Consti - Q4 was positive, but guidance was soft
Consti reported a slight beat in revenue and EBIT but guidance was softer than expected.
- Net sales in Q4 were EUR 95.0m (EUR 92.3m in Q4/24), slightly surpassing our estimates (Evli EUR 92.7m).
- On a business area level, the difference in actual net sales versus our estimates came from higher than anticipated net sales in Housing companies and Building technology and lower than anticipated sales in Corporations. Costs on the parent company level were lower than anticipated.
- Operating profit in Q4 amounted to EUR 3.9m (EUR 3.6m in Q4/24), below our estimate of EUR 3.7m.
- Even though operating profit was stronger than expected, the services business is dragging profitability.
- EPS in Q4 amounted to EUR 0.37 (EUR 0.33 in Q3/24, EUR 0.36 Evli est.).
- The order backlog at the end of Q4 was EUR 208.2m (EUR 240.1m in Q4/24), declining 13.3% y/y. Order intake was EUR 44.3m in Q4 (Q4/24: EUR 67.2m).
- Low order intake reflects ongoing competitive pressures on the markets. Consti didn’t compromise profitability for revenue but ended up winning fewer contracts.
- Free cash flow amounted to EUR 10.9m (Q4/24: EUR 4.8m).
- Consti’s BoD proposes a dividend of EUR 0.72 per share (Evli: EUR 0.70).
- Guidance for 2026 states that operating result will be in the range of EUR 8–11 million.
- Guidance appears to be softer than we expected, as our EBIT estimate of EUR 10.9m is at the high end of the guidance range.