Consti Plc Interim Report for January - September 2026

23.10.2026 08:30:10 EEST | Consti Oyj | Interim report (Q1 and Q3)

CONSTI PLC INTERIM REPORT 23 OCTOBER 2026, at 8.30 a.m.

Consti Plc Interim Report for January – September 2026

STABLE THIRD QUARTER, OPERATING RESULT AT A REASONABLE LEVEL

July–September 2026 in brief:

Net sales EUR 91.2 (7–9/2025: 90.8) million; growth 0.4%
EBITDA EUR 3.8 (4.0) million and EBITDA margin 4.2% (4.4%)
Operating result (EBIT) EUR 2.9 (3.1) million and EBIT margin 3.2% (3.5%)
Order backlog EUR 278.7 (239.9) million; growth 16.2%
Order intake EUR 42.0 (41.2) million; growth 1.9%
Free cash flow EUR 1.8 (3.4) million
Earnings per share EUR 0.27 (0.30)

January–September 2026 in brief:

Net sales EUR 232.3 (1–9/2025: 241.2) million; change -3.7%
EBITDA EUR 7.7 (8.1) million and EBITDA margin 3.3% (3.4%)
Operating result (EBIT) EUR 5.0 (5.5) million and EBIT margin 2.1% (2.3%)
Order intake EUR 276.1 (206.4) million; growth 33.7%
Free cash flow EUR 2.3 (5.9) million
Earnings per share EUR 0.45 (0.49)

Guidance on the Group’s business outlook for 2026 (unchanged):

Consti estimates its operating result for 2026 to be in the range of EUR 8–11 million (2025 operating result: EUR 9.4 million).

KEY FIGURES (EUR 1,000)	7–9/ 2026	7–9/ 2025	Change %	1–9/ 2026	1–9/ 2025	Change %	1–12/ 2025
Net sales	91,189	90,841	0.4 %	232,307	241,221	-3.7 %	336,219
EBITDA	3,813	4,025	-5.3 %	7,685	8,148	-5.7 %	12,969
EBITDA margin, %	4.2 %	4.4 %		3.3 %	3.4 %		3.9 %
Operating result (EBIT)	2,909	3,144	-7.5 %	4,992	5,489	-9.1 %	9,412
Operating result (EBIT) margin, %	3.2 %	3.5 %		2.1 %	2.3 %		2.8 %
Profit/loss for the period	2,192	2,363	-7.2 %	3,632	3,869	-6.1 %	6,818
Order backlog				278,697	239,908	16.2 %	208,175
Order intake	41,963	41,166	1.9 %	276,064	206,406	33.7 %	250,669
Free cash flow	1,839	3,430	-46.4 %	2,269	5,864	-61.3 %	16,761
Cash conversion, %	48.2 %	85.2 %		29.5 %	72.0 %		129.2 %
Net interest-bearing debt				-582	1,720	-133.8 %	-4,932
Equity ratio, %				40.8 %	41.8 %		43.1 %
Gearing, %				-1.3 %	3.8 %		-10.9 %
Return on investment, ROI %¹				15.5 %	15.5 %		16.0 %
Return on equity, ROE %¹				14.9 %	14.6 %		15.3 %
Number of personnel at period end				999	1,017	-1.8 %	981
Earnings per share, undiluted (EUR)	0.27	0.30	-9.0 %	0.45	0.49	-7.3 %	0.86
¹ Key figure calculated on last twelve months basis

CEO Esa Korkeela’s comment

“Our third-quarter net sales returned to modest growth, reaching EUR 91.2 (90.8) million. Our net sales increased in Housing Companies and Building Technology business areas but decreased in Corporations and Public Sector business areas. Our operating result for the third quarter was EUR 2.9 (3.1) million, or 3.2 (3.5) per cent of net sales. Our January–September net sales were EUR 232.3 (241.2) million and our operating result was EUR 5.0 (5.5) million, or 2.1 (2.3) per cent of net sales.

Projects in production during July–September progressed mainly as planned, and their profitability was largely in line with our expectations. Our profitability in the third quarter continued to be negatively impacted by the prolonged downturn in construction in the sectors relevant to Consti, as well as the allocation of resources to tendering and negotiation activities to secure our order backlog. The collaborative projects with a development phase that were booked into the order backlog at the beginning of the year did not have a significant impact on net sales or operating result during the reporting period. Our balance sheet and liquidity position remained at a good level at the end of the reporting period; our balance sheet was net debt-free at the end of September. Our strong balance sheet provides us with good financial flexibility.

In July–September, we continued our active yet disciplined tendering activities. We received new orders totalling EUR 42.0 (41.2) million in July–September, a 1.9 per cent growth compared to the reference period. Intense competition and weak demand continued to impact our order intake in the third quarter as well. The value of our new orders for January–September increased by 33.7 per cent to EUR 276.1 (206.4) million; growth was boosted by the renovation part of the Government Palace city block construction project booked into the order backlog in the first quarter.

Our order backlog at the end of the review period grew 16.2 per cent and stood at a good level of EUR 278.7 (239.9) million. However, the order backlog has a longer revenue recognition profile than before. Based on our estimates, approximately EUR 77 (81) million of the order backlog will be realised as net sales during the remainder of the year, which is a proportionally smaller share and, in absolute terms, a smaller amount than in the comparison period. Securing collaborative projects currently in the development phase for our order backlog and advancing them into the production phase is essential for the development of our net sales.

We continued to implement our strategy and take measures to ensure our operational performance during the reporting period. Our focus remained on tendering activities, production efficiency and ensuring consistent performance in project deliveries.

According to the Confederation of Finnish Construction Industries RT’s October business cycle review, overall construction activity has turned to growth. However, the recovery remains uneven. Market conditions in the construction sectors relevant to Consti remained unchanged in the third quarter. The willingness of housing companies and the public sector to undertake renovation investments remained in July–September at a reasonable level in our operating areas. Demand for new residential construction remained weak, while private real estate investment companies continued to be cautious about launching new renovation projects. Competition in the renovation construction and building technology markets remained intense. We do not expect a significant improvement in our demand outlook during 2026.

However, we believe that the prevailing market situation favours a versatile construction and building technology expert like Consti, which has a strong financial position and the ability to deliver a wide range of projects ranging from small service contracts to large construction and building technology projects. We aim to continue solid performance and focus on implementing our strategy. We are keeping our guidance unchanged; we estimate our operating result for the full year 2026 to be EUR 8–11 million (2025: EUR 9.4 million).”

Operating environment

Construction market 2026–2027

According to the Bank of Finland, Finnish economic growth has strengthened in 2026, driven by exports and non-residential investment. The Bank of Finland forecasts Finland’s GDP growth to be 1.7 per cent in 2026 and 1.6 per cent in 2027. The outlook is subject to uncertainty due to rising energy prices and accelerating inflation following the conflict in the Middle East.

In its business cycle review published in October 2026, the Confederation of Finnish Construction Industries RT estimates that the construction market will grow by 2.0 per cent in 2026 compared to the previous year. The renovation construction market is estimated to grow by 0.5 per cent in 2026, while new residential construction is projected to contract by 4.0 per cent.

In 2027, RT forecasts a 4.0 per cent growth in construction. Renovation construction is predicted to grow by 1.0 per cent in 2027, while new residential construction is projected to contract by 1.0 per cent.

According to RT, growth in construction is driven primarily by infrastructure and specialised construction, whereas the development in residential construction remains weak. Housing starts have remained below the long-term average, and although the economic upturn is improving the conditions for recovery in the housing market, demand continues to be constrained by consumer and investor caution and by the availability of financing. The renovation construction market has turned to slow growth, but high repair costs, interest rates and the availability of financing continue to constrain the recovery. The development of the renovation market is supported by a grant for renovations aimed at improving the energy efficiency of residential buildings, available for 2026–2027.

The renovation market in general

Low levels of new housing starts and the weak development of the renovation market have sustained intense competition for both renovation projects and building technology contracts. Euroconstruct estimates that residential renovation returned to modest growth already in 2025. The Confederation of Finnish Construction Industries RT estimates that pent-up need for repairs supports renovation in housing companies, but renovation projects are, however, slowed by availability of financing. Professional renovation is estimated to account for over half of residential renovation, and its proportion has been increasing.

Non-residential renovation, particularly in privately owned commercial premises, remained low, although there is a clear need for renovations and modifications. Contributing factors include rising costs, oversupply of premises, uncertainty in space utilisation, and the low volume of property transactions and related development projects. In particular, there is an increasing need for building purpose modifications due to changes in working methods and the retail sector. Many older premises also no longer meet modern requirements for user comfort.

Public sector renovation investments are expected to remain at a good level. In 2025, renovations of public facilities were particularly concentrated in the education and healthcare sectors. However, the weak financial position of municipalities and wellbeing services counties may constrain renovation activity in the coming years.

The ageing building stock, urbanisation, changes in space utilisation, and the growing importance of sustainability and the green transition are generating demand and providing a foundation for Consti’s longterm growth.

In renovation construction, demand is largely needs-driven. The need for renovation is increasing not only due to the age of buildings and repairs required as a result of climate change, but also due to societal changes such as population ageing, new requirements for space utilisation, and higher expectations regarding user comfort. Through building purpose modification projects, former office and industrial premises can, for example, be transformed into hotels or residential buildings with accessibility taken into account. In the commercial property market in particular, the EU Energy Efficiency Directive, which entered into force in 2024, and the environmental certification requirements imposed on properties are increasingly evident. Renovation construction plays a key role in reducing the carbon footprint of the built environment, as the volume of new construction increases by only around one per cent annually.

Urbanisation and the concentration of immigration to major cities mean that both new construction and renovation activity are increasingly focused on growth centres.

Outlook for 2026

Market outlook (updated)

The growth in construction is driven primarily by infrastructure and specialised construction, whereas the development in residential construction remains weak. The renovation construction market has turned to slow growth, but high repair costs, interest rates and the availability of financing continue to constrain the recovery. The willingness of housing companies and the public sector to undertake renovation investments is expected to remain at a reasonable level. Demand for new residential construction is expected to remain weak and private real estate investment companies to continue being cautious about launching new renovation projects. Competition in the renovation construction and building technology markets is expected to remain intense.

Consti does not expect a significant improvement in its demand outlook in 2026.

Business outlook (unchanged)

Consti estimates its operating result for 2026 to be in the range of EUR 8–11 million (2025 operating result: EUR 9.4 million).

Press conference

Microsoft Teams meeting for analysts, portfolio managers and media representatives will take place on 23 October 2026, at 10:00 a.m. (EEST). The meeting will be hosted by CEO Esa Korkeela and CFO Anders Löfman.

Financial communication in 2027

Consti shall publish the Financial Statements Bulletin, Half-year financial report and two interim reports in 2027:

Financial Statements Bulletin 2026 will be published on 5 February 2027

Interim report 1–3/2027 will be published on 28 April 2027

Half-year financial report 1–6/2027 will be published on 20 July 2027

Interim report 1–9/2027 will be published on 26 October 2027

The electronic version of the annual report, which includes the full financial statements for 2026, will be published in week 10/2027.

Consti Plc’s Annual General Meeting for 2027 is scheduled to take place on Thursday, 1 April 2027 in Helsinki. Consti’s Board of Directors will summon the meeting at a later date.

CONSTI PLC

Further information:

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Anders Löfman, CFO, Consti Plc, Tel. +358 40 572 6619

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2025, Consti Group’s net sales amounted to 336 million euro. It employs approximately 1000 professionals in construction and building technology.

Consti Plc share is quoted on Nasdaq Helsinki under the trading code CONSTI. www.consti.fi

Consti Interim Report 1-9 2026.pdf https://attachment.news.eu.nasdaq.com/ae646e224f6acb3366c62a386ae55dbbc