Dovre Group (DOV1V) Q4 2024 earnings summary

Executive summary

• Sold Project Personnel and Norwegian Consulting businesses to NYAB AB, completed January 2, 2025, for a preliminary price of EUR 35.3 million, with an estimated profit of EUR 5.0 million to be recognized in 2025.

• 2024 marked a strategic shift, focusing on Renewable Energy and project development, with Suvic and Renetec as core operations.

• Significant cost overruns in three Renewable Energy projects led to heavy operating losses, especially in Sweden.

• Acting CEO Sanna Outa-Ollila appointed after CEO Arve Jensen transferred to NYAB.

Financial highlights

• Net sales grew 35.2% year-over-year to EUR 99.3 (73.5) million, driven by Renewable Energy segment (+36.5%).

• EBITDA was EUR -21.1 (1.3) million; operating profit EUR -21.8 (1.1) million; profit before tax EUR -22.8 (0.2) million.

• Earnings for shareholders were EUR -8.3 (4.1) million; EPS EUR -0.078 (0.038).

• Net cash flow from operating activities was EUR -4.4 (0.1) million.

• Q4 net sales up 49.0% to EUR 27.0 (18.1) million; Q4 EBITDA EUR -17.9 (0.3) million.

Outlook and guidance

• No numerical outlook for 2025 provided; guidance to be released with Q1 trading statement due to incomplete sales cycle in Suvic.

• Future outlook may be presented as a verbal description rather than numerical guidance.