CONSTI PLC INTERIM REPORT 24 OCTOBER 2025, at 8:30 a.m.
Consti Plc Interim Report for January – September 2025
NET SALES GREW, OPERATING RESULT AT A REASONABLE LEVEL
7–9/2025 highlights (comparison figures in parenthesis 7–9/2024):
- Net sales EUR 90.8 (86.0) million; growth 5.6%
- EBITDA EUR 4.0 (4.4) million and EBITDA margin 4.4% (5.1%)
- Operating result (EBIT) EUR 3.1 (3.4) million and EBIT margin 3.5% (3.9%)
- Order backlog EUR 239.9 (250.4) million; change -4.2%
- Order intake EUR 41.2 (64.8) million; change -36.4%
- Free cash flow EUR 3.4 (1.7) million
- Earnings per share EUR 0.30 (0.31)
1–9/2025 highlights (comparison figures in parenthesis 1–9/2024):
- Net sales EUR 241.2 (234.4) million; growth 2.9%
- EBITDA EUR 8.1 (9.7) million and EBITDA margin 3.4% (4.1%)
- Operating result (EBIT) EUR 5.5 (6.6) million and EBIT margin 2.3% (2.8%)
- Order intake EUR 206.4 (191.9) million; growth 7.6%
- Free cash flow EUR 5.9 (2.4) million
- Earnings per share EUR 0.49 (0.58)
Guidance on the Group’s business outlook for 2025 (unchanged):
Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.
|
KEY FIGURES (EUR 1,000) |
7-9/ |
7-9/ |
Change % |
1-9/ |
1-9/ |
Change % |
1-12/ |
|
Net sales |
90,841 |
86,049 |
5.6% |
241,221 |
234,428 |
2.9% |
326,692 |
|
EBITDA |
4,025 |
4,376 |
-8.0% |
8,148 |
9,658 |
-15.6% |
14,275 |
|
EBITDA margin, % |
4.4% |
5.1% |
|
3.4% |
4.1% |
|
4.4% |
|
Operating result (EBIT) |
3,144 |
3,363 |
-6.5% |
5,489 |
6,572 |
-16.5% |
10,184 |
|
Operating result (EBIT) margin, % |
3.5% |
3.9% |
|
2.3% |
2.8% |
|
3.1% |
|
Profit/loss for the period |
2,363 |
2,467 |
-4.2% |
3,869 |
4,572 |
-15.4% |
7,143 |
|
Order backlog |
|
|
|
239,908 |
250,406 |
-4.2% |
240,108 |
|
Free cash flow |
3,430 |
1,707 |
101.0% |
5,864 |
2,400 |
144.3% |
7,205 |
|
Cash conversion, % |
85.2% |
39.0% |
|
72.0% |
24.8% |
|
50.5% |
|
Net interest-bearing debt |
|
|
|
1,720 |
3,116 |
|
2,681 |
|
Gearing, % |
|
|
|
3.8% |
7.2% |
|
6.1% |
|
Return on investment, ROI % |
|
|
|
15.5% |
18.4% |
|
17.4% |
|
Number of personnel at period end |
|
|
|
1,017 |
1,054 |
-3.5% |
1,012 |
|
Earnings per share, undiluted (EUR) |
0.30 |
0.31 |
-4.2% |
0.49 |
0.58 |
-15.8% |
0.91 |
CEO Esa Korkeela’s comment
"Our net sales in the third quarter increased by 5.6 percent to EUR 90.8 (86.0) million. Net sales grew strongly in our Housing Companies business area and grew in our Corporations business area but decreased in our Public Sector and Building Technology business areas.
Our operating result for July–September was EUR 3.1 (3.4) million, or 3.5 (3.9) percent of net sales. In the third quarter, projects progressed largely as planned, and our profitability from project business was in line with our expectations. Our profitability in the third quarter was negatively impacted by the prolonged downturn in construction, allocation of resources to tendering and negotiation activities to secure our order backlog, and the continued low level of net sales and profitability in our Service business.
Our balance sheet and liquidity position at the end of the review period were at a good level. Our free cash flow improved compared to the previous year and amounted to EUR 3.4 (1.7) million. Our gearing ratio at the end of the review period was low at 3.8 (7.2) percent.
In July–September, we continued our active yet disciplined tendering activities. We received new orders worth EUR 41.2 (64.8) million during July–September, a decrease of 36.4 percent compared to the reference period. In January–September, new orders totalled EUR 206.4 (191.9) million, an increase of 7.6 percent year-on-year. The tight competitive environment and weak demand continued to affect our order intake in the third quarter as well, but we are satisfied with the overall volume and quality of new orders received during January–September. At the end of the review period, our order backlog declined by 4.2 percent compared to the reference period but remained at a good level of EUR 239.9 (250.4) million.
Our initiatives to enhance operational efficiency continued to focus on ensuring the competitiveness and performance of our business. Overall, we have been reasonably successful in compensating for the effects of the prolonged downturn in the construction sector through improved operational efficiency.
In the third quarter, housing companies and the public sector’s readiness to invest in renovations across our operating areas remained at a reasonable level. The demand for new construction remained weak, and private real estate investment companies continued to be cautious about starting new renovation projects. Competition in the construction and building technology market remained tight. The grounds for a turnaround in construction exist with the slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power, but the uncertainty in the operating environment weighs on the outlook, and we do not expect a significant improvement in the demand outlook for construction over the next six months.
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 from small service contracts to large construction projects. Supported by our good order backlog, we aim to continue solid performance and focus on implementing our current strategy.”
Operating environment
Construction market 2025–2026
In its business cycle review released in September 2025, the Confederation of Finnish Construction Industries RT estimates that the construction market will grow by 0.8 percent in 2025 compared to the previous year. The volume of renovation is expected to decrease by 0.5 percent in 2025, while new housing construction is expected to increase by 1.0 percent. RT estimates that in 2026, the total volume of construction will increase by 3.5 percent, renovation will grow by 0.5 percent, and new residential construction will grow by 12.0 percent.
The renovation market in general
Renovation is needs-based and thus less sensitive to economic cycles than new construction. However, the steady growth in renovation activity seen over the past 20 years came to an end in 2023, and the decline has continued through 2024 and 2025. Tightened financing conditions for housing companies are slowing down residential renovations, while the weak property market and uncertainty regarding space utilisation are holding back the renovation of commercial premises. Public sector renovation investments are, however, expected to remain at a good level.
According to the September 2025 forecast by the Confederation of Finnish Construction Industries RT, the Finnish construction market is expected to grow only slightly in 2025, starting from a low base. The sharp decline in housing construction is primarily due to the slump in new residential production following an exceptionally strong period of housing construction. New housing construction fell by over 30 percent year-on-year in both 2023 and 2024. The growth forecast for 2025 is 1 percent. In other building construction, the market has also declined, though not as sharply as in new housing construction.
The sharp decline in new construction has meant that more money is currently being spent on residential renovations than on new builds. At the same time, competition for both renovation projects and building technology contracts has intensified noticeably. In 2024, the value of residential renovation construction was just over 9 billion euros, while other renovation construction was worth just under 7 billion euros.
Nearly two-thirds of renovation work is focused on residential buildings, and more than half of this is estimated to be professional renovation. In residential renovations, building technology plays a key role, accounting for about 35 percent of the value of renovations.
In non-residential buildings, in addition to technical age-related repairs, renovations include a great deal of building purpose modifications, such as converting old, underutilized office buildings into hotels or apartments, or improving them to better meet current office needs.
About one-fifth of all renovation is maintenance and upkeep, with a higher-than-average share in non-residential buildings.
According to the Finnish Real Estate Federation’s Renovation Barometer, water and sewer systems remain the top renovation priority for apartment buildings. The next most common renovations are roof and facade repairs, as well as heating system modernisations. The rising cost of district heating in many cities is a key factor driving heating system upgrades.
Renovation activity has also been held back by an oversupply of commercial premises and falling property prices. As the economic situation improves, the oversupply is expected to encourage property owners to improve the competitiveness and rentability of their spaces.
The demand for renovation is supported by the large number of residential buildings that are reaching the age for pipeline renovations. Properties built in the 1970s, which have the largest amount of residential floor space, are now in need of renovation. Additionally, many properties from the 1980s, a significant portion of which are row houses, are also reaching renovation age, with 1980s apartments representing the largest share in terms of quantity.
In addition to building technology renovations, many housing companies have an increasing need for facade repairs, which have often been overshadowed by pipeline renovations for financial reasons. The importance of facade repairs and maintenance continues to grow as winters become increasingly wet. Alongside technical repair needs, expectations for living comfort have risen. The repair needs of commercial spaces are also driven by changing space requirements.
The EU’s Energy Efficiency Directive, which came into force in May 2024, is driving the need for energy renovations. The directive aims to reduce the energy consumption and greenhouse gas emissions of buildings. In commercial properties, the demand for energy renovations is also influenced by user requirements – including both financial considerations and environmental certification standards. The need for energy renovations applies to both residential housing companies and various commercial spaces.
Overall, the need for renovation is maintained by both the aging building stock and societal changes such as urbanisation, population aging, changes in working methods and retail, and sustainability goals. Renovation plays a central role in reducing the carbon footprint of the built environment, as the number of new buildings grows by only about one percent per year.
Both new construction and renovations are strongly concentrated in growth centres in Finland.
Outlook for the 2025
Market outlook (updated)
According to the Confederation of Finnish Construction Industries RT, the Finnish construction market is expected to grow by 0.8 percent in 2025 compared with the previous year. New residential construction is expected to increase by 1.0 percent, non-residential construction to decline by 2.0 percent, and renovation construction to decrease by 0.5 percent in 2025.
The demand for new construction remained weak, and private real estate investment companies continued to be cautious about starting new renovation projects. Competition in the construction and building technology market remained tight. The grounds for a turnaround in construction exist with the slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power, but the uncertainty in the operating environment weighs on the outlook, and Consti does not expect a significant improvement in the demand outlook for construction over the next six months.
Business outlook (unchanged)
Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.
Press conference
Microsoft Teams meeting for analysts, portfolio managers and media representatives, will take place 24 October 2025, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Financial communication in 2025
Consti Plc’s Financial Statements for 2025 will be published 6 February 2026.
The electronic version of the annual report, which includes the full financial statements for 2025, will be published in week 11/2026.
Consti Plc’s Annual General Meeting for 2026 is scheduled to take place on Thursday, 9 April 2026 in Helsinki.
Consti Plc shall publish three interim reports during 2026:
- Interim report 1–3/2026 will be published 29 April 2026
- Half-year financial report 1–6/2026 will be published 17 July 2026
- Interim report 1–9/2026 will be 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
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 2024, Consti Group’s net sales amounted to 327 million euro. It employs approximately 1000 professionals in construction and building technology.
Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI.