SRV Yhtiöt (SRV1V) Q4 2024 earnings summary

Executive summary

• Full-year revenue reached EUR 745.8 million, a 22.3% increase year-over-year, with operative operating profit at EUR 10.3 million, both showing positive development compared to the previous year.

• Net profit for the period was EUR 5.3 million, a turnaround from a EUR -15.1 million loss in 2023.

• Order backlog remained strong at EUR 1,052.8 million at year-end, with 92.7% of the backlog sold, supporting future revenue visibility.

• The company completed its exit from Russian operations, finalizing the sale of its last asset in Russia.

• No dividend is proposed for 2024 to preserve capital.

Financial highlights

• Q4 2024 revenue was EUR 209.1 million, up 15.1% year-over-year; full-year EBITDA was EUR 18.8 million, a 140.2% increase from the previous year.

• Operative operating profit for Q4 was EUR 3.0 million (up from EUR 2.4 million); full-year operative operating profit was EUR 10.3 million (up from EUR 1.1 million).

• Operating profit for the year was EUR 12.0 million (from EUR -6.8 million), aided by a EUR 5.1 million gain from the Pearl Plaza sale and offset by a EUR -3.4 million head office lease write-down.

• Earnings per share improved to EUR 0.18 from EUR -1.02.

• Cash flow from operating and investment activities was EUR 9.3 million.

Outlook and guidance

• Revenue for 2025 is expected to decrease to EUR 630–710 million from EUR 745.8 million in 2024, with operative operating profit forecast to remain positive.

• Market conditions are expected to gradually improve, with oversupply in housing expected to ease by year-end.

• Market uncertainty persists, especially in private sector demand and new project startups.