17.7.2026 08:30:09 EEST | Consti Oyj | Half Year financial report
CONSTI PLC HALF-YEAR FINANCIAL REPORT 17 JULY 2026, at 8.30 a.m.
Consti Plc Half-Year Financial Report for January - June 2026
ORDER BACKLOG STRENGTHENED, NET SALES AND OPERATING RESULT DECLINED
April-June 2026 in brief:
- Net sales EUR 75.4 (4-6/2025: 84.8) million; change -11.0%
- EBITDA EUR 2.8 (3.4) million and EBITDA margin 3.6% (4.0%)
- Operating result (EBIT) EUR 1.9 (2.5) million and EBIT margin 2.5% (2.9%)
- Order backlog EUR 319.6 (276.7) million; growth 15.5%
- Order intake EUR 67.5 (105.1) million; change -35.7%
- Free cash flow EUR 6.4 (2.9) million
- Earnings per share EUR 0.17 (0.23)
January-June 2026 in brief:
- Net sales EUR 141.1 (1-6/2025: 150.4) million; change -6.2%
- EBITDA EUR 3.9 (4.1) million and EBITDA margin 2.7% (2.7%)
- Operating result (EBIT) EUR 2.1 (2.3) million and EBIT margin 1.5% (1.6%)
- Order intake EUR 234.1 (165.2) million; growth 41.7%
- Free cash flow EUR 0.4 (2.4) million
- Earnings per share EUR 0.18 (0.19)
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) | 4-6/ 2026 | 4-6/ 2025 | Change % | 1-6/ 2026 | 1-6/ 2025 | Change % | 1-12/ 2025 | |
Net sales | 75,422 | 84,775 | -11.0% | 141,118 | 150,381 | -6.2% | 336,219 | |
EBITDA | 2,753 | 3,358 | -18.0% | 3,872 | 4,123 | -6.1% | 12,969 | |
EBITDA margin, % | 3.6% | 4.0% | 2.7% | 2.7% | 3.9% | |||
Operating result (EBIT) | 1,855 | 2,475 | -25.0% | 2,082 | 2,345 | -11.2% | 9,412 | |
Operating result (EBIT) margin, % | 2.5% | 2.9% | 1.5% | 1.6% | 2.8% | |||
Profit/loss for the period | 1,394 | 1,794 | -22.3% | 1,440 | 1,506 | -4.4% | 6,818 | |
Order backlog | 319,627 | 276,717 | 15.5% | 208,175 | ||||
Order intake | 67,531 | 105,095 | -35.7% | 234,101 | 165,240 | 41.7% | 250,669 | |
Free cash flow | 6,430 | 2,909 | 121.0% | 429 | 2,434 | -82.4% | 16,761 | |
Cash conversion, % | 233.6% | 86.6% | 11.1% | 59.0% | 129.2% | |||
Net interest-bearing debt | 1,035 | 3,801 | -72.8% | -4,932 | ||||
Equity ratio, % | 40.7% | 40.4% | 43.1% | |||||
Gearing, % | 2.6% | 9.0% | -10.9% | |||||
Return on investment, ROI %1 | 16.7% | 16.6% | 16.0% | |||||
Return on equity, ROE %1 | 16.3% | 15.8% | 15.3% | |||||
Number of personnel at period end | 1,018 | 1,042 | -2.3% | 981 | ||||
Earnings per share, undiluted (EUR) | 0.17 | 0.23 | -23.2% | 0.18 | 0.19 | -5.3% | 0.86 | |
1 Key figure calculated on last twelve months basis | ||||||||
CEO Esa Korkeela's comment
"Our net sales for the second quarter decreased 11.0 per cent and amounted to EUR 75.4 (84.8) million. Our net sales increased in Building Technology business area but decreased in other business areas. Our net sales in the second quarter were weighed down by the weaker order intake in the latter part of 2025 and the resulting lower business volume. In April-June, our operating result was EUR 1.9 (2.5) million, or 2.5 (2.9) per cent of net sales. Our January-June net sales were EUR 141.1 (150.4) million, and our operating result amounted to EUR 2.1 (2.3) million, or 1.5 (1.6) per cent of net sales.
In the second quarter of the year, projects progressed mainly as planned and our relative profitability from project business remained at the same level as in the reference period. The profitability of our Service business improved from the reference period but fell short of our long-term targets. Our profitability for the second quarter was also 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. Our free cash flow for April-June was strong at EUR 6.4 (2.9) million, and our cash conversion ratio rose to 233.6 (86.6) per cent, as the improvement in the financial position of our project portfolio released working capital. Our free cash flow for January-June was EUR 0.4 (2.4) million; free cash flow for the entire half-year was weighed down by the tied up working capital in the first quarter. Our strong cash-generating capability and low gearing maintain our good financial flexibility.
During April-June, we received new orders totalling EUR 67.5 (105.1) million. Intense competition and weak demand impacted our order intake in the second quarter of the year. The order intake in the second quarter consisted of several smaller projects and was especially attributed to the Housing Companies and Building Technology business areas. The value of our new orders for January-June increased by 41.7 per cent to EUR 234.1 (165.2) million; growth was boosted by the renovation part of the Government Palace city block construction project recognised in the order backlog in the first quarter.
Our order backlog at the end of the review period was strong; it increased by 15.5 per cent from the comparison period and 53.5 per cent from the end of 2025 to EUR 319.6 (276.7) million. The order backlog has a longer revenue recognition profile than previously, and compared with the reference period, a proportionally smaller share and, in absolute terms, a smaller amount of the order backlog will be realised as net sales during the remainder of the year. In terms of our net sales development, it is essential to advance, as planned, the collaborative projects currently in the development phase.
We continued to implement our strategy and take measures to ensure our operational performance during the reporting period. Our key priorities were tendering activities, production efficiency and ensuring consistent performance in project deliveries.
In the first half of the year, 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 renovation construction and building technology markets remained intense. We do not expect a significant improvement in the demand outlook for construction over the third quarter 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 and building technology projects. We aim to continue solid performance and focus on implementing our strategy. We are keeping our guidance unchanged; we estimate our operating result for the full year 2026 to be EUR 8-11 million (2025: EUR 9.4 million)."
Operating environment
Construction market 2026-2027
According to the Bank of Finland, the Finnish economy strengthened in the early part of 2026, supported by growth in exports and non-residential investments. However, rising energy prices and accelerating inflation are weighing on economic growth. The Bank of Finland forecasts Finland's gross domestic product to grow by 0.7 per cent in 2026 and by 1.2 per cent in 2027.
In its June 2026 report, European construction market research organisation Euroconstruct estimates that the volume of building construction in Finland will increase by 6.3 per cent in 2026. According to Euroconstruct's forecast, the volume of new construction is expected to increase by 14.4 per cent in 2026, while the volume of renovation construction is expected to decline by 0.3 per cent.
For 2027, Euroconstruct forecasts growth of 13.2 per cent in the volume of new construction and 0.6 per cent in the volume of renovation construction.
Growth is expected to be driven primarily by non-residential construction, supported in particular by public sector projects and data centre developments. The recovery in new residential construction has remained slow. Weak consumer confidence, the decline in prices for existing homes and reduced state-subsidised housing production have kept housing starts at a low level. Despite growing renovation needs, the development of renovation construction continues to be constrained by tighter access to financing, high construction and maintenance costs, and uncertainty over future space requirements. The Ministry of the Environment is preparing a new subsidy scheme for 2026-2027 to support energy efficiency improvements in residential buildings. If introduced, the scheme is expected to encourage housing companies to launch renovation projects.
The renovation market in general
Euroconstruct estimates that renovation construction declined by 0.5 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. The Confederation of Finnish Construction Industries 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 per cent 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 2026
Market outlook (updated)
In its June 2026 report, Euroconstruct estimates that the volume of building construction in Finland will grow by 6.3 per cent in 2026. According to Euroconstruct's forecast, the volume of new construction is expected to increase by 14.4 per cent in 2026, while the volume of renovation construction is expected to decline by 0.3 per cent.
The demand for new residential construction has remained subdued, and private real estate investment companies have continued to be cautious about launching new renovation projects. Competition in the renovation construction and building technology market has remained intense.
Consti does not expect a significant improvement in the demand outlook for construction over the third quarter 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 17 July 2026, at 10:00 a.m. (EEST). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 2026
- Interim report 1-9/2026 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 share is quoted on Nasdaq Helsinki under the trading code CONSTI. www.consti.fi
