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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.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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