SRV Yhtiöt (SRV1V) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 28.1% YoY to €204.6m; operative operating profit increased to €5.3m from €1.3m, supported by higher volumes and average margins.

• Order backlog reached €1,536.7m, up from €931.3m; backlog plus probable projects totalled ~€2.7bn.

• Growth was led by non-residential project management, lifecycle work and data centre construction, alongside higher residential development volumes.

Financial highlights

• 9M revenue rose 11.2% to €544.8m; operative operating profit was €5.4m versus €3.2m.

• Q3 profit before taxes was €3.5m versus a €1.6m loss; net profit was €3.0m versus a €1.1m loss, and EPS was €0.14 versus -€0.11.

• 9M profit before taxes was €0.0m versus a €3.4m loss; net profit was €0.2m versus a €2.2m loss, and EPS was -€0.12 versus -€0.22.

• 9M comparison included a €21.7m gain on the 2025 SRV Infra Oy sale; excluding it, comparative operating profit was €2.8m.

• Q3 contracts signed totalled €690.3m versus €150.1m a year earlier.

Outlook and guidance

• FY 2026 guidance unchanged: revenue expected to exceed €800m, versus €705.6m in 2025; operative operating profit expected at €10–20m, versus €6.8m.

• Earnings are expected to be weighted toward H2 as projects won in 2026 and projects in development generate revenue and margins.

• Backlog and probable projects totalling ~€2.7bn support expected earnings growth through year-end and into 2027.

• 2029–2030 targets: revenue above €900m and operative operating profit of at least €50m.