SRV Yhtiöt (SRV1V) Q3 2025 earnings summary

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.