Sales and Accounts, Altti Raali, CEO, Netum Ltd, Liisa Rusanen, CEO, Studyo Oy, Mikko Koistinen, CEO, Buutti Oy. Kimmo Koivisto, Director of IT and Security, and Juha-Pekka Leskinen, Director of Strategy and Partnerships, will leave the Management Team. They will continue in their current positions and report to CEO Repe Harmanen but will not be members of the Management Team as of 1 July 2025. New Risk • Jun 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €0 (US$0) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Market cap is less than US$10m (€0 market cap, or US$0). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 63% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 63% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€25.9m market cap, or US$29.3m). Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Kirsi Mettala was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 13
Netum Group Oyj Appoints Liisa Rusanen as Member of the Group's Management Team, Effective 23 April 2025 Netum Group Oyj announced that Liisa Rusanen (b. 1980, M.Sc. (Tech.)) has been appointed a member of Netum Group Plc's Management Team as of 23 April 2025. Rusanen will transfer to the position from the role of CEO of Codeo Oy. She has previously worked for CGI Finland, Sininen Meteoriitti and Cybercom Finland, among others. Duyuru • Mar 21
Netum Group Oyj announces Annual dividend, payable on April 07, 2025 Netum Group Oyj announced Annual dividend of EUR 0.0500 per share payable on April 07, 2025, ex-date on March 26, 2025 and record date on March 27, 2025. Reported Earnings • Mar 03
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: €0.04 loss per share (improved from €0.09 loss in FY 2023). Revenue: €44.0m (up 19% from FY 2023). Net loss: €456.0k (loss narrowed 58% from FY 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the IT industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 500% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €45.5m to €42.9m. Losses expected to increase from €0.01 per share to €0.06. IT industry in Finland expected to see average net income growth of 13% next year. Consensus price target down from €3.50 to €2.60. Share price fell 13% to €2.42 over the past week. Duyuru • Oct 09
Netum Group Plc Announces Retirement of Matti Mujunen as CEO Netum Group Plc's CEO Matti Mujunen (born 1958) has informed the Board of Directors of his retirement. The Board will now proceed a search for a successor. Matti Mujunen has served as the CEO of Netum Ltd. in 2016–2022 and as the CEO of Netum Group since 2017. During Mujunen's time as CEO, Netum Group's turnover has grown more than sixfold. In addition to strong organic development, growth has been boosted by five successful acquisitions and one business acquisition. Since June 2021, Netum Group Plc has been listed on First North Growth Market Helsinki, and Mujunen is the company's largest shareholder with 15.38% ownership. Mujunen's CEO contract includes eight months' notice. He shall remain in the role as CEO until a successor has been nominated. After this, Mujunen will continue in the company as an advisor to the Board of Directors. Reported Earnings • Aug 26
First half 2024 earnings released: €0.01 loss per share (vs €0.03 loss in 1H 2023) First half 2024 results: €0.01 loss per share (improved from €0.03 loss in 1H 2023). Revenue: €22.8m (up 33% from 1H 2023). Net loss: €180.0k (loss narrowed 43% from 1H 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the IT industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings have declined by 70% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 70% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Market cap is less than US$100m (€38.1m market cap, or US$42.5m). Duyuru • Aug 20
Netum Group Oyj Reaffirms Earnings Guidance for the Year 2024 Netum Group Oyj reaffirmed earnings guidance for the year 2024. The company expects its revenue in the financial year 2024 to be EUR 45 million - EUR 49 million and comparable EBITA to be approximately 8%-11% of revenue. New Risk • May 29
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 5.9% 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 Risk Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Market cap is less than US$100m (€38.9m market cap, or US$42.1m). Price Target Changed • May 10
Price target increased by 10% to €3.20 Up from €2.90, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €2.68. Stock is down 24% over the past year. The company is forecast to post a net loss per share of €0.02 next year compared to a net loss per share of €0.09 last year. Major Estimate Revision • May 10
Consensus EPS estimates upgraded to €0.02 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €46.1m to €45.2m. 2024 losses expected to reduce from -€0.04 to -€0.02 per share. IT industry in Finland expected to see average net income growth of 16% next year. Consensus price target up from €2.90 to €3.20. Share price was steady at €2.68 over the past week. New Risk • Apr 22
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 5.7% 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 Risk Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Market cap is less than US$100m (€33.6m market cap, or US$35.8m). Reported Earnings • Mar 06
Full year 2023 earnings released Full year 2023 results: Revenue: €37.1m (up 27% from FY 2022). Net loss: €1.08m (down €1.26m from profit in FY 2022). Buy Or Sell Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to €2.51. The fair value is estimated to be €3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last year. Meanwhile, the company became loss making. 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 Finnish stocks, typically moving 5.4% 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 Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.4% average weekly change). Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Market cap is less than US$100m (€33.5m market cap, or US$36.1m). New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 31% 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 Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (9.8% increase in shares outstanding). Market cap is less than US$100m (€36.6m market cap, or US$38.6m). Reported Earnings • Aug 17
First half 2023 earnings released: €0.03 loss per share (vs €0.04 profit in 1H 2022) First half 2023 results: €0.03 loss per share (down from €0.04 profit in 1H 2022). Revenue: €17.1m (up 11% from 1H 2022). Net loss: €315.0k (down 164% from profit in 1H 2022). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Finland. Duyuru • Jul 15
Netum Group Oyj (HLSE:NETUM) signed an agreement to acquire Buutti Oy. Netum Group Oyj (HLSE:NETUM) signed an agreement to acquire Buutti Oy on July 14, 2023. Netum Group Plc will acquire the entire share capital of Buutti Oy for an enterprise value of €10 million. 70% of the consideration will be paid in cash and 30% in new shares in Netum. Netum will issue 865851 shares to the shareholders of Buutti. The purchase price also includes compensation for net cash and working capital adjustment at the time of closing. The final purchase price will be announced after the closing. In addition sellers have the possibility of additional earn-out purchase price depending on the achievement of revenue and operating profit targets for the 2024 financial year. Netum will finance the acquisition with a bank loan, a directed share issue to the sellers and cash reserves. Buutti Oy revenue in 2022 was €9.3 million and operating profit was €1.1 million and equity €1.7 million. The transaction is expected to close on September 1, 2023. Duyuru • Jul 01
Netum Group Announces Change in Management Team Jussi Vasama will leave his position in Netum Group Plc's Management Team as of 1 July 2023. Netum Group Plc has announced a transfer of the Netum DUX product business to Optimo Systems Oy, an associated company of Netum Group Plc. In the Management Team, Vasama was responsible for the Netum DUX product business, and he will now become the CEO of Optimo Systems Oy. As of 1 July 2023, the members of Netum Group Plc's Management Team are CEO Matti Mujunen and Altti Raali, Pekka Levänen, Liina Kangas, Sami Rantanen, Juha-Pekka Leskinen, Kimmo Koivisto and Lauri Stigell. Major Estimate Revision • Mar 14
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €36.5m to €35.8m. EPS estimate also fell from €0.17 per share to €0.12 per share. Net income forecast to grow 657% next year vs 113% growth forecast for IT industry in Finland. Consensus price target of €3.85 unchanged from last update. Share price was steady at €3.73 over the past week. Reported Earnings • Mar 08
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: €29.2m (up 30% from FY 2021). Net income: €185.0k (down 65% from FY 2021). Profit margin: 0.6% (down from 2.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.6%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Finland. Price Target Changed • Feb 07
Price target decreased by 15% to €3.85 Down from €4.55, the current price target is an average from 2 analysts. New target price is 5.5% above last closing price of €3.65. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.11 for next year compared to €0.05 last year. Duyuru • Jan 17
Netum Group plc Appoints Lauri Stigell as a Member of the Management Team Netum Group Plc appointed Lauri Stigell as a member of the Management Team. Major Estimate Revision • Dec 17
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €31.4m to €31.0m. EPS estimate also fell from €0.14 per share to €0.11 per share. Net income forecast to grow 38% next year vs 19% growth forecast for IT industry in Finland. Consensus price target down from €4.55 to €4.40. Share price fell 10.0% to €3.60 over the past week. 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. 5 non-independent directors. Director Marja-Liisa Niinikoski was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
First half 2022 earnings released: EPS: €0 (vs €0.01 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €15.5m (up 48% from 1H 2021). Net income: €493.0k (up 473% from 1H 2021). Profit margin: 3.2% (up from 0.8% in 1H 2021). Over the next year, revenue is forecast to grow 19%, compared to a 6.7% growth forecast for the IT industry in Finland. Major Estimate Revision • Aug 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €29.4m to €30.6m. EPS estimate fell from €0.18 to €0.16 per share. Net income forecast to grow 240% next year vs 38% growth forecast for IT industry in Finland. Consensus price target of €4.45 unchanged from last update. Share price fell 2.2% to €4.07 over the past week. 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. 5 non-independent directors. Director Marja-Liisa Niinikoski was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 09
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.05 (down from €0.11 in FY 2020). Revenue: €22.4m (up 28% from FY 2020). Net income: €529.0k (down 60% from FY 2020). Profit margin: 2.4% (down from 7.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 22%, compared to a 4.1% growth forecast for the industry in Finland. Major Estimate Revision • Jan 26
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €21.6m to €22.2m. EPS estimate fell from €0.08 to €0.06 per share. Net income forecast to grow 121% next year vs 20% growth forecast for IT industry in Finland. Consensus price target down from €4.86 to €4.60. Share price fell 4.4% to €4.30 over the past week. Duyuru • Jun 02
Netum Group Oyj has completed an IPO in the amount of €8 million. Netum Group Oyj has completed an IPO in the amount of €8 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,185,000
Price\Range: €3.2
Security Name: Shares
Security Type: Common Stock
Securities Offered: 350,000
Price\Range: €2.88
Transaction Features: Reserved Share Offering 
