29.4.2026 08:30:03 EEST | Consti Oyj | Interim report (Q1 and Q3)
CONSTI PLC INTERIM REPORT 29 APRIL 2026, at 8:30 a.m.
Consti Plc Interim Report for January - March 2026
ORDER BACKLOG STRENGTHENED, PROFITABILITY IMPROVED, NET SALES AT PAR WITH PREVIOUS YEAR
January-March 2026 in brief:
- Net sales EUR 65.7 (1-3/2025: 65.6) million; growth 0.1%
- EBITDA EUR 1.1 (0.8) million and EBITDA margin 1.7% (1.2%)
- Operating result (EBIT) EUR 0.2 (-0.1) million and EBIT margin 0.3% (-0.2%)
- Order backlog EUR 318.9 (246.4) million; growth 29.4%
- Order intake EUR 166.6 (60.1) million; growth 176.9%
- Free cash flow EUR -6.0 (-0.5) million
- Earnings per share EUR 0.01 (-0.04)
Guidance on the Group's business outlook for 2026 (unchanged):
Consti estimates its operating result for 2026 to be in the range of EUR 8-11 million (2025 operating result: EUR 9.4 million).
KEY FIGURES (EUR 1,000) | 1-3/ 2026 | 1-3/ 2025 | Change % | 1-12/ 2025 |
Net sales | 65,696 | 65,606 | 0.1% | 336,219 |
EBITDA | 1,119 | 765 | 46.2% | 12,969 |
EBITDA margin, % | 1.7% | 1.2% | 3.9% | |
Operating result (EBIT) | 227 | -129 | 9,412 | |
Operating result (EBIT) margin, % | 0.3% | -0.2% | 2.8% | |
Profit/loss for the period | 46 | -288 | 6,818 | |
Order backlog | 318,882 | 246,373 | 29.4% | 208,175 |
Order intake | 166,570 | 60,144 | 176.9% | 250,669 |
Free cash flow | -6,000 | -475 | 1.162.3% | 16,761 |
Cash conversion, % | n/a | n/a | 129.2% | |
Net interest-bearing debt | 1,717 | 3,575 | -52.0% | -4,932 |
Equity ratio, % | 45.1% | 42.0% | 43.1% | |
Gearing, % | 3.8% | 8.3% | -10.9% | |
Return on investment, ROI %1 | 16.9% | 16.9% | 16.0% | |
Return on equity, ROE %1 | 16.2% | 16.3% | 15.3% | |
Number of personnel at period end | 976 | 1,026 | -4.9% | 981 |
Earnings per share, undiluted (EUR) | 0.01 | -0.04 | 0.86 |
1 Key figure calculated on last twelve months basis
CEO Esa Korkeela's comment
"Our net sales in January-March remained at previous year's level and amounted to EUR 65.7 (65.6) million. Our net sales increased in Public Sector and Building Technology business areas but decreased in Housing Companies and Corporations business areas. Our operating result for January-March was EUR 0.2 (-0.1) million, or 0.3 (-0.2) per cent of net sales. In the first quarter of the year, projects progressed largely as planned, and the profitability from our project business was largely in line with our expectations. Our operating result was positively impacted by the improved profitability level in our Service business compared to the reference period. The operating result was negatively impacted by the prolonged downturn in construction and continued allocation of resources to tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position remained at a good level.
In January-March, we secured new orders totalling EUR 166.6 (60.1) million, a 176.9 per cent increase compared to the reference period. In January 2026, Consti and Senate Properties signed an agreement for the renovation and extension of the Government Palace. Consti's share of the project, if both the renovation and extension are realised, is approximately EUR 171 million in total. The share relating to the renovation, approximately EUR 112 million, was recognised in order backlog in the first quarter. 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. Otherwise, our order intake for the first quarter consisted of several smaller-scale projects.
Our order backlog was at a good level at the end of the review period. The order backlog increased by 29.4 per cent compared to the reference period and amounted to EUR 318.9 (246.4) million. Compared with the reference period, a proportionally smaller share and, in absolute terms, a smaller amount of the order backlog is expected to be realised as net sales during the remainder of the year. Considering net sales development in 2026, it is important for us to advance, as planned, the collaborative projects currently in the development phase, which in particular require the contractor's capabilities in project development and design management. As examples of these projects, we can mention the renovation and extension of Pitäjänmäki comprehensive school, daycare, library and youth centre as well as the renovation and extension of Koskela primary school and daycare.
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.
In the first 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 residential construction remained subdued, and private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the construction and building technology markets continued to be intense, and the operating environment has remained uncertain. For this reason, we do not expect a significant improvement in the demand outlook for construction over the first half of 2026.
However, we believe that the prevailing market situation favours a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver a wide range of projects ranging from small service contracts to large construction projects. Supported by our good order backlog, we aim to continue solid performance and focus on implementing our strategy."
Operating environment
Construction market 2026
According to the Bank of Finland, the Finnish economy turned to a moderate growth at the end of 2025. The growth continued in the beginning of 2026, but uncertainty surrounding the war in Iran is weakening the outlook and rising energy prices are slowing growth. The Bank of Finland forecasts the gross domestic product to grow by 0.6 per cent in 2026, which is 0.2 percentage points lower than in the previous forecast in December 2025.
In its business cycle review released in March 2026, the Confederation of Finnish Construction Industries RT estimates slow growth in construction in 2026, as the uncertain economic development is not sufficient for a proper turnaround.
RT estimates that the construction market will grow by 1.5 per cent in 2026 compared to the previous year. Renovation is estimated to grow by 0.5 per cent, residential construction is estimated to decrease by 3.0 per cent and non-residential construction is estimated to grow by 6.0 per cent.
According to RT, the tightened availability of financing and regional polarisation, declining housing prices and uncertainty in utilisation of spaces subdue the development in the renovation market.
The renovation market in general
The Confederation of Finnish Construction Industries RT estimates that renovation construction declined by 2.0 per cent in 2025. 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 intense competition for both renovation projects and building technology contracts. Euroconstruct estimates that residential renovation returned to modest growth already in 2025. RT estimates that pent-up need for repairs supports renovation in housing companies, but renovation projects are, however, slowed by availability of 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. Contributing factors include rising costs, oversupply of premises, uncertainty in space utilisation, 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 to major cities mean that both new construction and renovation activity are increasingly focused on growth centres.
Outlook for the 2026
Market outlook (updated)
In its business cycle review released in March 2026, the Confederation of Finnish Construction Industries RT estimates slow growth in construction in 2026, as the uncertain economic development is not sufficient for a proper turnaround.
RT estimates that the construction market will grow by 1.5 per cent in 2026 compared to the previous year. Renovation is estimated to grow by 0.5 per cent, residential construction is estimated to decrease by 3.0 per cent and non-residential construction is estimated to grow by 6.0 per cent.
Demand for new residential construction remained subdued, and private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the construction and building technology markets continued to be intense, and the operating environment has remained uncertain.
Consti does not expect a significant improvement in the demand outlook for construction over the first half of 2026.
Business outlook (unchanged)
Consti estimates its operating result for 2026 to be in the range of EUR 8-11 million (2025 operating result: EUR 9.4 million).
Press conference
Microsoft Teams meeting for analysts, portfolio managers and media representatives will take place on 29 April 2026, at 10:00 a.m. (EEST). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 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
