SRV Yhtiöt (SRV1V) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €330.2 million, down 6.5% year-over-year, with Q2 revenue at €168.7 million, mainly due to low volumes in development and developer-contracted projects.

• Operative operating profit for H1 2025 was €1.9 million (down from €2.7 million), and Q2 operative operating profit was €0.8 million (down from €1.5 million).

• Order backlog at period-end was €931.8 million, a 12.7% decrease year-over-year.

• Financial reserves strengthened to €95.2 million, and the balance sheet remains healthy.

• Net profit for H1 was €-1.0 million, with earnings per share at €-0.11.

Financial highlights

• Q2 2025 revenue: €168.7 million (down 9.4% year-over-year); H1 2025 revenue: €330.2 million (down 6.5%).

• Q2 operative operating profit: €0.8 million (down 49.5%); H1 operative operating profit: €1.9 million (down 31.1%).

• Order backlog at the end of H1 2025 was €931.8 million, down from €1,067.3 million.

• Cash flow from operating and investment activities in H1: €16.0 million (up from €4.1 million).

• A new €40 million liquidity loan was secured to support liquidity for the next three years.

Outlook and guidance

• 2025 revenue is expected to decrease to €630–680 million from €745.8 million in 2024.

• Operative operating profit for 2025 is estimated to remain positive.

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

• Significant uncertainty remains regarding the start-up of new projects due to weak private demand and geopolitical risks.

• The company aims to launch projects sold to consumers in Finland during the year.