Financials and outlook

This section includes information on our key financial indicators, future outlook, short-term risks and uncertainties, and accounting principles.

FINANCIALS

 

Net sales

Operating profit

Key figures

OUTLOOK

 
Outlook for 2025 (published on April 29, 2025): Dovre Group’s net sales in 2025 are expected to slightly decline in comparison to year 2024. The Group’s Operating Profit (EBIT) is expected to improve significantly.

The lowered expectation for net sales is due to increased focus on improving profitability. Renewable Energy segment will put extensive focus on project selection and enabling their successful delivery.

Previous guidance for 2024 (published on March 12, 2025): Dovre Group’s revenue is expected to be approximately 99 MEUR and the operating profit (EBIT) is expected to be approximately -22 MEUR.

(Updated April 29, 2025)

SHORT-TERM RISKS AND UNCERTAINTIES

 
In the Renewable Energy business, Suvic operates on a project basis, making project-related uncertainties a critical aspect of risk management. These risks are mitigated through careful project selection, thorough project cost assessments and contract reviews, and ensuring adequate human resources for each project. The use of subcontractors at various stages of a project is common, increasing both the need for oversight and the risks related to scheduling and profitability. External factors, such as weather fluctuations or environmental changes affecting protected species in project areas, can also pose risks. Additionally, wind and solar power projects involve various contractual risks, which are primarily managed through business leadership practices, guarantees, and insurance arrangements. In Renewable Energy projects, clients typically require contractors to provide construction and warranty-period bank, or parent company guarantees.

The Consulting business generates revenue from both recurring license fees and project-based income, with risks primarily related to changes in the operating environment of client companies. While Proha and eSite’s existing business is relatively stable, growth depends on development investments in the energy sector, infrastructure construction, and manufacturing industries, as well as the demand for core business services. The risk of low demand is mitigated through enhanced sales efforts and business model development.

Dovre Group holds a minority stake in SaraRasa Bioindo Pte. Ltd. (Bioindo), a company producing pellets from wood waste. Bioindo’s production facility is located in Indonesia, a country with a high sovereign risk. Other key risks include those related to commercial agreements, particularly the procurement of raw materials and sales contracts for the final product.

Sens Storage AB and Pyhäsalmi BESS Oy are project companies developing an 85 MW battery storage facility near the former Pyhäsalmi copper and zinc mine. The project is part of Callio’s renewable energy initiative, which aims to develop additional projects in the region. Dovre Group Plc owns 45% of the shares in both project companies.

The Group’s reporting currency is the euro, with the euro and Swedish krona being the most significant currencies for its operations. While sales and related expenses are primarily in the same currency, fluctuations in exchange rates may impact both revenue and operating profit. Foreign currency assets and liabilities may also result in exchange rate gains or losses.

In addition to the risks mentioned above, an unstable geopolitical environment and uncertainty regarding construction material prices further contribute to business risk.

(Updated May 19, 2025)

ACCOUNTING PRINCIPLES

 
Dovre Group Plc reports on its financial performance in accordance with the International Reporting Standards (IFRS). The accounting principles are presented under the Group Financial Statements in the Annual Report.