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Dovre’s losses continued over Q3, as was known thanks to the yet another negative profit warning. Dovre could still restructure profitably, but low multiples are justified now.
Dovre issued another negative profit warning earlier this month and then disclosed Q3 EBIT to be about EUR -10m. The exact figure turned out to be EUR -8.7m, while Dovre still had a net cash position of EUR 17.5m at the end of the reporting period.
Dovre’s Q2 saw even more losses, although financial position still appears decent so long as recent problems will be fixed.
Dovre’s Q2 results were known beforehand since the company released preliminary information about them. H1’25 results were completely ruined by wind and solar project challenges in Sweden and Finland, while Dovre has started a program to develop the competitiveness, operative efficiency and management processes of Suvic.
Dovre’s project challenges have been extended, but Sweden and Finland should offer more opportunities for profitable growth as additional renewable energy capacity is needed.
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.
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Dovre Group Plc | Stock Exchange Release | January 28, 2026, at 3:05 PM
Today, January 28, 2026, the District Court of Länsi-Uusimaa has decided to initiate basic restructuring proceedings for Dovre Group Plc.
The District Court has appointed Attorney-at-Law Robert Peldán as the administrator.
Dovre Group Plc | Stock Exchange Release | January 28, 2026, at 10:05 AM
Sanna Outa-Ollila transitions to the position of Business Director at Renetec Oy, a wholly owned subsidiary of Dovre Group Plc (Dovre). At the same time, she steps down from Dovre’s Executive Management Team, where she has held the position of Director, Operations since 22 November 2025.
As of 28 January 2026, Dovre’s Executive Management Team consists of CEO Markku Taskinen and CFO Timo Saarinen.
Dovre Group Plc | Stock Exchange Release | January 27, 2026, at 12:31 PM
By its decision, dated 26 January 2026, the District Court of Länsi-Uusimaa has at the request of the Company, issued interim restrictions on payments, provision of security, debt collection, forced enforcement of debts and other enforcement measures concerning Dovre Group Plc.
The order shall remain in force until a decision on the commencement of corporate restructuring proceedings is issued or until otherwise ordered.
Dovre Group Plc | Stock Exchange Release | January 23, 2026, at 1:25 PM
The Extraordinary General Meeting of Dovre Group Plc held today on 23 January 2026 approved the proposal of the Board of Directors to authorize the Board of Directors to decide on a share issue and on the issuance of other rights entitling to shares.
The Extraordinary General Meeting of Dovre Group Plc held today on 23 January 2026 approved the proposal of the Board of Directors, authorizing the Board of Directors to decide on
(i) the issuance of new shares and/or
(ii) the transfer of the company's own shares and/or
(iii) the granting of special rights referred to in Chapter 10, Section 1 of the Limited Liability Companies Act on the following terms:
The Board of Directors may, based on the authorisation, decide on a share issue and the granting of special rights also in deviation from the shareholders' pre-emptive rights (directed issue) subject to the conditions set out in the law. A maximum of 400,000,000 shares may be issued based on the authorisation.
The Board of Directors may use the authorisation in one or several tranches. The Board of Directors may use the authorisation to strengthen the capital structure of the company and its subsidiaries, to reduce guarantee liabilities, to improve liquidity and the company's financial position, to implement acquisitions and other arrangements, to issue convertible bonds or loans, or for other purposes decided by the Board of Directors. New shares may be issued and the company's own shares may be transferred either against payment or without payment, provided that a maximum of 140,000,000 shares may be issued without payment. New shares may also be issued to the company itself as a share issue without payment. The Board of Directors is authorised to decide on other terms of the share issue and the granting of special rights. Based on the authorisation, the Board of Directors may decide on the realisation of the company's own shares that may be held as collateral.
The authorisation is valid until 31 December 2026. The authorisation cancels previously granted authorisations concerning share issues and the granting of option rights and other special rights entitling to shares.
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 Extraordinary General Meeting.
Dovre Group Plc | Inside Information | January 19, 2026, at 6:21 PM
Dovre Group Plc ("Dovre") has today submitted an application for the initiation of corporate restructuring proceedings to the District Court of Länsi-Uusimaa.
Dovre will later announce the court’s decision concerning the restructuring application.
The application for corporate restructuring includes unpublished, unaudited financial information about Dovre. These can be found as an appendix to this release.
Dovre Group Plc | Inside Information | January 19, 2026, at 6:15 PM
Dovre Group Plc ("Dovre") and Sustainable Energy Solutions Sweden Holding AB (“SENS”) have, under an agreement effective as of 18 January 2026, agreed to sell 100% of the shares in Pyhäsalmi BESS Oy to Prime Capital AG’s renewable energy fund. Dovre’s ownership interest in the project company was 45%.
Dovre announced its entry into the BESS (Battery Energy Storage System) project in a press release on 3 June 2024, with the objective of developing the project to a Ready to Build stage. The project is located in Pyhäjärvi, adjacent to the closed Pyhäsalmi mine. The project reached a RTB stage in late 2025, making it timely to proceed with its sale for construction. The ready-to-build energy storage facility has a capacity of 85 MW and an energy storage capacity of 170 MWh. The facility will contribute to balancing the grid and enhancing system flexibility.
Dovre’s share of the purchase price at closing is estimated to be approximately EUR 2.1 million. The final purchase price will be confirmed by the end of April, and Dovre will issue a separate release once the final price has been confirmed. In accordance with the terms of the transaction, the sellers may also be entitled to an additional earn-out payment if the facility’s production is launched by 1 July 2027.
The transaction does not change the company’s previous assessment of its insolvency or its ongoing evaluation of the possibility of filing for corporate restructuring.
Dovre Group Plc | Inside Information | January 16, 2026, at 1:05 PM
Dovre Group Plc ("Dovre") has received a payment demand of EUR 3.3 million from Nordic Guarantee Insurance Ltd under a guarantee facility agreement. The payment demand falls due on 20 January 2026.
The payment demand is based on a performance bond issued for Heinineva solar park project of Dovre’s bankrupt subsidiary Suvic Oy. The beneficiary of the guarantee is EPV Aurinkovoima Oy.
Dovre is insolvent and is investigating the possibility of applying for corporate restructuring proceedings.
Dovre Group Plc | Inside Information | January 15, 2026, at 4:45 PM
Dovre Group Oyj ("Dovre") has received a payment claim from Vinliden Vindkraft AB ("Vinliden") related to Dovre's own guarantee. The guarantee was issued as security for the completion of the Vinliden wind farm project, in which Suvic AB acted as the contractor. Suvic AB, a subsidiary of Dovre’s subsidiary Suvic Oy, has been declared bankrupt in Sweden. Suvic Oy has also been declared bankrupt.
The maximum amount of Dovre's absolute guarantee liability is the contract price, i.e., circa EUR 12 million, and the alternative is to take on the contract itself. Dovre estimates the contract to be almost complete.
Vinliden requests that Dovre acknowledge the liabilities specified in the guarantee by January 21, 2026.
The contract work is suspended until May in accordance with Swedish legislation, as the contract is located in a reindeer herding winter conservation area. The costs of completing the work or the grounds for them have not been clarified, and Vinliden does not present its views on the costs. No joint inspection of the site has been arranged between Suvic AB's bankruptcy estate and the client.
The costs of completing the work are therefore unknown. Dovre disputes the claim as unfounded and premature.
Dovre is insolvent and is investigating the possibility of applying for corporate restructuring proceedings.
Dovre Group Plc | Inside Information | January 13, 2026, at 4:25 PM
Dovre Group Plc ("Dovre") has received a payment claim in the amount of €4.6 million from LONGi Solar Technology Spain, S.L.U ("LONGi") related to a parent company guarantee.
The guarantee provided by Dovre to LONGi is a parent company guarantee for purchase invoices of Suvic Oy, which is in bankruptcy. The guarantee was granted for Alight Ukko Oy’s solar power project. The due date for the payment claim is 27 January 2026.
The company is insolvent and is examining the possibility of applying for corporate restructuring proceedings.
Dovre Group Plc | Inside Information | January 08, 2026, at 4:25 PM
The Board of Directors of Dovre Group Plc (“Dovre”) has appointed Markku Taskinen as Chief Executive Officer of the company as of 8 January 2026. He has been a member of Dovre’s management team since 22 November 2025.
At the same time, Timo Saarinen will step down from his role as acting CEO and will continue in his position as interim Chief Financial Officer.
“Markku has previously served as CEO of Suvic Oy, and he is therefore familiar with the company. He has a strong understanding of the company’s business and operating environment. I would also like to thank Timo for his contribution in two roles, and I am pleased that our cooperation will continue”, Kalervo Rötsä, Chairman of the Board of Dovre comments.
Dovre Group Plc | Inside Information | January 07, 2026, at 11:45 AM
Dovre Group Plc (“Dovre”) has today received a payment demand of EUR 5.5 million from Nordic Guarantee Insurance Ltd, Finnish Branch under a guarantee facility agreement. The payment demand falls due on 12 January 2026.
The payment demand is based on a performance bond granted to Alight Ukko Oy.
Dovre is unable to pay the demand. Dovre is examining the possibility of applying for corporate restructuring proceedings due to the threatened insolvency.
Dovre Group Plc | Inside Information | January 07, 2026, at 11:25 AM
The Oulu District Court has today placed Suvic Oy, a subsidiary of Dovre Group Plc, into bankruptcy by its decision dated 7 January 2026 at 9:00 AM.
The District Court has appointed attorney Lassi Nyyssönen as the bankruptcy administrator.
The Board of Directors of Suvic Oy filed the bankruptcy petition on 2 January 2026.
Dovre Group Plc | Inside Information | January 05, 2026, at 3:06 PM
The Board of Directors of Suvic AB has today resolved to file for the bankruptcy of Suvic AB. The bankruptcy petition has been submitted to the Stockholm District Court.
Dovre Group Plc | Stock Exchange Release | January 02, 2026, at 8:55 AM
The shareholders of Dovre Group Oyj ("Dovre") are invited to an Extraordinary General Meeting to be held on Friday 23 January 2026 at 10.00 a.m. at Scandic Helsinki Hub, Annankatu 18, 00120 Helsinki. The reception of participants and the distribution of voting tickets will commence at 9.30 a.m.
A. MATTERS TO BE CONSIDERED AT THE EXTRAORDINARY GENERAL MEETING
The following matters will be considered at the 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. Authorisation of the Board of Directors to decide on a share issue and granting of special rights entitling to shares
The Board of Directors proposes to the General Meeting that the Board of Directors be authorised to decide on
(i) the issuance of new shares and/or
(ii) the transfer of the company's own shares and/or
(iii) the granting of special rights referred to in Chapter 10, Section 1 of the Limited Liability Companies Act on the following terms:
The Board of Directors may, based on the authorisation, decide on a share issue and the granting of special rights also in deviation from the shareholders' pre-emptive rights (directed issue) subject to the conditions set out in the law. A maximum of 400,000,000 shares may be issued based on the authorisation.
The Board of Directors may use the authorisation in one or several tranches. The Board of Directors may use the authorisation to strengthen the capital structure of the company and its subsidiaries, to reduce guarantee liabilities, to improve liquidity and the company's financial position, to implement acquisitions and other arrangements, to issue convertible bonds or loans, or for other purposes decided by the Board of Directors. New shares may be issued and the company's own shares may be transferred either against payment or without payment, provided that a maximum of 140,000,000 shares may be issued without payment. New shares may also be issued to the company itself as a share issue without payment. The Board of Directors is authorised to decide on other terms of the share issue and the granting of special rights. Based on the authorisation, the Board of Directors may decide on the realisation of the company's own shares that may be held as collateral.
The authorisation is valid until 31 December 2026. The authorisation cancels previously granted authorisations concerning share issues and the granting of option rights and other special rights entitling to shares.
7. Closing of the meeting
B. DOCUMENTS OF THE EXTRAORDINARY GENERAL MEETING
The proposals of the Board of Directors, Dovre Group’s Annual report 2024, the minutes of the Extraordinary General Meeting of 12 June 2025, the trading statement for the period 1 January-30 September 2025 and the Board of Directors' report on events materially affecting the company's position after the preparation of the half-year financial report 1 January-30 June 2025, as well as this notice, are available on the company's website at www.dovregroup.com. The proposals of the Board of Directors will also be available at the Extraordinary General Meeting. Copies of these documents and of this notice will be sent to shareholders upon request.
C. INSTRUCTIONS FOR PARTICIPANTS IN THE EXTRAORDINARY GENERAL MEETING
1. Shareholders registered in the shareholders' register
Each shareholder who is registered on the record date of the General Meeting, 13 January 2026, in the shareholders' register of the company held by Euroclear Finland Oy, has the right to participate in the General Meeting. A shareholder whose shares are registered on his/her personal Finnish book-entry account is registered in the shareholders' register of the company.
Registration for the General Meeting will commence on 9 January 2026 at 12:00. A shareholder who is registered in the shareholders' register of the company and who wants to participate in the General Meeting shall register for the meeting no later than on 20 January 2026 at 4.00 p.m., by which time the registration must be received.
Registration for the General Meeting can be made:
a) through the link on Dovre Group Oyj's website at https://www.dovregroup.com/investors/releases-and-events/
b) by e-mail to johanna.sahlstedt@dovregroup.com
c) by telephone to Dovre Group Oyj/Johanna Sahlstedt, tel. +358 44 339 5508.
In connection with the registration, a shareholder shall notify his/her name, personal identification number or business identity code, address, telephone number and the name of a possible assistant or proxy representative and the personal identity code of the proxy representative. The personal data given to Dovre Group Oyj is used only in connection with the General Meeting 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 General Meeting by virtue of such shares based on which he/she would be entitled to be registered in the shareholders' register of the company held by Euroclear Finland Oy on the record date of the General Meeting, 13 January 2026. The right to participate in the General Meeting requires, in addition, that the shareholder on the basis of such shares has been temporarily registered into the shareholders' register held by Euroclear Finland Oy no later than on 20 January 2026 at 10.00 a.m. As regards nominee registered shares, this is considered as registration for the General Meeting. Changes in share ownership after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.
A holder of nominee registered shares is advised to request without delay necessary instructions from his/her custodian regarding the registration in the temporary shareholders' register, the issuing of proxy documents and voting instructions, and registration for the General Meeting. The account management organisation of the custodian must register a holder of nominee registered shares who wants to participate in the Extraordinary General Meeting into the temporary shareholders' register of the company no later than on 20 January 2026 at 10.00 a.m.
3. Proxy representative and powers of attorney
A shareholder may participate in the General Meeting and exercise his/her rights at the meeting by way of proxy representation. A proxy representative of a shareholder shall produce a dated power of attorney or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting. When a shareholder participates in the General Meeting by means of several proxy representatives representing the shareholder with shares on different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the General Meeting.
Possible powers of attorney are requested to be delivered by post to the address Dovre Group Oyj/Johanna Sahlstedt, Ahventie 4 B, 02170 Espoo, or by e-mail to johanna.sahlstedt@dovregroup.com before the end of the registration period. In addition to delivering the powers of attorney, the shareholder or his/her proxy representative shall take care of the registration for the General Meeting in the manner described above in this notice.
4. Other information
A shareholder who is present at the General Meeting has the right pursuant to Chapter 5, Section 25 of the Limited Liability Companies Act to request information with respect to the matters to be considered at the meeting.
On the date of this notice, Dovre Group Oyj has a total of 107,746,791 shares, which represent an equal number of votes.
Espoo, 2 January 2026
DOVRE GROUP PLC
Board of Directors
Dovre Group Plc | Inside Information | January 02, 2026, at 8:50 AM
Dovre previously announced in its profit warning on 9 October 2025 that without additional financing or revenue flow from new projects, the company will not be able to meet its payment obligations in the first quarter of 2026.
The bankruptcy filing of Dovre's subsidiary Suvic Oy on 2 January 2026 is estimated to affect the parent company's financial performance. The parent company is no longer financing Suvic Oy.
Dovre's most significant financial risks are the parent company joint and several guarantees given on behalf of Suvic Oy relating to Suvic Oy's projects, as well as Dovre's counter-guarantees to financial institutions for Suvic Oy's projects. Dovre's joint and several several liability parent company guarantees were issued during the period 1 December 2024 – 31 March 2025. Dovre estimates the value of remaining guarantees to be approximately EUR 63 million. The value of on-demand and/or joint and several liability counter-guarantees to financial institutions totals approximately EUR 26 million.
Negotiations on guarantee arrangements are currently underway, the results of which we will announce later.
Dovre estimates that it has funds to continue operations for the time being.
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Company Facts
Guidance
Dovre Group’s net sales in 2025 are expected to decline in comparison to year 2024. The Group's Operating Profit (EBIT) is expected to decline.
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