Sitowise’s Financial Statements Release 2025: Net sales returned to growth in the fourth quarter

Sitowise Group Plc, Financial Statement Release, 1 January – 31 December 2025, 11 February 2026 at 8:30 am EET

This release is a summary of Sitowise Group’s financial statements release January–December 2025. The complete financial statements release is attached, and also available on the company’s website at www.sitowise.com/investors/reports-and-presentations

October–December in brief

  • Net sales increased by 3.0% to EUR 50.2 (48.8) million.
  • Organic net sales growth was positive at 1.2% (-9.4%).
  • Adjusted EBITA totaled EUR 2.2 (1.2) million, or 4.4% (2.4%) of net sales.
  • Operating result was EUR -38.8 (-0.4) million, or -77.2% (-0.7%) of net sales. Without the goodwill impairment related to the Swedish business recorded during the review period, the operating result would have been EUR 0.8 (-0.4) million.
  • Cash flow from operating activities before financial items and taxes increased to 14.1 (10.9) million euros.
  • Utilization rate improved to 74.2% (72.5%).

January–December in brief

  • Net sales decreased by 2.2% to EUR 188.6 (192.9) million.
  • Organic net sales growth was negative at -2,2% (-10.1%).
  • Adjusted EBITA was EUR 8.9 (9.6) million, or 4.7% (5.0%) of net sales.
  • Operating result decreased to EUR -37.5 (2.5) million, or -19.9% (1.3%) of net sales.
  • Cash flow from operating activities before financial items and taxes was 18.8 (21.5) million euros.
  • Utilization rate was 73.3% (72.6%).
  • Order book increased by 1.2% to 152 (151) million euros.
  • Leverage (net debt / adjusted EBITDA) was 4.9x (5.0x).
  • The Board of Directors proposes to the Annual General Meeting, planned for 26 March 2026, that no dividend be paid for the financial year 2025.

The figures in the financial statements release are unaudited. Comparative figures for the corresponding period of the previous year are in brackets. The figures disclosed in the report are rounded so the sum of individual figures can deviate from the reported sum. This report has been published in Finnish and English. If there are any differences between the English translation and the original Finnish version, the Finnish report shall prevail.

 Key figures

EUR million
10-12/2025
10-12/2024
Change, %
1-12/2025
1-12/2024
Change, %
FINANCIAL
Net sales
50.2
48.8
3.0%
188.6
192.9
-2.2%
   Organic growth, %
1.2%
-9.4%
-2.2%
-10.1%
EBITA, adjusted
2.2
1.2
84.6%
8.9
9.6
-7.2%
   % of net sales
4.4%
2.4%
4.7%
5.0%
EBITA
1.8
0.9
95.9%
6.2
7.4
-17.1%
Operating result
-38.8
-0.4
-10841.6%
-37.5
2.5
-1617.8%
   % of net sales
-77.2%
-0.7%
-19.9%
1.3%
Result for the period
-39.9
-1.6
-2345.5%
-42.4
-2.7
-1465.6%
Cash flow from operating activitiesbefore financial items and taxes
14.1
10.9
28.5%
18.8
21.5
-12.5%
Net debt
46.3
52.6
-12.0%
Net debt / EBITDA, adjusted
4.9x
5.0x
Equity ratio, %
33.4%
43.2%
Earnings per share (EPS), EUR
-1.11
-0.05
-2345.5%
-1.18
-0.08
-1465.6%
OPERATIONAL
Number of full-time employees
1,684
1,772
-4.9%
1,722
1,854
-7.1%
Utilization rate
74.2%
72.5%
73.3%
72.6%
Number of working days
63
62
250
251
Order book at the end of period
152
151
1.2%
152
151
1.2%

CEO Anna Wäck: Strong quarter in Infra, improving performance in other business areas

Sitowise’s market environment remained challenging in the final quarter of the year. I am pleased that despite this, we succeeded in returning our net sales to growth and improving our utilization rate, profitability, and order book compared to the previous year.

Net sales increased to EUR 50.2 (48.8) million. The growth was driven by the Infra business, which delivered exceptionally strong organic growth of over 11 percent, supported by various rail transport projects as well as green transition and industrial projects. Net sales in Digital Solutions business declined due to lower project business volumes, but profitability remained reasonably good as the fast-growing product business supported its development. In the Buildings and Sweden business areas, the decline in revenue slowed clearly from previous quarters, and profitability improved significantly from the comparison period.

Sitowise’s adjusted EBITA margin rose to 4.4 (2.4) percent. The utilization rate improved across all business areas, especially in Sweden and Infra. Profitability was burdened by the overall low volumes, tight price competition, and certain isolated write-downs related to suspended projects in the Buildings business. Operating cash flow increased from the comparison period, and cash reserves were at a good level at year-end. Our gearing ratio was 4.9x (5.0x). The period’s result and earnings per share were strongly impacted by the goodwill impairment recorded in December related to acquisitions completed in Sweden between 2019–2023.

In the final quarter of 2025, our focus remained on active customer work and sales. All business areas saw higher order intake compared to the same period last year. The most significant wins during the quarter included the design work for the construction phase of the Vantaa light rail in Infra and a ten-year agreement with the City of Gothenburg for control and monitoring systems in the tramway infrastructure in Digital Solutions. Strengthened sales and the operational improvements made in the business areas provide a foundation for the gradual profitability improvement also in 2026.

Based on my first weeks as CEO, I can say that Sitowise has the expertise, opportunities, and ambition to succeed. We are a strongly people-centric expert organization with an exceptional ability and opportunity to influence society. Our design work improves everyday life in cities and mobility, strengthens critical infrastructure across the Nordics, and supports the more sustainable use of natural resources. It is a privilege to lead an organization that makes such a concrete impact on people’s lives and the environment.

Our most important priorities for 2026 are the turnaround of the Swedish business and the improvement of the Group’s overall profitability, strengthening the company’s competitiveness and market position, and leveraging the ongoing technological transformation. Our goal is to accelerate growth in our strategic customer segments — industry, data centers, and energy — and to speed up the adoption of new technology in design and innovation. In doing so, we will ensure that Sitowise continues to evolve as an agile, reliable and preferred partner for our customers.

Outlook and guidance

Outlook for the year 2026 

The long-term growth in the demand for design, consulting, and digital services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, digitalization, and security.

We expect the technical consulting market environment to remain mixed in 2026. Good demand for services related to green transition, security, and digitalization will support business performance especially in the Infra and Digital Solutions business areas. In the Buildings business area, there have been signs of moderate recovery in the construction market, but we expect the construction market recovery to be slow and materialize on a larger scale only in 2027. In the Sweden business area, Sitowise has taken decisive improvement measures and expects these to gradually enhance performance. Achieving a profitability turnaround in Sweden primarily requires increasing net sales. There is uncertainty related to the timing of the Swedish construction market recovery, but we expect it to take place in 2026.

At the end of December, order book were at a good level in the Infra and Digital Solutions businesses. In the Buildings and Sweden business areas, order books remained at low levels.

In addition to the market development, cost inflation (e.g., relating to salary increases), potential currency fluctuations (EUR/SEK) and Sitowise’s financing expenses are expected to impact the company’s financial performance in 2026. In 2026, there will be one working day more in Finland and two days more in Sweden compared to 2025 (even number of working days in Q1, Q2 and Q3 in both countries and +1 day in Q4 in Finland and +2 days in Q4 in Sweden).

Market outlook and current profitability

Share of net sales
Market outlook
Current profitability
Infra
40%
Stable
Above target
Buildings
26%
Weak (improving)
Negative
Digital Solutions
19%
Stable
In line with target
Sweden
15%
Weak (improving)
Negative
Period:
Q4 2025
Next 12 months
Q4 2025
Definitions:
% of consolidated net sales
Strong / Stable / Weak
Adj. EBITA-%: Above: >12%;
In line: 10-12%; Below: 5-10%;
Clearly below: 0-5%; Negative <0%

No guidance issued for 2026

Due to the unpredictable timing of construction market recoveries both in Finland and Sweden there is significant uncertainty related to Sitowise’s net sales development in 2026. Therefore, Sitowise has decided not to give net sales and profitability guidance for 2026. 

Significant events after the review period

Changes in the Company’s Management

M.Sc. (Econ.) Sanna Sormaala started as Sitowise’s CFO and a member of the Group Management Team on 7 January 2026.

Sitowise’s CEO Heikki Haasmaa resigned from his position on 12 January 2026. M.Sc. (Econ.) Anna Wäck was appointed the company’s new CEO as of 19 January 2026, and M.Sc. (Tech.) Jannis Mikkola was appointed Deputy CEO and EVP Technical consulting as of 19 January 2026.

Mikko Korhonen was appointed the company’s Chief Technology Officer (CTO) and a member of the Group Management Team as of 1.3.2026. He success Sitowise’s CIO Turo Tinkanen, who resigned from his position in October 2025.

Elina Väistö was appointed on 21 January 2026 as Head of Sitowise’s Infrastructure business area and a member of the Group Management Team as of 26 January 2026. She succeeds Jannis Mikkola in this role. Sami Lankiniemi was appointed on 21 January 2026 as Head of Sitowise’s Digital Solutions business area and a member of the Group Management Team as of 26 January 2026. He succeeds Anna Wäck in this role.

Timo Räikkönen, SVP, Buildings Business Area and member of the Group Management Team, left his position on 26 January 2026. The search for his successor has begun, and Jannis Mikkola, EVP Technical consulting at Sitowise, will temporarily assume the duties of SVP, Buildings Business Area.

After the appointments, the composition of Sitowise Group’s Management Team is as follows as of 1 March 2026:

  • Anna Wäck, CEO
  • Jannis Mikkola, Deputy CEO and EVP Technical consulting, interim SVP Buildings Business Area
  • Elina Väistö, SVP, Infra Business Area
  • Sami Lankiniemi, SVP, Digital Solutions Business Area
  • Daniel Doeser, EVP, Sweden Business Area
  • Taija Lehtola, CHRO
  • Sanna Sormaala, CFO
  • Mikko Korhonen, CTO

Flagging notifications

On 15 January 2026, Sitowise Group Plc received a flagging notification stating that the direct holding of Paradigm Capital Value Fund SICAV in the Company’s shares and voting rights had exceeded 25.00 percent and risen to 25.59 percent.

Espoo, 11 February 2026

Sitowise Group Plc

Board of Directors

Additional information

Anna Wäck, CEO, anna.wack@sitowise.com, tel. +358 40 670 8282
Sanna Sormaala, CFO, sanna.sormaala@sitowise.com, tel. +358 50 452 5498
Mari Reponen, Head of IR, mari.reponen@sitowise.com, tel. +358 40 702 5869

Webcast for analysts, media and investors

Sitowise’s Q4 2025 earnings webcast will be held today, 11 February 2026 at 12 pm EET. The webcast can be accessed either live or as a replay available at https://rajucast.tv/en/sitowise/sitowise-q4-2025-result-webcast/

Financial calendar and Annual General Meeting 2026

The planned publication dates for Sitowise Group Plc’s financial reports are as follows:

  • Annual Review, incl. the Report of the Board
    of Directors and Financial Statements                  4 March 2026
  • Interim Report for January–March 2026:              6 May 2026
  • Half-year Report for January–June 2026:             12 August 2026
  • Interim Report for January–September 2026:      5 November 2026

The financial reports are planned to be published at 8.30 a.m. (EET/EEST). Sitowise observes a silent period of 30 days prior to publishing financial reports.

Sitowise Group Plc's Annual General Meeting (AGM) 2026 is planned to be held on Thursday 26 March 2026. The Board of Directors will summon the AGM later.

Distribution

Nasdaq Helsinki Ltd
Key media
www.sitowise.com

Sitowise in brief

Sitowise is a Nordic expert in the built environment and forestry with a strong focus on digitality. We provide design and consulting know-how to enable more sustainable environment and smarter urban development as well as smooth transportation. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden. Global megatrends drive huge changes that require a re-evaluation of the smartness in the built environment – therefore we have set our vision to be Redefining Smartness in Cities. The Group's net sales were EUR 189 million in 2025 and the company employs approximately 1,900 experts. Sitowise Group Plc is listed on Nasdaq Helsinki under the trading symbol SITOWS.

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