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Project struggles continued further in Q1, but Dovre is taking measures so that Renewable Energy EBIT recovers and group costs come down.
Dovre’s Q1 top line was basically in line with our estimates, however there were additional losses in Renewable Energy stemming from a Finnish solar park project. The project should still be profitable, but Dovre and Suvic need to focus on project selection and their successful delivery to cut losses in the Renewable Energy segment. Dovre sees FY’25 revenue slightly lower y/y while EBIT is expected to improve significantly.
Dovre’s Q4 results were no surprise, while the company focuses on stabilizing Suvic after recent big cost overruns.
Dovre Q4 figures were as expected since the company downgraded its guidance earlier and released the approximate results. No dividend distribution is proposed for now, but there’s a possibility it will be resumed later this year. Dovre didn’t yet release annual guidance but will issue it at the latest in about 6 weeks as Suvic’s sales cycle progresses.
Dovre reports Q4 results on Mar 17. Recent big losses ate some of the EUR 35m segment sale proceeds, yet growth outlook remains strong especially in Finland.
Dovre completed its segmental sale for a significant cash pile, the eventual use of which remains an open question for now.
Dovre will realize significant value through the announced sale, which should help it to better find growth within Renewable Energy, however the exit leaves valuation neutral.
Dovre’s EUR 2.4m EBIT was soft relative to our estimate despite the high top line, but in our view valuation is low relative to the annual EUR 8m EBIT level.
Dovre Q3 results came in mixed relative to our estimates in the sense that Renewable Energy grew a lot faster than we expected, while earnings were soft as the EUR 2.4m EBIT missed our estimate by EUR 0.5m. Dovre however retained its FY’24 guidance, which now implies relatively strong margins for Q4’24.
Dovre’s Q2 results were close to our estimates. We don’t make any large estimate changes but note Dovre is already back to the EUR 8m EBIT level without the write-down.
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Dovre Group Plc | Inside Information | July 08, 2025, at 4:20 p.m.
Following the previously announced extensive losses, a deeper analysis has been conducted of the two wind farm projects under construction by Suvic’s Swedish subsidiary, Storhöjden and Vitberget. The analysis indicates that insufficient management has resulted in underestimated effort requirements, faulty subcontracting, and delays in project completion. Despite these challenges, both projects remain technically successful.
Based on the updated analysis, the total loss from these two projects is now expected to exceed the previous estimate by approximately EUR 5 million, increasing the total estimated loss to EUR 23.7 million. Of this amount, the estimated loss attributable to Storhöjden is EUR 12.1 million, and to Vitberget, EUR 11.6 million. As previously announced on March 12, 2025, a total loss of EUR 18.7 million has already been recorded in the financial year 2024. The remaining finalization and landscaping work on both projects is expected to be completed by the end of October 2025.
Despite the loss-making projects, Suvic’s order backlog enables the continuation of the company’s operations, and the delivery of ongoing projects has not been jeopardized. However, within the next 12 months, additional financing needs are expected within the Suvic sub-group. The parent company’s cash reserves are sufficient to cover these needs, and the parent company is assessing this as part of the group’s overall strategy.
Dovre updates its guidance for 2025 based on the above.
New guidance for 2025: Dovre Group’s net sales in 2025 are expected to slightly decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve significantly, while still remaining negative.
Previous guidance for 2025 (released April 29, 2025): Dovre Group’s net sales in 2025 are expected to slightly decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve significantly.
The Board of Directors and management of Dovre have initiated an action program to develop Suvic. The implementation of the program will be accelerated when Suvic’s new CEO, Markku Taskinen, assumes his position on August 4, 2025. In its release on May 22, 2025, the company announced that Taskinen would assume his role no later than September 22, 2025.
Dovre Group Plc | Stock Exchange Release | June 19, 2025, at 10:15 p.m.
Interim Development Director Olli-Pekka Vanhanen has been appointed Chief Financial Officer (CFO) of Dovre Group Plc, effective July 1, 2025. His areas of responsibility will include business control, accounting, financing and investor relations for Dovre Group and all group companies, including Suvic Oy.
Vanhanen will also replace the current Group CFO Hans Sten on the Executive team of Dovre Group Plc. Sten announced his resignation in March 2025 and will leave his position at the end of June 2025. He will remain available to support the handover to Vanhanen during Q3. The current CFO of Suvic Oy, Ville Kemppinen, will likewise remain committed to ensuring a seamless transition.
“In March 2025, Dovre made two announcements regarding upcoming changes in management, first at Suvic and shortly thereafter at Dovre Group Plc,” says Sanna Outa-Ollila, Acting CEO of Dovre Group. “We saw this as an opportunity to move from having two CFOs within the group to having just one, thereby increasing transparency and efficiency. However, I could not have counted on finding someone who would be able to closely support Suvic’s business while also mastering the compliance requirements of a listed group of companies. Now, I am extremely happy to welcome Olli-Pekka on board. He has the skill, ambition and character to succeed in this role, and I look forward to our cooperation,” Outa-Ollila continues.
“I would also like to take this opportunity to thank Hans Sten once again for having been such a key player on the Dovre Group executive team. It has been a pleasure working with him and I wish him all the best in the future,” adds Outa-Ollila. “Furthermore, I would like to extend my appreciation to Ville Kemppinen for his remarkable contribution towards the growth of Suvic’s business.”
Before joining Dovre as an Interim Development Director in May 2025, Olli-Pekka Vanhanen was the CFO of Footbalance Group. Prior to that, he held the CFO position at several organizations including Elcoteq, Valmet Automotive, Maillefer Extrusion, Raute, and Oras. He has more than 30 years of versatile international and domestic experience in finance management and business controlling roles. He holds a master’s degree in accounting from the Turku School of Business Administration and Economics.
Combining the CFO roles of Dovre Group and the main subsidiary Suvic Oy will allow the finance function to cooperate seamlessly across the group. Suvic’s further growth will benefit from the continuous guidance and support from Dovre, while the Group will have the transparency needed to provide it.
Dovre Group Plc | Stock Exchange Release | June 12, 2025, at 12:15 p.m.
Dovre Group Plc’s Extraordinary General Meeting held today on June 12, 2025, decided on the payment of dividend, in addition to the composition and remuneration of the Board of Directors.
Payment of dividend
The Extraordinary General Meeting decided, in accordance with the Shareholder’s proposal, that a dividend of EUR 0.03 per share be paid to a shareholder who on the record date June 16, 2025, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd. The dividend will be paid June 25, 2025.
Composition and remuneration of the Board of Directors
The Extraordinary General Meeting decided that the number of Board members be set at three (3). Ilari Koskelo was re-elected as a member of the Board. Tomi Merenheimo and Ville Vuori were elected as new members of the Board.
The Extraordinary General Meeting resolved that the chairman of the Board is paid EUR 43,000, the vice chairman of the Board EUR 38,000, and each other member of the Board EUR 33,000 per year. The annual compensation is to be paid in cash. In addition, reasonable travel expenses are also compensated.
The minutes of the Extraordinary General Meeting will be available on the Company’s website at www.dovregroup.com within 14 days as of the date of the Extraordinary General Meeting.
Convening after the Extraordinary General Meeting, the Board of Directors of Dovre Group Plc elected Ville Vuori Chairman of the Board and Ilari Koskelo Vice Chairman of the Board.
Dovre Group Plc
Ilari Koskelo, Vice Chairman of the Board
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: https://www.dovregroup.com/
Distribution:
Nasdaq Helsinki
Main media
www.dovregroup.com
Dovre Group Plc Inside information May 22, 2025, at 2 pm
Markku Taskinen has been appointed as the CEO of Suvic Oy, a subsidiary of Dovre
Markku Taskinen has been appointed as the new CEO of Suvic Oy, succeeding Ville Vesanen. He will assume the position at the latest on September 22, 2025. The planning of the future composition and role structure of the company’s management team will begin immediately, and the outcome will be announced by autumn. Taskinen joins Suvic from the position of CEO at Hartela Pohjois-Suomi Oy. He has a solid background in the construction project business, and for the past 15 years he has carried commercial responsibility for large operations. He holds a Master of Science in Civil Engineering from the University of Oulu.
"The scale of Suvic’s business and especially the size of the projects delivered by the company have grown rapidly in recent years. This growth has created a need to renew our management practices and to strengthen the organization’s overall ability to meet the operational demands of large-scale projects," says Sanna Outa-Ollila, Acting CEO of Dovre Group Plc. "Markku is a seasoned leader in project-based business. In addition to best practices from the industry, he carries strong expertise in target-driven financial management of projects. Suvic's personnel have a wealth of skills and strengths, equipping the company with a solid foundation for success," Outa-Ollila continues.
"I would also like to take this opportunity to thank the outgoing CEO Ville Vesanen for his tireless and selfless efforts in supporting Suvic’s growth and in building a high-quality network of clients and subcontractors. Ville will continue to develop the company’s business as a key member of the renewed management team," Outa-Ollila adds.
"I’m excited to take on my new role at Suvic Oy. The construction of renewable energy has become a significant industry both in Finland and more broadly across the Nordic countries. I’m very much looking forward to the opportunity to contribute to the development of this field together with Suvic’s skilled and committed team. This role offers an excellent opportunity to make use of my previous experience and expertise in the construction sector. I believe they will help support the achievement of the organization’s strategic goals and contribute to Suvic’s long-term success," says Markku Taskinen.
Suvic is a company specialized in the construction of renewable energy. Its current projects include, among others, the 54-turbine Rajamäenkylä wind farm, a battery storage facility in Kalanti, a 100 MWp solar park in Eurajoki, and the Vinliden wind farm in Sweden.
For additional information, please contact:
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
Suvic founded in Oulu in 2017, operates in the Nordic countries with a focus on renewable energy construction. The company introduces new and innovative practices in design, construction, and project management. Its current projects include Renewable Power Capital Ltd.’s Storhöjden and Vitberget wind farms (Kramfors, Sweden), Vinliden Vindkraft AB’s Vinliden North and South wind farms (Lycksele, Sweden), OX2’s Rajamäenkylä wind farm (Isojoki & Karijoki), EPV Aurinkovoima Oy’s Heinineva solar park (Lapua), Alight's Eurajoki solar park (Luvia), Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo, as well as Renewable Power Capital Ltd.’s BESS project in Uusikaupunki. Website: www.suvic.fi
DISTRIBUTION
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Stock Exchange Release May 19, 2025, at 10 a.m.
NOTICE TO THE EXTRAORDINARY GENERAL MEETING OF DOVRE GROUP PLC
Notice is given to the shareholders of Dovre Group Plc (“Dovre” or the “Company”) to the Extraordinary General Meeting (“EGM”) to be held on Thursday, June 12, 2025, at 10:00 a.m. at Dovre headquarters, address Ahventie 4, 02170 Espoo. The reception of the persons who have registered for the meeting and the distribution of voting tickets will commence at 9:30 a.m. at the meeting venue.
A. MATTERS ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING
At the EGM, the following matters will be considered:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinize the minutes and to verify the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the voting list
6. Resolution on the distribution of dividend
The parent company’s distributable funds as on December 31, 2024 amounted to EUR 16,951,447.40. Shareholders representing over fourty (40) percent of the Company’s shares have proposed to the Extraordinary General meeting to resolve to pay a dividend of EUR 0.03 per share. The Board of Directors proposes that the dividend is paid on June 25, 2025 to a shareholder who on the dividend record date June 16, 2025, is registered in the Company's shareholder register maintained by Euroclear Finland Ltd.
7. Resolution on the remuneration of the members of the Board of Directors
Board of Directors proposes to the AGM that the annual remuneration payable to the Board members shall be as follows: The Chairman of the Board is paid EUR 43,000 (previously 35,000), the Vice Chairman of the Board EUR 38,000 (previously 30,000), and each other member of the Board EUR 33,000 (previously 25,000).
In addition, it is proposed that reasonable travel expenses incurred by the Board members be compensated according to the actual costs.
The remuneration of the members of the Board of Directors shall be paid in cash.
8. Resolution on the number of members of the Board of Directors
The shareholders representing over 40% of the total shares in the Company have indicated to propose to the AGM that the number of Board members be three (3).
9. Election of the members of the Board of Directors
The shareholders representing over 40% of the total shares in the Company have indicated to propose to the EGM that the current member of the Board, Ilari Koskelo, be re-elected as a member of the Board. The proposed new members are Tomi Merenheimo and Ville Vuori. The above-mentioned shareholders propose that Ville Vuori be elected as the Chairman of the Board.
More information of the nominees and their independence of the company can be found at https://www.dovregroup.com/investors/releases-and-events/.
In accordance with the shareholders’ proposal, both genders would not be represented on the Board of Directors, as suitable candidates have not been identified. The company aims to achieve balanced gender representation in the next Annual General Meeting when electing the Board.
10. Closing of the meeting
B. DOCUMENTS OF THE EXTRAORDINARY GENERAL MEETING
Proposals of the Board of Directors, the stock exchange release concerning the transaction as well as this notice are available on the Company’s website www.dovregroup.com. The proposals of the Board of Directors are also available at the EGM. Copies of these documents and of this notice will be sent to shareholders upon request.
C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE EXTRAORDINARY GENERAL MEETING
1. Shareholder registered in the shareholders’ register
A shareholder who is registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd, on the record date June 2, 2025, has the right to participate the EGM. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholder register of the Company.
The registration period for the EGM commences on May 19, 2025. A shareholder, who is registered in the shareholder register of the Company and who wants to participate in the EGM, must register no later than on June 9, 2025, 10:00 a.m., by which time the registration must be received.
Registration for the EGM can be made:
a) on Dovre Group Plc’s website at www.dovregroup.com
b) by email to marja.saukkonen@dovregroup.com
c) by telephone to Dovre Group Plc/Marja Saukkonen, tel. +358 50 385 4296
In connection with the registration, a shareholder shall notify his/her name, personal identification number or business ID, address, telephone number, and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to Dovre Group Plc is used only in connection with the EGM and with the processing of related necessary registrations.
2. Holders of nominee registered shares
A holder of nominee registered shares has the right to participate in the EGM by virtue of such shares, based on which he/she would be entitled to be registered in the shareholder register of the Company maintained by Euroclear Finland Ltd on the record date of the EGM on June 2, 2025. The right to participate requires, in addition, that the shareholder has, on the basis of such shares, been registered into the temporary shareholder register maintained by Euroclear Finland Oy at the latest by June 9, 2025, by 10:00 a.m. In regard to nominee registered shares this constitutes due registration for the EGM. Changes in shareholding after the record date of the EGM do not affect the right to participate in the EGM or the number of votes of the shareholder.
A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholder register of the Company, the issuing of proxy documents and registration for the EGM from his/her custodian bank. The account management organization of the custodian bank has to register a holder of nominee registered shares, who wants to participate in the EGM, into the temporary shareholder register of the Company at the latest by June 9, 2025, by 10:00 a.m.
3. Proxy representative and powers of attorney
A shareholder may participate in the EGM and exercise his/her rights at the meeting through a proxy representative. A proxy representative shall produce a duly dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the EGM. When a shareholder participates in the EGM by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the EGM.
Any proxy documents should be delivered in original to Dovre Group Plc/Marja Saukkonen, Ahventie 4 B, 02170 Espoo, Finland, or as a scanned copy by email to marja.saukkonen@dovregroup.com by the last date of registration. In addition to the delivery of the proxy documents the shareholder or the proxy representative shall register for the EGM as described in this notice.
4. Other information
Pursuant to Chapter 5, Section 25 of the Companies Act, a shareholder who is present at the EGM has the right to request information with respect to the matters to be considered at the meeting.
On the date of this notice, the total number of shares and votes in Dovre Group Plc is 105,956,494.
Espoo, May 19, 2025
Dovre Group Plc
Board of Directors
For further information please contact Vice Chairman of the Board of Directors Ilari Koskelo,
tel. +358 40 510 8408.
DISTRIBUTION
Nasdaq Helsinki
Major media
www.dovregroup.com
Attachments
Dovre Group Plc Managers’ Transactions May 12, 2025, at 9:30 pm
Dovre Group Plc: Managers' Transactions - Corporatum Oy
____________________________________________
Person subject to the notification requirement
Name: Corporatum Oy
Position: Closely associated person
(X) Legal person (1): Person Discharging Managerial Responsibilities in Issuer
Name: Aaron Michelin
Position: Member of the Board
Issuer: Dovre Group Plc
LEI: 7437000NA1I6Y1OQWL24
Notification type: INITIAL NOTIFICATION
Reference number: 108098/9/12
____________________________________________
Transaction date: 2025-05-07
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 1436 Unit price: 0.22 EUR
(2): Volume: 3589 Unit price: 0.22 EUR
(3): Volume: 8972 Unit price: 0.22 EUR
(4): Volume: 18547 Unit price: 0.22 EUR
(5): Volume: 1992 Unit price: 0.22 EUR
(6): Volume: 3215 Unit price: 0.218 EUR
(7): Volume: 465 Unit price: 0.219 EUR
(8): Volume: 1100 Unit price: 0.219 EUR
(9): Volume: 2119 Unit price: 0.219 EUR
(10): Volume: 5000 Unit price: 0.212 EUR
(11): Volume: 10 Unit price: 0.212 EUR
(12): Volume: 2755 Unit price: 0.218 EUR
(13): Volume: 621 Unit price: 0.218 EUR
(14): Volume: 1514 Unit price: 0.218 EUR
(15): Volume: 932 Unit price: 0.216 EUR
(16): Volume: 788 Unit price: 0.214 EUR
(17): Volume: 1542 Unit price: 0.214 EUR
Aggregated transactions (17):
Volume: 54597 Volume weighted average price: 0.21858 EUR
____________________________________________
Transaction date: 2025-05-07
Venue: AQEU
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 916 Unit price: 0.218 EUR
(2): Volume: 976 Unit price: 0.219 EUR
Aggregated transactions (2):
Volume: 1892 Volume weighted average price: 0.21852 EUR
____________________________________________
Transaction date: 2025-05-09
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 5227 Unit price: 0.22 EUR
(2): Volume: 1258 Unit price: 0.221 EUR
(3): Volume: 478 Unit price: 0.221 EUR
(4): Volume: 796 Unit price: 0.221 EUR
(5): Volume: 1447 Unit price: 0.221 EUR
(6): Volume: 306 Unit price: 0.219 EUR
(7): Volume: 893 Unit price: 0.219 EUR
(8): Volume: 2646 Unit price: 0.216 EUR
(9): Volume: 3568 Unit price: 0.219 EUR
(10): Volume: 1083 Unit price: 0.219 EUR
(11): Volume: 196 Unit price: 0.219 EUR
(12): Volume: 1612 Unit price: 0.219 EUR
(13): Volume: 1665 Unit price: 0.22 EUR
(14): Volume: 7000 Unit price: 0.22 EUR
(15): Volume: 18 Unit price: 0.22 EUR
(16): Volume: 7000 Unit price: 0.22 EUR
(17): Volume: 9373 Unit price: 0.221 EUR
(18): Volume: 10523 Unit price: 0.221 EUR
(19): Volume: 1281 Unit price: 0.221 EUR
(20): Volume: 9520 Unit price: 0.22 EUR
Aggregated transactions (20):
Volume: 65890 Volume weighted average price: 0.2201 EUR
____________________________________________
Transaction date: 2025-05-09
Venue: TQEX
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 826 Unit price: 0.221 EUR
Aggregated transactions (1):
Volume: 826 Volume weighted average price: 0.221 EUR
____________________________________________
Transaction date: 2025-05-09
Venue: CEUX
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 894 Unit price: 0.221 EUR
Aggregated transactions (1):
Volume: 894 Volume weighted average price: 0.221 EUR
____________________________________________
Transaction date: 2025-05-09
Venue: AQEU
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 901 Unit price: 0.221 EUR
Aggregated transactions (1):
Volume: 901 Volume weighted average price: 0.221 EUR
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Stock Exchange Release April 29, 2025, at 5:45 pm
DECISIONS OF THE ANNUAL GENERAL MEETING OF DOVRE GROUP PLC
Dovre Group Plc’s Annual General Meeting held today on April 29, 2025, adopted the financial statements and consolidated financial statements for 2024 and discharged the members of the Board of Directors and the CEO from liability for the financial year ending on December 31, 2024.
The Annual General Meeting also decided on the composition and remuneration of the Board of Directors, the election of the auditor, the authorization of the Board of Directors to decide on the repurchase of the Company’s own shares and on the issuance of shares as well as the issuance of other special rights entitling to shares.
Payment of dividend
The Annual General Meeting decided, in accordance with the Board’s proposal, that no dividend is paid.
Remuneration report for 2024
In accordance with the Board’s proposal, the Annual General Meeting resolved to approve the remuneration report for the financial year of 2024.
Composition and remuneration of the Board of Directors
The Annual General Meeting decided that the number of Board members be set at three (3). Svein Stavelin and Ilari Koskelo were re-elected as members of the Board and Aaron Michelin was elected as a new member of the Board.
The Annual General Meeting resolved that the chairman of the Board is paid EUR 35,000, the vice chairman of the Board EUR 30,000, and each other member of the Board EUR 25,000 per year. The annual compensation is to be paid in cash. In addition, reasonable travel expenses are also compensated.
Auditor
The Annual General Meeting elected the Authorized Public Accountant entity BDO Oy as the Company's auditor. BDO Oy has informed that Authorized Public Accountant and Authorized Sustainability Auditor Henrik Juth will be the principal auditor. The auditor’s fee shall be paid according to the approved invoice of the auditor.
Sustainability reporting assurer
The Annual General Meeting elected the sustainability audit firm BDO Oy as the Company’s sustainability reporting assurer. BDO Oy has informed that Authorized Public Accountant and Authorized Sustainability Auditor Henrik Juth will be the principal sustainability reporting assurer. The sustainability reporting assurer’s fee shall be paid according to the approved invoice.
Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares
The Annual General Meeting authorized the Board of Directors to decide on the repurchase of the Company’s own shares on the following conditions: the Board is entitled to decide on repurchase of a maximum of 10 100 000 of the Company's own shares, which shall be repurchased in deviation from the proportion to the holdings of the shareholders using the non-restricted equity and acquired through trading at the regulated market organized by Nasdaq Helsinki Ltd at the share price prevailing at the time of acquisition. This number of shares corresponds to approximately a maximum of 9.5% of the total number of shares in the Company. The shares may be repurchased in order to be used as consideration in possible acquisitions or other arrangements related to the Company’s business, to finance investments or as part of the Company’s incentive program or to be held, otherwise conveyed or cancelled by the Company. The Board of Directors shall decide on other matters related to the repurchase of the Company’s own shares. This repurchase authorization is valid until June 30, 2026, and revokes earlier repurchase authorizations.
Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other special rights entitling to shares
The Annual General Meeting authorized the Board of Directors to decide on the issuance of new shares and/or the conveyance of own shares held by the Company and/or the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act on the following conditions:
By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights, i.e. waiving the pre-emptive subscription rights of the shareholders, under the requirements of the law. By virtue of the authorization, a maximum of 10 100 000 shares may be issued, corresponding to approximately a maximum of 9.5% of the Company’s existing shares.
The Board may use the authorization in one or more instalments. The Board may use the authorization to finance or conclude acquisitions or other arrangements, to strengthen the Company’s capital structure, to incentive programs or other purposes decided by the Board. The new shares may be issued or the Company’s own shares conveyed either against payment or free of charge. The new shares may also be issued as an issue without payment to the Company itself. The Board was authorized to decide on other terms of the issuance 5.of shares and special rights. By virtue of the authorization, the Board of Directors may decide on the realization of the Company’s own shares possibly held by the Company as pledge.
The authorization is valid until June 30, 2026. The authorization revokes earlier authorizations to issue shares and grant option rights and other special rights entitling to shares.
The minutes of the Annual General Meeting will be available on the Company’s website at www.dovregroup.com within 14 days as of the date of the Annual General Meeting.
Convening after the Annual General Meeting, the Board of Directors of Dovre Group Plc elected Svein Stavelin Chairman of the Board and Ilari Koskelo Vice Chairman of the Board.
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
DISTRIBUTION:
Nasdaq Helsinki
Main media
www.dovregroup.com
Attachment
Dovre Group Plc Stock exchange release April 29, 2025, at 8:45 a.m.
DOVRE GROUP TRADING STATEMENT JANUARY 1 – MARCH 31, 2025
Operating result lower than expected due to margin reduction in a solar park project
Dovre Group Plc issues today a trading statement for the three months ended on March 31, 2025. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.
Significant structural change in Dovre Group
On 20 November 2024, Dovre Group Plc signed an agreement to sell its entire Project Personnel (PP) business and its Norwegian Consulting business to the Swedish company NYAB AB. The transaction required the approval of the Annual General Meeting, and an Extraordinary General Meeting was held on 16 December 2024. The EGM approved the transaction, which was completed on 2 January 2025.
The preliminary purchase price announced at the time of the transaction on 2 January 2025 was EUR 35.3 million. The final purchase price was EUR 36.4 million. As a result, a profit of EUR 7.0 million has been recorded during the review period from discontinued operations (net of transaction related costs).
The company classified the businesses subject to the transaction as assets held for sale from the signing date 20 November 2024, and in the 2024 financial statements, the provisions of IFRS 5 for discontinued operations were applied to them. The income statement for the financial year 2023 had been adjusted to be comparable, while the balance sheet and related key figures for the financial year 2023 had not been adjusted. Now, after the completion of the transaction, we follow the same practice in our reporting regarding comparative information as in the financial statements 2024. Accordingly, the comparative figures for the 2024 profitability have been adjusted so that they reflect the performance of continued operations.
January – March 2025
- Net sales EUR 14.0 (14.0) million – increase 0.3%
- Renewable Energy: net sales EUR 13.6 (13.5) million – increase 0.7%
- Consulting: net sales EUR 0.4 (0.5) million – decrease 11.9%
- EBITDA EUR -2.9 (-5.7) million
- Operating result EUR -3.2 (-5.8.) million
- Result before tax EUR -3.5 (-6.0) million
- Result for the shareholders of the parent company
- Continued operations EUR -2.0 (-3.4) million
- Discontinued operations EUR 7.0 (0.9) million
- Total 4.9 EUR (-2.4) million
- Earnings per share
- Continued operations EUR -0,019 (-0.032)
- Discontinued operations EUR 0.066 (0.009)
- Total EUR 0.046 (-0.023)
- Net cash flow from operating activities EUR -10.2 (-1.9) million
Outlook for 2025
Dovre Group’s net sales in 2025 are expected to slightly decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve significantly.
The lowered expectation for net sales is due to increased focus on improving profitability. Renewable Energy segment will put extensive focus on project selection and enabling their successful delivery.
SANNA OUTA-OLLILA, ACTING CEO:
The reporting period was kicked off with the completion of the sale of Project Personnel and Norwegian Consulting businesses to NYAB AB. After the transaction, the continued Dovre business focuses on renewable energy and is almost entirely classified as environmentally sustainable activity. Similarly, most of the business is now project based, which increases the seasonality in comparison to the previous composition of the group’s business. This seasonality means that most projects complete during the fourth quarter and new projects kick off during the spring, leading to the first quarter annually to present modest revenue recognition and a somewhat negative operating profit.
In Q1 2025, Dovre Group posted total net sales of EUR 14.0 million, which is equal compared to the same period in 2024. The operating profit of the reporting period was negative and lower than expected, particularly due to a Finnish solar park project’s reduced margin. The project is still estimated to bring a positive margin.
In Renewable Energy, Dovre Group’s subsidiary Suvic started a significant, 100 MWp solar park project in Finland, and a wind farm project in Sweden. The company’s first battery energy storage system project was also kicked off in Uusikaupunki, Finland. In February, the company signed a conditional agreement on a large wind farm project in Finnish Rajamäenkylä, which was later confirmed with a Notice to Proceed agreement.
After Suvic’s heavily negative result in 2024, the company has initiated various actions to strengthen the management abilities of the subsidiary. As mentioned in the stock exchange release on March 12, 2025, we have started the recruitment of a CEO as well as a CFO. We have also initiated a focused audit of the two loss-making Swedish wind farm projects.
The significant losses booked in 2024 in two Swedish projects led to a capitalization requirement for Suvic’s Swedish subsidiary. To ensure the undisturbed operation of Suvic AB, Suvic Oy made a capital contribution to its subsidiary, partly financed by a EUR 6.75 million convertible loan issued to Suvic Oy by Dovre Group Plc.
As is customary in project business, also Suvic’s operations involve the issuing of guarantees to cover contractual responsibilities during the project as well as during the guarantee period. Suvic’s clients often expect Dovre Group to provide parent company guarantees or collaterals, which are discussed further below in this statement.
The net sales for our Consulting business area were 11.9% lower than during the comparison period. Sales have been negatively impacted by the termination of some of Proha’s customer agreements as well as a slower market for the eSite services.
NET SALES
In Q1, Dovre Group’s net sales were at the same level as the previous year and amounted to EUR 14.0 (14.0) million. Renewable Energy accounted for 97% (96) and Consulting for 3% (4) of the Group’s net sales.
Renewable Energy’s net sales increased by 0.7% to EUR 13.6 (13.5) million. Net sales for Consulting decreased by 11.9 % to EUR 0.4 (0.5) million.
| Net sales by reporting segment | 1-3 | 1-3 | Change | 1-12 |
| EUR million | 2025 | 2024 | % | 2024 |
| Renewable Energy | 13.6 | 13.5 | 0.7 | 97.4 |
| Consulting | 0.4 | 0.5 | -11.9 | 1.9 |
| Group total | 14.0 | 14.0 | 0.3 | 99.3 |
PROFITABILITY
Dovre Group’s profitability for the period was negative. The Group’s EBITDA was EUR -2.9 (-5.7) million and the Group’s operating profit was EUR -3.2 (-5.8) EUR million.
Renewable Energy’s operating profit was EUR -2.8 (-5.7) million and Consulting’s operating profit was EUR 0.0 (0.1) million. A negative operating profit for the first quarter was expected, however the combination of the reduced margin in a Finnish solar park project, and the delayed start of another project led to a weaker than expected result. The afore mentioned solar park project is still forecasted to be completed with a positive margin in the autumn of 2025.
The operating loss of the Group’s Other functions was EUR 0.4 (0.2) million. The unit's result has weakened compared to last year due to costs caused by CSRD reporting, temporary additional costs from the group structure change process and the fact that the significant reduction in operations has reduced the allocation of administrative costs to the business units. Now that the group's restructuring has been completed, administrative functions will be streamlined.
The result before taxes was EUR -3.5 (-6.0) million.
As a non-recurring item, the sale of the Project Personnel and Norwegian Consulting businesses has a significant impact on the Group's financial position and results for the review period. The preliminary purchase price announced at the time of the transaction on 2 January 2025 was EUR 35.3 million. The final purchase price was EUR 36.4 million. As a result, a profit of EUR 7.0 million has been recorded during the review period from discontinued operations (net of transaction related costs).
The result for the period attributable to the parent company's shareholders was EUR 4.9 (-2.4) million, of which discontinued operations accounted for EUR 7.0 (0.9) million. The share of the result attributable to non-controlling interests (49% of Suvic Oy's non-controlling interests) was EUR -1.5 (-2.7) million.
| EBITDA | 1-3 | 1-3 | Change | 1-12 | |
| EUR million | 2025 | 2024 | % | 2024 | |
| Renewable Energy | -2.5 | -5.6 | 54.9 | -20.4 | |
| Consulting | 0.0 | 0.1 | -40.3 | 0.3 | |
| Other functions | -0.4 | -0.2 | -168.3 | -1.0 | |
| Group total | -2.9 | -5.7 | 48.8 | -21.1 | |
| | | | | | |
| Operating result (EBIT) | 1-3 | 1-3 | Change | 1-12 | |
| EUR million | 2025 | 2024 | % | 2024 | |
| Renewable Energy | -2.8 | -5.7 | 51.6 | -21.1 | |
| Consulting | 0.0 | 0.1 | -40.3 | 0.3 | |
| Other functions | -0.4 | -0.2 | -168.3 | -1.0 | |
| Group total | -3.2 | -5.8 | 45.7 | -21.8 | |
PERSONNEL
Dovre Group employed an average of 242 people (78) during the review period.
On March 31, 2025, Dovre Group employed 274 (86) people, 258 (68) of whom were employed by Renewable Energy, 13 (15) by Consulting and 3 (3) by Other Functions.
| Average number of personnel | 1-3 | 1-3 | Change | 1-12 |
| Number of persons | 2025 | 2024 | % | 2024 |
| Renewable Energy | 226 | 60 | 276.7 | 134 |
| Consulting | 13 | 15 | -13.3 | 15 |
| Other functions | 3 | 3 | 0.0 | 3 |
| Group total | 242 | 78 | 210.3 | 152 |
| Personnel at period-end | 31 Mar | 31 Mar | Change | 31 Dec |
| Number of persons | 2025 | 2024 | % | 2024 |
| Renewable Energy | 258 | 68 | 279.4 | 205 |
| Consulting | 13 | 15 | -13.3 | 13 |
| Other functions | 3 | 3 | 0.0 | 3 |
| Group total | 274 | 86 | 218.6 | 221 |
CASH POSITION
On March 31, 2025, the Group’s net debt was EUR -9.5 (3.8 including also discontinued operations) million. The Group’s cash and cash equivalents totalled EUR 15.5 (11.3 including also discontinued operations) million. The Group’s interest-bearing liabilities were EUR 6.0 (15.1 including also discontinued operations) million, a total of EUR 4.4 (8.1 including also discontinued operations) million of which were current and EUR 1.6 (7.0 including also discontinued operations) million non-current.
Due to the Suvic subgroup losses, the parent company has during the review period issued convertible loans amounting to EUR 8.6 million to its subsidiary Suvic Oy (of which EUR 1.8 million as capital loans). In addition, the parent company has previous capital loan receivables from Suvic Oy of EUR 2.0 million.
In Q1, net cash flow from operating activities was EUR -10.2 (-1.9 including also discontinued operations) million, which includes EUR -7.0 (-2.9 including also discontinued operations) million cash flow effect deriving from an increase in working capital.
IMPACT OF PROJECT BUSINESS ON DOVRE'S OPERATIONS
Due to the significant sale of businesses, Dovre Group's business operations have been significantly reduced, and the Group's operations will focus strongly on the construction of wind and solar power parks. The projects will be implemented by the Suvic subgroup, of which the parent company owns 51%. Focusing on project-based construction business increases the cyclicality of the Group's operations and balance sheet position.
The strong project nature of the business operations has a significant impact on the Group's risk and liability position. Construction projects always require various collateral arrangements. Customers have been given financial institution guarantees as security during the construction and warranty periods, the total amount of which was approximately EUR 28.8 million at the end of the reporting period. After the reporting period, the parent company has additionally pledged account funds in the amount of EUR 5.4 million as collateral for bank guarantees.
In addition to specifically issued guarantees, Dovre Group Plc has given Suvic’s clients mother company guarantees as security for the completion of contractual commitments.
OTHER EVENTS DURING THE REVIEW PERIOD
Dovre's subsidiary Suvic Oy has signed a conditional EPC contract for the construction of a 100 MWp solar park in Finland
On January 8, 2025, Suvic announced that it had signed a conditional contract for the construction of a 100 MWp solar park in Finland. The contract is conditional on a Notice to Proceed (NTP), which was expected in late February 2025. The value of the contract is approximately EUR 55 million.
Dovre Group acquires the entire share capital of Renetec Oy
On January 22, 2025, it was announced that Dovre Group had acquired the shares of Renetec Oy held by minority shareholders, which entitled them to approximately 42.8% of the company's ownership. In accordance with the parties' mutual agreement, the purchase price is not public.
Dovre’s subsidiary Suvic Oy has received a Notice to Proceed and will begin construction of a 100 megawatt peak solar park in Eurajoki
On February 26, 2025, Suvic announced that it had received a Notice to Proceed, which resulted in the above-mentioned conditional order for a 100 MW solar park being realized as a contract.
Dovre’s subsidiary Suvic Oy has signed a contract to build a major wind farm in Finland
On February 28, 2025, Suvic announced a conditional contract worth EUR 54 million for a wind farm in Finland. The Notice to Proceed announcement was expected in March-April.
Suvic Oy has signed a contract to build a battery-based energy storage system in Uusikaupunki
On March 11, 2025, Suvic announced that it had signed a contract to build a battery-based energy storage system. The client for the contract is Renewable Power Capital Ltd. (RPC), headquartered in London. The capacity of the energy storage system (BESS, Battery Energy Storage System) to be built is approximately 50 MW / 100 MWh. The battery storage will be built next to Fingrid's substation.
Two profit warnings
Dovre Group issued two profit warnings after the turn of the year regarding the results of the reporting period. On 3 February 2025, the company updated its profit forecast upwards, as higher-than-expected net sales and profit were recorded from the Renewable Energy segment projects in Finland. In turn, a significant increase in losses from ongoing projects in Sweden led to a negative profit warning on 12 March 2025.
Changes in Suvic’s management team
On 12 March 2025, following the large losses and profit warning reported from two Swedish projects, it was decided to make changes to Suvic Oy's management team. The company immediately launched a search for a new CEO and CFO. Current CEO Ville Vesanen will continue in his position until his successor takes over. Vesanen will then move to the position of Chief Operating Officer (COO). The company's CFO Ville Kemppinen has also committed to continuing in his position until the transfer to his successor has been completed.
Dovre Group's CFO resigns
On March 31, 2025, we announced that Dovre Group Plc's CFO Hans Sten had submitted his resignation to the company. Sten will leave his position at the end of June 2025.
In Espoo, April 29, 2025
DOVRE GROUP PLC
BOARD OF DIRECTORS
For additional information, please contact:
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Hans Sten, CFO
tel. +358 20 436 2000
hans.sten@dovregroup.com
Distribution
Nasdaq Helsinki Ltd
Main media
www.dovregroup.com
Attachment
Dovre Group Plc Inside information April 29, 2025, at 8:44 a.m.
DOVRE GROUP: FINAL PURCHASE PRICE OF THE SOLD BUSINESSES
Dovre Group Plc announces the final purchase price received from selling the Project Personnel and Norwegian Consulting businesses
On 20 November 2024, Dovre Group Plc signed an agreement to sell its entire Project Personnel (PP) business and its Norwegian Consulting business to the Swedish company NYAB AB. The transaction required the approval of the Annual General Meeting, and an Extraordinary General Meeting was held on 16 December 2024. The EGM approved the transaction, which was completed on 2 January 2025.
The preliminary purchase price announced at the time of the transaction on 2 January 2025 was EUR 35.3 million. The final purchase price was EUR 36.4 million. As a result, a profit of EUR 7.0 million from discontinued operations has been recorded during the first quarter of 2025. Transaction related costs have been deducted from this net amount.
For additional information, please contact:
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Hans Sten, CFO
tel. +358 20 436 2000
hans.sten@dovregroup.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
Distribution
Nasdaq Helsinki Ltd
Main media
www.dovregroup.com
Dovre Group Plc Stock Exchange Release April 7, 2025 at 11:30 am
NOTICE TO THE ANNUAL GENERAL MEETING OF DOVRE GROUP PLC
Notice is given to the shareholders of Dovre Group Plc (‘Company’) to the Annual General Meeting (‘AGM’) to be held on Tuesday, April 29, 2025 at 2.30 p.m. at Helsingin Suomalainen Klubi (The Helsinki Finnish Club), Kansakoulukuja 3, 00100 Helsinki. The reception of the persons who have registered for the meeting and the distribution of voting tickets will commence at 2.00 p.m. at the meeting venue.
A. MATTERS ON THE AGENDA OF THE ANNUAL GENERAL MEETING
At the AGM, the following matters will be considered:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinize the minutes and to verify the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the voting list
6. Presentation of the annual accounts 2024, the report of the Board of Directors and the auditor's report
- Review by the Acting CEO of Dovre Group Plc
- Presentation of the EPC business model by Ilari Koskelo
7. Adoption of the annual accounts
8. Resolution on the use of the profit shown on the balance sheet and resolution on the distribution of dividend
The parent company’s distributable funds as on December 31, 2024 amounted to EUR 16 951 447.40. Board of Directors proposes to the AGM that no dividend is paid. The Board is nevertheless considering convening an Extraordinary General Meeting in autumn 2025 to resolve on dividend distribution, once the Company's situation has become more clear.
Shareholders representing over fourteen (14) percent of the Company’s shares have proposed to the Annual General meeting to resolve to pay a dividend of EUR 0.06 per share.
9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability
10. Adoption of the remuneration report for governing bodies
The Board of Directors proposes to the AGM that the AGM adopts the remuneration report for the financial year 2024.
11. Resolution on the remuneration of the members of the Board of Directors
Board of Directors proposes to the AGM that the annual remuneration payable to the Board members shall be as follows: The Chairman of the Board is paid EUR 35,000 (previously 40,000), the Vice Chairman of the Board EUR 30,000 (previously 33,000), and each other member of the Board EUR 25,000.
In addition, it is proposed that reasonable travel expenses incurred by the Board members be compensated according to the actual costs.
The remuneration of the members of the Board of Directors shall be paid in cash.
12. Resolution on the number of members of the Board of Directors
The shareholders representing over 25% of the total shares in the Company have indicated to propose to the AGM that the number of Board members be three (3).
13. Election of the members of the Board of Directors
The shareholders representing over 25% of the total shares in the Company have indicated to propose to the AGM that current members of the Board, Ilari Koskelo, Antti Manninen and Sanna Outa-Ollila be re-elected as members of the Board. Following the sale of Dovre Group's international operations, Svein Stavelin has announced that he is no longer available for re-election.
14. Resolution on the remuneration of the auditor
The Board of Directors proposes to the AGM that the auditor’s fee shall be paid according to the approved reasonable invoice from the auditor.
15. Election of the auditor
The Board of Directors proposes to the AGM that one (1) auditor be elected for the Company. The Board of Directors proposes that Authorized Public Accountant firm BDO Oy be elected as the Company’s auditor. BDO Oy has informed that Authorized Public Accountant and Authorized Sustainability Auditor Henrik Juth would act as the principally responsible auditor.
16. Resolution on the remuneration of the sustainability reporting assurer
The Board of Directors proposes to the General Meeting that the sustainability reporting assurer to be elected is reimbursed as per their invoice approved by the company.
17. Election of the sustainability reporting assurer
The Board of Directors proposes to the General Meeting that the sustainability audit firm BDO Oy be elected as the company's sustainability reporting assurer for the term ending at the conclusion of the following annual general meeting. BDO Oy has informed that Authorized Public Accountant and Authorized Sustainability Auditor Henrik Juth would act as the principally responsible sustainability reporting assurer.
18. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares
The Board of Directors proposes to the AGM that the Board of Directors be authorized to decide on the repurchase of the Company’s own shares on the following conditions:
a) By virtue of the authorization, the Board is entitled to decide on repurchase of a maximum of 10,100,000 of the Company’s own shares, corresponding to a maximum of approximately 9.5% of all shares in the Company.
b) The Company’s own shares may be repurchased in deviation from the proportion to the holdings of the shareholders using the non-restricted equity and acquired on regulated market through trading on Nasdaq Helsinki Ltd at the share price prevailing at the time of acquisition. Shares will be acquired and paid for in accordance with the rules of Nasdaq Helsinki Ltd and Euroclear Finland Ltd.
c) The shares may be repurchased in order to be used as consideration in possible acquisitions or other arrangements related to the Company’s business, to finance investments or as part of the Company’s incentive program or the be held, otherwise conveyed or cancelled by the Company.
The Board of Directors shall decide on other matters related to repurchase of the Company’s own shares.
The repurchase authorization is valid until June 30, 2026. The authorization revokes previous authorizations to acquire the Company’s own shares.
19. Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other special rights entitling to shares
The Board of Directors proposes to the AGM that the Board of Directors be authorized to decide on
(i) the issuance of new shares and/or
(ii) the conveyance of the Company’s own shares and/or
(iii) the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, on the following conditions:
By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights, i.e. in deviation of the pre-emptive subscription rights of the shareholders, under the requirements of the law. By virtue of the authorization, a maximum of 10,100,000 shares may be issued, corresponding to a maximum of 9.5% of the Company’s existing shares.
The Board may use the authorization in one or more instalments. The Board may use the authorization to finance or conclude acquisitions or other arrangements, to strengthen the Company’s capital structure, for incentive programs or for other purposes decided by the Board. The new shares may be issued or the Company’s own shares conveyed either against payment or free of charge. The new shares may also be issued as an issue without payment to the Company itself. The Board is authorized to decide on other terms of the issuance of shares and special rights. By virtue of the authorization, the Board of Directors may decide on the realization of the Company’s own shares possibly held by the Company as pledge.
The authorization is valid until June 30, 2026. The authorization revokes earlier authorizations to issue shares and grant option rights and other special rights entitling to shares.
20. Closing of the meeting
B. DOCUMENTS OF THE ANNUAL GENERAL MEETING
The above mentioned proposals of the Board of Directors relating to the agenda of the AGM as well as this notice are available on the Company’s website www.dovregroup.com. The Company’s annual report, which includes the Company’s financial statements, the report of the Board of Directors, the auditor’s report and the Corporate Government Statement, as well as the remuneration report, have been published in electronic form on the Company’s website during April 3, 2025. The proposals of the Board of Directors and the financial statements are also available at the AGM. Copies of these documents and of this notice will be sent to shareholders upon request.
C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE ANNUAL GENERAL MEETING
1. Shareholder registered in the shareholders’ register
A shareholder who is registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd, on the record date April 15, 2025, has the right to participate in the AGM. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholder register of the Company.
The registration period for the AGM commences on April 7, 2025. A shareholder, who is registered in the shareholder register of the Company and who wants to participate in the AGM, must register no later than on April 24, 2025 10:00 a.m., by which time the registration must be received.
Registration for the AGM can be made:
a) on Dovre Group Plc’s website at https://www.dovregroup.com/investors/releases-and-events/
b) by email to mette.aalto@dovregroup.com
c) by telephone to Dovre Group Plc/Mette Aalto, tel. +358 40 668 6756
In connection with the registration, a shareholder shall notify his/her name, personal identification number or business ID, address, telephone number, and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to Dovre Group Plc is used only in connection with the AGM and with the processing of related necessary registrations.
2. Holders of nominee registered shares
A holder of nominee registered shares has the right to participate in the AGM by virtue of such shares, based on which he/she would be entitled to be registered in the shareholder register of the Company maintained by Euroclear Finland Ltd on the record date of the AGM on April 15, 2025. The right to participate requires, in addition, that the shareholder has, on the basis of such shares, been registered into the temporary shareholder register maintained by Euroclear Finland Ltd. at the latest by April 24, 2025 by 10:00 a.m. In regards to nominee registered shares this constitutes due registration for the AGM. Changes in shareholding after the record date of the AGM do not affect the right to participate in the AGM or the number of votes of the shareholder.
A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholder register of the Company, the issuing of proxy documents and registration for the AGM from his/her custodian bank. The account management organization of the custodian bank has to register a holder of nominee registered shares, who wants to participate in the AGM, into the temporary shareholder register of the Company at the latest by April 24, 2025 by 10:00 a.m.
3. Proxy representative and powers of attorney
A shareholder may participate in the AGM and exercise his/her rights at the meeting through aproxy representative. A proxy representative shall produce a duly dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the AGM. When a shareholder participates in the AGM by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the AGM.
Any proxy documents should be delivered in original to Dovre Group Plc/Mette Aalto, Ahventie 4 B, 02170 Espoo, Finland, or as a scanned copy by email to mette.aalto@dovregroup.com by the last date of registration. In addition to the delivery of the proxy documents the shareholder or the proxy representative shall register for the AGM as described in this notice.
4. Other information
Pursuant to Chapter 5, Section 25 of the Companies Act, a shareholder who is present at the AGM has the right to request information with respect to the matters to be considered at the meeting
On the date of this notice to the AGM, the total number of shares and votes in Dovre Group Plc is 105,956,494.
Espoo, April 7, 2025
DOVRE GROUP PLC
Board of Directors
For further information please contact Mrs Sanna Outa-Ollila, Acting CEO, tel. +358 20 436 2000 or Mr Hans Sten, CFO, tel. +358 20 436 2000.
DISTRIBUTION
Nasdaq Helsinki
Main media
www.dovregroup.com
Attachment
Dovre Group Plc Stock Exchange Release April 3, 2025, at 1:30 pm
DOVRE GROUP’S 2024 ANNUAL REPORT PUBLISHED
Dovre Group has published its Annual Report 2024 at www.dovregroup.com -> Investors today.
The Annual Report includes a review by the CEO, the Board of Directors’ report, non-financial reporting, consolidated financial statements, parent company financial statements, auditor’s report and a corporate governance statement. The Annual Report also includes the Sustainability Statement, which has been compiled according to the Corporate Sustainability Reporting Directive (CSRD), as part of the Board of Directors' report.
Dovre Group publishes the financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements in xHTML format. In line with the ESEF requirements, the primary financial statements have been labelled with XBRL tags and the notes to the consolidated financial statements have been labelled with XBRL block tags. The audit firm BDO Oy has provided an independent auditor’s reasonable assurance report on Dovre Group’s ESEF consolidated financial statements in accordance with ISAE 3000.
Dovre Group has also published the corporate governance statement and the remuneration report for 2024 today.
The Annual Report in PDF file, a corporate governance statement and a remuneration report for 2024 and the financial Statements xHTML file are attached to this release and available on www.dovregroup.com -> Investors.
For further information, please contact:
Dovre Group Plc
Hans Sten, CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Attachments
- Annual Report_2024_Dovre Group
- Dovre Group 2024 Corporate Governance Statement
- Dovre Group 2024 Remuneration Report
- 7437000NA1I6Y1OQWL24-2024-12-31-0-en
Dovre Group Plc Inside information April 1, 2025, at 9:05 am
Dovre’s subsidiary Suvic Oy receives Notice to Proceed and begins construction of a 54-turbine wind farm in Rajamäenkylä
Suvic has received permission to commence work and will initiate the actual construction activities in accordance with the previously announced agreement on February 28, 2025, at 13:30, for the 1.1 TWh wind farm in Rajamäenkylä. The February 28 announcement was released as inside information. The project is commissioned by Rajamäenkylä Wind Oy, owned by OX2, one of the largest onshore wind power developers in the Nordic region.
The Rajamäenkylä wind farm is located in the municipalities of Isojoki and Karijoki in Southern Ostrobothnia, Finland, making it one of the largest wind power projects in the country. The farm consists of 42 turbines in Isojoki and 12 in Karijoki, with each turbine having a capacity of 6.8 MW and a tower height of 162 meters.
The contract covers the execution of the Balance of Plant (BoP) contract, including design, forestry clearing, road construction, turbine foundations, crane pads, and internal grid construction. Suvic’s work is expected to be mostly completed by the end of 2026, and the Rajamäenkylä wind farm is expected to go into operation in 2027.
"It’s truly great that we can finally begin the construction phase of the Rajamäenkylä wind power project. The investment decision now made shows that Finland offers excellent conditions for the strong expansion of renewable energy production. We especially value Suvic’s expertise in foundation design and the use of a local subcontractor for the earthworks in Rajamäenkylä. This wind farm marks our fifth joint project with Suvic," says Veli-Pekka Alkula, Country Manager of OX2 Finland.
Ville Vesanen, CEO of Suvic, adds: “We are pleased that OX2 has chosen us as a partner for this significant project. This project marks an important step toward increasing renewable energy in Finland, and we are proud to be part of its realization. It is also great to see that, after a brief slowdown, wind power construction in Finland is regaining momentum.”
For further information, please contact:
Suvic Oy
Ville Vesanen, CEO
Tel. +358 44 328 9928
vve@suvic.fi
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
OX2
Ulla Rask, Communications Director
Tel. +358 40 5454 572
ulla.rask@ox2.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99,3 MEUR and it employs around 200 people. Website: www.dovregroup.com
Suvic founded in Oulu in 2017, operates in the Nordic countries with a focus on renewable energy construction. The company introduces new and innovative practices in design, construction, and project management. Its current projects include Renewable Power Capital Ltd.’s Storhöjden and Vitberget wind farms (Kramfors, Sweden), Vinliden Vindkraft AB’s Vinliden North and South wind farms (Lycksele, Sweden), EPV Aurinkovoima Oy’s Heinineva solar park (Lapua), Alight's Eurajoki solar park (Luvia), Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo, as well as Renewable Power Capital Ltd.’s BESS project in Uusikaupunki. Website: www.suvic.fi
OX2 develops, constructs, sells, owns and operates renewable energy solutions at scale. OX2 also offer management of wind- and solar farms after completion. OX2’s project development portfolio consists of in-house developed as well as acquired projects in onshore and offshore wind, solar, and energy storage, in various phases of development. The company is also active in developing projects based on other renewable energy technologies, such as hydrogen. OX2 is operating on eleven markets in Europe: Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, Greece, and Åland. Since 2023 OX2 is also operating in Australia. The company has about 500 employees and is headquartered in Stockholm, Sweden. OX2 is owned by EQT, one of the world’s largest private equity investors. Website: www.ox2.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Changes board/management/auditors March 31, 2025, at 2:30 pm
Dovre Group: CFO resigns
Dovre Group’s CFO Hans Sten has submitted his resignation to the company and will leave his position at the end of June 2025. His resignation is based on personal reasons.
”Hans has been a key asset to the Dovre Group executive team throughout his employment”, says Sanna Outa-OIlila, Acting CEO of Dovre Group. “During his tenure and under his guidance, the company has carried out extensive change negotiations, completed a significant transaction and worked through financial business challenges. Hans has also been responsible for the completion of the group’s first comprehensive sustainability statement. We regret Hans’s decision to leave the company but understand and support his position. On behalf of the company, I would like to warmly thank him for his contribution and wish him all the best in the future.”
In preparation of Mr. Sten’s departure, Dovre Group will carefully evaluate the structure and requirements of the company’s financial management, considering the recent changes in the group structure. The company will not start the search for a new full-time CFO for the time being.
For further information, please contact:
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Ilari Koskelo, Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. The net sales for the Group in 2024 were 99.3 MEUR and it employs around 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Managers’ Transactions March 19, 2025, at 3:45 pm
Dovre Group Plc: Managers' Transactions – Koskelo Ilari
____________________________________________
Person subject to the notification requirement
Name: Ilari Koskelo
Position: Member of the Board/Deputy member
Issuer: Dovre Group Plc
LEI: 7437000NA1I6Y1OQWL24
Notification type: INITIAL NOTIFICATION
Reference number: 100940/4/4
____________________________________________
Transaction date: 2025-03-18
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 9609 Unit price: 0.22 EUR
Aggregated transactions (1):
Volume: 9609 Volume weighted average price: 0.22 EUR
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Inside information March 19, 2025, at 2:05 pm
DOVRE GROUP PLC’S SHAREHOLDERS' PROPOSAL FOR THE ANNUAL GENERAL MEETING TO BE HELD ON APRIL 29, 2025
Dovre Group Plc has received a proposal from shareholders representing over fourteen (14) percent of the company's shares that the Annual General Meeting on April 29, 2025, resolve to pay a dividend of 0,06 euros per share.
Accordingly, two different dividend proposals for dividend payout will be presented in the notice of the Annual General Meeting and at the general meeting itself. The first is the proposal published by the company's Board of Directors on March 17, 2025, not to distribute a dividend. The second proposal is the 0,06 euros dividend presented above. The Annual General Meeting will vote between these two proposals.
For further information, please contact:
Dovre Group Plc
Ilari Koskelo
Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
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Company Facts
Guidance
Dovre Group’s net sales in 2025 are expected to slightly decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to improve significantly, while still remaining negative.
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