Slides
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Half - year Report 1-6 / 2026 SRV Group Plc 6 August 2026 Revenue rises , year - end earnings outlook confirmed Saku Sipola , President & CEO Jarkko Rantala , CFO SRV
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Agenda Market overview Strategy Outlook 2026 2 3 4 1 4 Half-year Report 1-6/2026
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3 Cautious signs of recovery in the macroeconomic environment Sources: Bank of Finland, Statistics Finland, Investing.com, Ministry of Finance, Confederation of Finnish Construction Industries (CFCI) , 1/2020-6/2026 12 month Euribor (%) 20 21 22 23 24 25 26 -1 0 1 2 3 4 5 1/2020-6/2026 Consumer confidence 20 21 22 23 24 25 26 -20 -15 -10 -5 0 5 10 1/2020-6/2026 GDP volume change (%) 20 21 22 23 24 25 26 -3 -2 -1 0 1 2 3 1/2020-6/2026 Five-year SWAP rate (%) 20 21 22 23 24 25 26 -1 0 1 2 3 4 20 21 22 23 24 25 26 27 0 5 10 15 20 25 30 35 40 45 CFCI’s forecast 03/2026 Total construction market (€ billion) 2026 2027 Forecast 03/26 +1,5% +1,0% Forecast 09/25 +3,5% • The Finnish economy has been clearly recovering since last autumn, but inflation, interest rate and geopolitical risks continue to maintain uncertainty. • Consumer confidence remains weak, albeit on the rise. • The construction market is expected to start to strengthen in 2026–2027, although short-term uncertainty remains high.
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4 Non-residential construction turned to a slight upturn - the bottom in the number of real estate transactions has passed Sources: CFCI, KTI NON-RESIDENTIAL MARKET • Demand in the public sector continues to support the non- residential contracting market. • In private developers' projects, data centres are a rapidly growing segment. • Investor demand for non- residential projects has gradually recovered in the wake of Finland's positive economic development. However, the instability in the energy market caused by the war in Iran and the consequent rise in interest rates will have a negative impact on investor demand. 2026 2027 Forecast 03/26 +6.0% +4.5% Forecast 09/25 +3.0% 2020-2026 (KTI) Number of real estate transactions (billion EUR) 5.5 7.0 7.2 2.7 2.3 4.4 3.4 Retail Office Industrial Hotel Public use Residential 20 21 22 23 24 25 26 0.0 2.0 4.0 6.0 8.0 20 21 22 23 24 25 26 27 0 4 8 12 16 CFCI’s forecast 03/2026: Non-residential (€ billion)
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5 Data centres offer opportunities for higher profitability Permits, starts and completions of transport buildings** Construction activities granted building permitsConstruction projects startedConstruction projects completed 2020 2022 2024 2026 0 1 2 3 4 5 6 7 *Source: Finnish Data Center Market Study and Impact Assessment Report conducted by Ramboll and commissioned by the Finnish Data Center Association and the Confederation of Finnish Industries ** Volume (million m3), rolling annual sum, Source: Statistics Finland The sharp increase in data centre construction permits is reflected in the number of permits for transport buildings: • Based on the investment decisions already made, Finland's data centre capacity is expected to grow by approximately 52% per year until 2027, after which the growth is expected to continue at an annual level of approximately 21%* • Data centre projects are large in terms of euros, technically demanding and time-critical in terms of euros, > the expertise, resources and security of supply of the construction partner are emphasized > customers are selective and there is less competition than other contracting, which strengthens the position of experienced operators • SRV is advancing selectively in the market, with an emphasis on a controlled risk profile and profitable implementation SRV's data centre projects: - LUMI AI Factory in Kajaani (2027) - DayOne in Lahti (2027) • As we gain experience, the data centre market offers an opportunity for higher profitability than traditional contracting
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Extent: 20.500 gross m2 Schedule: 2/2025- 4/2026 Contracting type: Project management contract Extensive renovation of the Pasila Government Agency Centre, Helsinki (completed) Helsinki University’s Physicum’s renovation, Helsinki (completed) 6 6 m€ revenue NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS Annex to the National Museum of Finland, Helsinki (completed) Extent: 19.000 gross m2 Schedule: 2/2025-5/2026 Contracting type: Collaborative project management contract 30 m€ revenue Extent: 5.900 gross m2 Schedule: 2/2022-5/2026 Contracting type: Senate Properties’ flagship alliance project 47 m€ revenue
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Extent: 6.500 gross m2 Schedule: 9/2025-6/2026 Contracting type: Development project Market Square Hotel, Oulu (completed) Marjoniemi Comprehensive School, Kouvola (ongoing) Meyer Turku’s HQ, Turku (ongoing) 7 20 m€ project value 33 m€ revenue 39 m€ revenue Extent: 14.600 gross m2 Schedule: 4/2026 -1/2028 Contracting type: Development project NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS Extent: 10.000 gross m2 Schedule: 3/2026 – 6/2028 Contracting type: Collaborative project management contract
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Extent: 7.000 gross m2 Schedule 1/2026 - spring 2027 Contracting type: Collaborative project management contract LUMI AI Factory data centre , Kajaani (ongoing) DayOne data centre , Lahti (ongoing) Final phase of Tays renewal programme , Tampere (upcoming) 8 54 m€ revenue 600 m€ revenue Extent: 170.000 gross m2 Schedule: 2025-2032 (estimation) Contracting type: Project management contract NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS Extent: Extent not to be shared, agreed with the customer Schedule: 5/2026 – 2027 Contracting type: Project management contract with target-price and guaranteed maximum price The project will increase the order backlog by approx. 35 % compared to Q4/2025
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Extent: 7.000 gross m2 Schedule: Autumn 2026 - spring 2028 Contracting type: Collaborative design-and build project New main police station, Kuopio (upcoming) Kouvola multipurpose arena (upcoming) Renovation and construction of Lyseo Upper Secondary School, Hämeenlinna (upcoming) 9 18 m€ revenue 21,5 m€ revenue 75 m€ revenue NON-RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS Extent: 8.470 gross m2 Schedule: Autumn 2026 - spring 2028 Contracting type: Project management contract with target-price and guaranteed maximum price Extent: 16.800 gross m2 Schedule: Autumn 2026 - summer 2029 (estimation) Contracting type: Senate Properties’ flagship alliance project
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10 Oversupply burdens the residential market Sources: CFCI, Federation of Real Estate Agency, KTI, ALMA INSIGHTS RESIDENTIAL MARKET • The residential investor market picked up in the early part of the year, especially due to large residential portfolio transactions and the partial opening of the fund market, but the risk of inflation and interest rates still has a negative impact on investor demand. • The market for development and developer-contracted residential projects continues to be burdened by an oversupply of apartments, and sales of new properties have remained very subdued throughout the first half of the year. • State-subsidised residential production has been responsible for the majority of new construction. The planned reduction of it will weaken demand in the short term and support the recovery of private residential construction in the longer term. 20 21 22 23 24 25 26 27 0 4 8 12 16 CFCI’s forecast 03/2026: Residential (€ billion) 2026 2027 Forecast 03/26 -3.0 % -1.0 % Forecast 09/25 +12,0% 1/2020-06/2026 Sales of old apartments, units 20 21 22 23 24 25 26 0 2000 4000 6000 8000 2020-2026 (KTI) Number of real estate transactions (billion EUR) 5.5 7.0 7.2 2.7 2.3 4.4 3.4 Retail Office Industrial Hotel Public use Residential 20 21 22 23 24 25 26 0.0 2.0 4.0 6.0 8.0 Number of rental listings in Etuovi.com service Helsinki Vantaa Espoo Turku Tampere 20 21 22 23 24 25 26 0 1,000 2,000 3,000 4,000 5,000 6,000
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Espoo Vermonniitty for ICECAPITAL Housing Fund VII Ky Espoo (ongoing) Espoo Mårtensbro for Espoon Asunnot Espoo (ongoing) Niittykumpu Neuvokas Espoo (completed) 11 12 m€ revenue 17 m€ revenue 13 m€ revenue RESIDENTIAL: COMPLETED, ONGOING AND UPCOMING PROJECTS Extent: 3.449 gross m2 Schedule: 5/2026 – 6/2027 Contracting type: Development project Extent: 8.845 gross m2 Schedule: 6/2026 - autumn 2027 Contracting type: Turnkey project Extent: 3.928 gross m2 Schedule: 1/2025-5/2026 Contracting type: Developer- contracted project
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12 Towards a strong end of the year As expected, the result is still low but will turn to clear growth during the rest of the year due to growing volumes and slightly better profitability. The result was weakened by the timing of the Group's fixed costs and the cautious revenue recognition margins of certain early-stage projects. Projects that have been won and are in the development phase provide a good foundation for a strong rest of the year. . Revenue 340.2 m€ (330.2) Operative operating profit 0.0 m€ (1.9) Order backlog 1,023.9 m€ (931.8) The market situation offers opportunities The construction market situation remains challenging, but it also offers opportunities. Demand in the public sector supports the contracting market, and data centres offer the potential for profitable growth. The renovation market shows growing potential. Liikevaihto kasvussa, alkuvuoden tulos vielä ennakoidusti matala Business H1 2026 Revenue rises, year-end earnings outlook confirmed
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1 0 F e b r u a r y 2 0 2 6 P r e s e n t a i o n n a m e a n d a u t h o r 13
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14 Strategy: Portfolio structure adapts to market demand To n ni a C O2 e Revenue for residential and non-residential construction, % (Rolling 12 monthts) 8% 8% 7% 8% 10% 92% 92% 93% 92% 90% Residential Non-residential 2Q25 3Q25 4Q25 1Q26 2Q26 —% 20% 40% 60% 80% 100% Revenue for project types, % (Rolling 12 months) 2% 2% 2% 2% 5% 98% 98% 98% 98% 95% Developer and development projectsOthers 2Q25 3Q25 4Q25 1Q26 2Q26 —% 20% 40% 60% 80% 100%
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GREATER HELSINKI AREA TURKU JYVÄSKYLÄ TAMPERE OULU Residential (development and developer-contracted projects) approx. 417,000 floor m2 Greater Helsinki area, 307,000 floor m2 Regions, 110,000 floor m2 Non-residential (development projects) approx. 606,000 floor m2 Greater Helsinki area, 202,000 floor m2 Regions, 404,000 floor m2 Total approx. 1,023,000 floor m2 The project development base has grown by 50% since 2023 An extensive project development pipeline enables the target portfolio
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16 Strategy: ESG indicators have developed positively B2B NPS (national) 50 61 78 72 75 2022 2023 2024 2025 Q2 2026 0 10 20 30 40 50 60 70 80 Employee Net Promoter Score (eNPS) 2022 2023 2024 2025 Q2 2026 0 5 10 15 20 25 30 35 40 Lost time incident frequency rate (LTIF, rolling 12 months) 14 14 10 11 7 9 2021 2022 2023 2024 2025 Q2 2026 0 5 10 15 20 *of taxonomy-eligible revenue Share of revenue from EU taxonomy- aligned and environmentally classified projects* 54% 67% 70% 70% 69% 2022 2023 2024 2025 Q2 2026 —% 20% 40% 60% 80% 100% Carbon emissions form SRV’s own operations (Rolling 12 months) 6,739 2,401 1,138 1,446 628 527 9,997 1,716 636 313 84 129 18.0 5.0 2.9 2.4 1.0 0.9 2021 2022 2023 2024 2025 Q2 2026 0 4,000 8,000 12,000 16,000
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Half-year Report 1-6/2026
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18 Revenue turned to growth, result still moderate Revenue increased by 18 % from the comparison period. SRV Infra Oy, which was sold in December 2025, accounted for EUR 12.5 million of revenue from non-residential construction in the comparison period. The higher volume than in the comparison period had a positive impact on operative operating profit. The result was weakened by the fact that the revenue recognition margin of certain early-stage projects is still moderate due to risk provisions, as well as the timing of the Group's fixed costs. Operative operating profit, EUR million 0.8 1.3 3.6 -0.3 0.4 2Q25 3Q25 4Q25 1Q26 2Q26 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 Revenue, EUR million 169 160 216 141 200 156 148 199 126 172 13 12 16 15 28 Non-residential constructionResidential construction 2Q25 3Q25 4Q25 1Q26 2Q26 0 40 80 120 160 200 240
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19 SRV redeemed its hybrid bonds as planned At the end of the review period, the Group's financial reserves totalled EUR 147.1 (95.2) million. Cash flow from operating activities and investing activities totalled EUR 87.1 (17.3) million. Cash flow was positively impacted by the completion of Oulu Market Square Hotel, the seasonal variation in advances received for contract production and the recognition of income from Niittykumpu Neuvokas. On 30 June 2026, SRV redeemed the convertible hybrid bonds issued in 2016 and 2018, with a total nominal value of approximately EUR 39 million. Financial reserves, EUR million 95 107 145 115 147 2Q25 3Q25 4Q25 1Q26 2Q26 0 20 40 60 80 100 120 140 160 Gearing, IFRS16 adjusted, % -13.3 -17.3 -33.5 -13.6 -51.8 2Q25 3Q25 4Q25 1Q26 2Q26 -60 -50 -40 -30 -20 -10 0 Operating cash flow after investments, EUR million 17 7 28 -33 87 2Q25 3Q25 4Q25 1Q26 2Q26 -30 0 30 60 90 Equity ratio, IFRS16 adjusted % 50.1 50.7 49.4 51.4 42.1 2Q25 3Q25 4Q25 1Q26 2Q26 0 10 20 30 40 50 60
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20 Order backlog remained strong In April-June, a total of EUR 167.5 (37.7) million in new contracts were signed. The order backlog included the new headquarters of Meyer Turku for the real estate investment company Balder, the Kouvola multi-purpose arena, 111 apartments for Espoon Asunnot in Mårtensbro, Espoo, 49 rental apartments for ICECAPITAL Housing Fund VII Ky in Vermonniitty, Espoo, and the renovation of the Hakkari school. The value of projects won or tied to pre-development/development agreements that have not yet been recorded in the order backlog is UR 1.3 (0.6) billion. In addition, the order backlog for service periods in lifecycle projects was EUR 101.0 (104.1) million. Order backlog, EUR million 993 996 1049 1020 1067 1180 1053 1043 932 931 772 1031 1024 837 858 937 892 920 1047 923 903 805 784 613 864 859 156 137 112 129 147 133 130 139 127 147 159 167 165 Non-residential Residential 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 0 250 500 750 1000 1250
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21 Order backlog structure contracting-oriented, volume of development projects growing Order backlog of the non-residential construction*, EUR million 805 784 613 864 859 5 17 10 6 38 654 616 482 724 682 145 152 121 134 139 Development contracting Alliance and project management contracting Life-cycle projects and others *Infrastructure construction included in the order backlog until 3Q25 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 200 400 600 800 1,000 Order backlog of the residential construction, EUR million 127 147 159 167 165 0 0 0 10 17 90 90 99 98 93 37 57 61 59 55 Development contracting / sold to investors Developer contracting Other Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 50 100 150 200 The order backlog for residential construction increased by EUR 858.8 (804.8) million. A significant part of the order backlog consists of a project management and alliance contracting. The order backlog of residential construction increased by EUR 165.0 (127.0) million.
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22 Apartments, under construction (pcs) 1056 541 239 364 532 445 520 623 522 699 720 559 629 62 62 0 0 0 0 0 53 53 53 93 93 40 893 378 138 138 86 0 0 0 0 0 0 47 96 101 101 101 226 446 445 520 570 469 646 627 419 493 Developer contracting Development contracting/ Sold to investors Other 2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 0 250 500 750 1000 1250 Apartments, start-ups (pcs) 239 0 0 125 220 0 74 103 0 177 146 96 160 0 0 0 0 0 0 0 53 0 0 40 0 0 138 0 0 0 0 0 0 0 0 0 0 47 49 101 0 0 125 220 0 74 50 0 177 106 49 111 Developer contracting Development contracting/ Sold to investors Other 2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 0 50 100 150 200 250 At the end of June, a total of 629 apartments were under construction. In April, SRV signed two residential project agreements: with Espoon Asunnot for the construction of a 111 rental apartment financed by Varke in Mårtensbro, Espoo, and with ICECAPITAL Housing Fund VII Ky, for the construction of 49 rental apartments in Vermonniitty, Espoo. Niittykumpu Neuvokas was completed in May. At the end of June, the number of unsold completed apartments was 117 (94). Two new residential projects were launched during the review period
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Outlook 2026
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OUTLOOK 2026 (REFINED) 24 The Group’s revenue for 2026 is expected to be over EUR 800 million Unchanged. Revenue in 2025: EUR 705.6 million Operative operating profit is expected to be between EUR 10-20 million Refined. Earlier guidance: Operative operating profit expected to exceed the 2025 level. Operative operating profit in 2025: EUR 6.8 million
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READY FOR PROFITABLE GROWTH The market situation offers possibilities as well The construction market situation remains challenging, but it also offers opportunities. In non-residential construction, demand from the public sector supports the contracting market, and data centres form a significant growth segment. We see growing potential in the renovation market. In residential construction, inflation and interest rate risks increase uncertainty, and the market will remain weak for the time being. . Revenue and profit to grow in the second half of the year As expected, the result was still low, but revenue is improving and the result will turn to clear growth during the rest of the year, as several projects won during the year and those in the development phase will start to accumulate revenue, and the average margin will improve as the structure of the portfolio changes. Confidently towards the rest of the year Our outlook is supported by a strong order and project development backlog and a stronger-than-expected recovery in the Finnish economy. We will continue to focus on high-quality customer work and high-quality construction, improving profitability and taking advantage of new business opportunities. We are well positioned to strengthen our performance and profitability in the second half of the year. 1. 2. 3. 25