YIT Corporation Interim Report October 30, 2026, at 8:30 a.m.
YIT's Interim Report January-September 2026
Revenue, profitability and order book increased in the third quarter
Third quarter of 2026 in brief
- Revenue increased 14% to EUR 530 million (466).
- Adjusted operating profit increased to EUR 30 million (24). Adjusted operating profit margin increased to 5.7% (5.1).
- Operating profit decreased to EUR 9 million (25). Operating profit was mainly impacted by a change in the fair value of Tripla Mall Ky amounting to EUR -19 million.
- Operating cash flow after investments was EUR 19 million (0).
- In Residential Finland, adjusted operating profit decreased to EUR -3 million (0). Consumer apartment sales decreased to 116 (152) apartments. Consumer apartment starts in the quarter decreased to 43 (224). The number of unsold completed apartments decreased to 365 (30 Jun 2026: 373).
- In Residential CEE, adjusted operating profit increased to EUR 15 million (14). During the quarter, 406 (472) apartments were sold and 148 (390) started. The number of unsold completed apartments decreased to 146 (30 Jun 2026: 179).
- In Building Construction, adjusted operating profit increased to EUR 11 million (6). Order book increased to EUR 1,352 million (30 Jun 2026: 1,026).
- In Infrastructure, adjusted operating profit increased to EUR 10 million (7). Order book increased to EUR 1,115 million (30 Jun 2026: 901).
- Result for the period was EUR -6 million (2).
- Net interest-bearing debt amounted to EUR 604 million (669), and gearing was 90% (85) at the end of the period.
- YIT's combined lost time injury frequency was 7.8 (9.6) in the third quarter of 2026.
- YIT narrows the range for the adjusted operating profit guidance for year 2026 as a result of stable financial performance of the businesses during the first nine months of the year. According to the revised guidance, YIT expects its Group adjusted operating profit for continuing operations to be EUR 80-90 million in 2026. Previously, YIT expected its Group adjusted operating profit for continuing operations to be EUR 70-100 million in 2026.
January-September 2026 in brief
- Revenue increased 7% to EUR 1,400 million (1,313).
- Adjusted operating profit increased to EUR 60 million (52). Adjusted operating profit margin increased to 4.3% (3.9).
- Operating profit decreased to EUR 4 million (50), mainly impacted by changes in the fair values of Tripla Mall Ky amounting to EUR -39 million and OP Vuokrakoti Ky amounting to EUR -9 million.
- Operating cash flow after investments was EUR 26 million (-38).
- In Residential Finland, adjusted operating profit decreased to EUR -12 million (1). Consumer apartment sales decreased to 337 (393) apartments. Consumer apartment starts decreased to 107 (358).
- In Residential CEE, adjusted operating profit increased to EUR 42 million (29). Year-to-date, 1,346 (1,441) apartments were sold and 1,221 (1,921) started.
- In Building Construction, adjusted operating profit increased to EUR 21 million (11).
- In Infrastructure, adjusted operating profit increased to EUR 18 million (15).
- Result for the period was EUR -51 million (-5).
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 Interim 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 | 7-9/26 | 7-9/25 | 1-9/26 | 1-9/25 | 1-12/25 |
| Revenue | 530 | 466 | 1,400 | 1,313 | 1,803 |
| Adjusted operating profit | 30 | 24 | 60 | 52 | 58 |
| Adjusted operating profit margin, % | 5.7 | 5.1 | 4.3 | 3.9 | 3.2 |
| Operating profit | 9 | 25 | 4 | 50 | 54 |
| Result for the period | -6 | 2 | -51 | -5 | -17 |
| Earnings per share, EUR | -0.03 | 0.00 | -0.25 | -0.05 | -0.11 |
| Return on capital employed, % (ROCE, rolling 12 months) | 6.7 | 5.7 | 6.7 | 5.7 | 5.7 |
| Combined lost time injury frequency (cLTIF, rolling 12 months) | 7.8 | 9.6 | 7.8 | 9.6 | 9.6 |
| Customer satisfaction rate (NPS) | 55 | 56 | 55 | 56 | 61 |
| Average number of employees, Group | 3,992 | 4,076 | 4,052 | ||
| IFRS reporting | |||||
| EUR million | 7-9/26 | 7-9/25 | 1-9/26 | 1-9/25 | 1-12/25 |
| Revenue | 533 | 402 | 1,333 | 1,200 | 1,757 |
| Operating profit | 12 | 9 | -13 | 22 | 45 |
| Result for the period | -4 | -10 | -65 | -28 | -24 |
| Earnings per share, EUR | -0.03 | -0.05 | -0.31 | -0.14 | -0.14 |
| Operating cash flow after investments | 19 | 0 | 26 | -38 | 73 |
| Net interest-bearing debt | 604 | 669 | 604 | 669 | 560 |
| Gearing ratio, % | 90 | 85 | 90 | 85 | 71 |
| Equity ratio, % | 34 | 37 | 34 | 37 | 38 |
| Order book | 3,448 | 2,929 | 3,448 | 2,929 | 2,915 |
Comments from the President and CEO, Heikki Vuorenmaa
"Our growth in revenue, profitability and order book continued during the third quarter of 2026. Our Group revenue increased by 14% during the quarter, as both of our contracting segments delivered strong growth, and the Residential CEE segment maintained its positive momentum. This broad-based growth supported the improvement of YIT's profitability, resulting in a 26% increase in Group adjusted operating profit. Our order book for the contracting segments strengthened significantly, with new orders totaling more than EUR 900 million in the quarter.
While data center construction is our fastest-growing business, growth in the Infrastructure and Building Construction segments came from projects from multiple customer groups. Our operative efficiency continued to improve, supporting a positive profitability trend in the contracting segments, and the growing share of data center construction in our portfolio is expected to provide further support for profitability improvement from 2027 onwards.
We hosted a Capital Markets Update during the quarter to clarify how we are positioned to capitalize on the growth opportunities in the Finnish data center market. We have demonstrated our ability to deliver some of Finland's most advanced projects, and we continue to expand our capacity as the demand grows. Proven delivery capabilities, strong references and integrated execution enable YIT to capture Finland's data center growth and convert it into long-term profitable growth.
Our growth profile is expected to be dominated by data center construction in the coming years. We see a credible path to generating approximately EUR 1 billion in revenue from our data center business in 2029, provided that power availability develops as expected, customer investment activity continues, and projects progress under normal delivery conditions.
Driven by the strong growth in the data center market, we increased our growth targets set for the strategy period. Group financial target for annual revenue growth to be reached by the end of 2029 was doubled to 10%. In conjunction, we increased the annual growth targets for the Infrastructure and Building Construction segments to 15% and 6% respectively.
The Residential CEE segment continued to deliver strong profitability, at 14.3% year-to-date. New residential project starts were moderate during the third quarter, with most project launches in 2026 expected to take place in the final quarter of the year. In this favorable market, the segment's growth potential is more dependent on our ability to allocate capital to the segment over medium-term.
In the Residential Finland segment, we have developed and launched three new customer-centric residential concepts during the year: Formia, Olo and Fiksu. All three concepts are now on the market, and the first projects developed under these concepts have received a positive response from our customers. The cost savings measures implemented as part of the operating model change are already partially reflected in the segment's performance, although low volumes continue to weigh on profitability. We remain committed to restoring the business to profitability, irrespective of market conditions.
Several indicators point to an improving outlook for the Finnish economy. Growth is broad-based, and employment is expected to strengthen. As noted by the Confederation of Finnish Construction Industries RT in its autumn economic outlook, the economic recovery, combined with the decline in residential supply, is creating conditions for a rebound in residential construction in 2027. The market remains consumer-driven, and a broad-based recovery in the residential market remains still some way off.
Elevated interest rates remain a key concern for the real estate sector. This was reflected in the valuation of our partly owned Tripla shopping center, as the applied yield requirement increased. Higher interest rates may also continue to delay the recovery of the residential market, particularly in the investor segment, despite the encouraging signals from other economic indicators related to the consumer market.
The megatrends underpinning our strategy continue to strengthen, reinforcing our positive long-term outlook. Beyond data centers, we see further growth opportunities across our businesses arising from urbanization, the energy transition, and increased investments in infrastructure and defense. YIT has the capabilities, market position and customer relationships to capture these opportunities and translate them into long-term growth.
Our systematic and determined focus on safety has delivered a significant improvement in work safety performance. Achieving meaningful progress requires strong engagement from all parties. Our goal is clear: There should not be any accidents on YIT's worksites. To measure the development, we set a reduction target to halve the cLTIF metric during the strategy period. To achieve this, we need to sustain a collective focus on safety across our supply chain."
Results
July-September
YIT's revenue increased 14% to EUR 530 million (466). Revenue increased in Residential CEE, Infrastructure and Building Construction and decreased in Residential Finland.
Adjusted operating profit for the quarter increased to EUR 30 million (24). Adjusted operating profit margin increased to 5.7% (5.1). Adjusted operating profit increased in Residential CEE, Building Construction and Infrastructure and decreased in Residential Finland.
YIT's operating profit decreased to EUR 9 million (25). Adjusting items amounted to EUR -21 million in the third quarter (1). Adjusting items were mainly related to a change in the fair value of Tripla Mall Ky amounting to EUR -19 million. The change related to Tripla Mall Ky reflects an increase in the yield requirement and a fair value impact of the profit-sharing agreement. Net finance costs amounted to EUR 11 million (14). The result for the period was EUR -6 million (2).
Revenue according to IFRS was EUR 533 million (402). Operating profit according to IFRS amounted to EUR 12 million (9). Result for the period according to IFRS was EUR -4 million (-10). The difference between IFRS and segment reporting is related to timing difference in revenue recognition methods.
January-September
YIT's revenue increased 7% to EUR 1,400 million (1,313). Revenue increased in Residential CEE, Infrastructure and Building Construction and decreased in Residential Finland.
YIT's adjusted operating profit increased to EUR 60 million (52) and the adjusted operating profit margin increased to 4.3% (3.9). Adjusted operating profit increased in Residential CEE, Building Construction and Infrastructure and decreased in Residential Finland.
YIT's operating profit decreased to EUR 4 million (50). Adjusting items amounted to EUR -56 million (-2). Adjusting items were mainly related to non-strategic items, including changes in the fair values of Tripla Mall Ky amounting to EUR -39 million and OP Vuokrakoti Ky amounting to EUR -9 million. Net finance costs amounted to EUR 41 million (41). The result for the period amounted to EUR -51 million (-5). Earnings per share was EUR -0.25 (-0.05).
Revenue according to IFRS was EUR 1,333 million (1,200). Operating profit according to IFRS amounted to EUR -13 million (22). Result for the period according to IFRS was EUR -65 million (-28). The difference between IFRS and segment reporting is related to timing difference in revenue recognition methods.
Guidance and outlook for 2026
YIT narrows the range for the adjusted operating profit guidance for year 2026 as a result of stable financial performance of the businesses during the first nine months of the year.
Revised guidance for 2026
YIT expects its Group adjusted operating profit* for continuing operations to be EUR 80-90 million in 2026.
Previous guidance for 2026, issued on February 6, 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 October 30, 2026, at 10:00 a.m. EET. The results will be presented by Heikki Vuorenmaa, President and CEO of YIT Corporation, and CFO Erkka Repo.
The webcast can be followed at https://yit.events.inderes.com/q3-2026. 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/q3-2026/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
Erkka Repo
CFO
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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