Dovre

eSite specializes in advanced 3D modelling and digital twin solutions for industrial facilities. The unit’s business consists largely of long-term SaaS customer agreements. eSite has operated as part of Dovre Group Plc and has been included in the Group’s Consulting segment. On October 29, 2025, Dovre announced a clarification of its strategy and its intention to divest non-core operations such as eSite.
 
The purchase price for the business is EUR 300,000 payable by Mitta Oy to Dovre Group Plc upon completion of the transaction. The business transfer will have a positive cash flow impact on Dovre Group Plc.

The information presented in the report has not been audited.

Suvic Oy, the Group’s largest subsidiary in terms of revenue, was declared bankrupt by a decision of the Oulu District Court on January 7, 2026. As a result of the bankruptcy of Suvic Oy, the Dovre Group lost control over the Suvic sub-group, which has been transferred to the administration of the bankruptcy estate. At the date of signing of the Financial Statements Release, the assets and liabilities of the Suvic sub-group are under the control of the respective bankruptcy estates.

The situation of Suvic had an immediate impact on the entire Dovre Group, and Dovre Group Plc filed for debt restructuring proceedings on January 19, 2026. On January 28, 2026, the Western Uusimaa District Court ordered the commencement of standard debt restructuring proceedings.

Measurement principles

With respect to the Dovre Group, the financial statements have not been prepared on a going concern basis. The declaration of Suvic’s bankruptcy has resulted in the loss of control after the reporting date, and the going concern assumption is no longer applicable. Assets have been measured at no more than the amount of the entities’ total liabilities, taking into account the impairment effects arising from the expected loss of receivables to be realised in bankruptcy.

The measurement of the remaining Group assets is based on an estimate of their recoverable amounts.

Estimation of distribution

In bankruptcy proceedings, the assets of the bankruptcy estate are first used to settle administrative expenses (estate liabilities), such as the remuneration of the bankruptcy administrator and other realisation and administration costs. Thereafter, claims, such as taxes, social security contributions and wage claims, are settled. Only after these liabilities have been satisfied may distributions be made to unsecured creditors.

The proceeds from the realisation of assets are expected to be fully absorbed by estate liabilities and secured claims. Accordingly, no distribution is expected to be available for unsecured creditors, including the parent company.

Recognition of impairment losses

In the parent company, Dovre Group Plc, a full impairment loss has been recognised on intra-group receivables, as the recoverable amount has been assessed as nil due to the absence of an expected distribution. A full impairment loss has also been recognised on investments in subsidiaries within the Suvic sub-group, as no recoveries are expected to be received by the parent company from the bankruptcy proceedings.

In determining the carrying amounts of assets, factors inherent in bankruptcy proceedings have been taken into consideration. Realisation values in bankruptcy are systematically lower than market-based values, as sales occur under distressed conditions, the pool of potential buyers is limited, realisation is subject to time constraints, and the assets are often entity-specific without an active secondary market.

Uncertainties

The measurements involve significant uncertainty. The final distribution will be determined upon completion of the bankruptcy proceedings and depends on several factors that will be confirmed during the process.

The realisable value of assets depends on prevailing market conditions, the number of potential buyers and the method of realisation selected. The assets of the bankruptcy estate may increase as a result of successful recovery actions, while the final amount of creditors’ claims will be determined in the claims verification process. Administrative and realisation costs of the estate depend on the duration and complexity of the proceedings.

Estimates will be revised in future periods if circumstances change materially or if new relevant information becomes available. Any changes to impairment losses will be recognised in profit or loss in the period in which the change becomes known. The final distribution, if any, will be recognised in profit or loss when it has been confirmed or when the bankruptcy proceedings have been concluded.

CEO MARKKU TASKINEN:

In the financial year 2025, Dovre Group’s operations were clearly loss-making.

During the year, Dovre Group’s strategic focus was clarified and the Group’s operations became increasingly concentrated on renewable energy construction and enabling the green transition. At the beginning of 2025, the sale of the Project Personnel and Norwegian Consulting businesses to NYAB AB was completed. Following the transaction, Dovre’s continuing operations have been almost entirely focused on renewable energy, with its core formed by the subsidiary Suvic Oy.

During 2025, Dovre Group announced on several occasions losses in projects of its subsidiary Suvic Oy and their financial impact. In connection with the negative profit warning published on March 12, 2025, the company reported significant cost overruns in two wind power projects initiated in Sweden during 2024 and estimated total losses of EUR 8.7 million and EUR 10 million from these projects, which were recognised in 2024 as the projects continued into spring 2025. Subsequently, in connection with the negative profit warning issued on July 8, 2025, the company announced that the previously reported losses were estimated to be approximately EUR 5 million higher than earlier estimated, totalling approximately EUR 23.7 million. In the negative profit warning published on October 9, 2025, the company estimated, based on an updated assessment, that an additional EUR 4.0 million in losses would be recognised from the Swedish wind farm projects, bringing the total estimated losses from the Swedish project portfolio to EUR 27.7 million, of which EUR 18.7 million was recognised in 2024 and EUR 9.0 million in 2025.

Despite the challenging situation, Dovre continued to identify significant long-term opportunities in the renewable energy value chain. The strategic focus was based on market outlook, but its implementation coincided with a period marked by exceptional operational challenges.

Measures to address the situation were accelerated during the spring, as the Board of Directors together with executive management launched an action programme to improve Suvic Oy’s competitiveness, operational efficiency and governance processes. During the second quarter, Markku Taskinen was appointed CEO of Suvic (commencing on August 4, 2025), and Olli-Pekka Vanhanen was appointed CFO of Suvic while also serving as CFO of the Group. In September, experienced transformation executive Timo Saarinen was appointed Interim CFO of both Dovre Group and Suvic. The company assessed at that time that, through strengthened leadership, improved transparency of financial administration processes and enhanced financial reporting of projects, it had achieved an accurate view of Suvic’s business situation during the third quarter. Corrective actions continued towards the end of the year to improve profitability, organisational structure and operating models.

In October, Dovre announced a Group-wide structural review aimed at focusing resources on operations in line with the strategy within renewable energy projects. The company estimated that, as a result of the programme, unprofitable or non-strategic operations would be divested or discontinued. With regard to the Consulting segment’s Proha and eSite businesses, it was stated in the release published on October 29, 2025, that these would no longer represent Dovre’s strategic core business.

The significant difficulties encountered in projects of Suvic Oy, Dovre’s subsidiary responsible for renewable energy construction, materially weakened the Group’s financial position. The main underlying factors behind the losses were identified as errors in project cost estimation, deficiencies in project management capabilities and shortcomings in forward-looking reporting. The challenges accumulated across several simultaneous projects and had severe effects on the company’s liquidity. As a result, Suvic Oy filed for bankruptcy on January 2, 2026, and was declared bankrupt on January 7, 2026.

The year 2026 began with Dovre Group Plc being unable to meet its obligations as they fall due and therefore being insolvent. This was due to the financial situation of Suvic Oy and, in this context, the parent company guarantees issued by Dovre Group Plc in respect of Suvic Oy’s and its sub-group’s projects, as announced on January 2, 2026. Dovre Group Plc filed for the commencement of debt restructuring proceedings on January 19, 2026. On January 28, 2026, the Western Uusimaa District Court ordered the commencement of standard debt restructuring proceedings. A successful restructuring process would enable Dovre Group Plc to avoid bankruptcy and would allow the Group and/or the parent company to remain a going concern.

October–December 2025

• Net sales grew by 23.6 % to EUR 33.3 (27.0) million. The growth was driven by Renewable Energy segment.
  • Renewable Energy: net sales totalled EUR 32.8 (26.5) million – increase of 23.9 %.
  • Consulting: Net sales totalled EUR 0.5 (0.5) million – increase of 11.3%.
• EBITDA was EUR –37.7 (-17.9) million.
• Operating profit was EUR –43.9 (-18.3) million.
• Profit before tax was EUR -43.0 (-18.6) million.
• Earnings for the shareholders of the parent company EUR –48.5 (-8.2) million.
• Earnings per share were EUR -0.458 (0.077).
• Net cash flow from operating activities totalled EUR -2.7 (-2.0) million.

January–December 2025

• Net sales declined by 7,5% to EUR 91.9 (99.3) million.
  • Renewable Energy: net sales totalled EUR 90.1 (97.4) million – decrease of 7.5 %
  • Consulting: Net sales totalled EUR 1.8 (1.9) million – increase of 8.1 %
• EBITDA was EUR –59.3(-21.1) million.
• Operating profit was EUR -66.3 (-21.8) million.
• Profit before tax was EUR –67.0 (-22.8) million including EUR -0.7 (-1.0) million of finance items.
• Earnings for the shareholders of the parent company were EUR –58.2 (-8.3) million.
• Earnings per share totalled EUR -0.496(-0.078).
• Net cash flow from operating activities was EUR -2.6 (-4.4) million.
• The Board of Directors proposes that no dividend is paid for the financial year 2025 based on the annual general meeting on April 15^th, 2026.

Last year’s corresponding period is shown in parentheses. 

OUTLOOK FOR 2026

Dovre Group does not provide financial outlook guidance for 2026 in connection with the publication of the Financial Statements Release, as announced in a stock exchange release on February 18, 2026. The reason for this is the company’s ongoing debt restructuring proceedings.

GROUP’S KEY FIGURES

BOARD OF DIRECTORS’ PROPOSAL FOR DISTRIBUTION OF A DIVIDEND
On December 31, 2025, the parent company’s Dovre Group Plc’s distributable funds were EUR
–650 409,03.

The Board of Directors proposes to the General Meeting that no dividend be distributed.

FINANCIAL REPORTING IN 2026

Dovre Group releases its financial reports in 2026 as follows:

• Financial Statements review 2025: Thursday, 26 February 2026
• Half-year financial report January–June 2026: Thursday, 20 August 2026

Dovre Group’s Financial Statements 2025 and Annual Report 2025 will be published online at the latest during the week beginning March 23, 2026.

The company’s Annual General Meeting is planned to be held on Wednesday, April 15, 2026. Dovre Group’s Board of Directors will summon the meeting later.

Espoo, February 26, 2026

DOVRE GROUP PLC
BOARD OF DIRECTORS

Going forward, the company will no longer publish trading statements for January–March or January–September. In addition, due to the ongoing debt restructuring proceedings, the company’s Board of Directors has decided that the company will discontinue issuing separate forward-looking guidance to the market.

As a result of these changes, the financial reporting schedule for 2026, previously published in a stock exchange release on 11 November 2025, will be amended in its entirety as follows:

• Financial Statements review 2025: Thursday, 26 February 2026 

• Half-year financial report January–June 2026: Thursday, 20 August 2026 

The company will also not provide financial outlook guidance for 2026 in connection with the publication of its Financial Statements review in spring 2026.

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.

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. 

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.

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 ("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 ("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. 

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 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.

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. 

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 (“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.

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.