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Although Consti posted good growth figures in Q3 considering market conditions, margins were lower than anticipated. With slight downward revisions to our short-term expectations, we adjust our TP to EUR 11.5 (12.0) but retain our BUY-rating.
Consti's Q3 results were fairly in line with our expectations Net sales in Q3 amounted to EUR 90.8m, slightly above our estimate (Evli EUR 88.9m.), with growth of 5.6% y/y. EBIT amounted to EUR 3.1m, while we had estimated EBIT of EUR 3.5m. The Service business continued to impact on net sales and profitability.
Consti reports its Q3 results on October 24th. We expect the improved backlog to support continued growth, while expecting recovery in profitability from the slightly weaker H1.
Consti’s net sales surpassed our estimates in Q2, yet profitability was weaker than expected due to continued soft performance in service business. Healthy backlog and further self-help in service should support development going forward.
Consti's net sales in Q2 amounted to EUR 84.8m, surpassing our estimate (Evli est. EUR 80.6m.), with growth of 2.3% y/y. EBIT amounted to EUR 2.5m, while we had estimated EBIT of EUR 2.7m. Order backlog grew and remains healthy, in line with our expectations.
Consti’s Q2/2025 figures are due on Friday, July 18. We expect slight sales decline y/y while mix should retain margins at a satisfactory level despite the intense competition. Market conditions continue to be soft, with recovery progressing slowly.
Profitability fell short of our estimates in the seasonally quiet Q1. While the start was not as strong as we forecasted, healthy order intake supports net sales going forward.
Consti's net sales in Q1 amounted to EUR 65.6m, in line with our estimate (Evli est. EUR 65.7m.), with growth of 0.1% y/y. EBIT amounted to EUR -0.1m, while we had estimated EBIT of EUR 0.4m. Profitability was negatively affected by performance in the Service business.
Consti reports its Q1 figures on 25th of April. We expect flat sales in the seasonally quiet quarter, with slightly improved profitability compared to a softer Q1/24. Market should start to improve slowly this year, after two years of stronger volume decline for renovation construction.
Consti’s Q4 was roughly in line with our estimates as net sales were a touch higher and profitability slightly lower than we expected. The outlook indicates limited earnings growth potential for 2025E, yet the valuation doesn’t set the bar high.
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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. www.consti.fi
Attachments
CONSTI PLC STOCK EXCHANGE RELEASE 24 OCTOBER 2025, at 8.10 a.m.
Consti Plc's financial reporting and Annual General Meeting in 2026
Consti Plc's Financial Statements Bulletin for 2025 will be published on 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 shall publish three Interim Reports during 2026:
- Interim Report for January–March published on 29 April 2026
- Half-Year Financial Report for January–June published on 17 July 2026
- Interim Report for January–September published on 23 October 2026
Consti observes a 30-day closed period preceding the publication of its Financial Statements Bulletin and Interim Reports. During this time the company's representatives do not comment on the company's financial position or future outlook and do not meet with representatives of the capital markets or financial media.
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. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 24 OCTOBER 2025, at 8.00 a.m.
Record and payment dates for Consti Plc’s second dividend instalment for the financial year 2024
In the Annual General Meeting of Consti Plc held on 3 April 2025, it was resolved that based on the adopted balance sheet for the financial year 2024, a dividend of EUR 0.70 per share shall be paid in two instalments. The first instalment of EUR 0.35 per share was paid on 14 April 2025. The second instalment, EUR 0.35 per share, will be paid to shareholders registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend. It was resolved in the Annual General Meeting that Consti Plc’s Board of Directors shall decide on the record date and payment date of the second instalment of the dividend in its meeting scheduled for 23 October 2025.
The Board of Directors has on 23 October 2025 resolved in accordance with the resolution of the Annual General Meeting that the dividend payment date for the second dividend instalment of EUR 0.35 per share shall be 3 November 2025. The ex-dividend date for the second instalment shall be 24 October 2025 and dividend record date 27 October 2025.
Consti Plc
Board of Directors
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. www.consti.fi
CONSTI PLC INVESTOR NEWS 14 OCTOBER 2025, at 2:30 p.m.
Consti Plc's Interim Report for January-September 2025 to be published on 24 October 2025 at 8:30 a.m.
Consti Plc's Interim Report for January-September 2025 to be published on 24 October 2025 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.
Briefing for analysts, portfolio managers and media representatives will take place on the same day, 24 October 2025, at 10:00 a.m. (EET) via Teams. The briefing will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the briefing no later than Thursday 23 October 2025 at 12:00 noon by sending an email to IR@consti.fi. The participation link will be sent to registered participants during the afternoon of Thursday 23 October 2025.
The presentation material (in English) will be published on the company's investor site after the presentation.
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. www.consti.fi
CONSTI PLC HALF-YEAR FINANCIAL REPORT 18 JULY 2025, at 8.30 a.m.
Consti Plc Half-Year Financial Report for January – June 2025
SOLID PERFORMANCE CONTINUED, ORDER BACKLOG INCREASED
4–6/2025 highlights (comparison figures in parenthesis 4–6/2024):
- Net sales EUR 84.8 (82.9) million; growth 2.3%
- EBITDA EUR 3.4 (4.0) million and EBITDA margin 4.0% (4.8%)
- Operating result (EBIT) EUR 2.5 (3.0) million and EBIT margin 2.9% (3.6%)
- Order backlog EUR 276.7 (261.2) million; growth 5.9 %
- Order intake EUR 105.1 (90.8) million; growth 15.8%
- Free cash flow EUR 2.9 (1.2) million
- Earnings per share EUR 0.23 (0.27)
1–6/2025 highlights (comparison figures in parenthesis 1–6/2024):
- Net sales EUR 150.4 (148.4) million; growth 1.3%
- EBITDA EUR 4.1 (5.3) million and EBITDA margin 2.7% (3.6%)
- Operating result (EBIT) EUR 2.3 (3.2) million and EBIT margin 1.6% (2.2%)
- Order intake EUR 165.2 (127.1) million; growth 30.0%
- Free cash flow EUR 2.4 (0.7) million
- Earnings per share EUR 0.19 (0.27)
Guidance on the Group outlook for 2025:
Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.
KEY FIGURES (EUR 1,000) | 4-6/ | 4-6/ | Change % | 1-6/ | 1-6/ | Change % | 1-12/ |
Net sales | 84,775 | 82,853 | 2.3 % | 150,381 | 148,379 | 1.3 % | 326,692 |
EBITDA | 3,358 | 3,998 | -16.0 % | 4,123 | 5,282 | -21.9 % | 14,275 |
EBITDA margin, % | 4.0 % | 4.8 % |
| 2.7 % | 3.6 % |
| 4.4 % |
Operating result (EBIT) | 2,475 | 2,994 | -17.3 % | 2,345 | 3,209 | -26.9 % | 10,184 |
Operating result (EBIT) margin, % | 2.9 % | 3.6 % |
| 1.6 % | 2.2 % |
| 3.1 % |
Profit/loss for the period | 1,794 | 2,141 | -16.2 % | 1,506 | 2,106 | -28.5 % | 7,143 |
Order backlog |
|
|
| 276,717 | 261,224 | 5.9 % | 240,108 |
Free cash flow | 2,909 | 1,210 | 140.5 % | 2,434 | 693 | 251.0 % | 7,205 |
Cash conversion, % | 86.6 % | 30.3 % |
| 59.0 % | 13.1 % |
| 50.5 % |
Net interest-bearing debt |
|
|
| 3,801 | 3,901 | -2.6 % | 2,681 |
Gearing, % |
|
|
| 9.0 % | 9.6 % |
| 6.1 % |
Return on investment, ROI % |
|
|
| 16.6 % | 21.9 % |
| 17.4 % |
Number of personnel at period end |
|
|
| 1,042 | 1,087 | -4.1 % | 1,012 |
Earnings per share, undiluted (EUR) | 0.23 | 0.27 | -14.8 % | 0.19 | 0.27 | -29.6 % | 0.91 |
CEO Esa Korkeela’s comment
“Our net sales for the second quarter increased by 2.3 percent, totalling EUR 84.8 (82.9) million. Our net sales grew strongly in the Housing Companies business area, while net sales in our other business areas declined compared to the reference period. Our operating profit for April to June was EUR 2.5 (3.0) million, equivalent to 2.9 (3.6) percent of net sales.
During the second quarter, projects progressed largely as planned, and the profitability of our project business was in line with our expectations. However, our operating profit was negatively impacted by the continued low net sales and profitability levels in our Service business, which we were not yet able to improve to a satisfactory level during the second quarter. Additionally, our profitability in the second quarter was affected by the prolonged downturn in the construction sector, as well as the investments made in tendering and negotiation activities to secure our order backlog. Our balance sheet and liquidity position remained at a good level at the end of the review period.
In April-June, we received new orders worth EUR 105.1 (90.8) million, representing a 15.8 percent increase compared to the reference period, and are satisfied with both the total volume and quality of the orders received despite intense competition. Among the most significant orders in our construction business areas during the second quarter was the renovation and extension of Maunula Primary School and Månsas Primary School, commissioned by the City of Helsinki, as well as the renovation of Kivimäki School in Vantaa, and in the Building Technology business area, the first phase of ventilation and electrical works for the Metso Lokomotion Technology Centre in Tampere. The combined value of these contracts is approximately EUR 47 million. The remaining order intake for April-June consists of several smaller projects evenly distributed across our business areas. Our order backlog at the end of the review period was at a good level, growing by 5.9 percent compared to the reference period, amounting to EUR 276.7 (261.2) million.
Throughout the review period, we continued to implement our strategy and take measures to safeguard our business performance amid the prolonged construction downturn. Our actions focused on tendering activities, improving production efficiency, and achieving an even more consistent performance level in our project deliveries.
In the first half of the year, housing companies and the public sector demonstrated a reasonable readiness to invest in renovations across our operating areas. 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. We do not expect a significant improvement in construction demand prospects during the second half of 2025.
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
Construction market research institute Euroconstruct estimated in its June 2025 report that the volume for housebuilding construction output will grow by 3.4% in 2025. According to Euroconstruct's forecast, the new construction volume is estimated to grow by around 7.8 percent and the renovation volume to decline by 0.2 percent in 2025.
Euroconstruct’s forecasts were lowered compared to its previous report. In its December 2024 report Euroconstruct estimated that the volume for housebuilding construction output in Finland will grow by 5.3%, the new construction volume by 11.2 percent and the renovation volume by 0.3 percent in 2025. Recovery of the market is slower than expected.
For the year 2026, Euroconstruct predicts that the change in renovation volume will be flat at 0.0 percent (previous forecast was 0.7 percent in December 2024).
According to the report recovery in renovation is slow as both housing companies and consumers are still facing tight economic conditions.
The renovation market in general
Renovation is needs-based and thus less sensitive to economic cycles than new construction. However, the steady growth of renovation over the past 20 years came to a halt in 2023, and the decline continued in 2024. Renovation has been reduced partly by the same reasons as new construction, such as rising interest rates, inflation, and repair costs, as well as increased maintenance costs for properties, such as the rising cost of heating.
In 2024, building construction continued to decline, but the decrease levelled off from the previous year. The sharp decline in building construction is primarily due to the halt in new housing production after an exceptionally intense period of housing construction. Residential new construction decreased by approximately 30 percent for the second consecutive year. In other building construction, the changes have been far less significant.
The sharp drop in new construction has meant that more money is currently being spent on renovating existing homes than on building new ones. At the same time, competition for renovation projects and building technology contracts has intensified significantly. In 2024, the value of residential building renovations remained almost on level with 2023, i.e. around nine billion euros. The value of other renovations was about six 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 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.
Renovations of commercial and office spaces have also been postponed due to the rapid rise in costs. In addition, the oversupply of commercial spaces and the decline in property prices have slowed down repairs. 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 2025
In 2025, the housebuilding construction output in Finland is estimated to increase by approximately 3.4 percent from the previous year. New construction is predicted to grow by approximately 7.8 percent and renovation to decline by 0.2 percent in 2025.
The weak demand for new construction and private real estate investment companies’ caution in launching new construction projects has continued. Competition in the construction and building technology market has remained intense. The demand outlook for construction is weakened by prolonged economic uncertainty, interest rates, high construction costs, and tightening availability of financing, and Consti does not expect a significant improvement in the demand outlook for construction in the second half of 2025.
Despite the market situation, Consti aims to continue solid performance supported by a good order backlog and focus on implementing the strategy.
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 18 July 2025, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Thursday 17 July 2025 at 12.00 p.m. by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Thursday 17 July 2025.
Financial communication in 2025
Consti Plc shall publish one more interim report during 2025:
- Interim report 1–9/2025 published 24 October 2025
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. www.consti.fi
Attachments
CONSTI PLC INVESTOR NEWS 9 JULY 2025, at 10:00 a.m.
Consti Plc's Half Year Financial Report for January-June 2025 to be published on 18 July 2025 at 8:30 a.m.
Consti Plc's Half Year Financial Report for January-June 2025 will be published on 18 July 2025 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.
Briefing for analysts, portfolio managers and media representatives will take place on the same day, 18 July 2025, at 10:00 a.m. (EET) via Teams. The briefing will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the briefing no later than Thursday 17 July 2025 at 12.00 noon by sending an email to IR@consti.fi. The participation link will be sent to registered participants during the afternoon of Thursday 17 July 2025.
The presentation material (in English) will be published on the company's investor site after the presentation.
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. www.consti.fi
CONSTI PLC INTERIM REPORT 25 APRIL 2025, at 8.30 a.m.
Consti Plc Interim Report for January – March 2025
NET SALES AND OPERATING RESULT AT PLANNED LEVEL
1–3/2025 highlights (comparison figures in parenthesis 1–3/2024):
- Net sales EUR 65.6 (65.5) million; growth 0.1%
- EBITDA EUR 0.8 (1.3) million and EBITDA margin 1.2% (2.0%)
- Operating result (EBIT) EUR -0.1 (0.2) million and EBIT margin -0.2% (0.3%)
- Order backlog EUR 246.4 (244.4) million; growth 0.8%
- Order intake EUR 60.1 (36.3) million; growth 65.5%
- Free cash flow EUR -0.5 (-0.5) million
- Earnings per share EUR -0.04 (-0.00)
Guidance on the Group outlook for 2025:
Consti estimates that its operating result for 2025 will be in the range of EUR 9-12 million.
KEY FIGURES (EUR 1,000) | 1-3/ | 1-3/ | Change % | 1-12/ |
Net sales | 65,606 | 65,525 | 0.1 % | 326,692 |
EBITDA | 765 | 1,284 | -40.4 % | 14,275 |
EBITDA margin, % | 1.2 % | 2.0 % |
| 4.4 % |
Operating result (EBIT) | -129 | 214 |
| 10,184 |
Operating result (EBIT) margin, % | -0.2 % | 0.3 % |
| 3.1 % |
Profit/loss for the period | -288 | -36 |
| 7,143 |
Order backlog | 246,373 | 244,371 | 0.8 % | 240,108 |
Free cash flow | -475 | -517 | 8.0 % | 7,205 |
Cash conversion, % | n/a | n/a |
| 50.5 % |
Net interest-bearing debt | 3,575 | 1,299 | 175.2 % | 2,681 |
Gearing, % | 8.3 % | 3.1 % |
| 6.1 % |
Return on investment, ROI % | 16.9 % | 20.6 % |
| 17.4 % |
Number of personnel at period end | 1,026 | 1,031 | -0.5 % | 1,012 |
Earnings per share, undiluted (EUR) | -0.04 | -0.00 |
| 0.91 |
CEO Esa Korkeela’s comment
”Our seasonally low net sales for January-March were at the same level as last year, totalling EUR 65.6 (65.5) million. Our net sales grew in the Housing Companies and Building Technology business areas and decreased in the Corporations and Public Sector business areas.
Our operating result for January-March was EUR -0.1 (0.2) million, or -0.2 (0.3) percent of net sales. During the first quarter, projects progressed mostly as planned, and the profitability of our project business was broadly in line with our expectations. Our operating result was negatively impacted by lower-than-expected net sales and profitability in our Service business. Our balance sheet and liquidity position remained strong at the end of the review period.
Our order intake for January-March totalled EUR 60.1 (36.3) million, representing a 65.5 percent increase compared to the reference period. The order intake was positively influenced by new orders in the Housing Companies and Corporations business areas. Our first-quarter order intake did not include any individually large projects but consisted of several smaller-scale projects. Our order backlog remained at a good level at the end of the review period, growing by 0.8 percent compared to the reference period and amounting to EUR 246.4 (244.4) million.
During the review period, we published Consti's first sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD), and the implementation of the goals and plans described in the report is underway. In line with our transition plan, our objective is to achieve carbon neutrality in our operations by 2035 and to halve the emissions generated across our value chain by 2050. Our initiatives to improve operational efficiency have focused on safeguarding the competitiveness and performance of our business amid the prolonged downturn in the construction sector.
In the first quarter, the readiness for renovation investments in housing companies and the public sector continued at a reasonable level in our operating areas. Demand for new construction has remained weak, and private real estate investment companies have continued to show caution in launching new construction projects. Competition in the construction and building technology market remained tight. We do not expect a significant improvement in the demand outlook for construction in the first half of 2025.
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 diverse 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
The Confederation of Finnish Construction Industries CFCI estimates in its April economic review that the construction market as a whole will grow by approximately 4 percent in 2025. According to RT's forecast, the renovation market is expected to grow by about one percent in 2025, and new housing construction is expected to grow by 10 percent.
In its April economic review, RT states that despite pent-up demand and increasing renovation debt, annual growth in renovation activity will remain slow as availability of financing increasingly hinders recovery.
The renovation market in general
Renovation is needs-based and thus less sensitive to economic cycles than new construction. However, the steady growth of renovation over the past 20 years came to a halt in 2023, and the decline continued in 2024. Renovation has been reduced partly by the same reasons as new construction, such as rising interest rates, inflation, and repair costs, as well as increased maintenance costs for properties, such as the rising cost of heating.
In 2024, building construction continued to decline, but the decrease levelled off from the previous year. The sharp decline in building construction is primarily due to the halt in new housing production after an exceptionally intense period of housing construction. Residential new construction decreased by approximately 30 percent for the second consecutive year. In other building construction, the changes have been far less significant.
The sharp drop in new construction has meant that more money is currently being spent on renovating existing homes than on building new ones. At the same time, competition for renovation projects and building technology contracts has intensified significantly. In 2024, the value of residential building renovations remained almost on level with 2023, i.e. around nine billion euros. The value of other renovations was about six 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 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.
Renovations of commercial and office spaces have also been postponed due to the rapid rise in costs. In addition, the oversupply of commercial spaces and the decline in property prices have slowed down repairs. 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 2025
The Confederation of Finnish Construction Industries CFCI estimates in its April economic review that the construction market as a whole will grow by approximately 4 percent in 2025. According to RT's forecast, the renovation market is expected to grow by about 1 percent in 2025, and new housing construction is expected to grow by 10 percent.
In its April economic review, RT states that despite pent-up demand and increasing renovation debt, annual growth in renovation activity will remain slow as availability of financing increasingly hinders recovery.
The weak demand for new construction and private real estate investment companies’ caution in launching new construction projects has continued. Competition in the construction and building technology market remains intense. The demand outlook for construction is weakened by prolonged economic uncertainty, interest rates, high construction costs, and tightening availability of financing, and Consti does not expect a significant improvement in the demand outlook for construction in the first half of 2025.
Despite the market situation, Consti aims to continue solid performance supported by a good order backlog and focus on implementing the updated strategy.
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 25 April 2025, at 10:00 a.m. (EET). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the meeting no later than Thursday 24 April 2025 at 12.00 p.m. by sending an email to IR@consti.fi. A link to the meeting will be sent to registered participants during the afternoon of Thursday 24 April 2025.
Financial communication in 2025
Half-year report 1-6/2025 will be published 18 July 2025
Interim report 1-9/2025 will be published 24 October 2025
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. www.consti.fi
Attachments
CONSTI PLC INVESTOR NEWS 16 APRIL 2025, at 10:00 a.m.
Consti Plc's Interim Report for January-March 2025 to be published on 25 April 2025 at 8:30 a.m.
Consti Plc's Interim Report for January-March 2025 will be published on 25 April 2025 at 8:30 a.m. Finnish time (EET). The report will be available on the company's investor site at https://investor.consti.fi/en after publishing.
Briefing for analysts, portfolio managers and media representatives will take place on the same day, 25 April 2025, at 10:00 a.m. (EET) via Teams. The briefing will be hosted by CEO Esa Korkeela and CFO Anders Löfman.
Analysts, portfolio managers and media representatives are kindly requested to register for the briefing no later than Thursday 24 April 2025 at 12.00 noon by sending an email to IR@consti.fi. The participation link will be sent to registered participants during the afternoon of Thursday 24 April 2025.
The presentation material (in English) will be published on the company's investor site after the presentation.
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. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 3 APRIL 2025, at 5.05 p.m.
Organising Meeting of the Board of Directors of Consti Plc
The Board of Directors elected by the Annual General Meeting of Shareholders of Consti Plc today, held its organising meeting and elected Petri Rignell as the Chairman of the Board. Other board members are Erkki Norvio, Anne Westersund, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen.
The Board of Directors appointed Erkki Norvio, Juhani Pitkäkoski and Petri Rignell as members of the Nomination and Remuneration Committee. The Board of Directors has not established other committees.
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. www.consti.fi
Consti Plc Stock Exchange Release 3 April 2025 at 5.00 p.m. EEST
Resolutions of the Annual General Meeting of Consti Plc on 3 April 2025
The Annual General Meeting of Consti Plc, which was held today, on 3 April 2025, adopted the financial statements for financial period 2024, discharged the members of the Board of Directors and the CEO from liability for the financial period 2024 and adopted the company’s remuneration report for governing bodies.
The General Meeting resolved that a dividend of EUR 0.70 per share for the financial year 2024 shall be paid. The dividend shall be paid in two instalments. The first instalment, EUR 0.35 per share, will be paid to shareholders registered in the company's shareholders’ register, maintained by Euroclear Finland Ltd, on the record date of the dividend, 7 April 2025. It was resolved that this instalment of the dividend will be paid on 14 April 2025.
The second instalment, EUR 0.35 per share, will be paid to shareholders registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend, which, together with the dividend payment date, shall be decided by the Board of Directors in its meeting scheduled for 23 October 2025. The record date of the dividend date would then be 27 October 2025 and the dividend payment date 3 November 2025.
The Board of Directors, Auditor and sustainability reporting assurer
The General Meeting resolved that the Board of Directors consists of six (6) members. The current members of the Board of Directors Petri Rignell, Erkki Norvio, Anne Westersund, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen were re-elected as members of the Board of Directors for the following term of office.
Audit firm KPMG Oy Ab was elected as Auditor of the company and Turo Koila, Authorised Public Accountant, will act as the auditor in charge. Authorized Sustainability Audit Firm KPMG Oy Ab was elected as the company’s sustainability reporting assurer and Turo Koila, Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) will act as the sustainability reporting auditor with principal responsibility.
It was resolved that the annual remuneration of the Board Members is paid as follows: Chairman of the Board of Directors is paid EUR 54,000 and members of the Board of Directors are each paid EUR 42,000. It was also resolved that a EUR 500 fee per member per meeting is paid for meetings of the Board of Directors. It was resolved that the travel expenses incurred from participating in the meetings of the Board of Directors are compensated against an invoice. No separate remuneration is awarded for committee work. It was resolved that Auditor and Sustainability Reporting Assurer is paid a remuneration according to a reasonable invoice approved by the Company.
Authorisation of the Board of Directors to decide on the acquisition of own shares as well as on the issuance of shares and the issuance of special rights entitling to shares
The Board of Directors was authorised to decide on the acquisition of a maximum of 700,000 own shares in one or more tranches by using the unrestricted equity of the company. The own shares can be acquired at a price formed in public trading on the acquisition date or at a price otherwise formed on the market. In the acquisition, derivatives, inter alia, can be used. The acquisition of own shares may be made otherwise than in proportion to the share ownership of the shareholders (directed acquisition). The authorisation includes the right of the Board of Directors to resolve on how the own shares are acquired as well as to decide on other matters related to the acquisition of own shares.
The authorisation revokes previous unused authorisations on the acquisition of the company’s own shares. The authorisation is valid until the following Annual General Meeting, however no longer than until 30 June 2026.
The Board of Directors was authorised to decide on the issuance of shares and on the transfer of special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in one or several tranches, either against or without consideration. The number of shares to be issued, including shares transferred under special rights, may not exceed 800,000 shares. The Board of the Directors may decide to issue either new shares and/or transfer of own shares possibly held by the company.
The authorisation entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right.
The authorisation revokes previous unused authorisations on the issuance of shares and the issuance of options and other special rights entitling to shares. The authorisation is valid until the end of the following Annual General Meeting, however no longer than until 30 June 2026.
The minutes of the General Meeting will be available on the website of Consti Plc at https://investor.consti.fi/en as of 17 April 2025, at the latest.
Consti Plc
Esa Korkeela, CEO
Additional information
Esa Korkeela, CEO, Consti Group Plc, Tel. +358 40 730 8568
Anders Löfman, CFO, Consti Group 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. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 11 MARCH 2025, at 3.00 p.m.
Consti Plc's Annual Report 2024 published
Consti Plc's Annual Report 2024, including complete Financial Statements of the Parent Company and the Group, Board of Director's Report and Auditor's Report, has been published in Finnish and English. The Sustainability Report, prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the relevant Finnish legislation, is included as part of the Report by the Board of Directors. The Sustainability Report has been assured by KPMG Oy Ab at the level of limited assurance. The assurance was performed in accordance with the International Standard on Assurance ISAE 3000 (Revised).
The Financial Statements are also published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The format is Extensible Hypertext Markup Language (XHTML). In line with the ESEF requirements, the primary financial statements have been labelled with XBRL tags. Notes to financial statements have been labelled with XBRL block tags. KPMG Oy Ab, authorised public accountants, has provided an independent auditor’s reasonable assurance report on Consti’s XBRL tags in accordance with ISAE 3000.
Consti has also published its Corporate Governance Statement and Remuneration Report for 2024.
The Annual Report, Corporate Governance Statement and Remuneration Report for 2024 are all available as pdf files as an appendix to this stock exchange release and the Annual Report containing the official Financial Statements also as an XHTML file (XHTML file is published only in Finnish). All documents are also available on company's website at www.consti.fi > Investors. Printed copies of the Annual Report are available as from 3 April 2025.
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. www.consti.fi
Attachments
CONSTI PLC MANAGERS’ TRANSACTIONS 7 MARCH 2025, at 5.00 p.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Esa Korkeela
Position: Chief Executive Officer
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 98262/6/6
____________________________________________
Transaction date: 2025-03-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE
Transaction details
(1): Volume: 8630 Unit price: 0 EUR
Aggregated transactions (1):
Volume: 8630 Volume weighted average price: 0 EUR
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. www.consti.fi
CONSTI PLC MANAGERS’ TRANSACTIONS 7 MARCH 2025, at 5.00 p.m.
Consti Plc - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Risto Kivi
Position: Other senior manager
Issuer: Consti Plc
LEI: 743700JMXCC11CRJCS71
Notification type: INITIAL NOTIFICATION
Reference number: 99002/6/7
____________________________________________
Transaction date: 2025-03-06
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000178256
Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE
Transaction details
(1): Volume: 4196 Unit price: 0 EUR
Aggregated transactions (1):
Volume: 4196 Volume weighted average price: 0 EUR
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. www.consti.fi
CONSTI PLC STOCK EXCHANGE RELEASE 28 February 2025, at 09.30 a.m.
CONSTI PLC'S BOARD DECIDED TO CONTINUE THE KEY EMPLOYEE SHARE-BASED INCENTIVE PLAN
Consti Plc's Board has decided to continue the key employee share-based incentive plan launched in 2016. The aim of the plan is to align the objectives of the shareholders and the key employees in order to increase the value of the Company in the long-term, to engage the key employees to the Company, and to offer them a competitive reward plan based on earning of the Company's shares.
The plan offers the key employees that belong to the target group of the plan an opportunity to earn the Company’s shares as reward by converting half or all of their performance-based bonuses to be earned on the basis of the Company’s bonus scheme in 2025 into shares. Before the reward payment, the performance-based bonuses that have been converted into shares will be multiplied by a reward multiplier determined by the Board.
The potential reward from the performance period 2025 will be paid to participants partly in shares and partly in cash after a two-year vesting period in 2028. The cash portion is aimed at covering taxes and tax-related costs arising from the reward to key employees. Dividends and other potential distribution of assets paid during the vesting period will be compensated to the key employees in connection with the reward payment.
During the performance period 2025, a maximum of approximately 76 key employees will belong to the target group of the plan, including the members of the Management Team. The rewards to be paid for the performance period 2025 will amount up to a maximum total of approximately 309,072 Consti Plc shares at the prevailing share price level, including also the cash portion, providing that all of the key employees that belong to the target group of the plan decide to participate and convert their performance-based bonuses entirely into shares.
CONSTI PLC
Further information:
Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568
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. www.consti.fi
CONSTI PLC NOTICE TO THE ANNUAL GENERAL MEETING
28 February 2025 at 9.00 a.m. (EET)
Notice to the Annual General Meeting of Consti Plc
The shareholders of Consti Plc are invited to the Annual General Meeting to be held on 3 April 2025 as of 1:00 p.m. EEST at the address Valimo Park, Valimotie 16, FI-00380 Helsinki. The reception of persons who have registered for the meeting and the distribution of ballots at the venue will commence at 12:30 p.m. EEST.
A. Matters on the agenda of the General Meeting
The following matters will be discussed at the General Meeting:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinise the minutes and to supervise the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the list of votes
6. Presentation of the Financial Statements, Annual Report and the Auditor’s Report for the year 2024
Review by the CEO.
The Annual Report of the company, which includes the company’s financial statements, consolidated financial statements, the Board of Directors’ Report, the auditor’s report and the assurance report of the sustainability report, will be made available on the company’s website at https://investor.consti.fi/en no later than three weeks prior to the General Meeting.
7. Adoption of the Financial Statements, including the adoption of the Consolidated Financial Statements
8. Use of the profit shown in the balance sheet and resolution on the payment of dividends
The Board of Directors proposes to the General Meeting that a dividend of EUR 0.70 per share be paid for the financial year of 2024.
The Board of Directors proposes that the dividend is paid in two instalments. The first instalment, EUR 0.35 per share, will be paid to shareholders who are registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend of 7 April 2025. The Board of Directors proposes that this instalment of the dividend will be paid on 14 April 2025.
The second instalment, EUR 0.35 per share, will be to shareholders who are registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend, which, together with the dividend payment date, shall be decided by the Board of Directors in its meeting scheduled for 23 October 2025. The record date of the dividend date would then be 27 October 2025 and the dividend payment date 3 November 2025.
It is noted that the distribution of dividend proposed by the Board of Directors exceeds the amount of minority dividend as set out in Chapter 13, Section 7 of the Limited Liability Companies Act. The shareholders therefore cannot demand the minority dividend nor vote in favour of it.
9. Resolution on the discharge of the members of the Board of Directors and the managing director from liability for the financial year 1 January through 31 December 2024
10. Handling of the Remuneration Report of Governing Bodies
The company’s Remuneration Report for 2024 is available on the company’s website at https://investor.consti.fi/en.
The Board of Directors proposes the approval of the Remuneration Report of 2024. According to the Finnish Limited Liability Companies Act, the resolution is advisory.
11. Resolution on the remuneration of the members of the Board of Directors
The Nomination and Remuneration Committee proposes to the General Meeting that the members of the Board of Directors be paid as follows: EUR 54,000 to the Chairman of the Board of Directors and EUR 42,000 to the members of the Board of Directors. In addition, a fee of EUR 500 per member per meeting is paid for Board meetings. The travel expenses incurred from participating in the meetings of the Board of Directors are also compensated against an invoice. No separate remuneration is awarded for committee work.
12. Resolution on the number of members of the Board of Directors
The Nomination and Remuneration Committee proposes to the General Meeting that the number of members of the Board of Directors be confirmed to be a total of six (6).
13. Election of members of the Board of Directors
The Nomination and Remuneration Committee proposes to the General Meeting that the current members of the Board of Directors, Petri Rignell, Erkki Norvio, Anne Westersund, Johan Westermarck, Juhani Pitkäkoski and Katja Pussinen, be re-elected for the next term of office.
The above-mentioned persons have given their consent to the election. The personal details of the candidates for the members of the Board of Directors are introduced on the company’s website at the address https://investor.consti.fi/en.
14. Resolution on the remuneration of the auditor
The Board of Directors proposes to the General Meeting that the auditor is paid a remuneration against a reasonable invoice approved by the company.
15. Election of the auditor
The Board of Directors proposes to the General Meeting that the authorised public accounting firm KPMG Oy Ab be elected as the auditor of the company for the next term of office. KPMG Oy Ab has informed that Turo Koila, Authorised Public Accountant, would act as the responsible auditor.
16. Resolution on the remuneration of the sustainability reporting assurer
The Board of Directors proposes to the General Meeting that the assurer of the sustainability reporting is paid a remuneration against a reasonable invoice approved by the company.
17. Election of the sustainability reporting assurer
The Board of Directors proposes to the General Meeting that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the company’s sustainability reporting assurer for the next term of office. KPMG Oy Ab has informed that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Turo Koila would act as the sustainability reporting auditor with principal responsibility.
18. Authorising the Board of Directors to decide on the acquisition of the company’s own shares
The Board of Directors proposes that the General Meeting authorise the Board of Directors to resolve on the acquisition of the company’s own shares in one or more tranches as follows:
The number of own shares to be acquired may not exceed 700,000 shares. The proposed number of shares corresponds to approximately nine (9) per cent of the aggregate number of shares in the company on the convocation date of the General Meeting. However, the company cannot, together with its subsidiaries, own or accept as a pledge altogether more than 10% of its own shares at any point in time.
The own shares can be acquired under the authorisation only with unrestricted equity.
The own shares can be acquired on the acquisition date at the price formed in public trading or at a price otherwise formed on the market.
The Board of Directors resolves on how the own shares are acquired. Inter alia derivatives can be used in the acquisition. The own shares can be acquired otherwise than in proportion to the share ownership of the shareholders (directed acquisition). The shares can be acquired through public trading on Nasdaq Helsinki Ltd at a price formed in public trading on the date of the acquisition.
The authorisation cancels any previous unused authorisations for the acquisition of own shares. The authorisation is valid until the following Annual General Meeting, however no longer than until 30 June 2026.
19. Authorising the Board of Directors to resolve on a share issue and the issuance of special rights entitling to shares
The Board of Directors proposes that the General Meeting authorises the Board of Directors to resolve on the issuance of shares and on the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Limited Liability Companies Act, in one or more tranches, either against or without consideration. The Board of Directors may, under the authorisation, resolve on the issuance of new shares and/or transfer of own shares held by the company.
The number of shares to be issued or transferred under the authorisation, including shares acquired under special rights, may not exceed 800,000 shares. The proposed number of shares corresponds to approximately ten (10) per cent of the aggregate number of shares in the company on the convocation date of the General Meeting.
The authorisation entitles the Board of Directors to resolve on all terms that apply to the share issue and to the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right. The Board of Directors may decide to either issue new shares or to transfer any treasury shares held by the company.
This authorisation revokes any previous unused authorisations to decide on a share issue and the issuance of options or other special rights entitling to shares. The proposed validity period of the authorisation is until the following Annual General Meeting, however not longer than until 30 June 2026.
20. Closing of the meeting
B. Documents of the General Meeting
The above-mentioned proposals on the matters on the agenda of the General Meeting, this notice as well as the Remuneration Report, the Financial Statements, the Board of Directors’ Report including the sustainability report, the Auditor’s Report and the assurance report of the sustainability statement will be available on Consti Plc’s website at https://investor.consti.fi/en by 13 March 2025, at the latest. Copies of the proposals and other documents referred to above and of this notice will be sent to shareholders upon request. The minutes of the General Meeting will be available on the above-mentioned website on 17 April 2025, at the latest.
C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE GENERAL MEETING
1. Shareholders registered in the shareholders’ register
The shareholders who have been registered on the record date of the General Meeting, i.e. 24 March 2025, in the shareholders’ register of the company maintained by Euroclear Finland Ltd are entitled to participate in the General Meeting. Shareholders whose shares are registered in their personal Finnish book-entry accounts are registered in the shareholders’ register of the company. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.
The registration will commence on 28 February 2025 at 12:00 noon EET. Shareholders who are registered in the shareholders’ register of the company and who wish to participate in the General Meeting must register for the General Meeting by 27 March 2025 at 4:00 p.m. EET at the latest, by which time the registration must be received.
Shareholders with a Finnish book-entry account can register from 28 February 2025 at 12:00 noon EET to 27 March 2025 at 4 p.m. EET by the following means:
a) On Consti’s website at https://investor.consti.fi/en. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate. A representative of a legal person must also identify themselves with their own personal bank code. The representative is then able to state which company or organisation they represent.
b) By email. Shareholders registering by e-mail shall submit the registration form available on the company’s website at https://investor.consti.fi/en or equivalent information to agm@innovatics.fi.
c) By mail. Shareholders registering by mail shall submit the registration form available on the company’s website at https://investor.consti.fi/en or equivalent information to Innovatics Oy, General Meeting / Consti Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki.
d) Calling + 358 10 2818 909 on weekdays between 9:00 a.m. and 12:00 p.m. and 1:00 p.m. and 4:00 p.m. (EET).
The shareholder and their representative are required to provide the requested information, such as the shareholder’s name, date of birth or business ID, contact details, the name of any assistant or proxy representative, if any, the proxy representative’s date of birth and contact details. The personal details given by the shareholder when registering are only used in the context of the General Meeting and when handling the necessary registrations pertaining thereto.
The shareholders and their representatives or proxies must be able to prove their identity and/or right of representation at the meeting.
Further information on registration is available by telephone during the registration period for the AGM by calling Innovatics Oy at +358 10 2818 909 on weekdays from 9:00 a.m. to 12:00 noon and from 1:00 p.m. to 4:00 p.m. (EET).
2. Proxy representatives and powers of attorney
Shareholders may participate in the General Meeting and exercise their rights at the meeting by way of proxy representation. The proxy representative must identify themselves by strong identification in the registration service, after which the proxy representative can register on behalf of the shareholder. The proxy representative must produce a dated power of attorney or otherwise prove in a reliable manner that they are entitled to represent the shareholder at the General Meeting. Right of representation can be proved by utilising the Suomi.fi authorisation service in the electronic registration service. More information available at www.suomi.fi/e-authorizations.
In the event that a shareholder participates in the General Meeting by means of several proxy representatives that represent the shareholder based on shares held in different securities accounts, the shares represented by each proxy representative must be specified when registering for the General Meeting.
The proxy documents, if any, should be delivered primarily as an attachment in connection with electronic registration or alternatively by mail to Innovatics Oy, Annual General Meeting / Consti Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by e-mail to agm@innovatics.fi before the end of the registration period. In addition to providing the proxies, the shareholder or the shareholder’s proxy must arrange the registration to the General Meeting as described above in this notice. Model proxy documents are available on the company’s website https://investor.consti.fi/en.
3. Holders of nominee-registered shares
The holders of nominee-registered shares are entitled to participate in the General Meeting by virtue of the shares based on which they would be entitled to be registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the General Meeting, i.e. 24 March 2025.
Participation also requires that the shareholder on the basis of such shares has been registered in the temporary shareholders’ register held by Euroclear Finland Ltd at the latest by 31 March 2025 at 10:00 a.m. EEST. With regard to nominee-registered shares, this is considered to constitute due registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.
Holders of nominee-registered shares are advised to request in good time necessary instructions regarding temporary registration in the shareholders’ register of the company, issuing of proxy documents, registration and participation for the General Meeting from their custodian bank. The account management organisation of the custodian bank has to register a nominee-registered shareholder wishing to participate in the General Meeting to be temporarily registered in the shareholders’ register of the company no later than the time stated above.
4. Other instructions and information
The meeting language is Finnish.
Shareholders attending the General Meeting shall be entitled under Chapter 5, Section 25 of the Limited Liability Companies Act to request information with respect to the matters to be considered at the General Meeting.
On the convocation date 28 February 2025, Consti Plc has a total of 8,016,567 shares entitling to an equal number of votes. On the convocation date 28 February 2025, the company holds a total of 103 300 of its own shares which do not entitle their holder to vote at the General Meeting.
In Helsinki, 28 February 2025
CONSTI PLC
Board of Directors
Additional 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 in brief:
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. www.consti.fi
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Company Facts
Guidance
Consti estimates that its operating result for 2025 will be in the range of EUR 9–12 million.
Financial targets
Growth: Net sales growing faster than the market. Profitability: EBIT-margin exceeding 5 %. Cash flow: Cash conversion ratio exceeding 90 %. Capital Structure: Net debt to adjusted EBITDA ratio of less than 2.5x. Dividend: At least 50 % of the company's annual net profit
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