SRV Yhtiöt (SRV1V) Q1 2026 earnings summary

Executive summary

• Order intake of €395.4 million in Q1 2026, the highest of the decade, lifted the order backlog above €1 billion, setting up a strong second half of the year.

• Revenue for Q1 2026 was €140.6 million, down 12.9% year-over-year, with results expected to improve later in 2026 as new projects begin to generate revenue.

• Operative EBIT was -€0.3 million, impacted by lower non-residential construction volumes, while residential construction margins improved slightly.

• Market conditions remain challenging but present opportunities, especially in public sector and data center construction.

Financial highlights

• Q1 2026 revenue was €140.6 million, down from €161.4 million year-over-year (-12.9%).

• Operative EBIT for Q1 was -€0.3 million (Q1 2025: €1.1 million); net profit was -€1.6 million.

• Order backlog at the end of Q1 was €1,030.5 million.

• Cash flow from operations and investments was -€32.7 million, impacted by seasonal business and project advances.

• Financial reserves stood at €114.6 million at quarter-end.

Outlook and guidance

• 2026 revenue is now expected to exceed €800 million, revised up from previous guidance of €650–750 million.

• Operative EBIT is forecast to surpass the 2025 level of €6.8 million.

• Earnings will be weighted toward H2 2026 as new and developing projects ramp up.

• Strong order backlog and pipeline of unbooked projects (~€1.3 billion) support a positive outlook for the remainder of 2026.