SRV

SRV GROUP PLC     STOCK EXCHANGE RELEASE     27 MARCH 2025    18:10 EET

Organisation of SRV Group Plc's Board of Directors and composition of Board Committees

SRV Group Plc's Annual General Meeting held earlier today elected Ari Lehtoranta as Chair of the Board.

In its organising meeting, SRV Group Plc's Board of Directors has elected a Vice Chair and the members of its Board Committees for a term ending at the closing of the Annual General Meeting in 2026.

Heli Iisakka was elected as Vice Chair of the Board of Directors.

Heli Iisakka was elected as Chair and Matti Ahokas and Hannu Leinonen as members of the Audit Committee.

Ari Lehtoranta was elected as Chair and Anna Hyvönen and Tuomas Kokkila as members of the Personnel and Remuneration Committee.
 

For further information, please contact:

Liisa Krogerus, Senior Vice President, General Counsel, tel. +358 400 249 251, liisa.krogerus@srv.fi

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You can also find us on the social media: 

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SRV in brief 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion. 

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners. 

SRV - Building for life 

SRV GROUP PLC     STOCK EXCHANGE RELEASE          27 MARCH 2025   17:45 EET

Resolutions of SRV Group Plc's Annual General Meeting

SRV Group Plc's Annual General Meeting was held today on 27 March 2025 at the company's headquarters in Espoo. The Annual General Meeting adopted SRV Group Plc's financial statements and discharged the Board of Directors and the President & CEO from liability for the financial period 1 January-31 December 2024. The Annual General Meeting adopted the Remuneration Report 2024 for the company's governing bodies. The resolutions were advisory. The Annual General Meeting also decided on the dividend distribution, the number of Board of Directors, the composition and Chair of the Board of Directors and their remuneration, the election and remuneration of the auditor, authorised the Board of Directors to decide on the repurchase of company shares and share issues/issue of special rights, and amendments to Shareholder's nomination Board's charter as well as articles of association.

Dividend distribution

It was decided that no dividend is distributed for the financial year 2024, as proposed by the Board of Directors.

Members and Chair of the Board of Directors and remuneration

The number of members of the Board of Directors was confirmed to be six (6). Ari Lehtoranta M.Sc. (Eng), Matti Ahokas M.Sc. (Econ.), Hannu Leinonen M.Sc. (Eng.), Heli Iisakka M.Sc. (Econ.) and Tuomas Kokkila M.Sc. (Real Estate Dev.) were re-elected to the Board of Directors. Anna Hyvönen Lic.Sc. (Tech.) was elected as new member of the Board of Directors. Ari Lehtoranta was re-elected as the Chair of the Board of Directors. The term of office of members of the Board of Directors will end at the close of the Annual General Meeting held in 2026.

The Annual General Meeting confirmed that the following annual fees would be paid for the members of the Board: Board Chair EUR 72,000, Vice Chair EUR 48,000, Board member EUR 36,000 and Chair of the Audit Committee EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.

In addition, a EUR 700 fee per member per meeting shall be paid for Board and Committee meetings. Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company's travel policy. Meeting fees will be paid in cash.

The aforementioned annual fees will be paid as a combination of SRV Group Plc's shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2025.

Auditor and remuneration

PricewaterhouseCoopers Oy, a firm of authorised public accountants, was elected as the company's Auditor for a term continuing until the close of the Annual General Meeting 2026. PricewaterhouseCoopers Oy has notified that authorised public accountant (APA) Jukka Torkkeli will act as the responsible auditor. The Auditor's remuneration was confirmed as payable as per an approved invoice.

Sustainability Reporting Assurer and remuneration

PricewaterhouseCoopers Oy, a sustainability audit firm, was elected as the company's Sustainability Reporting Assurer for a term continuing until the close of the Annual General Meeting 2026. PricewaterhouseCoopers Oy has notified the company that ASA Jukka Torkkeli will be the responsible sustainability reporting assurer. The Assurer's remuneration was confirmed as payable as per an approved invoice.

Authorisation to decide on the acquisition of the company's own shares

The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of the company's own shares using the company's unrestricted equity as proposed by the Board of Directors. The authorisation covers the purchasing of a maximum of 1,700,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.

The authorization is valid until 30 June 2026. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 25 March 2024 to decide on the repurchase of the company's own shares.

Authorisation to decide on a share issue and on the issue of special rights

The Annual General Meeting authorised the Board of Directors to resolve on a share issue and granting of special rights as proposed by the Board of Directors. The authorisation can be used to decide on the issuance of new shares or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act either for consideration or free of consideration in one or several instalments so that the number of shares shall not exceed 1,700,000. The Board of Directors may also decide on the issuance of new shares free of consideration to the company itself in one or more issues.

The authorization shall be in force until 30 June 2026. The authorization revokes the authorization granted to the Board of Directors at the Annual General Meeting on 25 March 2024 to decide on share issues and granting of special rights.

Amendment of the Articles of Association

Article 11 of the Articles of Association was amended so that annual general meeting shall decide the remuneration and election of Sustainability Reporting Assurer.

Amendment of the Charter for the Shareholders' Nomination Board

Charter for the Shareholder's Nomination Board was amended so that the Nomination Board comprises of three (3) members appointed by the three largest shareholders of the company. The Chair of the Board of Directors participates in the work of the Nomination Board as an expert but is not a member of the Nomination Board (previously a member).

Other information

The minutes of the Annual General Meeting will be available on SRV Group Plc's website at www.srv.fi/agm2025 at latest on 10 April 2025.

For further information, please contact:
Liisa Krogerus, Senior Vice President, General Counsel, SRV Group Plc, tel. +358 400 249 251, liisa.krogerus@srv.fi


Distribution: 
Media 
www.srv.fi
 

You can also find us on the social media: 

Facebook   LinkedIn   X   Instagram
 

SRV in brief 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion. 

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners. 

SRV - Building for life 

SRV GROUP PLC     NOTICE TO THE ANNUAL GENERAL MEETING     5 MARCH 2025      15:25 EET

Notice to the Annual General Meeting of SRV Group Plc

The Annual General Meeting of SRV Group Plc is to be held on Thursday, 27 March 2025 at 4:00 p.m. (EET) in restaurant Derby at the address Tarvonsalmenkatu 15, 02600 Espoo. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 3:00 p.m. (EET).

The company's shareholders can also exercise shareholder rights by voting in advance. Instructions concerning voting in advance are provided in section C of this notice.

Shareholders may submit questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act with respect to the matters to be considered at the meeting also in writing before the general meeting. Instructions for submitting written questions are set out in section C of this notice.

A.            Matters on the agenda of the Annual General Meeting

At the Annual General Meeting, 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 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 annual accounts, the consolidated annual accounts, the report of the Board of Directors, the auditor's report and the assurance report on sustainability reporting for the year 2024

Review by the President & CEO

The annual accounts, the consolidated annual accounts, the report of the Board of Directors, the auditor's report and the assurance report on sustainability reporting are available on the company's website at www.srv.fi/agm2025.

7. Adoption of the annual accounts and the consolidated annual accounts

8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

The Board of Directors proposes that no dividend is distributed for the financial period ended on 31 December 2024 based on the balance sheet to be adopted.

9. Resolution on the discharge of the members of the Board of Directors and the President & CEO from liability

10. Adoption of the remuneration report for governing bodies

The Board of Directors proposes that the remuneration report for 2024 be adopted. The resolution is advisory in accordance with the Finnish Limited Liability Companies Act.

The remuneration report is available on SRV Group Plc's website at www.srv.fi/agm2025.  

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

The Shareholders' Nomination Board proposes that the remuneration of members of the Board of Directors would remain unchanged and that the following annual fees would be paid:

·                          Board Chair, an annual fee of EUR 72,000,

·                          Vice Chair, an annual fee of EUR 48,000,

·                          Board member, an annual fee of EUR 36,000, and

·             Chair of the Audit Committee, an annual fee of EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.

In addition, the Nomination Board proposes that EUR 700 fee per member per meeting for Board and Committee meetings be paid (year 2024: EUR 700). Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company's travel policy.

In addition, the Shareholders' Nomination Board proposes the annual remuneration of the Board to be paid as a combination of company shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2025. Meeting fees are proposed to be paid in cash.

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

The Shareholders' Nomination Board proposes that six (6) members be elected to the Board of Directors.

13. Election of the members and Chair of the Board of Directors

The Shareholders' Nomination Board proposes that present members Matti Ahokas, Heli Iisakka, Ari Lehtoranta, Hannu Leinonen and Tuomas Kokkila be re-elected as members of the Board of Directors and Anna Hyvönen be elected as a new member of the Board of Directors. In addition, Nomination Board proposes that Ari Lehtoranta be elected as the Chair of the Board of Directors.

The nominees have given their consent to the position, and they are independent of the company and of the company's significant shareholders except for Tuomas Kokkila who is not independent of the company because he has been employed by SRV Group Plc until 31 July 2023 and not independent of significant shareholders because he is a Board member in Pontos Oy which exercises control in the company's significant shareholder AS Pontos Baltic.

Presentation of the proposed new member Anna Hyvönen is available on SRV's website: www.srv.fi/agm2025. The proposed current members of the Board of Directors are presented on SRV's website: www.srv.fi/en/srv-as-a-company/investor/governance/board-directors/members-board-directors/introductions-board.

14. Resolution on the remuneration of the Auditor

Following the recommendation of the Audit Committee, the Board of Directors proposes that the Auditor be reimbursed as per an approved invoice.

15. Election of the Auditor

Following the recommendation of the Audit Committee, the Board of Directors proposes that PricewaterhouseCoopers Oy, a firm of authorized public accountants, be re-elected as the company's Auditor for a term continuing until the close of the Annual General Meeting 2026. PricewaterhouseCoopers Oy has notified the company that APA Jukka Torkkeli will be the responsible auditor.

16. Resolution on the remuneration of the Sustainability Reporting Assurer

Following the recommendation of the Audit Committee, the Board of Directors proposes that the Sustainability Reporting Assurer be reimbursed as per an approved invoice.

17. Election of the Sustainability Reporting Assurer

Following the recommendation of the Audit Committee, the Board of Directors proposes that PricewaterhouseCoopers Oy, a sustainability audit firm be re-elected as the company's Sustainability Reporting Assurer for a term continuing until the close of the Annual General Meeting 2026. PricewaterhouseCoopers Oy has notified the company that ASA Jukka Torkkeli will be the responsible sustainability reporting assurer.

18. Authorizing the Board of Directors to resolve on acquiring the company's own shares

The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the acquisition of the company's own shares using the company's unrestricted equity as follows:

The Board of Directors is authorized to acquire a maximum of 1,700,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.

Own shares may be acquired at the market price quoted on their trading venue at the time of the acquisition or otherwise at the market price. Own shares may be acquired otherwise than in proportion to the existing holdings of the shareholders. Shares may be acquired in one or several instalments.

The company's own shares may be acquired, inter alia, for use as payment in corporate acquisitions, when the company acquires assets relating to its business, as part of the company's incentive programmes or the management's incentive schemes or to be otherwise conveyed, held, or cancelled. The Board of Directors is authorized to resolve on all other terms and conditions of the acquisition of the shares.

The authorization is valid until 30 June 2026. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 25 March 2024 to resolve on the acquisition of the company's own shares.

19. Authorizing the Board of Directors to resolve on the issuance of shares and special rights entitling to shares

The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to resolve on the issuance of shares and issuance of special rights entitling to shares as follows:

The Board of Directors may resolve on the issuance of new shares, or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act either for consideration or free of consideration in one or several instalments. The Board of Directors may also resolve on the issuance of new shares free of consideration to the company itself in one or more instalments.

Under the authorization, the number of shares to be issued or the number of reissued shares held by the company, shall not exceed 1,700,000 shares. Any shares issued on the basis of special rights entitling to shares are included in the aforementioned aggregate amount.

New shares may be issued, the company's own shares held by the company reissued and/or other special rights entitling to shares pursuant to Chapter 10, Section 1 of the Finnish Limited Liability Companies Act may be granted in deviation from the pre-emption rights of shareholders only if there exists a weighty financial reason for the company. A directed share issue may be free of consideration only if there exists, for the company and taking into account the interests of all its shareholders, a particularly weighty financial reason.

The authorization may be used, inter alia, when issuing new shares or conveying shares as consideration in corporate acquisitions, when the company acquires assets relating to its business, in order to strengthen the company's capital structure and for implementing incentive programmes.

The Board of Directors is authorized to resolve on all other terms and conditions of the issuance of shares and special rights entitling to shares.

The authorization is valid until 30 June 2026. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 25 March 2024 to resolve on share issues and granting of special rights.

20. Amendment of the Articles of Association

The Board of Directors proposes that article 11 of the Articles of Association be amended to be read as follows (amendments underlined):

The general meeting shall be held in Espoo or in Helsinki in accordance with the decision made by the Board of Directors.

The Board of Directors may also resolve on organizing a general meeting without a meeting venue whereby the shareholders shall exercise their power of decision in full in real time during the meeting by the use of telecommunication connections and technical means (remote meeting).

The annual general meeting to be held yearly by the end of May on a day decided by the Board of Directors  

shall decide:

1. the adoption of the Financial Statements and Consolidated Financial Statements
2. the allocation of profit shown by the Balance Sheet;
3. the discharge of Board members and the Managing Director from liability;
4. the number of Board members
5. the remuneration of Board members,  the Auditor and the Sustainability Reporting Assurer;

shall elect:

6. the Board members
7. the Board Chair among Board members
8. the Auditor 
9. the Sustainability Reporting Assurer and

shall handle:

10. other matters defined in the notice of the annual general meeting.

It is proposed that the Articles of Association remain unchanged in other respects.

21. Amendment of the Charter for the Shareholders' Nomination Board

The Shareholders' Nomination Board proposes that the Charter for the Shareholder's Nomination Board be amended so that the Nomination Board comprises of three (3) members appointed by the three largest shareholders of the company. The Chair of the Board of Directors participates in the work of the Nomination Board as an expert but is not a member of the Nomination Board (previously a member).

In addition, certain technical amendments are proposed to be made to the Charter of the Nomination Board.

The Charter in the proposed amended form is available on SRV's website: www.srv.fi/agm2025.

22.  Closing of the meeting

B.                         Documents of the general meeting

The proposals for the resolutions on the matters on the agenda of the Annual General Meeting as well as this notice are available on SRV Group Plc's website at the address www.srv.fi/agm2025.

The annual report of SRV Group Plc for the year 2024 including the annual accounts, the consolidated annual accounts, the report of the Board of Directors and the Auditor's report, the assurance report on sustainability reporting as well as the remuneration report, is available on the above-mentioned website. The proposals for the resolutions and the other above-mentioned documents will also be available at the Annual General Meeting.

The minutes of the meeting will be available on the above-mentioned website at latest on 10 April 2025.

C.                         Instructions for the participants in the Annual General Meeting

1.                         Shareholder registered in the shareholders' register

Each shareholder, who is registered on the record date of the Annual General Meeting, i.e., on 17 March 2025 in the shareholders' register of the company held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholders' register of the company.

Preregistration for the Annual General Meeting commences on 6 March 2025 at 10:00 a.m. (EET). A shareholder registered in the shareholders' register of the company, who wishes to participate in the Annual General Meeting shall preregister at latest on 24 March 2025 at 4:00 p.m. (EET) by giving a prior notice of attendance, which shall be received by the company no later than on the above-mentioned date and time.

Such notice can be given:

a) On the company's website at www.srv.fi/agm2025

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.

b) By e-mail to Innovatics Oy to agm@innovatics.fi. Shareholders registering by e-mail shall submit the registration form and eventual advance voting form available on the company's website www.srv.fi/agm2025 or equivalent information.

c) By regular mail to the following address: Innovatics Oy, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki. Shareholders registering by mail shall submit the registration form and eventual advance voting form available on the company's website www.srv.fi/agm2025 or equivalent information.

When registering to attend the general meeting, individuals are required to provide the following information: the shareholder's name, date of birth or business ID, e-mail address or phone number and address, as well as the name of a possible assistant or proxy representative, and date of birth and e-mail address or phone number of a proxy representative.

The personal data given to SRV Group Plc or to Innovatics Oy is used only in connection with the general meeting and with the processing of related registrations.

The shareholder, his/her authorized representative or proxy representative shall, where necessary, be able to prove his/her identity and/or right of representation at the meeting venue.

Additional information on registration and advance voting during the registration period is also available by telephone during the registration period of the general meeting by calling Innovatics Oy at +358 10 2818 909 on weekdays from 9:00 a.m. to 12:00 p.m. (EET) and from 1:00 p.m. to 4:00 p.m. (EET).

2.            Holders of nominee registered shares

A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the general meeting, i.e., on 17 March 2025 would be entitled to be registered in the shareholders' register of the company held by Euroclear Finland Oy. The right to participate requires, in addition, that the shareholder on the basis of such shares has been temporarily registered into the shareholders' register held by Euroclear Finland Oy at the latest by 24 March 2025 by 10:00 a.m. (EET). As regards nominee registered shares this constitutes due registration for the Annual General Meeting. Changes in the holding of shares that take place after the record date of the general meeting have no effect on the right to participate or to vote in the general meeting.

A holder of nominee registered shares is advised to request without delay necessary instructions from the custodian bank regarding the temporary registration in the shareholders' register, the issuing of proxy documents and voting instructions and preregistration for the Annual General Meeting as well as advance voting. The account manager of the custodian bank shall temporarily register a holder of nominee registered shares who wants to participate in the general meeting into the shareholders' register of the company by the above-mentioned date at latest and, if necessary, arrange advance voting on behalf of the holder of nominee registered shares before the end of the registration period applicable to holders of nominee registered shares.

Further information is available on the company's website at www.srv.fi/agm2025.

3.            Proxy representative and powers of attorney

A shareholder may participate in the Annual General Meeting and exercise his/her rights at the meeting by way of proxy representation.

A shareholder's proxy may also elect to vote in advance as described in this notice if they so wish. The proxy representative must authenticate to the electronic registration service and advance voting personally with strong authentication, after which they will be able to register and, if necessary, vote in advance on behalf of the shareholder, who they represent.

A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the general meeting. Proving the right to represent can be done by using the suomi.fi e-Authorizations service available in the electronic registration service. A template for a proxy document and voting instructions is available at the company's website at www.srv.fi/agm2025 after the start of the preregistration period. When a shareholder participates in the general meeting 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 general meeting.

Possible proxy documents should be delivered preferably as an attachment with the electronic registration or alternatively by mail before the last date for registration at latest on 24 March 2025 at 4:00 p.m. (EET), to the address Innovatics Oy, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by e-mail to agm@innovatics.fi.

In addition to submitting proxy documents, a shareholder or her/his proxy representative shall ensure that she/he has registered for the Annual General Meeting in the manner described above in this notice.

4.            Voting in advance

Shareholders, whose shares are registered on his/her personal Finnish book-entry account can vote in advance on items 7-21 on the agenda during the period 6 March 2025 at 10:00 a.m. (EET)-24 March 2025 at 4:00 p.m. (EET):

1. On the company's website www.srv.fi/agm2025. Login to the service is done in the same way as for registration in section C.1.a) of this notice.

2. By mail by submitting the advance voting form available on the company's website or equivalent information to Innovatics Oy at Innovatics Oy, General Meeting / SRV Group Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

3. By e-mail by submitting the advance voting form available on the company's website or equivalent information to Innovatics Oy by e-mail at agm@innovatics.fi.

Advance votes must be received by the time the advance voting ends. In addition to voting in advance a shareholder shall preregister to the general meeting before the last date for registration.  

A shareholder who has voted in advance cannot exercise the right to ask questions under the Finnish Limited Liability Companies Act and has no right to demand a vote unless he/she attends the general meeting in person or by proxy at the meeting venue.

Advance voting for holders of nominee registered shares is carried out via the account manager. The account manager may vote in advance on behalf of the holders of nominee registered shares he/she represents in accordance with the voting instructions given by the holders of nominee registered shares during the registration period applicable to holders of nominee registered shares.

The proposal for a resolution subject to an advance vote shall be deemed to have been submitted unchanged to the general meeting. The terms of the electronic advance voting and other instructions are available on the company's website at www.srv.fi/agm2025.

5.            Other instructions and information

The meeting will be held in Finnish.

Pursuant to Chapter 5, Section 25 of the Finnish Limited Liability Companies Act, a shareholder may also present questions with respect to the matters to be considered at the general meeting in advance by 20 March 2025 by e-mail to yhtiokous@srv.fi. The company's management will answer such questions submitted in writing in advance at the general meeting.

Changes in the holding of shares that take place after the record date of the general meeting have no effect on the right to participate or to vote in the general meeting.

On the date of this notice to the general meeting 5 March 2025, the total number of shares in SRV Group Plc is 16,982,343 shares, representing an equal number of votes.

In Espoo, on 5 March 2025

SRV GROUP PLC

Board of Directors
 

For further information, please contact: 

Liisa Krogerus, Senior Vice President, General Counsel, tel. +358 40 024 9251, liisa.krogerus@srv.fi 

Distribution: 
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www.srv.fi

You can also find us on the social media: 

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SRV in brief 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion. 

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners. 

SRV - Building for life 

SRV GROUP PLC     ANNUAL FINANCIAL REPORT     4 MARCH 2025      10:00 EET

SRV Group Plc's Annual Report 2024 published

SRV Group Plc's Annual Report 2024 has been published today on 4 March 2025 on www.srv.fi/en/investors.

SRV's Annual Report contains the Report of the Board of Directors, Financial Statements, Corporate Governance Statement and Remuneration Report. The Report of the Board of Directors includes the Sustainability Statement, which has been compiled according to the Corporate Sustainability Reporting Directive (CSRD). PricewaterhouseCoopers Ltd, authorised public accountants, has provided the Sustainability Statement a level of Limited Assurance, using the ESRS Standards and the requirements of the delegated acts of the Taxonomy Regulation as criteria. The Annual Report has been published in both Finnish and English.

The complete Annual Report is attached to this release as a PDF file. In addition, SRV Group Plc publishes the Financial Statements in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (XHTML). The consolidated Financial Statements and the notes to the consolidated Financial Statements have been labelled with XBRL tags. PricewaterhouseCoopers Ltd has provided an independent auditor's reasonable assurance report on SRV's ESEF Financial Statements.
 

For further information, please contact: 
Miia Eloranta, SVP, Communications and Marketing, tel. +358 50 441 4221, miia.eloranta@srv.fi  
 

Distribution:
Nasdaq Helsinki
Main media
www.srv.fi

You can also find us on the social media:

Facebook   LinkedIn   X   Instagram
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners.

SRV - Building for life

SRV GROUP PLC         STOCK EXCHANGE RELEASE         28 FEBRUARY 2025      10:00 EET

Change in SRV Group Plc's Management Team

Kimmo Kurki, Senior Vice President, Counting and Procurement and member of the management team of SRV Group Plc, will retire by the end of May. The company has appointed SRV's Procurement Director, Teemu Linna, as the new Senior Vice President, Counting and Procurement, and a member of the management team. Linna will start in his new role on March 1, 2025.

Kurki has held various leadership positions at SRV since 1998 and, according to SRV's President and CEO Saku Sipola, has been instrumental in the company's various historical phases.

"Kimmo Kurki has had a diverse and remarkable career at SRV, playing a crucial role in the company's development over the decades. I want to warmly thank Kimmo for his work for the company," says Saku Sipola.

"Teemu Linna has nearly ten years of experience with SRV. Teemu has gained expertise in various roles both on-site and in the office both in Central Finland and in the Helsinki metropolitan area. In recent years, he has successfully advanced the company's procurement in good cooperation with both internal and external partners. I welcome Teemu to the management team to further develop procurement and counting," Sipola continues.

"I want to thank all SRV employees, customers, and partners with whom I have had the pleasure of collaborating on various projects over the years. It has been great to see the company develop in a positive direction," says Kimmo Kurki. "I especially wish Teemu Linna success in his future role."

"Significant steps have been taken in procurement and calculation to ensure profitability and project management. I am excited about the new role and the opportunity to advance SRV with my own contribution," says Teemu Linna.

For more information:
Miia Eloranta, SVP, Communications and Marketing, tel. +358 50 441 4221, miia.eloranta@srv.fi

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SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners.

SRV - Building for life

SRV GROUP PLC                STOCK EXCHANGE RELEASE               27 February 2025 AT 16:40 EET 

The Board of Directors of SRV Group Plc decided on a new performance period under the share-based incentive plan 

The Board of Directors of SRV Group Plc has decided on the commencement of a new performance period under the performance share plan aimed at the group's key employees. The establishment and key terms of the incentive plan were published in a stock exchange release on 28 March 2023. 

Performance Share Plan 2023 

The Performance Share Plan 2023 consists of four performance periods covering the financial years 2023-2024, 2023-2025, 2024-2026 and 2025-2027. The Board of Directors will decide annually on the commencement and details of the performance periods. 

In the plan, the target group is given an opportunity to earn SRV Group Plc shares based on the achievement of the targets set for the performance periods. The potential reward based on the plan will be paid partly in SRV Group Plc shares and partly in cash after the end of the performance period. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the participant. 

Rewards from the performance period 2025-2027 are based on the cumulative operative operating profit for 2025-2027 and order backlog volume and structure at the end of performance period. 

A Corporate Executive Team member is obliged to hold 50 per cent of the net shares paid to them until the value of their total shareholding in the company corresponds to 50 per cent of their annual gross salary. Correspondingly, the President and CEO of the company is obliged to hold 50 per cent of the net shares paid to them until the value of their shareholding in the company corresponds to their annual gross salary. The shareholding amount must be held as long as the membership in the Corporate Executive Team or the position as the President and CEO continues. 

The value of the gross rewards to be paid from the performance period commencing in 2025 will correspond to an approximate maximum total of 500.000 SRV Group Plc shares, including the cash proportion. A maximum of 50 people, including the President and CEO of the company and other Corporate Executive Team members, belong to the target group of the performance period. 

Upon reward payment, share price will be capped at a maximum of 20 euros. 

SRV GROUP PLC 

Board of Directors 

For further information, please contact: 

Liisa Krogerus, Senior Vice President, General Counsel, tel. +358 40 024 9251, liisa.krogerus@srv.fi 
 

Distribution: 
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SRV in brief 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion. 

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2024, our revenue totalled EUR 745.8 million. In addition to approximately 800 in-house staff, we have a network of around 3,200 partners. 

SRV - Building for life 

SRV GROUP PLC     FINANCIAL STATEMENT RELEASE      6 FEBRUARY 2025    AT 08.30 EET

SRV Financial statement release 1-12/2024: Revenue and operative operating profit develop favourably, order backlog remains strong

October-December 2024 in brief:

• Revenue amounted to EUR 209.1 (181.8) million (+15.1%). Revenue from alliance and project management contracts increased in business and infrastructure construction.
• Operative operating profit amounted to EUR 3.0 (2.4) million. Operative operating profit rose on the comparison period, thanks to higher revenue in business and infrastructure construction.
• Operating profit was EUR 4.7 (3.1) million. Operating profit was improved by the recognition of EUR 5.1 million from the sale of the Pearl Plaza shopping centre, of which translation differences accounted for EUR -4.9 million. Operating profit was weakened by a write-down of EUR -3.4 million on the lease agreement for SRV's current head office.
• The result before taxes was EUR 3.3 (0.7) million.
• Equity ratio was 35.1 per cent (34.4% 12/2023) and gearing was 65.5 per cent (71.7% 12/2023). Excluding the impact of IFRS 16, the equity ratio was 48.2 (48.0) per cent and gearing was -6.0 (-4.3) per cent.
• At period-end, the order backlog stood at EUR 1,052.8 (1,048.6) million. The sold share of the order backlog was 92.7 (92.6) per cent.
• New agreements valued at EUR 66.0 (253.1) million were signed in October-December.
• Emission intensity (scope 1 and 2, rolling 12 months) decreased to 2.4 (2.9) tCO2 per million euros of revenue at the end of December. SRV's emission intensity has stabilised, but varies moderately in relation to revenue and project phases.
• The Board of Directors proposes to the General Meeting that no dividend be paid for the 2024 financial year.
   

January-December 2024 in brief:

• Revenue amounted to EUR 745.8 (610.0) million (+22.3%).
• Operative operating profit amounted to EUR 10.3 (1.1) million with an operating profit of EUR 12.0 (-6.8) million.
• The result before taxes was EUR 5.7 (-15.7) million.
• Earnings per share were EUR 0.2 (-1.0).
• New agreements valued at EUR 691.2 (781.4) million were signed in January-December.

Outlook for 2025

During 2025, SRV's revenue and result will be affected by several factors in addition to general economic trends, such as: the margin of the order backlog and its development; the start-up of new contracts and development projects; geopolitical risks, including their related direct and indirect effects, such as material costs and the availability of materials and labour; and changes in demand. At the beginning of the year, private demand for new construction is very low in several segments. For this reason, there is significant uncertainty about the startup of new projects and their estimated revenue and margin accrual.


In 2025, revenue will mainly consist of relatively low-margin - yet also low-risk - cooperative contracting and, to a lesser extent, of competitive and negotiated contracts. The share accounted for by development projects sold to investors will remain low. The share of revenue accounted for by developer-contracted housing production will be very slight in 2025, as no new developer-contracted projects will be completed during the year.

• Full-year consolidated revenue for 2025 is expected to decline compared with 2024 and to amount to EUR 630-710 million (revenue in 2024: EUR 745.8 million).
• Operative operating profit is expected to be positive (operative operating profit in 2024: EUR 10.3 million). Significant events after the period

President & CEO's review

"Our business developed well even though the market remained challenging. Our revenue increased by about 22 per cent year-on-year, totalling EUR 745.8 million. Our operative operating profit improved to EUR 10.3 million. In the fourth quarter, our operative operating profit also increased from the comparison period thanks to higher revenue in both business and infrastructure construction. This trend was driven by our excellent performance in project management across the organisation, which was also reflected in record-high customer satisfaction.

Considering the state of the market, the result is reasonable, although it still falls short of our target due to delays in the development of our strategic project portfolio. Due to the current lack of consumer and investor demand, in 2024 we were not able to launch any of our planned development or developer-contracted projects.

Our order backlog remained robust and was EUR 1,052.8 million at the end of the year. In the fourth quarter, the projects transferred to our order backlog included the service block to be built for the City of Helsinki in Kruunuvuorenranta. This project will be executed as a project management contract with a total value to SRV of approximately EUR 60 million, of which EUR 45 million was recognised in the order backlog in December. In addition, previously won contracts and projects under preliminary contracts that have not as yet been recognised in our order backlog totalled around EUR 689 million at the end of the year. After the review period, we decided to start the building of our first developer-contracted residential project after a break of over two years: Asunto Oy Espoon Niittykummun Neuvokas in Espoo. The reservation rate for its 53 lifecycle-wise residential units has developed well. The startup of a new owner-occupied apartment building is a step towards our strategic objective of stepping up our residential construction. In December, we also signed a deal for a housing company that owns a plot zoned for residential construction in Niittykumpu, Espoo. Market-financed residential units with a total floor area of about 4,600 square metres can be built on this plot.

At the same time as we seek to start up higher-margin projects in line with our strategy, we ensure that the company remains on a strong footing: the balance sheet is in good shape, IFRS 16-adjusted gearing is -6.0 per cent and the company has not committed a significant amount of its own capital into completed but unsold housing units, of which there were few at year's end, a total of 95.

With a transaction carried out in December, we finally concluded our divestment of Russian business operations. Our proactive efforts to exit Russia began in 2022.  After the sale of our last asset in Russia - a 50 per cent stake in the Pearl Plaza shopping centre in St. Petersburg - to CP Invest Limited, SRV no longer has any assets or business in Russia.

The controllability of our projects improved over the course of the year, and this was positively reflected in many of our activities. I'm extremely pleased with our excellent performance in customer satisfaction in the review year. NPS (B2B) for customer satisfaction was 78 at the end of December, testifying to exceptional development: we have succeeded in our goal of including our customer promise - "By listening, we build wisely" - as a guideline in all that we do. One example of our successful customer work during the year comprises the two apartment buildings we completed for eQ in September: As Oy Hippoksenkatu 44, with 52 units in Kissanmaa, Tampere, and Asunto Oy Espoon Anna Sahlsténinkatu 15, with 86 units in Perkkaa, Espoo. In the handover phase, both projects had an NPS of a perfect 100. In addition, these projects were completed as zero-error handovers. The work motivation of our knowledgeable personnel has remained excellent during difficult times. Thanks to interesting projects and well-developed business, the eNPS for our personnel rose to 29.

The company is in a strong position and we are prepared to pursue profitable growth, but the delayed market upswing continues to put the brakes on the strategic restructuring of our project portfolio and thereby on significant improvements in profitability. We do not expect the market to turn around in the first half of the current year, but I believe that the situation will gradually improve and that oversupply will dissolve in the autumn and the last months of the year in the case of both owner-occupied and rental housing. We are constantly on the lookout for new growth opportunities in project development and plot acquisitions. The market is heading in the right direction, but it remains difficult to predict when the turnaround will happen and how vigorous it will be. We are prepared for rapid changes in different customer segments if several market players deem that the time is right to start investing. Building costs are at their lowest in the cycle, the affordability and availability of financing are improving, the oversupply of housing is levelling out and rents are beginning to creep up, which makes this a highly attractive market for property investors who are able to see the potential for return, say, five years down the line. The first signs of this starting to happen are already there.

I want to thank all our customers and stakeholders - and especially our staff - for a productive year in 2024."

Saku Sipola
 

Group Key Figures

1. The figure has been calculated excluding the hybrid bond interest, tax adjusted

2. The figure has been adjusted to remove the impacts of IFRS 16

Significant events after the period

On 31 January 2025, SRV announced that Minna Korander, M.Sc. (Food Economics), 54 years old, has been appointed Senior Vice President, Human Resources and a member of the Corporate Executive Team of SRV Group Plc.  She will start in her new role by 1 May 2025 at the latest. Kristiina Sotka, the current SVP, Human Resources and a member of the Corporate Executive Team is leaving the company at the end of January to join another employer.

Espoo, 6 February 2025
Board of Directors

All forward-looking statements in this interim report are based on management's current expectations and beliefs about future events. The company's actual results and financial position may differ materially from the expectations and beliefs such statements contain due to a number of factors that have been presented in this interim report.

Briefing, webcast and presentation materials

A briefing for analysts, investors and media representatives will be held as a webcast on 6 February 2025, starting at 11:00 EET. The webcast can be followed live at www.srv.fi/en/investors. The recording will be available on the website after the presentation. The materials will also be made available on the website.



For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, jarkko.rantala@srv.fi
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi  
 

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SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC      STOCK EXCHANGE RELEASE     31 JANUARY 2025    09.00 EET

Minna Korander appointed SRV Group Plc's new SVP, Human Resources and a member of Corporate Executive Team

Minna Korander, M. Sc. (Food Economics), 54 has been appointed Senior Vice President, Human Resources and a member of Corporate Executive Team of SRV Group Plc. She shall take up her position on 1 May 2025 at the latest. Most recently, Minna Korander has served as CPO in Fonecta Corporation and previously held several HR leadership positions at YIT Group.

"Minna Korander has extensive experience in different areas of personnel management and valuable industry expertise. I warmly welcome Minna to join the team and to develop SRV", says Saku Sipola, President & CEO of SRV.

"I look forward to working together with SRV's professionals to develop the company's sustainable and people-appreciating work culture even stronger. I feel it is important to be involved in developing and renewing Finnish construction by listening to personnel, customers and stakeholders", says Minna Korander.

Kristiina Sotka current SVP, Human Resources and a member of Corporate Executive Team will leave SRV at the end of January to join another employer.

For further information, please contact:
Saku Sipola, President & CEO, SRV, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Miia Eloranta, SVP Communications and Marketing, SRV, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi

Distribution:
Nasdaq Helsinki
Media
www.srv.fi

You can also find us on the social media:

Facebook   LinkedIn  X  Instagram
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     STOCK EXCHANGE RELEASE     10 DECEMBER 2024      09:30 EET

SRV Group Plc: Proposals of the Shareholders' Nomination Board to the Annual General Meeting 2025

The Shareholders' Nomination Board of SRV Group Plc submits the following proposals to the Annual General Meeting planned to be held on 27 March 2025:

Board composition and remuneration

The Nomination Board proposes that six members will be elected to the Board of Directors.

The Nomination Board proposes that present members Matti Ahokas, Heli Iisakka, Ari Lehtoranta, Hannu Leinonen and Tuomas Kokkila be re-elected as members of the Board of Directors and Anna Hyvönen be elected as a new member of the Board of Directors. In addition, Nomination Board proposes that Ari Lehtoranta be elected as the Chair of the Board of Directors.

The nominees have given their consent to the position, and they are independent of the company and of the company's significant shareholders except for Tuomas Kokkila who is not independent of the company because he has been employed by SRV Group Plc until 31 July 2023 and not independent of significant shareholders because he is a Board member in Pontos Oy which exercises control in the company's significant shareholder AS Pontos Baltic.

Presentation of the proposed new member Anna Hyvönen is attached to this stock exchange release. The proposed current members of the Board of Directors are presented on SRV's website: www.srv.fi/en/srv-as-a-company/investor/governance/board-directors/members-board-directors/introductions-board.

The Shareholders' Nomination Board proposes that the remuneration of members of the Board of Directors would remain unchanged and that the following annual fees would be paid:

• Board Chair, an annual fee of EUR 72,000,
• Vice Chair, an annual fee of EUR 48,000,
• Board member, an annual fee of EUR 36,000, and
• Chair of the Audit Committee, an annual fee of EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.

In addition, the Nomination Board proposes that EUR 700 fee per member per meeting for Board and Committee meetings be paid (year 2024: EUR 700). Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company's travel policy.

In addition, the Nomination Board proposes the annual remuneration of the Board to be paid as a combination of company shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2025. Meeting fees are proposed to be paid in cash.

Amendment of the Charter for the Shareholder's Nomination Board

The Nomination Board proposes that the Charter for the Shareholder's Nomination Board be amended so that the Nomination Board comprises of three (3) members appointed by the three largest shareholders of the company. The Chair of the Board of Directors participates in the work of the Nomination Board as an expert but is not a member of the Nomination Board (previously a member).

In addition, certain technical amendments are proposed to be made to the Charter of the Nomination Board.

The Charter in the proposed amended form is available on the company's website at www.srv.fi/en/annual-general-meeting-2025.

As Chair of the Shareholders' Nomination Board has acted Ilpo Kokkila (Chair of the Board of Directors, Pontos Oy) and as members Mikko Mursula (Chief Investment Officer, Ilmarinen Mutual Pension Insurance Company), Vesa Aho (Executive Vice President, OP Financial Group) and Ari Lehtoranta (Chair of the Board of Directors, SRV Group Plc).

For further information, please contact:

Ilpo Kokkila, Chair of SRV Group Plc's Shareholders' Nomination Board, tel. +358 (0)400 485 555, ilpo.kokkila@pontos.fi

Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi  

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SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC      STOCK EXCHANGE RELEASE     30 OCTOBER 2024   12:30 EET 

Change in SRV Group Plc's Corporate Executive Team 

SRV Group Plc's SVP, SVP Human Resources and a member of Corporate Executive Team Kristiina Sotka has resigned. She will take on a position outside the company on April 2025, at the latest. 

"I thank Kristiina Sotka warmly for her work for the company. Kristiina has carried through many essential changes in human resource management, and has taken part in the company's change implementation as a member of Corporate Executive Team. I wish her the best of success in her future role," says SRV's President and CEO Saku Sipola.  
 

For further information, please contact: 
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi 

Distribution: 
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www.srv.fi  
You can also find us on social media:  
Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)  
 

SRV in brief 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the well-being of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion. 

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners. 

SRV - Building for Life 

SRV GROUP PLC     INTERIM REPORT      24 OCTOBER 2024    AT 08.30 EEST
SRV Interim Report 1-9/2024: Operative operating profit remains unchanged, order backlog and revenue grow

• Revenue amounted to EUR 183.5 (146.9) million (+24.9%). Revenue from alliance and project management contracts increased in business and infrastructure construction.
• Operative operating profit amounted to EUR 4.5 (4.6) million with an operating profit of EUR 4.5 (-4.9) million. The increased volume of business and infrastructure construction on the comparison period had a positive effect on the operative operating profit. The still low volume of housing construction, which was also emphasised for lower-margin competitive and negotiated contracting, in turn had a negative effect on the operative operating profit. The operating profit for the comparison period was weakened by a capital loss arising from the sale of SRV Russia Oy and its subsidiaries.
• The result before taxes was EUR 1.7 (-6.5) million.
• The equity ratio stood at 34.5 per cent (34.9% 9/2023) and gearing was 69.7 per cent (84.8% 9/2023). Excluding the impact of IFRS 16, the equity ratio was 48.2 (49.5) per cent and gearing was -6.0 (5.1) per cent.
• At period-end, the order backlog stood at EUR 1,179.6 (995.6) million. The sold share of the order backlog was 93.5 (92.1) per cent.
• New agreements valued at EUR 273.9 (132.5) million were signed in July-September.
• Emission intensity (scope 1 and 2, rolling 12 months) decreased to 3.0 (3.1) tCO2 per million euros of revenue at the end of September. SRV's emission intensity has stabilised, but varies moderately in relation to revenue and project phases.  

• Revenue amounted to EUR 536.7 (428.3) million (+25.3%).
• Operative operating profit amounted to EUR 7.3 (-1.3) million with an operating profit of EUR 7.3 (-9.9) million.
• The result before taxes was EUR 2.3 (-16.4) million.
• Earnings per share were EUR -0.0 (-1.0).
• New agreements valued at EUR 625.2 (528.3) million were signed in January-September.

Specified outlook for 2024

During 2024, SRV's revenue and result will be affected by several factors in addition to general economic trends, such as: the margin of the order backlog and its development; the start-up of new contracts and development projects; geopolitical risks, including their related direct and indirect effects, such as material costs and the availability of materials and labour; and changes in demand. Higher interest rates and weaker availability of financing have a negative impact on demand for housing and business premises among consumers and investors, and thus pose uncertainty with respect to the estimated start-ups of new projects.

• The Group's revenue for 2024 is expected to increase on 2023, and will amount to EUR 720-750 million (revenue in 2023: EUR 610.0 million). (previously: The Group's revenue for 2024 is expected to increase on 2023)
• Operative operating profit is expected to improve on 2023, and will amount to EUR 7-12 million (operative operating profit in 2023: EUR 1.1 million). (previously: Operative operating profit is expected to improve on 2023)

Significant events after the period

On 1 October 2024, SRV announced that SRV Group Plc had appointed Liisa Krogerus (LL.M), 46, as its new General Counsel and a member of the Corporate Executive Team. She will start in her new role by 2 January 2025 at the latest. Anu Tuomola, SRV's current General Counsel and a member of the Corporate Executive Team, is transferring to another employer and will leave the company by the end of November.
President & CEO's review

"Market conditions continued to be challenging during the third quarter of 2024 and there were still no signs of a turn for the better. When it comes to demand, the only bright spots are a few startups of public-sector and industrial projects. Consumers and real estate investors are still practically absent from the market for new construction. An upswing in demand for new residential construction is being delayed by the relatively large supply of new units, both owner-occupied and rental. However, this oversupply is already beginning to diminish. The market for business premises is also repositioning, as many operators are actively considering what kind of premises will be right for them. Factors that predict a change for the better are, however, gradually emerging. Although falling interest rates, a reduction in the oversupply of housing, advantageous construction costs and relatively strong urban population growth are revitalising private demand, a sharper upswing will probably not occur for another year or two.

Our business developed favourably in many respects during the review period. Our revenue and operative operating profit were reasonable considering the market. During the third quarter, our revenue rose by about 25 per cent on the corresponding period of the previous year and amounted to EUR 183.5 million. Our operative operating profit remained stable at EUR 4.5 million (Q3/2023: 4.6). Increased volumes of alliance and project management contracting in business premises and infrastructure construction had a favourable impact on our operative operating profit. Volumes in housing construction remained low and were still weighted towards competitive and negotiated contracting, which reduced operative operating profit.

Our balance sheet remained strong, and our IFRS 16 adjusted gearing stood at -6.0 per cent. At 95, the total number of unsold completed residential units is low and the company does not have a lot of capital tied up in unsold housing. We have not therefore attempted to sell apartments at huge discounts during this period of very low demand.
Our order backlog, which consists almost entirely of cooperative and competitive contracts, increased during the third quarter and stood at EUR 1,180 million at the end of the review period. The southern section of Laakso Joint Hospital's main building was one of the items that was transferred to our order backlog during the third quarter. It is part of an approximately EUR 800 million agreement for the Laakso Joint Hospital project, of which about EUR 670 million has been entered into our order backlog to date. We also have projects valued at about EUR 711 million that have been won or committed to with preliminary contracts, but which have not yet been entered into our order backlog.

In addition to these purely financial results, I am particularly delighted by the development of two closely linked key indicators that have risen to record-breaking levels. Our NPS (B2B), which measures customer satisfaction, stood at 74 at the end of September, and I consider this to be an exceptional achievement. Our customer promise - "By listening, we build wisely" - has clearly become an integral part of our operations. I would like to thank our highly skilled personnel for this outstanding level of customer satisfaction and for retaining their motivation throughout these difficult times and tough measures. In August, our employee net promoter score (eNPS) reached the highest in our company's history: 30.

Cooperative contracting is a relatively low-margin - yet also low-risk - business, and having both expertise and a leading position in this area will be important for many reasons, both now and in the future. In the prevailing market, a strong order backlog and good performance in cooperative contracting will help us through this difficult market situation. In line with our strategy, we are seeking strong growth in projects that have better profitability and higher added value, that is, business premises development projects, housing development projects, and developer-contracted housing projects. However, due to the current lack of consumer and investor demand, we have not been able to start any of our planned development projects in 2024, and the development of our strategic project portfolio has been delayed. It is now already clear that developer-contracted projects, which are recognised as income on completion, will not be recognised as income in 2025. However, we are still aiming to start some developer-contracted housing projects and some of our own development projects before the end of the year, but the preconditions for success have significantly decreased.

The market's delayed recovery will therefore slow down any significant improvements in profitability. Yet thanks to favourable developments in many other areas, we will still come out relatively stronger. Our strong balance sheet and order backlog, improvements in both the controllability of construction and project-specific results strengthens faith in the future. A high level of customer satisfaction, our skilled personnel, growth in our project development portfolio and good relations with financiers will provide us with a strong foundation for the structural change in project portfolio and improved profitability that we are seeking, and also for rapid growth and an increased market share when demand gradually recovers and picks up again."
Saku Sipola

Group Key Figures

[][][][]
7-9/ 7-9/ change change 1-9/ 1-9/ change change 1-12/
(IFRS, EUR 2024 2023  % 2024 2023 % 2023
million)
Revenue                183.5                                 24.9               536.7                              25.3                610.0
146.9 36.5 428.3 108.4
Operative                                                           -1.9                                                                                 
operating 4.5 4.6 -0.1 7.3 -1.3 8.6 1.1
profit
Operative 2.5 3.1 -0.7 1.4 -0.3 1.7 0.2
operating
profit, %
Operating                                                                                                                                    
profit 4.5 -4.9 9.5 7.3 -9.9 17.2 -6.8
Operating 2.5 -3.4 5.8 1.4 -2.3 3.7 -1.1
profit, %
Profit before                                                                                                                                  
taxes 1.7 -6.5 8.2 2.3 -16.4 18.8 -15.7
Net profit for                                                                                                                                    
the 1.0 -6.6 7.5 1.7 -14.4 16.0 -15.1
period
Net profit for 0.5 -4.5 5.0 0.3 -3.4 3.7 -2.5
the
period, %
Earnings per 0.04 -0.51 0.56 -0.00 -0.98 0.98 -1.02
share,
eur [1)]
Order backlog               1179.6               995.6                18.5             1048.6
(unrecognised) 184.0
Equity ratio, 34.5 34.9 -0.4 34.4
%
Equity ratio, 48.2 49.5 -1.4 48.0
%, excl.
IFRS 16 [2)]
Net interest                                                    -18.1                  99.4
-bearing 96.4 117.7 -21.3
debt
Net interest                                                                        
-bearing -8.8 7.5 -16.3 -6.3
debt, excl.
IFRS 16
[2)]
Net gearing 69.7 84.8 -15.1 71.7
ratio, %
Net gearing -6.0 5.1 -11.1 -4.3
ratio, %,
excl. IFRS 16
[2)]
Financing                                                      23.9                  78.6
reserves 79.1 63.9 15.2

1. The figure has been calculated excluding the hybrid bond interest, tax adjusted

2. The figure has been adjusted to remove the impacts of IFRS 16

Espoo, 24 October 2024
Board of Directors
All forward-looking statements in this interim report are based on management's current expectations and beliefs about future events. The company's actual results and financial position may differ materially from the expectations and beliefs such statements contain due to a number of factors that have been presented in this interim report.
Briefing, webcast and presentation materials

A briefing for analysts, investors and media representatives will be held as a webcast on 24 October 2024, starting at 11:00 EEST. The webcast can be followed live at www.srv.fi/en/investors. The recording will be available on the website after the presentation. The materials will also be made available on the website.
For further information, please contact:

Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, jarkko.rantala@srv.fi
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC      STOCK EXCHANGE RELEASE     1 OCTOBER 2024   08:30 EEST

Liisa Krogerus appointed SRV Group Plc's new SVP, General Councel, and a member of Corporate Executive Team

Liisa Krogerus, LL.M., 46, has been appointed Senior Vice President, General Counsel and a member of Corporate Executive Team of SRV Group Plc. She shall take up her position on 2 January 2025 at the latest. Most recently, Liisa Krogerus has served as General Counsel in Purmo Group Plc. 

"Liisa Krogerus has diverse experience in legal management, the governance of a listed company, and international energy plants projects. I look forward to getting Liisa involved in developing SRV," says Saku Sipola, President and CEO of SRV Group Plc.

"I look forward to participating in the development of SRV in the challenging construction industry market and in certainly interesting legal matters," says Liisa Krogerus.

Anu Tuomola, current SVP, General Counsel and a member of Corporate Executive Team will leave SRV at the end of November at the latest to join another employer.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Miia Eloranta, SVP Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi

Distribution:
Nasdaq Helsinki
Media
www.srv.fi (https://publish.ne.cision.com/l/fhteveeje/www.srv.fi)
You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)
 
SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.
SRV - Building for life

SRV GROUP PLC     STOCK EXCHANGE RELEASE     11 SEPTEMBER 2024    17:15 EEST
Composition of SRV Group Plc's Shareholders' Nomination Board

• Ilpo Kokkila, Chair of the Board of Directors, Pontos Oy
• Mikko Mursula, Chief Investment Officer, Ilmarinen Mutual Pension Insurance Company
• Vesa Aho, Executive Vice President, OP Financial Group

The Chair of the Board of Directors Ari Lehtoranta shall act as the fourth member of the Board.

The right to appoint a member to the Shareholders' Nomination Board lies with those three shareholders whose share of the votes of all shares in the company is largest, based on the company's shareholders' register held by Euroclear Finland Ltd as of August 31 of the preceding calendar year of the Annual General Meeting.

Ilpo Kokkila has been appointed as the Chair of the Nomination Board.  

The Nomination Board, established by the General Meeting, prepares annual proposals concerning the composition and remuneration of the Board of Directors to the Annual General Meeting.

For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, tel. +358 50 414 3280, anu.tuomola@srv.fi
 

Distribution:
Nasdaq Helsinki
Media
www.srv.fi (https://publish.ne.cision.com/l/fhteveeje/www.srv.fi)

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)
 

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     STOCK EXCHANGE RELEASE     21 AUGUST 2024     13:45 EEST
 

SRV Group Plc's financial reporting in 2025

SRV Group Plc's Financial Statements Bulletin for the year 2024 will be published on Thursday 6 February 2025 at 8:30 a.m. SRV's Annual Report for 2024 will be published on Tuesday 4 March 2025.
 

• January-March on Wednesday 30 April 2025 at 8:30 a.m.
• January-June on Friday 8 August 2025 at 8:30 a.m.
• January-September on Thursday 23 October 2025 at 8:30 a.m.

SRV Group Plc's Annual General Meeting 2025 is planned to be held on Thursday 27 March 2025 at 4:00 p.m. SRV's Board of Directors will summon the Annual General Meeting at a later date.  

For further information, please contact:

Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi  (miia.eloranta@srv.fi%C2%A0)
 

Distribution:
Nasdaq Helsinki
Media
www.srv.fi (https://publish.ne.cision.com/l/fhteveeje/www.srv.fi)
 

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)  X (https://twitter.com/SRVYhtiot)  Instagram (https://instagram.com/srvfinland/)
 

SRV in brief
 

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach life-cycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life

SRV GROUP PLC     HALF-YEAR FINANCIAL REPORT      18 JULY 2024    AT 08.30 EEST
SRV Half-year Report 1-6/2024: Operative operating profit increased driven by strong growth in revenue, the order backlog remains strong
 

• Revenue amounted to EUR 186.3 (143.1) million (+30.2%). Revenue increased especially in alliance and project management contracts in business construction. Revenue from housing construction declined.
• Operative operating profit amounted to EUR 1.5 (-3.9) million with an operating profit of EUR 1.5 (-3.0) million. Operative operating profit improved on the back of strong growth in volume and increased operational controllability, even though the project portfolio was focused on lower-margin cooperative contracting.
• The result before taxes was EUR 0.1 (-5.5) million. The result before taxes was positive because the volume grew and financial expenses were lower than in the comparison period.
• Equity ratio was 33.6 per cent (34.3% 6/2023) and gearing was 70.9 per cent (83.3% 6/2023). Excluding the impact of IFRS 16, the equity ratio was 46.9 (48.8) per cent and gearing was -6.2 (1.6) per cent.
• At period-end, the order backlog stood at EUR 1,067.3 (993.1) million. The sold share of the order backlog was 92.8 (92.1) per cent.
• New agreements valued at EUR 215.0 (245.9) million were signed in April-June.
• Emission intensity (scope 1 and 2, rolling 12 months) declined and was at the end of June 3.4 (4.6) tCO2/million euros of revenue. Two of the factors contributing to the decrease in emission intensity were the greater use of biofuels as a percentage of all fuels used and better availability of zero-emission district heating.

• Revenue amounted to EUR 353.2 (281.4) million (+25.5%).
• Operative operating profit amounted to EUR 2.7 (-5.9) million with an operating profit of EUR 2.7 (-5.0) million.
• The result before taxes was EUR 0.6 (-9.9) million.
• Earnings per share were EUR -0.0 (-0.5).
• New agreements valued at EUR 351.4 (395.8) million were signed in January-June.

Outlook for 2024 (unchanged)

During 2024, SRV's revenue and result will be affected by several factors in addition to general economic trends, such as: the margin of the order backlog and its development; the start-up of new contracts and development projects; geopolitical risks, including their related direct and indirect effects, such as material costs and the availability of materials and labour; and changes in demand. Higher interest rates and weaker availability of financing have a negative impact on demand for housing and business premises among consumers and investors, and thus pose uncertainty with respect to the estimated start-ups of new projects.

• Full-year consolidated revenue for 2024 is expected to grow compared with 2023 (revenue in 2023: EUR 610.0 million).
• Operative operating profit is expected to improve compared with 2023 (operative operating profit in 2023: EUR 1.1 million).

Significant events after the period

On 17 July 2024, SRV announced that lawsuits have been filed against SRV Construction Ltd, a subsidiary of SRV Group Plc, in the District Court of Central Finland, relating to the fire of the apartment building in Palokka, Jyväskylä, that took place in 2020. The apartment building is built by SRV. The total amount of lawsuits initiated by clients of the project and insurance companies is around 8 million euros.

The company does not agree with the lawsuits. Based on external legal assessments, there are strong grounds for rejecting the lawsuits. SRV has built the apartment building as a turnkey project according to the plans made by the clients of the project, and the reason behind the 2020 fire and its spreading has been the building's inadequate plans.
President & CEO's review

"In the first half of 2024, the market environment remained unchanged, with very low demand among consumers and investors. Despite this challenging situation, we maintained a robust order backlog in the second quarter, and both our revenue and operative operating profit were higher than last year.  

The interest rate is still relatively high, and there are plenty of new owner-occupied and rental units available on the market, so demand for new units remains weak among consumers and real estate investors. However, interest rates have begun to decline cautiously, population growth in the largest cities is relatively strong and construction costs have dropped substantially - this will lead to an upswing in demand over the next quarters, although a stronger increase will be seen only a year or two from now. At the moment, the market offers good opportunities for real estate investors, as the projects that are currently being started up will be completed when the market is favourable. 

In the second quarter, our business operations developed in line with our expectations. Our revenue increased by around 30 per cent year-on-year. Our operative operating profit also outperformed the comparison year on the back of strong volume growth and increased operational controllability, even though the project portfolio was focused on lower-margin cooperative contracting. However, the operating profit remained modest.

At the end of the review period, our order backlog was EUR 1,067 million, up around 8 per cent year-on-year. In the second quarter, we transferred several projects into our order backlog, among them the Research Hub in the Sähkötalo building in Tampere, the Suutarila multipurpose building in Helsinki, and the Ohkola hospital building at Laakso Joint Hospital. The latter order is part of an approximately EUR 800 million agreement for the Laakso Joint Hospital project, of which about EUR 500 million has been entered into our order backlog to date. The remaining phases will be entered into our order backlog in stages during the years ahead. In addition, previously won contracts and projects under preliminary contracts will be recognised in our order backlog, with a value of around EUR 934 million.

It is important that our balance sheet is healthy and our financing is in good shape so that we are prepared for the expected recovery of the market. The total number of unsold completed residential units is low at 96, and the company has not committed a significant amount of its own capital into unsold housing. Our operational business and thus the controllability of our projects are also at a good level, which is reflected in, among other things, occupational safety, customer satisfaction and achievement of budgeted margins. We were recognised for our occupational safety efforts during the current review period as well - in May, the underground works carried out by SRV Infra in the Laakso Joint Hospital project were awarded the title of best site of 2023 in the Uusimaa Occupational Safety Competition.

 Lifecycle wisdom, i.e. construction that is sustainable from an environmental, human and financial perspective, is at the heart of SRV's strategy. The headquarters of cybersecurity company WithSecure - completed in July in the Wood City quarter, which we developed in Jätkäsaari, Helsinki - is an excellent example of SRV's strong expertise in developing, designing and constructing lifecycle-wise buildings and strongly supporting the development of cities towards their carbon-neutrality targets. WithSecure's headquarters has a large carbon handprint and is one of the first projects in Finland to comply with the new EU taxonomy. With the completion of this building, we also wrapped up the construction of the Wood City quarter with flying colours. This flagship of Finnish wood construction has attracted international interest.

The market is still in a wait-and-see mode. However, a change for the better is already on the horizon, although it is difficult to predict accurately when it will occur. Thanks to our healthy balance sheet, favourable risk position and strong project development portfolio, SRV is poised to pursue growth as soon as the market offers opportunities to restructure the project portfolio towards developer-contracted and development projects in line with our strategy. Until then, our robust order backlog in cooperative contracting will carry us over this difficult period. In addition, we believe that it will be possible to start up selected developer-contracted or development projects during the second half of the year, especially when investors estimate that the time is right to launch investments."
Saku Sipola
 

Key Figures

[][][][]
4-6/ 4-6/ change change, 1-6/ 1-6/ change change, 1-12/
(IFRS, EUR 2024 2023  % 2024 2023 % 2023
million)
Revenue                186.3                                   30.2               353.2                                  25.5                610.0
143.1 43.2 281.4 71.9
Operative                                                                                                                                           
operating 1.5 -3.9 5.4 2.7 -5.9 8.7 1.1
profit
Operative 0.8 -2.8 3.6 0.8 -2.1 2.9 0.2
operating
profit, %
Operating                                                                                                                                      
profit 1.5 -3.0 4.5 2.7 -5.0 7.7 -6.8
Operating 0.8 -2.1 2.9 0.8 -1.8 2.6 -1.1
profit, %
Profit before                                                                                                                                  
taxes 0.1 -5.5 5.6 0.6 -9.9 10.6 -15.7
Net profit for                                                                                                                                    
the 0.2 -4.7 4.9 0.7 -7.9 8.6 -15.1
period
Net profit for 0.1 -3.3 3.4 0.2 -2.8 3.0 -2.5
the
period, %
Earnings per -0.03 -0.36 0.33 -0.04 -0.55 0.51 -1.02
share,
eur [1)]
Order backlog              1067.3                                 7.5             1048.6
(unrecognised) 993.1 74.2
Equity ratio, 33.6 34.3 -0.6 34.4
%
Equity ratio, 46.9 48.8 -1.9 48.0
%, excl.
IFRS 16 [2)]
Net interest                                                    -14.3                  99.4
-bearing 96.8 113.1 -16.2
debt
Net interest                                                                         
-bearing -9.0 2.2 -11.2 -6.3
debt, excl.
IFRS
16[2)]
Net gearing 70.9 83.3 -12.4 71.7
ratio, %
Net gearing -6.2 1.6 -7.8 -4.3
ratio, %,
excl. IFRS 16
[2)]
Financing                 80.4                                   18.4                  78.6
reserves 68.0 12.5

1. The figure has been calculated excluding the hybrid bond interest, tax adjusted

2. The figure has been adjusted to remove the impacts of IFRS 16

Espoo, 18 July 2024
Board of Directors
All forward-looking statements in this half-year report are based on management's current expectations and beliefs about future events. The company's actual results and financial position may differ materially from the expectations and beliefs such statements contain due to a number of factors that have been presented in this half-year report.
Briefing, webcast and presentation materials

A briefing for analysts, investors and media representatives will be held as a webcast on 18 July 2024, starting at 11:00 EEST. The webcast can be followed live at www.srv.fi/en/investors. The recording will be available on the website after the presentation. The materials will also be made available on the website.
For further information, please contact:

Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, jarkko.rantala@srv.fi
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi 

Distribution:
Media
www.srv.fi

You can also find us on the social media:

Facebook (https://www.facebook.com/srv.fi)   LinkedIn (https://www.linkedin.com/company/srv)   X (https://twitter.com/SRVYhtiot)   Instagram (https://instagram.com/srvfinland/)

SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter - and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.

SRV - Building for life