Dovre Group (DOV1V) Q4 2025 earnings summary

Executive summary

• Suvic Oy, the largest revenue-generating subsidiary, was declared bankrupt in January 2026, resulting in Dovre Group losing control over the Suvic sub-group and its assets and liabilities being transferred to bankruptcy estates.

• Dovre Group Plc filed for debt restructuring in January 2026 due to insolvency, with proceedings commenced by court order on January 28, 2026.

• The financial statements are not prepared on a going concern basis; assets are measured at recoverable amounts, reflecting significant impairments.

• The group’s operations in 2025 were loss-making, with a strategic focus on renewable energy following the sale of Project Personnel and Norwegian Consulting businesses.

Financial highlights

• Net sales for 2025 declined by 7.5% to EUR 91.9 million (2024: EUR 99.3 million).

• EBITDA was EUR -59.3 million (2024: EUR -21.1 million); operating profit (EBIT) was EUR -66.3 million (2024: EUR -21.8 million).

• Earnings for shareholders were EUR -58.2 million (2024: EUR -8.3 million); EPS was EUR -0.496 (2024: EUR -0.078).

• Net cash flow from operating activities was EUR -2.6 million (2024: EUR -4.4 million).

• Equity at year-end was EUR -48.0 million (2024: EUR 16.6 million); equity ratio was -207.3% (2024: 18.2%).

Outlook and guidance

• No financial outlook guidance for 2026 is provided due to ongoing debt restructuring proceedings.

• The company will discontinue issuing forward-looking guidance and will not prepare a sustainability report for 2025.