Sitowise Group Plc Interim Report, 1 January - 30 September 2025, 6 November 2025 at 8:30 am EET
This release is a summary of Sitowise Group Plc's Interim Report January-September 2025. The complete report is attached to this release as a PDF file, and also available on the company's website at www.sitowise.com/investors/reports-and-presentations
July-September in brief
- Net sales decreased by 3.2% to EUR 40.4 (41.8) million.
- Organic net sales growth was negative at -3.4% (-10.5%).
- Adjusted EBITA totaled EUR 1.7 (2.4) million, or 4.2% (5.8%) of net sales.
- Operating profit was EUR 0.5 (-0.2) million, or 1.2% (-0.5%) of net sales.
- Cash flow from operating activities before financial items and taxes decreased to -2.9 (-0.3) million euros.
- Utilization rate improved to 73.4% (72.0%).
January-September in brief
- Net sales decreased by 4.0% to EUR 138.4 (144.2) million.
- Organic net sales growth was negative at -3.3% (-10.3%).
- Adjusted EBITA was EUR 6.7 (8.4) million, or 4.8% (5.8%) of net sales.
- Operating profit decreased to EUR 1.2 (2.8) million, or 0.9% (2.0%) of net sales.
- Cash flow from operating activities before financial items and taxes was 4.7 (10.6) million euros.
- Utilization rate was 73.1% (72.6%).
- Order book decreased by 3.5% to 149 (154) million euros.
- Leverage (net debt / adjusted EBITDA) was 7.2x (5.0x).
- In the client survey conducted at the beginning of the year, the willingness to recommend remained at a good level and the NPS (Net Promoter Score) was 35 (31).
The figures in the interim report are unaudited. Comparative figures for the corresponding period of the previous year are in brackets. The figures disclosed in the report are rounded so the sum of individual figures can deviate from the reported sum. This report has been published in Finnish and English. If there are any differences between the English translation and the original Finnish version, the Finnish report shall prevail.
Key figures
| EUR million | 7-9/ 2025 | 7-9/ 2024 | Change, % | 1-9/ 2025 | 1-9/ 2024 | Change, % | 1-12/ 2024 |
| FINANCIAL | |||||||
| Net sales | 40.4 | 41.8 | -3.2% | 138.4 | 144.2 | -4.0% | 192.9 |
| Adjusted organic growth, % | -3.4% | -10.5% | -3.3% | -10.3% | -10.1% | ||
| EBITA, adjusted | 1.7 | 2.4 | -30.1% | 6.7 | 8.4 | -20.3% | 9.6 |
| % of net sales | 4.2% | 5.8% | 4.8% | 5.8% | 5.0% | ||
| EBITA | 1.5 | 1.3 | 18.5% | 4.3 | 6.5 | -33.2% | 7.4 |
| Operating profit | 0.5 | -0.2 | 318.7% | 1.2 | 2.8 | -56.1% | 2.5 |
| % of net sales | 1.2% | -0.5% | 0.9% | 2.0% | 1.3% | ||
| Result for the period | -0.7 | -1.5 | 50.2% | -2.5 | -1.1 | -135.8% | -2.7 |
| Cash flow from operating activitiesbefore financial items and taxes | -2.9 | -0.3 | -804.5% | 4.7 | 10.6 | -55.1% | 21.5 |
| Net debt | 59.9 | 60.3 | -0.6% | 52.6 | |||
| Net debt / EBITDA, adjusted | 7.2x | 5.0x | 5.0x | ||||
| Equity ratio, % | 44.6% | 44.6% | 43.2% | ||||
| Earnings per share (EPS), EUR | -0.02 | -0.04 | 48.7% | -0.07 | -0.03 | -169.4% | -0.08 |
| OPERATIONAL | |||||||
| Number of full-time employees | 1,706 | 1,857 | -8.1% | 1,735 | 1,882 | -7.8% | 1,854 |
| Utilization rate | 73.4% | 72.0% | 73.1% | 72.6% | 72.6% | ||
| Number of working days | 66 | 66 | 188 | 189 | 251 | ||
| Order book at the end of period | 149 | 154 | -3.5% | 149 | 154 | -3.5% | 151 |
CEO Heikki Haasmaa: Utilization rate improved, slight increase in order book
Overall, the third quarter was successful in Sitowise's Finnish operations. Our Infra business continued to grow faster than the market, and Digital Solutions business benefited from the strong growth in our product business, which consistently delivers excellent profitability. The Buildings business has undergone a clear shift during 2025, and the adjustments implemented earlier - including a sharpened commercial focus - continued to drive higher utilization and improved profitability compared to the previous year. Overall, our performance in Finland was encouraging, with profitability improving from the previous quarter.
Similar to the Buildings business, a broad set of actions has also been implemented in Sweden during 2025 - including sharpening the business and sales focus, optimizing personnel resources, targeted recruitments, and improved project management. Thanks to these actions, we saw a clear improvement in utilization rates in our largest business line, structural engineering, which is now approaching a profitability turnaround. However, challenges persisted in other areas, particularly in building engineering services. Overall, delays in project starts kept utilization rates in Sweden below target, and the business area remained clearly loss-making. Thanks to the actions taken this year, we have now positioned the business area to improve its financial performance in 2026. Growth is now being pursued especially in infrastructure, project management, and sustainability services - areas with currently modest weight but strong potential in Sweden.
At the group level, Sitowise's net sales for July-September was 40.4 million euros, down 3.2% year-on-year. The adjusted EBITA margin stood at 4.2%. In our Finnish operations we reached clearly higher margin and are on continuously improving path to reach our target level.
The market environment remained challenging, especially in Buildings and Sweden. Low volumes, tight price competition, and budget pressures among public sector clients also affected Infra and Digital Solutions. That's why I'm especially pleased to see our focus on customer engagement and sales paying off. Our order intake grew significantly year-on-year. Digital Solutions secured major wins, for example in long-term projects with the Finnish Transport Infrastructure Agency and Trafikverket, and Infra and Buildings also saw growth in new orders. In Sweden, order intake remained stable.
Strengthening customer relationships and sales will continue to be our priority. We aim to grow our order book across all business areas and ensure we're ready to seize market opportunities as they emerge. Our growth focus is especially strong in industry, defense, energy and sustainability services. Further, we continue to seek growth our product business, that is bringing stability and profitability to our business. In Sweden and Buildings business we continue to have heavy focus on efficiency. We have a strong team and a clear direction, and I'm confident that together we'll continue to make progress - even in a demanding market.
Outlook and guidance
Outlook for the year 2025
The long-term growth in the demand for design, consulting, and digital services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, digitalization, and security.
We expect the technical consulting market environment to remain mixed in the coming months. Good demand for services related to green transition, security, and digitalization will support business performance especially in the Infra and Digital Solutions business areas. In the Buildings business area, there have been signs of moderate recovery in the construction market, and we believe that the market bottom is behind us. However, we expect the construction market recovery to be slow and materialize on a larger scale only in 2027. In the Sweden business area, Sitowise has taken decisive improvement measures and expects these to gradually enhance performance. Achieving a profitability turnaround in Sweden primarily requires increasing net sales. There is uncertainty related to the timing of the Swedish construction market recovery, but it is generally anticipated to take place in 2026.
At the end of September, order books were at a good level in the Infra and Digital Solutions businesses. In the Buildings and Sweden business areas, order books were at low levels.
In addition to the market development, cost inflation (e.g., relating to salary increases), potential currency fluctuations (EUR/SEK) and Sitowise's financing expenses are expected to impact the company's financial performance in 2025. In 2025, the number of working days in Finland is one less compared to 2024 (-1 in Q1, -1 in Q2, +/- 0 in Q3 and +1 in Q4). In Sweden, the number of working days remains the same in 2025 as it was in 2024. In total, there will be 251 working days in Finland and 247.5 in Sweden.
Market outlook and current profitability
| Share of net sales | Market outlook | Current profitability | |
| Infra | 40% | Stable | Above target |
| Buildings | 28% | Weak (improving) | Clearly below target |
| Digital Solutions | 21% | Stable | Above target |
| Sweden | 12% | Weak (improving) | Negative |
| Period: | Q3 2025 | Next 12 months | Q3 2025 |
| Definitions: | % of consolidated net sales | Strong / Stable / Weak | Adj. EBITA-%: Above: >12%; In line: 10-12%; Below: 5-10%; Clearly below: 0-5%; Negative <0% |
No guidance issued for 2025
Due to the unpredictable timing of construction market recoveries both in Finland and Sweden there is significant uncertainty related to Sitowise's net sales development in 2025. Therefore, Sitowise has decided not to give net sales and profitability guidance for 2025.
Significant events after the review period
Turo Tinkanen announced in October that he will leave Sitowise and his position as EVP, Information Technology and as a member of the Group Management Team in February 2026. He has been responsible for the group's IT and information security functions, as well as the development of technological infrastructure and AI capabilities. The search for his successor has begun.
Espoo, 6 November 2025
Sitowise Group Plc
Board of Directors
Additional information
Heikki Haasmaa, CEO, heikki.haasmaa@sitowise.com, tel. +358 50 304 7765
Kim Strömberg, Interim CFO, kim.stromberg@sitowise.com, tel. +358 40 707 6101
Mari Reponen, Head of IR, mari.reponen@sitowise.com, tel. +358 40 702 5869
Financial calendar and Annual General Meeting 2026
The planned publication dates for Sitowise Group Plc's financial reports are as follows:
- Financial Statements Release for 2025: 11 February 2026
- Annual Review, incl. the Report of the Board
of Directors and Financial Statements 4 March 2026 - Interim Report for January-March 2026: 6 May 2026
- Half-year Report for January-June 2026: 12 August 2026
- Interim Report for January-September 2026: 5 November 2026
The financial reports are planned to be published at 8.30 a.m. (EET/EEST). Sitowise observes a silent period of 30 days prior to publishing financial reports.
Sitowise Group Plc's Annual General Meeting (AGM) 2026 is planned to be held on Wednesday 26 March 2026. The Board of Directors will summon the AGM later. A shareholder may request that a matter falling under the authority of the General Meeting of Shareholders shall be placed on the agenda of the AGM. To this effect, a written request compliant with the Companies Act should be delivered and addressed to the Board of Directors on 4 February 2026 at the latest to agm@sitowise.com.
Webcast for analysts, media and investors
Sitowise's Q3 2025 earnings webcast will be held today, 6 November 2025 at 12 pm EET. The webcast can be accessed either live or as a replay available at https://rajucast.tv/en/sitowise/sitowise-q3-2025-result-webcast/
Distribution
Nasdaq Helsinki Ltd
Key media
www.sitowise.com
Sitowise in brief
Sitowise is a Nordic expert in the built environment and forestry with a strong focus on digitality. We provide design and consulting know-how to enable more sustainable environment and smarter urban development as well as smooth transportation. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden. Global megatrends drive huge changes that require a re-evaluation of the smartness in the built environment - therefore we have set our vision to be Redefining Smartness in Cities. The Group's net sales were EUR 193 million in 2024 and the company employs approximately 2,000 experts. Sitowise Group Plc is listed on Nasdaq Helsinki under the trading symbol SITOWS.