Vaisala Oy

Latest Results (06.12.2025):

Vaisala Oy — third quarter 2025 (Q3 2025): the company reported strong net sales and solid profitability despite a sharp decline in new orders. Q3 net sales rose to EUR 154.0m (+13% y/y; +16% in constant currencies), while orders received fell 21% to EUR 119.6m. EBITA was EUR 28.0m (18.2% of sales) and operating profit (EBIT) EUR 25.7m (16.7%). Year‑to‑date (Jan–Sep 2025) net sales were EUR 434.6m (+9%) and EBITA EUR 68.0m. Vaisala reiterated full‑year 2025 guidance: net sales EUR 590–605m and EBITA EUR 90–100m.

Top line (Q3 and YTD)

Q3 2025 net sales: EUR 154.0m (+13% vs Q3 2024; +16% in constant currencies). Jan–Sep 2025 net sales: EUR 434.6m (+9% y/y; +10% cc). Subscription and project deliveries contributed materially to growth.

Orders and backlog

Orders received in Q3 2025 fell 21% y/y to EUR 119.6m (Q3 2024: EUR 150.8m). YTD orders were EUR 365.2m (‑13% y/y). Order book at Sep 30, 2025: EUR 180.4m (‑18% vs Sep 30, 2024).

Profitability and margins

Q3 EBITA was EUR 28.0m (18.2% margin) and EBIT EUR 25.7m (16.7% margin). Gross margin declined to 54.4% in Q3 (from 57.3% a year earlier), attributed to sales mix, FX headwinds and proportional US tariff impacts.

Earnings, cash flow and balance sheet

Q3 earnings per share were EUR 0.51 (vs EUR 0.53 prior year). Cash flow from operating activities in Q3 was EUR 25.8m; YTD cash flow from operations was EUR 58.9m (up from EUR 50.0m). Cash and cash equivalents: EUR 89.1m; total interest‑bearing liabilities reported around EUR 127.0m (net debt approx. EUR 38.0m). Dividend of EUR 30.9m was paid in April.

Business area trends

Industrial Measurements: continued growth — Q3 orders +9% and net sales up 6% (10% cc), strong APAC performance. Weather & Environment: Q3 net sales +18% (20% cc) driven by large projects and subscriptions, but orders decreased sharply (‑39%) due to weak renewable energy, aviation and meteorology demand versus a strong prior period.

Subscriptions, M&A and investments

Subscription sales grew very fast: +57% in Q3 and +58% YTD (partly boosted by recent acquisitions). Vaisala completed the acquisition of Quanterra Systems in Sept 2025; new businesses added ~EUR 5.3m in Q3 and ~EUR 14.1m YTD. Capital expenditure YTD was EUR 16.0m (completed automated logistics center in Vantaa).

Outlook and key risks

Full‑year 2025 guidance: net sales EUR 590–605m and EBITA EUR 90–100m (company now uses EBITA in outlook). Management flags market uncertainty, tariff and FX risks, slowdown in renewable‑energy projects and cyclical demand in meteorology/aviation as potential downside factors.