Half-year Report 1-6/2026 SRV Group Plc
6 August 2026
Saku Sipola, President & CEO Jarkko Rantala, CFO
Agenda
21
Market overview Strategy
3Half-year Report 1-6/2026
4 4Outlook 2026
Cautious signs of recovery in the macroeconomic environment
The Finnish economy has been clearly recovering since last autumn, but inflation, interest rate and geopolitical risks continue to maintain uncertainty.
Consumer confidence remains weak, albeit on the rise.
The construction market is expected to start to strengthen in 2026-2027, although short-term uncertainty remains high.
Sources: Bank of Finland, Statistics Finland, Investing.com, Ministry of Finance, Confederation of Finnish Construction Industries (CFCI)
,
3
23 24 25 26 27
2026 2027
+1,5% +1,0%
+3,5%
Forecast 03/26
Forecast 09/25
20 21 22 23 24 25 26 20 21 22 23 24 25 26
1/2020-6/2026 1/2020-6/2026
20 21 22
0
5
1
0
-1
15
10
4
3
2
5
4
3
2
1
0
-1
20
Five-year SWAP rate (%)
12 month Euribor (%)
20 21 22 23 24 25 26 20 21 22 23 24 25 26
1/2020-6/2026 1/2020-6/2026 25
45
40
35
30
CFCI's forecast 03/2026 Total construction market (€ billion)
10
5
0
-5
-10
-15
-20
3
2
1
0
-1
-2
-3
Consumer confidence
GDP volume change
(%)
Non-residential construction turned to a slight upturn - the bottom in the number of real estate transactions has passed
NON-RESIDENTIAL MARKET
Demand in the public sector continues to support the non-residential contracting market.
In private developers' projects, data centres are a rapidly growing segment.
Investor demand for non-residential projects has gradually recovered in the wake of Finland's positive economic development. However, the instability in the energy market caused by the war in Iran and the consequent rise in interest rates will have a negative impact on investor demand.
Sources: CFCI, KTI
4
2026 2027
Forecast 03/26 +6.0% +4.5% Retail Office Industrial
Forecast 09/25 +3.0% Hotel Public use Residential
25 26
2020-2026 (KTI)
24
23
22
21
20
27
20 21 22 23 24 25 26
0.0
0
2.0
4
2.3
2.7
3.4
4.0
4.4
8
5.5
6.0
12
7.2
7.0
8.0
Number of real estate transactions
(billion EUR)
CFCI's forecast 03/2026: Non-residential
(€ billion)
16
Data centres offer opportunities for higher profitability
Based on the investment decisions already made, Finland's data centre capacity is expected to grow by approximately 52% per year until 2027, after which the growth is expected to continue at an annual level of approximately 21%*
Data centre projects are large in terms of euros, technically demanding and time-critical in terms of euros,
the expertise, resources and security of supply of the construction partner are emphasized
customers are selective and there is less competition than other contracting, which strengthens the position of experienced operators
SRV is advancing selectively in the market, with an emphasis on a controlled risk profile and profitable implementation
SRV's data centre projects:
LUMI AI Factory in Kajaani (2027)
DayOne in Lahti (2027)
As we gain experience, the data centre market offers an opportunity for higher profitability than traditional contracting
*Source: Finnish Data Center Market Study and Impact Assessment Report conducted by Ramboll and commissioned by the Finnish Data Center Association and the Confederation of Finnish Industries
** Volume (million m3), rolling annual sum, Source: Statistics Finland
5
The sharp increase in data centre construction permits is reflected
in the number of permits for transport buildings:
Permits, starts and completions of transport buildings**
7
6
5
4
3
2
1
0
2020
2022
2024
2026
Construction activities granted building permits Construction projects started Construction projects completed
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Helsinki University's Physicum's renovation, Helsinki (completed)Extent:
Schedule:
20.500 gross m2
2/2025- 4/2026
6 m€
revenue
Contracting Project management
type: contract
Extensive renovation of the Pasila Government Agency Centre, Helsinki (completed) Annex to the National Museum of Finland, Helsinki (completed)
Extent: 19.000 gross m2
Schedule: 2/2025-5/2026
Contracting Collaborative project
type: management contract
30 m€
revenue
Extent: 5.900 gross m2
47 m€
revenue
Schedule: 2/2022-5/2026
Contracting Senate Properties' flagship
type: alliance project
6
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Marjoniemi Comprehensive School, Kouvola (ongoing)Extent:
10.000 gross m2
Schedule:
3/2026 - 6/2028
Contracting type:
Collaborative project management contract
33 m€
revenue
Meyer Turku's HQ,
Turku (ongoing)
39 m€
revenue
Extent: 14.600 gross m2
Schedule: 4/2026 -1/2028
Market Square Hotel,Oulu (completed)
Extent:
6.500 gross m2
Schedule:
9/2025-6/2026
Contracting type:
Development project
20 m€
project value
Contracting type:
Development project
7
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
LUMI AI Factory data centre,
Kajaani (ongoing)
Extent:
7.000 gross m2
Schedule
1/2026 - spring 2027
Contracting type:
Collaborative project management contract
54 m€
revenue
DayOne data centre, Lahti (ongoing)
Extent: Extent not to be shared, agreed with the customer
The project
Final phase of Tays renewal programme, Tampere (upcoming)600 m€
revenue
Extent: 170.000 gross m2
Schedule: 2025-2032
Schedule: 5/2026 - 2027
will increase the
order backlog by
(estimation)
Contracting type:
Project management contract with
target-price and guaranteed maximum price
approx. 35 % compared to Q4/2025
Contracting type:
Project management contract
8
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Kouvola multipurpose arena
(upcoming)
Extent:
7.000 gross m2
Schedule:
18 m€
revenue
Contracting type:
Autumn 2026 -
spring 2028
Collaborative design-and build project
Renovation and construction of Lyseo Upper Secondary School, Hämeenlinna (upcoming) New main police station,
Kuopio (upcoming)
Extent: 8.470 gross m2
Schedule: Autumn 2026 -
spring 2028
21,5 m€
revenue
Extent: 16.800 gross m2
75 m€
revenue
Schedule: Autumn 2026 -summer 2029 (estimation)
9
Contracting type:
Project management contract with
target-price and guaranteed maximum price
Contracting type:
Senate Properties' flagship alliance project
Oversupply burdens the residential marketRESIDENTIAL MARKET
The residential investor market picked up in the early part of the year, especially due to large residential portfolio transactions and the partial opening of the fund market, but the risk of inflation and interest rates still has a negative impact on investor demand.
The market for development and developer-contracted residential projects continues to be burdened by an oversupply of apartments, and sales of new properties have remained very subdued throughout the first half of the year.
State-subsidised residential production has been responsible for the majority of new construction. The planned reduction of it will weaken demand in the short term and support the recovery of private residential construction in the longer term.
10 Sources: CFCI, Federation of Real Estate Agency, KTI, ALMA INSIGHTS
22
26
23
24
25 26
2020-2026 (KTI)
Forecast 03/26 Forecast 09/25
2026
-3.0%
+12,0%
Retail Hotel
Office Public use
Industrial Residential
Sales of old apartments, units
8000
Number of rental listings in
Etuovi.com service
6000
4000
2000
0
6,000
5,000
4,000
3,000
2,000
1,000
0
20 21 22 23 24 25 26
1/2020-06/2026
20 21
Helsinki Turku
22 23
Vantaa Tampere
24 25
Espoo
7.2
16
CFCI's forecast 03/2026: Residential
(€ billion)
Number of real estate transactions
(billion EUR)
12
8
4
23 24
25 26
2027
-1.0%
27
8.0
6.0
4.0
2.0
0.0
7.0
21
5.5
4.4
2.7
3.4
2.3
0
20
21 22
20
RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Niittykumpu NeuvokasEspoo (completed)
13 m€
revenue
Extent: 3.928 gross m2
Schedule: 1/2025-5/2026
Espoo Vermonniittyfor ICECAPITAL Housing Fund VII Ky Espoo (ongoing)
12 m€
revenue
Extent: 3.449 gross m2
Schedule: 5/2026 - 6/2027
Espoo Mårtensbro for Espoon Asunnot Espoo (ongoing)17 m€
revenue
Extent: 8.845 gross m2
Schedule: 6/2026 - autumn
2027
Contracting type:
Developer-contracted project
Contracting type:
Development project
Contracting type:
Turnkey project
11
Revenue rises, year-end earnings outlook confirmed
Business H1 2026
Revenue
340.2 m€ (330.2)
Operative operating profit
0.0 m€ (1.9)
Order backlog
1,023.9 m€ (931.8)
Towards a strong end of the year
As expected, the result is still low but will turn to clear growth during the rest of the year due to growing volumes and slightly better profitability.
The result was weakened by the timing of the Group's fixed costs and the cautious revenue recognition margins of certain early-stage projects.
Projects that have been won and are in the development phase provide a good foundation for a strong rest of the year.
The market situation offers opportunities
The construction market situation remains challenging, but it also offers opportunities.
Demand in the public sector supports the contracting market, and data centres offer the potential for profitable growth.
The renovation market shows growing potential.
12
Sustainably profitable
Lifecycle-wise construction
13 1 0 F e b r u a r y 2 0 2 6 P r e s e n t a i o n n a m e a n d a u t h o r
Long-term objectives 2029-2030:
Operative operating profit at least EUR 50 million
Revenue
EUR 900 million
98%
2%
98%
2%
98%
2%
98%
2%
To n ni a C O2
14 e
100%
Others
Revenue for residential and non-residential construction, % (Rolling 12 monthts)
Revenue for project types, % (Rolling 12 months)
100%
80%
60%
95%
40%
20%
-%
2Q25
3Q25
4Q25
1Q26
5%
2Q26
Developer and development projects
20%
Non-residential
Residential
10%
2Q26
8%
1Q26
7%
4Q25
8%
3Q25
8%
2Q25
-%
80%
40%
90%
92%
93%
92%
92%
60%
An extensive project development pipeline enables the target portfolio
OULU
TAMPERE
JYVÄSKYLÄ
Total Residential (development and developer-contracted projects) approx. 417,000 floor m2Greater Helsinki area, 307,000 floor m2 Regions, 110,000 floor m2
Non-residential (development projects) approx. 606,000 floor m2Greater Helsinki area, 202,000 floor m2 Regions, 404,000 floor m2
approx. 1,023,000 floor m2 The project development base has grown by 50% since 2023
TURKU
GREATER HELSINKI AREA
Strategy: ESG indicators have developed positively16
10
10
14
14
20
15
2021 2022 2023 2024 2025 Q2
2026
Carbon emissions form SRV's own operations (Rolling 12 months)
18.0
16,000
12,000
9,997
8,000
5.0
4,000
6,739
0
1,716
2,401
2021 2022
2.9
636
1,138
2023
2.4
313
1,446
2024
1.0
84
0.9
628
2025
129
527
Q2 2026
75
40
35
30
25
20
15
10
5
0
2022 2023 2024 2025 Q2 2026
*of taxonomy-eligible revenue
54%
69%
70%
70%
67%
100%
80%
60%
40%
20%
-%
Share of revenue from EU taxonomy-aligned and environmentally classified projects*
80
70
B2B NPS (national)
78
72
11
61
60 50
50
40
30
20
10
0
2022 2023 2024 2025 Q2 2026
Employee Net Promoter Score (eNPS)
Lost time incident frequency rate (LTIF, rolling 12 months)
2022
2023
2024
2025 Q2 2026
5
0
7
9
Half-year Report 1-6/2026
Revenue turned to growth, result still moderate
156
148
126
Revenue increased by 18 % from the comparison period.
SRV Infra Oy, which was sold in December 2025, accounted for EUR 12.5 million of revenue from non-residential construction in the comparison period.
The higher volume than in the comparison period had a positive impact on operative operating profit. The result was weakened by the fact that the revenue recognition margin of certain early-stage projects is still moderate due to risk provisions, as well as the timing of the Group's fixed costs.
18
0
172
1.0
0.8
0.4
40
0.0
-0.3
1.3
-1.0
2Q25 3Q25 4Q25 1Q26 2Q26 2Q25
3Q25
4Q25
1Q26
2Q26
Non-residential construction
Residential construction
80
120 2.0
199
141
15
3.0
160
12
28
169
13
160
3.6
4.0
200
16
200
240 5.0
216
Operative operating profit, EUR million
Revenue, EUR million
SRV redeemed its hybrid bonds as planned
At the end of the review period, the Group's financial reserves totalled EUR 147.1 (95.2) million.
Cash flow from operating activities and investing activities totalled EUR 87.1 (17.3) million. Cash flow was positively impacted by the completion of Oulu Market Square Hotel, the seasonal variation in advances received for contract production and the recognition of income from Niittykumpu Neuvokas.
On 30 June 2026, SRV redeemed the convertible hybrid bonds issued in 2016 and 2018, with a total nominal value of approximately EUR 39 million.
19
60
50
40
30
20
10
0
2Q26
50.1
50.7
49.4
51.4
Financial reserves, EUR million
145
147
42.1
160
140
120
100
80
60
40
20
0
115
95
107
2Q25
3Q25
4Q25
1Q26
2Q26
2Q25
3Q25
4Q25
1Q26
-33.5
90
60
30
0
-30
Operating cash flow after investments, EUR million
87
Gearing, IFRS16 adjusted, %
17
28
7
0
-10
-20
-30
-40
-50
-60
-13.3
-17.3
-13.6
Equity ratio, IFRS16 adjusted %
2Q25
3Q25
4Q25
-33 1Q26
2Q26
2Q25
3Q25
4Q25
1Q26
-51.8
2Q26
Order backlog remained strong
In April-June, a total of EUR 167.5 (37.7) million in new contracts were signed.
The order backlog included the new headquarters of Meyer Turku for the real estate investment company Balder, the Kouvola multi-purpose arena, 111 apartments for Espoon Asunnot in Mårtensbro, Espoo, 49 rental apartments for ICECAPITAL Housing Fund VII Ky in Vermonniitty, Espoo, and the renovation of the Hakkari school.
The value of projects won or tied to pre-development/development agreements that have not yet been recorded in the order backlog is UR
1.3 (0.6) billion.
In addition, the order backlog for service periods in lifecycle projects was EUR 101.0 (104.1) million.
20
3Q23
892
2Q23
0
250
613
859
864
784
805
903
923
920
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
2Q26
Non-residential
Residential
147
1250
Order backlog, EUR million
1180
1000
993
156
996
137
1049
112
1020
129
1067
133
1053
130
1043
139
1031
1024
937
932
127
931
167
165
147
772
750
159
500
1047
837
858
Order backlog structure contracting-oriented, volume of development projects growing
The order backlog for residential construction increased by EUR
858.8 (804.8) million. A significant part of the order backlog consists of a project management and alliance contracting.
The order backlog of residential construction increased by EUR
165.0 (127.0) million.
21
654
Development contracting / sold to investors Developer contracting
Other
616
724
682
98
93
200
482
50
90
90
99
0
5
Q2 2025
17
Q3 2025
10
Q4 2025
6
Q1 2026
38
Q2 2026
0
0
Q2 2025
0
Q3 2025
0
Q4 2025
10
Q1 2026
17
Q2 2026
Development contracting
Alliance and project management contracting Life-cycle projects and others
*Infrastructure construction included in the order backlog until 3Q25
147
Order backlog of the non-residential
construction*, EUR million
Order backlog of the residential
construction, EUR million
200
1,000
864
134
859
159
167
165
800
805
145
784
400
139
150
152
127
61
59
55
600
613
121
57
100
37
Two new residential projects were launched during the review period
At the end of June, a total of 629 apartments were under construction.
In April, SRV signed two residential project agreements: with Espoon Asunnot for the construction of a 111 rental apartment financed by Varke in Mårtensbro, Espoo, and with ICECAPITAL Housing Fund VII Ky, for the construction of 49 rental apartments in Vermonniitty, Espoo.
Niittykumpu Neuvokas was completed in May.
At the end of June, the number of unsold completed apartments was 117 (94).
22
250
720
419
570
446
493
627
646
364
445
500 893
559
522
520
532
541
101
629
623
138
0
2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
Developer contracting
Development contracting/ Sold to investors Other
96
40
53
53
53
0
0
0
0 0 0 93
86
0
378
138
62 62 0
0
47
93
469
520
445
226
239
101
0
150
2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
Developer contracting
Development contracting/ Sold to investors Other
0 0
0
0 0
0 0 0
0 0 0 0 0 0 0 0
49
47
40
53
Apartments, start-ups (pcs)
74
0
50
125
49
138
50
106
146
750
Apartments, under construction (pcs)
1250
1056
1000 101
74
96 111
100
103
220
125
699
177
160
177
101
200
220
239
250
Outlook 2026
The Group's revenue for 2026 is expected to be
over EUR 800 million
Unchanged.
Revenue in 2025: EUR 705.6 million
Operative operating profit is expected to be between
EUR 10-20 million
Refined.
Earlier guidance: Operative operating profit expected to exceed the 2025 level.
Operative operating profit in 2025: EUR 6.8 million
24
READY FOR PROFITABLE GROWTH
1. 2. 3.
Revenue and profit to grow in the second half of the yearAs expected, the result was still low, but revenue is improving and the result will turn to clear growth during the rest of the year, as several projects won during the year and those in the development phase will start to accumulate revenue, and the average margin will improve as the structure of the portfolio changes.
The market situation offers possibilities as wellThe construction market situation remains challenging, but it also offers opportunities. In non-residential construction, demand from the public sector supports the contracting market, and data centres form a significant growth segment. We see growing potential in the renovation market.
.
In residential construction, inflation and interest rate risks increase uncertainty, and the market will remain weak for the time being.
Confidently towards the rest of the yearOur outlook is supported by a strong order and project development backlog and a stronger-than-expected recovery in the Finnish economy.
We will continue to focus on high-quality customer work and high-quality construction, improving profitability and taking advantage of new business opportunities.
We are well positioned to strengthen our performance and profitability in the second half of the year.
25