Earnings call transcript: Talenom Q2 2026 shares fall as growth stays modest

Talenom, the Finnish accounting and software group, reported a 2.8% increase in second-quarter comparable net sales to EUR 30.6 million. EBITDA for the quarter was EUR 5.8 million. Despite maintaining unchanged full-year guidance, the company's stock fell 8.31% to $1.30 in pre-market trading, nearing the lower end of its 52-week range.

Management emphasized progress across several key measures, with revenue growth modest but profitability solid in Finland and improved margins in Sweden. The company operates in Finland, Sweden, and Spain, each showing distinct market trends. While Finland remained the most profitable, Sweden showed signs of operational improvement, and Spain delivered the fastest growth, largely through acquisitions.

Talenom is transitioning to a software-neutral model, selecting the best system for each client rather than relying on a single platform. This strategic shift is expected to support future growth, though it is still in an early stage. The company does not plan to enter new markets and sees growth opportunities within its current markets. Analysts maintain a bullish outlook, with price targets suggesting over 120% upside potential.