Dovre Group Plc | Stock Exchange Release | August 20, 2026, at 12:00 PM
DOVRE GROUP PLC'S HALF-YEAR FINANCIAL REPORT 1 JANUARY-30 JUNE 2026
The figures presented in this half-year financial report are unaudited. Adjusted comparative figures for the corresponding period of the previous year are shown in parentheses. This half-year financial report should be read in conjunction with the financial statements for 2025 to provide a comprehensive overview of the Group's financial position and performance.
Dovre Group Plc is insolvent. On 28 January 2026, the Western Uusimaa District Court ordered the commencement of standard restructuring proceedings for Dovre Group Plc. Dovre Group Plc's sub-group Suvic Oy and Suvic AB, were declared bankrupt on 7 January 2026, and Suvic Force Oy on 13 January 2026. As a result, approximately 98% of Dovre Group Plc's business operations ceased.
Due to significant additional write-downs (in particular, the cash collateral pledged to Nordea Bank Abp of €5.4 million and to Nordic Guarantee Insurance Ltd of €2.5 million), the company has lost its equity.
The company is liquidating its assets in order to repay its debts. There is no certainty regarding the realization price or timing of the company's assets; the realization price may differ significantly from their carrying value, and failure of the sales processes would materially weaken the prospects for implementing the restructuring programme.
January-June 2026
- Net sales increased by 22.2% to EUR 1.1 (0.9) million
- EBITDA was EUR -1.0 (-1.2) million.
- Operating result EUR -1.0 (-1.2) million
- Profit before taxes was EUR -9.9 (-1.2) million
- Result for parent company shareholders totalled EUR 47.2 (-0.1) million
- Earnings per share totalled EUR 0.438 (-0.001)
- Net cash flow from operating activities EUR -0.8 (-5.8) million
Due to significant changes in the Group's operations, structure and strategy, not all financial information for the first half of 2026 is comparable with prior periods, as there is no balance sheet continuity.
Overview of the Company's situation
The first half of 2026 has been challenging, and by the end of the reporting period, Dovre Group Plc's business operations had changed substantially compared with previous reporting periods. The reporting period was affected by the bankruptcy filings of the subsidiaries Suvic Oy and Suvic AB on 7 January 2026, the bankruptcy filing of Suvic Force Oy on 13 January 2026, and the parent company Dovre Group Plc filing for corporate restructuring proceedings on 19 January 2026.
On 28 January 2026, the District Court of Western Uusimaa ordered the commencement of restructuring proceedings concerning Dovre Group Plc and appointed attorney-at-law Robert Peldán of Borenius Attorneys Ltd as the administrator of the proceedings. The deadline for submitting the restructuring programme proposal to the District Court is 31 August 2026, and the Company estimates that the restructuring programme could be confirmed during the third quarter of 2026.
The Group's number of employees decreased during the reporting period. At the end of June, the Group had a total of 13 employees.
During the reporting period, the Board of Directors and management have focused on safeguarding the Company's ability to continue its business operations and on evaluating strategic alternatives that best serve the interests of Dovre Group Plc and its shareholders. As part of the implementation of the corporate restructuring proceedings, the Group's future structure and strategic direction are being assessed.
During the first half of the year, the Group completed two transactions: the sale of the shares in Pyhäsalmi BESS Oy to Prime Capital AG's renewable energy fund and the sale of eSite's business operations to Mitta Oy. Following these transactions, the Group's remaining business areas are renewable energy project development and consulting services.
Dovre Group Plc owns Proha Oy, which provides consulting services, and Renetec Oy, which specializes in the development of renewable energy projects and battery energy storage systems.
During the reporting period, project development company Renetec continued to develop its project portfolio. In the first half of the year, the company sold one project company focused on battery energy storage projects. The transformation of the energy system, increasing electrification, and the growing need for energy storage solutions continue to create attractive opportunities for the project development business.
Proha Oy, which forms part of the consulting business, has continued its operations as planned. However, general caution in the market and delays in investment decisions have affected demand, resulting in revenue being slightly below the previous year's level. Maintaining customer relationships and continuously developing services in a changing market environment have remained key priorities for the business. In line with the decision made in the 2025 financial year, Proha Oy is held for sale, and the related assets and liabilities have been classified as held for sale in the Group's balance sheet.
Uncertainty in the operating environment remains. The corporate restructuring proceedings will have a significant impact on the Company's operations during 2026, while uncertainties in the global economy and energy markets may affect investment appetite and the progress of projects.
THE GROUP KEY FINANCIAL PERFORMANCE INDICATORS
| € million EUR | 1-6 2026 | 1-6 2025 | 1-12/2025 |
| Net sales | 1,1 | 0,9 | 2,0 |
| EBITDA | -1,0 | -1,2 | -11 231,1 |
| % of net sales | -93,2 % | -125,4 % | n/a |
| Operating result (EBIT) | -1,0 | -1,2 | -11,3 |
| % of net sales | -96,9 % | -126,9 % | -560,3 % |
| Result before taxes | -9,9 | -1,2 | -9,9 |
| % of net sales | -916 % | -124 % | -491 % |
| Result for the period to equity holders of the parent company | 47,2 | -0,1 | -53,5 |
| % of net sales | 4 374 % | -0,0 % | -58,2 % |
| Net cash flow from operating activities | -0,9 | -5,8 | -2,6 |
| Equity ratio, % | -7,8 % | 17,2 % | -207,3 % |
| Net liabilities | -5,2 | -18,8 | -6,6 |
| Gearing, % | 745,1 % | -251,5 % | 13,7 % |
| Return on equity, % | n/a | -114,8 % | n/a |
| Return on investment, % | n/a | -64,6 % | |
| Personnel, average for the period | 17 | 265 | 264 |
| Personnel, at the end of the period | 13 | 301 | 245 |
| Earnings per share, EUR | |||
| Undiluted | 0,438 | -0,001 | -0,496 |
| Diluted | 0,438 | -0,001 | -0,496 |
| Equity per share, EUR (undiluted end of period) | -0,006 | 0,220 | -0,452 |
This release is a summary of Dovre Group Plc's Half-Year Financial Report for 1 January-30 June 2026. The Half-Year Financial Report in its entirety is attached to this stock exchange release and is available on our www.dovregroup.com -> Investors
Further information:
Markku Taskinen, CEO
markku.taskinen@dovregroup.com
tel. +358 50 343 1482
Sari Jussila, Interim CFO
sari.jussila@dovregroup.com
tel. +358 45 129 4211
DISTRIBUTION:
Nasdaq Helsinki
Principal media
www.dovregroup.com
