Dovre Group Plc | Inside Information | October 09, 2025, at 10:57 a.m.
In its half-year financial report published on August 8, 2025, Dovre announced that the wind park projects of Suvic's Swedish subsidiary had accumulated a total loss of EUR 23.7 million, of which EUR 18.7 million was recorded already in the financial year 2024.
After an updated estimation, the company will be required to record an additional EUR 4.0 million loss, increasing the total loss from the Swedish project portfolio to EUR 27.7 million, of which EUR 18.7 million was recorded in the financial year 2024 and EUR 9.0 million is recorded in 2025.
Suvic will record a sales margin deterioration of approximately EUR 2 million in Q3 in one of the Finnish projects under construction. There is no indication of a deterioration of sales margin or loss in other active projects.
Suvic's management has also critically reviewed the financial risks of the company's pending legal disputes and decided to make a profit-impacting provision of EUR 3.5 million to cover them.
Based on the above, Dovre expects the Q3 2025 EBIT to be approximately EUR -10 million, and updates its guidance for 2025.
New guidance for 2025: Dovre Group's net sales in 2025 are expected to decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to decline in comparison to year 2024.
Previous guidance for 2025 (released August 14, 2025): Dovre Group's net sales in 2025 are expected to decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve, while still remaining negative.
Suvic's Project management, operational culture and methodology have not been transparent, and collecting timely and reliable financial information has required major effort from the new management. The issues have been identified and corrective actions are in progress.
Based on the analysis so far, the Board of Directors estimates that without additional funding or income from new project sales, the company's liquidity will not be sufficient to fulfil all its liabilities during the first quarter of 2026. The company will announce imminent actions without delay, once the Board has completed its review of the possible ways forward.
Dovre will release its January-September 2025 Trading statement on Wednesday, October 29, 2025.
For further information, please contact:
Dovre Group Plc
Ville Vuori, Chairman of the Board of Directors
Tel. +358 400 369 438
Sanna Outa-Ollila, Acting CEO
Tel. +358 40 774 1020
sanna.outa-ollila@dovregroup.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs more than 250 people. Website: www.dovregroup.com
Suvic founded in Oulu in 2017, operates in the Nordic countries with a focus on renewable energy construction. The company introduces new and innovative practices in design, construction, and project management. Its current projects include Vinliden Vindkraft AB's Vinliden North and South wind farms (Lycksele, Sweden), OX2's Rajamäenkylä wind farm (Isojoki & Karijoki), EPV Aurinkovoima Oy's Heinineva solar park (Lapua), Alight's Eurajoki solar park (Luvia), Fortum's heat pump plants for data center areas in Kirkkonummi and Espoo, as well as Renewable Power Capital Ltd.'s BESS project in Uusikaupunki. Website: www.suvic.fi
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