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Revenue increased by 28% and profitability improved significantly – order backlog exceeded EUR 1.5 billion Interim Report 1-9/2026 SRV Group Plc 22 October 2026 Saku Sipola, President & CEO Jarkko Rantala, CFO
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3 Agenda Market overview Interim Report 1-9/2026 2 1 3 Strategy 4 Outlook 2026
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3 The recovery of the macroeconomic environment has started Sources: Ministry of Finance, Statistics Finland, Bank of Finland, Investing.com, CFCI 1/2020-9/2026 12 month Euribor (%) 20 21 22 23 24 25 26 -1 0 1 2 3 4 5 1/2020-9/2026 Consumer confidence 20 21 22 23 24 25 26 -20 -15 -10 -5 0 5 10 1/2020-9/2026 GDP volume change (%) 20 21 22 23 24 25 26 -3 -2 -1 0 1 2 3 1/2020-9/2026 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 09/2026 Total construction market (€ billion) 2026 2027 Forecast 09/26 +2.0% +4.0% Forecast 03/26 +1.5% +1.0% • The growth outlook for the Finnish economy has strengthened, supported by exports, investments and gradually recovering private consumption. The employment situation has improved, but remains weak. • Consumer confidence on the rise. • Interest rates have started to rise. • The conditions for the construction market will strengthen in 2026–2027, but the development will vary by submarket. Data centre projects will support the entire volume of construction.
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4 Non-residential construction has started to rise - the bottom in the number of real estate transactions has passed 2026 2027 Forecast 09/26 +5.0% +9.0% Forecast 03/26 +6.0% +4.5% Sources: CFCI, KTI NON-RESIDENTIAL MARKET • The contracting market is likely to remain stable, supported by public investments. The importance of demanding industrial projects and renovation is increasing. • Data centre construction is a significant growth area. • Investor demand is gradually recovering: the economic outlook is improving, the real estate market has stabilised. High yield requirements resulting from increased interest rates continue to limit the start-up of new projects, and demand is focused on selected projects. 2020-2026 (KTI) Number of real estate transactions (€ billion) 5.5 7.0 7.2 2.7 2.3 4.4 4.3 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 09/2026: Non-residential (€ billion)
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Extent: 8.000 gross m2 Schedule: July 2024 – August 2026 Contracting type: Collaborative project management contract Tampere University’s research hub Noodi, Tampere (completed) Ohkola hospital, Mäntsälä (completed) 5 € 38 m revenue NON-RESIDENTIAL: COMPLETED, ONGOING AND PROJECTS ASSESSED AS PROBABLE Nissniku multipurpose building, Kirkkonummi (ongoing) Extent: 8.800 gross m2 Schedule: June 2024 - August 2026 Contracting type: Project management contract € 54 m revenue Extent: 9.500 gross m2 Schedule: October 2025 - December 2027 Contracting type: Lifecycle project € 36 m revenue
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Extent: 14.600 gross m2 Schedule: April 2026 – January 2028 Contracting type: Development project Extent: 170.000 gross m2 Schedule: 2025-2032 (estimate) Contracting type: Collaborative project management contract over € 600 m revenue Final phase of TAYS renewal programme* , Tampere (ongoing) Meyer Turku’s HQ, Turku (ongoing) Myllypuro health and wellbeing center, Helsinki (ongoing) 6 € 38 m revenue NON-RESIDENTIAL: COMPLETED, ONGOING AND PROJECTS ASSESSED AS PROBABLE Extent: 14.000 gross m2 Schedule: July 2025 – 2027 Contracting type: Collaborative project management contract € 62 m revenue *Moved from the list of projects assessed by SRV as probable to the order backlog during the review period
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Extent: 7.000 gross m2 Schedule: Autumn 2026 - spring 2028 Contracting type: Collaborative design and build project Kouvola multipurpose arena, Kouvola (assessed probable) Kuopio’s new main police station, Kuopio (ongoing) Porthania renovation, Helsinki (assessed probable) 7 € 18 m revenue € 38 m revenue € 75 m revenue NON-RESIDENTIAL: COMPLETED, ONGOING AND PROJECTS ASSESSED AS PROBABLE Extent: 21.000 gross m2 Schedule: October 2026 - spring 2028 Contracting type: Alliance Extent: 16.800 gross m2 Schedule: Autumn 2026 - summer 2029 (estimate) Contracting type: Key project alliance *Moved from the list of projects assessed by SRV as probable to the order backlog during the review period
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8 SRV has established itself as one of Finland's leading data centre builders Data centres offer the opportunity for higher profitability than other contracting. The demanding nature of the projects and the selectivity of customers strengthen our position. We have strengthened data centre expertise and organization determinedly. Position in the market has been established. Two data centre projects on the list of projects assessed as probable. Several data centre projects in the tendering and negotiation phase. We are selective in pursuing opportunities in the market, with a focus on a controlled risk profile and profitable execution. The organizational change strengthens our ability to capitalize on the strong growth of the data centre market and supports the company's next phase of growth.
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DayOne data centre, Lahti (ongoing) LUMI AI Factory data centre , Kajaani (ongoing) 9 € 56 m revenue Extent: 7.000 gross m2 Schedule: January 2026 – spring 2027 Contracting type: Collaborative project management contract NON-RESIDENTIAL: COMPLETED, ONGOING AND PROJECTS ASSESSED AS PROBABLE Extent: Extent not to shared, agreed with the customer Schedule: May 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 Share of data centre and industrial projects in the total number of projects assessed as probable Data centre and industrial projects Other contracting projects Projects based on the in-house project development Data centre and industrial projects Other contracting projects Projects based on the in-house project development € 550 m
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10 The recovery of the residential market remains slow Sources: CFCI, Federation of Real Estate Agency, KTI, ALMA INSIGHTS RESIDENTIAL MARKET • There are signs of recovery in the investor market, but inflation and interest rate risks as well as an oversupply of rental housing maintain investor caution. Vacancy rates are starting to decline. • Consumer demand is still subdued and the prices of old apartments have fallen, but demand is recovering cautiously in the right locations. • The decline in state-subsidised housing production will support the recovery of private housing construction in the longer term. 20 21 22 23 24 25 26 27 0 4 8 12 16 CFCI’s forecast 09/2026: Residential (€ billion) 2026 2027 Forecast 09/26 -4.0 % -1.0 % Forecast 03/26 -3.0 % -1.0 % 1/2020-08/2026 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) 5.5 7.0 7.2 2.7 2.3 4.4 4.3 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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Espoon Vermonniitty for ICECAPITAL Housing Fund VII Espoo (ongoing) Pikku Apollo Raisio (assessed as probable) Espoo Mårtensbro Kajuuttakuja 5 for Asuntosäätiö, Espoo (completed) 11 € 12 m revenue € 8 m revenue € 8 m revenue RESIDENTIAL: COMPLETED, ONGOING AND PROJECTS ASSESSED AS PROBABLE Extent: 3.449 gross m2 Schedule: May 2026 – June 2027 Contracting type: Development project Extent: 35 apartments Schedule: Time of completion December 2027 Contracting type: Developer-contracted project Extent: 50 right-of-occupancy homes Schedule: Spring 2026- autumn 2026 Contracting type: Total price contract
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12 Significant profit improvement in the third quarter Revenue increased by 28 %, to € 204,6 million. Growth was driven by non-residential project management contracts led by data centre construction, lifecycle projects, and increased volumes in the residential development projects. Operative operating profit improved to € 5,3 million, even when the figures for the comparison period include relatively strong earnings from the sale of SRV Infra Oy. The order backlog increased significantly. . Revenue 544.8 m€ (489.9) Operative operating profit 5.4 m€ (3.2) Order backlog 1,536.7 m€ (931.3) The full-year result will be weighted towards the end of the year Revenue is expected to continue to grow towards the end of the year. At period end, the total value of projects assessed by SRV as probable was approximately EUR 1.2 billion. The strong order backlog and projects assessed as probable, totalling approximately EUR 2.7 billion, will support the positive earnings growth for the rest of the year, as well as for 2027. Liikevaihto kasvussa, alkuvuoden tulos vielä ennakoidusti matala Business 1-9/2026 Business growth as expected
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Strategy
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14 The implementation of our strategy has progressed and the conditions for growth have strengthened • The company's position as a leading non- residential construction builder has strengthened, especially in public sector contracting and lifecycle projects. • Data centre construction has become a significant growth area that is increasingly distinguishable from other contracting, and its growth has been supported by organizational change. • The business based on own project development is turning to growth and has retained its key role in building long-term growth. • The order backlog and the volume of projects assessed to be probable have increased, providing a strong foundation for continued business growth.
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15 SRV Corporate Executive Teams as of 1 October 2026
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We will increase the share of more profitable project types - in DC contracting, good profitability potential compensates for risks Cooperative and other contracting projects Developer- contracted residential projects Residential and non-residential development projects Key risks and need of capital Cooperative Contracting Turnkey contracting Development Developer-contracted Cost risk Shared SRV SRV SRV SRV Design risk Client Client SRV SRV SRV Capital risk, plot rotation Client Client Client SRV SRV Capital risk, sale of completed property Client Client Client Client SRV Revenue recognition principle Degree of completion Degree of completion Degree of completion Degree of completion At the time of completion, by sales rate SRV’s need for working capital Negative Negative Negative Moderate (plot reserve) Large (plot reserve + construction) Revenue and margin percentage of the same project with different project models = Revenue = Profitability = Profitability in data centre projects 16
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17 Volume of projects assessed as probable creates a strong foundation for growth Volume of projects assessed by SRV as probable (EUR million) 1100 1200 50 550 1050 350 300 Data centre and industrial projects Other contracting projects Projects based on the in-house project development Q3/2025 Q3/2026 0 250 500 750 1000 1250 1500 • EUR 0.7 billion of projects assessed as probable were entered to the order backlog during the reporting period. • Despite this, the value of projects assessed as probable increased slightly to approximately EUR 1.2 billion. ◦ Data centre and industrial projects increased to approximately EUR 550 million, driven by two new data centre projects. ◦ Other contracting projects accounted for approximately EUR 350 million. ◦ Projects based on the company’s in-house project development increased to approximately EUR 300 million.
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GREATER HELSINKI AREA TURKU JYVÄSKYLÄ TAMPERE OULU Residential (development and developer-contracted projects) approx. 397,000 floor m2 Greater Helsinki area, 283,000 floor m2 Regions, 114,000 floor m2 Non-residential (development projects) approx. 368,000 floor m2 Greater Helsinki area, 222,000 floor m2 Regions, 146,000 floor m2 In active phase a total of approx. 765,000 floor m2 A strong project development pipeline in attractive locations as an enabler of the target 18
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19 Non-financial indicators have developed positively B2B NPS (national) 50 61 78 72 72 2022 2023 2024 2025 Q3 2026 0 10 20 30 40 50 60 70 80 Employee Net Promoter Score (eNPS) 2022 2023 2024 2025 Q3 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 Q3 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% 74% 2022 2023 2024 2025 Q3 2026 —% 20% 40% 60% 80% 100% Carbon emissions from SRV's own operations (Rolling 12 months) 6,739 2,401 1,138 1,446 628 523 9,997 1,716 636 313 84 130 18.0 5.0 2.9 2.4 1.0 0.9 2021 2022 2023 2024 2025 Q3 2026 0 4,000 8,000 12,000 16,000
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Interim Report 1-9/2026
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21 Revenue and operative operating profit increased from the comparison period Revenue increased by 28 % from the comparison period. Revenue from non- residential construction increased in project management contracting, life cycle projects and other contracting, and revenue from residential construction increased in development projects. Operative operating profit was positively impacted by higher volumes than in the comparison period, coupled with an increase in the average margin. Operative operating profit, EUR million 1.3 3.6 -0.3 0.4 5.3 3Q25 4Q25 1Q26 2Q26 3Q26 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Revenue, EUR million 160 216 141 200 205 148 199 126 172 182 12 16 15 28 23 Non-residential constructionResidential construction 3Q25 4Q25 1Q26 2Q26 3Q26 0 40 80 120 160 200 240
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22 Strong financial position as an enabler of growth At the end of the review period, the Group’s financial reserves totalled EUR 129.7 (106.9) million. Cash flow from operating and investing activities totalled EUR -11.9 (7.0) million. Cash flow was impacted by seasonal fluctuations in advance payments received for construction projects. Financial reserves, EUR million 107 145 115 147 130 3Q25 4Q25 1Q26 2Q26 3Q26 0 20 40 60 80 100 120 140 160 Gearing, IFRS16 adjusted, % -17.3 -33.4 -13.7 -51.8 -41.3 3Q25 4Q25 1Q26 2Q26 3Q26 -60 -50 -40 -30 -20 -10 0 Operating cash flow after investments, EUR million 7 28 -33 87 -12 3Q25 4Q25 1Q26 2Q26 3Q26 -30 0 30 60 90 Equity ratio, IFRS16 adjusted % 50.7 49.4 51.4 42.1 42.7 3Q25 4Q25 1Q26 2Q26 3Q26 0 10 20 30 40 50 60
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23 Order backlog exceeded EUR 1.5 billion New contracts were signed for EUR 690.3 (150.1) million in July-September. The construction project for the final phase of the Tampere University Hospital renewal programme, the construction project for Kuopio police station, and the development phase of the Lyseo Upper Secondary School in Hämeenlinna were all entered into the order backlog. At period-end, the total value of projects assessed by SRV as probable* was approximately EUR 1.2 (1.1) billion. Of these, data centre and industrial projects accounted for about EUR 550 million, other contracting projects for about EUR 350 million, and projects based on the company’s in-house project development for about EUR 300 million. In addition the order backlog for service periods in lifecycle projects amounted to EUR 100.4 (104.1) million. Order backlog, EUR million 996 1049 1020 1067 1180 1053 1043 931 772 1031 1024 1537 858 937 892 920 1047 923 903 784 613 864 859 1394 137 112 129 147 133 130 139 147 159 167 165 142 Non-residential Residential 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 3Q25 4Q25 1Q26 2Q26 3Q26 0 250 500 750 1000 1250 1500 1750 *Projects that have been won or secured through pre-agreements, development agreements or letters of intent but have not yet been entered in the order backlog, as well as projects in which SRV is the sole negotiating partner. The realisation of these projects is subject to the customer’s final investment decision and/or final selection of the contractor. In addition, developer-contracted residential projects based on SRV’s own decision-making for which a decision to start construction has been made but where construction has not yet commenced.
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24 Order backlog strengthened with the Tampere University Hospital project, structure still contracting-oriented Order backlog of the non-residential construction*, EUR million 784 613 864 859 1,394 17 10 6 38 35 616 482 724 682 1,249152 121 134 139 110 Development contracting Alliance and project management contracting Life-cycle projects and others *Infrastructure construction included in the order backlog until 3Q25 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 200 400 600 800 1,000 1,200 1,400 Order backlog of the residential construction, EUR million 147 159 167 165 142 0 0 10 17 12 90 99 98 93 92 57 61 59 55 39 Development contracting / sold to investors Developer contracting Other Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 50 100 150 200 The order backlog for non- residential construction rose to EUR 1,394.3 (784.5) million. The largest project entered to the backlog was the final phase of the Tampere University Hospital renewal programme. The order backlog of residential construction decreased to EUR 142.4 (146.8) million.
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25 Apartments, under construction (pcs) 541 239 364 532 445 520 623 522 699 720 559 629 579 62 0 0 0 0 0 53 53 53 93 93 40 40 378 138 138 86 0 0 0 0 0 0 47 96 96 101 101 226 446 445 520 570 469 646 627 419 493 443 Developer contracting Development contracting/ Sold to investors Other 3Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 0 250 500 750 1000 Apartments, start-ups (pcs) 0 0 125 220 74 103 0 177 146 96 160 00 0 0 0 53 0 0 40 0 0 00 0 0 0 0 0 0 0 47 49 00 0 125 220 74 50 0 177 106 49 111 0 Developer contracting Development contracting/ Sold to investors Other 3Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 0 50 100 150 200 250 At the end of September, a total of 579 apartments were under construction. At the end of September, the number of unsold completed apartments was 113 (92). In September, a project of 50 right-of-occupancy homes was completed for Asuntosäätiö in Mårtensbro, Espoo. No new residential start-ups during the review period
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Outlook 2026
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OUTLOOK 2026 (UNCHANGED) 27 The Group’s revenue for 2026 is expected to be over EUR 800 million Revenue in 2025: EUR 705.6 million Operative operating profit is expected to be between EUR 10-20 million Operative operating profit in 2025: EUR 6.8 million
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READY FOR PROFITABLE GROWTH Market situation offers growth opportunities The Finnish economy has entered a period of clear growth. Data centres offer potential for rapid growth and higher margins than traditional contracting Demand for non-residential construction is being driven by public investments, a growing number of demanding industrial projects, and continued strong demand for renovation. . Business growth across all key indicators Our revenue increased in both residential and non-residential construction. Data centre construction plays a significant role. Operative operating profit positively impacted by higher volumes than in the comparison period, coupled with an increase in the average margin. Order backlog increased significantly. Setting sights on 2027 and 2028 Our strengthened order backlog and projects assessed as probable, totalling approximately EUR 2.7 billion, will lay a solid foundation for positive earnings growth and a good rest of the year, as well as a strong start to 2027. A strong project development pipeline in attractive locations and a gradually improving market environment support our outlook. 1. 2. 3. 28