Dovre Group Plc | Stock Exchange Release | February 26, 2026, at 3:00 PM
The information presented in the report has not been audited.
Suvic Oy, the Group's largest subsidiary in terms of revenue, was declared bankrupt by a decision of the Oulu District Court on January 7, 2026. As a result of the bankruptcy of Suvic Oy, the Dovre Group lost control over the Suvic sub-group, which has been transferred to the administration of the bankruptcy estate. At the date of signing of the Financial Statements Release, the assets and liabilities of the Suvic sub-group are under the control of the respective bankruptcy estates.
The situation of Suvic had an immediate impact on the entire Dovre Group, and Dovre Group Plc filed for debt restructuring proceedings on January 19, 2026. On January 28, 2026, the Western Uusimaa District Court ordered the commencement of standard debt restructuring proceedings.
Measurement principles
With respect to the Dovre Group, the financial statements have not been prepared on a going concern basis. The declaration of Suvic's bankruptcy has resulted in the loss of control after the reporting date, and the going concern assumption is no longer applicable. Assets have been measured at no more than the amount of the entities' total liabilities, taking into account the impairment effects arising from the expected loss of receivables to be realised in bankruptcy.
The measurement of the remaining Group assets is based on an estimate of their recoverable amounts.
Estimation of distribution
In bankruptcy proceedings, the assets of the bankruptcy estate are first used to settle administrative expenses (estate liabilities), such as the remuneration of the bankruptcy administrator and other realisation and administration costs. Thereafter, claims, such as taxes, social security contributions and wage claims, are settled. Only after these liabilities have been satisfied may distributions be made to unsecured creditors.
The proceeds from the realisation of assets are expected to be fully absorbed by estate liabilities and secured claims. Accordingly, no distribution is expected to be available for unsecured creditors, including the parent company.
Recognition of impairment losses
In the parent company, Dovre Group Plc, a full impairment loss has been recognised on intra-group receivables, as the recoverable amount has been assessed as nil due to the absence of an expected distribution. A full impairment loss has also been recognised on investments in subsidiaries within the Suvic sub-group, as no recoveries are expected to be received by the parent company from the bankruptcy proceedings.
In determining the carrying amounts of assets, factors inherent in bankruptcy proceedings have been taken into consideration. Realisation values in bankruptcy are systematically lower than market-based values, as sales occur under distressed conditions, the pool of potential buyers is limited, realisation is subject to time constraints, and the assets are often entity-specific without an active secondary market.
Uncertainties
The measurements involve significant uncertainty. The final distribution will be determined upon completion of the bankruptcy proceedings and depends on several factors that will be confirmed during the process.
The realisable value of assets depends on prevailing market conditions, the number of potential buyers and the method of realisation selected. The assets of the bankruptcy estate may increase as a result of successful recovery actions, while the final amount of creditors' claims will be determined in the claims verification process. Administrative and realisation costs of the estate depend on the duration and complexity of the proceedings.
Estimates will be revised in future periods if circumstances change materially or if new relevant information becomes available. Any changes to impairment losses will be recognised in profit or loss in the period in which the change becomes known. The final distribution, if any, will be recognised in profit or loss when it has been confirmed or when the bankruptcy proceedings have been concluded.
CEO MARKKU TASKINEN:
In the financial year 2025, Dovre Group's operations were clearly loss-making.
During the year, Dovre Group's strategic focus was clarified and the Group's operations became increasingly concentrated on renewable energy construction and enabling the green transition. At the beginning of 2025, the sale of the Project Personnel and Norwegian Consulting businesses to NYAB AB was completed. Following the transaction, Dovre's continuing operations have been almost entirely focused on renewable energy, with its core formed by the subsidiary Suvic Oy.
During 2025, Dovre Group announced on several occasions losses in projects of its subsidiary Suvic Oy and their financial impact. In connection with the negative profit warning published on March 12, 2025, the company reported significant cost overruns in two wind power projects initiated in Sweden during 2024 and estimated total losses of EUR 8.7 million and EUR 10 million from these projects, which were recognised in 2024 as the projects continued into spring 2025. Subsequently, in connection with the negative profit warning issued on July 8, 2025, the company announced that the previously reported losses were estimated to be approximately EUR 5 million higher than earlier estimated, totalling approximately EUR 23.7 million. In the negative profit warning published on October 9, 2025, the company estimated, based on an updated assessment, that an additional EUR 4.0 million in losses would be recognised from the Swedish wind farm projects, bringing the total estimated losses from the Swedish project portfolio to EUR 27.7 million, of which EUR 18.7 million was recognised in 2024 and EUR 9.0 million in 2025.
Despite the challenging situation, Dovre continued to identify significant long-term opportunities in the renewable energy value chain. The strategic focus was based on market outlook, but its implementation coincided with a period marked by exceptional operational challenges.
Measures to address the situation were accelerated during the spring, as the Board of Directors together with executive management launched an action programme to improve Suvic Oy's competitiveness, operational efficiency and governance processes. During the second quarter, Markku Taskinen was appointed CEO of Suvic (commencing on August 4, 2025), and Olli-Pekka Vanhanen was appointed CFO of Suvic while also serving as CFO of the Group. In September, experienced transformation executive Timo Saarinen was appointed Interim CFO of both Dovre Group and Suvic. The company assessed at that time that, through strengthened leadership, improved transparency of financial administration processes and enhanced financial reporting of projects, it had achieved an accurate view of Suvic's business situation during the third quarter. Corrective actions continued towards the end of the year to improve profitability, organisational structure and operating models.
In October, Dovre announced a Group-wide structural review aimed at focusing resources on operations in line with the strategy within renewable energy projects. The company estimated that, as a result of the programme, unprofitable or non-strategic operations would be divested or discontinued. With regard to the Consulting segment's Proha and eSite businesses, it was stated in the release published on October 29, 2025, that these would no longer represent Dovre's strategic core business.
The significant difficulties encountered in projects of Suvic Oy, Dovre's subsidiary responsible for renewable energy construction, materially weakened the Group's financial position. The main underlying factors behind the losses were identified as errors in project cost estimation, deficiencies in project management capabilities and shortcomings in forward-looking reporting. The challenges accumulated across several simultaneous projects and had severe effects on the company's liquidity. As a result, Suvic Oy filed for bankruptcy on January 2, 2026, and was declared bankrupt on January 7, 2026.
The year 2026 began with Dovre Group Plc being unable to meet its obligations as they fall due and therefore being insolvent. This was due to the financial situation of Suvic Oy and, in this context, the parent company guarantees issued by Dovre Group Plc in respect of Suvic Oy's and its sub-group's projects, as announced on January 2, 2026. Dovre Group Plc filed for the commencement of debt restructuring proceedings on January 19, 2026. On January 28, 2026, the Western Uusimaa District Court ordered the commencement of standard debt restructuring proceedings. A successful restructuring process would enable Dovre Group Plc to avoid bankruptcy and would allow the Group and/or the parent company to remain a going concern.
October-December 2025
- Net sales grew by 23.6 % to EUR 33.3 (27.0) million. The growth was driven by Renewable Energy segment.
- Renewable Energy: net sales totalled EUR 32.8 (26.5) million - increase of 23.9 %.
- Consulting: Net sales totalled EUR 0.5 (0.5) million - increase of 11.3%.
- EBITDA was EUR -37.7 (-17.9) million.
- Operating profit was EUR -43.9 (-18.3) million.
- Profit before tax was EUR -43.0 (-18.6) million.
- Earnings for the shareholders of the parent company EUR -48.5 (-8.2) million.
- Earnings per share were EUR -0.458 (0.077).
- Net cash flow from operating activities totalled EUR -2.7 (-2.0) million.
January-December 2025
- Net sales declined by 7,5% to EUR 91.9 (99.3) million.
- Renewable Energy: net sales totalled EUR 90.1 (97.4) million - decrease of 7.5 %
- Consulting: Net sales totalled EUR 1.8 (1.9) million - increase of 8.1 %
- EBITDA was EUR -59.3(-21.1) million.
- Operating profit was EUR -66.3 (-21.8) million.
- Profit before tax was EUR -67.0 (-22.8) million including EUR -0.7 (-1.0) million of finance items.
- Earnings for the shareholders of the parent company were EUR -58.2 (-8.3) million.
- Earnings per share totalled EUR -0.496(-0.078).
- Net cash flow from operating activities was EUR -2.6 (-4.4) million.
- The Board of Directors proposes that no dividend is paid for the financial year 2025 based on the annual general meeting on April 15th, 2026.
Last year's corresponding period is shown in parentheses.
OUTLOOK FOR 2026
Dovre Group does not provide financial outlook guidance for 2026 in connection with the publication of the Financial Statements Release, as announced in a stock exchange release on February 18, 2026. The reason for this is the company's ongoing debt restructuring proceedings.
GROUP'S KEY FIGURES
| EUR million | 10-12 2025 | 10-12 2024 | Change % | 1-12 2025 | 1-12 2024 | Change % |
| Net sales | 33,3 | 27,0 | 23,6 | 91,9 | 99,3 | -7,5 |
| EBITDA | -37,7 | -17,9 | -110,4 | -59,3 | -21,1 | -180,9 |
| % of net sales | -113,0 | -66,5 | -64,5 | -21,3 | ||
| Operating profit (EBIT) | -43,9 | -18,3 | -140,1 | -66,3 | -21,8 | -204,2 |
| % of net sales | -131,8 | -67,7 | -72,2 | -22,0 | ||
| Profit before taxes | -43,0 | -18,6 | -131,4 | -67,0 | -22,8 | 193,9 |
| % of net sales | -129,1 | -68,8 | -72,9 | -22,9 | ||
| Earnings for the shareholders of the parent company | -48,5 | -8,2 | -491,3 | -53,5 | -8,3 | -544,1 |
| % of the net sales | -145,4 | -30,3 | -58,2 | -8,3 | ||
| Net cash flow from operating activities | -2,7 | -2,0 | 35,0 | -2,6 | -4,4 | -40,9 |
| Net debt | -6,6 | 8,1 | -181,5 | -6,6 | 8,1 | -181,5 |
| Debt-equity ratio % (Gearing) | 13,7 | 48,6 | -71,8 | 13,7 | 48,6 | -71,8 |
| Earnings per share, EUR | ||||||
| Undiluted | -0,458 | -0,077 | 494,3 | -0,496 | -0,078 | 536,1 |
| Diluted | -0,458 | -0,077 | 494,3 | -0,496 | -0,078 | 536,1 |
BOARD OF DIRECTORS' PROPOSAL FOR DISTRIBUTION OF A DIVIDEND
On December 31, 2025, the parent company's Dovre Group Plc's distributable funds were EUR
-650 409,03.
The Board of Directors proposes to the General Meeting that no dividend be distributed.
FINANCIAL REPORTING IN 2026
Dovre Group releases its financial reports in 2026 as follows:
- Financial Statements review 2025: Thursday, 26 February 2026
- Half-year financial report January-June 2026: Thursday, 20 August 2026
Dovre Group's Financial Statements 2025 and Annual Report 2025 will be published online at the latest during the week beginning March 23, 2026.
The company's Annual General Meeting is planned to be held on Wednesday, April 15, 2026. Dovre Group's Board of Directors will summon the meeting later.
Espoo, February 26, 2026
DOVRE GROUP PLC
BOARD OF DIRECTORS
For further information, please contact:
Dovre Group Plc
Markku Taskinen, CEO
Tel. +358 50 343 1482
markku.taskinen@dovregroup.com
Timo Saarinen, CFO
Tel. +358 50 452 4215
timo.saarinen@dovregroup.com
Distribution
Nasdaq Helsinki
Main media
www.dovregroup.com
