YIT (YIT) Q4 2024 earnings summary

Executive summary

• Apartment sales in Finland and the Baltic/CEE regions increased in Q4, with Baltic/CEE sales reaching a three-year high; unsold completed apartments declined.

• Transformation program completed ahead of schedule, delivering EUR 43 million in annualized cost savings, exceeding the original target.

• Exited Norway operations and scaled down Sweden by 80%, incurring EUR 45 million in related costs.

• New strategy and financial targets for 2025–2029 announced, focusing on resilience and performance.

• Solid operative performance in contracting segments and strong order intake from industrial customers.

Financial highlights

• Full-year revenue declined to EUR 1,820 million from EUR 2,163 million, with Q4 revenue at EUR 521 million.

• Adjusted operating profit for 2024 was EUR 32 million (2023: 41), with margin at 1.7% (1.9%).

• Net debt reduced by EUR 115 million to EUR 680 million, with gearing at 88% by year-end.

• Operating cash flow after investments improved to EUR 110 million from EUR -137 million year-over-year.

• Earnings per share for 2024 was EUR -0.51 (2023: -0.01).

Outlook and guidance

• Adjusted operating profit for 2025 expected between EUR 20 million and EUR 60 million.

• Baltic and CEE residential markets expected to remain favorable; Finnish residential market to see slightly increased sales volumes but limited completions and profit generation.

• Building Construction operational performance expected to improve; Infrastructure to remain stable.

• Macroeconomic and geopolitical risks may impact demand and investment values.