Annual Report 2025

For Administer Group, 2025 was a successful year in the implementation of the strategy, which is based on profitable growth. During the year, we announced the largest corporate acquisitions in our history. Once completed, they will increase our net sales significantly and make the public sector an equal customer segment for us, alongside the private sector. We also succeeded in improving our absolute and relative profitability, despite a slight decrease in net sales.

In June 2025, we signed an agreement with Numera Palvelut on the acquisition of the financial, payroll and software services business of Sarastia’s municipal customers, and in December 2025 on the acquisition of the financial and payroll services business of Sarastia’s wellbeing services county customers. Once the acquisitions are completed, Administer Group will become the leading provider of financial and payroll services in the public sector, where the market is possibly opening due to the changes in Act on Public Procurement and Concession Contracts. We estimate that this will offer us significant growth potential in the coming strategy periods as well. Our goal is to complete the transactions by 1 April 2026.

The public sector has also been visible in the implemen tation of our 2024–2026 strategy in other respects, as Kuntalaskenta, which was transferred to the Group’s majority ownership in 2024, has returned to a growth path. All in all, the implementation of our strategy progressed well during 2025. In addition to the Sarastia acquisitions, I am particularly pleased with the positive development of customer satisfaction in all our businesses and with the development of our personnel’s expertise.

Improved profitability

In Finland, demand has been weakened by a prolonged economic downturn, which affects the development of our net sales, and thus organic growth is difficult to capture. There have been no major changes in the competitive landscape of financial and payroll services, and the consolidation trend in the accounting firm industry continues, but at the same time, new operatorsare entering the field. However, I am optimistic about the future and believe that the Finnish economy will start to grow at some point.

Our net sales development in 2025 is explained in particular by the weak demand for staffing services. However, our absolute EBITDA in euros rose to an all time record level, which shows that we are on the right track in our profitability development, thanks to the profitability programme launched already in 2023. At the same time, the EBITDA margin increased, which we consider a good achievement with decreasing net sales.

Kimmo Herranen
CEO