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Administer’s Q3 was soft, with lower net sales weighing on profitability. Cost-saving measures should support margins slightly in the short term, while the pending Sarastia acquisitions remain the key potential value driver.
Administer's Q3 results fell short of expectations as net sales declined to EUR 17.0m and EBITDA weakened to EUR 0.7m, driven by challenging market conditions and lower volumes across all business areas.
Administer is set to report Q3 results on November 5. We expect stable performance in line with H1 trends, with limited organic growth. Looking ahead, the Sarastia acquisitions remain a key catalyst for growth and earnings expansion.
Administer announced a second intended acquisition from Sarastia, this time targeting the financial and payroll services business of the wellbeing services county customers.
Administer's Q2 was slightly weaker than expected, with the y/y EBITDA improvement streak coming to a pause. Adjustment measures have been initiated to support margins going forward. The Sarastia acquisition, which will increase revenues by close to 50%, continues to represent a potential catalyst for 2026 and beyond.
Administer’s Q2 revenue held steady at EUR 19.3m, while profitability declined slightly due to higher costs, the unprofitability of Kuntalaskenta and increased credit losses.
Administer reports Q2 on August 14. We expect net sales and profitability to remain broadly flat y/y, with market conditions still difficult and no contribution yet from the pending Sarastia acquisition, which is awaiting regulatory approval.
Administer announced that it intends to acquire the financial, payroll and software services business of Sarastia, a significant and attractive opportunity that would increase Administer’s revenue by closer to 50%.
Administer’s profitability continued to improve in Q1, with EBITDA margin up by 17% y/y. Net sales were in line with the comparison period despite acquisitions.
Administer’s Q1 profitability exceeded our expectations, improving by 17.4% y/y. Net sales remained flat, as the weak market environment continued to weigh on organic growth.
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Administer Oyj, Company release, 27 November 2025 15.00 EET
Person subject to the notification requirement
Name: Peter Aho
Position: Member of the Board/Deputy member
Issuer: Administer Oyj
LEI: 743700M4YLEWP2UNWG60
Notification type: INITIAL NOTIFICATION
Reference number: 131847/4/4
Transaction date: 2025-11-26
Venue: FIRST NORTH GROWTH MARKET FINLAND (FSME)
Instrument type: SHARE
ISIN: FI4000513411
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 50000 Unit price: 2.48 EUR
Aggregated transactions (1):
Volume: 50000 Volume weighted average price: 2.48 EUR
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 14 November 2025 15.30 EET
On 8 October 2025, Administer Plc acquired the business of RE-Vision Oy. It was agreed that the purchase price will be paid in cash and in Administer shares. A total of 11,235 Administer shares, owned by the company itself, has been paid today to RE-Vision’s former owner as the remainder of the purchase price. The weighted average price of the shares was EUR 2.6703 per share. Transfer of own shares is based on the authorization given to the Board of Directors by the General Meeting on 23 April 2025. After the share transfer the company holds in the aggregate 10,936 own shares.
Further information:
Kimmo Herranen
CEO
Administer Plc
tel. +358 (0)50 560 6322
kimmo.herranen@administer.fi
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 13 November 2025 at 8:30 a.m. (EET)
Notice is given to the shareholders of Administer Plc (’the “Company’’) to participate in the Extraordinary General Meeting to be held on Friday 5 December 2025 at 10:00 a.m. (EET). The General Meeting will be held without a physical meeting venue, as a remote meeting via real-time teleconnection in accordance with Chapter 5, Section 16(3) of the Finnish Companies Act (624/2006, as amended, “Companies Act”). Instructions for participation are provided in Part C of this notice for the General Meeting.
Shareholders may also exercise their voting rights by voting in advance. Instructions for advance voting are provided in Part C of this notice for the General Meeting.
A. Matters on the agenda of the Extraordinary General Meeting
The following matters will be considered at the Extraordinary General Meeting:
- Opening the meeting
- Calling the meeting to order
- Election of the persons to scrutinize the minutes and verify the counting of votes
- Recording the legality of the meeting
- Recording attendance at the meeting and adoption of the voting list
- Authorizing the Board of Directors to decide on the issuance of shares and the issuance of special rights entitling to shares
The Board of Directors proposes to the Extraordinary General Meeting that the Board of Directors be authorized to decide on the issuance of shares and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Companies Act as follows.
The number of shares to be issued on the basis of this authorization shall not exceed 1,000,000 shares, which corresponds to approximately 6.7 per cent of all shares in the Company on the day of this notice.
The authorization may be used for issuing share consideration payable in connection with the business acquisitions between Administer Plc and Numera Palvelut Oy announced on 23 June 2025 and 16 October 2025, or otherwise in a manner decided by the Board.
The Board of Directors decides on all terms of the issuance of shares and of special rights entitling to shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders’ pre-emptive right (directed issue).
The authorization is effective until the end of the next Annual General Meeting; however, no longer than 30 June 2026. The authorization does not revoke previous share issue authorizations.
- Closing of the meeting
B. Extraordinary General Meeting documents
This notice, which contains all the resolution proposals of the agenda of the Extraordinary General Meeting, is available on Administer Plc’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
In addition, the Company’s annual report, which includes financial statements, the report of Board of Directors and the auditor’s report, minutes of the Annual General Meeting 2025, financial statement release 2024, Q1 and Q3 interim reports, H1 half-year report, and the Board’s statement on events materially affecting the Company’s position after the preparation of the Q3 interim report are available at the above-mentioned Company’s website. The resolution proposals and other documents mentioned above will also be available at the Extraordinary General Meeting.
The minutes of the Extraordinary General Meeting will be available on the above-mentioned website on 19 December 2025 at the latest.
C. Instructions for the participants in the Extraordinary General Meeting
- Shareholder registered in the register of shareholders
Each shareholder who on the record date of the Extraordinary General Meeting, 25 November 2025, is registered in the Company’s register of shareholders maintained by Euroclear Finland Ltd, has the right to participate in the Extraordinary General Meeting. A shareholder whose shares are registered in their Finnish book-entry account (incl. equity savings account) is registered in the Company’s register of shareholders.
Registration for the Extraordinary General Meeting will begin on 14 November 2025 at 10:00 a.m. (EET) A shareholder registered in the Company’s register of shareholders who wishes to participate in the Extraordinary General Meeting, must register for the meeting no later than 28 November 2025 at 4:00 p.m. (EET), by which time the registration must have been received.
Shareholders can register for the meeting by one of the following means:
a) through the Company’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
Online registration requires that the shareholders or their statutory representatives or proxy representatives use strong electronic authentication by a Finnish, Swedish or Danish bank ID or mobile certificate.
b) by e-mail to egm@innovatics.fi or by mail to Innovatics Oy, General Meeting / Administer Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland. The registering shareholder must include in the message the registration form available on the Company’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
and any possible advance voting form, or equivalent information.
When registering, a shareholder is requested to provide information such as their name, date of birth or business ID, phone number and/or e-mail address, the name of the meeting assistant or representative and the date of birth and phone number and/or e-mail address of the representative, if any. The personal data given by the shareholder to the Company or Innovatics Oy is only used in connection with the Extraordinary General Meeting and with the processing of related necessary registrations.
Further information on registration and advance voting is available by telephone during the registration period of the Extraordinary General Meeting by calling Innovatics Oy at 010 2818 909 on weekdays from 9:00 a.m. (EET) to 12:00 p.m. (EET) and from 1:00 p.m. (EET) to 4:00 p.m. (EET).
- Holders of nominee-registered shares
A holder of nominee-registered shares has the right to participate in the Extraordinary General Meeting by virtue of such shares, based on which they would be entitled to be registered in the shareholders' register of the Company held by Euroclear Finland Ltd. on the record date of the Extraordinary General Meeting, 25 November 2025. In addition, the right to participate in the Extraordinary General Meeting requires that the shareholder, on the basis of such shares, has been temporarily registered into the shareholders’ register held by Euroclear Finland Oy by 10:00 a.m. (EET) on 2 December 2025 at the latest. For the nominee-registered shares, this constitutes due registration for the Extraordinary General Meeting.
A holder of nominee-registered shares is advised to request well in advance the necessary instructions regarding temporary registration in the Company’s register of shareholders, the issuing of proxy documents and voting instructions, voting in advance and registration for the Extraordinary General Meeting from their custodian. The account manager of the custodian shall temporarily register a holder of nominee-registered shares who wants to participate in the Extraordinary General Meeting in the Company’s register of shareholders at the latest by the time stated above, and, if necessary, take care of advance voting on behalf of a holder of nominee-registered shares prior to the end of the registration period concerning holders of nominee-registered shares. For the sake of clarity, it is noted that holders of nominee-registered shares cannot register directly for the Extraordinary General Meeting on the Company's website but must register through a custodian.
A nominee-registered shareholder who has registered for the Extraordinary General Meeting may also, if they wish, participate in the meeting in real time via a data connection and technical device. Real-time participation in the meeting requires, in addition to temporary registration in the Company’s shareholder register, that the shareholder provides their e-mail address and telephone number, as well as, if necessary, power of attorney and other documents required to verify the right of representation. These must be sent by mail to Innovatics Oy, General Meeting/Administer Plc, Ratamestarinkatu 13 A, 00520 Helsinki, or by e-mail to egm@innovatics.fi before the deadline for registration of nominee-registered shareholders, so that a participation link and password can be sent to the shareholder for joining the meeting. If the holder of nominee-registered shares has authorized their asset manager to vote in advance on their behalf, such votes will be taken into account as the advance votes of the nominee-registered shareholder at the Extraordinary General Meeting, unless the nominee-registered shareholder votes differently at the meeting.
- Proxy representative and powers of attorney
A shareholder may participate in the Extraordinary General Meeting and exercise their rights at the meeting also by way of proxy representation. A proxy representative may also vote in advance in the manner described in this notice. Proxy representatives must use strong electronic authentication when registering for the meeting and voting in advance online, after which they can register and vote in advance on behalf of the shareholder they represent. Proxy representatives shall produce a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder in the Extraordinary General Meeting. The statutory right of representation may be demonstrated by using the Suomi.fi electronic authorizations service, which is in the use in the online registration service.
Should a shareholder participate in the Extraordinary General Meeting by means of several proxy representatives representing the shareholder with shares in different book-entry accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the Extraordinary General Meeting.
A template for proxy document is available on the Company’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
Possible proxy documents should be primarily sent in connection with the online registration as attachments or alternatively by post to Innovatics Oy, General Meeting / Administer Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by e-mail to egm@innovatics.fi before the registration period ends. In addition to delivering proxy documents, shareholders or their proxy representatives shall see to the registration for the Extraordinary Meeting in the manner described in this notice.
- Participation instructions
Shareholders entitled to participate in the Extraordinary General Meeting will attend and exercise their rights in full and in real time via a remote connection during the meeting.
The remote connection to the Extraordinary General Meeting will be implemented through Inderes Plc’s virtual meeting service on the Videosync platform, which provides video and audio access to the meeting. Using the remote connection does not require any paid software or downloads. Participation requires, in addition to an internet connection, a computer, smartphone or tablet equipped with speakers or headphones for audio and a microphone for asking questions or making statements orally. It is recommended to use one of the following browsers: Chrome, Firefox, Edge, Safari or Opera. Logging into the meeting system well before the scheduled start time is advisable.
A participation link and password for remote attendance will be sent by e-mail and/or text message to the e-mail address and/or mobile phone number provided at registration to all registered participants no later than the day before the Extraordinary General Meeting. Therefore, shareholders who have voted in advance may also, if they wish, participate remotely via a data connection. Votes cast in advance will be taken into account in the decision-making of the Extraordinary General Meeting regardless of whether the shareholder participates remotely or not. If they do participate remotely, they will have the opportunity to change their advance votes during the meeting if a vote takes place.
Detailed information about the meeting service, additional instructions for a proxy representing multiple shareholders, the service provider’s contact details, and guidance for potential technical issues can be found at https://b2b.inderes.com/knowledge-base/inderes-agm-solutions. A link to test the compatibility of your computer, smartphone or tablet and internet connection is available at https://b2b.inderes.com/knowledge-base/compatibility-testing. It is recommended to review the detailed participation instructions before the start of the Extraordinary General Meeting.
- Voting in advance
A shareholder whose shares in the Company are registered on the shareholder’s Finnish book-entry account (incl. equity savings account) can vote in advance on agenda item no. 6 of the Extraordinary General Meeting during the period between 14 November 2025 at 10:00 a.m. until 28 November 2025 at 4:00 p.m. (EET).
a) through the Company’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
Shareholders can sign into the advance voting service the same way as to the online registration service referred to above in section C.1 of this notice.
b) By submitting the advance voting form available on the Company’s website or corresponding information by e-mail to the address egm@innovatics.fi or by mail to the address Innovatics Oy, General Meeting / Administer Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.
The advance votes must be received prior to the expiry of the advance voting period. If advance votes are sent in before the end of registration and advance voting period as described herein, this constitutes due registration to the Extraordinary General Meeting, as long as the provided information contains all information needed to process registration.
Unless shareholders voting in advance are present at the Extraordinary General Meeting at the meeting venue in person or by way of proxy presentation or through remote connection, they will not be able to use their rights under the Companies Act to request information or a vote.
For holders of nominee-registered shares, advance voting is carried out via the account operator. The account operator may cast advance votes on behalf of the holders of nominee-registered shares in accordance with the voting instructions provided by the holders of nominee-registered shares during the registration period for the nominee-registered shares.
An agenda item subject to advance voting is considered to have been presented unchanged to the Extraordinary General Meeting.
- Other instructions/information
The language of the Extraordinary General Meeting is Finnish.
A shareholder who is present at the Extraordinary General Meeting in person or remotely has the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Companies Act.
The information concerning the Extraordinary General Meeting required under the Companies Act and the Finnish Securities Market Act is available on the Company’s website at https://administergroup.com/en/investors/governance/general-meeting/extraordinary_general-meeting-2025/
On the date of this notice, the total number of shares in the Company and votes represented by such shares is 14,954,175. On the date of this notice, the Company holds 22,171 treasury shares. Such shares do not have voting rights at the Extraordinary General Meeting.
Changes in the shareholding after the record date of the Extraordinary General Meeting do not affect the right to participate in the Extraordinary General Meeting or the number of voting rights held by a shareholder in the Extraordinary General Meeting.
In Helsinki, on 13 November 2025
Administer Plc
The Board of Directors
Further information:
Kimmo Herranen
CEO
Administer Plc
Tel: +358 50 560 6322
kimmo.herranen@administer.fi
Certified Adviser:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc, Company release, 12 November 2025 17.30
Person subject to the notification requirement
Name: Sijoitus Oy MC Invest Ab
Position: Closely associated person
(X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer
Name: Markus Backlund
Position: Other senior manager
Issuer: Administer Oyj
LEI: 743700M4YLEWP2UNWG60
Notification type: INITIAL NOTIFICATION
Reference number: 130201/4/4
Transaction date: 2025-11-10
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000513411
Nature of transaction: DISPOSAL
(X) Executed under portfolio or asset management
Transaction details
(1): Volume: 100000 Unit price: 2.5 EUR
Aggregated transactions (1):
Volume: 100000 Volume weighted average price: 2.5 EUR
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Oyj Company release 5 November 2025 EET 8.30
This release is a summary of Administer’s Business Review January-September 2025. The complete report is attached to this release as a pdf-file. It is also available at www.administergroup.com/en/investors.
The information in the review has been prepared in accordance with Finnish Accounting Standards (FAS). The figures are unaudited. Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Key figures
January–September 2025
- Net sales were EUR 55.4 million (56.0).
- EBITDA was EUR 4.3 million (4.6), or 7.7% (8.2%) of the net sales.
- Comparable EBITDA was EUR 4.5 million (4.6), or 8.1% (8.2%) of the net sales.
- Operating profit was EUR -0.1 million (0.1), or -0.2% (0.2%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR -3.1 million (-3.0) in total.
July–September 2025
- Net sales were EUR 17.0 million (17.6).
- EBITDA was EUR 0.7 million (1.0), or 4.0% (5.8%) of the net sales.
- Comparable EBITDA was EUR 0.7 million (1.0), or 4.2% (5.8%) of the net sales.
- Operating profit was EUR -0.8 million (-0.5), or -4.5% (-2.8%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR -1.0 million (-1.0) in total.
KEY FIGURES
EUR million unless otherwise stated | 1–9/ 2025 | 1–9/ 2024 | Change, % | 7–9/ 2025 | 7–9/ 2024 | Change, % | 1–12/ 2024 |
Net sales | 55.4 | 56.0 | -1.1% | 17.0 | 17.6 | -3.3% | 74.7 |
EBITDA | 4.3 | 4.6 | -7.1% | 0.7 | 1.0 | -32.8% | 5.5 |
% of net sales | 7.7% | 8.2% |
| 4.0% | 5.8% |
| 7.4% |
Operating profit (EBITA) adjusted with amortisation of goodwill |
3.0 |
3.2 |
-6.5% |
0.2 |
0.5 |
–53.5% |
2.9 |
% of net sales | 5.3% | 5.7% |
| 1.5% | 3.0% |
| 3.9% |
Operating profit/loss | -0.1 | 0.1 |
| -0.8 | -0.5 |
| -1.3 |
Profit/loss before appropriations and tax |
-0.7 |
-0.1 |
|
-1.0 |
-0.7 |
|
-–1.9 |
Result adjusted with amortisation of goodwill |
2.0 |
2.5 |
-20.2% |
-0.3 |
-0.0 |
|
1.9 |
% of net sales | 3.6% | 4.5% |
| -1.6% | -0.2% |
| 2.6% |
Result for the financial period | -1.1 | -0.5 |
| -1.3 | -1.0 |
| -2.3 |
Earnings per share (EPS) | -0.07 | -0.04 |
| -0.09 | -0.07 |
| -0.16 |
Return on equity (ROE), % | -11.4% | -4.7% |
| -11.4% | -4.7% |
| -8.8% |
Equity ratio, % | 47.3% | 45.1% |
| 47.3% | 45.1% |
| 44.6% |
Debt-to-equity ratio, % | 47.4% | 51.4% |
| 47.4% | 51.4% |
| 47.2% |
Personnel on average | 1,029 | 1,051 | -2.1% | 1,014 | 1,069 | -5.1% | 1,046 |
CEO’s review
Finland's economic situation has remained weak. In January-September, the Group’s net sales remained at the previous year's level in a challenging market environment and were EUR 55.4 million. EBITDA declined slightly and was EUR 4.3 million. Comparable EBITDA was EUR 4.5 million. Comparable EBITDA includes non-recurring expenses related to preparation for the transition to IFRS accounting principles and the Group's 40th anniversary year.
Contrary to our expectations, net sales declined in the third quarter, and we were unable to adjust the cost structure at the same pace. Our net sales in the third quarter were EUR 17.0 million, declining slightly compared to the corresponding period last year. Net sales declined across all main businesses; net sales in the accounting firm business remained almost unchanged, while the most substantial decline in net sales was again in Econia.
In the third quarter, our EBITDA was EUR 0.7 million. Compared to the corresponding period last year, EBITDA declined due to a stronger-than-anticipated decline in net sales, which we were unable to offset with the same pace in cost structure adjustments. July is a holiday month, and seasonal variation is reflected in both net sales and profit. Our view is that profitability will improve again in the fourth quarter. To improve profitability, we have continued to implement measures to adjust human resources across the Group and reduce fixed costs. The profitability improvements from these measures will be reflected in the following quarters.
Business area review
The net sales of Silta, which offers payroll and HR services, declined by 2.7% and were EUR 18.9 million in January–September. In July–September, the net sales declined by 5.3% and were EUR 5.8 million. The decline in net sales is due to the decrease in expert rental services as well as customer drain. The sales pipeline has strengthened, and the proposal to amend the Act on Public Procurement and Concession Contracts, which will soon be discussed in Parliament, is reflected in the public sector’s activity and requests for tender. The first phase of the AI strategy was completed, with various tools and pilots already tested with AI.
The net sales of Econia, which offers HR services and staffing, international services, as well as domestic financial management services, declined by 9.2% and were EUR 15.0 million in January–September. In July–September, the net sales declined by 9.9% and were EUR 4.6 million. The decline in net sales is mainly due to the staffing services. Good momentum continued in the sales of compliance services aimed at preventing grey economy, as well as in international financial management services.
The net sales of Administer’s accounting firm business declined by 2.1% and were EUR 13.4 million in January–September. In July–September, the net sales declined by 1.3% and were EUR 4.2 million. We continued the strengthening of regional operations with a new, small acquisition in Lahti, as the region of Päijät-Häme is seen as an economic zone with potential. We succeeded in cross-selling the Group’s services by offering customers financial management outsourcing services alongside software services. Development work aimed at improving the customer experience continued systematically. The positive development of the NPS figure, which measures customer satisfaction, is reflected in improved customer retention. We made reforms for both the mobile application and the browser-based system of the eFina financial management system.
The net sales of EmCe, which provides software services, declined by 0.8% and were EUR 5.7 million in January–September. In July–September, the net sales declined by 7.6% and were EUR 1.6 million. Net sales declined in both our own software sales and Microsoft Business Central software sales. The acquisition of new customers was particularly successful in the accounting firm business, with its own EmCe Professional service product. We are mapping the use of AI across our own software development work and as part of the software itself.
In line with our strategy, our goal is profitable growth. This year, we have announced two major acquisitions to acquire the business of Sarastia's public sector customers. During the review period, the focus was on planning the acquisition process and communicating with the competition authority. The transactions still require the approval of the competition authority. The significance of these acquisitions for the Group's growth will be considerable, as taking into account Sarastia's outlook for 2025, the net sales growth would have been approximately 80%. Our view is that the integration of Sarastia into the Group will also significantly improve our profitability in the coming years.
In our strategy, we have defined competence development as one focus area. This year, a record number of Group’s payroll experts participated in the PHT-degree exam, and we received 14 new PHT experts. Our goal is that 10% of the Group's permanent personnel working in Finland have completed either the KLT-degree or the PHT-degree. We believe this is reflected directly in customer benefits, thereby improving both customer satisfaction and profitability.
We continue to prepare for the adoption of IFRS accounting principles and aim to make related decisions by the end of 2025. A possible Group transition to IFRS would occur during 2026.
We estimate that, as a result of measures already taken, profitability improvement will strengthen in the fourth quarter, and I am confident that we will achieve the targets we have set for this year. Our customers’ payroll data show that transaction volumes are at the same level as last year, which leads me to be optimistic about the development of the Finnish economy and to believe we can expect a positive outlook also in terms of macroeconomic development.
Kimmo Herranen
CEO
Outlook (unchanged)
Administer seeks to continue growth investments as well as organic and inorganic growth in 2025. Administer estimates that its net sales will be EUR 72–78 million and its EBITDA margin will be 7–10% in 2025.
Administer will further specify its outlook if the previously announced business acquisitions of Sarastia are completed.
Long-term financial targets
On 4 November 2025, Administer cancelled its long-term financial targets announced on 6 March 2024. The company will publish new financial targets during 2026.
More information
Kimmo Herranen, CEO, kimmo.herranen@administer.fi, tel. +358 50 560 6322
Kalle Lehtonen, CFO, kalle.lehtonen@administer.fi, tel. +358 40 053 9968
Webinar
CEO Kimmo Herranen and CFO Kalle Lehtonen will present the results in a webinar on 5 November 2025 at 11:00 a.m. EET. Questions can be sent during the event via the chat function.
You can join the webinar at https://administer.events.inderes.com/q3-2025.
A recording will be available after the event at https://administergroup.com/en/investors/.
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 4 November 2025 at 18.30 EET
Administer Plc will publish financial reports in 2026 as follows:
- Financial statement release for 2025 on Wednesday 4 March 2026
- Q1 Business review for January–March 2026 on Wednesday 13 May 2026
- Half-year financial report for January–June 2026 on Thursday 13 August 2026
- Q3 Business review for January–September 2026 on Wednesday 4 November 2026
The annual report including the report of the Board of Directors and financial statements for 2025 will be published during week 13/2026 (the week commencing on 23 March).
Administer Group’s Annual General Meeting (AGM) is scheduled to be held in Helsinki on Wednesday, 22 April 2026. The company’s Board of Directors will convene the AGM later.
Additional information
Kalle Lehtonen
CFO
Tel: 040 0539968
kalle.lehtonen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 4 November 2025 at 18.00 EET
Administer Plc announced its long-term financial targets on 6 March 2024 in connection with its revised strategy. The targets were planned to be met by the end of 2026.
In line with the strategy, the company aims for profitable growth and sees the public sector as a significant growth opportunity. This year, the company has announced two major acquisitions with Numera Palvelut Oy to acquire the business of Sarastia's public sector customers. The transactions still require the approval of the competition authority. The significance of these acquisitions for the Group's growth will be considerable, as, taking into account Sarastia's outlook for 2025, the Administer Group's net sales growth would be approximately 80%. The company estimates that the integration of Sarastia into the Group will also significantly improve its profitability in the coming years.
In the current situation, the Board of Directors of Administer has evaluated that its long-term financial targets announced on 6 March 2024 are no longer relevant.
Therefore, the company cancels its current financial targets. No changes will be made to the company's strategy, and the company's financial guidance for 2025 will remain unchanged. The company will announce its new long-term financial targets in 2026.
The previous financial targets, which are now being cancelled, were:
- Net sales of EUR 100 million in 2026
- Profitability of 15% EBITDA in 2026
Administer Plc
Board of Directors
Further information:
Kimmo Herranen
CEO
Administer Plc
tel. +358 (0)50 560 6322
kimmo.herranen@administer.fi
Certified adviser:
Evli Plc
Tel. +358 (0)40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 16 October 2025 at 20.00 EET
Administer and Numera Palvelut Oy have signed a letter of intent to acquire the financial and payroll services business of Sarastia’s (Numera Palvelut Oy) wellbeing services county customers. The actual agreement on the transaction is scheduled to be signed by the end of 2025.
Previously in June 2025, Administer announced the acquisition of the similar financial, payroll and software services business of Sarastia’s (Numera Palvelut Oy) municipal customers. The transaction is still pending the approval of the competition authority. The letter of intent for the new business acquisition complements the acquisition. The transaction still requires the advisory board proceedings of Numera Palvelut, the approval of the general meetings of the parties and the permission of the competition authority. The aim is to carry out the transfer of the municipal and wellbeing services counties’ business to the buyer at the same time.
The acquisition will be completed in two phases. In the first phase, Administer will acquire Sarastia’s wellbeing services county customer business on behalf of its new subsidiary to be established for this business. It is the same company that acquires the previously announced municipal customer business. In the first phase, Administer will own 80% and Numera Palvelut 20% of the new company. In the new company, business will continue under the Sarastia brand.
The purchase price in the first phase is EUR 3.7 million, one-half of which will be paid in cash and one-half in new Administer shares. The second phase of the acquisition will be completed in two instalments by summer 2029, when the remaining 20% of the ownership of the new company will be transferred to Administer at fair price on a predetermined valuation basis.
The value of the transferred turnover is approximately EUR 23 million, and the number of employees is approximately 140. The turnover is generated by wellbeing services counties’ financial and payroll services. The customer base currently includes several wellbeing services counties.
Key figures, object of purchase
The figures are constructed, unaudited figures
| Forecast 2025 | 2024 |
Turnover, million EUR | 22.8 | 30.6 |
EBITDA, million EUR | 2.1 | 7.6 |
EBITDA % | 9.2% | 24.8% |
Operating profit, million EUR | 2.1 | 7.6 |
Employees | 140 | 170 |
No assets or liabilities will be transferred in connection with the transaction, excluding holiday pay liabilities related to 2026, which are minor in relation to the transferred business.
“The acquisition complements the previously announced Sarastia acquisition and will significantly strengthen the Group’s long-term competitiveness in the public sector, which is a strategically very important customer segment for us," says Kimmo Herranen, CEO of Administer Plc.
“Wellbeing services counties benefit from stability and continuity, and this is exactly what this solution offers. The transaction secures the competence and services built for the Finnish public sector. With Administer, we can ensure the development and longevity of our services," says Vesa Silaskivi, Chair of the Board of Directors of Numera Palvelut Oy.
If the transaction is completed, Administer will further specify its guidance for 2025.
Further information:
Kimmo Herranen, CEO, Administer Plc, tel. +358 (0)50 560 6322, kimmo.herranen@administer.fi
Vesa Silaskivi, Chair of the Board of Directors, Numera Palvelut Oy, tel. +358 (0)50 329 9900
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
Administer Group is a multi-talented provider of HR and financial management services. We offer payroll and financial management services, software services, consultancy, staffing and international expert services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting firm Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. The Group also includes other subsidiaries and associated companies. https://administergroup.com/
Numera Palvelut Oy (Sarastia) is a financial management service centre authorised by Taloushallintoliitto, with expert knowledge of the needs and processes of public entities. Sarastia produces high-quality financial services and payroll services in a cost-effective manner whilst developing its operating methods together with its customers. Sarastia is a stable, national partner and a major operator in its sector. https://sarastia.fi/.
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company Release 30 September 2025 15.30 EET
Administer Plc (“Company”) has entered into agreement with Lago Kapital Ltd (“Lago”) on liquidity support for the Company´s share. Liquidity support according to agreement commences on 1.10.2025.
According to the agreement, Lago will quote bids and offers for Company´s share in such a way that the maximum allowed difference between the bid and offer is 4,5 % calculated from the bid. The quotes on bid and offer must be at least EUR 1 000 worth of shares.
Lago undertakes to provide bids and offers for the Company share in the Nasdaq Stock Exchange trading system on each day for at least 85 % of the continuous trading time under normal trading conditions.
The aim is to promote liquidity and lower volatility of the share.
Further information:
Kimmo Herranen
CEO
Administer Plc
tel. +358 (0)50 560 6322
kimmo.herranen@administer.fi
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company Announcement 22.9.2025 at 3 pm
The members of Administer's Shareholders' Nomination Board have been appointed. The Nomination Board consists of four (4) members, of which the four (4) largest shareholders of the company are each entitled to appoint one (1) member according to the shareholder´s register administered by Euroclear on the first calendar working day in September.
The following were confirmed as members of the Nomination Board of the Administer Plc:
- Karoliina Lindroos (representing Ilmarinen Mutual Pension Insurance Company)
- Rolf Backlund (representing Sijoitus Oy MC Invest Ab).
- Elina Salmivala (representing herself)
Peter Aho was elected as the chair of the Nomination Committee (representing himself as the largest shareholder in the company) at the organisational meeting held on 22 September 2025.
The Nomination Board also includes Jukka-Pekka Joensuu, Chairman of the Board of Directors of Administer Plc, as an expert member.
The Nomination Board's task is to prepare and present to the Annual General Meeting and, if necessary, to the Extraordinary General Meeting, proposals on the number and remuneration of the members of the Board of Directors and a proposal on the remuneration of the members of the Board of Directors and the members of the Board committees. The Nomination Committee is also responsible for seeking new candidates for the Board of Directors.
For further information:
Jukka-Pekka Joensuu
Chairman of the Board of Directors
Tel. + 358 40 179 8855
jukka-pekka.joensuu@eversheds.fi
Contacts
- Hyväksytty neuvonantaja:, Evli Oyj, +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc – Half-year Financial Review release 14 August 2025 at 8:30 EET
This release is a summary of Administer’s Half-year Financial Review January-June 2025. The complete report is attached to this release as a pdf-file. It is also available at www.administergroup.com/en/investors.
Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
January–June 2025
Key figures
- Net sales were EUR 38.3 million (38.4), showing a decrease of 0.1%. Net sales level remained unchanged in the challenging market environment.
- EBITDA was EUR 3.6 million (3.6), or 9.4% (9.4%) of the net sales.
- Comparable EBITDA was EUR 3.8 million (3.6), or 9.9% (9.4%) of the net sales.
- Operating profit was EUR 0.6 million (0.6), or 1.7% (1.6%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR –2.1 million (–2.0) in total.
April–June 2025
Key figures
- Net sales were EUR 19.3 million (19.3), showing an increase of 0.0%.
- EBITDA was EUR 1.6 million (1.9), or 8.1% (9.6%) of the net sales.
- Comparable EBITDA was EUR 1.8 million (1.9), or 9.1% (9.6%) of the net sales.
- Operating profit was EUR 0.1 million (0.4), or 0.5% (1.9%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR –1.0 million (–1.0) in total.
Key events
- The company announced the largest acquisition in its history, measured in net sales, by agreeing on the acquisition of the financial, payroll, and software business of Sarastia’s municipal customers. The completion of the acquisition still requires the approval of the competition authority, and the acquisition is estimated to be confirmed in early autumn.
- During the review period, the company began preparing for the transition to IFRS accounting principles.
KEY FIGURES
EUR million unless otherwise stated | 1–6/ 2025 | 1–6/ 2024 | Change, % | 4–6/ 2025 | 4–6/ 2024 | Change, % | 1–12/ 2024 |
Net sales | 38.3 | 38.4 | -0.1% | 19.3 | 19.3 | 0.0% | 74.7 |
EBITDA | 3.6 | 3.6 | 0.1% | 1.6 | 1.9 | -15.7% | 5.5 |
% of net sales | 9.4% | 9.4% |
| 8.1% | 9.6% |
| 7.4% |
Operating profit (EBITA) adjusted with amortisation of goodwill | 2.7 | 2.6 | 3.0% | 1.1 | 1.4 | -17.2% | 2.9 |
% of net sales | 7.1% | 6.9% |
| 5.9% | 7.1% |
| 3.9% |
Operating profit/loss | 0.6 | 0.6 | 5.5% | 0.1 | 0.4 | -71.1% | -1.3 |
Profit/loss before appropriations and tax | 0.3 | 0.6 | -53.2% | -0.1 | 0.6 |
| -1.9 |
Result adjusted with amortisation of goodwill | 2.3 | 2.5 | -10.1% | 0.9 | 1.5 | -39.8% | 1.9 |
% of net sales | 5.9% | 6.6% |
| 4.7% | 7.9% |
| 2.6% |
Result for the financial period | 0.2 | 0.5 | -59.5% | -0.1 | 0.5 |
| -2.3 |
Earnings per share (EPS) | 0.01 | 0.04 |
| -0.01 | 0.04 |
| -0.16 |
Return on equity (ROE), % | -10.4% | –5.6% |
| -10.4% | –5.6% |
| -8.8% |
Equity ratio, % | 44.4% | 46.4% |
| 44.4% | 46.4% |
| 44.6% |
Debt-to-equity ratio, % | 49.0% | 47.0% |
| 49.0% | 47.0% |
| 47.2% |
Personnel on average | 1,037 | 1,070 | -3.1% | 1,058 | 1,088 | -2.8% | 1,046 |
CEO’s review
Finland's economic growth has continued to be weak this year, which is still affected by the uncertain global market. In a challenging market situation, the Group's reported net sales level remained unchanged. Profitability improvement development slowed down in the second quarter compared to the corresponding period of the previous year due to higher costs, the loss-making of Kuntalaskenta, and increased credit losses. We estimate that the most difficult months for Kuntalaskenta are now behind us. We continue to pay attention to the continuous profitability improvement throughout the Group and have already initiated additional measures to ensure the continuity of the profitability improvement. This includes essentially, for example, balancing human resources with the prevailing market and workload situation.
In the second quarter, our net sales were EUR 19.3 million. Among our main business areas, EmCe, which provides software services, was able to increase its net sales, while in Econia and Silta, net sales decreased slightly. The decrease in the net sales of the accounting firm business levelled off in the second quarter compared to the early part of the year, and the net sales were at a similar level as in the previous year. The integration of Kuntalaskenta into the Group increased net sales slightly. In January–June, our net sales were EUR 38.3 million.
In the second quarter, our comparable EBITDA was EUR 1.8 million and reported EBITDA was EUR 1.6 million. In the first half-year, our comparable EBITDA was EUR 3.8 million and reported EBITDA was EUR 3.6 million. Reported EBITDA was weighed down by non-recurring expenses related to preparation for the transition to IFRS accounting principles and the Group's 40th anniversary year.
In our strategy for 2024–2026, we determined the public sector as an important growth area for us, and the investments are beginning to show results. The most significant event of the review period was related to the strengthening of public sector services. We announced the most significant business transaction in the Group’s history, measured in net sales, by agreeing to acquire the financial, payroll, and software business of Sarastia’s municipal customers. The completion of the acquisition still requires the approval of the competition authority, and we estimate the acquisition will be confirmed in early autumn. Net sales to be transferred is approximately EUR 35 million, and the number of personnel is approximately 350. The most significant portion of the net sales comes from municipalities’ financial and payroll services, and the business is also supported by the sales of software services. The clientele includes more than 100 cities and municipalities, ranging from large to small ones. The acquisition significantly strengthens the Group’s long-term competitiveness. With the acquisition, the Administer Group will become the leading service provider in the municipal sector in financial, payroll, and software services.
Business area review
The net sales of Silta, which offers payroll and HR services, declined by 1.4% and were EUR 13.1 million in January–June. In April–June, the net sales declined by 3.6% and were EUR 6.5 million. System expertise was deepened in accordance with the strategy, and the sales pipeline remained good. In terms of artificial intelligence, we have both a medium-term strategy for utilizing artificial intelligence in business and a concrete development project in which artificial intelligence is used to reduce manual work, ensure quality, and improve efficiency.
The net sales of Econia, which offers HR services and staffing, international services, as well as domestic financial management services, declined by 8.9% and were EUR 10.4 million in January–June. In April–June, the net sales declined by 9.3% and were EUR 5.4 million. The net sales of domestic staffing have started to grow slightly, but due to the prolonged economic downturn in Finland, the demand for international staffing services still remains at a moderate level. Sales of expert services aimed at preventing grey economy continued more actively than in the previous year. The business initiated intensified adjustment measures due to the long-standing challenging market situation.
The net sales of Administer’s accounting firm business declined by 2.5% and were EUR 9.2 million in January–June. In April-June, net sales were at a similar level as in the corresponding period of the previous year and were EUR 4.6 million. The decline in net sales was slightly reversed at the early part of the year. The business made investments in the development of customer experience and the integration of acquisition targets. The NPS figure, describing the customer experience, developed positively. A significant number of new integrations were made to the eFina system, enabling the transfer of information from customers’ own systems directly to eFina. The business carried out profitability adjustment measures concerning personnel, the results of which will have an impact starting from the last quarter of 2025.
The net sales of EmCe, which provides software services, increased by 2.2% and were EUR 4.1 million in January–June. In April–June, the net sales increased by 5.0% and were EUR 2.0 million. The market for the sales of Microsoft Business Central software remains moderate in terms of investments. Collective work in utilizing group synergies continued strongly.
During the current year, we have been preparing for the adoption of IFRS accounting principles, and the related decisions will be made by the end of 2025. A possible Group transition to IFRS would occur during 2026.
The proposal to amend the Act on Public Procurement and Concession Contracts, which has attracted significant public debate, will be submitted before Parliament in the autumn. We see the stated goals as important for improving the competitive field and making tendering processes more efficient. We warmly support the creation of an operating environment that genuinely enables all companies to participate in public tendering processes. The Group already had a large number of public sector customers before the announced Sarastia deal, and we see significant growth opportunities in this sector.
We expect the market situation to remain unchanged for the rest of the year, but we will continue to focus on improving the profitability of our businesses regardless of the economic cycle.
Kimmo Herranen
CEO
Outlook (unchanged)
Administer seeks to continue growth investments as well as organic and inorganic growth in 2025. Administer estimates that its net sales will be EUR 72–78 million and its EBITDA margin will be 7–10% in 2025.
Risks and near-term uncertainties
Interruptions or disturbances in Administer’s IT, network, or communication systems may lead to unforeseen costs and malfunctions and be detrimental to the business operations of the company or its customers. Data security breaches targeted at IT systems and data links, or other data security breaches, may be detrimental to Administer or its customers and negatively impact Administer’s business.
Administer’s field of business is competitive, and the competition is fragmented, which may have a negative impact on the company’s operations if Administer is unable to respond to competitor pricing or service quality or fails to develop new products or services.
Corporate acquisitions are an important part of the company’s growth strategy. Administer may fail in integrating corporate acquisitions or finding new acquisition targets or an acquisition may fail.
Administer’s brand and reputation are important competitive advantages, and reputation damage might have negative impacts on Administer’s business and market position.
There are uncertainties relating to Finland’s economic development this year as economic growth is expected to remain slow. The prolonged economic slump may also have negative impacts on Administer’s net sales and result through customer companies.
The acceleration of inflation in Finland may also be reflected in wages and, together with personnel turnover, increase Administer’s expenses and weaken profitability if the company is not able to transfer the increased expenses into the prices of the services it produces. The acceleration of inflation may also increase interest rates and thereby impact the price of external funding of Administer.
The company may not succeed in acquiring funding with competitive terms or at all, and its financing expenses may increase. Also, breaching the covenants included in the credit agreements of the company and its Group companies may complicate the availability of funding for the company, increase the company’s financial expenses, or lead to premature.
More information
Kimmo Herranen, CEO, kimmo.herranen@administer.fi, tel. +358 50 560 6322
Kalle Lehtonen, CFO, kalle.lehtonen@administer.fi, tel. +358 400 539 968
Webinar
CEO Kimmo Herranen and CFO Kalle Lehtonen will present the result in a webinar on 14 August 2025 at 11:00 a.m. EEST. Questions can be sent during the event via the chat function.
You can join the webinar at https://administer.events.inderes.com/q2-2025.
A recording will be available after the event at https://administergroup.com/en/investors/.
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 30 June 2025 at 17.15 EET
On 23 June 2025, Administer announced the acquisition of the financial, payroll and software services business of Sarastia’s (Numera Palvelut Oy) municipal customers. Today, 30 June 2025, Administer and Numera Palvelut Oy signed the agreement on the transaction after the Annual General Meeting of Numera approved the transaction. The completion of the acquisition still requires the approval of the competition authority, and the acquisition is estimated to be confirmed in early autumn.
Further information:
Kimmo Herranen, CEO, Administer Plc, tel. +358 (0)50 560 6322, kimmo.herranen@administer.fi
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 23 June 2025 8.30 EET
Administer and Numera Palvelut Oy have signed a letter of intent to acquire the financial, payroll and software services business of Sarastia’s (Numera Palvelut Oy) municipal customers. The actual agreement on the transaction is scheduled to be signed by the end of June 2025. The completion of the acquisition requires the approval of Numera Palvelut’s general meeting and the competition authority, and the acquisition is estimated to be confirmed in early autumn.
The acquisition will be completed in two instalments. In the first phase, Administer will acquire Sarastia’s municipal customer business on behalf of its new subsidiary to be established. In the first phase, Administer will own 80% and Numera Palvelut 20% of the new company. In the new company, business will continue under the Sarastia brand.
The purchase price in the first phase is EUR 5 million, one-half of which will be paid in cash and one-half in new Administer shares. The second phase of the acquisition will be completed in two instalments by summer 2029, when the remaining 20% of the ownership of the new company will be transferred to Administer at fair price on a predetermined valuation basis.
The value of the transferred turnover is approximately EUR 35 million, and the number of employees is approximately 350. Municipal finance and payroll services account for the most significant part of the turnover, in addition to which the business is supported by the sale of software services. The customer base includes more than 100 cities and municipalities, from large to small.
Key figures, object of purchase
The figures are constructed, unaudited figures
| Estimation 2025 | 2024 | 2023 |
Turnover, million EUR | 35.9 | 40.0 | 43.5 |
EBITDA, million EUR | -0.8 | -1.2 | -6.3 |
EBITDA % | -2.2 | -3.1 | -14.5 |
Operating profit, million EUR | -1.1 | -1.6 | -6.7 |
Employees | 353 | 444 | 507 |
In connection with the business transaction, no assets or liabilities are transferred, with the exception of the vacation pay provisions related to 2026. Liability is insignificant related to the size of the business.
“The acquisition is the largest in turnover in Administer’s history and will significantly strengthen the group’s competitiveness in the long term. The acquisition will strengthen the financial and payroll management services as well as software services in Administer Group and the company will become Finland’s leading provider in this segment in the municipal sector. We see the municipal sector as a very important customer segment for us; in the strategy published in spring 2024, we defined it as one of our growth areas. With the acquisition, the Numera Palvelut will also become a significant owner of Administer Plc. We see the Numera Palvelut as a long-term, Finnish anchor owner of Administer,” says Kimmo Herranen, CEO of Administer Plc.
“Numera Palvelut wants to be a pioneer and find solutions to the reforms brought about by any amendments to the Act on Public Procurement and Concession Contracts in good time and ensure the continuity of service for current customers in the best possible way. This arrangement ensures a high-quality and developing range of services for customers in the municipal sector. Administer represents Finnish ownership and, with 40 years of experience, is a worthy successor for Sarastia’s municipal customer business,” says Anne Issakainen, CEO of Numera Palvelut Oy.
If the transaction is completed, Administer will further specify its guidance for 2025.
Further information:
Kimmo Herranen, CEO, Administer Plc, tel. +358 (0)50 560 6322, kimmo.herranen@administer.fi
Anne Issakainen, CEO, Numera Palvelut Oy, tel. +358 (0)40 774 5888, anne.issakainen@sarastia.fi
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
Administer Group is a multi-talented provider of HR and financial management services. We offer payroll and financial management services, software services, consultancy, staffing and international expert services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting firm Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. The Group also includes other subsidiaries and associated companies. https://administergroup.com/
Numera Palvelut Oy (Sarastia) is a financial management service centre authorised by Taloushallintoliitto, with expert knowledge of the needs and processes of public entities. Sarastia produces high-quality financial services and payroll services in a cost-effective manner whilst developing its operating methods together with its customers. Sarastia is a stable, national partner and a major operator in its sector. Sarastia is part of the Numera Group, which also includes Tempore, Onvire and Revire. Numera Palvelut has 276 owners. The owners are municipalities, municipal companies and welfare areas. Numera Palvelut: https://sarastia.fi/, Numera Group: www.numera.fi.
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 11 June, 2025 at 14.00 EET
Administer Plc has on 11 June, 2025, received a notification from Elina Salmivala. According to the notification, the total number of Administer shares owned by Elina Salmivala has increased above 5 % of Administer Plc’s total number of shares as a result of share transactions concluded on 11 June 2025.
Total positions of Elina Salmivala’s subject to the notification obligation:
| % of shares and voting rights | % of shares and voting rights through financial instruments | Total of both in % | Total number of shares and voting rights of issuer |
Resulting situation on the date on which threshold was crossed or reached | 5,01 % |
| 5,01 % | 14 954 175 |
| Number of shares and voting rights | % of shares and voting rights | ||
Class/type of shares ISIN code | Direct | Indirect | Direct | Indirect
|
FI4000513411 | 749 702 |
| 5,01 % | |
Kimmo Herranen
CEO
Administer Oyj
phone +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
phone +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 11 June 2025 12.00 EET
On 11 November 2022, Administer Plc announced the acquisition of Econia Ltd. It was agreed that the purchase price will be paid in two instalments, the first instalment at the time of the transaction and the second instalment two years after the transaction, either in cash or in Administer shares. A total of 527,415 Administer shares has been paid today to Econia’s former principal owners as the remainder of the purchase price. These shares were received from the directed share issue without payment to the company itself announced on 17 April 2025. The weighted average price of the shares was EUR 2.4563 per share.
Further information:
Kimmo Herranen
CEO
Administer Plc
tel. +358 (0)50 560 6322
kimmo.herranen@administer.fi
Approved advisor:
Evli Plc
Tel. +358 (0)40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
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Company Facts
Guidance
Administer estimates that its net sales will be EUR 72–78 million and its EBITDA margin will be 7–10% in 2025.
Financial targets
Financial targets 2026: Revenue of EUR 100m and an EBITDA-margin of 15%
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