Slides
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CONSTI PLCINVESTOR MEETINGhosted by SEB25 February 2026CEO Esa KorkeelaCFO Anders Löfman
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Consti Group is the leading renovation company in FinlandSolid performance throughout uncertain market environment in 2021–2025 1 ANNUAL NET SALES (MEUR)2021–2025 DIVIDEND PER SHARE (EUR)2021–2025 ANNUAL ADJUSTED EBIT (MEUR)2021–2025 Consti Oyj / Investor Presentation289305321327336FY2021FY2022FY2023FY2024FY202525 February 20269.511.412.310.29.4FY2021FY2022FY2023FY2024FY20250.450.600.70 0.700.72*FY2021FY2022FY2023FY2024FY2025* Board of Directors’ proposal to the Annual General MeetingTSR: 34%in 2021–2025**** Total Shareholder Return (TSR) calculated by (Closing share price 2025, EUR 10.65 per share - Opening share price 2021, EUR 10.10 per share + Cumulative dividends paid 2021–2025, EUR 2.85 per share) / Opening share price 2021, EUR 10.10
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1.Highlights and Group performance 2.Cash flow and financial position3.Strategy 2024–20274.Market outlook, guidance and summary5.AppendixCONTENTS 2 25 February 2026Consti Oyj / Investor Presentation
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NET SALES:EUR 336.2mFY 2025EBIT:EUR 9.4mFY 2025NET DEBT:EUR -4.9mORD. BACKLOG:EUR 208.2mPERSONNEL:9813 FREE CASH FLOW:EUR 16.8mFY 2025EUR+9.5mEUR-7.6mEUR-31.9mNo.-31EUR-0.8mQ4/2025EUR 3.9mQ4/2025EUR 3.9mEUR+0.3mQ4/2025 EUR 95.0m Q4/2025 EUR 95.0m EUR+2.7mQ4/2025EUR 10.9mQ4/2025EUR 10.9mEUR+6.1mEUR+9.6mHighlights of FY 2025 and Q4/2025 Net sales grew, operating result at a reasonable level Consti Oyj / Investor Presentation25 February 2026
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Consti Group’s net sales overview 2021–2025Strong growth in Housing Companies business area (21.9% y-o-y), diversified customer base an advantage in prevailing market conditions 425 February 2026 1)Business area splits excluding eliminations Net sales by business area1 Net sales by geography Net sales by customer group Net sales by project / service Consti Oyj / Investor Presentation30%32%31%27%33%33%33%34%28%26%12%13%16%17%15%24%22%20%28%26%2021 2022 2023 2024 2025BuildingTechnologyPublic SectorCorporationsHousingCompanies70%75%73%74%71%17%14%14%14%13%13%11%13%12%15%2021 2022 2023 2024 2025OthersTampere &PirkanmaaHelsinki &Uusimaa21%19%17%18%18%26%25%34%33%28%20%35%27%21%17%34%22%22%28%37%2021 2022 2023 2024 2025CorporationsReal estateinvestorsPublic sectorHousingcompanies87%86%88% 88%91%13%14%12%12%9%2021 2022 2023 2024 2025ServicebusinessProjectbusiness
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20.427.329.525.215.222.526.728.821.128.832.231.526.325.632.128.120.225.525.127.416.723.425.623.39.910.014.719.816.014.215.113.010.613.413.815.014.816.217.916.918.025.724.127.919.422.922.227.5-2.4-3.4-4.3-3.9 -3.9-5.1-4.8 -4.8-2.2-3.7-2.9-2.468.975.789.986.165.582.986.092.365.684.890.895.0-51535557595115Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25 Quarterly Net sales (EUR million) Net sales continued to grow in FY 2025Growth was especially strong in the Housing Companies business area Quarterly net sales development Q1/2023–Q4/2025 (EUR m) Comments■FY 2025 net sales EUR 336.2m (326.7m), growth of 2.9% year-on-year–Housing Companies net sales EUR 113.6m (93.2m) –Building Technology net sales EUR 92.0m (95.7m)–Corporations net sales EUR 89.0m (98.1m)–Public Sector net sales EUR 52.8m (58.3m)5Housing CompaniesBuilding TechnologyCorporationsEliminationsPublic SectorConsti Oyj / Investor Presentation25 February 2026
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Regardless of the prevailing market conditions and intense competition, Consti has managed to maintain a reasonable level of profitability in 2025 Quarterly EBIT development Q1/2023–Q4/2025 (EUR m) Comments■FY 2025 EBIT amounted to EUR 9.4 (10.2) million,or 2.8% (3.1%) of net sales■Profitability negatively affected by– prolonged downturn in construction;– allocation of resources to tendering and negotiation activities to secure the order backlog; and– low level of net sales and profitability in Service business■Improved operational efficiency has reasonably successfully compensated for the effects of the prolonged downturn in constructionEBIT (EUR m, left axis)EBIT margin (%, right axis)6 FY’23 EBIT:EUR 12.3mFY’24 EBIT:EUR 10.2m Consti Oyj / Investor Presentation25 February 20260.73.04.83.90.23.03.43.6-0.12.53.13.9 1.0 %4.0 %5.3 %4.5 %0.3 %3.6 %3.9 %3.9 %-0.2 %2.9 %3.5 %4.1 %-1%0%1%2%3%4%5%6%7%8%-1012345678Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Quarterly EBIT margin (line graph) Quarterly EBIT (EUR million, bar graph)FY’25 EBIT:EUR 9.4m
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Order intake during FY 2025 EUR 250.7m (259.0m), change of -3.2% y-o-y Quarterly order intake development Q1/2023–Q4/2025 (EUR m) Comments■FY 2025 order intake EUR 250.7m (259.0m),change of -3.2% y-o-yTight competitive operating environment and weak demand continued to affect our order intake in Q4 and FY 2025■In January 2026, Consti and Senate Properties have signed a key project alliance agreement for the Government Palace city block construction project. Consti will recognize the share relating to the renovation part of the project, approximately 112 million euros, to its order backlog in Q1 2026■There are numerous collaborative projects currently in the development phase. These projects, which particularly require the contractor’s capabilities in project development and design management, are expected to support net sales in 2026 and onwards once they commence7Consti Oyj / Investor Presentation25 February 202658.6106.523.291.636.390.864.867.260.1105.141.244.3020406080100Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25 Quarterly order intake (EUR million)
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Order backlog at EUR 208.2m (240.1m) at the end of 2025 Quarterly order backlog development Q1/2023–Q4/2025 (EUR m) Comments■Year-end order backlog at EUR 208.2m (240.1m) –Year-on-year change -13.3%–In relative terms a comparable amount and in absolute terms a smaller amount of December 2025 order backlog to be recognised in revenue within the next twelve months compared to December 2024 backlog■The signed key project alliance agreement for the Government Palace city block construction project and numerous collaborative projects currently in the development phase to support order backlog once they commence8Consti Oyj / Investor Presentation25 February 2026253.8297.9247.3270.0244.4261.2250.4240.1246.4276.7239.9208.2050100150200250300350Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25 Quarterly Order backlog (EUR million)
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Number of personnel and other HR KPIsConsti employed 981 (1,012) professionals at quarter-end Average number of personnel2021–2025 9 Permanent personnel turnover ratio(% of employees leaving) Average absence rate (%) Accident rate / LTIFR(accidents per million hours worked) Consti Oyj / Investor Presentation25 February 20264103994274574525595725845865659699711 0111 0441 01702004006008001 0001 200FY2021FY2022FY2023FY2024FY2025White-collarBlue-collar17.4 %16.0 %11.2 %12.7 %13.0 %0%2%4%6%8%10%12%14%16%18%20%FY2021FY2022FY2023FY2024FY20255.9 %7.3 %5.7 %4.4 %4.5 %0%1%2%3%4%5%6%7%8%FY2021FY2022FY2023FY2024FY202515161078024681012141618FY2021FY2022FY2023FY2024FY2025
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1.Highlights and Group performance2.Cash flow and financial position3.Strategy 2024–20274.Market outlook, guidance and summary5.AppendixCONTENTS 10 Consti Oyj / Investor Presentation25 February 2026
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Excellent financial position at year-end Quarterly net debt development (EUR m)Q1/2023–Q4/2025 Comments 11 1) Net working capital calculated as follows: Inventories + Trade and other receivables + Deferred tax receivables – Trade and other payables – Advances received – Provisions Quarterly equity ratio and gearing developmentQ1/2023–Q4/2025■Q4/2025 net debt at EUR -4.9m (2.7m),of which EUR 3.1m (4.1m) attributable to IFRS 16 related lease liabilities– Net debt excluding IFRS 16 at EUR-8.0m (-1.4m)– Cash and cash equivalents EUR 19.0m (14.2m)■Q4/2025 equity ratio at 43.1% (41.3%)– Equity ratio excluding IFRS 16 at 44.4% (43.0%)■Q4/2025 gearing at -10.9% (6.1%)– Gearing excluding IFRS 16 at -17.6% (-3.3%)Consti Oyj / Investor Presentation25 February 20261.52.9-6.3 -6.0 -3.5-0.5 -0.7-1.40.31.1-1.2-8.04.24.03.65.14.84.43.84.13.32.72.93.1-10-505101520Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25IFRS 16 impact on Net debtNet debt (excl. IFRS 16 impact)35.8 %34.6 %36.1 %38.6 %40.2 %38.5 %40.9 %41.3 %42.0 %40.4 %41.8 %43.1 %15.8 %20.6 %-7.2 %-2.3 %3.1 %9.6 %7.2 %6.1 %8.3 %9.0 %3.8 %-10.9 %-20%0%20%40%60%80%100%Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Equity ratioGearing
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FY 2025 free cash flow EUR 16.8m (7.2m), 12-month cash conversion ratio 129.2% (50.5%) Quarterly free cash flow1)and EBITDA Q1/2023–Q4/2025 (EUR m) Comments■FY 2025 free cash flow EUR 16.8m (7.2m)–EBITDA amounted to EUR 13.0m (14.3m)–Cash flow impact from change in NWC EUR 5.4m (-6.6m)–Cash flow from investments in tangible and intangible assets amounted to EUR -1.8m (-1.2m)■Change in net working capital in Q4/2025 and FY 2025 was positively impacted by the improvement in the financial position of project portfolio■Rolling 12-month cash conversion ratio 129.2% (50.5%)■In the longer term 2023–2025, Consti’s cash conversion ratio at 85.8%12 1) Free cash flow means net cash flow from operating activities before financial items and taxes, less capital used for purchase of intangible assets and property, plant and equipment Consti Oyj / Investor Presentation25 February 2026-1.04.17.12.8-0.51.21.74.8-0.52.93.410.91.53.95.74.91.34.04.44.60.83.44.04.816.813.0-50510152025Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25 Free cash flow and EBITDA (EUR million)Free cash flowEBITDAFree cash flow (R12m)EBITDA (R12m)
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Reported ROI1)and Consti ROCE2)Return on capital continues to be on a good level Reported ROI1)and Consti ROCE2)Q4/2020–Q4/2025 (%) Comments■In financial years 2020–2025, Consti’s return on capital employed has exceeded 20%■Q4/2025 Consti ROCE totaled 21.3% (24.2%)– FY 2025 EBIT margin 2.8% (3.1%)■Q4/2025 Reported ROI totaled 16.0% (17.4%)131) Return on investment, ROI (%) = Profit/loss before taxes + interest and other financial expenses (R12m) / Total equity + interest-bearing liabilities (average)2) Consti ROCE = Adjusted EBIT (R12m, excl. IFRS 16) / Capital employed (R12m average), where Capital employed = Interest-bearing net debt (excl. IFRS 16) + Total equity (excl. IFRS 16)Consti Oyj / Investor Presentation25 February 202613.6 %13.1 %8.5 %9.3 %9.2 %10.1 %15.6 %15.7 %18.3 %19.3 %20.9 %23.1 %20.8 %20.6 %21.9 %18.4 %17.4 %16.9 %16.6 %15.5 %16.0 % 24.3 %25.0 %24.9 %25.2 %22.6 %21.9 %22.0 %22.4 %27.8 %29.3 %30.0 %35.3 %33.0 %31.6 %30.8 %25.6 %24.2 %22.5 %21.1 %20.5 %21.3 %0%5%10%15%20%25%30%35%40%Q4/20Q1/21Q2/21Q3/21Q4/21Q1/22Q2/22Q3/22Q4/22Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Reported ROIConsti ROCE
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1.Highlights and Group performance2.Cash flow and financial position3.Strategy 2024–2027 4.Market outlook, guidance and summary5.AppendixCONTENTS 14 Consti Oyj / Investor Presentation25 February 2026
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15 Fundamental market trendsAgeing building stockUrbanisation and changes in the use of buildingsSustainability and energy efficiencyGrowing complexity in construction and tightening legislation Consti’svision and missionGroup strategic choices and projectsFinancial targets2027Sources of competitive advantageVision: Mission:Our customer’s number one partner and expert in multiple types of constructionOur mission is to improve the value of the building stock and mitigate climate change through our excellent competence in construction and building technologyGrowth in constructionProfitable development of current business | Expansion in construction value chain | Capitalising on attractive opportunities in new construction | Strengthening special expertiseGrowth in building technology and technical real estate servicesProfitable development of current business | Strengthening broad offering of installation and technical real estate services | Offering comprehensive technical energy efficiency solutions for buildingsCustomers and partnershipsComprehensive customer understanding | Subcontractor partnerships | Consti brandOperational efficiencyProcurement development | Utilisation of digitalisation | Performance managementPersonnel and leadershipConsti Way | Development of expertise and leadership | Group-wide collaborationSustainabilityClimate change mitigation | Enhancing occupational safety and well-being at work | Developing responsible practices of the industryCustomer-centricityMeeting customer needs through the best professionals in the industryExpert in multiple types of constructionA one stop shop for all renovation and new construction solutions as well as building technologyResponsible and reliable partnerSustainability and climate change mitigation inherently at the core of the businessNet sales:~400 MEURDividend ratio: > 50 % of EPSEBIT margin:> 5%Cash conversion: > 90%Capital structure:Net Debt/EBITDA < 2.5x % Consti will grow in construction and building technology by responding to the demand created by the ageing building stock, urbanisation, and climate change 25 February 2026Consti Oyj / Investor Presentation
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Group Strategy 2024–2027 The ageing building stock, urbanisation, and climate change to create demand for construction and building technology services going forward■Growth in construction based on the development of current business operations (renovation, new construction and special contracting)■Particular focus on growing in building technology and technical real estate services■The role of M&A relevant in strengthening expertise in strategically important areas, e.g. special contracting, building technology and expansion in the value chain■In sustainability, Consti focuses on mitigating climate change16 SELECTED COMMENTS ON THE PROGRESS OF THE STRATEGY Consti Oyj / Investor Presentation25 February 2026 ■Growth not achieved due to intensified competition and prolonged weak market conditions■Progress in strengthening capabilities, e.g. expansion in construction value chain supports future growth■Growth in building technology achieved■Growth in technical real estate services not achieved■No recent activity, however, M&A continues to be an opportunity going forward supported by Consti’s excellent financial position, strong cash flow and good returns on capital ■Work in sustainability continues
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Realisation of Consti’s long-term financial targets in 2025 1725 February 2026 1) Cash conversion defined as free cash flow divided by EBITDA. Free cash flow equals operating cash flow before net financial items and taxes less investments in tangible and intangible assets 2) While taking other factors such as financial position, cash flow and growth opportunities into consideration. DividendsCapital structureCash flowProfitabilityGrowthThe Company’s aim is to distribute as dividends at least 50 percent of the Company’s annual net profit2 Net debt to adjusted EBITDA ratio of less than 2.5xCash conversion ratio exceeding 90 percent1 EBIT-margin exceeding 5 percentNet sales growing faster than the marketFY 2025 proposalFY 2025FY 2025FY 2025FY 2025Board proposes dividend of EUR 0.72 per share, or 83.5% of 2025 EPSTarget was achieved on balance sheet date 2025 (based on frozen GAAP calculation)Target was achieved in 2025EBIT margin 2.8% in 2025Efforts continue to achieve long-term financial target of EBIT >5%Euroconstructestimates that Finnish renovation decreased by 0.5% in 20252.9%2.8%129.2%-0.7683.5%Consti Oyj / Investor Presentation
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1.Highlights and Group performance2.Cash flow and financial position3.Strategy 2024–20274.Market outlook, guidance and summary5.AppendixCONTENTS 18 Consti Oyj / Investor Presentation25 February 2026
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5060708090100110120130140150Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13Jul-13Jan-14Jul-14Jan-15Jul-15Jan-16Jul-16Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26 ESI and CCI for Finland (Jan 2007 - Sep 2025)Economic Sentiment IndicatorConstruction Confidence IndicatorConstruction confidence indicator still at a low level at the end of Q4/2025 19 Economic Sentiment and Construction Confidence / Finland (2007–2025) Comments Consti Oyj / Investor Presentation – Economic Sentiment Indicator (ESI) show positive development in 2025• Driven mainly by positive development in industrial and construction confidence indicators– Construction confidence indicator (CCI) still at a low level at the end of Q4/2025• CCI shows positive development in 2025 but remains below its long-term average level• The construction confidence in Finland continues to be one of the lowest among the European Union countries25 February 2026Long-term average Long-term average Note: Mean-adjusted figuresSource: European Commission, December 2025
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25 February 202613.613.914.214.514.815.015.415.916.015.815.715.715.916.016.015.715.615.515.515.615.7 20.415.417.518.716.915.314.113.515.416.417.917.417.518.719.014.212.313.314.915.615.334.029.331.733.131.730.229.5 29.531.432.233.633.133.434.635.030.027.928.830.431.331.00510152025303540200820092010201120122013201420152016201720182019202020212022202320242025F2026F2027F2028O20 Finnish new building and renovation market development 2008–2028 (Euroconstruct)Renovation volume (real)EUR bNew building volume (real)CAGR 2023-28:0.0%CAGR2023-28:1.4% Comments +0.6% 1.2% 0.0% 0.0%0.0% ■According to the Euroconstruct’s November 2025 report, construction output is estimated to increase by around 3 percent in 2025.■Euroconstruct and Confederation of Finnish Construction Industries RT (CFCI) both estimate that renovation volume would decline by approximately 0.5 percent in 2025.■According to the Euroconstruct’s November 2025 report, new building volume is estimated to increase by 7.9 percent in 2025.■Euroconstruct estimated that new building construction output will grow by 12.4% and renovation output will remain the same level in 2026 as in 2025.■In general, renovation is more needs-oriented and less sensitive to economic cycles than new constructionSource: Euroconstruct, November 2025 Consti Oyj / Investor Presentation Estimates for construction market growth have been lowered for 2025, recovery of the market is slower than expected
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Outlook and guidance for 2026Market outlook■According to forecasts, the renovation market is estimated to return to moderate growth or stay unchanged. Euroconstruct estimates 0.0 percent change and RT estimates 0.5 percent growth in renovation in 2026.■Euroconstruct estimates residential renovation to grow by 0.8 percent and non-residential renovation to decline by 1.3 percent in 2026.■Euroconstruct estimates building construction to grow by 5.7 percent in 2026. New residential construction is estimated to grow by 15.7 percent and non-residential construction to grow by 10.7 percent.■Competition in construction and building technology market remains intense. The grounds for a turnaround in construction exist with the slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power, but the uncertainty in the operating environment weighs on the outlook.■Consti does not expect a significant improvement in the demand outlook for construction over the first half of 2026. Consti Oyj / Investor Presentation”Consti estimates its operating result for 2026 to be in the range of EUR 8–11 million.”21Business outlook25 February 2026
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Summary 22 Regardless of the prevailing market conditions and intense competition, Consti has managed to maintain a reasonable level of profitability in 2025Regardless of the prevailing market conditions and intense competition, Consti has managed to maintain a reasonable level of profitability in 2025Operating result was negatively impacted by the prolonged downturn in construction, allocation of resources in tendering and negotiation activities, and the low level of net sales and profitability in ServiceOperating result was negatively impacted by the prolonged downturn in construction, allocation of resources in tendering and negotiation activities, and the low level of net sales and profitability in ServiceFinancial and liquidity positions at an excellent level at the end of the year. Free cash flow positively impacted by the improvement in the financial position of project portfolioFinancial and liquidity positions at an excellent level at the end of the year. Free cash flow positively impacted by the improvement in the financial position of project portfolioWhile slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power bring positive signs, uncertainty in the operating environment weighs on the demand outlook for constructionWhile slowdown in inflation, the stabilisation of interest rates, and the rise in purchasing power bring positive signs, uncertainty in the operating environment weighs on the demand outlook for constructionConsti aims to continue solid performance and focus on improving operational efficiency and implementing its strategyConsti aims to continue solid performance and focus on improving operational efficiency and implementing its strategy Net sales grew, operating result at a reasonable levelNet sales grew, operating result at a reasonable level3.3.2.2.1.1.4.4.5.5.6.6.Consti Oyj / Investor Presentation25 February 2026
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1.Highlights and Group performance2.Cash flow and financial position3.Strategy 2024–20274.Market outlook, guidance and summary5.AppendixCONTENTS 23 Consti Oyj / Investor Presentation25 February 2026
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25 February 2026 Consti as an investment Attractive growth market underpinnedby structural driversFinancial profile with organic growth and strong cash flowClear strategy with a strong customer focus■Aging building stock driving need-based renovation■Climate change and energy efficiency requirements■Urbanisation and changes in working methods■Increased need for building technology and automation■Comprehensive offering including renovation and building technology, and selected new construction services■Focus on Finnish growth centres■Diversified customer base including housing companies, corporations, real estate investors and public sector■Ability to deliver projects of all sizes■Responsible company creating a clearly positive overall impact on its social and ecological environment■Growth in construction and building technology by responding to the demand created by the ageing building stock, urbanisation and climate change■Expanding value created for customers■Improving production efficiency and maintaining steady level of performance in project deliveries■Complementary acquisitions ■Stable profitability■Solid platform for growth■Asset-light business model with negative working capital and strong cash flow■High return on capital employed4123Consti is one of theleading renovation and technical services provider in FinlandConsti Oyj / Investor Presentation24
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25 February 202625Consti Oyj / Investor Presentation THANK YOU!CONSTI PLCVALIMOTIE 16FI-00380, HELSINKIBUSINESS ID 2203605-05WWW.CONSTI.FI