July-September 2026 in brief:
Net sales EUR 91.2 (7-9/2025: 90.8) million; growth 0.4%
EBITDA EUR 3.8 (4.0) million and EBITDA margin 4.2% (4.4%)
Operating result (EBIT) EUR 2.9 (3.1) million and EBIT margin 3.2% (3.5%)
Order backlog EUR 278.7 (239.9) million; growth 16.2%
Order intake EUR 42.0 (41.2) million; growth 1.9%
Free cash flow EUR 1.8 (3.4) million
Earnings per share EUR 0.27 (0.30)
January-September 2026 in brief:
Net sales EUR 232.3 (1-9/2025: 241.2) million; change -3.7%
EBITDA EUR 7.7 (8.1) million and EBITDA margin 3.3% (3.4%)
Operating result (EBIT) EUR 5.0 (5.5) million and EBIT margin 2.1% (2.3%)
Order intake EUR 276.1 (206.4) million; growth 33.7%
Free cash flow EUR 2.3 (5.9) million
Earnings per share EUR 0.45 (0.49)
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) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
Net sales | 91,189 | 90,841 | 0.4% | 232,307 | 241,221 | -3.7% | 336,219 |
EBITDA | 3,813 | 4,025 | -5.3% | 7,685 | 8,148 | -5.7% | 12,969 |
EBITDA margin, % | 4.2% | 4.4% | 3.3% | 3.4% | 3.9% | ||
Operating result (EBIT) | 2,909 | 3,144 | -7.5% | 4,992 | 5,489 | -9.1% | 9,412 |
Operating result (EBIT) margin, % | 3.2% | 3.5% | 2.1% | 2.3% | 2.8% | ||
Profit/loss for the period | 2,192 | 2,363 | -7.2% | 3,632 | 3,869 | -6.1% | 6,818 |
Order backlog | 278,697 | 239,908 | 16.2% | 208,175 | |||
Order intake | 41,963 | 41,166 | 1.9% | 276,064 | 206,406 | 33.7% | 250,669 |
Free cash flow | 1,839 | 3,430 | -46.4% | 2,269 | 5,864 | -61.3% | 16,761 |
Cash conversion, % | 48.2% | 85.2% | 29.5% | 72.0% | 129.2% | ||
Net interest-bearing debt | -582 | 1,720 | -133.8% | -4,932 | |||
Equity ratio, % | 40.8% | 41.8% | 43.1% | ||||
Gearing, % | -1.3% | 3.8% | -10.9% | ||||
Return on investment, ROI %1 | 15.5% | 15.5% | 16.0% | ||||
Return on equity, ROE %1 | 14.9% | 14.6% | 15.3% | ||||
Number of personnel at period end | 999 | 1,017 | -1.8% | 981 | |||
Earnings per share, undiluted (EUR) | 0.27 | 0.30 | -9.0% | 0.45 | 0.49 | -7.3% | 0.86 |
1 Key figure calculated on last twelve months basis
CEO's Review"Our third-quarter net sales returned to modest growth, reaching EUR 91.2 (90.8) million. Our net sales increased in Housing Companies and Building Technology business areas but decreased in Corporations and Public Sector business areas. Our operating result for the third quarter was EUR 2.9 (3.1) million, or 3.2 (3.5) per cent of net sales. Our January-September net sales were EUR 232.3 (241.2) million and our operating result was EUR 5.0 (5.5) million, or 2.1 (2.3) per cent of net sales.
Projects in production during July-September progressed mainly as planned, and their profitability was largely in line with our expectations. Our profitability in the third quarter continued to be negatively impacted by the prolonged downturn in construction in the sectors relevant to Consti, as well as the allocation of resources to tendering and negotiation activities to secure our order backlog. The collaborative projects with a development phase that were booked into the order backlog at the beginning of the year did not have a significant impact on net sales or operating result during the reporting period. Our balance sheet and liquidity position remained at a good level at the end of the reporting period; our balance sheet was net debt-free at the end of September. Our strong balance sheet provides us with good financial flexibility.
In July-September, we continued our active yet disciplined tendering activities. We received new orders totalling EUR 42.0 (41.2) million in July-September, a 1.9 per cent growth compared to the reference period. Intense competition and weak demand continued to impact our order intake in the third quarter as well. The value of our new orders for January-September increased by 33.7 per cent to EUR 276.1 (206.4) million; growth was boosted by the renovation part of the Government Palace city block construction project booked into the order backlog in the first quarter.
Our order backlog at the end of the review period grew 16.2 per cent and stood at a good level of EUR 278.7 (239.9) million. However, the order backlog has a longer revenue recognition profile than before. Based on our estimates, approximately EUR 77 (81) million of the order backlog will be realised as net sales during the remainder of the year, which is a proportionally smaller share and, in absolute terms, a smaller amount than in the comparison period. Securing collaborative projects currently in the development phase for our order backlog and advancing them into the production phase is essential for the development of our net sales.
We continued to implement our strategy and take measures to ensure our operational performance during the reporting period. Our focus remained on tendering activities, production efficiency and ensuring consistent performance in project deliveries.
According to the Confederation of Finnish Construction Industries RT's October business cycle review, overall construction activity has turned to growth. However, the recovery remains uneven. Market conditions in the construction sectors relevant to Consti remained unchanged in the third quarter. The willingness of housing companies and the public sector to undertake renovation investments remained in July-September at a reasonable level in our operating areas. Demand for new residential construction remained weak, while private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the renovation construction and building technology markets remained intense. We do not expect a significant improvement in our demand outlook during 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 and building technology projects. We aim to continue solid performance and focus on implementing our strategy. We are keeping our guidance unchanged; we estimate our operating result for the full year 2026 to be EUR 8-11 million (2025: EUR 9.4 million)."
Operating environmentConstruction market 2026-2027
According to the Bank of Finland, Finnish economic growth has strengthened in 2026, driven by exports and non-residential investment. The Bank of Finland forecasts Finland's GDP growth to be 1.7 per cent in 2026 and 1.6 per cent in 2027. The outlook is subject to uncertainty due to rising energy prices and accelerating inflation following the conflict in the Middle East.
In its business cycle review published in October 2026, the Confederation of Finnish Construction Industries RT estimates that the construction market will grow by 2.0 per cent in 2026 compared to the previous year. The renovation construction market is estimated to grow by 0.5 per cent in 2026, while new residential construction is projected to contract by 4.0 per cent.
In 2027, RT forecasts a 4.0 per cent growth in construction. Renovation construction is predicted to grow by
1.0 per cent in 2027, while new residential construction is projected to contract by 1.0 per cent.
According to RT, growth in construction is driven primarily by infrastructure and specialised construction, whereas the development in residential construction remains weak. Housing starts have remained below the long-term average, and although the economic upturn is improving the conditions for recovery in the housing market, demand continues to be constrained by consumer and investor caution and by the availability of financing. The renovation construction market has turned to slow growth, but high repair costs, interest rates and the availability of financing continue to constrain the recovery. The development of the renovation market is supported by a grant for renovations aimed at improving the energy efficiency of residential buildings, available for 2026-2027.
The renovation market in general
Low levels of new housing starts and the weak development 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. The Confederation of Finnish Construction Industries 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 per cent 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) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
Housing Companies | 34,509 | 32,232 | 7.1% | 79,191 | 82,130 | -3.6% | 113,615 |
Corporations | 22,877 | 25,555 | -10.5% | 57,483 | 65,639 | -12.4% | 88,988 |
Public Sector | 11,517 | 13,766 | -16.3% | 32,984 | 37,795 | -12.7% | 52,835 |
Building Technology | 25,003 | 22,233 | 12.5% | 69,757 | 64,519 | 8.1% | 92,028 |
Parent company and eliminations | -2,717 | -2,945 | -7.7% | -7,108 | -8,862 | -19.8% | -11,247 |
Total net sales | 91,189 | 90,841 | 0.4% | 232,307 | 241,221 | -3.7% | 336,219 |
Consti Group's July-September net sales increased by 0.4 per cent and were EUR 91.2 (90.8) million. Net sales increased in Building Technology and Housing Companies business areas but decreased in Public Sector and Corporations business areas. Housing Companies net sales were EUR 34.5 (32.2) million, Corporations net sales were EUR 22.9 (25.6) million, Public Sector net sales were EUR 11.5 (13.8) million and Building Technology net sales were EUR 25.0 (22.2) million.
Consti Group's January-September net sales decreased by 3.7 per cent and were EUR 232.3 (241.2) million. Net sales increased in Building Technology business area but decreased in other business areas. Housing Companies net sales were EUR 79.2 (82.1) million, Corporations net sales were EUR 57.5 (65.6) million, Public Sector net sales were EUR 33.0 (37.8) million and Building Technology net sales were EUR
69.8 (64.5) million.
Operating result (EUR million)
5
3.9
3.1
2.9
1.9
0.2
4
3
2
1
0
Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
350
300
250
200
150
100
50
0
Order backlog (EUR million)
318.9 319.6
278.7
239.9
208.2
Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
Operating result (EBIT) for July-September was EUR 2.9 (3.1) million. Operating result from net sales was
3.2 (3.5) per cent. Projects in production during July-September progressed mainly as planned, and their
profitability was largely in line with expectations. The profitability in the third quarter continued to be negatively impacted by the prolonged downturn in construction in the sectors relevant to Consti, as well as the allocation of resources to tendering and negotiation activities to secure the order backlog. The collaborative projects with a development phase that were booked into the order backlog at the beginning of the year did not have a significant impact on net sales or operating result during the reporting period.
Operating result (EBIT) for January-September was EUR 5.0 (5.5) million. Operating result from net sales was 2.1 (2.3) per cent. In January-September, projects progressed mainly as planned and profitability of project business was at the same level as in the reference period. The profitability of the Service business improved from the reference period but fell short of the long-term targets. The operating result was negatively impacted by the prolonged downturn in construction in the sectors relevant to Consti and allocation of resources to tendering and negotiation activities to secure the order backlog.
In July-September, the profit/loss for the period amounted to EUR 2.2 (2.4) million, and the earnings per share amounted to EUR 0.27 (0.30) per share. In January-September, the profit/loss for the period amounted to EUR 3.6 (3.9) million and the earnings per share amounted to EUR 0.45 (0.49) per share. For the last twelve months preceding the end of the reporting period, the return on investment (ROI) amounted to
15.5 (15.5) per cent and the return on equity (ROE) amounted to 14.9 (14.6) per cent.
The order backlog at the end of the period increased by 33.9 per cent compared to the order backlog at the end of the previous financial year and was EUR 278.7 million (EUR 239.9 million as at 30 September 2025 and EUR 208.2 million as at 31 December 2025). Approximately EUR 77 million of the order backlog is estimated to be recognised as net sales in 2026 and EUR 117 million in 2027 (approximately EUR 81 million of the order backlog as at 30 September 2025 was estimated to be recognised as net sales in 2025 and EUR 135 million in 2026).
Order intake value during July-September increased by 1.9 per cent and was EUR 42.0 (41.2) million. The order intake value during January-September increased by 33.7 per cent and was EUR 276.1 (206.4) million. Intense competitive environment and weak demand continued to impact the order intake in the third quarter of the year. New order intake in January-September 2026 includes approximately EUR 112 million for the renovation part of the Government Palace city block construction project.
Investments and business combinationsInvestments into intangible and tangible assets in July-September were EUR 0.6 (0.5) million, which is 0.7 (0.5) per cent of the company's net sales. Investments into intangible and tangible assets in January-September were EUR 1.8 (1.5) million, which is 0.8 (0.6) 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-September were EUR 2.8 (1.1) million. The majority of investments into right-of-use assets during the reporting period were related to renewed leasing contracts for premises.
Consti had no business acquisitions or disposals in January-September 2026.
Cash flow and financial positionThe operating cash flow in July-September before financing items and taxes was EUR 2.5 (3.9) million. Free cash flow was EUR 1.8 (3.4) million. The cash conversion ratio in July-September was 48.2 (85.2) per cent. The cash flow effect of change in working capital in July-September was EUR -1.5 (-0.3) million. The working capital tied up in July-September was affected by the weakened financial position of project portfolio.
The January-September operating cash flow before financing items and taxes was EUR 4.0 (7.3) million. Free cash flow was EUR 2.3 (5.9) million. The cash conversion ratio in January-September was 29.5 (72.0) per cent. The cash flow effect of change in working capital in January-September was EUR -3.6 (-0.8) million. The working capital tied up in January-September was affected by the weakened financial position of project portfolio.
Consti Group's cash and cash equivalents on 30 September 2026 were EUR 15.1 (13.3) 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 14.5 (15.1) million, including EUR 4.2 (2.9) million of IFRS 16 lease liabilities. On the balance sheet date, the net interest-bearing debt was EUR -0.6 (1.7) million and the gearing ratio -1.3 (3.8) per cent. 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 30 September 2026, the Group's interest-bearing net debt to adjusted EBITDA ratio complies with the financial covenant.
The balance sheet total on 30 September 2026 was EUR 119.8 (119.2) million. At the end of the reporting period, the tangible assets in the balance sheet were EUR 4.5 (4.2) million. Equity ratio was 40.8 (41.8) 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-September 2026, Consti did not issue any new commercial papers, and there were no outstanding commercial papers issued by Consti at the reporting date of 30 September 2026.
The long-term loan agreement refinanced in June 2025 includes two extension options with which the company can ask the maturity of the loan to be extended by one additional year each time. The company exercised the first extension option in April 2026. As a result, the final due date of the long-term loan was postponed by one year to 2029.
MATURITY DISTRIBUTION OF INTEREST-BEARING DEBT (EUR 1,000)1 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031- | Total |
Bank loans | 1,074 | 2,242 | 2,168 | 3,056 | 0 | 0 | 8,540 |
Commercial papers | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lease liabilities | 566 | 1,872 | 1,544 | 366 | 56 | 5 | 4,408 |
Other interest-bearing liabilities | 275 | 955 | 676 | 391 | 103 | 0 | 2,400 |
Total | 1,915 | 5,070 | 4,387 | 3,813 | 158 | 5 | 15,348 |
1Including estimated interest payments
PersonnelPERSONNEL AT PERIOD END | 30 Sep 2026 | 30 Sep 2025 | Change % | 31 Dec 2025 |
Housing Companies | 337 | 351 | -4.0% | 345 |
Corporations | 199 | 200 | -0.5% | 197 |
Public Sector | 89 | 62 | 43.5% | 61 |
Building Technology | 361 | 390 | -7.4% | 364 |
Parent company | 13 | 14 | -7.1% | 14 |
Group total | 999 | 1,017 | -1.8% | 981 |
Consti Group had 999 (1,017) employees at the end of the reporting period. The average employee count during January-September was 992 (1,025).
At the end of the reporting period, 337 (351) employees worked in Housing Companies, 199 (200) in Corporations, 89 (62) in Public Sector and 361 (390) in the Building Technology business area. The parent company employed 13 (14) people.
At the end of the reporting period, Consti's combined lost-time injury frequency rate (LTIFR) calculated on a rolling 12-month basis was 5 (10). The combined lost-time injury frequency 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.
Significant events during the reporting periodNo material events have been disclosed during the reporting period.
The Annual General Meeting 2026 and board authorisationsThe 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, was 13 April 2026, and the dividend payment date was 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 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 Board of DirectorsThe 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.
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.
Consti announced on 27 July 2026 that between 20 February 2026 and 30 June 2026, a total of 93,569 Consti Plc new shares have been subscribed for with the company's stock options 2022. The subscription price, a total of EUR 682,118.01, has been recognised in the reserve for invested non-restricted equity. The subscribed new shares have been registered with the Trade Register on 27 July 2026. After the registrations, the total number of shares in the Company was 8,202,067 shares.
Shares and share capitalConsti Plc's share capital on 30 September 2026 was EUR 80,000 and the number of shares 8,202,067. 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 | 1-9/ 2026 | 1-9/ 2025 |
Trading volume, thousand shares | 929 | 710 |
Trading turnover, EUR thousand | 10,447 | 7,377 |
Highest share price, EUR | 12.75 | 11.20 |
Lowest share price, EUR | 10.30 | 8.62 |
Volume-weighted average share price, EUR | 11.24 | 10.39 |
Closing price on last day of trading, EUR | 11.10 | 10.30 |
Market value on last day of trading, EUR thousand | 91,043 | 82,571 |
Consti Plc share has been quoted on Nasdaq Helsinki since 15 December 2015 under the trading code CONSTI. Consti Plc is classified a small cap company within the Industrials sector. During 1 January -30 September 2026, Consti Plc's lowest share price was EUR 10.30 (8.62) and the highest share price was EUR 12.75 (11.20). The share's trade volume weighted average price was EUR 11.24 (10.39). The closing price on the last day of trading for the reporting period, 30 September 2026, was EUR 11.10 (EUR 10.30 on 30 September 2025), and the Company's market value was EUR 91.0 (82.6) million. During 1 January -30 September 2026, 929 (710) thousand Consti Plc shares were traded.
Largest shareholders10 LARGEST SHAREHOLDERS 30 SEPTEMBER 2026 | Number of shares | % of shares and voting rights | |
1 | Lujatalo Oy | 830,000 | 10.12% |
2 | Torpanmaa Oy | 750,000 | 9.14% |
3 | Wipunen Varainhallinta Oy | 750,000 | 9.14% |
4 | Korkeela Esa | 513,546 | 6.26% |
5 | Kivi Risto | 427,610 | 5.21% |
6 | Fennia Life Insurance Company | 412,785 | 5.03% |
7 | Kalevo Markku | 289,797 | 3.53% |
8 | Herlin Olli | 200,000 | 2.44% |
9 | Varma Mutual Pension Insurance Company | 172,000 | 2.10% |
10 | Drumbo Oy | 150,000 | 1.83% |
Ten largest owners, total | 4,495,738 | 54.81% | |
Nominee registered | 381,163 | 4.65% | |
Others | 3,325,166 | 40.54% | |
Total | 8,202,067 | 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 published in October 2026, the Confederation of Finnish Construction Industries RT estimates that the construction market will grow by 2.0 per cent in 2026 compared to the previous year. The renovation construction market is estimated to grow by 0.5 per cent in 2026, while new residential construction is projected to contract by 4.0 per cent.
The growth in construction is driven primarily by infrastructure and specialised construction, whereas the development in residential construction remains weak. The renovation construction market has turned to slow growth, but high repair costs, interest rates and the availability of financing continue to constrain the recovery. The willingness of housing companies and the public sector to undertake renovation investments is expected to remain at a reasonable level. Demand for new residential construction is expected to remain weak and private real estate investment companies to continue being cautious about launching new renovation projects. Competition in the renovation construction and building technology markets is expected to remain intense.
Consti does not expect a significant improvement in its demand outlook in 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 January-September 2026.
Dividend and dividend policyThe Annual General Meeting of Shareholders held on 9 April 2026 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, was 13 April 2026, and the dividend payment date was 20 April 2026. No dividend was paid on own shares held by the Company. The record date of the second instalment of the dividend, EUR 0.36 per share, together with the dividend payment date, was resolved by the Board of Directors in its meeting held on 22 October 2026. The record date of the dividend shall be 26 October 2026 and the dividend payment date 2 November 2026.
According to the Company dividend policy its goal is to distribute a minimum of 50 percent of the fiscal year's profit as dividend, however taking into consideration the Company's financial position, cash flow and growth opportunities.
Events after the reporting periodConsti received on 15 October 2026 a notification from Keskinäinen Vakuutusyhtiö Fennia, in accordance with the Finnish Securities Market Act Chapter 9, Section 5. According to the notification, the number of
Consti shares and voting rights owned by Vakuutusosakeyhtiö Henki-Fennia, a controlled undertaking of Keskinäinen Vakuutusyhtiö Fennia, decreased below five (5) per cent of the total number of shares and voting rights of Consti on 13 October 2026 and amounted to 4.98 per cent.
Consti announced on 23 October 2026 that the Board of Directors of Consti Plc has on 22 October 2026 resolved, in accordance with the resolution of the Annual General Meeting, that the dividend payment date for the second dividend instalment of EUR 0.36 per share shall be 2 November 2026. The ex-dividend date for the second instalment shall be 23 October 2026 and the dividend record date 26 October 2026.
In Helsinki, 22 October 2026
CONSTI PLC's BOARD OF DIRECTORS
Press conferenceMicrosoft Teams meeting for analysts, portfolio managers and media representatives will take place on 23 October 2026, at 10:00 a.m. (EEST). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 2027Consti shall publish the Financial Statements Bulletin, Half-year financial report and two interim reports in 2027:
Financial Statements Bulletin 2026 will be published on 5 February 2027
Interim report 1-3/2027 will be published on 28 April 2027
Half-year financial report 1-6/2027 will be published on 20 July 2027
Interim report 1-9/2027 will be published on 26 October 2027
The electronic version of the annual report, which includes the full financial statements for 2026, will be published in week 10/2027.
Consti Plc's Annual General Meeting for 2027 is scheduled to take place on Thursday, 1 April 2027 in Helsinki. Consti's Board of Directors will summon the meeting at a later date.
Further information: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 management's 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 - SEPTEMBER 2026: FINANCIAL TABLESCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
Net sales | 91,189 | 90,841 | 0.4% | 232,307 | 241,221 | -3.7% | 336,219 |
Other operating income | 148 | 259 | -43.0% | 300 | 431 | -30.4% | 696 |
Change in inventories of finished goods and work in progress | 0 | 38 | 0 | 35 | 0 | ||
Materials and services | -67,101 | -67,677 | -0.9% | -164,364 | -173,483 | -5.3% | -239,966 |
Employee benefit expenses | -16,673 | -16,036 | 4.0% | -49,792 | -49,784 | 0.0% | -69,010 |
Depreciation and amortisation | -904 | -882 | 2.5% | -2,693 | -2,659 | 1.3% | -3,557 |
Other operating expenses | -3,749 | -3,399 | 10.3% | -10,766 | -10,273 | 4.8% | -14,970 |
Operating result (EBIT) | 2,909 | 3,144 | -7.5% | 4,992 | 5,489 | -9.1% | 9,412 |
Financial income | 59 | 41 | 41.3% | 145 | 117 | 24.3% | 173 |
Financial expenses | -228 | -232 | -1.6% | -668 | -770 | -13.2% | -1,001 |
Total financial income and expenses | -169 | -190 | -11.0% | -524 | -653 | -19.9% | -829 |
Profit/loss before taxes (EBT) | 2,740 | 2,953 | -7.2% | 4,468 | 4,836 | -7.6% | 8,583 |
Total taxes | -548 | -591 | -7.2% | -836 | -967 | -13.6% | -1,765 |
Profit/loss for the period | 2,192 | 2,363 | -7.2% | 3,632 | 3,869 | -6.1% | 6,818 |
Comprehensive income for the period1 | 2,192 | 2,363 | -7.2% | 3,632 | 3,869 | -6.1% | 6,818 |
Earnings per share attributable to equity holders of the parent company | |||||||
Earnings per share, undiluted (EUR) | 0.27 | 0.30 | -9.0% | 0.45 | 0.49 | -7.3% | 0.86 |
Earnings per share, diluted (EUR) | 0.27 | 0.29 | -8.4% | 0.45 | 0.48 | -6.5% | 0.84 |
1 The group has no other comprehensive income items
CONSOLIDATED BALANCE SHEET (EUR 1,000) | 30.9. 2026 | 30.9. 2025 | Change % | 31.12. 2025 |
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 4,472 | 4,199 | 6.5% | 4,009 |
Right-of-use assets | 4,076 | 2,770 | 47.1% | 2,909 |
Goodwill | 49,449 | 49,449 | 0.0% | 49,449 |
Other intangible assets | 89 | 117 | -24.4% | 122 |
Shares and other non-current financial assets | 57 | 57 | 0.0% | 57 |
Deferred tax receivables | 73 | 101 | -27.6% | 72 |
Total non-current assets | 58,216 | 56,693 | 2.7% | 56,617 |
Current assets | ||||
Inventories | 579 | 678 | -14.6% | 526 |
Trade and other receivables | 45,890 | 48,446 | -5.3% | 40,739 |
Cash and cash equivalents | 15,121 | 13,335 | 13.4% | 19,016 |
Total current assets | 61,591 | 62,459 | -1.4% | 60,280 |
TOTAL ASSETS | 119,806 | 119,152 | 0.5% | 116,898 |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Share capital | 80 | 80 | 0.0% | 80 |
Reserve for invested non-restricted equity | 31,140 | 29,754 | 4.7% | 30,030 |
Treasury shares | -644 | -204 | 215.6% | -513 |
Retained earnings | 9,368 | 11,285 | -17.0% | 8,774 |
Profit/loss for the period | 3,632 | 3,869 | -6.1% | 6,818 |
Equity attributable to owners of the parent company | 43,576 | 44,783 | -2.7% | 45,189 |
Total equity | 43,576 | 44,783 | -2.7% | 45,189 |
Non-current liabilities | ||||
Interest-bearing liabilities | 9,635 | 10,652 | -9.6% | 9,542 |
Total non-current liabilities | 9,635 | 10,652 | -9.6% | 9,542 |
Current liabilities | ||||
Trade and other payables | 46,361 | 44,944 | 3.2% | 43,063 |
Advances received | 12,991 | 12,057 | 7.8% | 12,003 |
Interest-bearing liabilities | 4,905 | 4,402 | 11.4% | 4,541 |
Provisions | 2,339 | 2,314 | 1.1% | 2,558 |
Total current liabilities | 66,595 | 63,717 | 4.5% | 62,166 |
TOTAL EQUITY AND LIABILITIES | 119,806 | 119,152 | 0.5% | 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 | |
Equity on 1 January 2026 | 80 | 30,030 | -513 | 15,592 | 45,189 |
Total comprehensive income | 3,632 | 3,632 | |||
Dividend distribution | -5,764 | -5,764 | |||
Purchase of own shares | -719 | -719 | |||
Conveyance of own shares | 588 | 588 | |||
Share-based incentive | -460 | -460 | |||
Option scheme | 1,110 | 0 | 1,110 | ||
Transactions with shareholders, total | 1,110 | -131 | -6,224 | -5,245 | |
Equity on 30 September 2026 | 80 | 31,140 | -644 | 13,000 | 43,576 |
Equity on 1 January 2025 | 80 | 29,754 | -578 | 14,424 | 43,679 |
Total comprehensive income | 3,869 | 3,869 | |||
Dividend distribution | -2,770 | -2,770 | |||
Purchase of own shares | -177 | -177 | |||
Conveyance of own shares | 551 | 551 | |||
Share-based incentive | -413 | -413 | |||
Option scheme | 0 | 44 | 44 | ||
Transactions with shareholders, total | 0 | 374 | -3,139 | -2,764 | |
Equity on 30 September 2025 | 80 | 29,754 | -204 | 15,154 | 44,783 |
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) | 7-9/ 2026 | 7-9/ 2025 | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 |
Cash flows from operating activities | |||||
Profit/loss before taxes (EBT) | 2,740 | 2,953 | 4,468 | 4,836 | 8,583 |
Adjustments: | |||||
Depreciation and amortisation | 904 | 882 | 2,693 | 2,659 | 3,557 |
Total financial income and expenses | 169 | 190 | 524 | 653 | 829 |
Change in working capital | -1,521 | -324 | -3,642 | -840 | 5,395 |
Other adjustments | 166 | 193 | 7 | 40 | 223 |
Operating cash flow before financial and tax items | 2,458 | 3,894 | 4,050 | 7,348 | 18,587 |
Financial items, net | -132 | -160 | -425 | -544 | -686 |
Taxes paid | -261 | -449 | -1,216 | -1,181 | -2,016 |
Net cash flow from operating activities | 2,065 | 3,285 | 2,409 | 5,623 | 15,885 |
Cash flows from investing activities | |||||
Investments in tangible and intangible assets | -619 | -464 | -1,781 | -1,484 | -1,826 |
Proceeds from sale of property, plant and equipment | 124 | 64 | 401 | 370 | 619 |
Net cash flow from investing activities | -495 | -400 | -1,380 | -1,114 | -1,207 |
Cash flows from financing activities | |||||
Purchase of own shares | 0 | 0 | -719 | -177 | -486 |
Share subscriptions with share options | 682 | 0 | 1,110 | 0 | 277 |
Dividend distribution | 0 | 0 | -2,882 | -2,770 | -5,539 |
Proceeds from non-current debt | 0 | 0 | 0 | 10,000 | 10,000 |
Payments of non-current debt | 0 | 0 | -1,000 | -11,000 | -12,000 |
Payments of lease liabilities | -566 | -558 | -1,763 | -1,781 | -2,382 |
Change in other interest-bearing liabilities | 145 | -21 | 331 | 370 | 285 |
Net cash flow from financing activities | 261 | -578 | -4,923 | -5,358 | -9,846 |
Change in cash and cash equivalents | 1,831 | 2,307 | -3,894 | -849 | 4,832 |
Cash and cash equivalents at period start | 13,290 | 11,028 | 19,016 | 14,184 | 14,184 |
Cash and cash equivalents at period end | 15,121 | 13,335 | 15,121 | 13,335 | 19,016 |
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 traded on Nasdaq Helsinki since 15 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 principlesConsti Plc's interim report for the accounting period 1 January - 30 September 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. The information presented in the interim report for the accounting period 1 January - 30 September 2026 was approved for publication by its Board of Directors in its meeting on 22 October 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 segmentsConsti 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.
Business areasNET SALES BY BUSINESS AREA (EUR 1,000) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
Housing Companies | 34,509 | 32,232 | 7.1% | 79,191 | 82,130 | -3.6% | 113,615 |
Corporations | 22,877 | 25,555 | -10.5% | 57,483 | 65,639 | -12.4% | 88,988 |
Public Sector | 11,517 | 13,766 | -16.3% | 32,984 | 37,795 | -12.7% | 52,835 |
Building Technology | 25,003 | 22,233 | 12.5% | 69,757 | 64,519 | 8.1% | 92,028 |
Parent company and eliminations | -2,717 | -2,945 | -7.7% | -7,108 | -8,862 | -19.8% | -11,247 |
Total net sales | 91,189 | 90,841 | 0.4% | 232,307 | 241,221 | -3.7% | 336,219 |
NET SALES CLASSIFICATION ACCORDING TO IFRS 15 (EUR 1,000) | 7-9/ 2026 | 7-9/ 2025 | Change % | 1-9/ 2026 | 1-9/ 2025 | Change % | 1-12/ 2025 |
Project deliveries | |||||||
Housing Companies | 34,135 | 31,852 | 7.2% | 78,266 | 80,837 | -3.2% | 111,785 |
Corporations | 21,896 | 24,841 | -11.9% | 55,292 | 63,582 | -13.0% | 86,156 |
Public Sector | 11,459 | 13,765 | -16.8% | 32,922 | 37,786 | -12.9% | 52,821 |
Building Technology | 21,885 | 18,847 | 16.1% | 62,126 | 56,373 | 10.2% | 80,616 |
Parent company and eliminations | -2,717 | -2,945 | -7.7% | -7,108 | -8,862 | -19.8% | -11,247 |
Total project deliveries | 86,658 | 86,361 | 0.3% | 221,499 | 229,716 | -3.6% | 320,130 |
Other cost + fee projects and service contracts | |||||||
Housing Companies | 374 | 379 | -1.3% | 925 | 1,293 | -28.5% | 1,830 |
Corporations | 981 | 714 | 37.4% | 2,191 | 2,057 | 6.5% | 2,832 |
Public Sector | 59 | 1 | 5,800.0% | 62 | 9 | 592.4% | 14 |
Building Technology | 3,118 | 3,386 | -7.9% | 7,630 | 8,146 | -6.3% | 11,412 |
Parent company and eliminations | 0 | 0 | 0 | 0 | 0 | ||
Total other cost + fee projects and service contracts | 4,531 | 4,480 | 1.1% | 10,809 | 11,505 | -6.1% | 16,088 |
Total net sales | 91,189 | 90,841 | 0.4% | 232,307 | 241,221 | -3.7% | 336,219 |
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS AND LIABILITIES (EUR 1,000) | 30 Sep 2026 | 30 Sep 2025 | Change % | 31 Dec 2025 |
Trade receivables | 29,109 | 28,937 | 0.6% | 26,056 |
Receivables from project deliveries and cost + fee accruals | 14,726 | 17,275 | -14.8% | 12,099 |
Advances received from project deliveries and cost + fee accruals | 12,991 | 12,057 | 7.8% | 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) | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 |
Carrying amount at beginning of the period | 4,009 | 3,929 | 3,929 |
Additions | 1,776 | 1,454 | 1,768 |
Depreciation | -1,034 | -948 | -1,288 |
Disposals | -279 | -237 | -401 |
Other changes | 0 | 0 | 0 |
Carrying amount at end of the period | 4,472 | 4,199 | 4,009 |
INTANGIBLE ASSETS (EUR 1,000) | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 |
Carrying amount at beginning of the period | 49,571 | 49,585 | 49,585 |
Additions | 4 | 30 | 48 |
Amortisation | -37 | -48 | -61 |
Other changes | 0 | 0 | 0 |
Carrying amount at end of the period | 49,538 | 49,566 | 49,571 |
RIGHT-OF-USE ASSETS (EUR 1,000) | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 |
Carrying amount at end of 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 | 2,833 | 1,073 | 1,772 |
Decreases | -44 | -239 | -254 |
Depreciation | -1,623 | -1,664 | -2,208 |
Carrying amount at end of the period | 4,076 | 2,770 | 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) | 30 Sep 2026 | 30 Sep 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 | 29,109 | 28,937 |
Cash and cash equivalents | 15,121 | 13,335 |
Total current financial assets | 44,230 | 42,271 |
Total financial assets | 44,287 | 42,329 |
FINANCIAL LIABILITIES (EUR 1,000) | 30 Sep 2026 | 30 Sep 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 | 5,981 | 7,981 |
Hire purchase debt | 1,320 | 1,235 |
Lease liabilities | 2,334 | 1,436 |
Total non-current financial liabilities | 9,635 | 10,652 |
Current financial liabilities | ||
Financial liabilities measured at amortised cost | ||
Loans from financial institutions | 2,000 | 2,000 |
Hire purchase debt | 1,051 | 891 |
Lease liabilities | 1,854 | 1,512 |
Trade payables | 24,487 | 25,153 |
Total current financial liabilities | 29,392 | 29,555 |
Total financial liabilities | 39,027 | 40,207 |
GROUP LIABILITIES (EUR 1,000) | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
Leasing and rental liabilities | 273 | 842 | 484 |
Bank guarantees and guarantee insurance commitments for the duration of work and warranty periods and rental deposits | 62,748 | 52,339 | 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 | 1-9/ 2026 | 1-9/ 2025 | 1-12/ 2025 |
INCOME STATEMENT (EUR 1,000) | |||
Net sales | 232,307 | 241,221 | 336,219 |
EBITDA | 7,685 | 8,148 | 12,969 |
EBITDA margin, % | 3.3% | 3.4% | 3.9% |
Operating result (EBIT) | 4,992 | 5,489 | 9,412 |
Operating result (EBIT) margin, % | 2.1% | 2.3% | 2.8% |
Profit/loss before taxes (EBT) | 4,468 | 4,836 | 8,583 |
% of net sales | 1.9% | 2.0% | 2.6% |
Profit/loss for the period | 3,632 | 3,869 | 6,818 |
% of net sales | 1.6% | 1.6% | 2.0% |
OTHER KEY FIGURES (EUR 1,000) | |||
Balance sheet total | 119,806 | 119,152 | 116,898 |
Net interest-bearing debt | -582 | 1,720 | -4,932 |
Equity ratio, % | 40.8% | 41.8% | 43.1% |
Gearing, % | -1.3% | 3.8% | -10.9% |
Return on investment, ROI %1 | 15.5% | 15.5% | 16.0% |
Return on equity, ROE %1 | 14.9% | 14.6% | 15.3% |
Free cash flow | 2,269 | 5,864 | 16,761 |
Cash conversion, % | 29.5% | 72.0% | 129.2% |
Order backlog | 278,697 | 239,908 | 208,175 |
Order intake | 276,064 | 206,406 | 250,669 |
Average number of personnel | 992 | 1,025 | 1,017 |
Number of personnel at period end | 999 | 1,017 | 981 |
SHARE RELATED KEY FIGURES | |||
Earnings per share, undiluted (EUR) | 0.45 | 0.49 | 0.86 |
Earnings per share, diluted (EUR) | 0.45 | 0.48 | 0.84 |
Shareholder's equity per share (EUR) | 5.38 | 5.66 | 5.71 |
Number of shares, end of period | 8,202,067 | 8,016,567 | 8,052,557 |
Number of outstanding shares, end of period | 8,098,767 | 7,913,267 | 7,919,257 |
Average number of outstanding shares | 8,005,285 | 7,903,645 | 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 Total 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 = | Operating cash flow before financial and tax items - investments in tangible and intangible 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 interest after tax Weighted average number of shares outstanding during the period | |
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) | Q3/26 | Q2/26 | Q1/26 | Q4/25 | Q3/25 | Q2/25 | Q1/25 | Q4/24 | Q3/24 |
Net sales | 91,189 | 75,422 | 65,696 | 94,997 | 90,841 | 84,775 | 65,606 | 92,264 | 86,049 |
Other operating income | 148 | 80 | 73 | 265 | 259 | 108 | 65 | 202 | 36 |
Change in inventories of finished goods and work in progress | 0 | 0 | 0 | -35 | 38 | 11 | -14 | -12 | -9 |
Materials and services | -67,101 | -51,951 | -45,312 | -66,483 | -67,677 | -60,277 | -45,529 | -63,185 | -61,168 |
Employee benefit expenses | -16,673 | -17,364 | -15,754 | -19,226 | -16,036 | -17,746 | -16,001 | -19,792 | -16,531 |
Other operating expenses | -3,749 | -3,434 | -3,584 | -4,697 | -3,399 | -3,513 | -3,361 | -4,860 | -4,002 |
EBITDA | 3,813 | 2,753 | 1,119 | 4,821 | 4,025 | 3,358 | 765 | 4,618 | 4,376 |
EBITDA margin, % | 4.2% | 3.6% | 1.7% | 5.1% | 4.4% | 4.0% | 1.2% | 5.0% | 5.1% |
Depreciation and amortisation | -904 | -897 | -892 | -898 | -882 | -883 | -895 | -1,006 | -1,013 |
Operating result (EBIT) | 2,909 | 1,855 | 227 | 3,923 | 3,144 | 2,475 | -129 | 3,612 | 3,363 |
Operating result, % | 3.2% | 2.5% | 0.3% | 4.1% | 3.5% | 2.9% | -0.2% | 3.9% | 3.9% |
Financial income | 59 | 39 | 47 | 56 | 41 | 22 | 53 | 133 | 79 |
Financial expenses | -228 | -224 | -217 | -231 | -232 | -255 | -284 | -333 | -360 |
Total financial income and expenses | -169 | -185 | -169 | -175 | -190 | -232 | -231 | -199 | -281 |
Profit/loss before taxes (EBT) | 2,740 | 1,670 | 58 | 3,747 | 2,953 | 2,242 | -360 | 3,413 | 3,082 |
Total taxes | -548 | -276 | -12 | -798 | -591 | -449 | 72 | -842 | -616 |
Profit/loss for the period | 2,192 | 1,394 | 46 | 2,949 | 2,363 | 1,794 | -288 | 2,571 | 2,467 |
Balance sheet total | 119,806 | 112,359 | 111,153 | 116,898 | 119,152 | 116,237 | 112,816 | 117,165 | 121,172 |
Net interest-bearing debt | -582 | 1,035 | 1,717 | -4,932 | 1,720 | 3,801 | 3,575 | 2,681 | 3,116 |
Equity ratio, % | 40.8% | 40.7% | 45.1% | 43.1% | 41.8% | 40.4% | 42.0% | 41.3% | 40.9% |
Gearing, % | -1.3% | 2.6% | 3.8% | -10.9% | 3.8% | 9.0% | 8.3% | 6.1% | 7.2% |
Return on investment, ROI %1 | 15.5% | 16.7% | 16.9% | 16.0% | 15.5% | 16.6% | 16.9% | 17.4% | 18.4% |
Return on equity, ROE %1 | 14.9% | 16.3% | 16.2% | 15.3% | 14.6% | 15.8% | 16.3% | 16.8% | 18.4% |
Order backlog | 278,697 | 319,627 | 318,882 | 208,175 | 239,908 | 276,717 | 246,373 | 240,108 | 250,406 |
Order intake | 41,963 | 67,531 | 166,570 | 44,262 | 41,166 | 105,095 | 60,144 | 67,176 | 64,766 |
Average number of personnel | 1,005 | 996 | 976 | 991 | 1,025 | 1,029 | 1,022 | 1,027 | 1,068 |
Number of personnel at period end | 999 | 1,018 | 976 | 981 | 1,017 | 1,042 | 1,026 | 1,012 | 1,054 |
Earnings per share, undiluted (EUR) | 0.27 | 0.17 | 0.01 | 0.37 | 0.30 | 0.23 | -0.04 | 0.33 | 0.31 |
Number of outstanding shares, end of period | 8,098,767 | 8,005,198 | 8,005,198 | 7,919,257 | 7,913,267 | 7,913,267 | 7,913,267 | 7,879,267 | 7,913,267 |
Average number of outstanding shares | 8,071,307 | 8,005,198 | 7,937,884 | 7,914,960 | 7,913,267 | 7,913,267 | 7,884,079 | 7,890,482 | 7,911,082 |
1 Key figure calculated on last twelve months basis