SRV Yhtiöt (SRV1V) Q2 2026 earnings summary

Executive summary

• Revenue increased to €340.2 million in H1 2026, up 3% year-over-year, with Q2 revenue up 18.3% to €199.6 million and the year-end earnings outlook confirmed.

• Operative operating profit was flat at €0.0 million for H1 2026, down from €1.9 million, with Q2 at €0.4 million, due to timing of fixed costs and cautious margin recognition.

• Order backlog reached €1,023.9 million at period-end, up from €931.8 million, supported by new project wins and significant new agreements.

• Cash flow from operating and investing activities improved significantly, totaling €54.4 million for H1 2026.

• The construction market remains challenging but offers opportunities, especially in public sector demand and data centre projects.

Financial highlights

• Revenue: €340.2 million (H1 2026), €199.6 million (Q2 2026), up 18% compared to the same period last year.

• Cash flow from operating and investing activities totaled €87.1 million, up from €17.3 million.

• Financial reserves at period-end were €147.1 million, compared to €95.2 million a year earlier.

• Equity ratio (IFRS16 adjusted) stood at 51.4%; 28.5% (42.1% excl. IFRS 16).

• Gearing (IFRS16 adjusted) improved to -51.8%; net gearing 40.8% (-51.8% excl. IFRS 16).

Outlook and guidance

• Revenue for 2026 is expected to exceed €800 million, with operative operating profit forecasted between €10–20 million.

• Earnings for 2026 expected to be weighted toward the second half as new and developing projects begin to generate revenue.

• The Finnish economy is recovering, but inflation, interest rates, and geopolitical risks maintain uncertainty.