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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.
Dovre’s Q2 results were a bit higher than we estimated as Project Personnel and Consulting came in slightly lower than we expected while Renewable Energy figures were clearly better.
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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
Dovre Group Plc Managers’ Transactions March 18, 2025, at 11.30 am
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: 100656/4/4
____________________________________________
Transaction date: 2025-03-17
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI0009008098
Nature of transaction: ACQUISITION
Transaction details:
(1): Volume: 10933 Unit price: 0.21 EUR
(2): Volume: 40000 Unit price: 0.21 EUR
(3): Volume: 5000 Unit price: 0.21 EUR
(4): Volume: 11000 Unit price: 0.204 EUR
(5): Volume: 6000 Unit price: 0.205 EUR
(6): Volume: 5367 Unit price: 0.206 EUR
(7): Volume: 3700 Unit price: 0.208 EUR
(8): Volume: 9000 Unit price: 0.209 EUR
(9): Volume: 9000 Unit price: 0.21 EUR
(10): Volume: 12195 Unit price: 0.215 EUR
(11): Volume: 11069 Unit price: 0.214 EUR
(12): Volume: 1542 Unit price: 0.214 EUR
(13): Volume: 4352 Unit price: 0.215 EUR
(14): Volume: 3500 Unit price: 0.215 EUR
(15): Volume: 10176 Unit price: 0.211 EUR
(16): Volume: 84 Unit price: 0.211 EUR
(17): Volume: 1587 Unit price: 0.208 EUR
(18): Volume: 2001 Unit price: 0.209 EUR
(19): Volume: 3494 Unit price: 0.21 EUR
(20): Volume: 10000 Unit price: 0.212 EUR
Aggregated transactions (20):
Volume: 160000 Volume weighted average price: 0.21026 EUR
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
DOVRE GROUP’S FINANCIAL STATEMENT RELEASE 1.1.–31.12.2024:
The information presented in the report has not been audited.
Dovre Group Plc Financial Statement Release March 17, 2025, at 12:15 pm
Dovre Group Plc sold its entire Project Personnel business (PP) and Norwegian Consulting business to the Swedish NYAB AB on January 2, 2025. The deal was agreed conditionally on the authorization of the Dovre general meeting on November 20, 2024. The company's extraordinary general meeting decided on December 16, 2024, in accordance with the board's proposal, to approve the execution of the transaction, which took place on January 2, 2025.
In this review, Dovre presents the sold operations as operations classified for sale and discontinued in accordance with the IFRS 5 standard. Previous profit and loss statements have been adjusted accordingly. Previous balance sheets have not been adjusted, so they are not comparable with the consolidated balance sheet of December 31, 2024.
Of the previously reported operations, the Project Personnel business has been classified as a discontinued operation in its entirety as a result of the above-mentioned transaction. Therefore, the segment is no longer reported at all. The Group's Consulting business continues in Finland, but the segment is significantly smaller.
The profit accruing to the Group from the sale of businesses will be presented in the figures for the 2025 financial year on one line after the result of the continued businesses. Based on the preliminary purchase price (EUR 35.3 million as announced on January 2, 2025), the estimate of the profit accruing in the consolidated profit and loss statement, less the transaction costs, is approximately EUR 5.0 million. However, we would like to emphasize that the determination of the final purchase price is in progress at the time of signing these financial statements.
October–December 2024
- Net sales grew by 49.0 % to EUR 27.0 (18.1) million. The growth was driven by Renewable Energy segment.
- Renewable Energy: net sales totaled EUR 26.5 (17.6) million – increase of 50.9 %.
- Consulting: net sales totaled EUR 0.5 (0.5) million – decrease of 11.7%.
- EBITDA was EUR -17.9 (0.3) million.
- Operating profit was EUR -18.3 (0.2) million.
- Profit before tax was EUR -18.6 (-0.2) million.
- Earnings for the shareholders of the parent company EUR -8.2 (1.0) million.
- Earnings per share were EUR -0.077 (0.009).
- Net cash flow from operating activities totaled EUR -2.0 (-0.1) million.
January–December 2024
- Net sales grew by 35.2 % to EUR 99.3 (73.5) million.
- Renewable Energy: net sales totaled EUR 97.4 (71.4) million – increase of 36.5%
- Consulting: net sales totaled EUR 1.9 (2.1) million – decrease of 8.2%
- EBITDA was EUR -21.1 (1.3) million.
- Operating profit was EUR -21.8 (1.1) million.
- Profit before tax was EUR -22.8 (0.2) million including EUR -1.0 (-0.9) million of finance items.
- Earnings for the shareholders of the parent company were EUR -8.3 (4.1) million.
- Earnings per share totaled EUR -0.078 (0.038).
- Net cash flow from operating activities was EUR -4.4 (0.1) million.
- The Board of directors proposes that no dividend is be paid for the financial year 2024 based on the annual general meeting on April 29th, 2025. However, the Board of Directors considers the possibility to arrange an EGM in the autumn 2025 for dividend payment decision once the company’s situation has clarified.
Last year’s corresponding period is shown in parentheses.
OUTLOOK FOR 2025
Dovre Group will release its outlook at the latest along with the trading statement for Q1 on April 29th, 2024. This is due to Suvic’s sales cycle, which is incomplete and does not provide sufficient information for a reliable 2025 estimate as of today. In the future, the company may also present its outlook in whole or in part as a verbal description instead of numerical guidance.
ACTING CEO SANNA OUTA-OLLILA:
Year 2024 was a year of change for Dovre Group. The decision to sell the global Project Personnel business and the Norwegian consulting entity to NYAB AB was not only an event of exceptional scale but also a leap forward on the chosen strategy of the group. The transaction bolts Dovre strategically even tighter into renewable energy, particularly as a growth creator of its Nordic production. After the transaction completed in early January 2025, the core of Dovre Group consists of renewable energy construction company Suvic and project developer Renetec. Proha continues to develop its sophisticated project management solution, enabling its customers to succeed in cost control of complex project portfolios. eSite, provider of industrial virtual reality solutions, also stays part of Dovre Group going forward.
Our Renewable Energy segment demonstrated an exceptional growth in Net Sales (+ 37%), but experienced severe challenges in some of its deliveries. Challenges faced in three of their projects accumulated heavy operating losses for Suvic. A solar power plant construction project, started in 2023 in Finland, exceeded its cost budget considerably. Consequently, Dovre reported an additional 5.8-million-euro loss along with its guidance release in April 2024. Additionally, two wind farm projects started during the reporting period in Sweden resulted in a total estimated loss of 18.7 million euros for Suvic’s Swedish subsidiary. The loss was booked entirely for the reporting year, even though the works continue into early spring of 2025. The main reasons driving the cost overrun in Sweden were delayed access to the site, challenges related to subcontracting and the impact of winter because of the delayed works.
The significant challenges encountered, particularly in new types of projects, have prompted a re-evaluation and enhancement of management practices, project calculation, risk management, and project organization. Also, the executive management team of Suvic will be restructured to support strategic decision making and to ensure that essential project skills are better channeled into the operations. While we acknowledge the opportunities presented by growth driven by the green energy transition, we now approach the inherent risks of this business model with heightened scrutiny and control.
Founded in 2023, Renetec has continued to develop its well-curated portfolio of solar power plant projects. During the reporting period, the company successfully initiated the permitting process for several projects, which are expected to reach construction readiness during 2025.
For 2024, we are releasing our first full-scale corporate sustainability report, which details the group's policies, practices, and the impact of our business on nature and the communities in which we operate. Accountability and sustainability are integral to our daily operations, supporting both responsible and profitable business. For example, Suvic's innovative wind turbine foundation structure significantly reduces energy and material use, resulting in lower greenhouse gas emissions compared to traditional designs. Similarly, eSite’s industrial virtualization solution enables applications like the design and planning of production facility renovations without the need for on-site travel, further minimizing environmental impact.
As Dovre moves into 2025, it remains committed to its role as a leading builder of renewable energy. Large-scale projects are at the core of our operations, and we will continue to focus on their successful and profitable execution with a steady and pragmatic approach and further strengthening the company’s core abilities.
GROUP’S KEY FIGURES
| EUR million | 10–12 2024 | Adjusted 10–12 2023 | Change % | 1–12 2024 | Adjusted 1–12 2023 | Change % |
| Net sales | 27.0 | 18.1 | 49.0 | 99.3 | 73.5 | 35.2 |
| EBITDA | -17.9 | 0.3 | -7 187,3 | -21.1 | 1.3 | - 1 724.5 |
| % of net sales | -66.5 | 1.4 | -21.3 | 1.8 | ||
| Operating profit | -18.3 | 0.2 | -9 369.2 | -21.8 | 1.1 | -2 051.4 |
| % of net sales | -67.7 | 1.1 | -22.0 | 1.5 | ||
| Profit before taxes | -18.6 | -0.2 | -8 336.7 | -22.8 | 0.2 | -10 450.8 |
| % of net sales | -68.8 | -1.2 | -22.9 | 0.3 | ||
| Earnings for the shareholders of the parent company | -8.2 | 1.0 | -916.7 | -8.3 | 4.1 | -303.5 |
| % of the net sales | -30.3 | 5.5 | -8.3 | 5.5 | ||
| Net cash flow from operating activities | -2.0 | -0.1 | -1 900.0 | -4.4 | 0.1 | -4 500.0 |
| Net debt | 8.1 | 1.2 | 574.0 | 8.1 | 1.2 | 574.0 |
| Debt-equity ratio % (Gearing) | 48.6 | 3.1 | 1 467.7 | 48.6 | 3.1 | 1 467.7 |
| Earnings per share, EUR | ||||||
| Undiluted | -0.077 | 0.009 | -916.7 | -0.078 | 0.038 | -303.5 |
| Diluted | -0.077 | 0.009 | -916.7 | -0.078 | 0.038 | -303.5 |
BOARD OF DIRECTORS’ PROPOSAL FOR DISTRIBUTION OF A DIVIDEND
On December 31, 2024, the parent company’s distributable funds were EUR 16 951 447,40.
The Board of Directors proposes that no dividend is paid for the financial year 2024 based on the annual general meeting on April 29th, 2025. However, the Board of Directors considers the possibility to arrange an EGM in the autumn 2025 for dividend payment decision once the company’s situation has clarified.
FINANCIAL REPORTING IN 2025
Dovre Group releases its financial reports in 2025 as follows:
- Trading statement January-March 2025 on Tuesday, April 29th, 2025
- Half-year financial report January-June 2025 on Wednesday, August 20th, 2025
- Trading statement January-September 2025 on Wednesday, October 29th, 2025
Dovre Group’s Financial Statements 2024 and Annual Report 2024 will be published online at the latest during the week beginning March 31st, 2025. The Annual Report will include the company’s financial statements, the report of the Board of Directors, the corporate governance statement, and the remuneration report.
The company’s Annual General Meeting is planned to be held on Tuesday, April 29, 2025. Dovre Group’s Board of Directors will summon the meeting later.
Espoo, March 17, 2025
DOVRE GROUP PLC
BOARD OF DIRECTORS
For additional information, please contact:
Sanna Outa-Ollila
Acting CEO
sanna.outa-ollila@dovregroup.com
tel. +358 20 436 2000
Hans Sten
CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000
Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Attachment
Dovre Group Plc Press release March 12, 2025, at 9:45 am
Suvic re-organizes its Executive Management team
After reporting extensive losses from two projects in Sweden, Suvic Oy has decided to make changes in the Executive Management of the company.
The company will initiate the search for a new CEO immediately. The current CEO Ville Vesanen continues in the position until a replacement has been hired. He will then assume the role of COO (Chief Operating Officer).
Suvic’s CFO Ville Kemppinen will also step down and the search for a new CFO will be initiated. He remains committed to carrying out the CFO duties until a controlled handover to his replacement has been completed.
Ilari Koskelo, Vice Chairman of Dovre’s Board of Directors, joins Suvic’s management team to support the operational and financial performance of Suvic together with its current management. He will join the company as of 17.3.2025 with physical presence at the main office in Oulu.
Suvic has recently secured large scale renewable energy construction projects in its home territory in Finland. With the adjusted management model, the company is confident about successful delivery of these projects.
Dovre Group Oyj holds 51% of the shares in Suvic.
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 estimated sales for the Group in 2024 were approximately 99 MEUR and it employs around 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Inside information March 12, 2025, at 9:37 am
Negative profit warning: Dovre Group Plc lowers its guidance for 2024
On February 3, 2025, Dovre Group updated its guidance for 2024 as: Dovre Group’s revenue is expected to be approximately 99 MEUR and the operating profit (EBIT) is expected to be approximately -12 MEUR.
New guidance for 2024: Dovre Group’s revenue is expected to be approximately 99 MEUR and the operating profit (EBIT) is expected to be approximately -22 MEUR.
The lowered guidance is due to two wind farm projects started by Suvic in Sweden during 2024 that have overrun their cost budgets considerably. Based on the information reported by Suvic’s management, the estimated total losses of the two projects upon completion are EUR 8,7 million and EUR 10 million. The losses are fully booked in the reporting period 2024, while the works continue into the spring of 2025. The additional loss accumulation was mostly related to the time and cost overrun of ground construction, snow removal and de-icing work.
As a result of the extensive losses, Dovre will execute a focused re-auditing of the two projects.
Dovre Group Plc holds 51% of the shares in Suvic.
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 estimated sales for the Group in 2024 were approximately 99 MEUR and it employs around 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Press release March 11, 2025, at 10 am
Suvic Oy Signs Agreement for the Construction of a Battery-Based Energy Storage System in Uusikaupunki
Suvic has signed a contract for the construction of a battery-based energy storage system. The client for the project is Renewable Power Capital Ltd. (RPC), headquartered in London.
The contract includes design, construction and a substation, as well as all electrical and mechanical installations. 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 implemented adjacent to Fingrid’s substation.
According to the preliminary schedule, work will commence in April, and Suvic’s portion of the work will be completed by March 2026. The facility is planned to be operational by June 2026. Once completed, it will contribute to balancing electricity production and consumption in the power grid.
"RPC entered the market to accelerate Europe's low-carbon transition, and battery storage is a key part of the puzzle. We've had a great working relationship with Suvic to date, so we're pleased to be able to partner again to deliver this vital infrastructure to the grid,” says RPC’s Managing Director of Engineering, Procurement and Construction, Ignacio Garcia Cuadrado.
Suvic’s CEO, Ville Vesanen, comments on the company’s first industrial-scale BESS project: “We have been following the development of BESS solutions with great interest and see that they offer significant opportunities for wind and solar energy development through various hybrid solutions. At the same time, energy storage contributes to grid stability and enhances societal security of supply in potential exceptional situations. We have an excellent partnership with RPC, and this contract is yet another testament to our mutual trust.”
The Capacity of BESS Expected to Grow Rapidly
A BESS, which supports the energy system, is a battery-based flexible solution that provides a cost-effective way to store surplus energy and release it when needed to balance peak consumption periods. It helps to ensure the operational reliability of power grids and enables the efficient utilization of renewable energy, which would otherwise be challenging due to daily and seasonal fluctuations.
In the coming years, BESS solutions will play a crucial role in Europe’s transition toward carbon-free energy production. The capacity of battery-based energy storage systems in Europe is expected to multiply by 2030, with grid-connected storage systems projected to reach over 50 gigawatts of capacity (Aurora Energy Research, 2024).
More information:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi
Sanna Outa-Ollila
Acting CEO, Dovre Group Plc
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. The estimated sales for the Group in 2024 were approximately 99 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 and Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo. Website: www.suvic.fi
Renewable Power Capital is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments. RPC invests in the development, construction, and long-term operation of onshore wind, solar, and battery storage projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months. RPC is led by a seasoned and established team of energy industry professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality. Website: https://www.renewablepowercapital.com/
Dovre Group Plc Stock exchange release March 7, 2025, at 7:17 pm
Dovre Group delays the release of the Financial Statements Review 2024
On December 5, 2024, Dovre Group Plc announced the schedule for financial reporting in 2025. The Financial Statements Review 2024 was announced to be released on Wednesday, March 12, 2025.
The company has identified a need for more time to ensure the correctness of the information to be released and therefore will postpone the release of the Financial Statements Review 2024 to Monday, March 17, 2025.
Respectively, the timeline for shareholders’ right to have a matter dealt with by the General Meeting is extended until Wednesday, March 19, 2025.
For more information, please contact
Dovre Group Plc
Hans Sten, CFO
Tel. +358 20 436 2000
hans.sten@dovregroup.com
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. The estimated sales for the Group in 2024 were approximately 99 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Inside information February 28, 2025, at 1:30 pm
Dovre's subsidiary Suvic Oy has signed a contract for the construction of a major wind farm in Finland
Suvic has signed a contract for the construction of a large wind farm in Finland. The agreement is conditional on a separate "Notice to Proceed" (NTP), which is dependent on the client's investment decision and is expected in March-April 2025. The contract value is approximately 54 million euros. The name of the client and the location of the park will be provided when the NTP announcement is made.
The agreement covers the execution of the Balance of Plant (BoP) contract, including design, deforestation, roads, foundations and crane pads, as well as the construction of the internal grid. Suvic's work is expected to be largely completed by the end of 2026, with the wind farm entering production by the end of 2027.
For further information, please contact:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi
Sanna Outa-Ollila
Acting CEO, Dovre Group Plc
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. The estimated sales for the Group in 2024 were approximately 99 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 farm (Lapua), and Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo. Website: www.suvic.fi
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Inside information February 26, 2025, at 9 pm
Dovre’s subsidiary Suvic Oy Receives Notice to Proceed and Begins Construction of a 100 MWp Solar Park in Eurajoki
Suvic, a subsidiary of Dovre, has received a Notice to Proceed (NTP) and will commence work on the construction of a 100 MWp solar park in Luvia, Eurajoki, in accordance with the EPC contract announced earlier on January 8, 2025, at 5.15 pm. The client for the project is Alight, a Swedish solar power developer and independent energy producer.
Additionally, the parties have signed an operation and maintenance (O&M) agreement for two years, with an option to extend for an additional three years.
The solar park will cover a total area of 123 hectares and will be built in two locations: the Mikola site, spanning 73 hectares, and the Murro site, near Luvia Sawmill, covering 50 hectares. The park’s capacity is equivalent to the annual electricity consumption of approximately 20,000 households. It is one of the largest solar energy parks currently under development in Finland.
The contract includes an EPC turnkey delivery for both the solar park and the substation. Construction is set to begin in March 2025, with the park scheduled for handover to the client in the autumn of 2026.
"The Eurajoki project marks the beginning of our expansion into Finland. We are pleased to be getting closer to our goal of producing renewable energy locally. The Eurajoki solar park is our most advanced project in Finland, and its rapid progress sets a positive precedent for our future projects as well," says Mia Engnes, Head of Procurement & Construction at Alight.
Suvic has extensive experience in constructing industrial-scale solar parks in Finland. The company has built a solar power plant with a production capacity of 32 MW in Lakari, Rauma, and is currently working on a plant in Lapua, which is expected to have an annual output of 80 GWh.
Suvic’s CEO, Ville Vesanen, believes that the share of solar power in Finland’s energy production will increase rapidly to several percentage points: "The significant drop in panel market prices and positive experiences with lifecycle production efficiency are accelerating the construction of solar power – as are battery energy storage systems. Alight is a new client for us, and the Eurajoki project is a fantastic endeavor that will once again take renewable energy production a significant step forward."
Suvic’s COO and Suvic Force Oy’s CEO, Janne Räisänen, is also pleased that the agreement provides continuity for Suvic Force’s employment contracts within the group: "We currently have around 120 installers on our payroll, and we have, of course, aimed to secure projects that allow us to retain them. We believe that directly employing personnel within the subsidiary has been the right choice, as it has enabled us to ensure workforce expertise, commitment, and improved occupational safety."
For further information, please contact:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi
Sanna Outa-Ollila
Acting CEO, Dovre Group Plc
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Meredith Popolo
Communications Director, Alight
Tel. +46 70-961 1583
meredith.popolo@alight-energy.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. The estimated sales for the Group in 2024 were approximately 99 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 farm (Lapua), and Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo. Website: www.suvic.fi
At Alight, we’re on a mission to kick carbon off the grid by helping energy-intensive businesses switch to solar. We develop, own and operate onsite and offsite solar projects across Europe and sell the clean energy to businesses at a low, fixed cost backed by a power purchase agreement (PPA), always independent of government funding or subsidies. By 2030, we aim to have an installed capacity of at least 5 GW, paving the way for a more sustainable future.
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Inside information February 26, 2025, at 11.30 am
Dovre Group publishes preliminary financial information concerning the businesses sold to NYAB AB
Dovre Group completed the sale of its Project Personnel and Norwegian Consulting businesses to NYAB AB on January 2, 2025. To facilitate NYAB AB’s release of pro forma financials of the NYAB AB group including the sold businesses, Dovre releases preliminary and unaudited financial information concerning the same.
As described in our Stock Exchange Release on January 2, 2025, the preliminary purchase price was determined as follows:
The preliminary purchase price paid on closing was approximately 35.3 MEUR. The preliminary purchase price was determined on the basis of the estimated FY2024 adjusted EBIT of the sold businesses of 4.3 MEUR (as estimated on 20 November 2024) multiplied by 7 plus compensation for estimated net cash and adjustment for the estimated working capital position as of 31 December 2024 (as estimated on the basis of the pro forma financials as at 30 November 2024).
The key financial figures presented below concern the sold businesses, i.e. global Project Personnel and the Norwegian Consulting business. We want to highlight that the figures presented here are not identical with the ones that are used in determining the above-mentioned purchase price. Firstly, the purchase price calculation is based on entity level figures of the sold entities and does not include group level IFRS adjustments. Secondly, there are also some administrative cost elements taken into account in the adjusted EBIT used in determining the purchase price, which do not affect the figures below.
The Pro Forma figures presented simultaneously by NYAB differ from those below particularly because these figures are IFRS adjusted.
| Sold businesses 2024 | |
| Revenue, EUR thousand | 112,460 |
| EBITDA, EUR thousand | 4,911 |
| Operating profit (EBIT), EUR thousand | 4.281 |
| EBIT margin | 3.8% |
| Net profit, EUR thousand | 3.846 |
The sold businesses are classified in the financial statement 2024 by Dovre Group as assets held for sale and discontinued operations according to IFRS 5. This means that in the consolidated profit and loss statement 2024 the net profit from the discontinued operations will be presented on a single line below the result of the continued operations. The previous year figures will also be adjusted accordingly. In the company’s consolidated balance sheet 2024, the assets and liabilities of these discontinued operations will also be presented separately on single lines.
For more 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. The estimated sales for the Group in 2024 were approximately 99 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Dovre Group Plc Inside information February 3, 2025, at 3.15 pm
Profit warning: Dovre Group Plc adjusts its guidance for 2024
Dovre Group Plc raises its 2024 guidance for net sales and operating profit.
New guidance for 2024: Dovre Group’s revenue is expected to be approximately 99 MEUR and the operating profit (EBIT) is expected to be approximately -12 MEUR.
Previous guidance for 2024 (released December 23, 2024): Dovre Group’s revenue for the retained business is expected to be in the range of 88-93 MEUR and the operating profit (EBIT) is expected to be between -13 and -15 MEUR.
The raised guidance is based on non-audited preliminary figures, and it is due to a faster-than-expected completion rate in some of Suvic’s projects. The increased revenue recognition leads to a corresponding increase in the operating profit.
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 estimated sales for the Group in 2024 are approximately 99 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Oy
Major media
www.dovregroup.com
Dovre Group Plc Press release January 22, 2025, at 2.30 pm
Dovre Group acquires 100% of Renetec Oy
Dovre Group has acquired the shares previously owned by minority shareholders of Renetec Oy. These shares have controlled about 42.8% of the ownership of Renetec. The transaction has been completed. After the transaction, Dovre Group owns 100% of the company’s shares. Based on agreement between the parties, the purchase price is not disclosed.
Renetec specializes in the development of solar park projects, including land acquisition and securing electrical connection points. The company’s portfolio includes several 10-20 MWp solar projects nearing Ready-to-Build (RTB) status, making them commercially viable. All projects are strategically located near electrical grid connection points and include the necessary permits and agreements.
During the year Renetec intends to expand its development portfolio to include Battery Energy Storage System (BESS) projects. The BESS installations can either co-locate with the solar parks or be fully independent sites with their own electrical grid connection points.
"Renetec’s business sits at the core of Dovre Group’s strategy. Its employees are experts in renewable energy project development, and I am proud to welcome them as an integral part of the group. Many of the company’s projects will reach construction readiness in the first half of the year, and we are eager to explore opportunities to hand them over to new owners for implementation", says Sanna Outa-Ollila, Acting CEO of Dovre Group.
For further information, please contact:
Sanna Outa-Ollila
Acting CEO, Dovre Group Plc
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. The estimated sales for the Group in 2024 are 88–93 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Inside information January 8, 2025, at 5.15 pm
Dovre's subsidiary Suvic Oy has signed a conditional EPC contract for the construction of a 100 megawatt-peak solar park in Finland
Suvic has signed a conditional contract for the construction of a 100 MWp solar park in Finland. The agreement is conditional upon the “Notice to Proceed” (NTP), expected in late February 2025. The value of the contract is approximately €55 million.
The contract covers the EPC project for the solar park and substation on a turnkey basis. Construction is estimated to begin in March 2025, and the park will be handed over to the client during the autumn of 2026.
Suvic has strong experience in building industrial-scale solar parks in Finland. The company has constructed a 32 MW solar power plant in Lakari, Rauma, and is currently working on a solar plant in Lapua, which will produce 80 gigawatt-hours annually.
More information:
Ville Vesanen
CEO, Suvic Oy
Tel. +358 44 328 9928
vve@suvic.fi
Sanna Outa-Ollila
Acting CEO, Dovre Group Plc
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. The estimated sales for the Group in 2024 are 88–93 MEUR and it employs approximately 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 Prime Capital’s Sandbacka wind farm (Uusikaarlepyy and Vöyri), 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 farm (Lapua), and Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo. Website: www.suvic.fi
DISTRIBUTION:
Nasdaq Helsinki
Major media
www.dovregroup.com
Dovre Group Plc Stock Exchange Release January 2, 2025, at 4.15 pm
Change in Dovre Group’s Executive Team
Stein Berntsen, President of Business Area Consulting, has announced his resignation from the Dovre Group Executive Team. Earlier today Dovre Group has announced the closing of the transaction in which Dovre sold its Project Personnel and Consulting Norway businesses to NYAB AB. Mr. Berntsen will follow the sold business and will assume a new role within NYAB AB.
“On behalf of the Board of Directors, I want to thank Stein for his many years of service and dedication in developing Dovre Consulting in Norway into an award-winning business entity in its own right. We wish him continued success as part of NYAB,” says Svein Stavelin, Chairman of the Board of Directors of Dovre Group.
Going forward, the executive team of Dovre Group consists of Acting CEO Sanna Outa-Ollila and CFO Hans Sten.
For more 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. The estimated sales for the Group in 2024 are 88–93 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
Distribution:
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Etra Capital | 28.02.2025 | 17.9% | 17.9% |
| Joensuun Kauppa Ja Kone | 28.02.2025 | 10.9% | 10.9% |
| Koskelo Ilari | 28.02.2025 | 5.9% | 5.9% |
| SEB | 28.02.2025 | 2.2% | 2.2% |
| Seppo Siik | 28.02.2025 | 2% | 2% |
| K22 Finance | 28.02.2025 | 1.9% | 1.9% |
| Kari Heikki Ilmari Kakkonen | 28.02.2025 | 1.8% | 1.8% |
| Pekka Mäkelä | 28.02.2025 | 1.7% | 1.7% |
| Kari Paasi | 28.02.2025 | 1.6% | 1.6% |
| Rauni Siik | 28.02.2025 | 1.5% | 1.5% |
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Company Facts
Guidance
2024 revenue for the retained business is expected to be ca. EUR 99m and EBIT to be ca. EUR -22m
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