SRV Yhtiöt
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SRV Yhtiöt (SRV1V) investor relations material

SRV Yhtiöt Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Revenue for 2025 was €705.6 million, down 5.4% year-over-year, with operative operating profit at €6.8 million and operating profit at €27.5 million, boosted by a €21.7 million gain from the sale of SRV Infra Oy.

  • Net profit for the year was €15.5 million, with EPS at €0.78, and the Board proposes no dividend for 2025.

  • The order backlog decreased to €772.3 million, mainly due to the divestment of SRV Infra Oy, but projects won but not yet entered into the backlog rose to €1.3 billion.

  • The company issued a €22.5 million green hybrid bond and redeemed part of its existing hybrid bonds, strengthening liquidity and supporting strategic growth.

  • Market conditions show cautious improvement, with increased transaction volumes and new real estate funds.

Financial highlights

  • Revenue for 2025 was €705.6 million, compared to €745.8 million in the previous year, with operative operating profit at €6.8 million and operating profit at €27.5 million.

  • Q4 2025 revenue increased 3.2% year-over-year to €215.8 million, with operative operating profit at €3.6 million.

  • Order backlog at year-end was €772.3 million, down from €1,052.8 million, with over €1.3 billion in projects won but not yet included.

  • Net interest-bearing debt decreased to €56.8 million, and financial reserves rose to €145 million.

  • Equity ratio (IFRS16 adjusted) ranged from 48.2% to 50.7% during 2025, with gearing (IFRS16 adjusted) at -33.5% by year-end.

Outlook and guidance

  • Revenue for 2026 is expected to be €650–750 million, with positive operative operating profit.

  • Revenue and profit will be weighted toward the second half of 2026 as new projects enter the order backlog.

  • Growth is anticipated from 2026 onwards, with acceleration expected in 2027.

  • Focus on expanding development and developer-contracted production, leveraging a strong project development base.

  • Market recovery is expected to be gradual, with private demand for new construction remaining low at the start of 2026.

How will new funding drive strategic growth areas?
Reconcile order backlog decrease with won projects.
How do market recovery signs impact 2029-2030 targets?
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