TULAVNasdaq HelsinkiBuilding Products & EquipmentIFRS · EUR

Tulikivi Corporation

Tulikivi Oyj is a publicly listed family business and the world's largest manufacturer of heat-retaining fireplaces. The company operates through three main product groups: Fireplaces, Sauna, and Interior. Tulikivi emphasizes wellness, interior design, and the benefits of bioenergy in its offerings. With a significant portion of its revenue derived from exports, Tulikivi maintains a strong presence in international markets.

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Revenue29.5m EUR
−11.4 %y/y
Operating profit (EBIT)-0.6m EUR
−126.8 %y/y
EBIT margin-1.9%
−8.1 ppy/y
Net income-1.1m EUR
−193.2 %y/y
Free cash flow2.7m EUR
−19.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1001020304050m EUR2020: 29 m EUR2020: EBIT 1.2 m EUR20202021: 34 m EUR2021: EBIT 2.7 m EUR20212022: 44 m EUR2022: EBIT 4.7 m EUR20222023: 45 m EUR2023: EBIT 5.5 m EUR20232024: 33 m EUR2024: EBIT 2.1 m EUR20242025: 30 m EUR2025: EBIT -0.56 m EUR202530-0.56
RevenueOperating profit (EBIT)
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Business

Share of revenue
Fireplaces50 %

Includes heat-retaining and soapstone fireplaces.

Sauna30 %

Comprises sauna heaters and related products.

Interior20 %

Covers stone countertops and interior stone products.

Customers

Tulikivi's customer base includes homeowners and builders who value the aesthetic and functional benefits of natural stone products. The company's fireplaces and sauna heaters are popular among those seeking eco-friendly and energy-efficient home heating solutions. Interior designers and construction companies also form a significant part of Tulikivi's clientele, attracted by the durability and timeless appeal of the company's stone products. The company's products are sold directly to new home builders and renovators who appreciate the natural beauty and sustainability of Tulikivi's offerings.

Homeowners

Buy fireplaces and sauna heaters for eco-friendly heating.

Builders and Renovators

Purchase stone products for new constructions and renovations.

Interior Designers

Select stone products for their aesthetic and durability.

Strategy

Tulikivi's strategic priorities include expanding its market share in Central Europe and growing its sauna business. The company is focused on launching new product lines, such as the Jero fireplace series and Kevo sauna heaters, to meet evolving consumer preferences. Tulikivi is also advancing its Suomussalmi talc project to diversify its product offerings. These strategic initiatives are aimed at achieving a revenue target of over €50 million by 2027.

Expand market share in Central EuropeMedium term

To capture growing demand for compact fireplaces.

Grow sauna businessMedium term

Increase revenue from new product lines.

Advance Suomussalmi talc projectLong term

Diversify product offerings.

Geography

Tulikivi is headquartered in Juuka, Finland, and has manufacturing facilities in Juuka, Suomussalmi, and Heinävesi. The company exports over half of its products, with significant markets in Europe and North America. Tulikivi's strategic expansion in Central Europe aims to capture growing demand for compact fireplaces. The company's geographic presence is supported by subsidiaries and partnerships in countries like Germany, the UK, and the USA.

Risks

Tulikivi faces several risks, including economic uncertainty and inflation, which can impact consumer demand for its products. The company is also exposed to fluctuations in raw material and energy costs, which can affect profitability if not offset by price adjustments. Geopolitical tensions and regulatory changes, such as stricter environmental standards, pose additional challenges. The company's reliance on export markets makes it vulnerable to international trade disputes and currency fluctuations.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Economic uncertainty1Inflation2Geopolitical tensions3
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. Economic uncertaintyImpact: HighLikelihood: High

    Can reduce consumer demand for discretionary products.

  2. InflationImpact: HighLikelihood: High

    Increases costs of raw materials and energy.

  3. Geopolitical tensionsImpact: MediumLikelihood: Medium

    Affect international trade and regulatory environment.

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Accounting

Judgemental items
Seasonal fluctuations

Affect sales and profitability during colder months.

Impact: high

Revenue recognition under IFRS 15

Determines timing and amount of revenue recorded.

Impact: medium

Currency exchange rates

Influence reported revenues from exports.

Impact: medium

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Last updated: 24/09/2026