CONSTI PLC FINANCIAL STATEMENTS BULLETIN 6 FEBRUARY 2026, at 8:30 a.m.
Consti Plc Financial Statements Bulletin for January – December 2025
NET SALES GREW, OPERATING RESULT AT A REASONABLE LEVEL
10–12/2025 highlights (comparison figures in parenthesis 10–12/2024):
- Net sales EUR 95.0 (92.3) million; growth 3.0%
- EBITDA EUR 4.8 (4.6) million and EBITDA margin 5.1% (5.0%)
- Operating result (EBIT) EUR 3.9 (3.6) million and EBIT margin 4.1% (3.9%)
- Order backlog EUR 208.2 (240.1) million; change -13.3%
- Order intake EUR 44.3 (67.2) million; change -34.1%
- Free cash flow EUR 10.9 (4.8) million
- Earnings per share EUR 0.37 (0.33)
1–12/2025 highlights (comparison figures in parenthesis 1–12/2024:
- Net sales EUR 336.2 (326.7) million; growth 2.9%
- EBITDA EUR 13.0 (14.3) million and EBITDA margin 3.9% (4.4%)
- Operating result (EBIT) EUR 9.4 (10.2) million and EBIT margin 2.8% (3.1%)
- Order intake EUR 250.7 (259.0) million; change -3.2%
- Free cash flow EUR 16.8 (7.2) million
- Earnings per share EUR 0.86 (0.91)
- The Board of Directors proposes a dividend of EUR 0.72 per share. The Board proposes that the dividend shall be paid in two instalments. The first instalment of EUR 0.36 per share shall be paid in April 2026 and the second instalment of EUR 0.36 per share shall be paid in November 2026.
Guidance on the Group’s business outlook for 2026:Consti estimates its operating result for 2026 to be in the range of EUR 8–11 million.
KEY FIGURES (EUR 1,000)
10–12/
2025
10–12/
2024
Change %
1–12/
2025
1–12/
2024
Change %
Net sales
94,997
92,264
3.0%
336,219
326,692
2.9%
EBITDA
4,821
4,618
4.4%
12,969
14,275
-9.2%
EBITDA margin, %
5.1%
5.0%
3.9%
4.4%
Operating result (EBIT)
3,923
3,612
8.6%
9,412
10,184
-7.6%
Operating result (EBIT) margin, %
4.1%
3.9%
2.8%
3.1%
Profit/loss for the period
2,949
2,571
14.7%
6,818
7,143
-4.6%
Order backlog
208,175
240,108
-13.3%
Free cash flow
10,897
4,805
126.8%
16,761
7,205
132.6%
Cash conversion, %
226.0%
104.1%
129.2%
50.5%
Net interest-bearing debt
-4,932
2,681
Gearing, %
-10.9%
6.1%
Return on investment, ROI %
16.0%
17.4%
Number of personnel at period end
981
1,012
-3.1%
Earnings per share, undiluted (EUR)
0.37
0.33
14.4%
0.86
0.91
-5.0%
CEO Esa Korkeela’s comment
"Despite the challenging market conditions, our business continued to develop steadily. Our net sales increased by 2.9 percent compared to the previous year, amounting to EUR 336.2 (326.7) million. Net sales increased in the Housing Companies business area but declined in other business areas. The operating result for the full year was EUR 9.4 (10.2) million, or 2.8 (3.1) percent of net sales. Despite prevailing market conditions and intense competition, we have managed to maintain a reasonable level of profitability in 2025, although it remains below our long-term targets.
In October–December, our net sales increased by 3.0 percent to EUR 95.0 (92.3) million. In the last quarter of the year, our operating result rose to EUR 3.9 (3.6) million, amounting to 4.1 (3.9) percent of net sales. Operationally, the last quarter of the year proceeded as expected, with projects progressing largely as planned. Profitability improved, despite continued negative impacts from the prolonged downturn in construction and lower level of net sales and profitability in our Service business compared to the reference period.
At the end of the review period, our balance sheet and liquidity position were at an excellent level. Our free cash flow improved compared to the previous year, totalling EUR 16.8 (7.2) million. The gearing ratio at the end of the review period was -10.9 (6.1) percent.
During October–December, we continued our active yet disciplined tendering activities. In October–December, we secured new orders totalling EUR 44.3 (67.2) million, of which approximately two thirds were attributed to the Housing Companies business area. However, compared to the reference period, the value of new orders declined by 34.1 percent. The challenging competitive environment and weak demand continued to impact our order intake in the last quarter of the year as well. Although the volume of new orders did not meet our targets, we are satisfied with their quality. Over the course of the year, we received new orders amounting to EUR 250.7 (259.0) million, a 3.2 percent decrease compared to the reference period. Overall, our order backlog contracted by 13.3 percent compared to the reference period, standing at EUR 208.2 (240.1) million.
In the last quarter of the year, we announced that Senate Properties had selected us as the construction service provider for the Government Palace building project. The contract was signed on 29 January 2026. Consti’s share of the project, if both the renovation and extension are realised, is approximately 171 million euros in total. The share relating to the renovation, approximately 112 million euros, will be recognised in Consti’s order backlog in the first quarter of 2026, while the share relating to the extension will be recognised later, once the conditions for its construction have been fulfilled. Construction work is scheduled to begin in August 2026 and to be completed during 2030.
The implementation of our strategy, published in February 2024, is underway. Our initiatives to enhance operational efficiency continued to focus on ensuring the competitiveness and performance of our business. Overall, we have been reasonably successful in compensating for the effects of the prolonged downturn in construction through improved operational effectiveness. We have also achieved our strategic objective of broadening our role within the construction value chain, as evidenced by several successful pipeline renovation projects in our Housing Companies business area delivered under the turnkey model, as well as numerous collaborative projects currently in the development phase. These projects, which particularly require the contractor’s capabilities in project development and design management, are expected to support net sales in 2026 once they commence.
The market environment remained challenging in 2025. Although the overall construction market is estimated to have grown by 3.0 percent year-on-year, the renovation market is estimated to have continued to contract. In the fourth quarter, the willingness of housing companies and the public sector to undertake renovation investments remained at a reasonable level in our operating areas. Demand for new construction remained subdued, and private real estate investment companies continued to be cautious about launching new renovation projects throughout the year. Competition in the construction and building technology markets remained intense.
The grounds for a turnaround in construction exist with the slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power, but the uncertainty in the operating environment weighs on the outlook. We do not expect a significant improvement in the demand outlook for construction over the first half of 2026.
Nevertheless, we aim to continue delivering solid results and remain focused on implementing our strategy. I would like to extend my thanks to all our clients and partners for their excellent cooperation, as well as to every member of the Consti team for their dedicated and determined efforts throughout 2025.”
Operating environment
According to the Bank of Finland, the Finnish economy is expected to be moving from a prolonged period of slow growth towards a cautious recovery. However, growth in gross domestic product (GDP) in 2025 is forecast to remain modest. The Bank of Finland estimates that GDP grew by 0.2 percent in 2025, while growth of 0.8 percent is expected in 2026.
The deceleration of inflation and the decline in interest rates are gradually supporting the recovery of consumers’ purchasing power and companies’ willingness to invest. Nevertheless, the Bank of Finland estimates that the outlook for the Finnish economy continues to be overshadowed by uncertainties related to international politics and global trade, as well as by the public sector deficit. Weak employment situation and economic uncertainty have decreased private consumption. As real earnings of employees increase and labour market recovers, consumption is expected to pick up in the coming years. The Bank of Finland estimates that non-residential investments declined slightly in 2025 but expects investments to return to growth in 2026.
With the gradual economic recovery, the overall construction market is also expected to begin recovering. However, the return to a growth trajectory has been slower than anticipated. According to the Confederation of Finnish Construction Industries RT, construction output is estimated to have increased by approximately 0.8 percent in 2025 compared to the previous year, while the market research institute Euroconstruct estimates growth of 3.0 percent. In 2026, construction is expected to turn towards growth from a low baseline. Construction growth is supported in particular by investments related to the energy transition and data centres. Industrial construction is forecast to increase, due to factors such as government-backed green investments. Investments linked to the defence sector are also driving growth in the construction market. For 2026, RT forecasts growth of 3.5 percent in construction, while Euroconstruct expects growth of 4.8 percent.
Growth in new construction has been driven by industrial construction, schools and commercial premises. Industrial construction has been boosted, in particular, by investments in the battery and energy industries. Euroconstruct estimates that non-residential construction increased by 11.1 percent in 2025 and will grow 10.7 percent in 2026. RT estimates that non-residential construction declined by 2.0 percent in 2025 and will increase by 3.0 percent in 2026.
The market for new residential construction has suffered from a pronounced downturn over several years. Following an exceptionally high level of residential development, housing construction contracted sharply in 2023–2024, declining by approximately 30 percent per year. In 2025, the number of housing starts remained below the long-term average. According to Euroconstruct, a recovery in residential construction would require an improvement in the housing market, along with increased investor demand and stronger consumer confidence. Residential construction volumes increased by 1.0 percent in 2025 according to RT and by 2.1 percent according to Euroconstruct. For 2026, RT forecasts growth of 12 percent and Euroconstruct 15.7 percent from low baselines.
Both the Confederation of Finnish Construction Industries RT and Euroconstruct estimate that renovation construction declined by 0.5 percent in 2025. If the estimates are realised, this would mark the third consecutive year of contraction in the renovation market.
Low levels of new housing starts and the contraction of the renovation market have sustained the intense competition for both renovation projects and building technology contracts.
Euroconstruct estimates that residential renovation returned to modest growth already in 2025. However, renovation projects undertaken by housing companies have been slowed by limited access to financing. Professional renovation is estimated to account for over half of residential renovation, and its proportion has been increasing.
Non-residential renovation, particularly in privately owned commercial premises, remained low. Although there is a clear need for renovations and modifications, many projects have been postponed for as much as several years. Contributing factors include rising costs, oversupply of premises, and the low volume of property transactions and related development projects. In particular, there is an increasing need for building purpose modifications due to changes in working methods and the retail sector. Many older premises also no longer meet modern requirements for user comfort.
Public sector renovation investments are expected to remain at a good level. In 2025, renovations of public facilities were particularly concentrated in the education and healthcare sectors. However, the weak financial position of municipalities and wellbeing services counties may constrain renovation activity in the coming years.
The ageing building stock, urbanisation, changes in space utilisation, and the growing importance of sustainability and the green transition are generating demand and providing a foundation for Consti’s long-term growth.
In renovation construction, demand is largely needs-driven. The need for renovation is increasing not only due to the age of buildings and repairs required as a result of climate change, but also due to societal changes such as population ageing, new requirements for space utilisation, and higher expectations regarding user comfort. Through building purpose modification projects, former office and industrial premises can, for example, be transformed into hotels or residential buildings with accessibility taken into account. In the commercial property market in particular, the EU Energy Efficiency Directive, which entered into force in 2024, and the environmental certification requirements imposed on properties are increasingly evident. Renovation construction plays a key role in reducing the carbon footprint of the built environment, as the volume of new construction increases by only around one percent annually.
Urbanisation and the concentration of immigration in major cities mean that both new construction and renovation activity are increasingly focused on growth centres.
Outlook for 2026
Market outlook
According to forecasts, the renovation market is estimated to return to moderate growth or stay unchanged. Euroconstruct estimates 0.0 percent change and RT estimates 0.5 percent growth in renovation in 2026.
Euroconstruct estimates residential renovation to grow by 0.8 percent and non-residential renovation to decline by 1.3 percent in 2026.
Euroconstruct estimates building construction to grow by 5.7 percent in 2026. New residential construction is estimated to grow by 15.7 percent and non-residential construction to grow by 10.7 percent.
Competition in construction and building technology market remains intense. The grounds for a turnaround in construction exist with the slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power, but the uncertainty in the operating environment weighs on the outlook, and Consti does not expect a significant improvement in the demand outlook for construction over the first half of 2026.
Business outlook
Consti estimates its operating result for 2026 to be in the range of EUR 8–11 million.
Press conference
Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 6 February 2026, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 2026
Consti will publish its Financial Statements, Board of Directors’ Report, Auditors’ Report, and Corporate Governance Statement on the company website during week 11/2026.
Consti Plc’s Annual General Meeting for 2026 is scheduled to take place on Thursday, 9 April 2026 in Helsinki. Invitation to the Annual General Meeting will be published later as a separate Stock Exchange release.
Consti Plc shall publish three interim reports during 2026:
- Interim report 1–3/2026 will be published 29 April 2026
- Half-year financial report 1–6/2026 will be published 17 July 2026
- Interim report 1–9/2026 will be published 23 October 2026
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619
Distribution:
Nasdaq Helsinki Ltd.
Major media
www.consti.fi
Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2025, Consti Group’s net sales amounted to 336 million euro. It employs approximately 1000 professionals in construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi
Attachments
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Consti Financial Statements Bulletin 2025.pdf
