Etteplan Due Diligence

Run due diligence on Etteplan: check compliance and get alerts when suppliers change.

Finland · www.etteplan.com · 15 vendors

Etteplan Oyj is a technology service company specializing in software and embedded solutions, engineering solutions, and technical communication solutions. The company serves leading industrial and manufacturing companies globally, aiming to improve the efficiency, sustainability, and productivity of their customers' business operations through engineering, innovation, and digitalization.

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 15 sub-vendors.

Insights

Last updated 2026-08-11 · revision 1

15 direct vendors, 186 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

Evidence: https://www.etteplan.com/about-us/sustainability/quality/, https://www.etteplan.com/services/technical-communication/etteplan-aim/, https://www.etteplan.com/services/software-and-embedded-services/software-services/

Cyber Resilience Act (source) — No public evidence

Evidence: https://www.etteplan.com/about-us/insights/eu-cyber-resilience-act-product-manufacturers-guide/, https://www.etteplan.com/about-us/insights/eu-cyber-resilience-act-product-manufacturers-act-now/, https://www.etteplan.com/services/software-and-embedded-services/

ISAE 3000 (source) — No public evidence

Evidence: https://www.etteplan.com/about-us/sustainability/, https://www.etteplan.com/investors/reports-and-presentations/

Financials

Three-year financials

Financial Resilience Score: 6/10

Etteplan demonstrates moderate financial resilience characterized by a stable top line of approximately EUR 360M across three consecutive years (2023-2025), a solid equity base with a consistent equity ratio of around 40.5-40.9%, and reliable operating cash generation of EUR 31-36M per year even in a weak industrial market. The company has a diversified blue-chip customer base (ABB, KONE, Valmet, Danfoss, Philips) spread across three service areas and multiple geographies, and benefits from the stability of a strong controlling shareholder (Ingman Group). However, profitability has compressed materially, with EBIT margin falling from 7.1% in 2023 to 4.9% in 2025, and further to 3.5% in H1 2026. Revenue growth has stalled and organic revenue actually declined about 4.7% in 2024, offset only by acquisitions. Rising debt (gross interest-bearing debt grew from EUR 86.6M to EUR 95.9M) combined with a goodwill-heavy balance sheet (EUR 117.4M goodwill vs EUR 117.8M equity) creates impairment risk if profitability does not recover. Missing the prior strategic target of EUR 500M revenue by 2024 (actual: EUR 361M) also raises execution concerns for the new 2027 targets.

Key strengths: Stable revenue of ~EUR 360M for three consecutive years, Solid equity ratio consistently at 40.5-40.9%, Positive and resilient operating cash flow of EUR 31-36M annually, Blue-chip diversified customer base (ABB, KONE, Valmet, Danfoss, Philips), Strong controlling shareholder (Ingman Group) provides stability, Diversified across three service areas and seven countries, Active acquisition track record supporting inorganic growth

Risk factors: Cyclical exposure to machinery/metal industry capex, Margin compression: EBIT margin fell from 7.1% (2023) to 4.9% (2025), 3.5% in H1 2026, Rising debt: gross interest-bearing debt up to EUR 95.9M with net gearing at 60%, Goodwill-heavy balance sheet (EUR 117.4M goodwill vs EUR 117.8M equity) - impairment risk, Automotive weakness in Sweden and Germany, Talent risk in competition for skilled engineers, Geopolitical and market uncertainty flagged by management, Missed prior strategic targets (EUR 500M by 2024; achieved EUR 361M), Organic revenue decline of ~4.7% in 2024 masked by acquisitions

Revenue by geography

Revenue by product/service

Workforce by country

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