Gofore’s Q3/2025: Questions on Productivity, Capacity Utilization, and Growth Realism
As a Gofore shareholder and a long-time follower of the company, I have compiled the following questions, aiming to increase transparency and strengthen my trust in the company’s excellent work.
Gofore is one of the success stories of Finnish digital consulting. Strong in its culture, expertise, and ethical operating practices. That is precisely why I believe the company is capable of openly addressing precise questions concerning its finances.
The questions below are based on the company’s own reported figures (Q3/2025, financial statements 2024, strategic targets) and established industry metrics that competitors also publish (e.g., revenue/FTE, utilization rate, billing level). They cannot be considered trade secrets, as they are derivable from public information.
1. Productivity per employee
According to the Q3/2025 report, revenue grew by approximately 5%, but headcount by 21%. This implies an estimated 10-12% decrease in revenue per own FTE.
How much of this change is due to Huld’s inclusion in September, i.e., what would be the revenue / FTE change without Huld’s impact in Q3/2025 compared to Q3/2024?
Additionally: what was the productivity change for the entire group (revenue / FTE, %) after Huld’s inclusion?
2. Huld’s Productivity Level and Integration Impact
Huld brought approximately 400 employees and €3.6 million in revenue in September, i.e., approximately €9,900/FTE/month. This is clearly below Gofore’s previous average.
By how much did Huld’s revenue/FTE differ from Gofore’s own Q3/2025 level in percentage terms, and by what timeline does the company estimate the productivity difference will equalize to the group’s average?
3. Capacity Utilization and Profitability
The company described Q3/2025 profitability as the best of the year, even though the customer price level slightly decreased. This suggests better utilization of free capacity.
What was the group’s estimated utilization rate range in Q3/2025 (e.g., 75-80%) and its change compared to Q2/2025?
How did the utilization rate in the DACH region develop in relation to the group, and in what range did it move (e.g., 65-75% or 75-85%)?
How much of Q3’s profitability improvement was due to the increase in utilization rate compared to the price level and changes in cost structure?
4. Synergies and Efficiency Impacts
The company guides for an EBITA level of 8-10% and targets 11-12%.
What is the monetary synergy potential (million euros) defined from Huld’s integration and other efficiency measures for 2026?
If a monetary amount cannot be provided, by how many percentage points is the margin expected to improve as a result of synergies in 2026?
As cost efficiency and synergy targets may affect the personnel structure, has the company assessed that the implementation of synergy and efficiency programs requires personnel impacts (for example, reorganization of tasks, reductions, or role changes), and by what timeline would potential impacts materialize?
This question is based solely on reported cost targets and does not require information related to individual employees.
5. Financing Capacity for Acquisitions
The company targets €500 million in revenue by 2030, of which at least half organically. This implies approximately €150 million in acquisition-driven growth.
Huld’s enterprise value was €54 million, of which approximately €37 million in cash.
What is the company’s current available financing capacity (M€) for new acquisitions without gearing exceeding 3× EBITDA, and how much of the €150 million acquisition target is currently covered?
6. Timeline of Integration Impacts
Huld’s integration is reported to be progressing as planned.
In which quarter (Q1, Q2, or Q3 2026) will the impact of Huld’s integration first become concretely visible in revenue/FTE and EBITA metrics, and what is its estimated magnitude?
7. Realism of the 2030 Target
The €500 million revenue target by 2030 implies approximately a 22% CAGR.
If half of the growth is organic, it requires 10-11% organic annual growth, even though the current has been negative.
What is management’s own estimate of the realistic organic growth range (min–max %) for the years 2026–2030 that strategic calculations use?
8. Customer Price Level and Pricing
According to the report, the customer price level decreased by 0.6% and revenue/FTE by approximately 4-5%.
What is the group’s average billing rate (€/h) and its change over the last 12 months?
How much of the change in revenue was due to the price level and how much to the utilization rate (as an estimate %)?
Finally
Gofore is a company that I, as an investor, follow not only for its financial figures, but also for its culture, openness, and responsible leadership.
Open discussion about these key figures strengthens the trust that has been at the core of Gofore’s success.