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SRV - Solid profitability in Q2

SRV's net sales in Q2 amounted to EUR 211.4m, above our estimates and in line with consensus (EUR 191.7m/219.0m Evli/cons.). EBIT amounted to EUR 10.1m, above our estimates and above consensus estimates (EUR 4.1m/5.5m Evli/cons.). SRV now expects a revenue of EUR 800-860m (800-950m) and an operative operating profit of EUR 15-25m (>5.3m) in 2022.
  • Revenue in Q2 was EUR 211.4m (EUR 218.0m in Q2/21), above our estimates and slightly below consensus estimates (EUR 191.7m/219.0m Evli/Cons.). Growth in Q2 amounted to -3% y/y.
  • Operating profit in Q2 amounted to EUR 10.1m (EUR 6.3m in Q2/21), above our estimates and consensus estimates (EUR 4.1m/5.5m Evli/cons.), at a margin of 4.8%. Profitability in Q2 was supported by a higher profitability of the recognized income and a lower relative profitability is seen for the rest of the year. 
  • Revenue in Construction in Q2 was EUR 206.8m vs. EUR 191.7m Evli. Operating profit in Q2 amounted to EUR 9.9m vs. EUR 6.1m Evli. 
  • Revenue in Investments in Q2 was EUR 4.8m vs. EUR 1.1m Evli. Operating profit in Q2 amounted to EUR 1.4m vs. EUR -1.0m Evli. 
  • Revenue in Other operations and elim. in Q2 was EUR -0.2m vs. EUR -1.1m Evli. Operating profit in Q2 amounted to EUR -1.2m vs. EUR -1.0m Evli. 
  • Guidance for 2022 (specified): Revenue is estimated to be EUR 800-860m (prev. 800-950m) and the operative operating profit is estimated to be EUR 15-25m (prev. improve compared with 2021, when the operative operating profit amounted to EUR 5.3m). 
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