Capnor Weasel Bidco Oyj, Interim Financial Report January–March 2026
15 maj, 07:30
Capnor Weasel Bidco Oyj, Interim Financial Report January–March 2026
Interim Report Q1/2026 (unaudited)
First quarter (January – March) highlights
- First quarter revenue increased by 9% to EUR 26.0 (23.8) million, and when excluding the impact of material deliveries to external manufacturing partners, growth was approximately 10%
- Adjusted EBITDA was EUR 1.8 (1.8) million, corresponding to 7% (8%) Adjusted EBITDA margin
- Adjusted EBIT was EUR -2.5 (-1.8) million, corresponding to -10% (-8%) Adjusted EBIT margin
- Adjusted operational cash flow was EUR 5.0 million, up from EUR 4.0 million in the comparison period
Key events during and after the first quarter
- iLOQ showcased powerful new smart access innovations at ISC West in Las Vegas in March 2026. Highlights of iLOQ’s new innovations included the new remote door opening feature within the iLOQ App, enabling users to open base building and common area doors anytime, from anywhere. Moreover, iLOQ introduced new readers and new upcoming Grade 1 padlocks and a new lock status functionality.
- iLOQ made an agreement with National Grid in the UK to deliver iLOQ’s locking systems for Critical Infra use, which highlights how well iLOQ’s offering fits with demanding end-use cases.
- iLOQ was awarded the ISO 45001 certification for its Occupational Health and Safety Management System (OHSMS). Achieving this certification confirms that iLOQ has established a systematic and effective framework to ensure a safe and healthy working environment, prevent work‑related injuries and ill health, and continuously improve occupational health and safety performance.
Change | ||||
EUR ‘000 | Q1 2026 | Q1 2025 | in % | FY 2025 |
Revenue | 26,015 | 23,820 | 9% | 150,046 |
EBITDA | -411 | 1,815 | -123% | 36,711 |
EBITDA margin | -2% | 8% | 24% | |
Operational EBIT | -3,239 | -368 | -780% | 27,459 |
Operational EBIT margin | -12% | -2% | 18% | |
Operational Cash Flow | 4,820 | 3,971 | 21% | 18,912 |
Operational Cash Flow % | 19% | 17% | 13% | |
Adjusted EBITDA* | 1,794 | 1,815 | -1% | 38,669 |
Adjusted EBITDA margin* | 7% | 8% | 26% | |
Adjusted EBIT | -2,492 | -1,826 | -36% | 23,585 |
Adjusted EBIT margin | -10% | -8% | 16% | |
Adjusted Operational Cash Flow | 4,952 | 3,971 | 25% | 20,870 |
Adjusted Operational Cash Flow % | 19% | 17% | 14% |
* FY 2025 included EUR 2.0 million adjustments mainly related to growth and competitiveness boosting actions andsome legal costs. These costs have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above. During the first three months of 2026, a total of EUR 2.2 million non-recurring costs was recognized and hence excluded in the aforementioned adjusted figures (some of them with a delayed cash flow impact), mainly in relation to a one-off event, some legal fees and production transition costs.
Management overview of the first quarter
During the first quarter of 2026, iLOQ Group’s revenue increased by 9% compared to the corresponding period of the previous year. When excluding some material delivery related sales to external manufacturing partners, year-on-year revenue growth was 10%, with a strong growth especially in the Critical Infrastructure segment. The new global partner program implementation has continued into 2026, which provides a good basis for future growth. iLOQ has continued to invest in developing its 5 Series+ platform, complementary products and software features. Revenue growth and actions in 2025 on streamlining the operations contributed positively to profitability, as iLOQ continued its growth investments also during the first quarter’s seasonally lower activity. The 5 Series+ platform expansion into other markets is progressing, with first European customers planned to be deployed in the second quarter. At the end of March, net working capital level was higher than at the end of March 2025, mainly due to higher trade receivables. On March 18, 2026, iLOQ announced that Ferry Nekkers was appointed as Chief Business Officer for Europe, following the planned succession after Thomas Thörewik.
Key quarterly performance metrics for the first quarter:
- EBITDA amounted to EUR -0.4 (1.8) million, corresponding to -2% (8%) EBITDA margin
- EBIT amounted to EUR -4.7 (-1.8) million, corresponding to -18% (-8%) EBIT margin
- Operational Cash Flow was EUR 4.8 (4.0) million
Events after the reporting period
There were no significant events after the reporting period until the date of this release.
Quarterly information
QUARTERLY INFORMATION,EUR ‘000 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
Revenue | 20,288 | 28,352 | 27,828 | 52,278 | 23,820 | 33,178 | 29,273 | 63,775 | 26,015 |
EBITDA | -3,098 | 4,027 | 2,507 | 16,178 | 1,815 | 6,088 | 5,079 | 23,729 | -411 |
EBITDA margin | -15% | 14% | 9% | 31% | 8% | 18% | 17% | 37 % | -2% |
Operational EBIT | -4,377 | 2,421 | 777 | 14,223 | -368 | 3,807 | 2,832 | 21,188 | -3,239 |
Operational EBIT margin | -22% | 9% | 3% | 27% | -2% | 11% | 10% | 33% | -12% |
Operational cash flow | 10,433 | -532 | 1,149 | 9,248 | 3,971 | 3,507 | 1,413 | 10,021 | 4,820 |
Operational cash flow % | 51% | -2% | 4% | 18% | 17% | 11% | 5% | 16% | 19% |
Adjusted EBITDA | -3,098 | 4,027 | 2,507 | 17,977 | 1,815 | 7,501 | 5,224 | 24,129 | 1,794 |
Adjusted EBITDA margin | -15% | 14% | 9% | 34% | 8% | 23% | 18% | 38% | 7% |
Adjusted EBIT | -5,835 | 963 | -681 | 14,564 | -1,826 | 3,762 | 1,519 | 20,129 | -2,492 |
Adjusted EBIT margin | -29% | 3% | -2% | 28% | -8% | 11% | 5% | 32% | -10% |
Declaration of the Board
We confirm that, to the best of our knowledge, the condensed financial statements give a true and fair view of the Group’s assets, liabilities, financial position and results of operations for the period. We also confirm, to the best of our knowledge, that the management overview includes a fair review of important events that have occurred during the first three months of 2026.
Espoo, May 15, 2026
Heikki Hiltunen Magnus Hammarström
President and CEO Member of the Board
INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT, IFRS | |||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 |
Revenue | 26,015 | 23,820 | 150,046 |
Other income | 5 | 5 | 11 |
Materials and services | -10,410 | -8,700 | -57,484 |
Employee benefit expenses | -8,142 | -8,245 | -30,808 |
Depreciation, amortization and impairment losses | -4,286 | -3,641 | -15,084 |
Other operating expenses | -7,879 | -5,065 | -25,055 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
Finance income | 103 | 61 | 244 |
Finance expense | -1,069 | -1,291 | -5,016 |
Net financial expenses | -966 | -1,230 | -4,772 |
Profit (-loss) before taxes | -5,663 | -3,056 | 16,855 |
Income taxes | 266 | 228 | -3,850 |
Profit (loss) for the financial period | -5,397 | -2,828 | 13,004 |
Items that may be subsequently reclassified to profit or loss | |||
Translation differences | -67 | 499 | -372 |
Total comprehensive income | -5,465 | -2,328 | 12,632 |
Earnings per share, undiluted (EUR) | -54,646 | -23,284 | 126,325 |
Earnings per share, diluted (EUR) | -54,646 | -23,284 | 126,325 |
BRIDGE CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES | |||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
M&A related depreciation and amortization | 1,458 | 1,458 | 5,832 |
Operational EBIT | -3,239 | -368 | 27,459 |
Other depreciation and amortization | 2,828 | 2,183 | 9,252 |
EBITDA | -411 | 1,815 | 36,711 |
Non-recurring items | 2,204 | 0 | 1,958 |
Adjusted EBITDA | 1,794 | 1,815 | 38,669 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
Non-recurring items | 2,204 | 0 | 1,958 |
Adjusted EBIT | -2,492 | -1,826 | 23,585 |
BALANCE SHEET
CONSOLIDATED BALANCE SHEET, IFRS | |||
EUR ‘000 | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
ASSETS | |||
Non-current assets | |||
Intangible assets | 106,855 | 108,971 | 108,388 |
Goodwill | 92,467 | 92,467 | 92,467 |
Property, plant and equipment | 5,756 | 6,150 | 5,848 |
Deferred tax assets | 435 | 573 | 478 |
Total non-current assets | 205,543 | 208,161 | 207,180 |
Inventories | 20,357 | 24,442 | 17,117 |
Trade and other receivables | 31,401 | 18,191 | 45,054 |
Current tax receivables for the financial year | 612 | 2,318 | 224 |
Cash and cash equivalents | 20,763 | 10,038 | 19,206 |
Total current assets | 73,133 | 54,990 | 81,601 |
Total assets | 278,676 | 263,151 | 288,781 |
EQUITY & LIABILITIES | |||
Equity | |||
Share capital | 80 | 80 | 80 |
Invested unrestricted equity fund | 143,240 | 143,240 | 143,240 |
Translation difference | -661 | 277 | -594 |
Retained earnings | 35,387 | 24,277 | 40,778 |
Total equity | 178,046 | 167,874 | 183,504 |
LIABILITIES | |||
Non-current liabilities | |||
Financial liabilities | 54,679 | 54,572 | 54,649 |
Non-current lease liabilities | 2,091 | 1,582 | 1,779 |
Non-current provisions | 876 | 991 | 892 |
Deferred tax liabilities | 13,879 | 15,149 | 14,241 |
Total non-current liabilities | 71,524 | 72,294 | 71,561 |
Current liabilities | |||
Short-term interest-bearing liabilities | 62 | 62 | 62 |
Account payables and other liabilities | 26,703 | 19,705 | 29,341 |
Current lease liabilities | 1,780 | 2,085 | 2,098 |
Current provisions | 448 | 982 | 608 |
Current tax liabilities | 114 | 149 | 1,608 |
Total current liabilities | 29,106 | 22,982 | 33,717 |
Total liabilities | 100,630 | 95,277 | 105,278 |
Total equity and liabilities | 278,676 | 263,151 | 288,781 |
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS | |||||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 | ||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Profit (loss) for the financial period | -5,397 | -2,828 | 13,004 | ||
Adjustments: | |||||
Depreciation and amortization | 4,286 | 3,641 | 15,084 | ||
Unrealized exchange rate gains and losses | 271 | 0 | 35 | ||
Financial Income | -103 | -61 | -244 | ||
Financial Expense | 1,069 | 1,291 | 5,016 | ||
Taxes | -286 | -228 | 3,850 | ||
Change in Working Capital: | |||||
Change in trade and other receivables | 13,653 | 12,656 | -14,207 | ||
Change in inventory | -3,241 | -1,378 | 5,947 | ||
Change in trade and other payables | -3,044 | -6,109 | 2,801 | ||
Change in provisions | -176 | -89 | -562 | ||
Interest paid | -984 | -1,039 | -3,864 | ||
Interest received | 4 | 12 | 124 | ||
Income tax paid | -1,847 | -1,176 | -2,049 | ||
Other financial items | -31 | -32 | -125 | ||
Net cash flow from operating activities (A) | 4,196 | 4,661 | 24,811 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Investments in intangible assets | -1,870 | -2,924 | -11,463 | ||
Investments in tangible assets | -93 | -1 | -315 | ||
Net cash flow from investing activities (B) | -1,963 | -2,925 | -11,778 | ||
CASH FLOW FROM FINANCING ACTIVITIES | |||||
Payments of lease liabilities | -560 | -626 | -2,157 | ||
Payments of long-term liabilities | 0 | 0 | -62 | ||
Net cash flow from financing activities (C) | -560 | -626 | -2,219 | ||
CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) | 1,673 | 1,110 | 10,814 | ||
Cash and cash equivalents, in the beginning of period | 19,206 | 9,066 | 9,066 | ||
Change in cash and cash equivalents | 1,673 | 1,110 | 10,814 | ||
Net effect of exchange rate changes on cash and cash equivalents | -116 | -138 | -675 | ||
Cash and cash equivalents, at the end of period | 20,763 | 10,038 | 19,206 |
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Reporting entity
Capnor Weasel Bidco Oyj (the ‘Company’) is domiciled in Finland. This Interim Report for the quarter ending on March 31, 2026, comprises the Company and its subsidiaries (together referred to as the ‘Group’).
2. Accounting principles
The Group’s Interim Report for January–March 2026 has been prepared in line with the IAS 34 ‘Interim Financial Reporting’ standard and should be read in conjunction with the Group’s financial statements for 2025. The Group has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2025. The information presented in this Interim Report has not been audited.
3. Seasonality
The Group operates in an industry that has seasonal fluctuations in revenue. During the last years, the first three quarters amounted to close to sixty percent of the Group’s full-year revenue, while the last quarter revenue was somewhat over forty percent of the full-year revenue. Therefore, in a typical year, the financial results of the fourth quarter can be expected to be stronger than compared to the first three quarters, and this seasonality also affects the cash flow profile of the Group.
4. Segment reporting
In addition to the parent company Capnor Weasel Bidco Oyj, iLOQ Group belongs to the Group. Industrial operations are in the iLOQ Group that offers digital smart-locking solutions. iLOQ Group operates with a network business model in the manufacture and distribution of products, and hence it has only limited own assembly and manufacturing operations. iLOQ Group’s products are sold through iLOQ’s distribution partners that also provide professional installation and maintenance services to iLOQ’s end-customers. For certain critical infra customers, iLOQ Group also has direct deliveries. iLOQ Group has its parent company iLOQ Oy in Finland and foreign subsidiaries in Sweden, Denmark, Norway, Germany, Belgium, the Netherlands, France, Spain, Poland, Great Britain, Canada, United Arab Emirates, Australia, Singapore and United States. The Group's business operations are managed and monitored as one entity. Subsidiaries are sales organizations, and their revenue consists of service charges from the iLOQ Group's parent company, with the exception that iLOQ USA Inc. has also some direct customer contracts and invoicing. Based on the similarity of business operations, products, services and production process, the Group has only one operating segment. iLOQ’s Leadership Team is the Group's chief operative decision maker, and it evaluates the performance of the Group and the use of resources as a whole. The composition of the Group's revenue and its geographical distribution is presented with the notes related to revenue. The Group has currently no external customers with revenue of over 10% of the Group's total revenue. The Group's most significant non-current assets are located at the domicile of the parent company. Revenue split by geography has from the second quarter of 2025 been presented in accordance with the new sales organizational structure, with the following sales regions based on the customers’ main location and delivery destination: Nordics, Europe & Emerging Markets and North America.
5. Revenue
The revenue of Capnor Weasel Bidco Group consists of digital locking and access management systems. The Group's products consist of supplied locks and software as well as lock operation and maintenance services. The Group's customers are to main extent retailers and partners for locking products. Revenue is recognized when control over the goods or the service is transferred to the customer. Lock deliveries are recognized as revenue when control is transferred on the basis of the delivery of the products, when the risks and benefits have been transferred to iLOQ Group’s customers. The CIP Incoterms delivery term is generally used for the delivery of products. For some specific customers, Delivered Duty Paid Incoterms can also be applied. Revenue from maintenance and repair services and licenses is recognized over time as the customer receives the benefits simultaneously as the service is provided. Sales contracts are made with the regular payment terms. Annual rebates can be granted to customers belonging to the Group’s partner program for products sold during a specified time frame, and these rebates are accrued for.
DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES
- EBITDA = Operating profit (EBIT) before depreciation, amortization and impairment losses.
- Operational EBIT = Operating profit (EBIT) excluding the impact of acquisition-related amortizations or write-downs.
- Operational Cash Flow = EBITDA + change in trade and other receivables + change in inventories + change in trade and other payables + change in provisions -investments in intangible assets - investments in tangible assets. Operational Cash Flow is used internally by the group to follow EBITDA while also taking into account investments and changes in working capital.
- Operational Cash Flow % = Operational Cash Flow / Revenue.
- Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow = Same as above but excluding non-recurring items. These non-recurring items have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above.
- All Margins = The underlying Alternative Performance Measure / Revenue, e.g. Adjusted EBITDA margin = Adjusted EBITDA / Revenue.
CONTACT
Additional information about the Company can be found on the corporate website www.iloq.com. The Company can be contacted by e-mail, info@iloq.com
For questions concerning this report please contact:
Heikki Hiltunen
CEO and President
heikki.hiltunen@iloq.com
Jukka Havia
CFO
jukka.havia@iloq.com
Capnor Weasel Bidco Oyj, Interim Financial Report January–March 2026
15 maj, 07:30
Capnor Weasel Bidco Oyj, Interim Financial Report January–March 2026
Interim Report Q1/2026 (unaudited)
First quarter (January – March) highlights
- First quarter revenue increased by 9% to EUR 26.0 (23.8) million, and when excluding the impact of material deliveries to external manufacturing partners, growth was approximately 10%
- Adjusted EBITDA was EUR 1.8 (1.8) million, corresponding to 7% (8%) Adjusted EBITDA margin
- Adjusted EBIT was EUR -2.5 (-1.8) million, corresponding to -10% (-8%) Adjusted EBIT margin
- Adjusted operational cash flow was EUR 5.0 million, up from EUR 4.0 million in the comparison period
Key events during and after the first quarter
- iLOQ showcased powerful new smart access innovations at ISC West in Las Vegas in March 2026. Highlights of iLOQ’s new innovations included the new remote door opening feature within the iLOQ App, enabling users to open base building and common area doors anytime, from anywhere. Moreover, iLOQ introduced new readers and new upcoming Grade 1 padlocks and a new lock status functionality.
- iLOQ made an agreement with National Grid in the UK to deliver iLOQ’s locking systems for Critical Infra use, which highlights how well iLOQ’s offering fits with demanding end-use cases.
- iLOQ was awarded the ISO 45001 certification for its Occupational Health and Safety Management System (OHSMS). Achieving this certification confirms that iLOQ has established a systematic and effective framework to ensure a safe and healthy working environment, prevent work‑related injuries and ill health, and continuously improve occupational health and safety performance.
Change | ||||
EUR ‘000 | Q1 2026 | Q1 2025 | in % | FY 2025 |
Revenue | 26,015 | 23,820 | 9% | 150,046 |
EBITDA | -411 | 1,815 | -123% | 36,711 |
EBITDA margin | -2% | 8% | 24% | |
Operational EBIT | -3,239 | -368 | -780% | 27,459 |
Operational EBIT margin | -12% | -2% | 18% | |
Operational Cash Flow | 4,820 | 3,971 | 21% | 18,912 |
Operational Cash Flow % | 19% | 17% | 13% | |
Adjusted EBITDA* | 1,794 | 1,815 | -1% | 38,669 |
Adjusted EBITDA margin* | 7% | 8% | 26% | |
Adjusted EBIT | -2,492 | -1,826 | -36% | 23,585 |
Adjusted EBIT margin | -10% | -8% | 16% | |
Adjusted Operational Cash Flow | 4,952 | 3,971 | 25% | 20,870 |
Adjusted Operational Cash Flow % | 19% | 17% | 14% |
* FY 2025 included EUR 2.0 million adjustments mainly related to growth and competitiveness boosting actions andsome legal costs. These costs have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above. During the first three months of 2026, a total of EUR 2.2 million non-recurring costs was recognized and hence excluded in the aforementioned adjusted figures (some of them with a delayed cash flow impact), mainly in relation to a one-off event, some legal fees and production transition costs.
Management overview of the first quarter
During the first quarter of 2026, iLOQ Group’s revenue increased by 9% compared to the corresponding period of the previous year. When excluding some material delivery related sales to external manufacturing partners, year-on-year revenue growth was 10%, with a strong growth especially in the Critical Infrastructure segment. The new global partner program implementation has continued into 2026, which provides a good basis for future growth. iLOQ has continued to invest in developing its 5 Series+ platform, complementary products and software features. Revenue growth and actions in 2025 on streamlining the operations contributed positively to profitability, as iLOQ continued its growth investments also during the first quarter’s seasonally lower activity. The 5 Series+ platform expansion into other markets is progressing, with first European customers planned to be deployed in the second quarter. At the end of March, net working capital level was higher than at the end of March 2025, mainly due to higher trade receivables. On March 18, 2026, iLOQ announced that Ferry Nekkers was appointed as Chief Business Officer for Europe, following the planned succession after Thomas Thörewik.
Key quarterly performance metrics for the first quarter:
- EBITDA amounted to EUR -0.4 (1.8) million, corresponding to -2% (8%) EBITDA margin
- EBIT amounted to EUR -4.7 (-1.8) million, corresponding to -18% (-8%) EBIT margin
- Operational Cash Flow was EUR 4.8 (4.0) million
Events after the reporting period
There were no significant events after the reporting period until the date of this release.
Quarterly information
QUARTERLY INFORMATION,EUR ‘000 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
Revenue | 20,288 | 28,352 | 27,828 | 52,278 | 23,820 | 33,178 | 29,273 | 63,775 | 26,015 |
EBITDA | -3,098 | 4,027 | 2,507 | 16,178 | 1,815 | 6,088 | 5,079 | 23,729 | -411 |
EBITDA margin | -15% | 14% | 9% | 31% | 8% | 18% | 17% | 37 % | -2% |
Operational EBIT | -4,377 | 2,421 | 777 | 14,223 | -368 | 3,807 | 2,832 | 21,188 | -3,239 |
Operational EBIT margin | -22% | 9% | 3% | 27% | -2% | 11% | 10% | 33% | -12% |
Operational cash flow | 10,433 | -532 | 1,149 | 9,248 | 3,971 | 3,507 | 1,413 | 10,021 | 4,820 |
Operational cash flow % | 51% | -2% | 4% | 18% | 17% | 11% | 5% | 16% | 19% |
Adjusted EBITDA | -3,098 | 4,027 | 2,507 | 17,977 | 1,815 | 7,501 | 5,224 | 24,129 | 1,794 |
Adjusted EBITDA margin | -15% | 14% | 9% | 34% | 8% | 23% | 18% | 38% | 7% |
Adjusted EBIT | -5,835 | 963 | -681 | 14,564 | -1,826 | 3,762 | 1,519 | 20,129 | -2,492 |
Adjusted EBIT margin | -29% | 3% | -2% | 28% | -8% | 11% | 5% | 32% | -10% |
Declaration of the Board
We confirm that, to the best of our knowledge, the condensed financial statements give a true and fair view of the Group’s assets, liabilities, financial position and results of operations for the period. We also confirm, to the best of our knowledge, that the management overview includes a fair review of important events that have occurred during the first three months of 2026.
Espoo, May 15, 2026
Heikki Hiltunen Magnus Hammarström
President and CEO Member of the Board
INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT, IFRS | |||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 |
Revenue | 26,015 | 23,820 | 150,046 |
Other income | 5 | 5 | 11 |
Materials and services | -10,410 | -8,700 | -57,484 |
Employee benefit expenses | -8,142 | -8,245 | -30,808 |
Depreciation, amortization and impairment losses | -4,286 | -3,641 | -15,084 |
Other operating expenses | -7,879 | -5,065 | -25,055 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
Finance income | 103 | 61 | 244 |
Finance expense | -1,069 | -1,291 | -5,016 |
Net financial expenses | -966 | -1,230 | -4,772 |
Profit (-loss) before taxes | -5,663 | -3,056 | 16,855 |
Income taxes | 266 | 228 | -3,850 |
Profit (loss) for the financial period | -5,397 | -2,828 | 13,004 |
Items that may be subsequently reclassified to profit or loss | |||
Translation differences | -67 | 499 | -372 |
Total comprehensive income | -5,465 | -2,328 | 12,632 |
Earnings per share, undiluted (EUR) | -54,646 | -23,284 | 126,325 |
Earnings per share, diluted (EUR) | -54,646 | -23,284 | 126,325 |
BRIDGE CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES | |||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
M&A related depreciation and amortization | 1,458 | 1,458 | 5,832 |
Operational EBIT | -3,239 | -368 | 27,459 |
Other depreciation and amortization | 2,828 | 2,183 | 9,252 |
EBITDA | -411 | 1,815 | 36,711 |
Non-recurring items | 2,204 | 0 | 1,958 |
Adjusted EBITDA | 1,794 | 1,815 | 38,669 |
Operating profit (EBIT) | -4,697 | -1,826 | 21,627 |
Non-recurring items | 2,204 | 0 | 1,958 |
Adjusted EBIT | -2,492 | -1,826 | 23,585 |
BALANCE SHEET
CONSOLIDATED BALANCE SHEET, IFRS | |||
EUR ‘000 | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
ASSETS | |||
Non-current assets | |||
Intangible assets | 106,855 | 108,971 | 108,388 |
Goodwill | 92,467 | 92,467 | 92,467 |
Property, plant and equipment | 5,756 | 6,150 | 5,848 |
Deferred tax assets | 435 | 573 | 478 |
Total non-current assets | 205,543 | 208,161 | 207,180 |
Inventories | 20,357 | 24,442 | 17,117 |
Trade and other receivables | 31,401 | 18,191 | 45,054 |
Current tax receivables for the financial year | 612 | 2,318 | 224 |
Cash and cash equivalents | 20,763 | 10,038 | 19,206 |
Total current assets | 73,133 | 54,990 | 81,601 |
Total assets | 278,676 | 263,151 | 288,781 |
EQUITY & LIABILITIES | |||
Equity | |||
Share capital | 80 | 80 | 80 |
Invested unrestricted equity fund | 143,240 | 143,240 | 143,240 |
Translation difference | -661 | 277 | -594 |
Retained earnings | 35,387 | 24,277 | 40,778 |
Total equity | 178,046 | 167,874 | 183,504 |
LIABILITIES | |||
Non-current liabilities | |||
Financial liabilities | 54,679 | 54,572 | 54,649 |
Non-current lease liabilities | 2,091 | 1,582 | 1,779 |
Non-current provisions | 876 | 991 | 892 |
Deferred tax liabilities | 13,879 | 15,149 | 14,241 |
Total non-current liabilities | 71,524 | 72,294 | 71,561 |
Current liabilities | |||
Short-term interest-bearing liabilities | 62 | 62 | 62 |
Account payables and other liabilities | 26,703 | 19,705 | 29,341 |
Current lease liabilities | 1,780 | 2,085 | 2,098 |
Current provisions | 448 | 982 | 608 |
Current tax liabilities | 114 | 149 | 1,608 |
Total current liabilities | 29,106 | 22,982 | 33,717 |
Total liabilities | 100,630 | 95,277 | 105,278 |
Total equity and liabilities | 278,676 | 263,151 | 288,781 |
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS | |||||
EUR ‘000 | Q1 2026 | Q1 2025 | FY 2025 | ||
CASH FLOW FROM OPERATING ACTIVITIES | |||||
Profit (loss) for the financial period | -5,397 | -2,828 | 13,004 | ||
Adjustments: | |||||
Depreciation and amortization | 4,286 | 3,641 | 15,084 | ||
Unrealized exchange rate gains and losses | 271 | 0 | 35 | ||
Financial Income | -103 | -61 | -244 | ||
Financial Expense | 1,069 | 1,291 | 5,016 | ||
Taxes | -286 | -228 | 3,850 | ||
Change in Working Capital: | |||||
Change in trade and other receivables | 13,653 | 12,656 | -14,207 | ||
Change in inventory | -3,241 | -1,378 | 5,947 | ||
Change in trade and other payables | -3,044 | -6,109 | 2,801 | ||
Change in provisions | -176 | -89 | -562 | ||
Interest paid | -984 | -1,039 | -3,864 | ||
Interest received | 4 | 12 | 124 | ||
Income tax paid | -1,847 | -1,176 | -2,049 | ||
Other financial items | -31 | -32 | -125 | ||
Net cash flow from operating activities (A) | 4,196 | 4,661 | 24,811 | ||
CASH FLOW FROM INVESTING ACTIVITIES | |||||
Investments in intangible assets | -1,870 | -2,924 | -11,463 | ||
Investments in tangible assets | -93 | -1 | -315 | ||
Net cash flow from investing activities (B) | -1,963 | -2,925 | -11,778 | ||
CASH FLOW FROM FINANCING ACTIVITIES | |||||
Payments of lease liabilities | -560 | -626 | -2,157 | ||
Payments of long-term liabilities | 0 | 0 | -62 | ||
Net cash flow from financing activities (C) | -560 | -626 | -2,219 | ||
CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) | 1,673 | 1,110 | 10,814 | ||
Cash and cash equivalents, in the beginning of period | 19,206 | 9,066 | 9,066 | ||
Change in cash and cash equivalents | 1,673 | 1,110 | 10,814 | ||
Net effect of exchange rate changes on cash and cash equivalents | -116 | -138 | -675 | ||
Cash and cash equivalents, at the end of period | 20,763 | 10,038 | 19,206 |
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. Reporting entity
Capnor Weasel Bidco Oyj (the ‘Company’) is domiciled in Finland. This Interim Report for the quarter ending on March 31, 2026, comprises the Company and its subsidiaries (together referred to as the ‘Group’).
2. Accounting principles
The Group’s Interim Report for January–March 2026 has been prepared in line with the IAS 34 ‘Interim Financial Reporting’ standard and should be read in conjunction with the Group’s financial statements for 2025. The Group has applied the same accounting principles in the preparation of this Interim Report as in its Financial Statements for 2025. The information presented in this Interim Report has not been audited.
3. Seasonality
The Group operates in an industry that has seasonal fluctuations in revenue. During the last years, the first three quarters amounted to close to sixty percent of the Group’s full-year revenue, while the last quarter revenue was somewhat over forty percent of the full-year revenue. Therefore, in a typical year, the financial results of the fourth quarter can be expected to be stronger than compared to the first three quarters, and this seasonality also affects the cash flow profile of the Group.
4. Segment reporting
In addition to the parent company Capnor Weasel Bidco Oyj, iLOQ Group belongs to the Group. Industrial operations are in the iLOQ Group that offers digital smart-locking solutions. iLOQ Group operates with a network business model in the manufacture and distribution of products, and hence it has only limited own assembly and manufacturing operations. iLOQ Group’s products are sold through iLOQ’s distribution partners that also provide professional installation and maintenance services to iLOQ’s end-customers. For certain critical infra customers, iLOQ Group also has direct deliveries. iLOQ Group has its parent company iLOQ Oy in Finland and foreign subsidiaries in Sweden, Denmark, Norway, Germany, Belgium, the Netherlands, France, Spain, Poland, Great Britain, Canada, United Arab Emirates, Australia, Singapore and United States. The Group's business operations are managed and monitored as one entity. Subsidiaries are sales organizations, and their revenue consists of service charges from the iLOQ Group's parent company, with the exception that iLOQ USA Inc. has also some direct customer contracts and invoicing. Based on the similarity of business operations, products, services and production process, the Group has only one operating segment. iLOQ’s Leadership Team is the Group's chief operative decision maker, and it evaluates the performance of the Group and the use of resources as a whole. The composition of the Group's revenue and its geographical distribution is presented with the notes related to revenue. The Group has currently no external customers with revenue of over 10% of the Group's total revenue. The Group's most significant non-current assets are located at the domicile of the parent company. Revenue split by geography has from the second quarter of 2025 been presented in accordance with the new sales organizational structure, with the following sales regions based on the customers’ main location and delivery destination: Nordics, Europe & Emerging Markets and North America.
5. Revenue
The revenue of Capnor Weasel Bidco Group consists of digital locking and access management systems. The Group's products consist of supplied locks and software as well as lock operation and maintenance services. The Group's customers are to main extent retailers and partners for locking products. Revenue is recognized when control over the goods or the service is transferred to the customer. Lock deliveries are recognized as revenue when control is transferred on the basis of the delivery of the products, when the risks and benefits have been transferred to iLOQ Group’s customers. The CIP Incoterms delivery term is generally used for the delivery of products. For some specific customers, Delivered Duty Paid Incoterms can also be applied. Revenue from maintenance and repair services and licenses is recognized over time as the customer receives the benefits simultaneously as the service is provided. Sales contracts are made with the regular payment terms. Annual rebates can be granted to customers belonging to the Group’s partner program for products sold during a specified time frame, and these rebates are accrued for.
DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES
- EBITDA = Operating profit (EBIT) before depreciation, amortization and impairment losses.
- Operational EBIT = Operating profit (EBIT) excluding the impact of acquisition-related amortizations or write-downs.
- Operational Cash Flow = EBITDA + change in trade and other receivables + change in inventories + change in trade and other payables + change in provisions -investments in intangible assets - investments in tangible assets. Operational Cash Flow is used internally by the group to follow EBITDA while also taking into account investments and changes in working capital.
- Operational Cash Flow % = Operational Cash Flow / Revenue.
- Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow = Same as above but excluding non-recurring items. These non-recurring items have been excluded in the Adjusted EBITDA, Adjusted EBIT and Adjusted Operational Cash Flow figures above.
- All Margins = The underlying Alternative Performance Measure / Revenue, e.g. Adjusted EBITDA margin = Adjusted EBITDA / Revenue.
CONTACT
Additional information about the Company can be found on the corporate website www.iloq.com. The Company can be contacted by e-mail, info@iloq.com
For questions concerning this report please contact:
Heikki Hiltunen
CEO and President
heikki.hiltunen@iloq.com
Jukka Havia
CFO
jukka.havia@iloq.com
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