Electro Waves Oy is a limited company based in Espoo, registered in 1998. In the financial year ending 31.12.2025, revenue was 8,5 M€ and operating profit 37 t€; equity ratio 52.9 %. Its taxable income in 2024 was 770 t€ and its income taxes 157 t€. Public buyers bought 1,3 M€ from it in 2022–2025; the largest buyer is Kaupunkiympäristön Toimiala, Helsinki (Helsinki). It has won 3 public contracts in EU procurement notices.
Revenue 20258,5 M€-30 % on the previous year
Operating profit37 t€0,4 % of revenue
Net profit9 068 €EBITDA 32 t€
Equity ratio52,9 %quick ratio 0,97
Taxable income 2024770 t€
top quarter of its industry
Income taxes 2024157 t€247 t€ in 2020–2024
In business28 yrsregistered 17.3.1998
Sales to public buyers1,3 M€2022–2025
Contracts won31,4 M€ in total
Financials
RevenueOperating profitNet profit
| Key figures | 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|---|---|
| Revenue | 8,5 M€ | 12,1 M€ | 8,8 M€ | 9,6 M€ | 8,4 M€ |
| Revenue change | -29,7 % | 36,8 % | -8,0 % | 13,7 % | – |
| EBITDA | 32 t€ | 788 t€ | 144 t€ | 305 t€ | 49 t€ |
| EBITDA % | 0,4 % | 6,5 % | 1,6 % | 3,2 % | 0,6 % |
| Operating profit | 37 t€ | 780 t€ | 133 t€ | 292 t€ | 31 t€ |
| Operating margin | 0,4 % | 6,5 % | 1,5 % | 3,1 % | 0,4 % |
| Net profit | 9 068 € | 602 t€ | 68 t€ | 226 t€ | 10 t€ |
| Personnel costs | -2,7 M€ | 2,6 M€ | 2,6 M€ | 2,3 M€ | 2,2 M€ |
| Equity ratio | 52,9 % | 55,5 % | 40,9 % | 40,1 % | 50,0 % |
| Quick ratio | 0,97 | 1,19 | 0,55 | 0,84 | 0,87 |
| Current ratio | 1,76 | 2,02 | 1,44 | 1,67 | 1,78 |
| Debt to revenue | 22,3 % | 15,1 % | 29,8 % | 29,8 % | 23,6 % |
| Return on equity | 0,4 % | 26,4 % | 3,7 % | 11,8 % | 0,5 % |
| Balance sheet total | 4,2 M€ | 4,3 M€ | 5,5 M€ | 5,0 M€ | 4,3 M€ |
| Equity | 2,1 M€ | 2,3 M€ | 1,8 M€ | 1,9 M€ | 2,0 M€ |
| Cash and bank | 48 t€ | 50 t€ | 89 t€ | 107 t€ | 85 t€ |
Balance sheet
Balance sheet totalEquityCash
Income statement and balance sheet
Income statement
| 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | |
|---|---|---|---|---|---|
| Turnover | 8,5 M€ | 12,1 M€ | 8,8 M€ | 9,6 M€ | 8,4 M€ |
| Other operating income | 350 € | 53 t€ | 2 659 € | 8 281 € | 25 t€ |
| Raw materials and services | 5,0 M€ | -6,8 M€ | -5,9 M€ | -6,1 M€ | -5,5 M€ |
| Personnel expenses | 2,7 M€ | -2,6 M€ | -2,6 M€ | -2,3 M€ | -2,2 M€ |
| Depreciations and reductions in value | 4 504 € | -7 672 € | -10 t€ | -13 t€ | -18 t€ |
| Other operating expenses | 811 t€ | -974 t€ | -951 t€ | -911 t€ | -906 t€ |
| Operating profit (loss) | 37 t€ | 780 t€ | 133 t€ | 292 t€ | 31 t€ |
| Financial income and expenses + (-) | 23 t€ | -14 t€ | -40 t€ | -10 t€ | -18 t€ |
| Profit (loss) before appropriations and taxes | 14 t€ | 766 t€ | 93 t€ | 282 t€ | 13 t€ |
| Income taxes | 4 714 € | -164 t€ | -26 t€ | -56 t€ | -3 183 € |
| Profit (loss) for the financial year | 9 068 € | 602 t€ | 68 t€ | 226 t€ | 10 t€ |
Balance sheet
| 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | |
|---|---|---|---|---|---|
| Non-current assets | 663 t€ | 672 t€ | 678 t€ | 680 t€ | 722 t€ |
| Stocks | 1,6 M€ | 1,5 M€ | 3,0 M€ | 2,1 M€ | 1,8 M€ |
| Receivables | 1,9 M€ | 2,1 M€ | 1,8 M€ | 2,1 M€ | 1,6 M€ |
| Cash in hand and at banks | 48 t€ | 50 t€ | 89 t€ | 107 t€ | 85 t€ |
| Current assets | 3,5 M€ | 3,6 M€ | 4,9 M€ | 4,3 M€ | 3,5 M€ |
| Assets | 4,2 M€ | 4,3 M€ | 5,5 M€ | 5,0 M€ | 4,3 M€ |
| Share capital or other similar capital | 25 t€ | 25 t€ | 25 t€ | 25 t€ | 25 t€ |
| Capital and reserves | 2,1 M€ | 2,3 M€ | 1,8 M€ | 1,9 M€ | 2,0 M€ |
| Long-term liabilities | 64 t€ | 204 t€ | 331 t€ | 510 t€ | 293 t€ |
| Short-term liabilities | 2,0 M€ | 1,8 M€ | 3,4 M€ | 2,6 M€ | 2,0 M€ |
| Liabilities | 2,1 M€ | 2,0 M€ | 3,7 M€ | 3,1 M€ | 2,3 M€ |
All financial statement items (64)
| 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | |
|---|---|---|---|---|---|
| Turnover | 8,5 M€ | 12,1 M€ | 8,8 M€ | 9,6 M€ | 8,4 M€ |
| Other operating income | 350 € | 53 t€ | 2 659 € | 8 281 € | 25 t€ |
| Raw materials and services | 5,0 M€ | -6,8 M€ | -5,9 M€ | -6,1 M€ | -5,5 M€ |
| Personnel expenses | 2,7 M€ | -2,6 M€ | -2,6 M€ | -2,3 M€ | -2,2 M€ |
| Depreciations and reductions in value | 4 504 € | -7 672 € | -10 t€ | -13 t€ | -18 t€ |
| Other operating expenses | 811 t€ | -974 t€ | -951 t€ | -911 t€ | -906 t€ |
| Operating profit (loss) | 37 t€ | 780 t€ | 133 t€ | 292 t€ | 31 t€ |
| Financial income and expenses + (-) | 23 t€ | -14 t€ | -40 t€ | -10 t€ | -18 t€ |
| Profit (loss) before appropriations and taxes | 14 t€ | 766 t€ | 93 t€ | 282 t€ | 13 t€ |
| Income taxes | 4 714 € | -164 t€ | -26 t€ | -56 t€ | -3 183 € |
| Profit (loss) for the financial year | 9 068 € | 602 t€ | 68 t€ | 226 t€ | 10 t€ |
| Non-current assets | 663 t€ | 672 t€ | 678 t€ | 680 t€ | 722 t€ |
| Stocks | 1,6 M€ | 1,5 M€ | 3,0 M€ | 2,1 M€ | 1,8 M€ |
| Receivables | 1,9 M€ | 2,1 M€ | 1,8 M€ | 2,1 M€ | 1,6 M€ |
| Cash in hand and at banks | 48 t€ | 50 t€ | 89 t€ | 107 t€ | 85 t€ |
| Current assets | 3,5 M€ | 3,6 M€ | 4,9 M€ | 4,3 M€ | 3,5 M€ |
| Assets | 4,2 M€ | 4,3 M€ | 5,5 M€ | 5,0 M€ | 4,3 M€ |
| Share capital or other similar capital | 25 t€ | 25 t€ | 25 t€ | 25 t€ | 25 t€ |
| Capital and reserves | 2,1 M€ | 2,3 M€ | 1,8 M€ | 1,9 M€ | 2,0 M€ |
| Long-term liabilities | 64 t€ | 204 t€ | 331 t€ | 510 t€ | 293 t€ |
| Short-term liabilities | 2,0 M€ | 1,8 M€ | 3,4 M€ | 2,6 M€ | 2,0 M€ |
| Liabilities | 2,1 M€ | 2,0 M€ | 3,7 M€ | 3,1 M€ | 2,3 M€ |
| Other current liabilities | 834 t€ | 678 t€ | 516 t€ | 541 t€ | 455 t€ |
| Long-term receivables | 568 t€ | 528 t€ | 40 t€ | 253 t€ | 196 t€ |
| Investments | 649 t€ | 649 t€ | 647 t€ | 647 t€ | 647 t€ |
| Short-term sales receivables | 1,2 M€ | 1,4 M€ | 1,5 M€ | 1,7 M€ | 1,4 M€ |
| Other long-term liabilities | – | – | 0 € | 188 t€ | 133 t€ |
| Retained earnings | 2,1 M€ | 1,7 M€ | 1,7 M€ | 1,7 M€ | 1,9 M€ |
| Advance payments and construction in progress | – | – | – | 0 € | 29 t€ |
| Other social security expenses | 56 t€ | 75 € | -99 t€ | -43 t€ | -53 t€ |
| Current receivables from Group companies | 13 t€ | 2 599 € | 0 € | – | – |
| Other shares and similar rights of ownership | 646 t€ | 646 t€ | 646 t€ | 646 t€ | 646 t€ |
| Long-term loan receivables | – | – | 0 € | 188 t€ | 131 t€ |
| Purchases during the financial year | 4,7 M€ | -5,9 M€ | -5,7 M€ | -5,7 M€ | -5,3 M€ |
| Short-term accounts payable | 566 t€ | 421 t€ | 1,2 M€ | 1,3 M€ | 808 t€ |
| Pension expenses | 404 t€ | -379 t€ | -361 t€ | -326 t€ | -288 t€ |
| Other short-term receivables | 93 t€ | 169 t€ | 74 t€ | 76 t€ | 75 t€ |
| Services purchased | 271 t€ | -375 t€ | -473 t€ | -634 t€ | -551 t€ |
| Tangible assets | 14 t€ | 23 t€ | 31 t€ | 33 t€ | 72 t€ |
| Shares and similar rights of ownership in subsidiaries | 2 224 € | 2 224 € | 0 € | – | – |
| Profit (loss) for the period, equity | 9 068 € | 602 t€ | 68 t€ | 226 t€ | 10 t€ |
| Advance payments | 51 t€ | 0 € | 61 t€ | 230 t€ | 0 € |
| Work in progress | 257 t€ | 174 t€ | 1,1 M€ | 349 t€ | 373 t€ |
| Goodwill | – | – | – | 0 € | 2 000 € |
| Long-term liabilities to credit institutions | 64 t€ | 204 t€ | 331 t€ | 322 t€ | 160 t€ |
| Short-term advances received | 179 t€ | 172 t€ | 1,1 M€ | 248 t€ | 291 t€ |
| Intangible assets | – | – | – | 0 € | 2 000 € |
| Interest expenses and other financial expenses for non-Group companies | 25 t€ | -30 t€ | -42 t€ | -15 t€ | -28 t€ |
| Short-term loan receivables | 28 t€ | 21 t€ | 21 t€ | 15 t€ | 6 100 € |
| Inventory increase (+) or decrease (-) | 32 t€ | -519 t€ | 261 t€ | 288 t€ | 306 t€ |
| Materials and supplies | 1,3 M€ | 1,3 M€ | 1,8 M€ | 1,6 M€ | 1,4 M€ |
| Other mandatory provisions | 0 € | 10 t€ | 10 t€ | 0 € | – |
| Machinery and equipment | 14 t€ | 23 t€ | 31 t€ | 33 t€ | 43 t€ |
| Other interest and financial income from non-group companies | 1 774 € | 16 t€ | 2 364 € | 5 007 € | 10 t€ |
| Long-term receivables from Group companies | 563 t€ | 523 t€ | 0 € | – | – |
| Wages and salaries | 2,2 M€ | -2,2 M€ | -2,1 M€ | -1,9 M€ | -1,8 M€ |
| Depreciations according to plan | 4 504 € | -7 672 € | -10 t€ | -13 t€ | -18 t€ |
| Short-term prepayments and accrued income | 17 t€ | 0 € | 104 t€ | 3 134 € | 3 352 € |
| Long-term receivables from participating interests | 4 995 € | 4 995 € | 40 t€ | 65 t€ | 65 t€ |
| Liabilities | 4,2 M€ | 4,3 M€ | 5,5 M€ | 5,0 M€ | 4,3 M€ |
| Short-term accrued expenses and deferred income | 424 t€ | 516 t€ | 615 t€ | 464 t€ | 429 t€ |
| Change in stocks of products + (-) | 83 t€ | -965 t€ | 789 t€ | -24 t€ | 208 t€ |
| Shares in participating interest company | 1 250 € | 1 250 € | 1 250 € | 1 250 € | 1 250 € |
| Short-term receivables | 1,3 M€ | 1,6 M€ | 1,7 M€ | 1,8 M€ | 1,4 M€ |
From financial statements filed digitally (XBRL) with the Finnish Patent and Registration Office; ratios calculated from them. Equity ratio = (equity + accumulated appropriations) / (balance sheet total − advances received).
Taxes
Measured by taxable income, Electro Waves Oy is in the top quarter of the industry class wholesale of information and communication equipment (272 companies with taxable income; median 59 t€, 13 times the median).
Taxable income is the profit as calculated for taxation, not revenue. Public data from the Finnish Tax Administration; figures for 2025 are published in November 2026.
Sales to public buyers
Largest buyers
Public contracts won
- Videoneuvottelu,- AV- ja Digital Signage -laitteistot sekä niihin liittyvät palvelutFingrid Oyj871 t€
- Näyttölaitteiden puitejärjestelyTaideyliopisto500 t€
- Lappeenrannan kaupungintalon valtuustosalin salijärjestelmäLappeenrannan kaupunki78 t€
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