Interim Report 1-3/2026 SRV Group Plc
7 May 2026
Saku Sipola, President & CEO Jarkko Rantala, CFO
Agenda
21
Market overview Strategy
3Interim Report 1-3/2026
4 4Outlook 2026
The macroeconomic environment remained uncertain
The investor market, which picked up especially in the early part of the year, weakened as the war in Iran and the resulting rise in energy prices accelerated inflation and interest rates rose, at least temporarily.
The clear weakening of consumer confidence weighs on private consumption and the housing market.
The market conditions for construction are 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
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
1/2020-3/2026 1/2020-3/2026
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
1/2020-4/2026 1/2020-3/2026 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 (%)
Public sector demand has remained stable, with data centres forming a significant growth segment
NON-RESIDENTIAL CONSTRUCTION
Demand in the public sector has remained stable, and investments in public spaces will continue to support the contract market in the coming years.
In the private sector, data centre projects in particular form a significant growth segment. The sharp increase in building permits for data centres is already reflected in the development of activity in commercial construction.
Investor demand for non-residential premises showed gradual signs of recovery in the first half of the year, but the prolongation of the energy crisis and geopolitical uncertainty may weaken the development.
Sources: Statistics Finland, KTI, CFCI
4
25 26
2020-2026 (KTI)
20 21 22 23 24 25 26
27
0.0
20
21
22
23
24
2026 2027
Forecast 03/26 +6.0% +4.5%
Forecast 09/25 +3.0%
Retail Hotel
Office Public use
Industrial Residential
Permits, starts and completions of transport buildings*
5
4
3
2
1
0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026
Construction activities granted building permits Construction projects started Construction projects completed
*Volume (million m3), moving annual sum
8
CFCI's forecast 03/2026: Non-residential
(€ billion)
16
Number of real estate transactions
(billion EUR)
12
8.0
7.0
7.2
6.0
5.5
0
4.4
4.0
2.7
4
2.3
2.2
2.0
1
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Jorvi's hospital's new ward building,Espoo (completed)
210 m€
revenue
Area: 50,000 gross m2
Schedule: Summer 2022 -January 2026
Nissniku multipurpose building,Kirkkonummi (ongoing)
36 m€
revenue
Area: 9,500 gross m2
Schedule: October 2025 -December 2027
Kruunuvuorenranta multipurpose building Helmi, Helsinki (ongoing)60 m€
revenue
Area: 17 000 brm2
Schedule: May 2025 - Summer 2027
Contract type: Alliance
Contract type: Lifecycle project
Contract type:
Project management contract
5
1
NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
DayOne data centre, Lahti (ongoing) Rovaniemi's main police station,
Rovaniemi (ongoing)
Meyer head office, Turku (upcoming)Area: Area not to be shared, agreed with the customer
Schedule: May 2026 - 2027
Contract type: Project management
contract with
The project will increase the order backlog by approx.
35 %
compared to Q4/2025
Area: 12,800 gross m2
50 m€
revenue
Schedule: April 2026 -autumn 2028
Contract type: Flagship alliance
project
Area: 14,579 gross m2
Schedule: April 2026 -January 2028
Contract type: Development project
39 m€
revenue
target-price and guaranteed maximum price
6
Investor market picked up at the beginning of the year, consumer market remained weak for the time being
RESIDENTIAL CONSTRUCTION
The residential investor market picked up in the early part of the year, especially due to large housing portfolio transactions and the partial opening of the fund market, but inflation and interest rate risks as well as geopolitical uncertainty increase short-term uncertainty.
The market for residential development and developer-contracted projects continues to be burdened by an oversupply of apartments, the unwinding of which is progressing slowly and depends on the development of urban households, changes in housing allowances and the high level of publicly subsidised production.
State-subsidised residential production has accounted for the majority of new construction, but its decline will weaken demand in the short term and support the recovery of private residential construction in the longer term.
7 Sources: CFCI, Federation of Real Estate Agency, KTI
21
1/2020-02/2026
22
1.9
0.8
23
1.6
0.6
24
1.0
0.9 1.3
25 26
2020-2026 (KTI)
Forecast 03/26 -3.0%
Forecast 09/25 +12.0%
Residential
Other
Sales of old apartments, units
8000
6000
4000
2000
0
20
21
22
23
24
25
26
3.5
Residential (EUR billion)
16
Number of real estate
transactions (EUR billion)
12
8
4
8
6
4
2
4.8
5.2
4.6
1.1
20
0
2.3
2.1
20 21 22
2026
23
2027
-1.0%
24 25 26
27
0
2
RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS
Asunto Oy Espoon Luhtavehka,Espoo (ongoing)
Ulappakatu 4,Area:
2,962 gross m2
Schedule:
December 2025 -
December 2026
11 m€
revenue
Contract type: Developer-contracted project
Espoo (upcoming)
17m€
revenue
Area: 8,845 gross m2
Schedule: June 2026 -autumn 2027
Contract type: Turnkey contract
Asunto Oy Espoon Piaffe,Espoo (upcoming)
12 m€
revenue
Area: 3,449 gross m2
Schedule: May2026 -summer 2027
Urakkamuoto: Development project
8
Substantial order intake paves the way for strong performance in the rest of the year
Business Q1 2026
Revenue
140.6 m€ (161.4)
Operative operating profit
-0.3 m€ (1.1)
Order backlog
1,030.5 m€ (1,042.6)
Order intake of nearly EUR 400 million increased the order backlog to over EUR 1 billion
Order intake was significant, value of signed new contracts was
nearly EUR 400 million.
The order backlog rose to more than EUR 1 billion.
Revenue and operative operating profit were low as expected, as the profit for 2026 will be weighted towards
the second half of the year.
The market situation also offers opportunities
The 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.
In residential construction,
the investor market picked up in the early part of the year, but inflation and interest rate risks increase uncertainty in the short term. The consumer market will remain weak for the time being.
9
Long-term
objectives
2029-2030:
Sustainably profitable
N Increasing shareholder value N Excellent customer and employee experience N Mitigating climate change
at least EUR 50
> EUR 900 million
Lifecycle-wise construction
10 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
Strategy: The portfolio structure adapts to market demand
98%
98%
2%
98%
2%
To n ni a C O2
11 e
Revenue for residential and non-residential construction, % (Rolling 12 monthts)
Others
Revenue for project types, % (Rolling 12 months)
100%
80%
60%
94%
98%
40%
20%
-%
6%
1Q25
2%
2Q25
3Q25
2%
4Q25
1Q26
Developer and development projects
20%
Non-residential
Residential
8%
1Q26
7%
4Q25
8%
3Q25
8%
2Q25
8%
1Q25
-%
100%
40%
92%
93%
92%
92%
92%
60%
80%
An extensive project development pipeline enables the target portfolio
OULU
TAMPERE
JYVÄSKYLÄ
Total
Residential (development and developer-contracted projects)
approx. 417,000 floor m2
Greater Helsinki area, 307,000 floor m2 Regions, 110,000 floor m2
Non-residential (development projects)
approx. 606,000 floor m2
Greater 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 positively13
9,997
14
14
10
10
11
9
7
5
0
2021 2022 2023 2024 2025 Q1
2026
Carbon emissions form SRV's own operations (Rolling 12 months)
18.0
16,000
12,000
8,000
5.0
4,000
6,739
0
2.9
1,716
636
2,401 1,138
2021 2022 2023
2.4
313
1,446
2024
84
628
2025
1.0
0.9
270
330
Q1 2026
70%
Employee Net Promoter Score (eNPS)
60
50
50
40
30
20
10
0
2022 2023 2024 2025 Q1 2026
61
72
78
B2B NPS (nationa)
78
80
70
Share of revenue from EU taxonomy-aligned and environmentally classified projects*
100%
80%
60%
40%
20%
-%
67%
20
15
70%
76%
54%
2022 2023 2024 2025 Q1 2026
*of taxonomy-eligible revenue
30
25
20
15
10
5
0
2022
2023
2024
2025 Q1 2026
Lost time incident frequency rate (LTIF, rolling 12 months)
Interim Report 1-3/2026
Operative operating profit low as expected
150
157
148
126
The revenue of non-residential construction decreased and the revenue of residential construction increased. SRV Infra Oy, which was sold in December 2025, accounted for EUR 9.0 million of revenue from non-residential construction in the comparison period.
The volume of non-residential construction was lower than in the comparison period in alliance projects, which had a negative impact on the operative operating profit. The volume and margin level of life cycle projects and other contracting in non-residential construction developed positively. The volume and margin level of residential construction improved slightly from the comparison period.
15
1.1
Residential construction
1.3
80 1.0 0.8
40
0.0
-0.3
0
-1.0
1Q25 2Q25 3Q25 4Q25 1Q26 1Q25
2Q25
3Q25
4Q25
1Q26
Non-residential construction
120 2.0
199
141
15
3.0
160
12
169
12
161
11
160
3.6
4.0
16
200
240 5.0
216
Operative operating profit, EUR million
Revenue, EUR million
Strong balance sheet and financial position
The financial reserves were at the end of the review period EUR 114.6 (80.5) million.
Cash flow from operating activities and investing activities totalled EUR -32.7 (-1.3) million. Cash flow was impacted by normal seasonality in business, the progress of developer-contracted projects and changes in advances and receivables for ongoing contract production.
16
1Q26
Equity ratio, IFRS16 adjusted %
60
50
40
30
20
10
0
Financial reserves, EUR million
145
49.1
50.1
50.7
49.4
51.4
140
120
100
80
60
40
20
0
95
107
115
81
1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26
-33.5
4Q25
3Q25
2Q25
1Q25
-33 1Q26
1Q25 2Q25 3Q25 4Q25
-13.6
-17.3
-13.3
-4.5
5
0
-5
-10
-15
-20
-25
-30
-35
-40
-1
Gearing IFRS16 adjusted, %
Operating cash flow after investments, EUR million
28
17
7
30
20
10
0
-10
-20
-30
-40
Strong order intake increased the order backlog to over one billion
In January-March the value of new signed contracts was EUR 395.4 (140.9) million. In addition, the order backlog for service periods in life-cycle projects was EUR 102 million.
The order backlog included DayOne's data centre in Lahti, Rovaniemi Main Police Station, Marjoniemi Comprehensive School, the development phase of the renovation project of the Helsinki Central Railway Station metro station, and two housing projects: a 49-apartment rental apartment building at Anna Sahlsténin katu 16 in Espoo for Y-Foundation and a 47-apartment rental apartment for Luhtasammal Keva's and Taaleri's Eden Asunnot in Espoo.
SRV has projects that have been won or tied to pre-development agreements but not yet recorded in the order backlog of the value of approximately EUR 1.3 (0.6) billion.
17
0
937
613
250
864
784
805
903
923
892
858
837
742
920
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25
1Q26
Non-residential
Residential
932
1250
Order backlog, EUR million
1180
1000
993
996
1049
112
1020
1067
133
1053
1043
1031
147
130
1047
931
871
156
137
129
139
167
127
129
147
772
750
159
500
The structure of the order backlog continues to be contracting-oriented
The order backlog of non-residential construction decreased to EUR 864.0 (903.4) million. The order backlog consists mostly of project management and alliance contracting.
The order backlog of residential construction increased to EUR
166.5 (139.3) million.
18
94
84
86
90
98
50
482
200
724
616
654
738
400
0
2
Q1 2025
5
Q2 2025
17
Q3 2025
10
Q4 2025
6
Q1 2026
0
0
Q1 2025
0
Q2 2025
0
Q3 2025
0
Q4 2025
10
Q1 2026
Development contracting
Alliance and project management contracting Life-cycle projects and others
*Infrastructure construction included in the order backlog until 3...
Development contracting / sold to investors Developer contracting
Other
150
Order backlog of the non-residential
construction, EUR million
Order backlog of the housing
construction, EUR million
200
1,000
903
864
159
167
805
800
163
784
134
41
139
147
145
152
127
59
600
613
121
66
49
62
100
Apartment start-ups still at a low level
0
520
0
125
220
74
At the end of March, a total of 559 apartments were under construction.
In January, SRV signed an agreement with the Y-Foundation on the construction of a 49-apartment rental apartment building, KOY Espoo's Anna Sahlsténin katu 16, in Vermonniitty, Espoo.
In addition, SRV signed an agreement with Keva's and Taaleri's Eden Asunnot in January for the construction of Asunto Oy Espoon Luhtasammal, a development project with 47 rental apartments in Niittykumpu, Espoo.
19
522
0
419
646
570
378
627
445
0
364
559
47
250
500
520
532
86
817
623
0
541
893
720
0
101 101
62 62
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Developer contracting Other
Development contracting/ Sold to investors
93 93
53
53
53
0
0 0 0
101
0
699
0
62
0
226
138
446 445
469
239 138
101
103
0
96
106
74
0
177
50
47
50
100
53
40
49
0
0 0 0 0
0 0 0 0 0 0 0 0
0
0 0
0
239
750
879
1000
1056
1250
Apartments, under construction (pcs)
Apartments, start-ups (pcs)
250
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Developer contracting Other
Development contracting/ Sold to investors
220
0
200
138
177
0
150
146
0
125
SRV's market share increased in residential construction
20
Outlook 2026
The company's revenue for 2026 is expected to be
over EUR 800 million
(Refined on 23 April 2026.
Earlier guidance: EUR 650-750 million, revenue in 2025: EUR 705.6 million)
The operative operating profit is expected to
exceed the 2025 level
(Refined on 23 April 2026.
Earlier guidance: Operative operating profit expected to be positive, operative operating profit in 2025: EUR 6.8 million)
22
READY FOR PROFITABLE GROWTH
1. 2. 3.
Strong order backlog and order backlog outlookThe order backlog is over EUR 1 billion, which predicts a strong end to the year. In addition, projects worth approximately EUR 1.3 billion have been won or tied to preliminary or development agreements that have not yet been recorded in the order backlog.
Revenue and operative operating profit were low as expected, as the profit for 2026 will be weighted towards the second half of the year.
Market situation also offers opportunitiesThe construction market situation remains challenging, but it also offers opportunities. In non-residential construction, demand from the public sector supports the contract market, and data centres form a significant growth segment.
In residential.construction,
the investor market picked up in the early part of the year, but inflation and interest rate risks increase uncertainty in the short term. The consumer market will remain weak for the time being.
Project development base and balance sheet ready when the market opens upSuccesses have already been achieved in development projects, even though the market recovery is not yet underway.
The extensive and diverse project development base provides a basis for changes in the project portfolio as the market opens up.
The strong financial position enables us to invest in growth in line
with the strategy.
23