Dovre

Dovre Group Plc        Stock Exchange Release        December 16, 2024, at 4.40 pm

Dovre Group CEO steps down, Dovre appoints new Acting CEO

Dovre Group has appointed Ms. Sanna Outa-Ollila as Acting CEO as of December 17, 2024. She assumes the role following Dovre's extraordinary general meeting's decision to approve the transaction to sell Dovre's Project Personnel and Norwegian Consulting businesses to NYAB AB. Former Group CEO Arve Jensen will follow the sold businesses and join NYAB at closing, which is expected to take place on or around January 2, 2025. Outa-Ollila is also a member of the Dovre Board of Directors.

“On behalf of the Board of Directors, I want to thank Arve for his many years of service and dedication to developing Dovre Group to a successful, international player in high value project management services, especially within the Energy segments. We wish him the best of luck in taking the sold companies to the next level as part of NYAB. At the same time, we are happy to welcome Sanna as the new Acting CEO to lead Dovre Group going forward”, says Svein Stavelin, Chairman of the Board of Directors of Dovre Group.

For further information, please contact:

Dovre Group Plc

Svein Stavelin, Chairman of the Board of Directors
Tel. +47 900 64 361
svein.stavelin@aaltocapital.com

Ilari Koskelo, Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Distribution:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                         Stock Exchange Release                     December 16, 2024, at 4.15 pm

DECISIONS OF THE EXTRAORDINARY GENERAL MEETING OF DOVRE GROUP PLC

Dovre Group Plc’s Extraordinary General Meeting held today on December 16, 2024, decided, in accordance with the Board of Directors' proposal, to approve the matters set out in section 6 of the notice to the Extraordinary General Meeting as follows:

Confirmation and approval of the sale of Dovre’s Project Personnel and Norwegian consulting businesses and related amendment of Dovre’s Articles of Association

As announced on November 20, 2024, the Company has on November 20, 2024, signed a conditional agreement with Swedish NYAB AB whereby Dovre sells its entire Project Personnel business and Norwegian Consulting business for an estimated EUR 34 million in cash consideration. The closing of the transaction is expected to take place on or about January 2, 2025.

The total consideration is estimated to be approximately EUR 34 million. This is based on a preliminary enterprise value determined as the estimated FY2024 EBIT of the sold businesses (EUR 4.3 million) multiplied by 7 plus compensation for estimated net cash and adjustment for the estimated working capital position as of December 31, 2024. Of the preliminary purchase price payable on closing, Dovre will receive 80% in cash, while 20% will be deposited to an escrow account as security for the buyer’s benefit to satisfy any potential repayment obligation of Dovre in respect of the final purchase price. The final purchase price will be determined after closing based on actual adjusted EBIT for the financial year 2024 and actual net cash and net working capital positions as of December 31, 2024.

Since upon completion of the transaction, Dovre will no longer carry out project personnel business, the Company should amend its Articles of Association accordingly. The Board of Directors proposes to the general meeting that the Section 3 § of the Articles of Association is amended to read as follows (amendment underlined):

3 § Field of business

The company may provide project personnel and carry out assignments for management consulting, project management and other professional services, primarily in the energy, renewable energy, circular economy and infrastructure sectors. The company's consultants may be either in-house employees, subcontractors or third party employees. The company develops, markets and sells software products and consulting services related to project management, enterprise resource management and augmented reality. In addition, the company may own and operate factories and construction companies engaged in business primarily in the energy, renewable energy and circular economy sectors. The company may produce and sell management services. The company may engage in securities trading and own shares in other companies and real estate.

The minutes of the Annual General Meeting will be available on the Company’s website at www.dovregroup.com within 14 days as of the date of Annual General Meeting.

For further information, please contact:

Dovre Group Plc
Ilari Koskelo, Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc        Press release                December 13, 2024, at 3.15 pm

Suvic AB, a subsidiary of Suvic Oy, has signed a BoP contract for a wind farm construction project in Sweden

Suvic has signed Balance of Plant (BoP) contracts for the Vinliden North and South wind farms. The wind farms are located in the municipality of Lycksele in northern Sweden. Together, the parks will include 11 wind turbines, with 4 in Vinliden North and 7 in Vinliden South. The project will be carried out by Suvic AB, a wholly owned Swedish subsidiary of Suvic Oy.

Sami Ehrnstén, Business Director responsible for Suvic's operations in Sweden, notes that the new contracts are an excellent continuation of the Vitberget and Storhöjden wind farm projects currently under construction in Sweden: “The Vinliden sites will employ dozens of people, including our own staff and local workforce – there will also be work for local subcontractors.”

The client for all contracts now signed is Vinliden Vindkraft AB as a joint venture of funds managed by Prime Capital AG, with whom Suvic has previously collaborated on the Lappfjärd and Sandbacka wind farms, and Polhem Infra AB. Thomas Zirngibl, Prime Capital’s Director of Infrastructure Engineering, comments: “We are already familiar with Suvic from our projects in Finland. We are impressed by the quality of their work and their strong internal safety culture, which, alongside a competitive bid, is always a critical factor for us when selecting contractors for our projects.”

The newly signed contract includes design work as well as the construction of roads, crane pads, foundations, internal cabling, and network infrastructure for the wind farms. Suvic has already carried out deforestation and earthworks at both Vinliden sites under an Early Works agreement. Work will resume in May after the winter’s reindeer herding season in the Sámi area ends. The wind farms are expected to be ready for handover by October 2025.

Contact information:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi, www.suvic.fi

Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Suvic, founded in Oulu in 2017, operates in the Nordic countries with a focus on renewable energy construction. The company introduces new and innovative practices in design, construction, and project management. Its current projects include Prime Capital’s Sandbacka wind farm (Uusikaarlepyy and Vöyri), Renewable Power Capital Ltd’s Storhöjden and Vitberget wind farms (Kramfors, Sweden), EPV Aurinkovoima Oy’s Heinineva solar farm (Lapua), and Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo. Website: www.suvic.fi

Prime Capital AG Prime Capital AG is an independent asset management firm and financial services provider, owned by management and employees. The company takes a holistic, cross-divisional approach and specializes in Alternative Investments, in particular in Absolute Return, Infrastructure with a focus on Energy Infrastructure, and Private Debt. Furthermore, the company provides Access Solutions for the access to Alternative Investments through securitisations and fund structures. Prime Capital was founded in 2006 and currently employs about 125 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF. As of September 2024, Prime Capital has approximately EUR 4.3bn Assets under Management as well as EUR 8.6bn Assets under Administration. Website: https://www.primecapital-ag.com/

Dovre Group Plc        Stock Exchange Release                December 5, 2024, at 11.30 am

DOVRE GROUP’S FINANCIAL REPORTING IN 2025

Dovre Group Plc will disclose the following financial information in 2025:

• Financial Statements review 2024 on Wednesday, March 12, 2025
• Trading statement January-March 2025 on Tuesday, April 29, 2025
• Half-year financial report January-June 2025 on Wednesday, August 20, 2025
• Trading statement January-September 2025 on Wednesday, October 29, 2025

Dovre Group’s Financial Statements 2024 and Annual Report 2024 will be published online at the latest during the week beginning March 31, 2025.

The company’s Annual General Meeting is planned to be held on Tuesday, April 29, 2025. Dovre Group’s Board of Directors will summon the meeting later.

Dovre Group Plc observes a-three-week silent period prior to the release of the above-mentioned financial reports. The company does not comment on its financial situation development or meet with investment analysts or other members of the investment community during this period.

Dovre Group’s financial information is released as stock exchange bulletins in Finnish and English and is available online at www.dovregroup.com.

For further information, please contact:

DOVRE GROUP PLC
Hans Sten
CFO
Tel. +358 40 557 9392
hans.sten@dovregroup.com

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                   Managers’ Transactions               November 25, 2024, at 2.30 pm

Dovre Group Plc: Managers' Transactions – Atuo Oy

____________________________________________

Person subject to the notification requirement

Name: Atuo Oy

Position: Closely associated person

(X) Legal person (1): Person Discharging Managerial Responsibilities in Issuer

Name: Sanna Outa-Ollila

Position: Member of the Board

Issuer: Dovre Group Plc

LEI: 7437000NA1I6Y1OQWL24

Notification type: INITIAL NOTIFICATION

Reference number: 85956/5/6

____________________________________________

Transaction date: 2024-04-25

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 3000 Unit price: 0.32 EUR

(2): Volume: 3000 Unit price: 0.334 EUR

Aggregated transactions (2):

Volume: 6000 Volume weighted average price: 0.327 EUR

____________________________________________

Transaction date: 2024-11-22

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 500 Unit price: 0.32 EUR

(2): Volume: 1000 Unit price: 0.32 EUR

(3): Volume: 2003 Unit price: 0.319 EUR

(4): Volume: 6497 Unit price: 0.32 EUR

Aggregated transactions (4):

Volume: 10000 Volume weighted average price: 0.3198 EUR

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

Dovre Group Plc                        Stock Exchange Release                      November 22, 2024, at 5 p.m.

NOTICE TO THE EXTRAORDINARY GENERAL MEETING OF DOVRE GROUP PLC

Notice is given to the shareholders of Dovre Group Plc (“Dovre” or the “Company”) to the Extraordinary General Meeting (“EGM”) to be held on Monday, December 16, 2024, at 2.30 p.m. at Dovre headquarters, address Ahventie 4 B, 02170 Espoo. The reception of the persons who have registered for the meeting and the distribution of voting tickets will commence at 2 p.m. at the meeting venue.   

Shareholders representing over 40% of the outstanding shares of Dovre have indicated that they will vote in favor of all proposals presented in this notice to the EGM.

A. MATTERS ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING

At the EGM, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinize the minutes and to verify the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the voting list

6. Proposal of the Board of Directors to confirm and approve the sale of Dovre’s Project Personnel and Norwegian consulting businesses and related amendment of Dovre’s Articles of Association

As announced on November 20, 2024, the Company has on November 20, 2024, signed a conditional agreement with Swedish NYAB AB whereby Dovre sells its entire Project Personnel business and Norwegian Consulting business for an estimated EUR 34 million in cash consideration. The closing of the transaction is expected to take place on or about January 2, 2025.

The total consideration is estimated to be approximately EUR 34 million. This is based on a preliminary enterprise value determined as the estimated FY2024 EBIT of the sold businesses (EUR 4.3 million) multiplied by 7 plus compensation for estimated net cash and adjustment for the estimated working capital position as of December 31, 2024. Of the preliminary purchase price payable on closing, Dovre will receive 80% in cash, while 20% will be deposited to an escrow account as security for the buyer’s benefit to satisfy any potential repayment obligation of Dovre in respect of the final purchase price. The final purchase price will be determined after closing based on actual adjusted EBIT for the financial year 2024 and actual net cash and net working capital positions as of December 31, 2024.

More information on the transaction is available in the Stock Exchange Release issued on November 20, 2024, and on Dovre’s website www.dovregroup.com.

Since upon completion of the transaction, Dovre will no longer carry out project personnel business, the Company should amend its Articles of Association accordingly. The Board of Directors proposes to the general meeting that the Section 3 § of the Articles of Association is amended to read as follows (amendment underlined):

3 § Field of business

The company may provide project personnel and carry out assignments for management consulting, project management and other professional services, primarily in the energy, renewable energy, circular economy and infrastructure sectors. The company's consultants may be either in-house employees, subcontractors or third party employees. The company develops, markets and sells software products and consulting services related to project management, enterprise resource management and augmented reality. In addition, the company may own and operate factories and construction companies engaged in business primarily in the energy, renewable energy and circular economy sectors. The company may produce and sell management services. The company may engage in securities trading and own shares in other companies and real estate.

The above-described transaction is conditional upon the approval by the extraordinary general meeting and the amendment of Dovre’s Articles of Association. The Board of Directors proposes and unanimously recommends that the general meeting confirms and approves, as a whole, the sale of the Company’s entire Project Personnel business and Norwegian consulting business and resolves to amend the Articles of Association.

7. Closing of the meeting.

B. DOCUMENTS OF THE EXTRAORDINARY GENERAL MEETING

Proposals of the Board of Directors, the stock exchange release concerning the transaction as well as this notice are available on the Company’s website www.dovregroup.com. The proposals of the Board of Directors are also available at the EGM. Copies of these documents and of this notice will be sent to shareholders upon request.

C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE EXTRAORDINARY GENERAL MEETING

1. Shareholder registered in the shareholders’ register

A shareholder who is registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd, on the record date December 3, 2024, has the right to participate the EGM. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholder register of the Company.

The registration period for the EGM commences on November 22, 2024. A shareholder, who is registered in the shareholder register of the Company and who wants to participate in the EGM, must register no later than on December 11, 2024, 10:00 a.m., by which time the registration must be received.

Registration for the EGM can be made:
a) on Dovre Group Plc’s website at www.dovregroup.com
b) by email to marja.saukkonen@dovregroup.com
c) by telephone to Dovre Group Plc/Marja Saukkonen, tel. +358 50 385 4296

In connection with the registration, a shareholder shall notify his/her name, personal identification number or business ID, address, telephone number, and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to Dovre Group Plc is used only in connection with the EGM and with the processing of related necessary registrations.

2. Holders of nominee registered shares

A holder of nominee registered shares has the right to participate in the EGM by virtue of such shares, based on which he/she would be entitled to be registered in the shareholder register of the Company maintained by Euroclear Finland Ltd on the record date of the EGM on December 3, 2024. The right to participate requires, in addition, that the shareholder has, on the basis of such shares, been registered into the temporary shareholder register maintained by Euroclear Finland Oy at the latest by December 11, 2024, by 10:00 a.m. In regard to nominee registered shares this constitutes due registration for the EGM. Changes in shareholding after the record date of the EGM do not affect the right to participate in the EGM or the number of votes of the shareholder.

A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholder register of the Company, the issuing of proxy documents and registration for the EGM from his/her custodian bank. The account management organization of the custodian bank has to register a holder of nominee registered shares, who wants to participate in the EGM, into the temporary shareholder register of the Company at the latest by December 11, 2024 by 10:00 a.m.

3. Proxy representative and powers of attorney

A shareholder may participate in the EGM and exercise his/her rights at the meeting through a proxy representative. A proxy representative shall produce a duly dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the EGM. When a shareholder participates in the EGM by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the EGM.

Any proxy documents should be delivered in original to Dovre Group Plc/Marja Saukkonen, Ahventie 4 B, 02170 Espoo, Finland, or as a scanned copy by email to marja.saukkonen@dovregroup.com by the last date of registration. In addition to the delivery of the proxy documents the shareholder or the proxy representative shall register for the EGM as described in this notice.

4. Other information

Pursuant to Chapter 5, Section 25 of the Companies Act, a shareholder who is present at the EGM has the right to request information with respect to the matters to be considered at the meeting.

On the date of this notice, the total number of shares and votes in Dovre Group Plc is 105,956,494.

Espoo, November 22, 2024

Dovre Group Plc
Board of Directors

For further information please contact Mr Arve Jensen, CEO, tel. +47 90 60 78 11 or Mr Hans Sten, CFO, tel. +358 20 436 2000.

DISTRIBUTION
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                   Managers’ Transactions               November 22, 2024, at 1 pm

Dovre Group Plc: Managers' Transactions – Koskelo Ilari

____________________________________________

Person subject to the notification requirement

Name: Ilari Koskelo

Position: Member of the Board/Deputy member

Issuer: Dovre Group Plc

LEI: 7437000NA1I6Y1OQWL24

Notification type: INITIAL NOTIFICATION

Reference number: 85788/5/5

____________________________________________

Transaction date: 2024-11-21

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 951 Unit price: 0.317 EUR

(2): Volume: 2727 Unit price: 0.317 EUR

(3): Volume: 7131 Unit price: 0.317 EUR

(4): Volume: 1000 Unit price: 0.317 EUR

(5): Volume: 8191 Unit price: 0.317 EUR

Aggregated transactions (5):

Volume: 20000 Volume weighted average price: 0.317 EUR

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

Dovre Group Plc                   Managers’ Transactions               November 21, 2024 at 5.45 pm

Dovre Group Plc: Managers' Transactions – Stavelin Holding AS

____________________________________________

Person subject to the notification requirement

Name: Stavelin Holding AS

Position: Closely associated person

(X) Legal person (1): Person Discharging Managerial Responsibilities in Issuer

Name: Svein Stavelin

Position: Member of the Board

Issuer: Dovre Group Plc

LEI: 7437000NA1I6Y1OQWL24

Notification type: INITIAL NOTIFICATION

Reference number: 85767/4/4

____________________________________________

Transaction date: 2024-11-21

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 27000 Unit price: 0.319 EUR

(2): Volume: 667 Unit price: 0.318 EUR

(3): Volume: 10000 Unit price: 0.319 EUR

(4): Volume: 7000 Unit price: 0.319 EUR

(5): Volume: 833 Unit price: 0.319 EUR

(6): Volume: 2000 Unit price: 0.319 EUR

(7): Volume: 2500 Unit price: 0.319 EUR

Aggregated transactions (7):

Volume: 50000 Volume weighted average price: 0.31899 EUR

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

Dovre Group Plc        Stock Exchange Release - Inside information        November 20, 2024, at 10 p.m.

Dovre Group sells its Project Personnel and Norwegian consulting businesses to NYAB AB

According to a conditional agreement signed on November 20, 2024, Dovre Group Plc (Dovre) sells its entire Project Personnel (PP) business and Norwegian Consulting business to Swedish NYAB AB for an estimated 34 MEUR in cash consideration. Closing of the transaction is expected to take place on or around 2 January 2025.

The sold entities in the Project Personnel business will consist of all entities comprising Dovre’s Project Personnel business globally, that is Dovre Group Energy AS (Norway), Dovre Canada Ltd, Dovre Group Inc. (USA), Dovre Group (Singapore) Pte Ltd, Dovre Asia Pte Ltd (Singapore) and Dovre Group Korea Ltd. Also, Dovre Group’s Project Personnel in the EMEA region including PP consultants in Finland will be transferred. Dovre Group Consulting AS (Norway) is also included in the transaction.

Key figures of the sold businesses

The entities included in the transaction employed 604 people at the end of Q3 2024.

Purchase Price

The total consideration is estimated to be approximately 34 MEUR. This is based on a preliminary enterprise value determined as the estimated FY2024 EBIT of the sold businesses (4.3 MEUR) multiplied by 7 plus compensation for estimated net cash and adjustment for the estimated working capital position as of 31 December 2024. Of the preliminary purchase price payable on closing, Dovre Group will receive 80% in cash, while 20% will be deposited to an escrow account as security for the buyer’s benefit to satisfy any potential repayment obligation of Dovre Group in respect of the final purchase price. The final purchase price will be determined after closing based on actual adjusted EBIT for the financial year 2024 and actual net cash and net working capital positions as of 31 December 2024.

Effects of the contemplated transaction on Dovre Group’s business

The entities included in the transaction have constituted over 50% of Dovre’s turnover. As a result of the transaction, the group’s operative cashflow can be expected to be considerably lower during the financial year 2025. The retained operations consist mainly of large renewable energy projects, which by nature will increase the fluctuation in Dovre’s revenues and cash flows.

“NYAB is the perfect buyer for our Consulting and Project Personnel Businesses. It is both an excellent strategic, cultural and geographical match and will ensure future growth and profitability for the entities as part of NYAB. At the same time the transaction supports Dovre Group in our strategic endeavors streamlining our business around Green Energy“, says Svein Stavelin, Chairman of the Board of Directors of Dovre Group.

Dovre revises its guidance for 2024. To deconsolidate the sold businesses, the revised outlook comprises the retained business only. According to the outlook issued on November 20, 2024, Dovre Group’s net sales in 2024 were expected to be in the range of 210 to 220 MEUR and the operating profit (EBIT) was expected to be between -1,5 and -2,0 MEUR, comprising both the sold and retained business. According to the revised outlook for the retained business, Dovre Group’s net sales in 2024 are expected to be in the range of 88-93 MEUR and the operating profit (EBIT) is expected to be between -5 and -6 MEUR. The transaction does not impact the group’s financials in 2024 but will be fully booked in 2025.

The Board of Directors of Dovre support the transaction, since it allows the company to reposition itself in the marketplace strategically including new business focus and monetary assets to implement it. Dovre will initiate its strategy work for the future direction of the company without delay after completion date. The specific uses of the proceeds will be determined upon finalization of the strategy of the company and may include investments and/or payment of dividend to shareholders.

The estimated transaction costs amount to EUR 400,000 in total.

Timing and completion conditions of the contemplated transaction

The completion of the transaction is planned to take place on or around January 2, 2025, and is subject to the approval and authorization by the Extraordinary General Meeting of Dovre Group Plc on a date to be announced with an invitation as a separate stock exchange release. In addition, the completion of the transaction is subject to other customary closing conditions.

Dovre’s Advisors

Dovre’s financial advisor in connection with the transaction was Aalto Capital Norway. The lead legal counsel for Dovre was Waselius Attorneys Ltd in Finland, with Advokatfirmaet Simonsen Vogt Wiig AS acting as legal counsel concerning local Norwegian matters. Dovre’s Chairman of the Board of Directors, Svein Stavelin, is Managing Partner at Aalto Capital Norway.

For further information, please contact:

Svein Stavelin, Chairman of the Board of Directors
Tel. +47 900 64 361
svein.stavelin@aaltocapital.com

Arve Jensen, CEO
Tel. +47 906 07 811
arve.jensen@dovregroup.com

Ilari Koskelo, Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com

Dovre Group Plc                                  Inside information                         November 20, 2024, at 9.40 pm

Negative profit warning: Dovre Group Plc will raise its 2024 guidance for revenue and lower its 2024 guidance for operating profit

Dovre Group Plc will raise its 2024 guidance for revenue and lower its 2024 guidance for operating profit.

New guidance for 2024: Dovre Group’s revenue is expected to be in the range of 210-220 MEUR and operating profit (EBIT) is expected to be in the range of -1.5 MEUR and -2.0 MEUR.

Previous guidance for 2024 (released April 18, 2024): Dovre Group’s revenue is expected to be in the range of 185-210 MEUR and the operating profit (EBIT) is expected to be in the range of 2-4 MEUR.

The reason for the raised guidance in revenue is due to higher net sales in Project Personnel segment and the reason for the lowered guidance in operating profit is the reduced profitability in some Renewable Energy projects.

For further information, please contact:

Dovre Group Plc
Arve Jensen, CEO
Tel. +47 90 60 78 11
Arve.jensen@dovregroup.com

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

Distribution:
Nasdaq Helsinki Oy
Major media
www.dovregroup.com

  
  
Dovre Group Plc                Stock exchange release             October 24, 2024 at 9.00 a.m.  
  

DOVRE GROUP TRADING STATEMENT JAN 1 – SEPTEMBER 30, 2024 

Dovre Group Plc issues today a trading statement for the three months ended on September 30, 2024. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.   
  
July – September 2024  
  

• Net sales EUR 63.2 (52.8) million – increase of 19.8%.  
  • Project Personnel: net sales EUR 25.1 (28.8) million – decrease of 13.0%.  
  • Consulting: net sales EUR 2.8 (3.5) million – decrease of 18.8%.  
  • Renewable Energy: net sales EUR 35.3 (20.5) million – increase of 72.5%.  
• EBITDA EUR 2.6 (2.9) million – decrease of 10.5%.  
• Operating profit EUR 2.4 (2.7) million – decrease of 11.6%.   
• Profit before tax EUR 1.9 (2.1) million – decrease of 10.6%.  
• Profit for the shareholders of the parent company EUR 1.2 (1.3) million – decrease of 8.4%.  
• Earnings per share EUR 0.011 (0.012) – decrease of 8.4%.  
• Net cash flow from operating activities EUR 1.9 (-3.3) million.  

January – September 2024  
  

• Net sales EUR 156.4 (145.9) million – increase of 7.2%.  
  • Project Personnel: net sales EUR 75.6 (79.5) million – decrease of 4.9%.  
  • Consulting: net sales EUR 9.9 (12.6) million – decrease of 21.1%.  
  • Renewable Energy: net sales EUR 70.9 (53.8) million – increase of 31.8%.  
• EBITDA EUR 0.1 (6.6) million – decrease of 98.1%.
• Operating result EUR -0.7 (5.9) million.  
• Profit before tax EUR -1.4 (4.9) million.  
• Profit for the shareholders of the parent company EUR -0.2 (3.1) million.
• Earnings per share EUR -0.002 (0.029).  
• Net cash flow from operating activities EUR 1.6 (3.8) million.  

Outlook for 2024 unchanged (issued on 18 April 2024):   

Dovre Group’s net sales in 2024 are expected to be in the range of 185 to 210 MEUR and the operating profit (EBIT) is expected to be 2-4 MEUR.   

ARVE JENSEN, CEO:  
  
In Q3 2024, Dovre Group posted total net sales of EUR 63.2 million, reflecting a strong 19.8% increase compared to the same period in 2023.

Main reason for growth was our Renewable Energy segment where our net sales increased by a remarkable 72.5% compared to Q3 2023. Project Personnel segment reported a 13.0% decrease and Consulting experienced an 18.8% decrease in net sales compared to Q3 2023.

Project Personnel segment’s sales declined following the completion of a large renewable energy project in Canada last year. Our largest Project Personnel units in Norway/EMEA and Singapore have however increased their sales during the quarter and January-September period.

In the Consulting segment, we have as expected leveled down to the somewhat slower market so far this year in Norway. Consulting business in Finland has remained stable.

The Renewable Energy segment has experienced record high activity level, implementing several large solar and wind park construction projects in Sweden and Finland.

The clearly decreased EBIT for the January-September 9 month period is due to a significant 5.8 million euros one-time loss concerning a single renewable project. The total loss of this project was 9.2 million euros, out of which 3.4 million euros was already booked in 2023.

Varied performance between the three segments is a natural part of our business landscape. These fluctuations can be attributed to market cycles, project timelines, and related factors. They also highlight the need for continuous adaptability, prudent risk management, and strategic foresight. 

NET SALES  
  
Net sales in Q3  
  
In Q3, Dovre Group’s net sales increased by 19.8% to EUR 63.2 (52.8) million.  
  
Project Personnel accounted for 40 (54) %, Consulting for 4 (7) %, and Renewable Energy for 56 (39) % of the Group’s net sales.

Project Personnel’s net sales decreased by 13.0% to EUR 25.1 (28.8) million, while net sales for Consulting decreased by 18.8% to EUR 2.8 (3.5) million. Net sales in Renewable Energy increased by a remarkable 72.5% to 35.3 (20.5) million euros.   

OPERATING PROFIT 
  
Profitability in Q3  
  
The Group’s EBITDA in Q3 decreased by 10.5% to EUR 2.6 (2.9) million. The Group’s operating profit decreased by 11.6% to EUR 2.4 (2.7) million. Project Personnel’s operating profit was EUR 1.0 (1.7) million. Consulting’s operating profit was EUR 0.3 (0.4) million and Renewable Energy’s operating profit was EUR 1.4 (0.9) million. The operating loss of the Group’s Other functions was -0.2 (-0.2) million.   

*Unallocated expenses include amortization of customer agreements and relations.  

PERSONNEL  
  
In Q3 2024, the average number of employees increased by 14.5% year-on-year. During January–September, Dovre Group employed an average of 740 people (660). The average number of employees during the period increased due to the organic growth of the Renewable Energy business area.  
  
On September 30. 2024., Dovre Group employed 806 (737) people, 541 (583) of whom were employed by Project Personnel, 77 (95) by Consulting, 184 (57) by Renewable Energy and 4 (2) by Other functions.   

*Change in accounting principles regarding the calculation of number of personnel. Dovre has previously included independent contractors working for Project Personnel business area in its’ number of personnel. As of this trading statement Dovre implements a principle where only personnel belonging to company payroll are being reported. All earlier period figures in the tables above have also been corrected so that they contain comparable information.

CASH POSITION  
  
On September 30, 2024., the Group’s net debt was EUR 3.0 (-1.7) million. The Group’s cash and cash equivalents totaled EUR 7.2 (9.2) million. The Group’s interest-bearing liabilities were EUR 10.2 (7.5) million, a total of EUR 6.7 (5.8) million of which were current and EUR 3.5 (1.7) million non-current.   
  
In January – September, net cash flow from operating activities totaled EUR 1.6 (3.8) million, which includes EUR 3.3 (0.7) million net effect due to a change in net working capital.
  
  

In Espoo, October 24, 2024  
  
DOVRE GROUP PLC  
BOARD OF DIRECTORS  

For additional information, please contact:  

Dovre Group Plc  
Arve Jensen. CEO  
tel.  +47 90 60 78 11  
arve.jensen@dovregroup.com  
  
  
Distribution  
Nasdaq Helsinki Ltd  
Major media  
www.dovregroup.com  
  

Attachment

• Dovre Group Q3 Trading Statement EN

Dovre Group Plc                Stock exchange release                October 8, 2024, at 2 p.m.

DOVRE GROUP PLC’s SECOND DIVIDEND INSTALLMENT BASED ON THE ANNUAL GENERAL MEETING DECISION (APRIL 4, 2024)

Dovre Group Plc’s Annual General Meeting (AGM), held on April 4, 2024, decided on the company’s dividend distribution in two installments. The first installment, 0.01 euros per share, was paid on April 15, 2024.

The second installment, 0.01 euros per share, will be paid on October 31, 2024. For this second installment the ex-dividend date is October 23, 2024, and the date of record is October 24, 2024.

For further information, please contact:

Dovre Group Plc
Hans Sten, CFO
Tel. +358 20 436 2000
hans.sten@dovregroup.com

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com

Dovre Group Plc         Half-year financial statement         August 15, 2024, at 9:00 a.m.

DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT 1.1.–30.6.2024

The figures presented in this half-year financial report are not audited. Last year’s corresponding period in parentheses. The Renewable Energy segment, consisting of the operations of the windmill park construction and construction design company Suvic Oy is fully consolidated in the Group’s financial statements. The non-controlling interest (49%) is presented as a separate line item in the income statements and balance sheet.

April–June 2024

• Net sales increased 7,5% to EUR 50.9 (47.3) million
  • Project Personnel: net sales EUR 25.3 (25.9) million – decrease of 2.4%.
  • Consulting: net sales EUR 3.5 (4.0) million – decrease of 13.0%
  • Renewable Energy: net sales EUR 22.1 million (17.4) – increase of 26.9 %
• EBITDA EUR 2.1 (1.8) million – increase of 19.7%
• Operating profit EUR 1.9 (1.5) million – increase of 25.7 %
• Profit before tax EUR 1.7 (1.3) million – increase of 30.2 %
• Earnings for the shareholders of the parent company EUR 1.0 (0.8) million – increase of 32.8%
• Earnings per share EUR 0.010 (0.007).
• Net cash flow from operating activities EUR 1.6 (2.9) million.

January–June 2024

• Net sales decreased by 0.1% to EUR 93.2 (93.1) million.
  • Project Personnel: net sales EUR 50.5 (50.7) million – a decrease of 0.4%.
  • Consulting: net sales EUR 7.1 (9.0) million – a decrease of 22.3%.
  • Renewable Energy: net sales EUR 35.6 (33.3) million – an increase of 6.9%.
• EBITDA was EUR 2.5 million negative (EUR 3.7 million positive)  
• Operating result was EUR 3.0 million negative (EUR 3.2 million positive)
• Profit before tax was EUR 3.3 million negative (EUR 2.8 million positive)
• Earnings for the shareholders of the parent company were EUR 1.4 million negative (EUR 1.8 million positive)
• Earnings per share were EUR -0,013 (0.017).
• Net cash flow from operating activities was EUR -0.3 (7.1) million.

Dovre Group’s profitability for the period was clearly negative due to a significant write-down (5.8 million euros) of a single Renewable Energy project in Q1. The project was technically successful but exceeded the cost budget considerably. Corrective actions have been taken and Suvic expects the remainder of 2024 to clearly exceed the comparison period of 2023 in both revenue and EBIT.

Outlook for 2024 unchanged (issued on 18 April 2024)

Dovre Group’s net sales in 2024 are expected to be in the range of 185 to 210 million euros and the operating profit (EBIT) is expected to be in the range of 2 to 4 million euros.

CEO ARVE JENSEN:

The start of the year 2024 was particularly challenging due to a significant write- down in one of our Renewable Energy projects – undertaken by our subsidiary, Suvic Oy. Apart from this setback, the remainder of Dovre Group`s operations have progressed in line with our expectations.

In the Renewable Energy segment, Suvic has commenced work on two new wind farm projects in Sweden and a Heat Pump plant for Fortum. In addition, Dovre Group has joined a renewable energy consortium in Pyhäsalmi, which encompasses three separate projects. Our initial commitment is to participate in the development of an 85 MW Battery Energy Storage System (BESS), adjacent to the former Pyhäsalmi copper and zinc mine. Our project development company, Renetec, is also evaluating several early-stage solar projects for further development.

In Project Personnel, the sales have remained strong and are on par with record highs from the previous year. Meanwhile, growth in both EMEA and Singapore has offset the reduction in North American sales following the completion of a big renewable energy project. However, profitability has decreased compared to the previous year, owing to a shift in our project and client portfolio.

In Consulting, the Norwegian market has been less active than last year. The effects of new temporary hiring legislation, which took effect last year, have had a limited impact on the energy sector's activity level thus far. On the other hand, the public sector in Norway has been more noticeably affected, slowing down hiring processes. Furthermore, there has been a decline in public investments across civil construction, transport and ICT. The Finnish market has remained stable, with both the Proha and eSite businesses developing as planned.

We also started the next phase of our sustainability reporting program, aligning them with the new CSRD reporting requirements to ensure that we continue to create value through sustainable practices.

Looking ahead, we recognize that uncertainties persist in the global market. Nevertheless, we anticipate strong demand for our services in the second half of the year. In addition, we are proactively implementing measures to enhance operational efficiency and drive sustainable profitability.

GROUP’S KEY FIGURES

This stock exchange release is a summary of Dovre Group Plc’s Half-Year Financial Report January 1 - June 30, 2024. The full bulletin is attached to this release and is also available online at www.dovregroup.com-> Investors

Espoo, August 15, 2024

DOVRE GROUP PLC
BOARD OF DIRECTORS

For additional information, please contact:

Dovre Group PLC

Arve Jensen, CEO
arve.jensen@dovregroup.com
tel. +47 90 60 78 11

Hans Sten, CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000

Financial reporting in 2024

Dovre Group releases its Q3 trading statement for January 1 – September 30, 2024, on Thursday, October 24, 2024.

Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com

The figures presented in this half-year financial report are not audited.

Attachment

• Dovre H1 2024 report ENG

Dovre Group Plc                Press release                        June 3, 2024, at 9.30 a.m.

Dovre joins the Pyhäsalmi renewable energy consortium’s 85 MW BESS solution

Dovre Group joins the Callio renewable energy consortium in Pyhäsalmi consisting of three separate projects. Dovre’s first commitment is to participate in developing an 85 MW Battery as an Energy Storage System (BESS) adjacent to the former Pyhäsalmi copper and zinc mine. The next two projects under the development of Callio are photovoltaic solar parks (PV) and an Underground Pumped Hydroelectric Storage (UPHS) facility in the actual mine, both for which Dovre has an option and interest to participate in.

The consortium will consist of Callio development company owned by the municipality of Pyhäsalmi, the Sustainable Energy Solutions Sweden Holding AB (publ) and Dovre Group Plc. The investment of Dovre is sufficient to maintain and further develop the BESS project to a Ready to Build (RTB) phase, as well as the UPHS project until such time that final decision must be made regarding the UPHS construction project later this year. The UPHS provides much higher efficiency rate compared to hydrogen storage systems, and has raised large interest among the investors for the actual construction project.

Ilari Koskelo, Vice Chairman of Dovre, comments:
"For the past few years Dovre’s focus in the Finnish market has been in the renewable energy development and construction business together with group companies Renetec Oy and Suvic Oy. I believe that the concentration of different renewable energy opportunities in the Pyhäsalmi area is innovative and provides energy production efficiency for Dovre and other market participants now and in the future.”

Henrik Boman, CEO of SENS, comments:
"We are excited to have Dovre Group Plc join our consortium as we see the formation of a new energy cluster in Finland. Their participation validates the appeal and effectiveness of SENS's solutions and expertise. With this partnership, we are entering the Finnish market confidently, supported by the trust our partners place in us. We are enthusiastic about our role in delivering sustainable energy storage to the region and contributing to its clean energy future.”

For further information, please contact:
Ilari Koskelo
Vice Chairman of the Board, Dovre Group Plc
Tel. +358 40 510 8408

Henrik Boman
CEO, Sustainable Energy Solutions Sweden Holding AB (SENS)
Tel. +46 70 224 63 61

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

About SENS
Sustainable Energy Solutions Sweden Holding AB (publ) (SENS), provides sustainable energy solutions enabling the transition to a fossil-free and CO2 neutral energy mix both locally and internationally. SENS develops, designs, constructs and sells large-scale energy projects combining renewable energy sources with next generation energy storage technologies such as underground pumped hydro storage (UPHS) and/or battery energy storage systems (BESS). The company also conducts technical advisory consultancy services within energy storage and energy systems optimisation. The company is listed on NGM Nordic SME under the short name SENS.

Distribution:
Nasdaq Helsinki
Major media
www.dovregroup.com

Dovre Group Plc                   Managers’ Transactions               April 29, 2024, at 10 a.m.

Dovre Group Plc: Managers' Transactions – Koskelo Ilari

____________________________________________

Person subject to the notification requirement

Name: Ilari Koskelo

Position: Member of the Board/Deputy member

Issuer: Dovre Group Plc

LEI: 7437000NA1I6Y1OQWL24

Notification type: INITIAL NOTIFICATION

Reference number: 60259/5/4

____________________________________________

Transaction date: 2024-04-25

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: SHARE

ISIN: FI0009008098

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 36 Unit price: 0.325 EUR

(2): Volume: 600 Unit price: 0.325 EUR

(3): Volume: 21650 Unit price: 0.325 EUR

(4): Volume: 7500 Unit price: 0.325 EUR

(5): Volume: 214 Unit price: 0.325 EUR

Aggregated transactions (5):

Volume: 30000 Volume weighted average price: 0.325 EUR

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com