CONSTI'S INTERIM REPORT JANUARY - MARCH 2026 29 April 2026 at 8:30 am
ORDER BACKLOG STRENGTHENED, PROFITABILITY IMPROVED, NET SALES AT PAR WITH PREVIOUS YEARJanuary-March 2026 in brief:
Net sales EUR 65.7 (1-3/2025: 65.6) million; growth 0.1%
EBITDA EUR 1.1 (0.8) million and EBITDA margin 1.7% (1.2%)
Operating result (EBIT) EUR 0.2 (-0.1) million and EBIT margin 0.3% (-0.2%)
Order backlog EUR 318.9 (246.4) million; growth 29.4%
Order intake EUR 166.6 (60.1) million; growth 176.9%
Free cash flow EUR -6.0 (-0.5) million
Earnings per share EUR 0.01 (-0.04)
Consti estimates its operating result for 2026 to be in the range of EUR 8-11 million (2025 operating result: EUR 9.4 million).
KEY FIGURES (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Net sales | 65,696 | 65,606 | 0.1% | 336,219 |
EBITDA | 1,119 | 765 | 46.2% | 12,969 |
EBITDA margin, % | 1.7% | 1.2% | 3.9% | |
Operating result (EBIT) | 227 | -129 | 9,412 | |
Operating result (EBIT) margin, % | 0.3% | -0.2% | 2.8% | |
Profit/loss for the period | 46 | -288 | 6,818 | |
Order backlog | 318,882 | 246,373 | 29.4% | 208,175 |
Order intake | 166,570 | 60,144 | 176.9% | 250,669 |
Free cash flow | -6,000 | -475 | 1.162.3% | 16,761 |
Cash conversion, % | n/a | n/a | 129.2% | |
Net interest-bearing debt | 1,717 | 3,575 | -52.0% | -4,932 |
Equity ratio, % | 45.1% | 42.0% | 43.1% | |
Gearing, % | 3.8% | 8.3% | -10.9% | |
Return on investment, ROI %1 | 16.9% | 16.9% | 16.0% | |
Return on equity, ROE %1 | 16.2% | 16.3% | 15.3% | |
Number of personnel at period end | 976 | 1,026 | -4.9% | 981 |
Earnings per share, undiluted (EUR) | 0.01 | -0.04 | 0.86 |
1 Key figure calculated on last twelve months basis
CEO's Review"Our net sales in January-March remained at previous year's level and amounted to EUR 65.7 (65.6) million. Our net sales increased in Public Sector and Building Technology business areas but decreased in Housing Companies and Corporations business areas. Our operating result for January-March was EUR 0.2 (-0.1) million, or 0.3 (-0.2) per cent of net sales. In the first quarter of the year, projects progressed largely as planned, and the profitability from our project business was largely in line with our expectations. Our operating result was positively impacted by the improved profitability level in our Service business compared to the reference period. The operating result was negatively impacted by the prolonged downturn in construction and continued allocation of resources to tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position remained at a good level.
In January-March, we secured new orders totalling EUR 166.6 (60.1) million, a 176.9 per cent increase compared to the reference period. In January 2026, Consti and Senate Properties signed an agreement for the renovation and extension of the Government Palace. Consti's share of the project, if both the renovation and extension are realised, is approximately EUR 171 million in total. The share relating to the renovation, approximately EUR 112 million, was recognised in order backlog in the first quarter. The share relating to the extension will be recognised later, once the conditions for its construction have been fulfilled. Construction work is scheduled to begin in August 2026 and to be completed during 2030. Otherwise, our order intake for the first quarter consisted of several smaller-scale projects.
Our order backlog was at a good level at the end of the review period. The order backlog increased by 29.4 per cent compared to the reference period and amounted to EUR 318.9 (246.4) million. Compared with the reference period, a proportionally smaller share and, in absolute terms, a smaller amount of the order backlog is expected to be realised as net sales during the remainder of the year. Considering net sales development in 2026, it is important for us to advance, as planned, the collaborative projects currently in the development phase, which in particular require the contractor's capabilities in project development and design management. As examples of these projects, we can mention the renovation and extension of Pitäjänmäki comprehensive school, daycare, library and youth centre as well as the renovation and extension of Koskela primary school and daycare.
Our initiatives to enhance operational efficiency continued to focus on ensuring the competitiveness and performance of our business. Overall, we have been reasonably successful in compensating for the effects of the prolonged downturn in construction through improved operational effectiveness.
In the first quarter, the willingness of housing companies and the public sector to undertake renovation investments remained at a reasonable level in our operating areas. Demand for new residential construction remained subdued, and private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the construction and building technology markets continued to be intense, and the operating environment has remained uncertain. For this reason, we do not expect a significant improvement in the demand outlook for construction over the first half of 2026.
However, we believe that the prevailing market situation favours a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver a wide range of projects ranging from small service contracts to large construction projects. Supported by our good order backlog, we aim to continue solid performance and focus on implementing our strategy."
Operating environmentConstruction market 2026
According to the Bank of Finland, the Finnish economy turned to a moderate growth at the end of 2025. The growth continued in the beginning of 2026, but uncertainty surrounding the war in Iran is weakening the outlook and rising energy prices are slowing growth. The Bank of Finland forecasts the gross domestic product to grow by 0.6 per cent in 2026, which is 0.2 percentage points lower than in the previous forecast in December 2025.
In its business cycle review released in March 2026, the Confederation of Finnish Construction Industries RT estimates slow growth in construction in 2026, as the uncertain economic development is not sufficient for a proper turnaround.
RT estimates that the construction market will grow by 1.5 per cent in 2026 compared to the previous year. Renovation is estimated to grow by 0.5 per cent, residential construction is estimated to decrease by 3.0 per cent and non-residential construction is estimated to grow by 6.0 per cent.
According to RT, the tightened availability of financing and regional polarisation, declining housing prices and uncertainty in utilisation of spaces subdue the development in the renovation market.
The renovation market in general
The Confederation of Finnish Construction Industries RT estimates that renovation construction declined by
2.0 per cent in 2025. This would mark the third consecutive year of contraction in the renovation market.
Low levels of new housing starts and the contraction of the renovation market have sustained intense competition for both renovation projects and building technology contracts. Euroconstruct estimates that residential renovation returned to modest growth already in 2025. RT estimates that pent-up need for repairs supports renovation in housing companies, but renovation projects are, however, slowed by availability of financing. Professional renovation is estimated to account for over half of residential renovation, and its proportion has been increasing.
Non-residential renovation, particularly in privately owned commercial premises, remained low, although there is a clear need for renovations and modifications. Contributing factors include rising costs, oversupply of premises, uncertainty in space utilisation, and the low volume of property transactions and related development projects. In particular, there is an increasing need for building purpose modifications due to changes in working methods and the retail sector. Many older premises also no longer meet modern requirements for user comfort.
Public sector renovation investments are expected to remain at a good level. In 2025, renovations of public facilities were particularly concentrated in the education and healthcare sectors. However, the weak financial position of municipalities and wellbeing services counties may constrain renovation activity in the coming years.
The ageing building stock, urbanisation, changes in space utilisation, and the growing importance of sustainability and the green transition are generating demand and providing a foundation for Consti's longterm growth.
In renovation construction, demand is largely needs-driven. The need for renovation is increasing not only due to the age of buildings and repairs required as a result of climate change, but also due to societal changes such as population ageing, new requirements for space utilisation, and higher expectations regarding user comfort. Through building purpose modification projects, former office and industrial premises can, for example, be transformed into hotels or residential buildings with accessibility taken into account. In the commercial property market in particular, the EU Energy Efficiency Directive, which entered into force in 2024, and the environmental certification requirements imposed on properties are increasingly evident. Renovation construction plays a key role in reducing the carbon footprint of the built environment, as the volume of new construction increases by only around one percent annually.
Urbanisation and the concentration of immigration to major cities mean that both new construction and renovation activity are increasingly focused on growth centres.
Group structureConsti is one of Finland's leading companies focused on renovation contracting and technical building services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland's growth centres.
Consti has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. All these also contain Servicing and maintenance services which is not reported as its own business area. Consti however reports its Service operations' sales per financial year. Consti's Service business includes service contracting as well as technical repair and maintenance services to contract customers.
Business areas are reported in one segment. In addition, Consti reports net sales for each business area.
The Group's parent company is Consti Plc. The business areas operate in subsidiaries completely owned by
the parent company: Consti Korjausrakentaminen Oy, Consti Talotekniikka Oy and Sähkö-Huhta Oy.
Long term goalsConsti's mission is to improve the value of Finnish buildings and promote climate change mitigation with outstanding expertise in construction and building technology. Consti's vision is to be "Our customer's number one partner and expert in multiple types of construction". To achieve its vision and goals, Consti has defined strategic focus areas, which are: Growth in construction, Growth in building technology and technical real estate services, Customers and partnerships, Operational efficiency, Personnel and leadership and Sustainability.
The company's long-term financial goals are to achieve:
Growth: net sales growing faster than the market
Profitability: EBIT margin exceeding 5 percent
Free cash flow: Cash conversion ratio exceeding 90 percent
Balance sheet structure: Net debt to adjusted EBITDA ratio of less than 2.5x
The Company's aim is to distribute as dividends at least 50 percent of the Company's annual net profit
NET SALES BY BUSINESS AREA (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Housing Companies | 18,684 | 21,147 | -11.6% | 113,615 |
Corporations | 15,768 | 16,726 | -5.7% | 88,988 |
Public Sector | 11,717 | 10,613 | 10.4% | 52,835 |
Building Technology | 21,551 | 19,352 | 11.4% | 92,028 |
Parent company and eliminations | -2,023 | -2,232 | -9.4% | -11,247 |
Total net sales | 65,696 | 65,606 | 0.1% | 336,219 |
Consti Group's January-March net sales increased by 0.1 percent and were EUR 65.7 (65.6) million. Housing Companies net sales were EUR 18.7 (21.1) million, Corporations net sales were EUR 15.8 (16.7) million, Public Sector net sales were EUR 11.7 (10.6) million and Building Technology net sales were EUR 21.6 (19.4) million. Consti's business volumes are typically lowest during the first quarter of the year.
Net sales increased in Building Technology and Public Sector business areas but decreased in Housing Companies and Corporations business areas.
Operating result (EBIT) for January-March was EUR 0.2 (-0.1) million. Operating result from sales was 0.3 (-0.2) percent. In the first quarter, projects advanced largely as planned and the profitability in the project business was largely as expected. The operating result was positively impacted by the improved profitability in the Service business. The operating result was negatively impacted by the prolonged downturn in construction and continued allocation of resources to tendering and negotiation activities to secure the order backlog.
In January-March, the profit/loss for the period amounted to EUR 0.0 (-0.3) million, and the earnings per share amounted to EUR 0.01 (-0.04) per share. For the last twelve months preceding the end of the reporting period, the return on investment (ROI) amounted to 16.9 (16.9) per cent and the return on equity (ROE) amounted to
16.2 (16.3) per cent.
Operating result (EUR million)5
3.1
2.5
-0.1
0.2
4 3.9
3
2
1
0
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26-1
350
300
250
200
150
100
50
0
Order backlog (EUR million)318.9
276.7
246.4
239.9
208.2
Q1/25 Q2/25 Q3/25 Q4/25 Q1/26The order backlog at the end of the reporting period increased by 53.2 percent per cent compared to the end of the previous financial year and was EUR 318.9 million (EUR 246.4 million as at 31 March 2025 and EUR 208.2 million as at 31 December 2025). The order intake value during January-March increased by 176.9 percent and was EUR 166.6 (60.1) million. New order intake in the first quarter of 2026 includes EUR 112 million recognised for the renovation part of the Government Palace city block construction project.
Investments and business combinationsInvestments into tangible and intangible assets in January-March were EUR 0.5 (0.3) million, which is 0.8 (0.5) per cent of net sales. The largest investments were made into property, plant and equipment, which primarily include machinery and equipment purchases. Investments into right-of-use assets (IFRS 16) during January-March were EUR 0.2 (0.1) million. The majority of investments into right-of-use assets during the reporting period were related to premises and renewed leasing contracts of vans used in project and service business.
Consti had no business acquisitions or disposals in January-March 2026.
Cash flow and financial positionThe January-March operating cash flow before financing items and taxes was EUR -5.5 (-0.1) million. Free cash flow was EUR -6.0 (-0.5) million. The cash flow effect of change in working capital in January-March was EUR -6.3 (-0.7) million. The working capital tied up in January-March was affected by the weakened financial position of project portfolio.
Consti Group's cash and cash equivalents on 31 March 2026 were EUR 12.0 (12.5) million. In addition, the company has undrawn revolving credit facilities and unused credit limits amounting to EUR 8.0 million in total. The Group's interest-bearing debts were EUR 13.7 (16.1) million, including EUR 2.7 (3.3) million of IFRS 16 lease liabilities. On the balance sheet date, the net interest-bearing debt was EUR 1.7 (3.6) million and the gearing ratio 3.8 (8.3) percent. External loans are subject to financial covenant based on the ratio of the Group's net debt to adjusted EBITDA. At the balance sheet date 31 March 2026, the Group's interest-bearing net debt to adjusted EBITDA ratio complies with the financial covenant.
The balance sheet total on 31 March 2026 was EUR 111.2 (112.8) million. At the end of the reporting period, property, plant and equipment in the balance sheet amounted to EUR 4.1 (3.9) million. Equity ratio was 45.1 (42.0) per cent.
Within the framework of the EUR 50 million domestic commercial paper program initiated in October 2019, Consti may issue commercial papers with maturity of under one year. During January-March 2026, Consti did not issue any new commercial papers, and there were no outstanding commercial papers issued by Consti at the reporting date of 31 March 2026.
MATURITY DISTRIBUTION OF INTEREST-BEARING DEBT (EUR 1,000)* | 2026 | 2027 | 2028 | 2029 | 2030 | 2031- | Total |
Bank loans | 2,201 | 2,209 | 5,080 | 0 | 0 | 0 | 9,489 |
Commercial papers | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | 1,179 | 857 | 611 | 167 | 7 | 0 | 2,821 |
Other interest-bearing liabilities | 701 | 743 | 436 | 177 | 11 | 0 | 2,069 |
Total | 4,081 | 3,809 | 6,128 | 343 | 17 | 0 | 14,379 |
*Including deferred interest expense | |||||||
PERSONNEL AT PERIOD END | 31 Mar 2026 | 31 Mar 2025 | Change % | 31 Dec 2025 |
Housing Companies | 336 | 350 | -4.0% | 345 |
Corporations | 197 | 204 | -3.4% | 197 |
Public Sector | 66 | 60 | 10.0% | 61 |
Building Technology | 364 | 399 | -8.8% | 364 |
Parent company | 13 | 13 | 0.0% | 14 |
Group | 976 | 1,026 | -4.9% | 981 |
Consti Group had 976 (1,026) employees at the end of the reporting period. The average employee count during January-March was 976 (1,022).
At the end of the reporting period 336 (350) employees worked in Housing Companies, 197 (204) in Corporations, 66 (60) in Public Sector and 364 (399) in the Building Technology business area. The parent company employed 13 (13) people.
At the end of the reporting period, Consti's accident rate calculated on a rolling 12-month basis was 7 (10). The accident rate includes the lost-time injuries occurred to Group's own personnel and subcontractors.
Management TeamConsti Plc's Management Team at the end of the reporting period consisted of CEO Esa Korkeela and the following persons: Anders Löfman, CFO; Risto Kivi, Business Area Director Housing Companies; Pirkka Lähteinen, Business Area Director Corporations; Jukka Kylliö, Business Area Director Public Sector; Jaakko Taivalkoski, Business Area Director Building Technology; Heikki Untamala, Director Legal & Compliance and Aija Harju, HR Director.
Share based bonus schemesConsti Plc's Board decided on 27 February 2026 to continue the key employee share-based incentive plan launched in 2016. The plan offers the key employees that belong to the target group of the plan an opportunity to earn the Company's shares as reward by converting the proportion as decided by the Board of their performance-based bonuses to be earned on the basis of the Company's bonus scheme in 2026 into shares. Approximately 80 key employees will belong to the target group of the plan, including the members of the Management Team.
The total share reward comprises the amount converted from the performance-based bonus plan and additional shares, which consist of a fixed matching component, under which additional shares are granted with a matching ratio of 0.5, and, for a selected target group, a performance-based component, which is determined based on the Company's total shareholder return (TSR) during years 2026-2028.
The potential reward from the performance period 2026 will be paid to participants partly in shares and partly in cash after a two-year vesting period in 2029. The rewards to be paid for the plan will amount up to a
maximum total of approximately 260,000 Consti Plc shares at the prevailing share price level, including also the cash portion, providing that all of the key employees that belong to the target group of the plan decide to participate and convert the portion, as decided by the Board, of their performance-based bonuses into shares.
Consti announced on 9 March 2026 that between 20 November 2025 and 19 February 2026, a total of 55,941 Consti Plc new shares have been subscribed for with the company's stock options 2022. The subscription price, a total of EUR 427,948.65, has been recognised in the reserve for invested non-restricted equity. The subscribed new shares have been registered with the Trade Register on 9 March 2026. After the registrations, the total number of shares in the Company was 8,108,498 shares.
Shares and share capitalConsti Plc's share capital on 31 March 2026 was 80,000 euro and the number of shares 8,108,498. Consti Plc held 103,300 of these shares. The Company has a single series of shares, and each share entitles its holder to one vote at the General Meeting of the company and to an equal dividend. The Company's shares have no par value. Consti Plc's shares are added into the Book-Entry Securities System.
Trade at Nasdaq HelsinkiTRADE AT NASDAQ HELSINKI | 1-3/ 2026 | 1-3/ 2025 |
Trading volume, thousand shares | 313 | 231 |
Trading turnover, EUR thousand | 3,619 | 2,366 |
Highest share price, EUR | 12.75 | 11.20 |
Lowest share price, EUR | 10.35 | 9.84 |
Volume-weighted average share price, EUR | 11.56 | 10.23 |
Closing price on last day of trading, EUR | 11.95 | 11.10 |
Market value on last day of trading, EUR thousand | 96,897 | 88,984 |
Consti Plc has been listed in the Helsinki Stock Exchange main list since 15 December 2015. The trade symbol is CONSTI. On the Nordic list Consti Plc is classified a small cap company within the Industrials sector. During 1 January - 31 March 2026, Consti Plc's lowest share price was EUR 10.35 (9.84) and the highest EUR 12.75 (11.20). The share's trade volume weighted average price was EUR 11.56 (10.23). The closing price on the last day of trading for the reporting period, 31 March 2026, was EUR 11.95 (EUR 11.10 on 31 March 2025), and the Company's market value was EUR 96.9 (89.0) million. During 1 January - 31 March 2026, 313 (231) thousand Consti Plc shares were traded.
Largest shareholders10 LARGEST SHAREHOLDERS 31 MARCH 2026 | Number of shares | % of shares and voting rights | |
1 | Lujatalo Oy | 815,314 | 10.06% |
2 | Torpanmaa Oy | 750,000 | 9.25% |
3 | Wipunen Varainhallinta Oy | 750,000 | 9.25% |
4 | Korkeela Esa | 498,546 | 6.15% |
5 | Fennia Life Insurance Company | 416,285 | 5.13% |
6 | Kivi Risto | 415,110 | 5.12% |
7 | Kalevo Markku | 289,797 | 3.57% |
8 | Herlin Olli | 200,000 | 2.47% |
9 | Varma Mutual Pension Insurance Company | 172,000 | 2.12% |
10 | Drumbo Oy | 150,000 | 1.85% |
Ten largest owners, total | 4,457,052 | 54.97% | |
Nominee registered | 494,351 | 6.10% | |
Others | 3,157,095 | 38.94% | |
Total | 8,108,498 | 100.00% | |
Consti received on 11 March 2026 an announcement from Lujatalo Oy, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the announcement, the number of Consti shares and voting rights owned by Lujatalo Oy decreased below ten (10) per cent of the total number of shares and voting rights of Consti on 9 March 2026 and amounted to 9.99 per cent.
Consti received on 30 March 2026 an announcement from Lujatalo Oy, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the announcement, the number of Consti shares and voting rights owned by Lujatalo Oy exceeded ten (10) per cent of the total number of shares and voting rights of Consti on 27 March 2026 and amounted to 10.06 per cent.
Related-party transactionsThere were no significant related-party transactions during the reporting period.
Outlook for 2026Market outlook (updated)
In its business cycle review released in March 2026, the Confederation of Finnish Construction Industries RT estimates slow growth in construction in 2026, as the uncertain economic development is not sufficient for a proper turnaround.
RT estimates that the construction market will grow by 1.5 per cent in 2026 compared to the previous year. Renovation is estimated to grow by 0.5 per cent, residential construction is estimated to decrease by 3.0 per cent and non-residential construction is estimated to grow by 6.0 per cent.
Demand for new residential construction remained subdued, and private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the construction and building technology markets continued to be intense, and the operating environment has remained uncertain.
Consti does not expect a significant improvement in the demand outlook for construction over the first half of 2026.
Business outlook (unchanged)
Consti estimates its operating result for 2026 to be in the range of EUR 8-11 million (2025 operating result: EUR 9.4 million).
Significant risks and risk managementConsti is subject to various risks and uncertainties in its operations. The objective of Consti's risk management is to identify and manage the most significant risk factors affecting the Group's operations. At Consti, risks are categorised as strategic, operational, financial, and risks of injury or damage.
There are risks associated with defining and implementing strategy. Consti's strategic aim is to achieve growth in construction and building technology by responding to the demand created by the ageing building stock, urbanisation, and climate change.
Weak economic growth and general uncertainty in the economy are tightening the overall construction market, most notably in new-build projects. The renovation sector, which is Consti's primary focus, is less sensitive to economic cycles than other construction segments. However, in renovation, rising costs and a subdued economic climate may lead customers to postpone investments, potentially reducing demand for Consti's services.
Consti's strategy includes both organic growth and acquisitions. Mergers and acquisitions carry risks, such as the accuracy of the financial assumptions regarding the acquired business and the success of integration. Consti manages acquisition-related risks through thorough preparation of transactions and careful monitoring of integration.
Key risks affecting Consti's domestic business environment include uncertain demand and cost pressures, such as rising labour costs and unpredictable energy price development, as well as structural constraints like labour shortages and slow productivity growth. Furthermore, the state of public finances and increased caution from banks may restrict access to financing or raise the cost of capital.
Operational risks are associated with customers and project activities, personnel, subcontractors and suppliers, as well as legislation and legal claims. Consti's business operations are predominantly project-based, which involves risks related to project selection or failure in the tendering process. These can, among other things, lead to unexpected contractual liabilities or erroneous pricing decisions.
Non-functioning production and business processes, or deviations from established procedures, undermine the manageability and predictability of projects. This increases the likelihood of, for example, operational risks relating to quality, scheduling, and costs. Should there be any deviations in quality, delivery, or schedule within the subcontracting process, this may increase the qualitative or scheduling risks associated with the main contract and result in additional costs. Risks related to subcontracting and subcontracting processes are managed through long-term partnerships, strict adherence to procurement procedures, appropriate subcontracting agreements, and by ensuring compliance with statutory obligations regarding client responsibility.
Consti has a broad customer base, comprising housing companies, municipalities and other public sector entities, property investors, as well as businesses and industrial clients. This diversified customer portfolio reduces both project-specific and market-related risks. Changes in customer needs or operating models may affect the demand for services and ways of working.
Consti's operating opportunities are influenced by changes in regulations concerning construction, environmental protection, labour legislation, occupational safety, taxation and financial reporting. Adapting to new regulations may give rise to cost risks should compliance require investment in new technology, specialist services or personnel training. Risks related to legislation and legal claims are addressed through diligent contract preparation, project planning and monitoring, high-quality workmanship, and liability insurance. Group companies currently have ongoing or pending legal proceedings associated with ordinary business activities. The outcome of these proceedings is difficult to predict; however, provisions based on the best possible estimate have been recognised in cases where deemed necessary.
Risks pertaining to injuries or damage include environmental risks, ICT risks and accident risks. The most significant environmental risks arise from the potential release of harmful substances into the environment, for example, due to negligence in the handling or final disposal of demolition waste. During operations, noise, vibration and construction dust may affect the surrounding area. Consti prepares environmental plans for its sites, identifying and seeking to prevent project-specific environmental risks or mitigate adverse impacts. Consti complies with all applicable laws, regulations, permit conditions and official requirements relating to
construction, the use, storage, recycling and disposal of construction materials, as well as other environmental matters.
Information technology and communications risks are assessed and managed through cooperation between the Group's ICT function, business areas and external partners. The Group has established guidelines and procedures to reduce and control risks related to information technology and data security. The main objective is to ensure the high availability of information systems and rapid recovery in the event of a problem.
Consti is exposed to financial risks in its business operations. Financial risks include those related to financial reporting as well as risks associated with financing.
The recognition of net sales from long-term construction and service contracts involves the risk that the net sales and profit recognised over time in individual financial periods may not correspond to an even allocation of the final total result over the contract term. Calculating the total contract result involves estimates of both the total costs required to complete the contract and the progress of billable work. Any changes in estimates of the contract outcome are recognised in the period in which the change is first identified and can be reliably estimated.
A detailed description of risks related to Consti and its operating environment and business, as well as the Group's risk management are presented in the Board of Directors' Report published in Consti's annual report 2025. Sustainability risks will be reported separately as a distinct section within Consti's sustainability report. The assessment of material risk factors has not changed in the first quarter of 2026.
Events after the reporting periodThe Annual General Meeting 2026 and Board authorisations
The Annual General Meeting of Shareholders of Consti Plc held on 9 April 2026 adopted the financial statements for financial period 2025, discharged the members of the Board of Directors and the CEO from liability for the financial period 2025 and adopted the Company's remuneration report for governing bodies. The General Meeting resolved that a dividend of EUR 0.72 per share for the financial year 2025 shall be paid. The dividend shall be paid in two instalments. The record date of the first instalment of the dividend, EUR 0.36 per share, is 13 April 2026, and the dividend payment date is 20 April 2026. The record date of the second instalment of the dividend, EUR 0.36 per share, together with the dividend payment date, shall be decided by the Board of Directors in its meeting scheduled for 22 October 2026. The record date of the dividend date would then be 26 October 2026 and the dividend payment date 2 November 2026.
The General Meeting resolved that the Board of Directors consists of six members. The current members of the Board of Directors Petri Rignell, Erkki Norvio, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen were re-elected as members of the Board of Directors for the following term of office and Elina Rahkonen was elected as a new member of the Board of Directors.
Audit firm KPMG Oy Ab was elected as Auditor of the Company and Turo Koila, Authorised Public Accountant, will act as the auditor in charge. Authorised Sustainability Audit Firm KPMG Oy Ab was elected as the Company's sustainability reporting assurer and Turo Koila, Authorised Public Accountant (KHT), Authorised Sustainability Auditor (KRT) will act as the sustainability reporting auditor with principal responsibility. The election of the sustainability reporting assurer is conditional, so that the election will become effective only if the Company is obliged under the law in force at the end of the financial year 2026 to prepare a sustainability report for the financial year 2026 and to obtain assurance for it.
It was resolved that the annual remuneration of the Board Members is paid as follows: Chairman of the Board of Directors is paid EUR 54,000 and members of the Board of Directors are each paid EUR 42,000. It was also resolved that a EUR 500 fee per member per meeting is paid for meetings of the Board of Directors. In addition, it was resolved that a member of the Board of Directors appointed as Chair or member of the Nomination and Remuneration Committee, or any other committee to be separately established, shall be entitled to receive an additional annual fee of EUR 1,500. It was resolved that the travel expenses incurred from participating in the meetings of the Board of Directors are compensated against an invoice. It was resolved that the Auditor is paid a remuneration according to a reasonable invoice approved by the Company. The remuneration of the
sustainability reporting assurer shall likewise be paid according to a reasonable invoice approved by the Company, provided that a sustainability report is prepared.
The Board of Directors was authorised to decide on the acquisition of a maximum of 700,000 own shares in one or more tranches by using the unrestricted equity of the Company. The own shares can be acquired at a price formed in public trading on the acquisition date or at a price otherwise formed on the market. In the acquisition, derivatives, inter alia, can be used. The acquisition of own shares may be made otherwise than in proportion to the share ownership of the shareholders (directed acquisition). The authorisation includes the right of the Board of Directors to resolve on how the own shares are acquired as well as to decide on other matters related to the acquisition of own shares.
The authorisation revokes previous unused authorisations on the acquisition of the Company's own shares. The authorisation is valid until the following Annual General Meeting, however no longer than until 30 June 2027.
The Board of Directors was authorised to decide on the issuance of shares and on the transfer of special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in one or several tranches, either against or without consideration. The number of shares to be issued, including shares issued under special rights, may not exceed 800,000 shares. The Board of the Directors may decide to issue either new shares and/or transfer of own shares possibly held by the Company.
The authorisation entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders' preemptive subscription right.
The authorisation revokes previous unused authorisations on the issuance of shares and the issuance of options and other special rights entitling to shares. The authorisation is valid until the end of the following Annual General Meeting, however no longer than until 30 June 2027.
Organising meeting of the directors
The Board of Directors elected by the Annual General Meeting of Shareholders of Consti Plc On 9 April 2026 held its organising meeting and elected Petri Rignell as the Chairman of the Board. Other board members are Erkki Norvio, Juhani Pitkäkoski, Katja Pussinen, Elina Rahkonen and Johan Westermarck.
The Board of Directors appointed Erkki Norvio as the Chairman and Juhani Pitkäkoski and Petri Rignell as members of the Nomination and Remuneration Committee. The Board of Directors also decided to establish an Audit Committee. Elina Rahkonen was appointed as the Chairperson and Johan Westermarck and Katja Pussinen as members of the Audit Committee.
In Helsinki, 28. April 2026
Consti Plc's Board of Directors
Press conferenceMicrosoft Teams meeting for analysts, portfolio managers and media representatives will take place on 29 April 2026, at 10:00 a.m. (EEST). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 2026Half-year financial report 1-6/2026 will be published 17 July 2026
Interim report 1-9/2026 will be published 23 October 2026
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619
This publication includes future-oriented statements that are based on Consti's managements current assumptions and issues it is aware of as well as its existing decisions and plans. Although the management believes that the future expectations are well-founded, there is no certainty that these expectations will prove to be correct. Thus the results may significantly deviate from the assumptions included in the future-oriented statements as a result of issues such as changes in the economy, markets competitive conditions, legislation and regulations.
INTERIM REPORT JANUARY - MARCH 2026: FINANCIAL TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Net sales | 65,696 | 65,606 | 0.1% | 336,219 |
Other operating income | 73 | 65 | 12.4% | 696 |
Change in inventories of finished goods and work in progress | 0 | -14 | 0 | |
Materials and services | -45,312 | -45,529 | -0.5% | -239,966 |
Employee benefit expenses | -15,754 | -16,001 | -1.5% | -69,010 |
Depreciation and amortisation | -892 | -895 | -0.3% | -3,557 |
Other operating expenses | -3,584 | -3,361 | 6.6% | -14,970 |
Operating result (EBIT) | 227 | -129 | 9,412 | |
Financial income | 47 | 53 | -10.4% | 173 |
Financial expenses | -217 | -284 | -23.6% | -1,001 |
Total financial income and expenses | -169 | -231 | -26.7% | -829 |
Profit/loss before taxes (EBT) | 58 | -360 | 8,583 | |
Total taxes | -12 | 72 | -1,765 | |
Profit/loss for the period | 46 | -288 | 6,818 | |
Comprehensive income for the period 1) | 46 | -288 | 6,818 | |
Earnings per share attributable to equity holders of parent company | ||||
Earnings per share, undiluted (EUR) | 0.01 | -0.04 | 0.86 | |
Earnings per share, diluted (EUR) | 0.01 | -0.04 | 0.84 | |
1) The group has no other comprehensive income items. | ||||
CONSOLIDATED BALANCE SHEET (EUR 1,000) | 31 Mar 2026 | 31 Mar 2025 | Change % | 31 Dec 2025 |
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 4,067 | 3,873 | 5.0% | 4,009 |
Right-of-use assets | 2,550 | 3,121 | -18.3% | 2,909 |
Goodwill | 49,449 | 49,449 | 0.0% | 49,449 |
Other intangible assets | 109 | 121 | -9.7% | 122 |
Shares and other non-current financial assets | 57 | 57 | 0.0% | 57 |
Deferred tax receivables | 0 | 6 | -100.0% | 72 |
Total non-current assets | 56,233 | 56,627 | -0.7% | 56,617 |
Current assets | ||||
Inventories | 535 | 644 | -16.9% | 526 |
Trade and other receivables | 42,357 | 43,026 | -1.6% | 40,739 |
Cash and cash equivalents | 12,028 | 12,519 | -3.9% | 19,016 |
Total current assets | 54,920 | 56,189 | -2.3% | 60,280 |
TOTAL ASSETS | 111,153 | 112,816 | -1.5% | 116,898 |
EQUITY AND LIABILITIES | ||||
Share capital | 80 | 80 | 0.0% | 80 |
Reserve for invested non-restricted equity | 30,458 | 29,754 | 2.4% | 30,030 |
Treasury shares | -204 | -204 | 0.0% | -513 |
Retained earnings | 14,702 | 13,656 | 7.7% | 8,774 |
Profit/loss for the year | 46 | -288 | -116.1% | 6,818 |
Equity attributable to owners of the parent company | 45,083 | 42,998 | 4.8% | 45,189 |
Total Equity | 45,083 | 42,998 | 4.8% | 45,189 |
Non-current liabilities | ||||
Interest-bearing liabilities | 9,446 | 11,198 | -15.6% | 9,542 |
Deferred tax liabilities | 73 | 0 | 0.0% | 0 |
Total non-current liabilities | 9,518 | 11,198 | -15.0% | 9,542 |
Current liabilities | ||||
Trade and other payables | 38,508 | 40,891 | -5.8% | 43,063 |
Advances received | 11,171 | 10,409 | 7.3% | 12,003 |
Interest-bearing liabilities | 4,299 | 4,897 | -12.2% | 4,541 |
Provisions | 2,574 | 2,424 | 6.2% | 2,558 |
Total current liabilities | 56,552 | 58,621 | -3.5% | 62,166 |
TOTAL EQUITY AND LIABILITIES | 111,153 | 112,816 | -1.5% | 116,898 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1,000) | Equity attributable to owners of the parent company | ||||
Share capital | Reserve for invested non-restricted equity | Treasury shares | Retained earnings | Total | |
Equity on 1 January 2026 | 80 | 30,030 | -513 | 15,592 | 45,189 |
Total comprehensive income | 46 | 46 | |||
Dividend distribution | 0 | 0 | |||
Purchase of own shares | -279 | -279 | |||
Conveyance of own shares | 588 | 588 | |||
Share-based incentive | -889 | -889 | |||
Option scheme | 428 | 0 | 428 | ||
Transactions with shareholders, total | 428 | 309 | -889 | -152 | |
Equity on 31 March 2026 | 80 | 30,458 | -204 | 14,749 | 45,083 |
Equity on 1 January 2025 | 80 | 29,754 | -578 | 14,424 | 43,679 |
Total comprehensive income | -288 | -288 | |||
Dividend distribution | 0 | 0 | |||
Purchase of own shares | -177 | -177 | |||
Conveyance of own shares | 551 | 551 | |||
Share-based incentive | -806 | -806 | |||
Option scheme | 0 | 39 | 39 | ||
Transactions with shareholders, total | 0 | 374 | -767 | -393 | |
Equity on 31 March 2025 | 80 | 29,754 | -204 | 13,368 | 42,998 |
Equity on 1 January 2025 | 80 | 29,754 | -578 | 14,424 | 43,679 |
Total comprehensive income | 6,818 | 6,818 | |||
Dividend distribution | -5,539 | -5,539 | |||
Purchase of own shares | -486 | -486 | |||
Conveyance of own shares | 551 | 551 | |||
Share-based incentive | -155 | -155 | |||
Option scheme | 277 | 44 | 321 | ||
Transactions with shareholders, total | 277 | 65 | -5,649 | -5,308 | |
Equity on 31 December 2025 | 80 | 30,030 | -513 | 15,592 | 45,189 |
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | 1-12/ 2025 |
Cash flows from operating activities | |||
Profit/loss before taxes (EBT) | 58 | -360 | 8,583 |
Adjustments: | |||
Depreciation and amortisation | 892 | 895 | 3,557 |
Total financial income and expenses | 169 | 231 | 829 |
Change in working capital | -6,254 | -657 | 5,395 |
Other adjustments | -333 | -238 | 223 |
Operating cash flow before financial and tax items | -5,469 | -129 | 18,587 |
Financial items, net | -139 | -188 | -686 |
Taxes paid | -612 | -366 | -2,016 |
Net cash flow from operating activities | -6,219 | -683 | 15,885 |
Cash flows from investing activities | |||
Investments in tangible and intangible assets | -531 | -346 | -1,826 |
Proceeds from sale of property, plant and equipment | 175 | 106 | 619 |
Net cash flow from investing activities | -357 | -240 | -1,207 |
Cash flows from financing activities | |||
Purchase of own shares | -279 | -177 | -486 |
Share subscriptions with share options | 428 | 0 | 277 |
Dividend distribution | 0 | 0 | -5,539 |
Proceeds from non-current debt | 0 | 0 | 10,000 |
Payments of non-current debt | 0 | 0 | -12,000 |
Payments of lease liabilities | -607 | -624 | -2,382 |
Change in other interest-bearing liabilities | 47 | 59 | 285 |
Net cash flow from financing activities | -411 | -742 | -9,846 |
Change in cash and cash equivalents | -6,987 | -1,665 | 4,832 |
Cash and cash equivalents at period start | 19,016 | 14,184 | 14,184 |
Cash and cash equivalents at period end | 12,028 | 12,519 | 19,016 |
Basic information |
Consti Plc is a Finnish public limited liability company domiciled in Helsinki, and its registered address is Valimotie 16, 00380 Helsinki, Finland. The company's shares have been listed on the Nasdaq Helsinki Ltd stock exchange since 11 December 2015. Consti Plc and its subsidiaries constitute Consti Group ("Consti" or "Group"). |
Consti is one of Finland's leading companies focused on renovation contracting and technical building services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland's growth centres. |
Accounting principles |
Consti Plc's interim report for the accounting period 1 January - 31 March 2026 has been prepared according to the IAS 34 Interim Financial reporting principles. Consti has abided by the same accounting principles in its condensed financial statements as in its IFRS financial statements 2025. The information presented in the interim financial report are not audited. All figures in these accounts have been rounded. Consequently, the sum of individual figures can deviate from the presented sum figure. Consti Plc's interim report for the accounting period 1 January - 31 March 2026 were approved for publication by its Board of Directors in its meeting on 28 April 2026. |
The preparation of the financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the valuation of the reported assets and liabilities, and the recognition of income and expenses in the statement of income. Although the estimates are based on the management's best knowledge of current events and actions, actual results may differ from the values given in the interim financial report. ESMA (European Securities and Markets Authority) has published guidelines on Alternative Performance Measures (APMs). Consti presents Alternative Performance Measures (APMs) to reflect the underlying business performance and to enhance comparability between financial periods. APMs should not be considered as a substitute for measures of performance in accordance with the IFRS. |
Operating segments |
Consti Group consists of four complementary operating segments based in Finland: Housing Companies, Corporations, Public Sector and Building Technology. Due to the Consti Group's management structure, the nature of its operations and the similarity of the operating segments, the operating segments are combined into a single reporting segment that also includes group services and other items for the purpose of segment reporting in accordance with IFRS 8. |
The chief operational decision-making body is Consti Group's Board of Directors, for which the Chairman of the Board and the Managing Director prepare and present decision proposals. The Board of Directors assesses the Group's financial position as a whole, rather than examining it on the basis of the operating segments' results. Reporting on separate operating segments is deemed to be of limited value to the users of the financial statements because the segments' financial characteristics and long-term financial profitability are similar. |
In addition to their financial characteristics, the business areas are similar in the following respects: The Group offers construction services in all of its business areas. The Group's production process consists of repairs, modification work or servicing and maintenance tasks done to assets controlled by the customer. All the business areas do business with all customer groups with some exceptions. Services are often cross-sold to the same customers by combining different business areas services in a single package. Moreover, the methods used in providing services are divided according to the nature of each service process. |
NET SALES BY BUSINESS AREA (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Housing Companies | 18,684 | 21,147 | -11.6% | 113,615 |
Corporations | 15,768 | 16,726 | -5.7% | 88,988 |
Public Sector | 11,717 | 10,613 | 10.4% | 52,835 |
Building Technology | 21,551 | 19,352 | 11.4% | 92,028 |
Parent company and eliminations | -2,023 | -2,232 | -9.4% | -11,247 |
Total net sales | 65,696 | 65,606 | 0.1% | 336,219 |
NET SALES CLASSIFICATION ACCORDING TO IFRS 15 (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Project deliveries | ||||
Housing Companies | 18,439 | 20,874 | -11.7% | 111,785 |
Corporations | 15,310 | 15,902 | -3.7% | 86,156 |
Public Sector | 11,715 | 10,609 | 10.4% | 52,821 |
Building Technology | 19,070 | 17,042 | 11.9% | 80,616 |
Parent company and eliminations | -2,023 | -2,232 | -9.4% | -11,247 |
Total project deliveries | 62,511 | 62,196 | 0.5% | 320,130 |
Other cost + fee projects and service contracts | ||||
Housing Companies | 245 | 273 | -10.1% | 1,830 |
Corporations | 458 | 823 | -44.4% | 2,832 |
Public Sector | 2 | 4 | -54.8% | 14 |
Building Technology | 2,481 | 2,310 | 7.4% | 11,412 |
Parent company and eliminations | 0 | 0 | 0,0 % | 0 |
Total other cost + fee projects and service contracts | 3,185 | 3,410 | -6.6% | 16,088 |
Total net sales | 65,696 | 65,606 | 0.1% | 336,219 |
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS AND LIABILITIES (EUR 1,000) | 31 Mar 2026 | 31 Mar 2025 | Change % | 31 Dec 2025 |
Trade receivables | 24,559 | 22,810 | 7.7% | 26,056 |
Receivables from project deliveries and cost + fee accruals | 14,650 | 16,789 | -12.7% | 12,099 |
Advances received from project deliveries and cost + fee accruals | 11,171 | 10,409 | 7.3% | 12,003 |
In the view of the management, the carrying amount of accounts receivable is reasonably close to fair value due to the short maturity of these items.
Changes in property, plant and equipment and intangible assetsPROPERTY, PLANT AND EQUIPMENT (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | 1-12/ 2025 |
Carrying amount at beginning of the period | 4,009 | 3,929 | 3,929 |
Additions | 531 | 346 | 1,768 |
Depreciation | -330 | -310 | -1,288 |
Disposals | -143 | -92 | -401 |
Other changes | 0 | 0 | 0 |
Carrying amount at end of the period | 4,067 | 3,873 | 4,009 |
INTANGIBLE ASSETS (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | 1-12/ 2025 |
Carrying amount at beginning of the period | 49,571 | 49,585 | 49,585 |
Additions | 0 | 0 | 48 |
Amortisation | -12 | -14 | -61 |
Other changes | 0 | 0 | 0 |
Carrying amount at end of the period | 49,558 | 49,570 | 49,571 |
Lease agreements | |||
RIGHT-OF-USE ASSETS (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | 1-12/ 2025 |
Carrying amount at end of the previous period | 2,909 | 3,933 | 3,933 |
Change in classification | 0 | -333 | -333 |
Carrying amount at beginning of the period | 2,909 | 3,599 | 3,599 |
Additions | 221 | 92 | 1,772 |
Decreases | -30 | 0 | -254 |
Depreciation | -550 | -570 | -2,208 |
Carrying amount at end of the period | 2,550 | 3,121 | 2,909 |
The changes in classification in the comparison period relate to leases of tools and equipment. These contracts include a large number of tools and equipment and individual tools and equipment meet the definition of low-value items.
Financial assets and liabilitiesFINANCIAL ASSETS (EUR 1,000) | 31 Mar 2026 | 31 Mar 2025 |
Carrying amount and fair value | Carrying amount and fair value | |
Non-current financial assets | ||
Financial assets recognised at fair value through profit or loss | ||
Shares and other non-current financial assets | 57 | 57 |
Total non-current financial assets | 57 | 57 |
Current financial assets | ||
Financial assets measured at amortised cost | ||
Trade receivables | 24,559 | 22,810 |
Cash and cash equivalents | 12,028 | 12,519 |
Total current financial assets | 36,588 | 35,329 |
Total financial assets | 36,645 | 35,386 |
FINANCIAL LIABILITIES (EUR 1,000) | 31 Mar 2026 | 31 Mar 2025 |
Carrying amount and fair value | Carrying amount and fair value | |
Non-current financial liabilities | ||
Financial liabilities measured at amortised cost | ||
Loans from financial institutions | 6,983 | 8,989 |
Hire purchase debt | 1,102 | 978 |
Lease liabilities | 1,360 | 1,230 |
Total non-current financial liabilities | 9,446 | 11,198 |
Current financial liabilities | ||
Financial liabilities measured at amortised cost | ||
Loans from financial institutions | 2,000 | 2,000 |
Hire purchase debt | 983 | 828 |
Lease liabilities | 1,317 | 2,069 |
Trade payables | 19,105 | 20,291 |
Total current financial liabilities | 23,404 | 25,188 |
Total financial liabilities | 32,850 | 36,386 |
GROUP LIABILITIES (EUR 1,000) | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Leasing and rental liabilities | 437 | 718 | 484 |
Bank guarantees and guarantee insurance commitments for the duration of work and warranty periods and rental deposits | 47,735 | 45,945 | 50,792 |
The off-balance sheet leasing and rental liabilities include lease liabilities from short-term leases and lease liabilities from low value items.
Key figuresKEY FIGURES | 1-3/ 2026 | 1-3/ 2025 | 1-12/ 2025 |
INCOME STATEMENT (EUR 1,000) | |||
Net sales | 65,696 | 65,606 | 336,219 |
EBITDA | 1,119 | 765 | 12,969 |
EBITDA margin, % | 1.7% | 1.2% | 3.9% |
Operating result (EBIT) | 227 | -129 | 9,412 |
Operating result margin, % | 0.3% | -0.2% | 2.8% |
Profit/loss before taxes (EBT) | 58 | -360 | 8,583 |
as % of sales | 0.1% | -0.5% | 2.6% |
Profit/loss for the period | 46 | -288 | 6,818 |
as % of sales | 0.1% | -0.4% | 2.0% |
OTHER KEY FIGURES (EUR 1,000) | |||
Balance sheet total | 111,153 | 112,816 | 116,898 |
Net interest-bearing debt | 1,717 | 3,575 | -4,932 |
Equity ratio, % | 45.1% | 42.0% | 43.1% |
Gearing, % | 3.8% | 8.3% | -10.9% |
Return on investment, ROI %1 | 16.9% | 16.9% | 16.0% |
Return on equity, ROE %1 | 16.2% | 16.3% | 15.3% |
Free cash flow | -6,000 | -475 | 16,761 |
Cash conversion, % | n/a | n/a | 129.2% |
Order backlog | 318,882 | 246,373 | 208,175 |
Order intake | 166,570 | 60,144 | 250,669 |
Average number of personnel | 976 | 1,022 | 1,017 |
Number of personnel at period end | 976 | 1,026 | 981 |
SHARE RELATED KEY FIGURES | |||
Earnings per share, undiluted (EUR) | 0.01 | -0.04 | 0.86 |
Earnings per share, diluted (EUR) | 0.01 | -0.04 | 0.84 |
Shareholders' equity per share (EUR) | 5.63 | 5.43 | 5.71 |
Number of shares, end of period | 8,108,498 | 8,016,567 | 8,052,557 |
Number of outstanding shares, end of period | 8,005,198 | 7,913,267 | 7,919,257 |
Average number of outstanding shares | 7,937,884 | 7,884,079 | 7,906,497 |
1 Key figure calculated on last twelve months basis
Calculation of key figuresEBITDA = | Operating result (EBIT) + depreciation, amortisation and impairment | |
Net interest-bearing debt = | Interest-bearing liabilities - cash and cash equivalents | |
Equity ratio (%) = | Equity Total assets - advances received | X 100 |
Gearing (%) = | Interest-bearing liabilities - cash and cash equivalents Equity | X 100 |
Return on investment, ROI (%) = | Profit/loss before taxes + interest and other financial expenses (r12m) Total equity + interest-bearing liabilities (average) | X 100 |
Return on equity, ROE (%) = | Profit/loss for the period(r12m) Total equity (average) | X 100 |
Average number of personnel = | The average number of personnel at the end of each calendar month during the period | |
Number of personnel at period end = | Number of personnel at the end of period | |
Free cash flow = | Net cash flow from operating activities before financial and tax items -investments in intangible and tangible assets | |
Cash conversion (%) = | Free cash flow EBITDA | X 100 |
Earnings per share = | Profit/loss attributable to equity holders of the parent company -hybrid bond's transaction costs and accrued interests after tax Weighted average number of shares outstanding during the period | X 100 |
Shareholders' equity per share (EUR) = | Equity attributable to owners of the parent company Number of outstanding shares, end of period | |
Adjusted operating result (EBIT) = | Operating result (EBIT) before items affecting comparability (IAC) | |
Order backlog = | At the end of the period the unrecognised amount of construction contracts recognised in accordance with the percentage of completion method, including not started ordered project deliveries, long-term service agreements and the part which has not been invoiced in ordered invoice based projects | |
Order intake = | Orders of project deliveries, long-term service agreements and invoice based projects during the period | |
QUARTERLY INFORMATION (EUR 1,000) | Q1/26 | Q4/25 | Q3/25 | Q2/25 | Q1/25 | Q4/24 | Q3/24 | Q2/24 | Q1/24 |
Net sales | 65,696 | 94,997 | 90,841 | 84,775 | 65,606 | 92,264 | 86,049 | 82,853 | 65,525 |
Other operating income | 73 | 265 | 259 | 108 | 65 | 202 | 36 | 176 | 157 |
Change in inventories of finished goods and work in progress | 0 | -35 | 38 | 11 | -14 | -12 | -9 | 2 | 13 |
Materials and services | -45,312 | -66,483 | -67,677 | -60,277 | -45,529 | -63,185 | -61,168 | -57,506 | -45,799 |
Employee benefit expenses | -15,754 | -19,226 | -16,036 | -17,746 | -16,001 | -19,792 | -16,531 | -17,439 | -15,499 |
Other operating expenses | -3,584 | -4,697 | -3,399 | -3,513 | -3,361 | -4,860 | -4,002 | -4,087 | -3,114 |
EBITDA | 1,119 | 4,821 | 4,025 | 3,358 | 765 | 4,618 | 4,376 | 3,998 | 1,284 |
EBITDA margin, % | 1.7% | 5.1% | 4.4% | 4.0% | 1.2% | 5.0% | 5.1% | 4.8% | 2.0% |
Depreciation and amortisation | -892 | -898 | -882 | -883 | -895 | -1,006 | -1,013 | -1,004 | -1,069 |
Operating result (EBIT) | 227 | 3,923 | 3,144 | 2,475 | -129 | 3,612 | 3,363 | 2,994 | 214 |
Operating result, % | 0.3% | 4.1% | 3.5% | 2.9% | -0.2% | 3.9% | 3.9% | 3.6% | 0.3% |
Financial income | 47 | 56 | 41 | 22 | 53 | 133 | 79 | 61 | 120 |
Financial expenses | -217 | -231 | -232 | -255 | -284 | -333 | -360 | -378 | -379 |
Total financial income and expenses | -169 | -175 | -190 | -232 | -231 | -199 | -281 | -317 | -259 |
Profit/loss before taxes (EBT) | 58 | 3,747 | 2,953 | 2,242 | -360 | 3,413 | 3,082 | 2,677 | -44 |
Total taxes | -12 | -798 | -591 | -449 | 72 | -842 | -616 | -536 | 9 |
Profit/loss for the period | 46 | 2,949 | 2,363 | 1,794 | -288 | 2,571 | 2,467 | 2,141 | -36 |
Balance sheet total | 111,153 | 116,898 | 119,152 | 116,237 | 112,816 | 117,165 | 121,172 | 120,885 | 116,417 |
Net interest-bearing debt | 1,717 | -4,932 | 1,720 | 3,801 | 3,575 | 2,681 | 3,116 | 3,901 | 1,299 |
Equity ratio, % | 45.1% | 43.1% | 41.8% | 40.4% | 42.0% | 41.3% | 40.9% | 38.5% | 40.2% |
Gearing, % | 3.8% | -10.9% | 3.8% | 9.0% | 8.3% | 6.1% | 7.2% | 9.6% | 3.1% |
Return on investment, ROI %1 | 16.9% | 16.0% | 15.5% | 16.6% | 16.9% | 17.4% | 18.4% | 21.9% | 20.6% |
Return on equity, ROE %1 | 16.2% | 15.3% | 14.6% | 15.8% | 16.3% | 16.8% | 18.4% | 23.1% | 22.4% |
Order backlog | 318,882 | 208,175 | 239,908 | 276,717 | 246,373 | 240,108 | 250,406 | 261,224 | 244,371 |
Order intake | 166,570 | 44,262 | 41,166 | 105,095 | 60,144 | 67,176 | 64,766 | 90,753 | 36,336 |
Average number of personnel | 976 | 991 | 1,025 | 1,029 | 1,022 | 1,027 | 1,068 | 1,061 | 1,018 |
Number of personnel at period end | 976 | 981 | 1,017 | 1,042 | 1,026 | 1,012 | 1,054 | 1,087 | 1,031 |
Earnings per share, undiluted (EUR) | 0.01 | 0.37 | 0.30 | 0.23 | -0.04 | 0.33 | 0.31 | 0.27 | 0.00 |
Number of outstanding shares, end of period | 8,005,198 | 7,919,257 | 7,913,267 | 7,913,267 | 7,913,267 | 7,879,267 | 7,913,267 | 7,875,539 | 7,875,539 |
Average number of outstanding shares | 7,914,960 | 7,914,960 | 7,913,267 | 7,913,267 | 7,884,079 | 7,890,482 | 7,911,082 | 7,875,539 | 7,805,305 |
1 Key figure calculated on last twelve months basis
Q1 |