PURMONasdaq HelsinkiTeollisuustuotteet ja -palvelutIFRS · EUR

Purmo Group Oyj

Purmo Group is a Finland-based company that designs, manufactures, and sells indoor climate solutions for heating and cooling applications. Its portfolio includes radiators, underfloor heating, and related system components sold through a broad international network across Europe and other markets.

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Revenue743m EUR
−17.8 %y/y
Operating profit (EBIT)9.7m EUR
−75.1 %y/y
EBIT margin1.3%
−3.0 ppy/y
Net income-9.3m EUR
−171.0 %y/y
Free cash flow4.6m EUR
−35.2 %y/y

Fiscal year 2023 · change from previous year

Development 2019–2023

02004006008001,000m EUR2019: 697 m EUR20192020: 671 m EUR2020: EBIT 42 m EUR20202021: 844 m EUR2021: EBIT 3.5 m EUR20212022: 904 m EUR2022: EBIT 39 m EUR20222023: 743 m EUR2023: EBIT 9.7 m EUR20237439.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Climate Products & Systems80 %

Radiators, heaters, underfloor heating, and integrated indoor climate systems.

Climate Solutions20 %

Broader solution offerings, including system design, support, and related services.

Customers

Purmo Group sells mainly into the building and renovation value chain, where demand is driven by residential and light commercial heating and cooling needs. Its customers include distributors, installers, builders, and other trade partners that specify or resell indoor climate products. The company also serves end markets across more than 100 countries, so customer demand is tied to construction activity, retrofit cycles, and seasonal heating needs.

Distributors and wholesalers

Buy heating and cooling products for inventory and resale into local trade channels.

Installers and contractors

Purchase radiators, underfloor heating, and components for installation in buildings.

Builders and project specifiers

Select complete indoor climate systems for new-build and renovation projects.

Residential renovation end markets

Demand replacement radiators and retrofit heating solutions through trade channels.

Commercial and light industrial buildings

Buy climate systems for offices, public buildings, and other non-residential spaces.

Strategy

Purmo Group’s strategy centers on scaling solution sales, expanding its product offering, and improving its manufacturing and distribution footprint. The company also emphasizes smart, sustainable, and aesthetically designed products, supported by operational excellence and selective expansion into growth markets.

Scale solution salesMedium term

Complete indoor climate solutions can deepen customer relationships and increase share of project value.

Launch smarter and more sustainable productsMedium term

Product differentiation helps defend pricing and meet energy-efficiency expectations.

Optimize production and distribution footprintShort term

A more efficient footprint supports service levels and lowers structural complexity.

Expand in growth marketsMedium term

Geographic expansion reduces dependence on mature European end markets.

Geography

Purmo Group has a broad European footprint, with reported revenue concentrated in Western Europe, Northern Europe, Central and Eastern Europe, Southern Europe, and the rest of the world. The business also operates production in multiple countries and serves customers in more than 100 countries, which makes it exposed to regional construction cycles, energy-efficiency regulation, and cross-border supply chains.

Risks

Purmo Group is exposed to construction and renovation demand, which can be cyclical and seasonal because heating products sell most heavily ahead of the heating season. It also faces commodity, supply-chain, and geopolitical risks, while its multi-country manufacturing base creates execution risk around plant closures, restructuring, and cross-border operations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical construction and renovation demand1Raw material and supply-chain volatility2Geopolitical and macroeconomic uncertainty3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical construction and renovation demandImpact: HighLikelihood: High

    The business depends on building activity and retrofit spending in core markets.

    Exposure: Order intake and volume growth

  2. Raw material and supply-chain volatilityImpact: HighLikelihood: High

    Heating products use industrial inputs whose prices and availability can change quickly.

    Exposure: Input costs and delivery reliability

  3. Geopolitical and macroeconomic uncertaintyImpact: MediumLikelihood: High

    Inflation, interest rates, and geopolitical tensions can delay projects and weaken demand.

    ExposureDemandLogisticsProcurement
  4. Seasonality in heating demandImpact: Medium

    Sales are concentrated ahead of the heating season, so quarterly results can vary materially.

    Exposure: Revenue and working capital

  5. Restructuring and plant closure executionImpact: Medium

    Manufacturing footprint changes can create one-time costs, disruption, and operational risk.

    Exposure: Production continuity and provisions

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Accounting

Judgemental items
Seasonality

Demand peaks in the heating season, so quarterly revenue and cash flow are uneven.

Impact: Quarterly comparability and working capital

Restructuring provisions

Plant closures and footprint changes require estimates for severance and closure costs.

Impact: Operating profit and liabilities

Warranty and other provisions

Product businesses must estimate future claims and related obligations.

Impact: Expense recognition and balance-sheet reserves

Goodwill impairment testing

The company allocates goodwill to cash-generating units and tests recoverability using forecast cash flows.

Impact: Non-cash impairment charges

IFRS 16 leases

Leased facilities and equipment affect reported assets, liabilities, and operating metrics.

Impact: EBITDA, depreciation, and lease liabilities

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Last updated: 24/09/2026