Dovre Group Plc | Stock Exchange Release | August 20, 2025, at 9:00 p.m.
The figures presented in this half-year financial report are not audited. Last year’s corresponding period in parentheses. The comparative figures for the income statement and personnel are adjusted and do not include information on the divested Project Personnel and Norwegian Consulting businesses. Suvic subgroup is fully consolidated in the Group’s financial statements. The non-controlling interest (49%) is presented as a separate line item in the income statements and balance sheet.
April–June 2025
- Net sales decreased 45.8% to EUR 12.3 (22.6) million
- Renewable Energy: net sales EUR 11.7 (22.1) million – decrease of 46.9%
- Consulting: net sales EUR 0.5 million (0.5) – increase of 2.4%
- EBITDA EUR 10.4 negative (1.2) million
- Operating profit EUR 10.6 negative (1.0) million
- Profit before tax EUR 10.9 negative (0.8) million
- Earnings for the shareholders of the parent company total EUR 5.0 negative (1.0) million
- Continued operations EUR 5.8 negative (0.3) million
- Discontinued operations EUR 0.8 (0.8) million
- Earnings per share were EUR 0.047 negative (0.010)
- Continued operations EUR 0.056 negative (0.003)
- Discontinued operations EUR 0.008 (0.007)
- Net cashflow from operating activities was EUR 4.4 (1.6) million
January–June 2025
- Net sales decreased by 28.3% to EUR 26.3 (36.6) million.
- Renewable Energy: net sales EUR 25.3 (35.6) million – a decrease of 28.8%.
- Consulting: net sales EUR 0.9 (1.0) million – a decrease of 7.8%.
- EBITDA was EUR 13.3 million negative (EUR 4.6 million negative)
- Operating result was EUR 13.8 million negative (EUR 4.8 million negative)
- Profit before tax was EUR 14.4 million negative (EUR 5.2 million negative)
- Earnings for the shareholders of the parent company were EUR 0.1 million negative (EUR 1.4 million negative)
- Continued operations EUR 7.9 million negative (3.1 million negative)
- Discontinued operations EUR 7.8 (1.7) million
- Earnings per share were EUR 0.001 negative (0.013 negative)
- Continued operations EUR 0.075 negative (0.029 negative)
- Discontinued operations EUR 0.074 (0.016)
- Net cash flow from operating activities was EUR -5.8 (0.3 negative) million.
Dovre Group’s profitability for the period was clearly negative. This was mainly due to increased losses booked on the reporting period (EUR 5.0 million) from Renewable Energy projects that were started in Sweden during 2024, as well as lowered gross margin estimates from a wind farm project launched in Sweden during the reporting period and a solar farm project launched in Finland in 2024. Also, some projects have progressed slower than anticipated, which in turn slows their revenue recognition. The Swedish wind farm projects are technically successful and will reach completion during the coming months.
In the Q1 trading statement we estimated the profit from discontinued operations, i.e. the sale of businesses, at EUR 7.0 million. Our updated analysis indicates this profit to be somewhat higher, EUR 7.8 million, which is reflected in this H1 report. Some hand-over practicalities are still in progress, and thus this number may be further updated later.
Outlook for 2025 (issued on August 14, 2025)
Dovre Group’s net sales in 2025 are expected to decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve, while still remaining negative.
ACTING CEO SANNA OUTA-OLLILA:
Prolonged challenges in the two wind farm projects started in 2024 by Suvic’s Swedish subsidiary have significantly affected performance during the first half of 2025. The extent of the issues has emerged gradually over time and has resulted into two negative profit warnings during the year, the latter of which was issued July 8, 2025.
Corrective actions have been taken at an increasing pace, and planned management changes have been completed. Markku Taskinen was appointed as Suvic’s new CEO during the second quarter and he stepped in on Agust 4, 2025. Both Dovre Group and Suvic also have a new CFO, Olli-Pekka Vanhanen, since July 1, 2025. The Extraordinary General Meeting held on June 12 elected two new Board members, Ville Vuori and Tomi Merenheimo. Vuori has played a key role in several turnaround companies, and Merenheimo is an experienced corporate lawyer. The Board nominated Vuori as Chairman, while Ilari Koskelo continues in the role of Deputy Chair.
The sale of Project Personnel business and the Norwegian Consulting business to NYAB AB was completed in the beginnig of 2025. After the transaction, Dovre is almost entirely a renewable energy group, with Suvic Oy at its core.
The board of directors and management of Dovre have started a program to develop the competitiveness, operative efficiency and management processes of Suvic Oy. We remain confident that the company will succeed once the challenges have been overcome. The market continues to regard Suvic as a technically reliable partner that consistently delivers high-quality results. The sector in which the company operates continues to grow and evolve with e.g. data centers, hydrogen production and battery-based energy storage. Although renewable energy remains a cyclical industry, it should be viewed as a long-term megatrend.
In Finland, Suvic’s most significant active projects include a 100 MWp solar park in Lapua (started in 2024) and three projects started in 2025; a 100 MWp solar park in Luvia, a wind farm of 54 turbines in Isojoki/Karijoki, and a 50 MW / 100 MWh battery-based energy storage (BESS) in Uusikaupunki
Renewable energy project developer Renetec has grown its operation and portfolio into BESS development. Renetec has also updated some of its existing solar projects int so called hybrids, where the co-existence of a photovoltaic production and battery storage system can reach considerable financial benefits.
In Consulting, the business of both Proha and eSite have continued as planned, however with a small decline in sales compared to the first half of last year.
We recognize that uncertainties persist in the global market and will unavoidably also impact investments. Nevertheless, the demand for fossil-free and reasonably priced energy continues to grow and project development is active. As an established and trusted player in the market, Dovre is well-positioned for the implementation of new Renewable Energy projects. The company is committed to its mission to increase the production of green energy and actively contribute to an environmentally and socially sustainable future.
GROUP’S KEY FIGURES
| EUR million | 4–6 2025 | Adjusted 4–6 2024 | Change % | 1–6 2025 | Adjusted 1–6 2024 | Change % | Adjusted 1–12 2024 |
| Net sales | 12.3 | 22.6 | -45.8% | 26.3 | 36.6 | -28.3% | 99.3 |
| EBITDA | -10.4 | 1.2 | -13.3 | -4.6 | -21.1 | ||
| % of net sales | -84.4% | 5.3% | -50.5% | -12.5% | -21.3 | ||
| Operating result | -10.6 | 1.0 | -13.8 | -4.8 | -21.8 | ||
| % of net sales | -86.4% | 4.5% | -52.5% | -13.1% | 22.0 | ||
| Profit before taxes | -10.9 | 0.8 | -14.4 | -5.2 | -22.8 | ||
| % of net sales | -88.6% | 3.5% | -54.8% | -14.3% | -22.9 | ||
| Earnings for the shareholders of the parent company | -5.4 | 1.0 | -0.5 | -1.4 | -8.3 | ||
| % of the net sales | -47.2% | 4.4% | -0.2% | -3.8% | -8.3 | ||
| Net cash flow from operating activities | 4.4 | 1.6 | -5.8 | -0.3 | -4.4 | ||
| Net debt | -18.8 | 3.8 | -18.8 | 3.8 | 8.1 | ||
| Debt-equity ratio (Gearing). % | -251.5% | 11.6% | -251.5% | 11.6% | 48.6 | ||
| Earnings per share. EUR | |||||||
| Undiluted | -0.047 | 0.010 | -0.001 | -0.013 | -0.078 | ||
| Diluted | -0.047 | 0.010 | -0.001 | -0.013 | -0.078 |
This stock exchange release is a summary of Dovre Group Plc’s Half-Year Financial Report January 1 - June 30, 2025. The full bulletin is attached to this release and is also available online at www.dovregroup.com -> Investors
Espoo, August 20, 2025
DOVRE GROUP PLC
BOARD OF DIRECTORS
Financial reporting in 2025
Dovre Group releases its Q3 trading statement for January 1 – September 30, 2025 on Wednesday, October 29, 2025.
The figures presented in this half-year financial report are not audited.