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SRV Yhtiöt (SRV1V) investor relations material

SRV Yhtiöt Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Revenue for January–September 2025 declined 8.7% year-over-year to €489.9 million, with operative operating profit falling to €3.2 million from €7.3 million, but financial reserves continued to strengthen.

  • Order backlog at period-end was €931.3 million, down 21.1% year-over-year but stable quarter-over-quarter, with an increase in contracts won but not yet recorded in the backlog.

  • Financial position is strong, with a low number of unsold completed apartments and robust cash reserves of €106.9 million.

  • New agreements signed in Q3 totaled €150.1 million, significantly lower than the prior year.

  • Equity ratio remained stable at 34.6% (IFRS16 adjusted: 50.7%).

Financial highlights

  • Revenue for 1-9/2025 was €489.9 million, down from €536.7 million year-over-year; Q3 revenue was €159.7 million, down 13% year-over-year.

  • Operative operating profit for 1-9/2025 was €3.2 million, compared to €7.3 million in the previous year; Q3 operative operating profit was €1.3 million.

  • Profit before taxes for 1-9/2025 was €-3.4 million; earnings per share for the nine months was €-0.22.

  • Net interest-bearing debt at period-end was €92.2 million; financial reserves: €106.9 million.

  • Order backlog at the end of the period was €931.3 million, down from €1,179.6 million year-over-year but stable sequentially.

Outlook and guidance

  • Revenue for 2025 is expected to decrease to €650–680 million from €745.8 million in 2024, with operative operating profit remaining positive but below 2024 levels.

  • Market recovery is not expected before 2026, with growth anticipated to accelerate in 2027.

  • Revenue in 2025 will mainly come from low-margin, low-risk cooperative contracting; developer-contracted housing production will be minimal.

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Frequently asked questions

SRV Yhtiöt Oyj (SRV), formerly known as PappagalloHarmaat Oy, is a construction company. The Company's activities are focused on the development, construction, and commercialization of different dwellings in Finland, Russia and Estonia. SRV Yhtiot Oyj operates in the residential and commercial real estate development business. Its segments include Finland, Russia and Estonia. The Company's projects are built using various ownership structures, including rental apartments and rental sites for own use or sale, located to encourage urban renewal or to supplement the provisions of social welfare for those requiring low-cost housing. The projects are primarily constructed using the build-to-sell concept with sales arranged either before commencement of the funding stage or after completion of the funding stage. SRV Yhtiot Oyj is based in Espoo, Finland.

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