Consti

11.3.2025 15:00:01 EET | Consti Oyj | Annual Financial Report

CONSTI PLC STOCK EXCHANGE RELEASE 11 MARCH 2025, at 3.00 p.m.

Consti Plc's Annual Report 2024 published

Consti Plc's Annual Report 2024, including complete Financial Statements of the Parent Company and the Group, Board of Director's Report and Auditor's Report, has been published in Finnish and English. The Sustainability Report, prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the relevant Finnish legislation, is included as part of the Report by the Board of Directors. The Sustainability Report has been assured by KPMG Oy Ab at the level of limited assurance. The assurance was performed in accordance with the International Standard on Assurance ISAE 3000 (Revised).

The Financial Statements are also published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The format is Extensible Hypertext Markup Language (XHTML). In line with the ESEF requirements, the primary financial statements have been labelled with XBRL tags. Notes to financial statements have been labelled with XBRL block tags. KPMG Oy Ab, authorised public accountants, has provided an independent auditor’s reasonable assurance report on Consti’s XBRL tags in accordance with ISAE 3000.

Consti has also published its Corporate Governance Statement and Remuneration Report for 2024.

The Annual Report, Corporate Governance Statement and Remuneration Report for 2024 are all available as pdf files as an appendix to this stock exchange release and the Annual Report containing the official Financial Statements also as an XHTML file (XHTML file is published only in Finnish). All documents are also available on company's website at www.consti.fi > Investors. Printed copies of the Annual Report are available as from 3 April 2025.

Consti Plc

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi  

Attachments

• 743700JMXCC11CRJCS71-2024-12-31-0-fi.zip
• consti-annual-report-2024.pdf
• Corporate Governance Statement 2024.pdf
• Remuneration Report 2024.pdf

7.3.2025 17:00:01 EET | Consti Oyj | Managers' Transactions

CONSTI PLC MANAGERS’ TRANSACTIONS 7 MARCH 2025, at 5.00 p.m.

Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Risto Kivi
Position: Other senior manager
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 99002/6/7

____________________________________________
Transaction date: 2025-03-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE 

Transaction details
(1): Volume: 4196 Unit price: 0 EUR 

Aggregated transactions (1): 
Volume: 4196 Volume weighted average price: 0 EUR

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

7.3.2025 17:00:02 EET | Consti Oyj | Managers' Transactions

CONSTI PLC MANAGERS’ TRANSACTIONS 7 MARCH 2025, at 5.00 p.m.

Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Esa Korkeela
Position: Chief Executive Officer
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 98262/6/6

____________________________________________
Transaction date: 2025-03-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE 

Transaction details
(1): Volume: 8630 Unit price: 0 EUR 

Aggregated transactions (1): 
Volume: 8630 Volume weighted average price: 0 EUR

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

28.2.2025 09:30:01 EET | Consti Oyj | Other information disclosed according to the rules of the Exchange

CONSTI PLC STOCK EXCHANGE RELEASE 28 February 2025, at 09.30 a.m.

CONSTI PLC'S BOARD DECIDED TO CONTINUE THE KEY EMPLOYEE SHARE-BASED INCENTIVE PLAN

Consti Plc's Board has decided to continue the key employee share-based incentive plan launched in 2016. The aim of the plan is to align the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to engage the key employees to the Company, and to offer them a competitive reward plan based on earning of the Company's shares.

The plan offers the key employees that belong to the target group of the plan an opportunity to earn the Company’s shares as reward by converting half or all of their performance-based bonuses to be earned on the basis of the Company’s bonus scheme in 2025 into shares. Before the reward payment, the performance-based bonuses that have been converted into shares will be multiplied by a reward multiplier determined by the Board.

The potential reward from the performance period 2025 will be paid to participants partly in shares and partly in cash after a two-year vesting period in 2028. The cash portion is aimed at covering taxes and tax-related costs arising from the reward to key employees. Dividends and other potential distribution of assets paid during the vesting period will be compensated to the key employees in connection with the reward payment.

During the performance period 2025, a maximum of approximately 76 key employees will belong to the target group of the plan, including the members of the Management Team. The rewards to be paid for the performance period 2025 will amount up to a maximum total of approximately 309,072 Consti Plc shares at the prevailing share price level, including also the cash portion, providing that all of the key employees that belong to the target group of the plan decide to participate and convert their performance-based bonuses entirely into shares.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

28.2.2025 09:00:00 EET | Consti Oyj | Notice to general meeting

CONSTI PLC NOTICE TO THE ANNUAL GENERAL MEETING

28 February 2025 at 9.00 a.m. (EET)

Notice to the Annual General Meeting of Consti Plc

The shareholders of Consti Plc are invited to the Annual General Meeting to be held on 3 April 2025 as of 1:00 p.m. EEST at the address Valimo Park, Valimotie 16, FI-00380 Helsinki. The reception of persons who have registered for the meeting and the distribution of ballots at the venue will commence at 12:30 p.m. EEST.

A. Matters on the agenda of the General Meeting

The following matters will be discussed at the General Meeting:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinise the minutes and to supervise the counting of votes

4. Recording the legality of the meeting

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

6. Presentation of the Financial Statements, Annual Report and the Auditor’s Report for the year 2024

Review by the CEO.

The Annual Report of the company, which includes the company’s financial statements, consolidated financial statements, the Board of Directors’ Report, the auditor’s report and the assurance report of the sustainability report, will be made available on the company’s website at https://investor.consti.fi/en no later than three weeks prior to the General Meeting.

7. Adoption of the Financial Statements, including the adoption of the Consolidated Financial Statements

8. Use of the profit shown in the balance sheet and resolution on the payment of dividends

The Board of Directors proposes to the General Meeting that a dividend of EUR 0.70 per share be paid for the financial year of 2024.

The Board of Directors proposes that the dividend is paid in two instalments. The first instalment, EUR 0.35 per share, will be paid to shareholders who are registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend of 7 April 2025. The Board of Directors proposes that this instalment of the dividend will be paid on 14 April 2025.

The second instalment, EUR 0.35 per share, will be to shareholders who are registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend, which, together with the dividend payment date, shall be decided by the Board of Directors in its meeting scheduled for 23 October 2025. The record date of the dividend date would then be 27 October 2025 and the dividend payment date 3 November 2025.

It is noted that the distribution of dividend proposed by the Board of Directors exceeds the amount of minority dividend as set out in Chapter 13, Section 7 of the Limited Liability Companies Act. The shareholders therefore cannot demand the minority dividend nor vote in favour of it.

9. Resolution on the discharge of the members of the Board of Directors and the managing director from liability for the financial year 1 January through 31 December 2024

10. Handling of the Remuneration Report of Governing Bodies

The company’s Remuneration Report for 2024 is available on the company’s website at https://investor.consti.fi/en.

The Board of Directors proposes the approval of the Remuneration Report of 2024. According to the Finnish Limited Liability Companies Act, the resolution is advisory.

11. Resolution on the remuneration of the members of the Board of Directors

The Nomination and Remuneration Committee proposes to the General Meeting that the members of the Board of Directors be paid as follows: EUR 54,000 to the Chairman of the Board of Directors and EUR 42,000 to the members of the Board of Directors. In addition, a fee of EUR 500 per member per meeting is paid for Board meetings. The travel expenses incurred from participating in the meetings of the Board of Directors are also compensated against an invoice. No separate remuneration is awarded for committee work.

12. Resolution on the number of members of the Board of Directors

The Nomination and Remuneration Committee proposes to the General Meeting that the number of members of the Board of Directors be confirmed to be a total of six (6).

13. Election of members of the Board of Directors

The Nomination and Remuneration Committee proposes to the General Meeting that the current members of the Board of Directors, Petri Rignell, Erkki Norvio, Anne Westersund, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen, be re-elected for the next term of office.

The above-mentioned persons have given their consent to the election. The personal details of the candidates for the members of the Board of Directors are introduced on the company’s website at the address https://investor.consti.fi/en.

14. Resolution on the remuneration of the auditor

The Board of Directors proposes to the General Meeting that the auditor is paid a remuneration against a reasonable invoice approved by the company.

15. Election of the auditor

The Board of Directors proposes to the General Meeting that the authorised public accounting firm KPMG Oy Ab be elected as the auditor of the company for the next term of office. KPMG Oy Ab has informed that Turo Koila, Authorised Public Accountant, would act as the responsible auditor.

16. Resolution on the remuneration of the sustainability reporting assurer

The Board of Directors proposes to the General Meeting that the assurer of the sustainability reporting is paid a remuneration against a reasonable invoice approved by the company.

17. Election of the sustainability reporting assurer

The Board of Directors proposes to the General Meeting that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the company’s sustainability reporting assurer for the next term of office. KPMG Oy Ab has informed that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Turo Koila would act as the sustainability reporting auditor with principal responsibility.

18. Authorising the Board of Directors to decide on the acquisition of the company’s own shares

The Board of Directors proposes that the General Meeting authorise the Board of Directors to resolve on the acquisition of the company’s own shares in one or more tranches as follows:

The number of own shares to be acquired may not exceed 700,000 shares. The proposed number of shares corresponds to approximately nine (9) per cent of the aggregate number of shares in the company on the convocation date of the General Meeting. However, the company cannot, together with its subsidiaries, own or accept as a pledge altogether more than 10% of its own shares at any point in time.

The own shares can be acquired under the authorisation only with unrestricted equity.

The own shares can be acquired on the acquisition date at the price formed in public trading or at a price otherwise formed on the market.

The Board of Directors resolves on how the own shares are acquired. Inter alia derivatives can be used in the acquisition. The own shares can be acquired otherwise than in proportion to the share ownership of the shareholders (directed acquisition). The shares can be acquired through public trading on Nasdaq Helsinki Ltd at a price formed in public trading on the date of the acquisition.

The authorisation cancels any previous unused authorisations for the acquisition of own shares. The authorisation is valid until the following Annual General Meeting, however no longer than until 30 June 2026.

19. Authorising the Board of Directors to resolve on a share issue and the issuance of special rights entitling to shares

The Board of Directors proposes that the General Meeting authorises the Board of Directors to resolve on the issuance of shares and on the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in one or more tranches, either against or without consideration. The Board of Directors may, under the authorisation, resolve on the issuance of new shares and/or transfer of own shares held by the company.

The number of shares to be issued or transferred under the authorisation, including shares acquired under special rights, may not exceed 800,000 shares. The proposed number of shares corresponds to approximately ten (10) per cent of the aggregate number of shares in the company on the convocation date of the General Meeting.

The authorisation entitles the Board of Directors to resolve on all terms that apply to the share issue and to the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right. The Board of Directors may decide to either issue new shares or to transfer any treasury shares held by the company.

This authorisation revokes any previous unused authorisations to decide on a share issue and the issuance of options or other special rights entitling to shares. The proposed validity period of the authorisation is until the following Annual General Meeting, however not longer than until 30 June 2026.

20. Closing of the meeting

B. Documents of the General Meeting

The above-mentioned proposals on the matters on the agenda of the General Meeting, this notice as well as the Remuneration Report, the Financial Statements, the Board of Directors’ Report including the sustainability report, the Auditor’s Report and the assurance report of the sustainability statement will be available on Consti Plc’s website at https://investor.consti.fi/en by 13 March 2025, at the latest. Copies of the proposals and other documents referred to above and of this notice will be sent to shareholders upon request. The minutes of the General Meeting will be available on the above-mentioned website on 17 April 2025, at the latest.

C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE GENERAL MEETING

1. Shareholders registered in the shareholders’ register

The shareholders who have been registered on the record date of the General Meeting, i.e. 24 March 2025, in the shareholders’ register of the company maintained by Euroclear Finland Ltd are entitled to participate in the General Meeting. Shareholders whose shares are registered in their personal Finnish book-entry accounts are registered in the shareholders’ register of the company. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

The registration will commence on 28 February 2025 at 12:00 noon EET. Shareholders who are registered in the shareholders’ register of the company and who wish to participate in the General Meeting must register for the General Meeting by 27 March 2025 at 4:00 p.m. EET at the latest, by which time the registration must be received.

Shareholders with a Finnish book-entry account can register from 28 February 2025 at 12:00 noon EET to 27 March 2025 at 4 p.m. EET by the following means:

a)       On Consti’s website at https://investor.consti.fi/en. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate. A representative of a legal person must also identify themselves with their own personal bank code. The representative is then able to state which company or organisation they represent.

b)       By email. Shareholders registering by e-mail shall submit the registration form available on the company’s website at https://investor.consti.fi/en or equivalent information to agm@innovatics.fi.

c)       By mail. Shareholders registering by mail shall submit the registration form available on the company’s website at https://investor.consti.fi/en or equivalent information to Innovatics Oy, General Meeting / Consti Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki.

d)       Calling + 358 10 2818 909 on weekdays between 9:00 a.m. and 12:00 p.m. and 1:00 p.m. and 4:00 p.m. (EET).

The shareholder and their representative are required to provide the requested information, such as the shareholder’s name, date of birth or business ID, contact details, the name of any assistant or proxy representative, if any, the proxy representative’s date of birth and contact details. The personal details given by the shareholder when registering are only used in the context of the General Meeting and when handling the necessary registrations pertaining thereto.

The shareholders and their representatives or proxies must be able to prove their identity and/or right of representation at the meeting.

Further information on registration is available by telephone during the registration period for the AGM by calling Innovatics Oy at +358 10 2818 909 on weekdays from 9:00 a.m. to 12:00 noon and from 1:00 p.m. to 4:00 p.m. (EET).

2. Proxy representatives and powers of attorney

Shareholders may participate in the General Meeting and exercise their rights at the meeting by way of proxy representation. The proxy representative must identify themselves by strong identification in the registration service, after which the proxy representative can register on behalf of the shareholder. The proxy representative must produce a dated power of attorney or otherwise prove in a reliable manner that they are entitled to represent the shareholder at the General Meeting. Right of representation can be proved by utilising the Suomi.fi authorisation service in the electronic registration service. More information available at www.suomi.fi/e-authorizations.

In the event that a shareholder participates in the General Meeting by means of several proxy representatives that represent the shareholder based on shares held in different securities accounts, the shares represented by each proxy representative must be specified when registering for the General Meeting.

The proxy documents, if any, should be delivered primarily as an attachment in connection with electronic registration or alternatively by mail to Innovatics Oy, Annual General Meeting / Consti Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by e-mail to agm@innovatics.fi before the end of the registration period. In addition to providing the proxies, the shareholder or the shareholder’s proxy must arrange the registration to the General Meeting as described above in this notice. Model proxy documents are available on the company’s website https://investor.consti.fi/en.

3. Holders of nominee-registered shares

The holders of nominee-registered shares are entitled to participate in the General Meeting by virtue of the shares based on which they would be entitled to be registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the General Meeting, i.e. 24 March 2025.

Participation also requires that the shareholder on the basis of such shares has been registered in the temporary shareholders’ register held by Euroclear Finland Ltd at the latest by 31 March 2025 at 10:00 a.m. EEST. With regard to nominee-registered shares, this is considered to constitute due registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

Holders of nominee-registered shares are advised to request in good time necessary instructions regarding temporary registration in the shareholders’ register of the company, issuing of proxy documents, registration and participation for the General Meeting from their custodian bank. The account management organisation of the custodian bank has to register a nominee-registered shareholder wishing to participate in the General Meeting to be temporarily registered in the shareholders’ register of the company no later than the time stated above.

4. Other instructions and information

The meeting language is Finnish.

Shareholders attending the General Meeting shall be entitled under Chapter 5, Section 25 of the Limited Liability Companies Act to request information with respect to the matters to be considered at the General Meeting.

On the convocation date 28 February 2025, Consti Plc has a total of 8,016,567 shares entitling to an equal number of votes. On the convocation date 28 February 2025, the company holds a total of 103 300 of its own shares which do not entitle their holder to vote at the General Meeting.

In Helsinki, 28 February 2025

CONSTI PLC

Board of Directors

Additional information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd

Major media

www.consti.fi

Consti in brief:

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

7.2.2025 08:30:01 EET | Consti Oyj | Financial Statement Release

CONSTI PLC FINANCIAL STATEMENTS BULLETIN 7 FEBRUARY 2025, at 8.30 a.m.                                       

Consti Plc Financial Statements Bulletin for January – December 2024

A REASONABLE YEAR IN A CHALLENGING MARKET

10–12/2024 highlights (comparison figures in parenthesis 10–12/2023):

• Net sales EUR 92.3 (86.1) million; growth 7.2 %
• EBITDA EUR 4.6 (4.9) million and EBITDA margin 5.0 % (5.7 %)
• Operating result (EBIT) EUR 3.6 (3.9) million and EBIT margin 3.9 % (4.5 %)
• Order backlog EUR 240.1 (270.0) million; change -11.1 %
• Order intake EUR 67.2 (91.6) million; change -26.7%
• Free cash flow EUR 4.8 (2.8) million
• Earnings per share EUR 0.33 (0.37)

1–12/2024 highlights (comparison figures in parenthesis 1–12/2023):

• Net sales EUR 326.7 (320.6) million; growth 1.9 %
• EBITDA EUR 14.3 (15.9) million and EBITDA margin 4.4 % (5.0 %)
• Operating result (EBIT) EUR 10.2 (12.3) million and EBIT margin 3.1 % (3.9 %)
• Order intake EUR 259.0 (280.0) million; change -7.5%
• Free cash flow EUR 7.2 (13.1) million
• Earnings per share EUR 0.91 (1.17)
• The Board of Directors proposes a dividend of EUR 0.70 per share. The Board proposes that the dividend be paid in two instalments. The first instalment of EUR 0.35 per share be paid in April 2025 and the second instalment of EUR 0.35 per share be paid in November 2025.

Guidance on the Group outlook for 2025:
Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.

CEO Esa Korkeela’s comment

“In 2024, the overall market for building construction is estimated to have decreased by about 6 percent from the previous year. Although renovation is significantly less sensitive to economic cycles than new construction, renovation also continued to decline.

Despite the market situation, we succeeded in increasing our net sales during the financial year. The decline in net sales in the construction business areas was compensated by the 45.5 percent growth of our Building Technology business area compared to 2023. Our total net sales for the year grew by 1.9 percent and reached 326.7 (320.6) million euros. Our full-year operating result was 10.2 (12.3) million euros, which is 3.1 (3.9) percent of the net sales. Regardless of the prevailing market conditions and sharply intensified competition, we have managed to maintain a reasonable level of profitability in 2024.

Our net sales in October-December increased by 7.2 percent and amounted to 92.3 (86.1) million euros. Net sales grew in the Building Technology and Housing Companies business areas but contracted in the Corporations and Public Sector business areas. Our operating result for October-December was 3.6 (3.9) million euros, which is 3.9 (4.5) percent of the net sales. Operationally, the last quarter of the year proceeded in line with our expectations, and projects progressed predominantly as planned. Our balance sheet and liquidity position at the end of the review period remained at a good level.

During the whole year, our order intake amounted to 259.0 (280.0) million euros. During October-December, we received new orders worth 67.2 (91.6) million euros, which means a 26.7 percent decrease compared to the strong reference period. Order intake during the review period was affected by continued intense competition, continued weak demand in the private real estate investment company market, and disciplined tendering activities. The order intake was positively affected by new orders in our Housing Companies business area in the fourth quarter, as a result of which the order backlog of our Housing Companies business area was approximately 29 million euros higher at the end of the review period than in the comparison period. Overall, our order backlog decreased by 11.1 percent compared to the reference period and amounted to 240.1 (270.0) million euros.

The implementation of our strategy, published in February 2024, is ongoing. During the review period, we continued to invest in the growth of our Building Technology business area. Our operational efficiency improvement initiatives continued to focus on ensuring the performance of our business in the prevailing operating environment, emphasizing, among other things, tendering activities and improving the efficiency of our production.

In the fourth quarter, the readiness of housing companies and the public sector for renovation investments remained at a reasonable level in our operating areas. The sharp decline in demand for new construction has significantly increased competition for renovation projects and building technology contracts. However, we believe that the prevailing market situation favours a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver diverse projects ranging from small service contracts to extensive construction projects.

We do not expect a significant improvement in the demand outlook for construction during the first half of 2025. Supported by our healthy order backlog, we aim to continue delivering solid results, while focusing on implementing our current strategy.

I would like to thank all our customers and partners for their good cooperation, as well as all Consti employees for their committed and determined contribution during 2024.”

Operating environment

In 2024, building construction continued to decline, but the decrease levelled off from the previous year. The sharp decline in building construction is primarily due to the halt in new housing production after an exceptionally intense period of housing construction. Residential new construction decreased by approximately 30 percent for the second consecutive year. In other building construction, the changes have been far less significant.

Renovation is needs-based and thus less sensitive to economic cycles than new construction. However, the steady growth of renovation over the past 20 years came to a halt in 2023, and the decline continued in 2024. In its September review, the Confederation of Finnish Construction Industries RT estimated that the development of renovation in 2024 was -4 percent. Euroconstruct's estimate, published in December, is        -0.9 percent.

According to Euroconstruct's estimate, total housebuilding construction output, including both new construction and renovation, shrank by about 6 percent in 2024 compared to the previous year.

Nearly two-thirds of renovation work is focused on residential buildings, and more than half of this is estimated to be professional renovation. In residential renovations, building technology plays a key role, accounting for about 35 percent of the value of renovations.

The sharp drop in new construction has meant that more money is currently being spent on renovating existing homes than on building new ones. At the same time, competition for renovation projects and building technology contracts has intensified significantly. In 2024, the value of residential building renovations remained almost on level with 2023, i.e. around nine billion euros. The value of other renovations was about six billion euros.

In non-residential buildings, in addition to technical age-related repairs, renovations include a great deal of building purpose modifications, such as converting old, underutilized office buildings into hotels or apartments, or improving them to better meet current needs.

About one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential buildings.

New construction of non-residential buildings remained roughly on level with 2023 in 2024. Growth has been driven by large hospital and school projects. Office construction has also continued in the Helsinki metropolitan area. Industrial construction, on the other hand, decreased. Several planned energy-related projects are expected to boost industrial construction in the coming years.

Euroconstruct estimates the overall development of new construction to be about -11 percent in 2024.

Renovation has been reduced partly by the same reasons as new construction, such as rising interest rates, inflation, and repair costs, as well as increased maintenance costs for properties, such as the rising cost of heating.

However, residential renovation is estimated to have remained almost at the previous year's level in 2024. Euroconstruct's estimate is a -0.4 percent change from 2023, and the same message is conveyed by the Renovation Barometer published by the Finnish Real Estate Federation in November. The outlook for housing companies improved, especially at the end of the year, due to a clear decline in interest rates.

According to the Finnish Real Estate Federation's Renovation Barometer, water and sewer systems remain the top renovation priority for apartment buildings. The next most common renovations are roof and facade repairs, as well as heating system modernisations. The rising cost of district heating in many cities is a key factor driving heating system upgrades.

Renovations of commercial and office spaces have also been postponed due to the rapid rise in costs. In addition, the oversupply of commercial spaces and the decline in property prices have slowed down repairs. As the economic situation improves, the oversupply is expected to encourage property owners to improve the competitiveness and rentability of their spaces.

Both total housebuilding construction and renovation are expected to return to a growth trajectory in 2025. Euroconstruct's forecast for housebuilding construction growth in 2025 is 5.3 percent. Following a weak comparison year, new housing construction is expected to grow by about 26 percent. Non-residential construction is expected to grow by about 2 percent.

The renovation market is projected to return to moderate growth. Euroconstruct's growth forecast is 0.3 percent, while RT's is 1.0 percent. The anticipated growth is primarily driven by residential building renovations.

The demand for renovation is supported by the large number of residential buildings that are reaching the age for pipeline renovations. Properties built in the 1970s, which have the largest amount of residential floor space, are now in need of renovation. Additionally, many properties from the 1980s, a significant portion of which are row houses, are also reaching renovation age, with 1980s apartments representing the largest share in terms of quantity.

In addition to building technology renovations, many housing companies have an increasing need for facade repairs, which have often been overshadowed by pipeline renovations for financial reasons. The importance of facade repairs and maintenance continues to grow as winters become increasingly wet. Alongside technical repair needs, expectations for living comfort have risen. The repair needs of commercial spaces are also driven by changing space requirements.

The EU's Energy Efficiency Directive, which came into force in May 2024, is driving the need for energy renovations. The directive aims to reduce the energy consumption and greenhouse gas emissions of buildings. In commercial properties, the demand for energy renovations is also influenced by user requirements – including both financial considerations and environmental certification standards. The need for energy renovations applies to both residential housing companies and various commercial spaces.

Overall, the need for renovation is maintained by both the aging building stock and societal changes such as urbanisation, population aging, changes in working methods and retail, and sustainability goals. Renovation plays a central role in reducing the carbon footprint of the built environment, as the number of new buildings grows by only about one percent per year.

Both new construction and renovations are strongly concentrated in growth centres in Finland.

Outlook for 2025

According to forecasts, the renovation market is expected to return to moderate growth.

Euroconstruct's growth forecast is 0.3 percent, while RT's is 1.0 percent. According to Euroconstruct's forecast, the value of residential building renovations will grow slightly, while the value of other renovations will decrease slightly.

Euroconstruct forecasts a 5.3 percent growth for housebuilding construction in 2025. After a weak comparison year, new housing construction is expected to grow by about 26 percent. Non-residential construction is expected to grow by about 2 percent.

The continued weak demand for new construction has maintained tight competition for renovation projects and building technology contracts. Construction demand prospects are weakened by interest rates, persistently high construction costs, and tightened financing availability, and Consti does not expect a significant improvement in construction demand prospects during the first half of 2025.

Despite the market conditions, Consti aims to continue delivering solid results, supported by a healthy order backlog, while focusing on the implementation of its updated strategy.

Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.

Press conference

Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 7 February 2025, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Financial reporting in 2025

Consti will publish its Financial Statements, Board of Directors’ Report, Auditors’ Report, and Corporate Governance Statement on the company website during week 11/2025.

Consti Plc’s Annual General Meeting shall be arranged on Thursday, 3 April 2025 in Helsinki. Invitation to the Annual General Meeting will be published later as a separate Stock Exchange release.

Consti Plc shall publish three interim reports during 2025:

• Interim report 1-3/2025 published 25 April 2025
• Half-year financial report 1-6/2025 published 18 July 2025
• Interim report 1-9/2025 published 24 October 2025

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619 

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

Attachments

• Consti Financial Statements Bulletin 2024.pdf

28.1.2025 13:00:00 EET | Consti Oyj | Investor News

CONSTI PLC INVESTOR NEWS 28 JANUARY 2025, at 1:00 p.m.

Consti Plc's Financial Statements Bulletin for January-December 2024 to be published on 7 February 2025 at 8:30 a.m.

Consti Plc's Financial Statements Bulletin for January-December 2024 to be published on 7 February 2025 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.

Briefing for analysts, portfolio managers and media representatives will take place on the same day, 7 February 2025, at 10:00 a.m. (EET) via Teams. The briefing will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Analysts, portfolio managers and media representatives are kindly requested to register for the briefing no later than Thursday 6 February 2025 at 12.00 noon by sending an email to IR@consti.fi. The participation link will be sent to registered participants during the afternoon of Thursday 6 February 2025.

The presentation material (in English) will be published on the company's investor site after the presentation.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

25.10.2024 08:30:02 EEST | Consti Oyj | Interim report (Q1 and Q3)

CONSTI PLC INTERIM REPORT 25 OCTOBER 2024, at 8.30 a.m.                                            

Consti Plc Interim Report for January – September 2024                                     

SOLID PERFORMANCE CONTINUED, ORDER BACKLOG AT A GOOD LEVEL

7–9/2024 highlights (comparison figures in parenthesis 7–9/2023):

• Net sales EUR 86.0 (89.9) million; change -4.3%
• EBITDA EUR 4.4 (5.7) million and EBITDA margin 5.1% (6.3%)
• Operating result (EBIT) EUR 3.4 (4.8) million and EBIT margin 3.9% (5.3%)
• Order backlog EUR 250.4 (247.3) million; growth 1.3 %
• Order intake EUR 64.8 (23.2) million; growth 178.8%
• Free cash flow EUR 1.7 (7.1) million
• Earnings per share EUR 0.31 (0.47)

1–9/2024 highlights (comparison figures in parenthesis 1–9/2023):

• Net sales EUR 234.4 (234.5) million; change -0.1%
• EBITDA EUR 9.7 (11.0) million and EBITDA margin 4.1% (4.7%)
• Operating result (EBIT) EUR 6.6 (8.4) million and EBIT margin 2.8% (3.6%)
• Order intake EUR 191.9 (188.4) million; growth 1.8%
• Free cash flow EUR 2.4 (10.3) million
• Earnings per share EUR 0.58 (0.79)

Guidance on the Group outlook for 2024:
Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.

CEO Esa Korkeela’s comment

"Consti’s solid performance continued in the third quarter of the year. Our third-quarter net sales decreased by 4.3 percent to EUR 86.0 (89.9) million. The strong growth in the Building Technology business area continued during the quarter, growing by 34.5 percent. In the Public Sector business area, net sales grew by 2.7 percent, while in the Corporations and Housing Companies business areas, net sales decreased compared to the reference period. Our net sales for January-September remained at last year’s level and was EUR 234.4 (234.5) million.

Our operating result for July-September was EUR 3.4 (4.8) million, which is 3.9 (5.3) percent of net sales. Operationally, the third quarter of the year proceeded in line with our expectations, with projects progressing predominantly as planned. Profitability remained stable compared to the reference period adjusted for the gain recorded from the sale of the property-related relining business. Our relative profitability in the third quarter was mainly affected by changes in the relative net sales shares of our business areas in comparison with the reference period, the lower level of net sales, and also partly by allocation of resources in tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position at the end of the review period remained at a good level.

During July-September, our order intake amounted to EUR 64.8 (23.2) million, which represents a 178.8 percent increase compared to the weak reference period. Although tightened competition and weakened demand affected our order intake, we are satisfied with the total number and quality of the orders received. The distribution of orders between business areas and units was not optimally realised during the reporting period, and we have targeted adjustment measures at some of our units. Our order backlog at the end of the review period increased by 1.3 percent compared to the reference period and was EUR 250.4 (247.3) million.

The implementation of our strategy, published in February 2024, is underway. During the reporting period, we continued our efforts aiming for the growth of our Building Technology business area. Our operational efficiency improvement initiatives continued to focus on ensuring the performance of our business in the prevailing operating environment, emphasizing, among other things, bidding activities and improving the efficiency of our production.

Based on our current market outlook, we expect demand for renovation and building technology services to remain weak in 2024. According to forecasts, renovation is expected to contract by about 4 percent in 2024. The significant weakening of demand for new construction has clearly increased competition for renovation projects and building technology contracts.

In the third quarter, the readiness for renovation investments in housing companies and the public sector has remained at a reasonable level in our operating areas, but private real estate investment companies have remained cautious about launching new construction projects. However, we believe that the prevailing market conditions favour a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver diverse projects ranging from small service contracts to extensive construction projects.

We do not expect a significant improvement in the demand outlook for construction in the last quarter of the year. However, supported by our healthy order backlog, we aim to continue delivering solid results and focus on implementing our updated strategy.”

Operating environment 

Construction market 2024-25

The Confederation of Finnish Construction Industries RT estimates in its September 2024 review that the total volume of construction will decrease by about 7 percent in 2024 compared to last year. Based on RT’s forecast, the volume of renovation is expected to decrease by about 4 percent and new housing construction by about 26 percent in 2024. Like new construction, renovation has suffered from rapidly rising construction costs and interest rates, as well as tighter availability of financing, especially outside growth centres.

According to RT’s forecast, the total volume of construction is expected to grow by about 4 percent in 2025. Renovation is forecast to grow by 1 percent and new housing construction by about 15 percent in 2025.

The Confederation of Finnish Construction Industries RT estimates that the decline in renovation will continue into the second half of this year but predicts that the decrease in costs and interest rates will improve the conditions for renovation already during the end of the year. In addition, the demand for renovation may be accelerated by the shift in demand towards old properties instead of new construction.

The renovation market in general

The demand for renovation has been steady in Finland for a long time, and the market value of renovation is almost the same as that of new construction. In 2023, the value of residential building renovation remained on level with the previous year, i.e. around EUR 9 billion. The value of other renovation was still around EUR 6 billion.

Nearly two-thirds of renovation involve residential properties, with over half of them being professional renovation. In residential renovation, there is a notable emphasis on building technology, constituting around 40 percent of the total value of renovation.

The renovation market encompasses not only technical repairs related to building age but also significant building purpose modifications, for example, converting old, underutilised office properties into hotels or apartments, or improving usability by renewing layouts.

Approximately one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential properties. 

In needs-based renovation, facade repairs and pipeline renovation are the largest projects for residential buildings. The number and value of pipeline renovation have been growing faster than other renovation for a long time, and this growth is expected to continue for a few more years. The growth is sustained by the large number of residential buildings that have reached the age when pipeline renovation are required. For a long time, apartment buildings built in the 1960s had the most building technology renovation. Now, properties built in the 1970s, which have the largest number of dwellings in terms of floor area, and partly properties from the 1980s, which are the most numerous due to e.g., the large number of terraced house construction, have reached renovation age. In addition to addressing technical repair needs, building technology enhancements improve living comfort.

Together with pipeline renovation, the increase in heating costs and the green transition contribute to growth in the building technology market. While energy efficiency has so far been primarily addressed alongside other renovation, the rising cost of energy and carbon neutrality goals have increased interest in separate energy renovation.

Besides building technology renovation, many housing companies have a growing need for facade renovation, which have often been neglected due to financial reasons in favour of pipeline renovation. Climate change significantly increases the demand for facade renovation and related maintenance services. The importance of roofs, eaves, cladding, and intact facades grows as winters become wetter, slanting rainfall increases and extreme weather phenomena intensify.  The need for facade renovation is also heightened by the large number of residential buildings from the 1970s and 1980s reaching the renovation age.

In addition to renovation related to building technology and environmental goals, the need for renovation in commercial and office premises is increased by changes in space needs.

The need for renovation is sustained by both the aging building stock and global megatrends such as urbanisation, an aging population, changes in working habits and retail, and sustainability goals. Renovation play a crucial role in reducing the carbon footprint of the built environment, as the number of new buildings increases by only about one percent annually.

In Finland, both new construction and renovation are still strongly concentrated in growth centres.

Outlook for the 2024

The volume of housing construction in Finland is expected to decrease by about 8 percent in 2024 compared to last year. The volume of new construction is forecast to decrease by about 12 percent and the volume of renovation by 4 percent in 2024.

Consti expects demand for renovation and building technology services to weaken in 2024. The significant weakening of demand for new construction has clearly increased competition for renovation projects and building technology contracts. In January-September 2024, the readiness of housing companies and the public sector to invest in renovations has remained at a reasonable level in Consti’s operating areas, but private real estate investment companies have continued to be cautious about starting new construction projects. The demand outlook for construction is weakened by persistently high construction costs and interest rates, as well as tighter availability of financing, and Consti does not expect a significant improvement in the last quarter of the year.

Despite the market situation, Consti aims to continue solid performance supported by a healthy order backlog during the rest of the year 2024.

Consti estimates that its operating result for 2024 will be in the range of EUR 9-12 million.

Press conference

Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 25 October 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Financial communication in 2025

Consti Plc’s Financial Statements for 2024 will be published 7 February 2025.

The electronic version of the annual report, which includes the full financial statements for 2024, will be published in week 11/2025.

Consti Plc’s Annual General Meeting for 2025 is scheduled to take place on Thursday, 3 April 2025 in Helsinki.

Consti Plc shall publish three interim reports during 2025:

• Interim report 1-3/2025 published 25 April 2025
• Half-year financial report 1-6/2025 published 18 July 2025
• Interim report 1-9/2025 published 24 October 2025

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619  

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

Attachments

• Consti Interim Report 1-9 2024.pdf

25.10.2024 08:00:02 EEST | Consti Oyj | Other information disclosed according to the rules of the Exchange

CONSTI PLC STOCK EXCHANGE RELEASE 25 OCTOBER 2024, at 8.00 a.m.

Record and payment dates for Consti Plc’s second dividend instalment for the financial year 2023

In the Annual General Meeting of Consti Plc held on 3 April 2024, it was resolved that based on the adopted balance sheet for the financial year 2023, a dividend of EUR 0.70 per share shall be paid in two instalments. The first instalment of EUR 0.40 per share was paid on 12 April 2024. The second instalment, EUR 0.30 per share, will be paid to shareholders registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend. It was resolved in the Annual General Meeting that Consti Plc’s Board of Directors shall decide on the record date and payment date of the second instalment of the dividend in its meeting scheduled for 24 October 2024.

The Board of Directors has on 24 October 2024 resolved in accordance with the resolution of the Annual General Meeting that the dividend payment date for the second dividend instalment of EUR 0.30 per share shall be 4 November 2024. The ex-dividend date for the second instalment shall be 25 October 2024 and dividend record date 28 October 2024.

Consti Plc

Board of Directors

Lisätietoja:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

15.10.2024 14:30:01 EEST | Consti Oyj | Investor News

CONSTI PLC INVESTOR NEWS 15 OCTOBER 2024, at 2:30 p.m.

Consti Plc's Interim Report for January-September 2024 to be published on 25 October 2024 at 8:30 a.m.

Consti Plc's Interim Report for January-September 2024 to be published on 25 October 2024 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.

Briefing for analysts, portfolio managers and media representatives will take place on the same day, 25 October 2024, at 10:00 a.m. (EET) via Teams. The briefing will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Analysts, portfolio managers and media representatives are kindly requested to register for the briefing no later than Thursday 24 October 2024 at 12.00 noon by sending an email to IR@consti.fi. The participation link will be sent to registered participants during the afternoon of Thursday 24 October 2024.

The presentation material (in English) will be published on the company's investor site after the presentation.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

27.9.2024 08:30:02 EEST | Consti Oyj | Financial Calendar

CONSTI PLC STOCK EXCHANGE RELEASE 27 SEPTEMBER 2024, at 8.30 a.m.

Consti Plc's financial reporting and Annual General Meeting in 2025

Consti Plc's Financial Statements Bulletin for 2024 will be published on 7 February 2025. The electronic version of the Annual Report, which includes the full financial statements for 2024 will be published in week 11/2025.

Consti Plc's Annual General Meeting for 2025 is scheduled to take place on Thursday, 3 April 2025 in Helsinki.

Consti shall publish three Interim Reports during 2025:

• Interim Report for January-March published on 25 April 2025
• Half-Year Financial Report for January-June published on 18 July 2025
• Interim Report for January-September published on 24 October 2025

Consti observes a 30-day closed period preceding the publication of its Financial Statements Bulletin and Interim Reports. During this time the company's representatives do not comment on the company's financial position or future outlook and do not meet with representatives of the capital markets or financial media.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

14.8.2024 15:30:00 EEST | Consti Oyj | Changes board/management/auditors

CONSTI PLC STOCK EXCHANGE RELEASE 14 AUGUST 2024 at 3.30 p.m.

Change in Consti Group’s Management Team: Pirkka Lähteinen appointed as Business Area Director of Corporations; Jukka Mäkinen will retire

Pirkka Lähteinen (born 1977, B.Eng.), has been appointed as Business Area Director of Corporations. Lähteinen has worked as Regional Director of Corporations since 2019, and as a member of Consti Group’s Management Team since 2009.

Pirkka Lähteinen will assume his position on 1 September 2024 and he will report to Esa Korkeela, CEO of Consti Group.

Jukka Mäkinen, the acting Business Area Director of Corporations, has announced his retirement by the end of November 2024. Mäkinen's membership in Consti Group's Management Team will end on 31 August 2024, after which he will act as an advisor at Consti until his retirement.

”I would like to warmly thank Jukka for his more than 10-year career at Consti and all the work done for our company,” says CEO Esa Korkeela.

The CVs and photos of Consti Group’s Management team are available on Consti’s Investor site at: http://investor.consti.fi/en/corporate-governance/ceo-and-management-team/management-team

CONSTI PLC

Additional information

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Distribution:

Nasdaq Helsinki Ltd. 

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

6.8.2024 16:30:00 EEST | Consti Oyj | Major shareholder announcements

CONSTI PLC STOCK EXCHANGE RELEASE 6 AUGUST 2024, at 4.30 p.m.

Consti Plc: Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10

Consti Plc ("Consti") has received an announcement from Risto Kivi ("Kivi") on 6 August 2024, in accordance with the Finnish Securities Market Act Chapter 9, Section 5.

According to the announcement, the number of Consti shares and votes owned by Kivi increased above five (5) per cent of the share capital of Consti on 1 July 2024.

Total position of Kivi subject to the notification:

Notified details of the resulting situation on the date on which the threshold was reached:

A: shares and voting rights

CONSTI PLC

Further information:

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.  

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi  

29.7.2024 09:45:01 EEST | Consti Oyj | Total number of voting rights and capital

CONSTI PLC STOCK EXCHANGE RELEASE 29 JULY 2024 at 9.45 a.m.

Subscription of Shares with Stock Options 2020

Between 8 June 2024 and 30 June 2024, a total of 5,831 Consti Ltd new shares have been subscribed for with the company's stock options 2020. The subscription price, a total of EUR 27,988.80, has been booked in the invested non-restricted equity.

The subscribed new shares have been registered with the Trade Register on July 29, 2024. After the registrations, the total number of shares in the Company is now 8,016,567 shares.

The new shares will be available for public trading on the main list of Nasdaq Helsinki Ltd together with the old shares approximately as of July 30, 2024.

The share subscription period for with stock options 2020 has ended on 30 June, 2024.

Additional information on the stock option programs is available in the Company’s website, www.consti.fi.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi 

19.7.2024 08:30:03 EEST | Consti Oyj | Half Year financial report

CONSTI PLC HALF-YEAR FINANCIAL REPORT 19 JULY 2024, at 8.30 a.m.

Consti Plc Half-Year Financial Report for January – June 2024    

NET SALES GREW, OPERATING RESULT AT PAR WITH PREVIOUS YEAR  

4–6/2024 highlights (comparison figures in parenthesis 4–6/2023):

• Net sales EUR 82.9 (75.7) million; growth 9.4%
• EBITDA EUR 4.0 (3.9) million and EBITDA margin 4.8% (5.1%)
• Operating result (EBIT) EUR 3.0 (3.0) million and EBIT margin 3.6% (4.0%)
• Order backlog EUR 261.2 (297.9) million; change -12.3 %
• Order intake EUR 90.8 (106.5) million; change -14.8%
• Free cash flow EUR 1.2 (4.1) million
• Earnings per share EUR 0.27 (0.29)

1–6/2024 highlights (comparison figures in parenthesis 1–6/2023):

• Net sales EUR 148.4 (144.7) million; growth 2.6%
• EBITDA EUR 5.3 (5.3) million and EBITDA margin 3.6% (3.7%)
• Operating result (EBIT) EUR 3.2 (3.7) million and EBIT margin 2.2% (2.5%)
• Order intake EUR 127.1 (165.2) million; change -23.1%
• Free cash flow EUR 0.7 (3.1) million
• Earnings per share EUR 0.27 (0.33)

Guidance on the Group outlook for 2024:
Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.

CEO Esa Korkeela’s comment

“Consti's solid performance continued in the second quarter. Our second-quarter net sales increased by 9.4 percent and were EUR 82.9 (75.7) million. Our net sales grew strongly in the Public Sector and Building Technology business areas but contracted in the Housing Companies business area. Net sales for our Corporations business area remained almost at the same level with the previous year.

Our operating result for April–June was EUR 3.0 (3.0) million, representing 3.6 (4.0) percent of net sales. Operationally, the second quarter of the year proceeded in line with our expectations, with projects progressing predominantly as planned. Profitability remained stable compared to the corresponding period. Our relative profitability in the second quarter was mainly affected by changes in the relative net sales shares of business areas in comparison with the reference period, and also partly by allocation of resources in tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position at the end of the review period remained at a good level.

During April-June, our order intake amounted to EUR 90.8 (106.5) million, which means a decrease of 14.8 percent relative to the strong benchmark period. In April-June, we continued our active but disciplined tendering activities. Although the tightened competition and weakened demand affected our order intake, we are satisfied with the total amount and quality of orders received. The distribution of orders between business areas and units was not optimally realised during the review period. The majority of our order intake in the second quarter consists of several smaller projects. Our order backlog at the end of the review period decreased by 12.3 percent year-on-year and was EUR 261.2 (297.9) million. 

We published our updated strategy in February 2024. The implementation of our updated strategy is now underway, and our work to deploy the strategy is progressing by business area according to our plans. During the review period, we continued our long-term investments in the growth of our Building Technology business area and achieved growth of 58.7 percent compared to the corresponding period. Our operational efficiency improvement initiatives focused on ensuring the performance of our business in the prevailing operating environment, with an emphasis on, among other things, tendering and improving the efficiency of our production, as well as achieving a more consistent performance level of our project deliveries. 

Based on our current market outlook, we expect demand for renovation and building technology services to weaken in 2024. According to forecasts, renovation is expected to contract by about 0.4 percent in 2024. The strong weakening of demand for new construction has clearly increased competition for renovation projects and building technology contracts.

In the first half of 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in our operating areas, but private real estate investment companies have been cautious about launching new construction projects. However, we believe that the prevailing market conditions favour a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver diverse projects ranging from small service contracts to extensive construction projects.

The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and we do not anticipate significant improvement during the third quarter of the year. Supported by a healthy order backlog, we aim to continue delivering solid results and focus on implementing our updated strategy.”

Operating environment

Construction market 2024–2025

Construction market research institute Euroconstruct estimated in its June 2024 report that the volume for Building construction output will decline by 6.4% in 2024. According to Euroconstruct's forecast, the new construction volume is estimated to decline by around 12.5 percent and the renovation volume by 0.4 percent in 2024.

For the year 2025, Euroconstruct predicts that renovation volumes will increase by 0.5 percent. The report estimates that there is potential for even higher growth due to the needs-based nature of renovation, as factors that slow down demand ease.

The renovation market in general

The demand for renovation has been steady in Finland for a long time, and the market value of renovation is almost the same as that of new construction. In 2023, the value of residential building renovation remained on level with the previous year, i.e. around EUR 9 billion. The value of other renovation was still around EUR 6 billion.

Nearly two-thirds of renovation involve residential properties, with over half of them being professional renovation. In residential renovation, there is a notable emphasis on building technology, constituting around 40 percent of the total value of renovation.

The renovation market encompasses not only technical repairs related to building age but also significant building purpose modifications, for example, converting old, underutilised office properties into hotels or apartments, or improving usability by renewing layouts.

Approximately one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential properties. 

In needs-based renovation, facade repairs and pipeline renovation are the largest projects for residential buildings. The number and value of pipeline renovation have been growing faster than other renovation for a long time, and this growth is expected to continue for a few more years. The growth is sustained by the large number of residential buildings that have reached the age when pipeline renovation are required. For a long time, apartment buildings built in the 1960s had the most building technology renovation. Now, properties built in the 1970s, which have the largest number of dwellings in terms of floor area, and partly properties from the 1980s, which are the most numerous due to e.g., the large number of terraced house construction, have reached renovation age. In addition to addressing technical repair needs, building technology enhancements improve living comfort.

Together with pipeline renovation, the increase in heating costs and the green transition contribute to growth in the building technology market. While energy efficiency has so far been primarily addressed alongside other renovation, the rising cost of energy and carbon neutrality goals have increased interest in separate energy renovation.

Besides building technology renovation, many housing companies have a growing need for facade renovation, which have often been neglected due to financial reasons in favour of pipeline renovation. Climate change significantly increases the demand for facade renovation and related maintenance services. The importance of roofs, eaves, cladding, and intact facades grows as winters become wetter, slanting rainfall increases and extreme weather phenomena intensify.  The need for facade renovation is also heightened by the large number of residential buildings from the 1970s and 1980s reaching the renovation age.

In addition to renovation related to building technology and environmental goals, the need for renovation in commercial and office premises is increased by changes in space needs.

The need for renovation is sustained by both the aging building stock and global megatrends such as urbanisation, an aging population, changes in working habits and retail, and sustainability goals. Renovation play a crucial role in reducing the carbon footprint of the built environment, as the number of new buildings increases by only about one percent annually.

In Finland, both new construction and renovation are still strongly concentrated in growth centres.

Outlook for 2024

In 2024, the Building construction output in Finland is estimated to decrease by approximately 6.4 percent from the previous year. New construction is predicted to decline by approximately 12.5 percent and renovation by 0.4 percent in 2024.

Consti anticipates a decline in demand for renovation and building technology services in 2024. The significant weakening in demand for new construction has notably intensified competition for renovation projects and building technology contracts. In the first half of 2024, the readiness of housing companies and the public sector for renovation investments has remained at a reasonable level in Consti’s operating areas, but private real estate investment companies have been cautious about initiating new construction projects.

The demand outlook for construction is weakened by persistently high construction costs, rapidly increased interest rates and tighter availability of financing, and Consti does not anticipate significant improvement during the third quarter of the year.

Despite the market conditions, Consti aims to continue its solid performance supported by a healthy order backlog in 2024.

Consti estimates that its operating result for 2024 will be in the range of EUR 9–12 million.

Press conference

Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 19 July 2024, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Thursday 18 July 2024 at 12.00 p.m. by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Thursday 18 July 2024.

Financial communication in 2024

Consti Plc shall publish one more interim report during 2024:

• Interim report 1–9/2024 published 25 October 2024

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2023, Consti Group’s net sales amounted to 321 million euro. It employs approximately 1000 professionals in renovation construction and building technology. 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi

Attachments

• Consti Half-Year Financial Report 1-6 2024.pdf