Yit Oyj Unsp/Adr (YITYY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to YIT's first quarter 2025 results webcast. My name is Essi Nikitin, and I'm heading the investor relations at YIT. Together with me here are our CEO, Heikki Vuoremaa, and CFO, Tuomas Mäkipeska. Without further ado, I will hand over to Heikki. Please go ahead. Thank you, Essi, and good morning to you all. Let me start with the key highlights from our first quarter results. Our adjusting operating profit increased in all segments. The residential CE, apartment sales, increased, and the market remained favorable in all operating countries. In Finland, the residential profitability improved due to a favorable sales mix and the market is recovering as we have expected. All segments also contributed to our profitability improvement, and the benefits of our transformation program seems already visible across our operations. So overall, solid start for the year. But let's dive into the more details. And we start with the overview of our financial performance. The group adjusted operating profit improved from negative 14 million euros to positive 8 million euros, due to profitability improvements across all the segments. The group revenue decreased by 6% from the previous year, amounting to 386 million euros in the first quarter. Revenue increased in both residential CEE and infrastructure segments, while building construction and residential Finland revenue declined compared to the previous year. When we looked at profitability improvement, the efficiency gains from the transformation program were a common factor on that. Although that only partially accounts and explains the profitability improvement year on year. And we'll go through further details on the following pages. And we will start with our residential operations in Finland. S...