YIT Corporation Half-Year Report July 24, 2026, at 08:30 a.m.
YIT's Half-Year Report January-June 2026
Revenue and adjusted operating profit increased and profitability improved in Q2
Second quarter of 2026 in brief
- Revenue increased to EUR 472 million (456).
- Adjusted operating profit increased to EUR 19 million (14). Adjusted operating profit margin increased to 3.9% (3.1).
- Operating profit amounted to EUR 13 million (13).
- Operating cash flow after investments was EUR -12 million (-27).
- In Residential Finland, adjusted operating profit decreased to EUR -6 million (2). Consumer apartment sales decreased to 90 (133) apartments. Consumer apartment starts in the quarter decreased to 0 (51). The number of unsold completed apartments decreased to 373 (31 Mar 2026: 415).
- In Residential CEE, adjusted operating profit increased to EUR 14 million (3). During the quarter, 511 (389) apartments were sold and 783 (862) started. The number of unsold completed apartments decreased to 179 (31 Mar 2026: 258).
- In Building Construction, adjusted operating profit increased to EUR 7 million (5). Order book was EUR 1,026 million (31 Mar 2026: 1,016).
- In Infrastructure, adjusted operating profit increased to EUR 6 million (5). Order book was EUR 901 million (31 Mar 2026: 922).
- Result for the period was EUR -12 million (-3).
- Net interest-bearing debt amounted to EUR 618 million (670), and gearing was 91% (84) at the end of the period.
- During the quarter, YIT successfully issued EUR 150 million of new senior secured green notes maturing in 2030 and repurchased a substantial portion of its outstanding EUR 100 million senior secured green notes due in 2027 through a tender offer, followed by the redemption of the remaining notes.
- YIT's combined lost time injury frequency was 8.7 (9.4) in the second quarter of 2026.
January-June 2026 in brief
- Revenue increased to EUR 871 million (847).
- Adjusted operating profit increased to EUR 30 million (28). Adjusted operating profit margin increased to 3.5% (3.3).
- Operating profit decreased to EUR -5 million (25), mainly impacted by changes in the fair values of Tripla Mall Ky amounting to EUR -21 million and OP Vuokrakoti Ky amounting to EUR -9 million.
- Operating cash flow after investments was EUR 8 million (-37).
- In Residential Finland, adjusted operating profit decreased to EUR -9 million (2). Consumer apartment sales decreased to 221 (241) apartments. Consumer apartment starts decreased to 64 (134).
- In Residential CEE, adjusted operating profit increased to EUR 27 million (14). Year-to-date, 940 (969) apartments were sold and 1,073 (1,531) started.
- In Building Construction, adjusted operating profit increased to EUR 9 million (6).
- In Infrastructure, adjusted operating profit amounted to EUR 8 million (8).
- Result for the period was EUR -46 million (-7).
YIT announced on March 6, 2026, that it will adopt percentage of completion revenue recognition method in segment reporting. Unless otherwise noted, the figures in this report are based on segment reporting. YIT has different revenue recognition method for self-developed projects in its segment reporting compared to IFRS financial reporting. The difference in revenue recognition methods does not impact operating cash flow after investments or net interest-bearing debt. Order book, gearing ratio and equity ratio are presented based on IFRS accounting principles. Key figures according to IFRS reporting are presented in the table below. For more information on accounting principles, see Basis of preparation and accounting policies of the Half-Year Report.
Unless otherwise noted, the figures in brackets in this report refer to the corresponding period in the previous year.
Key figures
| Segment reporting | |||||
| EUR million | 4-6/26 | 4-6/25 | 1-6/26 | 1-6/25 | 1-12/25 |
| Revenue | 472 | 456 | 871 | 847 | 1,803 |
| Adjusted operating profit | 19 | 14 | 30 | 28 | 58 |
| Adjusted operating profit margin, % | 3.9 | 3.1 | 3.5 | 3.3 | 3.2 |
| Operating profit | 13 | 13 | -5 | 25 | 54 |
| Result for the period | -12 | -3 | -46 | -7 | -17 |
| Earnings per share, EUR | -0.06 | -0.02 | -0.22 | -0.05 | -0.11 |
| Return on capital employed, % (ROCE, rolling 12 months) | 6.1 | 5.4 | 6.1 | 5.4 | 5.7 |
| Combined lost time injury frequency (cLTIF, rolling 12 months) | 8.7 | 9.4 | 8.7 | 9.4 | 9.6 |
| Customer satisfaction rate (NPS) | 53 | 58 | 53 | 58 | 61 |
| Average number of employees, Group | 4,004 | 4,083 | 4,052 | ||
| IFRS reporting | |||||
| EUR million | 4-6/26 | 4-6/25 | 1-6/26 | 1-6/25 | 1-12/25 |
| Revenue | 427 | 412 | 800 | 798 | 1,757 |
| Operating profit | 1 | 7 | -24 | 13 | 45 |
| Result for the period | -22 | -8 | -61 | -18 | -24 |
| Earnings per share, EUR | -0.10 | -0.05 | -0.28 | -0.09 | -0.14 |
| Operating cash flow after investments | -12 | -27 | 8 | -37 | 73 |
| Net interest-bearing debt | 618 | 670 | 618 | 670 | 560 |
| Gearing ratio, % | 91 | 84 | 91 | 84 | 71 |
| Equity ratio, % | 34 | 37 | 34 | 37 | 38 |
| Order book | 3,010 | 2,961 | 3,010 | 2,961 | 2,915 |
Comments from the President and CEO, Heikki Vuorenmaa
"Our revenue continued to grow during the second quarter of the year. The decision to focus our residential investments on the growing Central Eastern Europe market is yielding results. At the same time, the overall construction market in Finland turned to growth in the first half of the year. Investments in infrastructure and data centers are supporting revenue growth in our contracting segments.
Apartment sales continued to be strong in the Residential CEE segment. We started in total worth of EUR 160 million of projects across the operating countries and secured access to several new plots during the second quarter, while keeping the net working capital under control. The profitability of the operations is at a strong level, with adjusted operating profit margin of more than 16% in the second quarter, significantly up from the weaker-than-average comparison period. In line with our strategic financial targets, the focus is on doubling the size of the business during the strategy period through organic growth.
The increasing global need for data center investments is materializing at an accelerating pace. Since 2024, we have recruited more than a hundred employees to our data center team and announced several projects that we are working on with our customers. The most recent announcements were XTX Markets' third data center project in Kajaani, Finland in June and atNorth's new data center investment in Kouvola, Finland earlier this week, which is valued at approximately EUR 300 million.
The Infrastructure segment once again delivered solid revenue growth with adjusted operating profit margin exceeding 4%. In addition to data centers, investments in rail and light rail infrastructure in Finland continued to drive growth. Since 2024, our rolling 12-month revenue has increased by nearly 40%, standing at EUR 548 million at the end of the second quarter. Supported by a strong order book of EUR 901 million, we are well positioned to continue delivering profitable growth and further improve the segment's performance.
The Building Construction segment's financial performance continued to improve, driven by sustained productivity enhancements across the business. A growing order book is supporting the segment's growth, with revenue increasing by 4% during the first half of the year. In addition to our core market in Finland, we see growth opportunities in our other operating countries, particularly in the expanding data center market, which is expected to further support the segment's growth going forward.
In Residential Finland, our efforts to focus on customer experience and renewing the product portfolio are progressing well. First project representing our new product category Formia, Heikas in Helsinki, has received positive reception by our consumer customers. At the same time, market conditions continue to be historically weak for the fifth consecutive year. During the second quarter, we prioritized preparations for the launch of the new offering later this year. Consequently, no new self-developed projects were initiated during the quarter.
A new operating model for Residential Finland and Building Construction entered into force in the beginning of May this year. The efficiency improvements are expected to support our 2026 adjusted operating profit by EUR 7 million, providing us total annual inflation-adjusted cost savings of EUR 18 million by the end of 2027. At the end of the second quarter, a total of EUR 15 million worth of actions have been concluded.
Work safety on our sites developed positively during the second quarter, and combined lost time injury frequency decreased to 8.7. We are also proud to have been ranked as the most attractive employer in the construction industry among engineering students in Finland for the eighth consecutive year. This recognition reflects the strength of our employer brand and our commitment to developing future talent. This year, we are again offering close to 300 trainee positions, providing valuable opportunities for the next generation of professionals to start and grow their careers with YIT.
While global uncertainty continues, the Finnish economy is showing encouraging early signs of recovery, with improving consumer confidence supporting a more positive outlook. Growth in the Finnish construction market, and at YIT, is currently driven by strong demand for infrastructure and data center investments. This growth is helping to offset the continued weakness in the Finnish residential market, where the timing and pace of recovery remain uncertain. We will continue to focus on driving profitable growth in operations and markets where the environment supports growth, and where we can create sustainable value."
Results
April-June
YIT's revenue increased to EUR 472 million (456). Revenue increased in Residential CEE and Infrastructure, remained stable in Building Construction and decreased in Residential Finland.
Adjusted operating profit for the quarter increased to EUR 19 million (14). Adjusted operating profit margin increased to 3.9% (3.1). Adjusted operating profit increased in Residential CEE, Building Construction and Infrastructure and decreased in Residential Finland.
YIT's operating profit amounted to EUR 13 million (13). Adjusting items amounted to EUR -6 million in the second quarter (-1). Adjusting items were mainly related to non-strategic items. Net finance costs amounted to EUR 17 million (13). The result for the period was EUR -12 million (-3).
Revenue for the period according to IFRS was EUR 427 million (412). Operating profit for the period according to IFRS amounted to EUR 1 million (7). Result for the period according to IFRS was EUR -22 million (-8). The difference between IFRS and segment reporting is related to timing difference in revenue recognition methods.
January-June
YIT's revenue increased to EUR 871 million (847). Revenue increased in Infrastructure, Building Construction and Residential CEE and decreased in Residential Finland.
YIT's adjusted operating profit increased to EUR 30 million (28) and the adjusted operating profit margin increased to 3.5% (3.3). Adjusted operating profit increased in Residential CEE and Building Construction, remained stable in Infrastructure and decreased in Residential Finland.
YIT's operating profit decreased to EUR -5 million (25). Adjusting items amounted to EUR -35 million (-3). Adjusting items were mainly related to non-strategic items, including changes in the fair values of Tripla Mall Ky amounting to EUR -21 million and OP Vuokrakoti Ky amounting to EUR -9 million. Adjusting items also included the costs related to change negotiations amounting to EUR -2 million. Net finance costs amounted to EUR 29 million (27). The result for the period amounted to EUR -46 million (-7). Earnings per share was EUR -0.22 (-0.05).
Revenue for the period according to IFRS was EUR 800 million (798). Operating profit for the period according to IFRS amounted to EUR -24 million (13). Result for the period according to IFRS was EUR -61 million (-18). The difference between IFRS and segment reporting is related to timing difference in revenue recognition methods.
Guidance and outlook for 2026
Guidance for 2026
YIT expects its Group adjusted operating profit* for continuing operations to be EUR 70-100 million in 2026.
Outlook for 2026
The residential market in the Baltic countries and Central Eastern Europe is expected to continue favorable, contributing positively to Residential CEE segment's capability to generate profit.
In Finland, the primary apartment market sales volumes are not expected to increase in 2026.
In Building Construction, the operational performance is expected to improve.
In Infrastructure, the operational performance is expected to remain stable.
Changes in the macroeconomic or global political environment may impact the residential market demand and the fair value of investments. The escalation of geopolitical risks reflected in general uncertainty and demand could have a negative impact on the company's financial performance.
*Adjusted operating profit is based on segment reporting.
Webcast for investors and the media
A webcast in English and an international telephone conference will be arranged on July 24, 2026, at 10:00 a.m. EEST. The results will be presented by Heikki Vuorenmaa, President and CEO of YIT Corporation, and interim CFO Markus Pietikäinen.
The webcast can be followed at https://yit.events.inderes.com/2026-q2. A recording of the webcast will be available at the company's website after the event.
The teleconference can be accessed by registering at https://events.inderes.com/yit/2026-q2/dial-in. After the registration, participants will be provided with phone numbers and a conference ID to access the conference. To ask a question, please dial *5 on your telephone keypad to enter the queue.
The event is targeted for investors, analysts, and the media. Welcome!
For further information:
Essi Nikitin, Vice President, Investor Relations, YIT Corporation, tel. +358 50 581 1455, essi.nikitin@yit.fi
YIT Corporation
Markus Pietikäinen
CFO, interim
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT creates thriving living environments in Europe. We build homes for a good life, spaces where people and businesses can thrive, and infrastructure that supports the essential functions of society. We operate in seven countries and employ approximately 4,100 professionals. In 2025, our revenue was EUR 1.8 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.
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