Dovre Group Oyj

ANNUAL REPORT 2024

DOVRE GROUP IN BRIEF

We are the preferred partner for Industrial scale renewable energy

development and construction. Our project management solutions

support efficient cost management of complex projects. Together

with our clients, we actively build green energy and contribute to

an environmentally and socially sustainable future.

GROUP OVERVIEW

• In 2024, the Group’s estimated net sales were EUR 99.3 million, with

approximately 200 employees.

• The Group’s parent company Dovre Group Plc is domiciled in Finland and listed

on Nasdaq Helsinki (symbol DOV1V).

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

1. DOVRE GROUP

Business areas 4

CEO’s review 6

Key figures 7

Dovre Group as an investment 8

2. REPORT OF THE BOARD OF DIRECTORS 10

Sustainability statement 17

3. SHARES AND SHAREHOLDERS 80

Key Figures by Share 84

Calculation of Key Indicators 85

4. CONSOLIDATED FINANCIAL

STATEMENTS, IFRS (*) 86

Consolidated Statement of

Comprehensive Income, IFRS 87

Consolidated Statement of Financial Position, IFRS 89

Consolidated Statement of Cash Flows, IFRS 90

Consolidated Statement of Changes

In Shareholders’ Equity, IFRS 91

Notes to the Consolidated Financial Statements, IFRS 92

1. General information 96

2. Accounting principles 96

3. Segment information 96

4. Acquisitions 97

5. Net sales 97

6. Other operating income 98

7. Material and services 98

8. Personnel 98

9. Depreciation and amortization 99

10. Other operating expenses 99

11. Financing income and expenses 99

12. Income tax 100

13. Earnings per share 101

14. Discontinued operations 102

15. Intangible assets 103

16. Goodwill 104

17. Tangible assets, leases 105

18. Leases 106

19. Inventories 106

20. Financial assets 107

21. Trade and other receivables 107

22. Shareholders’ equity 108

23. Share-based compensation 109

24. Provisions 109

25. Long-term financial liabilities 109

26. Short-term financial liabilities 110

27. Financial liabilities maturity breakdown 110

28. Trade and other liabilities 110

29. Changes in liabilities arising from

financing activities 111

30. Financial risk and capital structure

management 112

31. Commitments and contingent liabilities 114

32. Subsidiaries 114

33. Related party transactions 115

5. FINANCIAL STATEMENTS

OF THE PARENT COMPANY, FAS (*) 116

Dovre Group Plc’s Income Statement, FAS 117

Dovre Group Plc’s Balance Sheet, FAS 118

Dovre Group Plc’s Cash Flow Statement, FAS 119

Notes to Dovre Group Plc’s Financial Statements, FAS 120

INDEX

(*) PART OF THE AUDITED

FINANCIAL STATEMENTS

1. Accounting principles 120

2. Net sales 120

3. Other operating income 121

4. Material and services 121

5. Employee benefits expense 121

6. Depreciation and amortization 121

7. Other operating expenses 121

8. Financing income and expenses 122

9. Income taxes 122

10. Intangible assets 122

11. Tangible assets 123

12. Investments 123

13. Non-current receivables 124

14. Current receivables 124

15. Shareholders’ equity 125

16. Non-current liabilities 125

17. Current liabilities 125

18. Commitments and contingent liabilities 126

6. SIGNATURES FOR THE FINANCIAL

STATEMENTS (*) 127

7. AUDITOR’S REPORT 128

8. CORPORATE GOVERNANCE

STATEMENT 134

9. INVESTOR RELATIONS 143

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

BUSINESS AREAS

RENEWABLE ENERGY

Dovre Group’s Renewable Energy business segment

accounts for approximately 98% of the company’s revenue,

primarily driven by the Suvic sub-group. Suvic specializes

in the construction of large-scale wind and solar farms, as

well as energy-efficient heat recovery facilities. Renetec Oy,

established in 2023, focuses on the development of solar

park and energy storage projects.

PROJECT MANAGEMENT CONSULTING AND

VIRTUAL REALITY SOLUTIONS

Our consulting segment comprises Proha Oy and eSite.

Proha provides cost-effective project portfolio and indi-

vidual project management solutions, with experienced

consultants supporting clients in optimizing project man-

agement processes. eSite offers industrial virtualization

solutions, enabling remote site visits and detailed modifi-

cation and maintenance planning, thereby eliminating the

need for on-site presence at production facilities.

RENEWABLE

ENERGY

CONSULTING

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

SUSTAINABILITY AS A DRIVER FOR SUCCESS

The growing demand for green energy

solutions presents significant business

opportunities for Dovre Group. The energy

transition drives increased investments

in clean and sustainable energy systems

like wind and solar power, battery storage,

green hydrogen, as well as energy efficiency

initiatives. This trend will continue as climate

change advances.

Committed to Environmental, Social, and Governance principles,

we prioritize sustainability in every project, ensuring that our

solutions benefit not only the environment but also the com-

munities we serve.

• Suvic’s innovation in construction methodology mini

mizes CO

emissions from wind turbine foundations by

reducing the amount of concrete and heavy traffic on

site.

• In our projects, we prioritize subcontractors located near

the site to support local businesses and minimize emis

sions.

• Our industrial virtual reality solution eSite significantly

reduces the need for on-site visits and facilitates savings

in cost, emissions and downtime.

• Proha’s leading cost and resource management tools

drive efficiency and success in our customers’ complex

projects.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CEO’S REVIEW 2024

The year 2024 marked a period of significant

transformation for Dovre Group, positioning the

company to move forward in 2025 with a clear

focus on renewable energy construction.

Dovre Group underwent significant transformation in 2024.

The strategic divestiture of our global Project Personnel busi

ness and Norwegian consulting unit to NYAB AB marked a

pivotal shift, aligning Dovre more closely with the growing

Nordic renewable energy sector.

Following the transaction’s completion in early January

2025, Dovre Group’s core businesses are now Suvic, special-

izing in renewable energy plant construction, and Renetec,

our developer of early-stage renewable energy projects.

Meanwhile, Proha continues to provide flexible, cost-man

agement-focused project management solutions, and eSite

remains integral, delivering virtual reality solutions for indus-

trial applications.

The Renewable Energy segment achieved strong commer-

cial growth, with a 37% revenue increase; however, operational

challenges significantly impacted profitability. Difficulties

across three projects resulted in substantial operational losses

for Suvic. Specifically, a Finnish solar park project initiated in

2023 experienced considerable budget overruns, leading to

an additional EUR 5.8 million loss recognized in April 2024,

alongside a revised profit forecast.

Furthermore, two Swedish wind farm projects launched

during the year resulted in an estimated total loss of EUR

18.7 million for Suvic’s Swedish subsidiary. This loss was fully

accounted for in 2024, despite project activities extending into

spring 2025. These losses stemmed from delayed site access,

subcontractor management challenges, and cumulative delays

forcing construction under adverse winter conditions.

Such operational challenges, particularly in new project

areas, have triggered a comprehensive review and enhance

ment of management practices, project budgeting, risk

management, and organizational structure. Suvic’s senior

management will be restructured to strengthen strategic deci-

sion-making and optimize the deployment of project exper-

tise. While we recognize the opportunities within the energy

transition, we will implement more rigorous risk management

practices in future.

Renetec, established in 2023, continued to develop its

high-quality solar project portfolio, initiating permitting pro-

cesses for multiple projects expected to reach construction

readiness in 2025.

We are also releasing our inaugural sustainability report

for 2024, detailing Dovre’s sustainability initiatives and high

lighting our environmental and social impact. Sustainability

and responsibility are fundamental to our operations and busi-

ness success. For example, Suvic’s innovative wind turbine

foundations reduce energy and material use and greenhouse

gas emissions, while eSite’s virtual solutions facilitate remote

facility upgrade planning.

Entering 2025, Dovre Group is strategically focused as a

renewable energy construction company. Our primary focus

will be on large-scale projects, demanding high-quality exe

cution and profitability. We will approach this mission with

a pragmatic mindset, leveraging and further developing our

core organizational capabilities.

Sanna Outa-Ollila

CEO

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

EUR THOUSAND IFRS 2024

ADJUSTED

IFRS 2023 IFRS 2022 IFRS 2021 IFRS 2020

Net sales 99.337 73.480 202.971 142.74 4 77.474

Change,% 35.2% n/a 42.2% 84.2% -6.8%

Operating result -21.816 1.118 8.467 6.069 2.351

% of net sales -22.0% 1.5% 4.2% 4.3% 3.0%

Result before tax -22.772 220 7.428 5.610 2.168

% of net sales -22.9% 0.3% 3.7% 3.9% 2.8%

Earnings for the shareholders of the parent company -8.266 4.061 5.152 3.667 1.643

% of net sales -8.3% 5.5% 2.5% 2.6% 2.1%

Return on equity,% -25.8% 11.4% 16.4% 14.0% 6.8%

Return on investment,% -43.9% 16.0% 20.5% 17.6% 7.9%

Equity-ratio,% 18.2% 42.5% 41.6% 40.8% 53.6%

Gearing,% 48.6% 3.1% -8.8% -3.7% -10.1%

Balance sheet total 91.999 87.986 82.499 69.647 44.497

Gross capital expenditure* 363 173 175 172 8

% of net sales 0.4% 0.2% 0.1% 0.1% 0.0%

Research and development 0 0 -101 -169 155

% of net sales 0.0% 0.0% 0.0% -0.1% 0.2%

Average number of personnel 152 70 779 796 629

Personnel at end of period 221 75 728 865 610

On November 20, 2024, Dovre Group Plc entered into an agreement to sell its Project Personnel (PP)

and Norwegian Consulting businesses to NYAB AB. As of the agreement date, these businesses were

classified as assets held for sale and are reported as discontinued operations in this annual report, in

accordance with IFRS 5. The 2023 income statement has been restated for comparability, while the 2023

balance sheet and related key figures remain unchanged.

* This includes investments in intangible and tangible assets, excluding right-of-use assets.

KEY FIGURES

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Dovre Group is committed to building a sus-

tainable future by delivering high-quality

renewable energy project development and

construction expertise to its customers.

The growing need to replace fossil fuels with

renewable energy sources is driving expan-

sion across our business areas.

OUR BUSINESS IS BUILT ON TECHNICAL

INNOVATION AND TRUST

Dovre Group specializes in renewable energy construction

contracting and project development, as well as project man-

agement and industrial virtualization solutions. Our innovative

approach and deep expertise are at the core of our business

model, enabling the company’s growth and development.

In renewable energy construction, we have earned our

clients’ trust through technical excellence and strong project

execution capabilities. Our advanced design solutions reduce

the environmental impact of wind farm construction while

delivering cost savings compared to traditional methods. Sim-

ilarly, our cost management-focused project management

solutions, along with expert services, ensure the successful

execution of various investment projects. Additionally, our

industrial virtualization solutions allow clients to remotely

visit production facilities, eliminating the need for travel.

Our long-term financial success relies not only on val-

ue-added expertise but also on the development of manage-

ment models, enhanced risk management, and long-standing,

trust-based relationships with both clients and employees.

SHORT-TERM STRATEGY FOCUSED ON

IMPROVING PROFITABILITY

Following recent challenges, our Renewable Energy business

segment will focus primarily on enhancing profitability. We

plan to achieve this by:

• Strengthening Suvic Oy’s management team

• Enhancing project organization reporting capabilities

• Emphasizing risk management throughout the entire

project lifecycle

Since subcontracting is an inherent part of our operations,

we mitigate cost-related risks by working with trusted sub

contractors, ensuring reliable supplier relationships. Our

technically superior project execution and strict cost control

will enable profitability growth and value creation for our

shareholders.

We anticipate that our subsidiary Renetec’s – founded

in 2023 – first solar park projects will achieve construction

readiness in 2025. Renetec aims to fund its future growth

through the sale of ready-to-build projects and is actively

engaging with prospective buyers for project implementation.

In the coming years, rising demand for energy and the

push to transition away from fossil fuels will spur investments

in both renewable energy projects and operational models

that minimize environmental impact. To address these chal-

lenges, eSite’s industrial virtualization solutions provide tools

that optimize production facility operations and maintenance

efficiency while reducing environmental footprints.

As we move forward, we remain committed to our strat

egy of building a sustainable future, with a strong focus on

improving business profitability.

DOVRE GROUP AS AN INVESTMENT

OPERATING ENVIRONMENT AND

COMPETITIVE ADVANTAGE

The renewable energy construction sector is highly competi-

tive, demanding both successful project acquisition and skilled

personnel retention. Our reputation for high-quality project exe

cution and unique technical solutions positions us as a trusted

partner and employer in Finland and Sweden. Our established

subcontractor network and experienced talent pool provide a

significant competitive advantage, especially in Finland.

However, the Swedish market still presents operational

risks, and our focus remains on mitigating these risks to suc-

cessfully implement our proven business model in Sweden as

well.

In early-stage renewable energy project development,

our competitive advantage lies in strategic and targeted land

acquisitions. We prioritize economically viable locations with

cost-efficient project implementation. Our projects are stra-

tegically located near major infrastructure and existing grid

connection points, typically on previously cultivated land, facil-

itating straightforward construction.

WHY INVEST IN DOVRE?

We are creating shareholder value by building sustainable busi-

nesses. The growth of the renewable energy market offers

substantial business opportunities for Dovre Group.

The global energy transition is driving significant invest-

ments in clean and sustainable solutions, including wind and

solar power, battery storage, green hydrogen, and energy effi

ciency.

Dovre Group possesses a proven track record of technical

expertise, with a history of delivering profitable projects. We

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

are confident that our strategic enhancements in business

management, project selection, and reporting will ensure

consistent profitability across all projects. This positions Dovre

Group to capitalize on the expanding renewable energy mar-

kets.

Dovre Group represents a sustainable investment choice,

with 98% of our revenue generated from renewable energy

projects. We remain committed to sustainable practices that

benefit both the environment and society.

Our Strengths:

• Established market presence and strong brand

recognition in the renewable energy sector.

• Demonstrated commitment to sustainability, with 98%

revenue derived from renewable energy.

• High customer satisfaction and strong client relation

ships.

• Robust partner and subcontractor network, minimizing

reliance on individual suppliers.

• Favourable megatrends supporting long-term industry

growth.

• Potential for significant profit margin expansion

through leadership and operational optimization.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

REPORT OF THE BOARD

OF DIRECTORS

JAN. 1–DEC. 31, 2024

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

2. REPORT OF THE BOARD OF DIRECTORS 2024

KEY FINANCIAL FIGURES

EUR THOUSAND

IFRS

2024

IFRS

2023

IFRS

2022

Net sales 99.337 73.480 202.971

Change,% 35.2% n/a 42.2%

Operating result -21.816 1.118 8.467

% of net sales -22.0% 1.5% 4.2%

Result before tax -22.772 220 7.428

% of net sales -22.9% 0.3% 3.7%

Earnings for the shareholders of the parent company -8.266 4.061 5.152

% of net sales -8.3% 5.5% 2.5%

Return on equity,% -25.8% 11.4% 16.4%

Return on investment,% -43.9% 16.0% 20.5%

Equity-ratio,% 18.2% 42.5% 41.6%

Gearing,% 48.6% 3.1% -8.8%

Balance sheet total 91.999 87.986 82.499

Gross capital expenditure 363 173 175

% of net sales 0.4% 0.2% 0.1%

Research and development 0 0 -101

% of net sales 0.0% 0.0% 0.0%

Average number of personnel 152 70 779

Personnel at end of period 221 75 728

*The figures have been restated for 2024 and 2023 to reflect only continuing operations in

accordance with IFRS 5.

**Includes investments in intangible and tangible assets. The figure is presented excluding

right-of-use assets.

KEY FIGURES BY SHARE

EUR

IFRS

2024

IFRS

2023

IFRS

2022

Undiluted earnings per share attributable to owners

of the parent company (EUR) -0.078 0.038 0.049

Diluted earnings per share attributable to owners

of the parent company (EUR) -0.078 0.038 0.049

Undiluted earnings per share attributable to owners

of the parent company (EUR),

discontinued operations 0.036 0.044

Diluted earnings per share attributable to owners of

the parent company (EUR), discontinued operations 0.036 0.044

Undiluted equity per share (EUR) 0.25 0.35 0.32

Dividends EUR (1.000) 2,114 0 0

Dividend per share (EUR) 0.02 0.00 0.00

Dividend per earnings,% n/a 0.0% 0.0%

Effective dividend yield,% 8.8% 0.0% 0.0%

P/E ratio n/a 11.32 11.99

Highest share price (EUR) 0.47 0.66 0.80

Lowest share price (EUR) 0.21 0.35 0.54

Average share price (EUR) 0.34 0.50 0.64

Market capitalization (EUR million) 24.1 45.9 61.8

Value of traded shares (EUR million) 6.6 9.0 19.6

Shares traded,% 18.3% 17.0% 29.1%

Average number of shares:

Undiluted (1.000) 105.956 105.956 105.956

Diluted (1.000) 105.956 105.956 105.956

Number of shares at end of period (1.000) 105.956 105.956 105.956

Calculation formulas for key figures on page 85.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

KEY EVENTS IN 2024

SIGNIFICANT STRUCTURAL CHANGE IN DOVRE GROUP

On November 20, 2024, Dovre Group Plc signed an agreement to sell its entire Project Personnel

(PP) business and Norwegian Consulting business to the Swedish company NYAB AB. The trans-

action required shareholder approval, and an extraordinary general meeting (EGM) was held

on December 16, 2024. The EGM approved the sale, which was completed on January 2, 2025.

From the signing date, the company classified the businesses involved in the transaction as

assets held for sale, and accordingly, they are reported in this annual report under discontinued

operations in compliance with IFRS 5. The income statement for the fiscal year 2023 has been

restated to ensure comparability; however, the balance sheet for fiscal year 2023 and related

key figures have not been restated.

The gain from the business divestment will be presented as a single-line item in the finan

cial statements for fiscal year 2025, following the result from continuing operations. Based

on the preliminary transaction price (EUR 35.3 million as disclosed on January 2, 2025), the

estimated gain, net of transaction-related costs, is approximately EUR 5.0 million. It should be

noted, however, that determination of the final transaction price remains ongoing at the time

of signing this financial statement.

NEW PROJECTS

On January 31, 2024, Suvic Oy’s Swedish subsidiary, Suvic AB, announced receiving a Notice

to Proceed for the construction of the Storhöjden wind farm. With this notice, the conditional

agreement for a 22-turbine wind park located in Kramfors municipality, previously announced

on December 20, 2023, was realized into a Balance-of-Plant (BoP) contract.

On April 5, 2024, Suvic Oy announced that its subsidiary Suvic AB received a Notice to

Proceed for the Vitberget wind farm. Vitberget’s 24-turbine wind farm is part of the High Coast

project, which also includes the Storhöjden wind farm. This project’s conditional agreement

was also announced on December 20, 2023.

On March 20, 2024, the joint venture of Tricon and Suvic announced the construction of

a heat pump facility in Espoo’s upcoming data center area, which will collect waste heat for

Fortum’s district heating network.

On December 13, 2024, Suvic announced a BoP contract for the Vinliden North and South

wind farms, located in Lycksele municipality in northern Sweden. The wind farms comprise a

total of 11 wind turbines, with four turbines at Vinliden North and seven turbines at Vinliden

South. The contract will be executed by Suvic Oy’s wholly-owned Swedish subsidiary, Suvic AB.

NET SALES

NET SALES IN JANUARY–DECEMBER

Dovre Group’s comparable net sales from January to December grew significantly by 35.2%

year-on-year, totaling EUR 99.3 (73.5) million. Renewable Energy’s net sales increased by 36.5%,

while Consulting’s net sales declined by 8.2%. The notable growth in Renewable Energy was

driven by the expansion of operations into the Swedish market.

Renewable Energy accounted for 98% (97%)* of net sales, while Consulting represented

2% (3%)*.

NET SALES BY REPORTING SEGMENT

EUR MILLION 1–12/2024

ADJUSTED

1–12/2023 CHANGE %

Renewable Energy 97.4 71.4 36.5

Consulting 1.9 2.1 -8.2

Group total 99.3 73.5 35.2

NET SALES BY MARKET AREA

EUR MILLION 1–12/2024

ADJUSTED

1–12/2023 CHANGE %

Finland 54.5 73.5 -25.8

Sweden 44.8 0

Group total 99.3 73.5 35.2

Dovre Group’s market areas are:

• Finland

• Sweden

*The figures in parentheses are comparison figures from the previous year.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

PROFITABILITY

PROFITABILITY IN JANUARY–DECEMBER

The Group’s EBITDA was clearly negative at EUR -21.1 (1.3) million during the fiscal year. The

Group’s operating result was EUR -21.8 (1.1) million. Renewable Energy’s operating result was

EUR -21.1 (1.8) million, while Consulting reported an operating profit of EUR 0.3 (0.1) million.

The operating result for Other Operations was EUR -1.0 (-0.7) million.

The substantial losses in operations resulted from significant cost overruns in three sepa

rate projects managed by the Suvic subgroup. The first significant overrun occurred in spring

2024. The total loss of this project was EUR 9.2 million, of which EUR 3.4 million had already

been recorded in fiscal year 2023. Cost overruns in the other two projects occurred during the

final quarter in Sweden, resulting in recorded losses of approximately EUR 8.7 million and EUR

10 million, respectively. These two projects were not yet complete at year-end, but the losses

recorded in 2024 are expected to cover all costs required to complete them.

In 2024, Dovre’s other operating income amounted to EUR 0.0 (0.1) million. Materials and

services increased to EUR 104.1 (62.6) million. Personnel expenses rose by 74.2% to EUR 10.8

(6.2) million. In addition to business growth, the sharp increase in personnel expenses resulted

from the extensive use of services provided by the Group’s own staffing subsidiary, Suvic Force

Oy, established during the fiscal year, instead of external subcontractors in the Renewable

Energy segment. Other operating expenses grew to EUR 5.6 (3.4) million.

EBITDA

EUR MILLION 1–12/2024

ADJUSTED

1–12/2023 CHANGE %

Renewable Energy -20.4 2.0

Consulting 0.3 0.1 334.9

Other Functions -1.0 -0.7 -47.0

Group total -21.1 1.3

OPERATING PROFIT (EBIT)

EUR MILLION 1–12/2024

ADJUSTED

1–12/2023 CHANGE %

Renewable Energy -21.1 1.8

Consulting 0.3 0.1 398.4

Other Functions -1.0 -0.7 -47.0

Group total -21.8 1.1

Dovre’s result before taxes was EUR -22.8 (0.2) million in 2024, including financial items of

EUR -1.0 (-0.9) million.

The net result for the fiscal year was EUR -18.9 (4.6) million in 2024. The result attributable

to shareholders of the parent company was EUR -8.3 (4.1) million, and the share attributable

to non-controlling interests (the 49% minority shareholders in Suvic Oy) was EUR -10.7 (0.5)

million. Earnings per share for the Group were EUR -0.078 (0.038). Return on investment (ROI)

before taxes was -43,9% (16.0%).

FINANCE, CASH FLOW, AND INVESTMENTS

The Group’s total assets at the end of December 2024 were EUR 92.0 (88.0) million. Liquid

assets totaled EUR 2.5 (7.9) million. Additionally, the Group had unused overdraft facilities

amounting to EUR 3.2 million.

The Group’s equity stood at EUR 16.6 (37.4) million at the end of 2024. The equity ratio was

18.2% (42.5%), and gearing was 48.6% (3.1%). Interest-bearing liabilities amounted to EUR

10.6 (9.1) million, representing 11.6% (10.3%) of total equity and liabilities. Of the interest-bear

ing liabilities, EUR 8.8 (5.4) million were short-term and EUR 1.8 (3.7) million were long-term.

The Group’s net cash flow from operating activities in 2024 was EUR -4.4 (0.1) million,

including the positive impact of reduced working capital of EUR 17.7 million (compared to a

negative impact from increased working capital of EUR -5.0 million in the previous year). Net

cash flow from investments was EUR -1.3 (-0.2) million.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Net cash flow from financing activities was EUR 6.5 (-3.0) million. Goodwill at the end of

the fiscal year was EUR 3.6 (20.3) million. There were no indications of impairment in asset

values. The significant reduction in goodwill was due to the classification of businesses sold on

January 2, 2025, as assets held for sale and discontinued operations, in accordance with IFRS 5.

ORDER BACKLOG

Dovre’s order backlog consists entirely of orders recognized by Suvic Oy, part of the Renew-

able Energy business group, based on the percentage-of-completion method. At the end of

the fiscal year, the order backlog stood at EUR 28.9 (49.2) million. Of this backlog, 96.6%, or

EUR 27.9 million, is expected to be recognized during the fiscal year 2025. Suvic’s ordinary

business operations and order backlog involve various contractual and subcontracting risks

depending on the scope and location of each project. These risks are managed through project

management practices at different project stages and through various guarantee and insurance

arrangements.

RESEARCH AND PRODUCT DEVELOPMENT

The Group had no research and development expenses during the fiscal year (0.0).

PERSONNEL

In 2024, the Group employed an average of 152 (70) people. Renewable Energy employed an

average of 134 (50) people, and Consulting employed 15 (18) people.

PERSONNEL AVERAGE 1–12/2024

ADJUSTED

1–12/2023 CHANGE %

Renewable Energy 134 50 168.0

Consulting 15 18 -16.7

Other Functions 3 2 50.0

Group total 152 70 117.1

At the end of 2024, Dovre Group employed 221 (75) people, of whom 205 (55) worked in

Renewable Energy, 13 (17) in Consulting and 3 (3) in other functions.

The Group’s personnel expenses in 2024 were EUR 10.8 (6.2) million. The share of salaries and

remuneration in personnel expenses was €8.4 million (€5.2 million).

COMPANY MANAGEMENT

There were changes in the Dovre Group management team during the financial year 2024.

Following the sale of the project personnel and Norwegian consulting businesses, Arve Jensen,

who had been the company’s CEO, transferred to the NYAB Group on the transaction date of

2 January 2025. After the Extraordinary General Meeting of Dovre Group Plc approved the

transaction on 16 December 2024, Sanna Outa-Ollila was appointed as the company’s acting

CEO in place of Arve Jensen, effective 17 December 2024.

At the end of 2024, the executive management of Dovre Group comprised Sanna Outa-Ollila

(Interim CEO), Stein Berntsen (Head of Consulting Business Area), and Hans Sten (CFO). Like

Arve Jensen, Stein Berntsen transitioned to the NYAB Group following the completion of the

transaction on January 2, 2025.

At the Extraordinary General Meeting of Dovre Group Plc on December 16, 2024, Svein

Stavelin, Ilari Koskelo, Antti Manninen, and Sanna Outa-Ollila were re-elected as members of

the Board. In its constitutive meeting, the Board re-elected Svein Stavelin as Chairman and

Ilari Koskelo as Vice Chairman.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

SHARES, SHAREHOLDERS, AND OPTION RIGHTS

SHARE CAPITAL AND SHARE TRADING

There were no changes in Dovre Group’s share capital or number of shares during 2024. Dovre

Group’s share capital on 31 December 2024 was EUR 9.603.084,48 and the total number of

shares was 105.956.494. The average number of shares during the year was 105.956.494 shares.

In 2024, Dovre Group Plc’s share trading volume on Nasdaq Helsinki Ltd totalled approxi-

mately 19.5 (18.0) million shares, corresponding to a trading value of around EUR 6.6 (9.0) million.

The volume-weighted average trading price was EUR 0.34 (0.50) per share the lowest price was

0.21 (0.35) euros and the highest price was 0.47 (0.66) euros. The share price at year-end was

EUR 0.23 (0.43), resulting in a market capitalization of approximately EUR 24.2 (45.9) million.

Dovre Group Plc has one series of shares, with each share carrying one vote. Dovre Group

Plc shares are listed on Nasdaq Helsinki Oy.

OWN SHARES

Dovre Group neither acquired nor transferred treasury shares during 2024. At the end of

December 2024, Dovre Group Plc held a total of 236,725 treasury shares, corresponding to

0.22% of the total shares and votes of the company.

SHAREHOLDERS AND HOLDINGS OF THE BOARD OF DIRECTORS AND THE CEO

As of December 31, 2024, Dovre Group Plc had a total of 5.526 (6,013) registered shareholders,

including 8 (8) nominee-registered shareholders. Nominee-registered shareholders accounted

for 3.6% (5.1%) of the total shares at the end of December.

The shareholding of the members of the Board and the CEO, including shares held through

controlled entities and immediate family members living in the same household, totalled

8.540.145 (8.985.565) shares as of December 31, 2024, representing approximately 8.1%

(8.5%) of the total shares and votes. The company had no active stock option programs at

the end of the fiscal year.

No flagging notifications were made during the reporting period.

HOLDINGS OF BOARD OF DIRECTORS AND CEO ON DEC 31, 2024

NAME SHARES, PCS PERCENTAGE OF SHARES

Svein Stavelin (1) 446.268 0.4%

Ilari Koskelo (2) 7.505.000 7.1%

Sanna Outa-Ollila (3) 55.392 0.1%

Antti Manninen (4) 533.485 0.5%

Board members, total 8.540.145 8.1%

1) Svein Stavelin holds control in Stavelin Holding AS, which holds a total of 446.268 shares.

2) Ilari Koskelo holds control in Navdata Oy, which holds a total of 1.300.000 shares.

3) Sanna Outa-Ollila holds control in Atuo Oy, which holds a total of 39.392 shares.

4) Antti Manninen holds control in Amlax Oy, which holds a total of 300.000 shares and has signigicant

influence in Rio Group Oy, which holds a total of 100.000 shares.

SHAREHOLDER AGREEMENTS

Dovre Group Plc is not aware of any shareholder agreements relating to the ownership or use

of voting rights in the company.

OPTION RIGHTS AND INCENTIVE PROGRAMS

Executives covered by the long-term incentive program transferred to NYAB AB following

the completion of the transaction on January 2, 2025. No similar incentive programs remain

in the continuing operations of Dovre Group. The Group’s units continue to operate standard

incentive schemes, reviewed and updated annually.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DECISIONS OF THE GENERAL MEETING AND BOARD

AUTHORIZATIONS

ANNUAL GENERAL MEETING, APRIL 4, 2024

The Annual General Meeting (AGM) of Dovre Group Plc held on April 4, 2024, approved the

company’s financial statements and consolidated financial statements for 2023 and discharged

the members of the Board of Directors and the CEO from liability for the financial year ended

December 31, 2023.

In accordance with the Board’s proposal, the AGM resolved to distribute a dividend of EUR

0.01 per share to shareholders registered in the shareholder register maintained by Euroclear

Finland Ltd on the dividend record date, April 8, 2024. The dividend was paid on April 15, 2024.

Additionally, the AGM resolved, in line with the Board’s amended proposal announced before

the meeting, to distribute an extra dividend of EUR 0.01 per share, which was paid on October

31, 2024.

The AGM approved the Remuneration Report for 2023 as proposed by the Board.

The AGM set the number of Board members at four (4). Svein Stavelin, Ilari Koskelo, Antti

Manninen, and Sanna Outa-Ollila were re-elected as members of the Board.

The AGM decided that the Chairman of the Board would receive annual compensation of

EUR 40,000, the Vice Chairman EUR 33,000, and each Board member EUR 25,000. Board

remuneration is paid in cash. Reasonable travel expenses are reimbursed separately.

The audit firm BDO Oy was elected as the company’s auditor, with Authorized Public Accoun-

tant Henrik Juth appointed as the principal auditor. Auditor fees will be paid according to

approved invoices.

The AGM authorized the Board of Directors of Dovre Group Plc to decide on acquiring the

company’s own shares and to decide on issuing, transferring, and/or granting special rights

referred to in Chapter 10, Section 1 of the Companies Act regarding the company’s own shares.

Both authorizations apply to a maximum of 10.100.000 shares, representing up to 9.5% of all

shares. These authorizations are valid until June 30, 2025, and replace all previous similar

authorizations.

The Board of Directors of Dovre Group Plc did not use the above-mentioned authorizations

during the reporting period.

EXTRAORDINARY GENERAL MEETING, DECEMBER 16, 2024

The Extraordinary General Meeting (EGM) was convened following the conditional agreement

signed with NYAB AB, announced on November 20, 2024. Under the agreement, Dovre would

sell its entire Project Personnel business and Norwegian Consulting business to NYAB AB for

an estimated price of EUR 34 million. The Board proposed to the EGM the approval and confir

mation of this business sale. Additionally, the Board proposed an amendment to the company’s

Articles of Association concerning the business area clause, as Dovre would no longer operate

in the project personnel field after the transaction.

The EGM confirmed and approved the sale of the businesses and approved the amendment

to the Articles of Association.

Records of the General Meetings are available on Dovre Group’s website at

www.dovregroup.com.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

SUSTAINABILITY STATEMENT

2024

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ESRS 2 - GENERAL DISCLOSURES

1. BASIS FOR PREPARATION

GENERAL BASIS FOR PREPARATION OF THE SUSTAINABILITY STATEMENT (BP-1)

This Sustainability Statement has been prepared by Dovre Group in accordance with the Euro

pean Sustainability Reporting Standards (ESRS). It is a consolidated statement covering the

entire group. In compliance with the Corporate Sustainability Reporting Directive (CSRD), this

statement encompasses all business units and subsidiaries. This differs from the financial

report, which, in accordance with IFRS 5, reflects only the remaining company following the

sale of business operations.

After the disposal of Consultancy and Project Personnel Business Units, effective 2.1.2025,

Dovre Group will consist of Renetec Oy, Proha Oy, eSite and Suvic Oy. Where applicable, this

Sustainability Statement presents information separately for Suvic and the rest of Dovre.

Unless otherwise stated, metrics and data for Proha, Renetec, and eSite are included in the

overall Dovre figures. The term ‘Dovre Group’ refers to the entire consolidated group.

Dovre Group Plc

• Dovre Group Energy AS (Norway), ownership 100% (sold to NYAB)

• Dovre Canada Ltd, 100% (sold to NYAB)

• Dovre Group Inc. (USA), 100% (sold to NYAB)

• Dovre Group (Singapore) Pte Ltd, 100% (sold to NYAB), owning 100% of:

• Dovre Asia Pte Ltd (Singapore)

• Dovre Group Korea Ltd.

• Dovre Group Consulting AS (Norway), 100% (sold to NYAB)

• Proha Oy (owned 100% by Dovre Group Plc)

• Renetec Oy (owned 57% by Dovre Group Plc)

• (eSite is not a subsidiary but a business unit within Plc)

• Suvic Oy (owned 51% by Dovre Group Plc)

The value chain was integrated into the materiality assessment to evaluate impact significance.

Certain policies, such as the Supplier Code of Conduct, and actions, like emission calculations,

extend to the upstream value chain. The company has not omitted information corresponding

to intellectual property, know-how or the results of innovation.

DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES (BP-2)

In this report, we have applied the recommended time horizons and used only accurate data

for quantitative metrics and monetary amounts, minimizing measurement uncertainty. Any

specific circumstances are reported alongside the relevant information.

This is the first sustainability report in accordance with the ESRS standard, so there are no

changes or corrections to previous reports. Section 4 includes a list of data points in accordance

with other EU legislation.

More details about Dovre Group’s Risk Management and Risk Assessment – for example the

followed risk assessment approach and prioritization methodology – related to the Financial

Reporting have been included as references in the Corporate Governance Statement.

Due to company restructuring, we have elected to report only mandatory information and

have utilized most of the applicable transitional provisions.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

2. GOVERNANCE

THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES

(GOV-1)

The Board of Directors holds ultimate responsibility for sustainability at Dovre Group. A

cross-functional sustainability committee, led by the CEO, supports the integration of material

topics (E1, S1, S2, G1) into corporate strategy. The committee was also responsible for conducting

the Double Materiality Assessment.

Table 1: The composition and diversity of the administrative, management, and

supervisory bodies

DOVRE FEMALE MALE OTHER*

NOT

DISCLOSED

TOTAL

NUMBER TOTAL %

Board Members 1 3 0 0 4 100

Administrative Roles 37 19 0 0 56 100

Independent Board Members 1 3 0 0 4 100

SUVIC FEMALE MALE OTHER*

NOT

DISCLOSED

TOTAL

NUMBER TOTAL %

Board Members 1 4 0 0 5 100

Administrative Roles 5 9 0 0 14 100

Independent Board Members 1 1 0 0 0 0

TOTAL FEMALE MALE OTHER*

NOT

DISCLOSED

TOTAL

NUMBER TOTAL %

Board Members 2 7 0 0 9 100

Administrative Roles 42 28 0 0 70 100

Independent Board Members 2 4 0 0 4 100

Table 2: The Board’s gender diversity ratio

BOARD’S GENDER DIVERSITY RATIO FEMALE MALE OTHER* %

Dovre 1 3 0 25

Suvic 1 4 0 20

Tota l 2 7 0 28.6

The expertise and skills of administrative, management, and supervisory bodies on sustainability

matters is on average level. Each board member and the top management are responsible for

acquiring knowledge of material sustainability matters. Dovre Group uses external consultancy

to ensure appropriate planning and compliance when needed.

INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY

THE UNDERTAKING’S ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY

BODIES (GOV-2)

The Board regularly reviews sustainability performance, focusing on emissions reduction,

workforce diversity, and supply chain labor practices. Decisions are informed by stakeholder

feedback and aligned with the company’s strategic goals.

Dovre Group has established policies addressing climate action, employee well-being, and

ethical supply chain management. The Group’s Code of Conduct provides the overarching

ethical framework. Suvic supplements this with an HSEQ Policy, a Supplier Code of Conduct,

and a Data Security Policy. A grievance mechanism is in place, allowing stakeholders to report

concerns confidentially.

The overall roles of governing bodies, internal controls and monitoring are described in the

Corporate Governance Statement. In addition, the material impacts, risks, and opportunities

considered from the financial perspective by the Board of Directors can be found in the cor

porate governance statement and the financial statements.

INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE

SCHEMES (GOV-3)

Currently, no specific incentives related to sustainability matters are offered to members of

the administrative, management, and supervisory bodies.

STATEMENT ON DUE DILIGENCE (GOV-4)

Table 3: Elements of Due Diligence

CORE ELEMENTS OF DUE DILIGENCE

PARAGRAPHS IN

THE SUSTAINABILITY STATEMENT

a) Embedding due diligence in governance, strategy and business

model ESRS 2

b) Engaging with affected stakeholders in all key steps of the due

diligence ESRS 2

c) Identifying and assessing adverse impacts ESRS 2

d) Taking actions to address those adverse impacts ESRS 2.MDR-A, E1, S1, S2, G1

e) Tracking the effectiveness of these efforts and communicating

ESRS 2.MDR-M, ESRS 2.MDR-T,

E1, S1, S2, G1

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

RISK MANAGEMENT AND INTERNAL CONTROLS OVER SUSTAINABILITY

REPORTING (GOV-5)

Board members receive regular training on sustainability issues to ensure informed oversight

and effective decision-making. The Board has appointed one of its members as responsible for

sustainability reporting to ensure seamless collaboration between the Board and the sustain

ability team. An external partner has been engaged to support the knowhow of ESRS Standards.

Internal data collection practices have been established to provide accurate information.

The Board receives regular updates on progress made and provides the final oversight of the

sustainability statement process. The Sustainability Statement is created in close collaboration

between the external content producer, internal data gathering team and the management

team. Key risks in the reporting process include inadequate content and time management. To

mitigate these risks, external consultants oversee project execution, with regular meetings and

frequent communication with the auditor. Any issues identified during the reporting process

are promptly communicated to the Board of Directors.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

3. STRATEGY

STRATEGY, BUSINESS MODEL AND VALUE CHAIN (SBM-1)

Until January 2025, Dovre Group was a global provider of project management services, oper

ating across three business areas: Project Personnel, Consulting, and Renewable Energy. With

offices in Canada, Finland, Norway, Singapore, Sweden, and the USA, Dovre Group employed

approximately 800 people worldwide. Dovre Group is listed on Nasdaq Helsinki (symbol: DOV1V).

Business Areas of Dovre Group

1. The Project Personnel business area has over 30 years of experience in providing skil

led project professionals for large-scale investment projects.

2. The Consulting business operates primarily in the Nordic countries and offers manage

ment and project management expertise, supporting the development and execution

of large investment projects. In addition, it provides project management software and

industrial reality capture solutions.

3. The Renewable Energy business area includes Dovre’s subsidiary, Suvic Oy: a company

specializing in the development of energy solutions, particularly wind and solar farm

projects and project management. Renetec Oy is a project development company focu

sing on industrial scale solar powerplant projects.

Dovre Group’s clients operate in various industries: Energy, Transportation, Buildings and

property, Power transmission, Carbon capture and storage, IT and telecom, Defense sector,

Health Care.

Table 4: Headcount of employees by geographical area in Dovre

GEOGRAPHICAL AREA NUMBER OF EMPLOYEES

DOVRE SUVIC TOTAL

North America 55 55

Europe 306 225 530

Asia-Pacific 129 129

Latin America

Africa

Other Regions 62 62

Tota l 552 225 777

Table 5: Breakdown of total revenue, as included in its financial statements, by

significant ESRS sectors

REVENUE

M€

SHARE OF

TOTAL

REVENUE (%)

REVENUE

M€

SHARE OF

TOTAL

REVENUE (%)

REVENUE

M€

SHARE OF

TOTAL

REVENUE (%)

ESRS SECTORS (DOVRE) DOVRE SUVIC TOTAL

Energy/oil and Gas 89 78% 46.200 51.4% 135.2 66.3%

Public 10 9% 29.428 32.8% 39.428 19.3%

Industry 11 10% 13.165 14.7% 24.165 11.9%

Other 4 3% 1.005 1.1% 5.005 2.5%

Total revenue 114 100% 89.799 100% 203.799 100%

Table 6: Revenue from Specific Sectors and Activities for Dovre

SECTORS REVENUE M€

Coal 0

Oil 71

Gas 18

Taxonomy-aligned economic activities related to fossil gas 0

Fossil Fuels (total) 0

Chemicals 0

Controversial Weapons 0

Tobacco Cultivation and Production 0

Other Significant Activities 0

The Project Personnel and Consultancy segments of Dovre Group derive net sales from the oil

and gas industry. Since Suvic does not operate in these sectors, the Group’s revenue profile will

significantly change after the sale of Project Personnel and Consultancy on January 2, 2025.

The Group’s strategy emphasizes expanding its Renewable Energy segment to align with

global sustainability trends and regulatory requirements. This strategic focus enhances resil

ience by tapping into the growing demand for renewable energy solutions, thereby addressing

climate-related risks and opportunities.

Dovre Group operates in a context where EU regulations and increasing client demand drive

the need for sustainable energy solutions. The company’s expansion into renewable energy

projects positions it to meet these evolving market and regulatory expectations.

For the strategic period spanning 2024–2027, the company has outlined three overarch

ing sustainability themes: Accelerating Energy Transition, Ensuring Ethical Value Chain, and

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Promoting Transparent Business Practices. These thematic pillars exemplify Dovre Group’s

dedication to fostering sustainability and ethical conduct within its operations. These themes

have also been identified as significant in the Double Materiality Assessment.

Dovre Group’s strategic focus is to increase services in sustainability related projects,

with Suvic playing a key role in advancing this objective. Dovre Group’s mission has been to

“support an environmentally and socially sustainable future”. Also, a strategic goal has been

to “Increase the relative size of services from renewable energy projects”. While other areas

of business have been central to the strategy, this has changed with the sale of the Norwegian

Consultancy business and the Project Personnel segment to NYAB.

The Group’s strategy integrates material impacts such as greenhouse gas emissions (E1)

and workforce well-being (S1) by investing in renewable energy projects and implementing

comprehensive employee development programs. Dovre plans to achieve its strategic objec-

tives by scaling renewable energy projects, enhancing workforce training, and strengthening

governance structures to oversee sustainability initiatives.

The sale of the Consultancy and Project Personnel Business Areas, effective January

2, 2025, will further solidify this strategic direction. From 2025, Dovre Group will focus on

renewable energy development and construction, comprising Suvic, Renetec, Proha, and eSite.

VALUE CHAIN DESCRIPTION

Dovre Group has operated with two distinct value chains, both of which are reflected in the

Sustainability Statement. The first value chain pertains to Dovre Group’s provision of personnel

and consultancy services across various industries. These services are primarily delivered on

clients’ premises and under clients’ supervision, resulting in minimal direct operational activities

for Dovre Group. The company’s operations are limited to a few offices, with associated assets

such as laptops, mobile phones, office equipment, and business travel.

The second value chain has evolved following the acquisition of Suvic and the founding of

Renetec. Suvic’s operations involve the use of raw materials, leading to a more complex value

chain compared to Dovre Group’s traditional consultancy services. This complexity necessitates

an adaptation in reporting requirements to accurately reflect the broader scope of activities

and their associated impacts. Consequently, Dovre Group and Suvic are presented as separate

entities in most reporting instances.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

INTERESTS AND VIEWS OF STAKEHOLDERS (SBM-2)

AFFECTED STAKEHOLDERS USERS OF THE SUSTAINABILITY

STATEMENT

STAKEHOLDER INVOLVEMENT AND INTERACTION STAKEHOLDERS EXPECTATION AND TARGETS

Board of directors Senior Executives and Department Managers • Responsible for overall business performance and strategic initiatives

• Oversee specific functions within the company

Employees Annual questionnaire and feedback surveys,

Whistleblowing channel

• Interested in job security, career growth, and company performance

Local community Coordination with hunting clubs, village

associations and road associations related

to landscape, recreational values and zoning

when planning renewable energy sites

• Concerned about environmental impact, employment opportunities,

fair compensation and community development

• Interested in the environmental impact of Dovre Group’s projects.

Subcontractors (consultants and

project personnel)

Regular partnership discussions and coopera

tion development, specialists assisting in large

projects

• Focus on long-term, mutually beneficial relationships

Companies buying service in Europe in

different industries and Government

Agencies

Active discussions during sales and project

initiation and project end

• European clients need information on employee safety, satisfaction,

compensation and diversity

• Seek high-quality, cost-effective services and successful project outcomes

Shareholders and investors (individual

and institutional)

Annual general meeting and regular Investor

Relations

• Information on emissions

• Employee diversity and safety

• Interested in financial returns and company growth, risks and opportunities

regarding sustainability

Authorities and regulatory bodies

(Industry Regulators and Government

Agencies)

Direct communication and Information

requests from financial institutions and

auditors

• CSRD Compliant Annual Reporting

• Ensure compliance with industry standards and regulations

• Oversee legal and regulatory compliance

Financial Institutions (Pensions Funds,

Banks)

Reviewing and requesting information on ESG

issues

• Detailed information for investment and funding decisions

Labor Unions Workers' rights and participation in collective

agreements

• Visits on sites and ensuring safe working conditions

Partners (strategic Alliances: Other

consulting firms, technology part

ners, and service providers, academic

institutions)

Subcontractors, joint ventures • Collaboration with Dovre Group and Suvic on projects

• Partnering for research and development, as well as recruiting graduates

• Aim for successful collaborations and shared success in a compliant manner

Media and Public Relations (Industry

Publications and General Media)

Presentation of new projects in national news

(Dovre) and local news (Suvic)

• Report on Dovre Group’s projects and industry activities

• Business performance and environmental perspective

Professional Association and Industry

Bodies

Dovre Group participates in professional

bodies that set standards and offer networking

opportunities

• Research programs, evaluation criteria in procurement

• Increasing interest and collaboration in ESG topics

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

The Stakeholder Analysis prioritized stakeholders based on their direct impact on or influ-

ence by the company’s operations and sustainability goals. Our analysis identified employ

ees and investors as the most impacted stakeholders, given their direct reliance on Dovre’s

performance and ESG commitments. Local communities, subcontractors, regulators, labor

unions, media, and professional associations were also included due to their relevance to the

company’s activities and compliance needs. Stakeholders such as end consumers, NGOs, and

the general public were excluded as their connection to Dovre’s operations is indirect, with their

interests sufficiently represented in other ways like local community engagement and media.

This focused approach aligns with the CSRD framework and ensures meaningful engagement

with the most relevant groups.

A member of Dovre’s Board of Directors and representatives from some of the main share

holders actively participated in the DMA process in board meetings and provided feedback on

the assessment by email. Upon completion of the DMA process, we sought additional feedback

and comments from board members, including major shareholders and employees represen

tatives to validate the results.

During the materiality assessment process, we identified the interests and views of stake

holders. They are presented on the table above. The perspectives of the Board of Directors,

employees, and investors are particularly relevant to the company’s strategy and business

model.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH

STRATEGY AND BUSINESS MODEL (SBM-3)

Dovre Group has assessed the material impacts, risks and opportunities as per ESRS Standards.

Based on the analysis of our business models and the nature of our diverse business areas, and

in alignment with EU Taxonomy Reporting, we have identified the most significant and material

themes for Dovre Group as follows: E1 (Climate Change), S1 (Own Workforce), S2 (Workers in

the Value Chain) and G1 (Governance).

In addition, we have identified several sub-topics and sub-sub-topics as material to our

operations, but not significant enough to be disclosed in the Sustainability Statement.

We have chosen the above-mentioned sustainability themes to be reported using the

following criteria: Relevance to the business, impact to the stakeholders, scale and scope,

remendability, the position in the value chain, and the ownership structure.

The adverse climate change impacts (E1) are largely attributable to Suvic’s operations in

wind and solar park construction, with negligible energy use from other Dovre entities. However,

we recognize significant business opportunities for Dovre Group in climate change mitigation,

driven by the industry-wide and societal transition to renewable energy.

Dovre Group specializes in consultancy and supplying project personnel to a diverse range

of clients. As such, its business model is heavily reliant on people and their well-being (S1 & S2).

The demanding nature of project work carries risks such as overtime, as well as health and

safety concerns. To mitigate personnel risks, Dovre Group offers competitive remuneration,

career growth opportunities, and secure employment. Additionally, the company engages

subcontractors whose working conditions align closely with those of its own workforce.

The disposal of Norwegian Consultancy and Project Personnel Business Areas on the

2.1.2025, will have implications for both sustainability impacts and the assessment of risks

and opportunities. A new Double Materiality Assessment will be conducted in 2025. However,

in the Double Materiality Assessment conducted in 2024, Suvic and Dovre were assessed

separately. The Impact Assessment, Risk and Opportunities as well as Emission Calculations

are also done separately.

While the opportunities created by Suvic’s renewable energy construction initiatives align

directly with the company’s strategy, some negative impacts, such as emissions, are inherent

consequences of the business model. These impacts span both immediate concerns, like energy

consumption, and longer-term effects on business growth.

In Suvic’s operations, a significant portion of the energy consumed by construction activi

ties and deliveries is derived from fossil fuels. Dovre’s project personnel and consultants work

mostly in clients’ premises; thus the environmental impact is low for Dovre. Transitioning to

alternative energy sources for construction machinery is unlikely in the short term. Additionally,

emissions from civil construction vehicles, transportation fleets, and generators contribute to

air pollution. These environmental impacts pose financial risks for Suvic, particularly in terms

of operating profit.

Although most material impacts occur within our own operations, Dovre Group also has

impacts across the upstream and downstream value chain. The identified material impacts

to the upstream value chain are Scope 3 emissions on Suvic’s operations and subcontractors

in both Suvic and Dovre operations. Given that Suvic operates exclusively as a constructor,

lacking ownership of wind and solar parks, and Dovre’s personnel are largely deployed at client

locations, we have not identified impacts within the downstream value chain. The business

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

opportunities and risks on the other hand are more closely related to the clients’ needs, stra-

tegic choices and payment practices. Most impacts (like the emissions and workers’ wellbeing)

are short-term, some of the risks and opportunities (like the increased or decreased business

opportunities) are long-term.

The group has entered into a transaction to divest a majority of the Dovre businesses seg

ments on January 2, 2025. The divestment will positively impact on the group’s financials in the

short term as disclosed in the Financial Statement. Following the execution of the divestment,

the group’s material risks and opportunities are anticipated to mostly consist of those reported

for the Suvic sub-group in 2024. On the medium to long term, the group anticipates the risks

and opportunities profile to remain stable in terms of their financial impact relative to turnover.

Dovre Group has not made resilience analysis outside the Double Materiality Assessment.

This will be revised in 2025 reporting.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

4. IMPACT, RISK AND OPPORTUNITY MANAGEMENT

PROCESS TO IDENTIFY MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES (IRO-1)

Dovre Group conducted a Double Materiality Assessment in collaboration with an external

partner, engaging stakeholders and analyzing value chains to identify significant impacts and

dependencies related to climate, workforce, and governance.

In the Double Materiality Assessment Process, we reviewed all the topics, sub-topics, and

sub-sub-topics listed in ESRS 2 (European Sustainability Reporting Standards 2) and analyzed

their impacts on society and business performance.

We employed an integrated approach that combines both qualitative and quantitative

evaluations to ensure comprehensive analysis:

• Qualitative Scoring: Topics are assessed qualitatively using categories such as High,

Medium, and Low to capture expert judgment and stakeholder perspectives on their

relevance and potential impact.

• Quantitative Scoring: Each topic is also scored numerically on a scale from 1 to 5

based on criteria like Likelihood, Severity of Impact, and Time Horizon. These scores

provide an objective basis for comparison and prioritization.

• Integrated Materiality Matrix: The combined quantitative and qualitative results are

presented in a materiality matrix, plotting topics along two axes: financial impact and

environmental/social impact.

IMPACT-RELATED ASSUMPTIONS

The impacts of our services were evaluated across our operations as well as upstream and

downstream activities. However, we do not account for the impact of our clients’ operations.

Dovre provides Management Consulting, Project Personnel, and EPCI construction services

to a variety of industries. The nature of the project, whether in petroleum or wind energy, does

not inherently represent a negative or positive impact from our services. Since both companies

are fully integrated into our corporate financials and are of similar size, they are given equal

weight in this assessment.

The scoring methodology was designed to enable meaningful comparisons with other com-

panies in the EU. Given the nature of our services, their impact is relatively smaller compared

to the operations of large industrial companies – typically our clients.

The scores were determined by averaging individual sub-topic scores. This approach indi

rectly assigns equal weight to each sub-topic, which was carefully considered during the scoring

process.

RISKS AND THRESHOLDS

When scoring risks, we assessed the potential magnitude of financial effects based on operating

profit, which constituted half of the score, and likelihood of occurrence, which constituted the

other half. Assessments have included risk mitigation already in place.

We assessed the nature of these effects in different scenarios with assumptions based on

input parameters from subject-matter experts. The potential magnitude of financial effects

was scored as ‘low’, ‘medium’, or ‘high’. Likelihood of occurrence was scored using relevant

time horizons of short-, mid-, or long-term.

The Risk and Opportunities have been assessed in alignment with the company’s overall

Risk Assessment processes as described in the Corporate Government Statement. We partially

modelled the risks using the risk assessment tool that we use for business risks. However,

quantification in monetary terms was supplemented with qualitative assessments to a high

degree, due to the complexity of defining exact values for potential sustainability risk scenarios.

Our Sustainability Committee has established materiality thresholds at ”significant.” Impacts

and risks assessed as ”significant” or higher are deemed material.

The Sustainability Committee has made the assessment and presented it to the Board

of Directors, which then gave their insights and comments on the assessment. Based on the

comments, the assessment was adjusted and the revised assessment approved by the Board

of Directors.

DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S

SUSTAINABILITY STATEMENT (IRO-2)

Any material impacts, risks, and opportunities that exceed the set threshold 3,5 are disclosed

except those that are given the phase-in provision. Due to the company’s major restructuring,

it was decided to report only the essential disclosure requirements first.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table: The Reported Disclosure Requirements

ESRS 2 SECTION PAGE NUMBER

BP-1

General basis for preparation of the sustainabi

lity statement ESRS 2; BP-1

BP-2 Disclosures in relation to specific circumstances ESRS 2; BP-2

GOV-1

The role of the administrative, management and

supervisory bodies ESRS 2; GOV-1

GOV-2

Information provided to and sustainability mat

ters addressed by the undertaking’s administra-

tive, management and supervisory bodies ESRS 2; GOV-2

GOV-3

Integration of sustainability-related perfor

mance in incentive schemes ESRS 2; GOV-3

GOV-4 Statement on due diligence ESRS 2; GOV-4

GOV-5

Risk management and internal controls over

sustainability reporting ESRS 2; GOV-5

SBM-1 Strategy, business model and value chain ESRS 2; SBM-1

SBM-2 Interests and views of stakeholders ESRS 2; SBM-2

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model

E1; SBM-3, S1; SBM-3,

S2; SBM-3

IRO-1

Description of the process to identify and assess

material impacts, risks and opportunities ESRS 2; IRO-1

IRO-2

Disclosure Requirements in ESRS covered by the

undertaking’s sustainability statement ESRS 2; IRO-2

MDR-P

Policies adopted to manage material sustainabi

lity matters ESRS 2; MDR-P

MDR-A

Actions and resources in relation to material

sustainability matters ESRS 2; MDR-A

MDR-M

Metrics in relation to material sustainability

matters ESRS 2; MDR-M

MDR-T

Tracking effectiveness of policies and actions

through targets ESRS 2; MDR-T

ESRS E1 SECTION PAGE NUMBER

GOV-3

Integration of sustainability related performance

in incentive schemes ESRS 2; GOV-3

E1-1 Transition plan for climate change mitigation E1; E1-1

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model E1; SBM-3

IRO-1

Description of the processes to identify and

assess material climate related impacts, risks

and opportunities ESRS 2; IRO-1

E1-2

Policies related to climate change mitigation

and adaptation E1; E1-2

E1-3

Actions and resources in relation to climate

change policies E1; E1-3

E1-4

Targets related to climate change mitigation and

adaptation E1; E1-4

E1-5 Energy consumption and mix E1; E1-5

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions E1; E1-6

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ESRS S1 SECTION PAGE NUMBER

SBM-2 Interests and views of stakeholders ESRS 2; SBM-2

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model S1; SBM-3

S1-1 Policies related to own workforce S1; S1-1

S1-2

Processes for engaging with own workforce and

workers’ representatives about impacts S1; S1-2

S1-3

Processes to remediate negative impacts and

channels for own workforce to raise concerns S1; S1-3

S1-6 Characteristics of the undertaking’s employees S1; S1-6

S1-8

Collective bargaining coverage and social

dialogue S1; S1-8

S1-9 Diversity Metrics S1; S1-9

S1-10 Adequate Wages S1; S1-10

S1-11 Social Protection S1; S1-11

S1-13 Training and skill development metrics S1; S1-13

S1-14 Health and safety metrics S1; S1-14

S1-15 Work-life balance metrics S1; S1-15

S1-16

Compensation metrics (pay gap and total com

pensation) S1; S1-16

S1-17

Incidents, complaints and severe human rights

impacts S1; S1-17

ESRS S2 SECTION PAGE NUMBER

SBM-2 Interests and views of stakeholders ESRS 2; SBM-2

SBM-3

Material impacts, risks and opportunities and

their interaction with strategy and business

model S2; SBM-3

S2-1 Policies related to value chain workers S2; S2-1

S2-2

Processes for engaging with value chain workers

about impacts S2; S2-2

S2-3

Processes to remediate negative impacts

and channels for value chain workers to raise

concerns S2; S2-3

S2-4

Taking action on material impacts on value chain

workers, and approaches to managing mate

rial risks and pursuing material opportunities

related to value chain workers, and effective

ness of those action S2; S2-4

S2-5

Targets related to managing material negative

impacts, advancing positive impacts, and mana

ging material risks and opportunities S2; S2-5

ESRS G1 SECTION PAGE NUMBER

GOV-1

The role of the administrative, supervisory and

management bodies ESRS 2; GOV-1

IRO-1

Description of the processes to identify and

assess material impacts, risks and opportunities ESRS 2; IRO-1

G1-1 Business conduct policies and corporate culture G1; G1-1

G1-2 Management of relationships with suppliers G1; G1-2

G1-3

Prevention and detection of corruption and

bribery G1; G1-3

G1-6 Payment practices G1; G1-6

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DATAPOINTS DERIVING FROM OTHER EU LEGISLATION

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS 2 GOV-1

BOARD’S GENDER DIVERSITY PARAGRAPH 21 (D)

Indicator #13 of SFDR

2019/2088

Commission Delegated

Regulation (EU) 2020/181612,

Annex II

ESRS 2

ESRS 2 GOV-1

PERCENTAGE OF BOARD MEMBERS WHO ARE INDEPENDENT PARAGRAPH

21 (E)

Delegated Regulation (EU)

2020/1816, Annex II

ESRS 2

ESRS 2 GOV-4

STATEMENT ON DUE DILIGENCE PARAGRAPH 30

Indicator #10 Table #3

of Annex 1

ESRS 2

ESRS 2 SBM-1

INVOLVEMENT IN ACTIVITIES RELATED TO FOSSIL FUEL ACTIVITIES

PARAGRAPGH 40 (D) I

Indicators #4, Table #1

of Annex 1

Article 449a Regulation (EU) No

575/2013; Commission Implemen

ting Regulation (EU) 2022/245313

Table 1: Qualitative information on

Environmental risk and Table 2:

Qualitative information on Social

Risk

Delegated Regulation (EU)

2020/1816, Annex II

ESRS 2

ESRS 2 SBM-1

INVOLVEMENT IN ACTIVITIES RELATED TO CHEMICAL PRODUCTION

PARAGRAPGH 40 (D) II

Indicator number 9

Table #2 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II

Not material

ESRS 2 SBM-1

INVOLVEMENT IN ACTIVITIES RELATED TO CONTROVERSIAL WEAPONS

PARAGRAPH 40 (D) III

Indicator #14 Table #1

of Annex 1

Delegated Regulation (EU)

2020/181814, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

Not material

ESRS 2 SBM-1

INVOLVEMENT IN ACTIVITIES RELATED TO CULTIVATION AND PRODUCTION

OF TOBACCO PARAGRAPH 40 (D) IV

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

Not material

ESRS E1-1

TRANSITION PLAN TO REACH CLIMATE NEUTRALITY BY 2050 PARAGRAPH

Regulation (EU) 2021/1119,

Article 2(1)

ESRS E1-1

UNDERTAKINGS EXCLUDED FROM PARIS-ALIGNED BENCHMARKS

PARAGRAPH 16 (G)

Article 449a Regulation (EU)

No 575/2013; Commission

Implementing Regulation

(EU) 2022/2453 Template 1:

Banking book Climate Change

transition risk: Credit quality

of exposures by sector, emis

sions and residual maturity

Delegated Regulation (EU)

2020/1818, Article12.1 (d) to

(g), and Article 12.2

Not material

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS E1-4

GHG EMISSION REDUCTION TARGETS PARAGRAPH 34

Indicator #4, Table #2

of Annex 1

Article 449a

Regulation (EU) No 575/2013;

Commission Implementing Regu

lation (EU) 2022/2453 Template

3: Banking book – Climate change

transition risk: alignment metrics

Delegated Regulation (EU)

2020/1818, Article 6

ESRS E1-5

ENERGY CONSUMPTION FROM FOSSIL SOURCES DISAGGREGATED BY

SOURCES (ONLY HIGH CLIMATE IMPACT SECTORS) PARAGRAPH 38

Indicator #5

Table #1 and #2

of Annex 1

ESRS E1-5

ENERGY INTENSITY ASSOCIATED WITH ACTIVITIES IN HIGH CLIMATE IMPACT

SECTORS PARAGRAPHS 40 TO 43

Indicator #6 Table #1

of Annex 1

ESRS E1-6

GROSS GHG EMISSIONS INTENSITY PARAGRAPHS 53 TO 55

Indicators #1 and 2

Table #1

of Annex 1

Article 449a; Regulation (EU) No

575/2013; Commission Implemen

ting Regulation (EU) 2022/2453

Template 1:

Delegated Regulation (EU)

2020/1818, Article 5(1), 6

and 8(1)

ESRS E1-6

GREENHOUSE GAS EMISSIONS INTENSITY SECTION 53–55

Indicator #3 Table #1

of Annex 1

Regulation (EU) No 575/2013

article 449a;

Commission Implementing Regula

tion (EU) 2022/2453 form 3;

non-trading book items – Climate

Change transition risk: adjustment

metrics

Article 8

Paragraph 1 of Delegated

Regulation

(EU) 2020/1818

ESRS E1-7

GHG REMOVALS AND CARBON CREDITS PARAGRAPH 56

Regulation (EU) 2021/1119,

Article 2(1)

Not material

ESRS E1-9

EXPOSURE OF THE BENCHMARK PORTFOLIO BY CLIMATE-RELATED

PHYSICAL RISKS PARAGRAPH 66

Delegated Regulation

(EU) 2020/1818, Annex II

Delegated Regulation (EU)

2020/1816, Annex II

Not material

ESRS E1-9

DISAGGREGATION OF MONETARY AMOUNTS BY ACUTE AND CHRONIC

PHYSICAL RISK PARAGRAPH 66 (A) ESRS E1-9 LOCATION OF SIGNIFICANT

ASSETS AT MATERIAL PHYSICAL RISK PARAGRAPH 66 (C)

Article 449a; Regulation (EU) No

575/2013; Commission Implemen

ting Regulation (EU) 2022/2453

paragraphs 46 and 47; Template

5: Banking book - Climate change

physical risk: Exposures subject to

physical risk.

Not material

ESRS E1-9

BREAKDOWN OF THE CARRYING VALUE OF ITS REAL ESTATE ASSETS BY

ENERGY-EFFICIENCY CLASSES PARAGRAPH 67 (C)

Article 449a Regulation (EU) No

575/2013;

Not material

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS E1-9

DEGREE OF EXPOSURE OF THE PORTFOLIO TO CLIMATE-RELATED OPPOR-

TUNITIES PARAGRAPH 69

Commission Implementing Regula-

tion (EU) 2022/2453 paragraph 34;

Template 2: Banking book -Climate

change transition risk: Loans colla

teralised by immovable property -

Energy efficiency of the collateral

Not material

ESRS E2-4

AMOUNT OF EACH POLLUTANT LISTED IN ANNEX II OF THE EPRTR

REGULATION (EUROPEAN POLLUTANT RELEASE AND TRANSFER REGISTER)

EMITTED TO AIR, WATER AND SOIL, PARAGRAPH 28

Indicator #8 Table #1

of Annex 1

Indicator #2 Table #2

of Annex 1

Indicator number 1

Table #2 of Annex 1

Indicator number 3

Table #2 of Annex 1

Not material

ESRS E3-1

WATER AND MARINE RESOURCES PARAGRAPH 9

Indicator #7 Table #2

of Annex 1

Not material

ESRS E3-1

DEDICATED POLICY PARAGRAPH 13

Indicator #8 Table 2

of Annex 1

Not material

ESRS E3-1

SUSTAINABLE OCEANS AND SEAS PARAGRAPH 14

Indicator #12 Table #2

of Annex 1

Not material

ESRS E3-4

TOTAL WATER RECYCLED AND REUSED PARAGRAPH 28 (C)

Indicator #6.2 Table #2

of Annex 1

Not material

ESRS E3-4

TOTAL WATER CONSUMPTION IN M

PER NET REVENUE ON OWN

OPERATIONS PARAGRAPH 29

Indicator #6.1 Table #2

of Annex 1

Not material

ESRS 2-IRO 1 - E4 16

PARAGRAPH 16 (A) I

Indicator #7 Table #1

of Annex 1

Not material

ESRS 2-IRO 1 - E4 16

PARAGRAPH 16 (B)

Indicator #10 Table #2

of Annex 1

Not material

ESRS 2-IRO 1 - E4 16

PARAGRAPH 16 (C)

Indicator #14 Table #2

of Annex 1

Not material

ESRS E4-2

SUSTAINABLE LAND / AGRICULTURE PRACTICES OR POLICIES PRAGRAPH

24 (B)

Indicator #11 Table #2

of Annex 1

Not material

ESRS E4-2

SUSTAINABLE OCEANS / SEAS PRACTICES OR POLICIES PARAGRAPH 24 (C)

Indicator #12 Table #2

of Annex 1

Not material

ESRS E4-2

POLICIES TO ADDRESS DEFORESTATION PARAGRAPH 24 (D)

Indicator #15 Table #2

of Annex 1

Not material

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS E5-5

NON-RECYCLED WASTE PARAGRAPH 37 (D)

Indicator #13 Table #2

of Annex 1

Not material

ESRS E5-5

HAZARDOUS WASTE AND RADIOACTIVE WASTE PARAGRAPH 39

Indicator #9 Table #1

of Annex 1

Not material

ESRS 2 - SBM3 - S1

RISK OF INCIDENTS OF FORCED LABOUR PARAGRAPH 14 (F)

Indicator #13 Table #3

of Annex 1

Not material

ESRS 2 - SBM3 - S1

RISK OF INCIDENTS OF CHILD LABOUR PARAGRAPH 14 (G)

Indicator #12 Table #3

of Annex 1

Not material

ESRS S1-1

HUMAN RIGHTS POLICY COMMITMENTS PARAGRAPH 20

Indicator #9 Table #3

and Indictaor #11

Table #1 of Annex 1

ESRS S1-1

DUE DILIGENCE POLICIES ON ISSUES ADDRESSED BY THE FUNDAMENTAL

INTERNATIONAL LABOR ORGANISATION CONVENTIONTS 1 TO 8,

PARAGRAPH 21

Delegated Regulation (EU)

2020/1816, Annex II

ESRS S1-1

PROCESSES AND MEASURES FOR PREVENTING TRAFFICKING IN HUMAN

BEINGS PARAGRAPH 22

Indicator #11 Table #3

of Annex I

Not material

ESRS S1-1

WORKPLACE ACCIDENT PREVENTION POLICY OR MANAGEMENT SYSTEM

PARAGRAPH 23

Indicator #1 Table #3

of Annex I

ESRS S1-3

GRIEVANCE/COMPLAINTS HANDLING MECHANISMS PARAGRAPH 32 (C)

Indicator #5 Table #3

of Annex I

ESRS S1-14

NUMBER OF FATALITIES AND NUMBER AND RATE OF WORK-RELATED

ACCIDENTS PARAGRAPH 88 (B) AND (C)

Indicator #2 Table #3

of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

ESRS S1-14

NUMBER OF DAYS LOST TO INJURIES, ACCIDENTS, FATALITIES OR ILLNESS

PARAGRAPH 88 E

Indicator #3 Table #3

of Annex I

ESRS S1-16

UNADJUSTED GENDAR PAY GAP PARAGRAPH 97 (A)

Indicator #12 Table #1

of Annex I

ESRS S1-16

EXCESSIVE CEO PAY RATIO PARAGRAPH 97 (B)

Indicator #8 Table #3

of Annex I

ESRS S1-17

INCIDENTS OF DISCRIMINATION PARAGRAPH 103

Indicator #7 Table #3

of Annex I

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS S1-17

NONRESPECT OF UNGPS ON BUSINESS AND HUMAN RIGHTS AND OECD

PARAGRAPH 104 (A)

Indicator #10 Table #1

and Indictaor #14

Table #3 of Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818 Art 12 (1)

Not material

ESRS2 - SBM3 - S2

SIGNIFICANT RISK OF CHILD LABOUR OR FORCED LABOUR IN THE VALUE

CHAIN PARAGRAPH 11 (B)

Indicators #12 and #13

Table #3 of Annex I

ESRS - S2-1

HUMAN RIGHTS POLICY COMMITMENTS PARAGRAPH 17

Indicator #9 Table #3

and Indictaor #11

Table #1 of Annex 1

ESRS - S2-1

POLICIES RELATED TO VALUE CHAIN WORKERS PARAGRAPH 18

Indicators #11 and #4

Table #3 of Annex I

ESRS - S2-1

NONRESPECT OF UNGPS ON BUSINESS AND HUMAN RIGHTS PRINCIPLES

AND OECD GUIDELINES PARAGRAPH 19

Indicator #10 Table #1

of Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

ESRS - S2-1

DUE DILIGENCE POLICIES ON ISSUES ADDRESSED BY THE FUNDAMENTAL

INTERNATIONAL LABOR ORGANISATION CONVENTIONS 1 TO 8,

PARAGRAPH 19

Delegated Regulation (EU)

2020/1816, Annex II

ESRS - S2-4

HUMAN RIGHTS ISSUES AND INCIDENTS CONNECTED TO ITS UPSTREAM

AND DOWNSTREAM VALUE CHAIN PARAGRAPH 36

Indicator #14 Table #3

of Annex 1

Not material

ESRS - S3-1

HUMAN RIGHTS POLICY COMMITMENTS PARAGRAPH 16

Indicator #9

Table #3 of Annex 1

and Indicator #11

Table #1 of Annex 1

Not material

ESRS - S3-1

NON-RESPECT OF UNGPS ON BUSINESS AND HUMAN RIGHTS,

ILO PRINCIPLES OR OECD GUIDELINES PARAGRAPH 17

Indicator #10 Table #1

Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

Not material

ESRS - S3-4

HUMAN RIGHTS ISSUES AND INCIDENTS PARAGRAPH 36

Indicator number 14

Table #3 of Annex 1

Not material

ESRS - S4-1

POLICIES RELATED TO CONSUMERS AND END-USERS PARAGRAPH 16

Indicator #9 Table #3

and Indicator #11

Table #1 of Annex 1

Not material

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DISCLOSURE REQUIREMENT AND RELATED DATAPOINT SFDR

REFERENCE

PILLAR 3

REFERENCE

BENCHMARK REGULATION

REFERENCE

EU CLIMATE LAW

REFERENCE

SECTION

REFERENCE

ESRS - S4-1

NON-RESPECT OF UNGPS ON BUSINESS AND HUMAN RIGHTS AND OECD

GUIDELINES PARAGRAPH 17

Indicator #10 Table #1

of Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

Not material

ESRS - S4-4

HUMAN RIGHTS ISSUES AND INCIDENTS PARAGRAPH 35

Indicator #14 Table #3

of Annex 1

Not material

ESRS - G1-1

UNITED NATIONS CONVENTION AGAINST CORRUPTION PARAGRAPH 10 (B)

CORRUPTION PARAGRAPH 10 (B)

Indicator #15 Table #3

of Annex 1

Not material

ESRS - G1-1

PROTECTION OF WHISTLE-BLOWERS PARAGRAPH 10 (D)

Indicator #6 Table #3

of Annex 1

Not material

ESRS - G1-4

FINES FOR VIOLATION OF ANTI-CORRUPTION AND ANTI-BRIBERY LAWS

PARAGRAPH 24 (A)

Indicator #17 Table #3

of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II)

Not material

ESRS - G1-4

STANDARDS OF ANTI-CORRUPTION AND ANTI-BRIBERY PARAGRAPH 24 (B)

Indicator #10 Table #1

of Annex 1

Not material

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

POLICIES ADOPTED TO MANAGE MATERIAL SUSTAINABILITY MATTERS (MDR-P)

Dovre Group has implemented policies to manage material sustainability matters, centered

on its Code of Conduct. This policy promotes fairness, integrity, and compliance with laws and

regulations across global operations. It addresses material impacts such as ethical business

practices, prevention of corruption, respect for labor and human rights, and environmental

sustainability.

KEY ELEMENTS OF THE CODE OF CONDUCT

The Code of Conduct aims to:

• Ensure ethical business practices and compliance with laws.

• Safeguard human rights and minimize environmental impacts.

• Mitigate risks such as corruption, legal violations, and reputational damage.

• Foster stakeholder trust and sustainable operations.

The policy applies to all employees, contractors, and third parties conducting business on behalf

of Dovre Group, including its subsidiaries. It also covers upstream suppliers and downstream

partners. Special attention is given to regions with heightened risks of corruption or environ

mental degradation. Activities or geographies, not directly under Dovre Group’s operational

control are monitored through supplier agreements.

Governance and oversight of the Code of Conduct rest with the Board of Directors, supported

by management teams who oversee daily operations. Monitoring and enforcement processes

include regular audits, mandatory employee acknowledgment of the Code, and employee

training programs. Clearly defined reporting mechanisms, such as a whistleblowing system,

further support compliance efforts.

The Code of Conduct is publicly available on Dovre Group’s website under the Corporate

Governance section. It is communicated to stakeholders through induction programs for new

employees and contractors, as well as company-wide direct communication to employees,

contractors, and partners.

To ensure alignment with stakeholder expectations, legal requirements, and company objec-

tives, Dovre Group integrates feedback through surveys, workshops, and public consultations.

The Code of Conduct aligns with international frameworks, including the UN Global Compact,

OECD Guidelines for Multinational Enterprises, ILO Core Conventions, and the Paris Agreement

for Climate Goals.

The Code of Conduct undergoes regular reviews to maintain its relevance and effectiveness

in addressing emerging sustainability challenges and fostering compliance with global ethical

standards.

SUVIC INTEGRATES SUSTAINABILITY ACROSS OPERATIONS

Dovre Group’s subsidiary, Suvic Oy, has integrated sustainability into its core operations

through clear policies and a strong commitment to ethical business practices. This commitment

is evident in Suvic’s HSEQ Policy, Code of Conduct for Suppliers, and Data Security Policy.

Suvic’s HSEQ Policy underscores the company’s commitment to providing safe and healthy

working conditions for its employees and subcontractors. The policy emphasizes the impor-

tance of complying with all relevant health and safety regulations, providing regular training,

and promoting a drug-free workplace. This focus on employee well-being aligns with Dovre

Group’s broader sustainability goals.

Suvic’s Code of Conduct for Suppliers sets clear expectations for ethical business prac

tices throughout its supply chain. The code mandates compliance with all applicable laws and

regulations, including those related to human rights, labor standards, and environmental pro

tection. By ensuring that its suppliers adhere to these principles, Suvic contributes to a more

sustainable and responsible supply chain.

Recognizing the importance of data security in today’s digital age, Suvic has implemented

a comprehensive Data Security Policy. This policy outlines measures to protect sensitive infor

mation, including customer data, employee records, and confidential business information. By

prioritizing data security, Suvic safeguards its own operations and those of its stakeholders.

ACTIONS AND RESOURCES RELATED TO MATERIAL SUSTAINABILITY MATTERS

(MDR-A)

See the Sustainability Program above for Dovre Group’s planned sustainability actions.

There is currently no CapEx or OpEx assigned to the implementation or execution of the

policies under discussion. Consequently, no financial disclosures reference such expenditures,

nor are there allocated future financial resources for this purpose. This will be updated should

any CapEx or OpEx be assigned in the future.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

SUSTAINABILITY PROGRAM

CLIMATE

CHANGE

AND GREEN

TRANSITION

Accelerate Energy

Transition

2024–

2025

• Calculate carbon footprint in own operations (Scope 1–3) & make carbon neutrality goal

• Provide clear service offering and expertise for sustainable project management

• Conduct Environmental Assessment

• Help clients to transform themselves into more sustainable business operations

• Attracting climate and green transition competence for our clients

• Requiring adequate standards from subcontractors

• Conduct thorough Human Rights assessment in the value chain

• Educating personnel to provide the relevant know-how for clients

• Implement measures to improve gender equality

• Update Code of Conduct

• Perform training and workshops in all units

• Incorporate Green Transition and Sustainability in the business strategy

FOCUS AREA GOALS ACTIONS TIMELINE SDG

PEOPLE AND

CAREERS

Ensure Ethical

Value Chain

2025–

2026

BUSINESS

CONDUCT

Transparent

Business Practices

2024–

2025

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

5. METRICS AND TARGETS

METRICS IN RELATION TO MATERIAL SUSTAINABILITY MATTERS (MDR-M)

• E1 (Climate): KPIs include Scope 1, 2, and 3 GHG emissions and the number of

renewable energy projects completed. Scope 3 is calculated for Suvic operations 2023

onwards.

• S1 (Own Workforce): Metrics encompass employee satisfaction scores, diversity ratios

and turnover rate.

• S2 (Workers in the Value Chain): Indicators involve supplier compliance rates with

labor standards.

• G1 (Governance): Metrics include the frequency of sustainability oversight meetings

and the implementation rate of sustainability initiatives.

These KPIs are monitored and reported annually to ensure transparency and continuous

improvement.

Dovre Group’s E1 (Climate) metrics, including Scope 1, 2, and 3 GHG emissions and renewable

energy efforts, are derived using the methodologies as highlighted in the emission calculation

report.

TRACKING EFFECTIVENESS OF POLICIES AND ACTIONS THROUGH TARGETS

(MDR-T)

Currently, Dovre Group has not yet established outcome-oriented sustainability targets. Fol

lowing the acquisition of a significant part of the business by NYAB, effective from January 2,

2025, these targets will be developed in alignment with NYAB’s existing sustainability policies

and objectives. The new parent company will oversee the process of setting measurable and

time-bound targets that align with national, EU, and international policy. They will disclose the

methodologies, assumptions, and stakeholder involvement underpinning these targets once

they are defined.

The remaining company, comprising Suvic, Renetec, and Proha, will set its own targets.

However, Dovre Group tracks the material impacts, risks, and opportunities through employee

satisfaction survey, employee turnover rates, financial performance, emission calculations,

and energy consumption. These metrics are explained in more detail in the respective section

(E1, S1, S2, G1).

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

EU TAXONOMY REPORTING

The European Union has set a clear target for becoming the world’s first climate-neutral con-

tinent by 2050. The digital transition as well as smarter and greener use of technologies are

described as key enablers for achieving this. To support investment in sustainable projects, the

EU has launched a classification system for sustainable business activities, the EU Taxonomy.

For companies falling under the EU’s Corporate Sustainability Reporting Directive (CSRD),

compliance involves reporting on how well their operations align with the EU Taxonomy.

In reporting for the financial year 2024, companies are required to present both taxono

my-eligible and taxonomy-aligned Key Performance Indicators (KPIs), encompassing turnover,

capital, and operating expenditure. Alignment, as defined by technical screening criteria, neces-

sitates that an activity ‘substantially contributes’ to at least one environmental objective while

avoiding ‘significant harm’ to any of the other five objectives. Additionally, compliance with

minimum safeguards is essential.

Dovre Group, adhering to the Climate Delegated Act’s descriptions of economic activities and

the Annexes supported by the EU Taxonomy Compass, has evaluated its Taxonomy eligibility.

The company has assessed its earning models, identifying the most relevant activities based

on this evaluation. The delineation of eligible activities has been carefully addressed, incor-

porating guidance from the European Commission’s Q&A papers. Consequently, the company

has determined that only the construction of wind and solar parks, along with heat recovery

projects, qualifies as eligible activities. Other business endeavors, wherein Dovre’s experts are

engaged to provide services and advice in client companies, are considered ineligible, even if

the underlying project is related to renewables. This decision is also influenced by the lack of

access to all technical details of the end product in these client projects.

In addition to taxonomy-eligible projects, Dovre has participated in various renewable

projects, contributing with consultants and expertise to the engineering, construction, and

completion phases. These projects account for an estimated 15–20% of total sales and reported

as non-eligible in the respective tables.

For any new business areas, a process will be created to ensure that taxonomy eligibility

and alignment criteria are thoroughly checked from the start.

MINIMUM SAFEGUARDS

To uphold its commitment to the UNGP and OECD guidelines, as well as ensuring fair compe

tition, tax compliance, and equal pay, Dovre has incorporated these principles into its Code of

Conduct. The company has not faced any allegations or court decisions related to human and

labor rights violations and is not involved in controversial arms trade. Dovre has implemented

due diligence steps in its onboarding process, with plans to further standardize documenta

tion of the due diligence processes across the value chain, encompassing subcontractors and

business partners. The gender pay gap has been analyzed in the two largest units in Norway,

revealing no major issues.

EU TAXONOMY REPORTING PRINCIPLES

The required metrics have been determined based on Dovre’s financial reporting prepared in

accordance with IFRS. Detailed information on the group’s preparation principles is outlined

in the notes to the consolidated financial statements.

Revenue includes the total revenue of the reported segments and the elimination of internal

revenue.

Investments are defined as additions to tangible and intangible assets during the reporting

period before depreciation and revaluations. It also includes additions to right-of-use assets from

lease agreements. No significant investments were made in 2024; therefore, all investments

are included in activities not covered by the taxonomy i.e. as capex in non-eligible activities.

Operating expenses are defined as the portion of investments related to taxonomy eligble

and non-eligble economic activities. In financial reporting, operating expenses are included in

materials and services, personnel costs, and other operating expenses.

ESRS E1 – CLIMATE CHANGE

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Proportion of revenue from products or services associated with taxonomy-aligned economic activities

TURNOVER 2024 SUBSTANTIAL CONTRIBUTION CRITERIA (%)

DNSH CRITERIA

(DOES NOT SIGNIFICANTLY HARM)

ECONOMIC ACTIVITIES (1)

CODE (2)

ABSOLUTE

TURNOVER (TEUR) (3)

PROPORTION OF

TURNOVER, 2024 (4)

CLIMATE CHANGE

MITIGATION (5)

CLIMATE CHANGE

ADAPTATION (6)

WATER AND MARINE

RESOUCES (7)

POLLUTION (8)

CIRCULAR ECONOMY (9)

BIODIVERSITY AND

ECOSYSTEMS (10)

CLIMATE CHANGE

MITIGATION (11)

CLIMATE CHANGE

ADAPTATION (12)

WATER AND MARINE

RESOURCES (13)

CIRCULAR ECONOMY (14)

POLLUTION (15)

BIODIVERSITY (16)

MINIMUM SAFEGUARDS (17)

PROPORTION OF TAXONOMY

ALIGNED OR -ELIGIBLE

TURNOVER, 2023 (18)

CATEGORY ENABLING

ACTIVITY (19)

CATEGORY TRANSITIONAL

ACTIVITY (20)

TEUR %

Y; N; N/

EL Y/ N Y/ N Y/ N Y/N Y/ N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy aligned)

Electricity generation using solar photovoltaic

technology 4.1. 29.429 13.9% Y N N/EL N/EL N/EL N/EL n.a. Y n.a. Y n.a. Y Y

Electricity generation from wind power 4.3. 51.890 24.5% Y N N/EL N/EL N/EL N/EL n..a. Y Y Y n.a. Y Y 46.5%

Installation, maintenance, and repair of

renewable energy technologies 7.6. 16.075 7.6% Y N N/EL N/EL N/EL N/EL n.a. Y n/a n/a n/a n/a n/a E

Turnover of environmentally sustainable

activities (Taxonomy-aligned) (A.1) 97.4 46.0% 65.0%

Of which enabling 97.4 100%

Of which transitional

A.2 Taxonomy-Eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities) 0 0

Total (A.1 + A.2) 97.394 100.00%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities 114.404 54.0%

Total (A + B) 211.798 100.0%

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Proportion of CapEx from products or services associated with taxonomy-aligned economic activities

CAPEX 2024 SUBSTANTIAL CONTRIBUTION CRITERIA (%)

DNSH CRITERIA

(DOES NOT SIGNIFICANTLY HARM)

ECONOMIC ACTIVITIES (1)

CODE (2)

ABSOLUTE TURNOVER

(TEUR) (3)

PROPORTION OF CAPEX,

YEAR 2024, (4)

CLIMATE CHANGE MITIGA

TION (5)

CLIMATE CHANGE ADAPTA

TION (6)

WATER AND MARINE

RESOUCES (7)

POLLUTION (8)

CIRCULAR ECONOMY (9)

BIODIVERSITY AND ECOSYS

TEMS (10)

CLIMATE CHANGE MITIGA

TION (11)

CLIMATE CHANGE ADAPTA

TION (12)

WATER AND MARINE

RESOURCES (13)

CIRCULAR ECONOMY (14)

POLLUTION (15)

BIODIVERSITY AND

ECOSYSTEMS (16)

MINIMUM SAFEGUARDS (17)

PROPORTION OF TAXONOMY

ALIGNED OR -ELIGIBLE

CAPEX, YEAR 2023, (18)

CATEGORY ENABLING

ACTIVITY (19)

CATEGORY TRANSITIONAL

ACTIVITY (20)

TEUR %

Y; N; N/

EL Y/ N Y/ N Y/ N Y/ N Y/ N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy aligned) 0.000 0.0% 0.0%

Turnover of environmentally sustainable

activities (Taxonomy-aligned) (A.1) 0.000 0.0% 0.0%

Of which enabling 0 0

Of which transitional 0 0

A.2 Taxonomy-Eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities)

CapEx of Taxonomy

eligible activities (A.1 + A.2)

0.000 0.0%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities 0 0.0%

Total (A + B) 0 0.0%

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Proportion of OpEx from products or services associated with taxonomy-aligned economic activities

OPEX 2024 SUBSTANTIAL CONTRIBUTION CRITERIA (%)

DNSH CRITERIA

(DOES NOT SIGNIFICANTLY HARM)

ECONOMIC ACTIVITIES (1)

CODE (2)

OPEX (3)

PROPORTION OF OPEX,

YEAR 2024 (4)

CLIMATE CHANGE

MITIGATION (5)

CLIMATE CHANGE

ADAPTATION (6)

WATER AND MARINE

RESOUCES (7)

POLLUTION (8)

CIRCULAR ECONOMY (9)

BIODIVERSITY AND

ECOSYSTEMS (10)

CLIMATE CHANGE

MITIGATION (11)

CLIMATE CHANGE

ADAPTATION (12)

WATER AND MARINE

RESOURCES (13)

CIRCULAR ECONOMY (14)

POLLUTION (15)

BIODIVERSITY AND

ECOSYSTEMS (16)

MINIMUM SAFEGUARDS (17)

PROPORTION OF TAXONOMY

ALIGNED OR -ELIGIBLE

OPEX, YEAR 2023 (18)

CATEGORY ENABLING

ACTIVITY (19)

CATEGORY TRANSITIONAL

ACTIVITY (20)

TEUR %

Y; N; N/

EL Y/ N Y/ N Y/ N Y/ N Y/ N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities

(Taxonomy aligned)

Electricity generation using solar photovoltaic

technology 4.1. 0,487 2.6% Y N N/EL N/EL N/EL N/EL n.a. Y n.a. Y n.a. Y Y

Electricity generation from wind power 4.3. 0,251 1.4% Y N N/EL N/EL N/EL N/EL n..a. Y Y Y n.a. Y Y 47.10% E

Installation, maintenance, and repair of

renewable energy technologies 7.6. 0,250 1.4% Y N N/EL N/EL N/EL N/EL n.a. Y n/a n/a n/a n/a n/a

Environmentally sustainable activities

(Taxonomy aligned) (A.1.) 0,988 5.4%

Of which enabling 0,988 100%

Of which transitional 0 0%

A.2 Taxonomy-Eligible but not environmentally

sustainable activities (not Taxonomy-aligned

activities) 0 0%

OpEx of Taxonomy

eligible activities (A.1+A.2)

0,988 5.4%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

(B) OpEx of Taxonomy-non-eligible activities 17.458 94.6%

Total (A + B) 18.446 100.0%

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Nuclear and fossile gas related activities

Nuclear energy related activities

The undertaking carries out, funds or has exposures to research, development,

demonstration and deployment of innovative eletricity generation facilities that

produce energy from nuclear proceses with minimal waste from the fuel cycle.

The undertaking carries out, funds or has exposures to construction and safe

operation of new nuclear installations to produce electricity or process heat inclu

ding for the purposes of district heating or industrial processes such as hydrogen

production, as well as their safety upgrades, using best available technologies.

The undertaking carries out, funds or has exposures to safe operation of existing

nuclear installations that produce electricity or process heat, including for the

purposes of district heating or industrial processes such as hydrogen production

from nuclear energy, as well as their safety upgrades.

Fossil gas related activities

The undertaking carries out, funds or has exposures to construction or operation

of electricity generation facilities that produce electricity using fossil gaseous

fuels.

The undertaking carries out, funds or has exposures to construction, refurbish

ment, and operation of combined heat/cool and power generation facilities using

fossil gaseous fuels.

The undertaking carries out, funds or has exposures to construction, refurbish

ment, and operation of heat generation facilities that produce heat/cool using

fossil gaseous fuels.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ESRS E1 – CLIMATE

CHANGE

POSITIVE/NEGATIVE RISK TYPE OPPORTUNITY/RISK MANAGEMENT

Climate change

adaptation

P: Strategic focus on project management on renewable

energy projects.

Climate change already has a severe effect on the stability

of the global economy, as well as local societies. Our green

energy projects are strengthening the energy self-suffi

ciency of Finland and Sweden, helping the countries to

overcome the need of imported fossil fuels.

Transition risk &

Physical risk

O: Climate change already has a severe effect on the stabi

lity of the global economy, as well as local societies. Increa-

sed demand for green energy projects in the long-term.

R: Fewer oil & gas projects in future for Project Personnel

and Consultancy.

Climate change holds a lot of uncertainties that we are

unable to foresee and to prepare for. Political guidance is

spotty and has the potential to disrupt the market.

Extreme weather phenomena caused by climate change

impacts to operations by hindering project execution.

Business Strategy,

Disposal of Project

Personnel and

Consultancy Business

Units

Climate change

mitigation

P: Strategic focus on project management on renewable

energy projects. In addition, since a third of Europe’s

energy is still produced with fossil fuels, Suvic’s green

energy projects are helping society to produce energy with

a smaller carbon footprint as energy transition to renewab

les increases.

N: The nature of Suvic’s activities in construction and

transport result in locked-in GHG emissions which are hard

to eliminate. As green energy projects increase, locked-in

GHG emissions will also increase.

Transition risk &

Physical risk

O: A third of Europe’s energy is still produced with fossil

fuels which presents a significant opportunity for tran-

sitioning to cleaner energy. Suvic’s expertise in green

energy projects positions the firm well to help assist in this

transition.

R: Stricter energy efficiency regulations could increase

operational costs for construction and consulting projects.

Shifting carbon policies and regulatory changes may

impact Suvic’s ability to operate efficiently in certain

markets.

Furthermore, severe weather-related disruptions could

affect project delivery timelines and costs, and resources,

such as PV panels, will become harder to source due to

protectionism and high demand. Also, supply chain dis

ruptions for construction materials, including surging fuel

costs and carbon pricing, may reduce profit margins.

Business Strategy

Energy P: Dovre Group’s operations in Finland already run entirely

on carbon neutral sources, with a target of reaching 100%

by 2025.

N: Own energy consumption and emissions at offices.

A major part of energy consumed by construction and

deliveries is produced through fossil fuel. Transition to

alternative energy sources in construction machinery is

unlikely in the short-term.

Transition risk O: Renewable Energy Market gives new business opportu

nities (Taxonomy). Electrical energy consumed in Finland

can already be completely sourced from carbon neutral

sources.

R: The continued use of fossil fuels in transportation and

construction poses a business risk, as rising energy costs

are likely to increase operational expenses. Furthermore,

uncertainty in oil & gas sectors could impact revenue

streams for consultancy projects.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

1. GOVERNANCE

INTEGRATION OF SUSTAINABILITY RELATED PERFORMANCE IN INCENTIVE

SCHEMES (GOV-3)

Currently, Dovre Group does not integrate climate-related considerations into the remuneration

frameworks for its administrative, management, and supervisory bodies. However, the Group

recognizes the importance of aligning incentives with sustainability objectives and is evaluating

ways to incorporate such considerations into its governance practices in the future.

2. STRATEGY

TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION (E1-1)

At the moment, Dovre Group do not have a transition plan in place to ensure that its strategy

and business model are adaptable to climate change and global warming goals. This is due

to the ongoing changes in the organizational structure. However, a transition plan may be

developed in the coming years.

Dovre Group is not excluded from the EU Paris-aligned benchmarks. Future commitments

will align with global regulations and goals.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH

STRATEGY AND BUSINESS MODEL (SBM-3)

When evaluating material climate-related risks, Dovre Group has identified variations in mate

riality across its subsidiaries, as seen in its Double Materiality Assessment. For 2024’s Group-

level reporting, the average materiality score is above 3.5 for E1 disclosures but this materiality

may change in the future.

Through this assessment, the firm identified areas of positive and negative impacts, oppor-

tunities, and risks with regards to climate change adaptation, mitigation, and energy. However,

this assessment does not yet meet the full scope of the resilience analysis as outlined in the

SBM-3 requirements. Dovre Group acknowledges the importance of this assessment and will

conduct a required analysis in future reporting cycles.

In the meantime, the company has ensured that it will remain resilient in the face of climate

change by shifting its strategy towards green energy projects. Furthermore, Suvic continues

to expand its role in the construction of solar and wind power plants and ensures that Dovre

Group remains competitive in the renewable energy market. This strategy supports workforce

resilience by creating long-term employment opportunities and reinforces the company’s

position in the growing energy market.

3. IMPACT, RISK AND OPPORTUNITY MANAGEMENT

DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL

CLIMATE RELATED IMPACTS, RISKS AND OPPORTUNITIES (IRO-1)

During the Double Materiality Assessment, Dovre Group identified material physical and transi-

tion risks, alongside potential climate-related opportunities, which may have significant financial

implications over the short, medium, and long-term horizons. Suvic, for example, highlights

physical risks such as extreme weather events which could disrupt their construction operations.

Dovre Group, on the other hand, highlights transition risks including reduced demand for oil

and gas projects, which could impact project personnel and consultancy services. These are

presented in the table in section ESRS 2.

SCENARIO ANALYSIS: ENSURING CLIMATE RESILIENCE FOR DOVRE GROUP

As climate change reshapes the global energy landscape, Dovre Group faces both challenges

and opportunities across its operations. As a project management and consulting firm, Dovre

plays an important role in supporting the development and execution of renewable energy proj-

ects. Through its subsidiary Suvic, a key player in windmill and solar park construction, Dovre

Group enhances its resilience and capacity to adapt to future climate conditions. To ensure

that the company is prepared for a range of future climate conditions, we have conducted a

scenario analysis that assesses Dovre’s and Suvic’s resilience under various climate-related

scenarios. This analysis follows the recommendations of the Task Force on Climate-related

Financial Disclosures (TCFD) and supports compliance with ESRS E1 reporting requirements.

UNDERSTANDING THE SCENARIOS: A LOOK INTO POTENTIAL FUTURES

We have developed three climate scenarios that reflect possible trajectories for global warm

ing, policy developments, and physical climate impacts. Each scenario helps us explore how

external factors, such as carbon pricing, regulatory shifts, and extreme weather, may influence

the profitability and strategic positioning of both Dovre and Suvic.

Additionally, Dovre Group has defined short-, medium-, and long-term time horizons (1, 3,

5 years) to assess physical risks in alignment with its asset lifetime, strategic planning, and

capital allocation decisions. These timeframes are structured to capture both near-term oper

ational risks and long-term resilience planning. For instance, short-term risks focus on imme-

diate operational disruptions (e.g., extreme weather events affecting construction timelines),

medium-term risks include regulatory shifts impacting project feasibility, and long-term risks

encompass climate-related market transformations affecting investment priorities.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ASSESSING RISKS AND OPPORTUNITIES THROUGH METRICS AND TARGETS

The analysis uses a combination of financial, operational, and ESRS E1-aligned metrics to

quantify risks and opportunities across the scenarios. To systematically assess the impact of

its operations on climate change, Dovre Group identifies actual and potential greenhouse gas

(GHG) emission sources, including Scope 1, 2, and planned Scope 3 assessments. This process

also considers key drivers for climate-related impacts, such as land-use changes and regulatory

shifts. The company further evaluates its total GHG emissions and potential mitigation path-

ways to align with climate targets. This includes screening business activities and assets for

exposure to transition events and assessing their sensitivity to shifts in policy, carbon pricing,

and market regulations. The identification of transition risks is informed by climate-related

scenario analysis, ensuring alignment with the Task Force on Climate-related Financial Disclo-

sures (TCFD) framework. For instance:

• Financial impacts of carbon pricing: Simulations show how different carbon price

pathways affect the net present value (NPV) and internal rate of return (IRR) for

Suvic’s projects, and how shifting market sizes could impact Dovre’s consulting reve

nues

• Physical risk assessments: Metrics related to the frequency and severity of storms

and floods are analyzed to estimate downtime, asset damage, and maintenance costs

for Suvic, while Dovre assesses project delays and budget overruns due to climate

impacts

• Opportunity assessments: Projected growth in renewable energy demand under

our climate scenarios is compared to current project pipelines, highlighting areas for

Suvic’s strategic expansion and Dovre’s consulting services in renewable energy and

climate adaptation projects

METHODOLOGY

Our scenario analysis follows a structured, TCFD-aligned approach:

1. Defining the Baseline: We gathered operational data from Suvic’s ongoing and plan

ned projects, including capacity, costs, and regulatory requirements. For Dovre, we con-

sidered consulting projects across renewable and traditional energy sectors.

2. Modeling Climate Scenarios: For Suvic, we used data from the IPCC, IEA, and national

adaptation plans to define variables such as carbon pricing, policy shifts, and physi

cal risks. For Dovre, we considered shifting demand between oil & gas and renewable

energy consulting. The identification of these transition events and assessment of

exposure has been informed by climate-related scenario analysis.

3. Quantifying Impacts: For Suvic, we conducted financial simulations to assess the

impact of carbon pricing and policy changes and used physical risk models to evaluate

potential damage from extreme weather events. For Dovre, we measured the effect of

regulatory shifts on consulting revenues and office sustainability.

4. Developing Adaptive Strategies: Based on scenario outcomes, we explored mitiga

tion strategies for Suvic such as enhancing infrastructure resilience and diversifying

component sourcing. For Dovre, we considered adapting consulting offerings to focus

on renewable energy and climate resilience projects. Additionally, we have identified

business activities and assets that will require significant adaptation efforts in order to

be compatible with climate neutral economy. These include shifting investment from

fossil fuel projects to green energy projects.

GOVERNANCE AND MONITORING

The board of directors at Dovre Group will oversee the integration of climate-related risks into

strategic planning. Regular reviews will be conducted to monitor emerging risks and update

the scenario analysis as needed. Additionally, we will engage key stakeholders, including inves

tors and local communities, to ensure that the company’s strategy remains aligned with best

practices.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONCLUSION

The results of this scenario analysis highlight that Dovre Group, through Suvic’s renewable

energy construction expertise and its own project management and energy consulting exper-

tise, is well-positioned to thrive under climate scenarios that prioritize the energy transition.

By continuously adapting its strategy, monitoring risks, and seizing emerging opportunities,

Dovre Group can build a business model that not only withstands climate-related challenges but

also drives sustainable growth. Through effective governance, the company will be prepared

to meet its obligations under ESRS E1 and provide investors and stakeholders with robust,

forward-looking disclosures.

POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-2)

At present, Dovre Group does not have formal policies in place regarding climate change

mitigation and adaptation. The company is currently undergoing a transition period and will

develop structured policies once its future is clearer.

However, in the meantime, the firm has begun shifting its strategic focus towards renewable

energy projects, particularly in wind and solar power. As the situation evolves, additional policies

and commitments will be introduced to support climate change mitigation and adaptation.

ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES (E1-3)

At this stage, Dovre Group has not yet implemented dedicated climate-related policies or a

structured action plan. The company’s primary climate-related action is its strategic shift

towards renewable energy projects, which remains the key focus of its sustainability approach.

While Dovre Group has partially transitioned to renewable energy sources, further steps

to mitigate emissions and enhance sustainability will be developed in the coming years as

the company stabilizes and adapts to evolving regulations. Future actions will align with the

company’s long-term climate strategy and market conditions.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 1: Scenario Analysis for Suvic Oy

SCENARIO IMPACT RISKS OPPORTUNITIES

NET ZERO BY 2050 (1.5°C PATHWAY)

Requires extreme short-term measures resulting in

skyrocketing costs of materials and fuel.

Green energy projects could benefit from financial

incentives and subsidies.

Construction in certain areas with large CO

deposits

could become expensive.

Higher compliance costs due to stricter regulations.

Surging machinery fuel costs as renewable fuel opti

ons will not cover the demand.

Pressure on operating margins due to carbon pricing.

Investments moving to offshore wind due to pricing

on soil CO

emissions.

Enhanced market demand for wind and solar parks,

while other construction sectors suffer from rising

costs.

Preferential access to financing through green

investment programs.

DELAYED ACTION, MODERATE REGULATION

(2°C PATHWAY)

Requires extreme measures to reduce emissions;

economy effects similar to 1.5°C scenario.

Moderate climate risks could cause construction

delays.

Possibility of design changes to projects due to stor

mwaters, snow loads, and extreme temperatures.

Wind/Solar parks can be a financial risk to pursue

during this time.

Increased warranty claims due to extreme weather.

Moderate disruptions to supply chains and construc

tion due to localized weather events.

Longer period to find alternative fuel sources for

construction machinery.

Long-term revenue growth due to the steady increase

in clean energy demand.

HIGH-END CLIMATE CHANGE (ABOVE 2°C)

No drastic regulations or changes.

High climate risk with extreme weather events.

Delays in construction and extra costs from warranty

claims would severely impact operations.

Could affect the global economy, and lead to econo

mic and social unrest.

However, demand for energy and decentralized

energy systems would benefit major players.

But protectionist policies and trade wars will limit the

availability of resources.

Severe rise in warranty costs due to extreme weather

events.

Higher construction and maintenance costs, leading

to diminished margins.

Resources, such as PV panels, will become harder to

source due to protectionism and high demand.

Stable market area with a low risk for social unrest.

Demand for resilient, off-grid renewable energy sys

tems will grow.

Potential growth in other infrastructure-based climate

adaptation solutions.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 2: Scenario Analysis for Dovre

SCENARIO IMPACT RISKS OPPORTUNITIES

NET ZERO BY 2050 (1.5°C PATHWAY)

Requires extreme short-term measures resulting in

strong demand for project management in renewable

energy projects.

Increased operational costs due to strict energy effi-

ciency regulations for office spaces.

Decline in traditional oil & gas projects could lead to

reduced consulting opportunities.

Expansion in renewable energy consulting projects

driven by global decarbonization efforts.

DELAYED ACTION, MODERATE REGULATION

(2°C PATHWAY)

Requires extreme measures to reduce emissions;

economy effects similar to 1.5°C scenario.

Gradual increase in renewable energy projects requi

ring project management expertise.

Continued, but slower, transition from oil & gas to

renewable energy consulting projects.

Moderate regulatory pressure to reduce office emis

sions.

Prolonged uncertainty in oil & gas sectors affecting

consultancy revenue streams.

Steady flow of renewable energy projects, allowing

time to adapt to new markets and technologies.

HIGH-END CLIMATE CHANGE (ABOVE 2°C)

No drastic regulations or changes.

High climate risk with extreme weather events resul

ting in unpredictable project environments and impact

on project timelines.

Potential reduction in renewable projects if govern

ments deprioritize climate policies.

Severe weather-related disruptions could affect pro

ject delivery timelines and costs.

Growing demand for resilient infrastructure and

climate adaptation consulting services.

Potential for niche opportunities in disaster recovery

project management and climate resilience infrastruc

ture.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

4. METRICS AND TARGETS

TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-4)

Dovre Group has not yet established its climate-related targets due to its restructuring. However,

the Group will evaluate the relevance and feasibility of setting climate-related targets in the

coming years, in line with regulatory requirements, stakeholder expectations, and company

strategy and vision. The setting of targets is described in more detail in section ESRS 2.

ENERGY CONSUMPTION AND MIX (E1-5)

The energy consumption data reported for Dovre and Suvic is primarily based on metered

energy usage from company sites and operational facilities, with additional estimates where

direct measurements were unavailable. Fuel consumption data for fossil and renewable sources

is derived from procurement records, and in cases where direct data was missing, conversion

factors from Statistics Finland and the Finnish Energy Authority are applied.

Purchased electricity, heating, and cooling are assessed using both market-based and

location-based approaches, where market-based estimates relies on supplier-specific energy

data from providers such as Fortum, Entelios, Statkraft, Helen, Tampereen Energia, and Oulun

Energia, while location-based figures are based on regional grid mix factors from Fingrid (Fin

land) and equivalent authorities in other regions.

For renewable energy consumption, Suvic and Dovre tracked energy procurement contracts

and supplier certificates to verify the share of electricity sourced from renewables or nuclear

power. Some sites recorded zero emissions for electricity consumption due to the exclusive

use of such contracts. Energy transmission losses are included where relevant, with assumed

losses varying by country (e.g., 2% in Finland, 9% in Canada) based on data from national

grid operators. However, methodological limitations exist, including cases where some energy

consumption was estimated due to incomplete metering, leading to reliance on historical usage

patterns. Additionally, supplier disclosures do not always specify the exact mix of fuels used,

requiring the use of regional energy mix estimates in some cases.

Dovre Group’s energy consumption is disaggregated by source, including fossil fuels, nuclear

energy, and renewables in the table next.

The metrics used are as follows:

1. Total Energy Consumption (MWh): The sum of all energy consumed, including fossil

fuels, nuclear, and renewable energy.

2. Share of Fossil Sources in Total Energy Consumption (%): The proportion of total

energy consumption derived from fossil-based fuels.

3. Share of Nuclear Energy in Total Energy Consumption (%): The proportion of total

energy consumption sourced from nuclear power.

4. Share of Renewable Sources in Total Energy Consumption (%): The proportion of

total energy sourced from renewable sources such as solar, wind, and hydro.

5. Energy Intensity (MWh/€): Energy consumption per unit of net revenue, which helps

assess efficiency in energy use relative to financial performance.

Where financial metrics are used, the currency applied is consistent with the company’s financial

statements, which are presented in € or M€. The energy consumption data reported has not

been externally validated by a third-party body, other than the assurance provider engaged

for sustainability reporting.

Table 3: Energy consumption and mix

DOVRE SUVIC TOTAL DOVRE GROUP

2023 2024 2023 2024 2023 2024

(1) Fuel consumption from coal

and coal products (MWh) - 0 0 0 0 0

(2) Fuel consumption from crude

oil and petroleum products (MWh) - 0 3.914,00 6.356,49 3.914,00 6.356,49

(3) Fuel consumption from natural

gas (MWh) - 0 0 0 0 0

(4) Fuel consumption from other

fossil sources (MWh) - 0 0 0 0 0

(5) Consumption of purchased or

acquired electricity, heat, steam,

or cooling from fossil sources

(MWh) - 42,97 18,08 12,4 18,08 55,37

(6)Total energy consumption

from fossil sources (calculated as

the sum of lines (1-5) - 42,97 3.932,08 6.368,89 3.932,08 6.411,86

Share of fossil sources in total

energy consumption (%) - 10.53% 96.25% 98.59% 96.25% 93.36%

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DOVRE SUVIC TOTAL DOVRE GROUP

2023 2024 2023 2024 2023 2024

(7) Consumption from nuclear

sources (MWh) - 45,35 3,15 2,19 3,15 47,54

Share of consumption from

nuclear sources in total energy

consumption (%) - 11.12% 0.08% 0.03% 0.08% 0.69%

(8) Fuel consumption from

renewable sources, including bio

mass (also comprising industrial

and municipal waste of biologic

origin, biogas, renewable hydro

gen, etc.) (MWh) - 0 35 1,05 35 1,05

(9) Consumption of purchased or

acquired electricity, heat, steam,

and cooling from renewable

sources (MWh) - 319,57 115,12 87,6 3 115,12 407,2

(10) The consumption of self-ge

nerated non-fuel renewable

energy (MWh) - 0 0 0 0 0

(11) Total renewable energy con

sumption (MWh) (calculated as

the sum of lines 8 to 10) - 319,57 150,12 88,68 150,12 408,25

Share of renewable sources in

total energy consumption (%) - 78.35% 3.67% 1.37% 3.67% 5.94%

TOTAL ENERGY CONSUMPTION

(sum of lines 6, 7 and 11) - 407,89 4.085,35 6.459,76 4.085,35 6.867,65

The energy intensity metric, expressed as total energy consumption per net revenue from high

climate impact sectors, is presented in Table 4. This metric supports monitoring of energy

efficiency across operations. This is material only for Suvic as a construction company.

Table 4: Energy intensity per net revenue in high climate impact sectors

DOVRE SUVIC DOVRE GROUP

2023 2024 % 2023 2024 % 2023 2024 %

Total energy consumption

from activities in high

climate impact sectors per

net revenue from activities

in high climate impact

sectors (MWh/M€)

2.41 - 57.41 66.30 115.5% 57.41 68.71 119.7%

% CURRENT REPORTING PERIOD / PREVIOUS REPORTING PERIOD

The net revenue from high climate impact sectors used to calculate the data in Table 4 is rec-

onciled with the financial statement. For reference, the total turnover of Dovre Group, including

Suvic, is 211.798 M€.

GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS (E1-6)

In this section, scope 1, 2, 3, and total GHG emissions for Dovre Group are listed for 2023 and

2024. No significant changes occurred in the definition of the reporting undertaking or its

upstream and downstream value chain between the 2023 and 2024 reporting periods. As a

result, the reported GHG emissions remain fully comparable between these periods.

Dovre Group’s total emissions for 2024 amounted to 46.260,44 tCO

e, with Scope 1 contrib-

uting 1.710,16 tCO

e (4%), primarily from mobile fuel combustion in company-owned vehicles.

The fuels used were diesel, gasoline, and motor fuel oil. No biogenic CO

emissions were gen-

erated, as Dovre Group did not use biomass for energy production or other activities during

the reporting period. Scope 2 accounted for 18,13 tCO

e (0%) and was from the electricity and

district heating used across its offices. Scope 3 emissions amounted to 44.532,15 tCO

e (96%)

and they include emissions from purchased goods and services, and the end-of-life processing

of sold products.

Suvic’s total carbon footprint was 44.790,04 tCO

e. The majority of the emissions (96%),

amounting to 43.075,16 tCO

e, fell under Scope 3. These emissions included purchased goods

and services, upstream transportation and distribution, employee commuting, and business

travel. The fuels used were diesel, gasoline, and motor fuel oil. No biogenic CO

emissions were

generated, as Suvic did not use biomass for energy production or other activities during the

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

reporting period. Scope 2 emissions 6,19 tCO

e had a negligible impact. Notably, some of Suvic’s

locations had zero Scope 2 emissions due to renewable energy contracts.

Furthermore, Dovre Group calculates Scope 2 emissions using both the location-based

and market-based methods, in accordance with the GHG Protocol Scope 2 Guidance (2015).

Market-based emissions reflect contractual agreements for electricity procurement, which in

some cases resulted in zero market-based Scope 2 emissions. For market-based calculations,

Dovre Group sourced electricity through renewable energy procurement contracts with sup

pliers, including Entelios, Fortum, Statkraft, Helen, Tampereen Energia, and Oulun Energia.

No separate unbundled energy attribute claims (such as Guarantees of Origin or Renewable

Energy Certificates) were used in the reporting period. Any remaining electricity consumption

not covered by renewable energy contracts was calculated using residual mix emission factors

from Finnish Energy Authorities (2024), IEA (2024), and national databases for other locations.

In addition, Dovre Group’s Scope 3 emissions included emissions from the following cat-

egories: purchases goods and services, fuel and energy related activities, transportation and

distribution (upstream), waste generated, business travel, employee commuting, end-of-life

treatment of sold products. Investments were unaccounted for due to missing data from the

banks. Categories such as capital goods, leased assets, processing of sold products, use of sold

products, franchising were not included since they were deemed not relevant.

Dovre Group report Scope 3 emissions in accordance with the GHG Protocol Corporate Value

Chain (Scope 3) Accounting and Reporting Standard (2011). The operational control approach

was used to determine the reporting boundary, meaning that emissions from entities over

which Suvic Oy and Dovre Group have operational control are included in the inventory. The

following subsidiaries and operations are included: Suvic Oy and subsidiaries Suvic Ab (Sweden)

and Suvic Force (Finland), Dovre Group Oyj (Finland) and subsidiaries Dovre Group Consulting

AS (Norway) and Dovre Group Energy AS (Norway), Dovre Canada Ltd, Dovre Asia Pte Ltd.,

Dovre Group Pte Ltd. Dovre Group Inc. (USA) is excluded since there is only one employee who

works from home.

All calculations were performed using verified emission factors, for example from Statistics

Finland, Finnish Climate Change Panel, and UK Government BEIS Database. All other sources

are listed in the table in section 7.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 5: Total GHG emissions

DOVRE SUVIC DOVRE GROUP TOTAL % CHANGE

METRIC 2023 2024 2023 2024 2023 2024

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO

eq) 1,92 1,92 982,25 1.708,24 984,17 1.710,16 73.8%

Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) - - - - - - -

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions (tCO

eq) 18,44 25,67 8,80 7,31 27,24 32,98 20.4%

Gross market-based Scope 2 GHG emissions (tCO

eq) 39,32 11,94 8,36 6,19 30,96 18,13 - 70.7%

Significant scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions (tCO

eq) - 1.456,99 57.334,81 43.075,16 57.334,81 44.532,15 - 22.3%

1 Purchased Goods and services - 228,35 49.091,11 32.835,49 49.091,11 33.063,84 - 32.6%

2 Capital Goods - - - - - -

3 Fuel- and Energy-Related Activities (not included in Scope 1 or Scope 2) - 20,89 324,73 479,87 324,73 500,76 54.2%

4 Upstream transportation and distribution - 0 1.607,41 1.660,64 1.607,41 1.660,64 3.31%

5 Waste generated in operations - 4,79 9,42 152,48 9,42 157,27 1570%

6 Business travel - 894,29 126,92 173,20 126,92 1.068,49 7.42%

7 Employee commuting - 307,21 127,54 952,89 127,54 1.260,10 888%

8 Upstream leased assets - - - - - - -

9 Downstream transportation - - - - - - -

10 Processing of sold products - - - - - - -

11 Use of sold products - - - - - - -

12 End-of-life treatment of sold products - 0 5.236,94 6.821,05 5.236,94 6.821,05 30.2%

13 Downstream leased assets - - - - - - -

14 Franchises - - - - - - -

15 Investments - - - - - - -

Total GHG emissions

Total GHG emissions (location-based) (tCO

eq) 20,36 1.484,58 58.325,86 44.790,04 58.325,86 46.275,29 - 20.7%

Total GHG emissions (market-based) (tCO

eq) 41,24 1.470,85 58.325,42 44.789,59 58.325,42 46.260,44 - 20.6%

The GHG emissions intensity for the reporting period is 218,55 t CO

e / million € for Dovre

Group and for Suvic it was 459,86 t CO

e / million €. GHG emission intensity was calculated as

total GHG emissions divided by net revenue.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 6: Market and location-based intensities

GHG INTENSITY PER NET REVENUE

Total GHG emissions (location-based)

per net revenue (tCO

eq/million €) 294,64 t CO

e / million €

Total GHG emissions (market-based)

per net revenue (tCO

eq/million €) 294,59 t CO

e / million €

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

5. GREENHOUSE GAS EMISSION CALCULATION DATA, ASSUMPTIONS, AND EMISSION FACTORS

Table 7: Emission sources

EMISSION SOURCE SCOPE KEY ASSUMPTIONS & CALCULATION METHODS EMISSIONS FACTOR SOURCES

Fuel Combustion (Vehicles & Equipment) Scope 1 Direct emissions from fuel consumption in company-owned vehicles

and machinery. Emissions calculated using fuel-specific emission

factors.

Statistics Finland (2024) fuel classification, Finnish Climate Change

Panel (2023), UK Government BEIS database (2024)

Electricity Consumption Scope 2 Market-based and location-based approaches applied. Location-based

calculations use national grid emission factors, while market-based

reflects contractual electricity purchases.

Finnish Energy Authorities (2024) residual mix emission factor,

Average Emissions Factor for electricity in Norway (IEA), Average

Emissions factor for Newfoundland and Labrador (Environment and

Climate Change Canada, 2024), Average Emissions factor for Singa

pore, Fingrid’s (2025) Average Emission factor for electricity produced

in Finland in 2024

District Heating & Cooling Scope 2 Energy consumption data from owned/leased properties. Missing data

estimated based on industry benchmarks.

Statistics Finland district heating value (2024), Motiva (District Heating

Emissions), Local Energy Providers

Purchased Goods & Services Scope 3 Supplier-specific and industry-average emission factors applied based

on spend and procurement categories.

Exiobase v3.4 (2023), Ecoinvent database (2024)

Fuel & Energy related activities Scope 3 Emissions calculated based on fuel use, energy production, and trans

mission losses. Missing data estimated using conservative assumptions,

with uncertified electricity assumed to be fossil-based unless resi

dual mix data was available. Transmission losses incorporated where

applicable. District cooling emissions excluded due to lack of emission

factors.

Finnish Climate Change Panel (2023), Ecoinvent-database (2024),

Intergovernmental Panel on Climate Change’s (IPCC) 2014 report, Fin

nish Energy authority (2024), IPCC (2014), Environment and Climate

Change Canada, (2024)

Transportation & Distribution Scope 3 Calculated internally and included the transpiration to seven different

construction sites

Calculated internally

Waste generated Scope 3 - Study by Li et al. (2021), WWF (2018)

Business Travel Scope 3 Emissions calculated using employee-reported travel distances, tran

sport modes, and associated emission factors. Emissions for certain

modes of travel (for e.g. train travel in Norway and taxi rides in Singa

pore) done on cost-basis

Finnish Climate Change Panel (2023), EPA (2023), Traficom (2025),

VR’s (2024) emissions factor, UK Government’s BEIS-database (2024)

Employee Commuting Scope 3 Employee survey data used for modal split (car, train, bus, etc.). Ave

rage emission factors applied per travel mode.

Finnish Climate Change Panel (2023), Traficom (2025), UK Governme

nt’s BEIS-database (2024), VR (2024) Emission factors, Motiva (2024),

Fingrid (2025)

End of life treatment of sold productions Scope 3 Calculated internally and included dismantling, transport, concrete

crushing and melting of steel

Calculated internally

Investments Scope 3 Not calculated since necessary information from banks was not

available

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

WORKING CONDITIONS POSITIVE/NEGATIVE IMPACT OPPORTUNITY / RISK MANAGEMENT

Secure Employment P: Providing high-quality professional opportunities

N: Uncertainty in the Finnish and Swedish green energy sectors may

lead to layoffs, if new projects do not start.

O: Improved employer attractiveness Individual contracts

Working time P: Ensuring normal working hours. Suvic follows legal and collective

bargaining regulations on working hours.

N: Specialist resources are easily used up on demanding projects

O: Improved employer attractiveness

R: Health

HSEQ Policy and HSEQ Handbook for Suvic.

Suvic follows legal and collective bargaining

regulations on working hours.

Adequate wages P: Providing high-quality professional opportunities.

Salaries are competitive.

Minimum wages follow the collective bargaining and legal require

ments. Employees receive compensation for overwork and travel hours.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risks identified

Social dialogue P: Well-working workplace collaboration. The company is active in

social dialogue with employees through different committees and

encourages participation in labour unions. Employee satisfaction

surveys annually

N: No negative impacts identified

O: Improved employer attractiveness

R: No risks identified

Employee satisfaction surveys annually. Person

nel Representative for Dovre Group.

Freedom of association, the

existence of work councils and

the information, consultation

and participation rights of

workers

P: Freedom of association, well-functioning cooperation with employee

representatives. Workers’ participation is the foundation of the com

pany Health and Safety system.

N: No negative impacts identified

O: Improved employer attractiveness

R: Consultants participate in climate movements

Workers’ participation is the foundation of the

company Health and Safety system.

Collective bargaining, including

rate of workers covered by

collective agreements

P: Individual salaries, collective insurance etc. 5-10 percent of workers

are union members.

N: No negative impacts identified

O: No opportunity identified

R: Consultants participating in general strikes

Work-life balance P: Enabling a good quality of life for employees. The company is

committed to keeping working hours at legal and collective bargaining

maximums.

O: Improved employer attractiveness The company is committed to keeping working

hours at legal and collective bargaining maxi

mums.

Health and Safety P: Providing safe working conditions. Suvic is constantly performing in

the top 10 of the safest construction companies in Finland.

N: No negative impacts identified

O: Improved employer attractiveness

R: HES incident.

HES incident reporting.

ESRS S1 – OWN WORKFORCE

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

WORKING CONDITIONS POSITIVE/NEGATIVE IMPACT OPPORTUNITY / RISK MANAGEMENT

Equal treatment and opportunities for all

Gender equality and equal pay

for work of equal value

P: Equal pay for work of equal value. The company has an equality plan

and is committed to equal pay.

N: Majority of male candidates.

Majority of employees in the trade and new graduates from technical

schools are men.

O: Improved employer attractiveness

R: No risk identified

The Code of Conduct for Dovre Group.

Suvic has an equality plan and is committed to

equal pay.

Training and skills development P: Providing high-quality professional opportunities. The company is

positive about employees to improving their professional skills through

extra training and studies.

N: Young workers receive a lot of responsibility on site and may not

have as much support as necessary from senior colleagues.

O: Improved employer attractiveness

R: No risk identified

The company encourages employees to improve

their professional skills through extra training

and studies.

Employment and inclusion of

persons with disabilities

P: Policy and practice for inclusion. Oersons with disabilities have

been noted in the equality plan. Suvic only uses accessible offices and

concessions are made on site to allow office access to persons with

disabilities.

N: No negative impacts identified

No risks or opportunities identified Persons with disabilities have been noted in the

equality plan. Suvic only uses accessible offices

and concessions are made on site to allow office

access to persons with disabilities.

Measures against violence and

harassment in the workplace

P: No tolerance policy. The company does not allow for violence or

harassment in the workplace. Employees receive training on the topic.

N: No negative impacts identified

No risks or opportunities identified No tolerance policy. Employees receive training

on the topic.

Diversity P: Safe and diverse working environment. The company has a diversity,

equity and inclusion plan and is taking action to educate the employees

on the topic.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risk identified

The Code of Conduct. Suvic has a diversity,

equality and inclusion plan and is taking action

to educate the employees on the topic.

Other work-related rights

Child labour P: Absolutely no child labour,

Suvic does not employ anyone under 18 in their projects.

N: Suvic does not employ anyone under 18. The policy prevents voca

tional school students from receiving positive work experience about

safety in critical construction sites.

No risks or opportunities identified

Forced labour P: No forced labor at all No risks or opportunities identified

Adequate housing P: Workers are provided with appropriate accommodation.

N: Problems finding suitable accommodation near the construction site

for project staff.

No risks or opportunities identified

Privacy P: Protecting employee data.

Workers’ right to privacy is respected and the company is working with

third parties to ensure GDPR and information security practices are

followed.

N: No negative impacts identified

O: No opportunities identified

R: Risk of losing GDPR information due to crime

or poor information management is always

present.

Suvic’s Data Privacy Policy

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

1. STRATEGY

INTERESTS AND VIEWS OF STAKEHOLDERS (SBM-2)

The company recognizes its own workforce as a key stakeholder group whose feedback and

engagement is essential with aligning the organization’s goals with employee needs.

Therefore, regular engagement for employees is carried out through mechanisms such

as feedback surveys and whistleblowing channels. The information obtained through these

means enables open communication with the workforce and ensures that their concerns are

heard. Dovre specializes in consulting and provides project personnel to its clients as a service;

ensuring employee well-being and the respect for human rights is critical to the company’s

business model. The insights gathered from workforce engagement directly influence the

organization’s strategy.

Suvic on the other hand provides construction of wind and solar parks and hence employs

workers on the construction sites. They are similarly heard in annual employee satisfaction

surveys, and their feedback is taken into account in strategic decision making.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH

STRATEGY AND BUSINESS MODEL (SBM-3)

This section outlines how Dovre Group identified and addressed the material impacts, risks and

opportunities related to its own workforce and how they inform its strategy and business model.

The company has identified both positive and negative impacts on its own workforce.

Positive impacts arise from the organization’s initiatives such as competitive renumeration,

equal pay and compensation of overwork, good workplace collaboration, career opportunities,

secure employment, ensuring normal working hours, work–life balance, safe and diverse working

conditions, adequate housing and privacy. These lead to improved employee satisfaction and

retention. Material positive impacts result from activities such as competitive remuneration

and high employee satisfaction. These initiatives positively affect both direct employees and

subcontractors.

On the other hand, negative impacts include risks of overtime on specialist roles, long-dis

tance work, majority of male workers in the construction, lack of support from seniors to

juniors, as well as health and safety issues. These impacts originate from the organization’s

business model where project-based services for external clients could lead to high workloads

and subsequent safety risks. Material negative impacts on Dovre Group’s workforce have been

assessed to include both systemic and individual incidents. Systemic impacts identified include

gender imbalance and the nature of construction work. Individual incidents include injuries at

the construction sites. These negative impacts have been thoroughly evaluated to understand

their causes and to tackle them effectively.

The relationship between workforce dependencies and organizational strategy is integral

to Dovre Group’s success due to the importance of workplace engagement and retention in

delivering successful client services. Risks, in this regard, include high turnover or reduced

motivation which could disrupt project delivery.

Material risks stemming from workforce dependencies include gender imbalance, lack

of personnel representative at Suvic, wellbeing of the overworked employees, consultants’

participation in strikes or climate movements, losing GDPR related data, and not attracting

the best candidates due to reputational risks. These risks have been managed through the

existing risk management processes. Addressing these risks allows Dovre Group to maintain

operations while offering a safe work environment for its own workforce. Career development

opportunities and strong renumeration combat these risks.

Dovre Group’s workforce consists of both employees and non-employees who are subject

to material impacts from the organization’s operations. Employees include individuals directly

employed by the company and engaged in core business functions including all business units:

Consultancy, Project Personnel and Renewables. Non-employees consist of consultants and

subcontractors. Where Project Personnel and Consultancy workers are mainly performing

tasks at our clients’ premises, Suvic employs personnel directly on their construction sites.

The company’s transition towards sustainable operations has introduced material impacts

on the workforce. These include increased job opportunities within renewable energy and

adequate compensation. Overall, Dovre sees that managing the wellbeing and respecting the

human rights of its employees creates business opportunities both in the consultancy and

construction industries. At the same time, the transition has also created opportunities for the

company’s financial performance that leads to more secure employment.

However, Dovre Group’s personnel went through a major shift as the Project Personnel

and Consultancy were sold in January 2025. The remaining company includes personnel from

Dovre Group Oyj, Suvic Oy, Proha Oy and Renetec Oy.

In addition, Dovre Group has evaluated whether any of its operations are at significant risk

of forced or child labor. This assessment has included mainly the use of computers and has not

been identified as a material risk. While no such risks have been identified to date, ongoing

vigilance is maintained through the Code of Conduct.

Finally, Dovre Group has not analyzed its workforce to identify whether specific groups of

employees or non-employees with certain characteristics are at greater risk of harm. All employ-

ees are considered to be impacted in a similar way and are treated equally in company policies.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

2. IMPACTS, RISKS, AND OPPORTUNITIES MANAGEMENT

POLICIES RELATED TO OWN WORKFORCE (S1-1)

This section outlines the policies adopted by Dovre Group to manage material impacts on its

own workforce, as well as associated material risks and opportunities. These policies address

key topics such as labour rights, safe working conditions and diversity. They align with the

international frameworks including the UN Guiding Principles on Business and Human Rights,

ILO Declaration on Fundamental Principles and Rights at Work, and OECD Guidelines for Mul

tinational Enterprises as stated in the Code of Conduct. All employees are treated equally

and all policies related to the workforce include all employees. There are no special policies

to identify people at particular risk of vulnerability nor commitments related to inclusion or

positive action for people in such groups.

As part of its commitment to ensuring labour rights of its employees, Dovre Group has a

close collaboration with the Personnel Representative. This system includes 4 collaborative

meetings per year. Any issues raised among personnel will be handled according to company

procedures. With strict compliance, we mitigate the risk of labour rights violation.

To promote a safe and secure working environment, Suvic has implemented workplace

accident prevention policies and management systems. These systems include HSEQ Policy and

HSEQ Handbook ensuring that risks to the physical safety of employees and non-employees

are identified and addressed promptly.

In addition to this, there is an Equality Policy in place to eliminate discrimination and pro

mote equal opportunities within the workforce. Dovre Group’s personnel are required to comply

with all laws and regulations forbidding any discrimination with respect to age, race, gender,

ethnic origin, nationality, religion, health, disability, marital status, sexual preference, political

or philosophical opinions, trade-union membership or any other characteristics protected by

applicable law. (Ref. ILO Convention No. 100 and 111). Dovre Group does not accept any form of

harassment; sexual, physical or psychological. Specific initiatives in this regard include ethnic

and language considerations on the construction sites as well as training the employees about

equality, and harassment.

To ensure that these policies are effectively implemented, Dovre Group has established

procedures to prevent, detect, and remedy any instances of discrimination and labour rights

violations. These procedures are monitored through ISO 45.001 and ISO 9001 Standards. The

latter is valid in Finland, Norway, Singapore and North America, while the former in Finland

and Singapore.

Additionally, the company regularly reviews its policies and engages with external stake

holders to identify emerging risks and continuously improve workforce management practices.

These policies are implemented through collaboration with the employee representative, active

promotion of the Code of Conduct and grievance channels. Should any issues arise they are

dealt with by the company management.

PROCESSES FOR ENGAGING WITH OWN WORKFORCE AND WORKERS’

REPRESENTATIVES ABOUT IMPACTS (S1-2)

Dovre Group has established processes to engage with its workforce and workers’ representa

tives to address both actual and potential material impacts.

Engagement occurs through Suvic’s equality and inclusion committee and Dovre Group’s

Personnel Representative. Dovre Group is committed to respecting human rights through

agreements with workers’ representatives. These engagements are designed to capture per-

spectives on material topics such as working conditions, wage structures, equality, health and

safety, and labor rights. For example, the annual meetings and the Whistleblowing channels

provide workers with a platform for raising and addressing concerns.

The company CEO oversees these processes to ensure workforce perspectives are consid

ered in relevant policies and initiatives.

To assess the effectiveness of its engagement efforts, Dovre Group monitors outcomes

through annual employee satisfaction surveys where we have received high scores year after

year. Total score in 2024 was 5,0. The average over last 3 years was 5,1 on a scale from 1–6,

where 6 is the highest score.

Furthermore, Dovre Group takes additional steps to engage with workforce members who

may be particularly vulnerable to impacts, such as women, migrants, or individuals with dis

abilities. Specific measures include language consideration for foreign workers on Suvic’s

construction sites, ensuring their perspectives are not overlooked.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN

WORKFORCE TO RAISE CONCERNS (S1-3)

Dovre Group has established clear processes to address and remediate negative impacts on

its workforce while providing accessible channels for employees and non-employees to raise

concerns.

Any violation against this Code of Conduct must be reported to the direct manager or

Dovre Group’s contact person. In case the direct manager is involved, the violation must be

reported to the manager’s manager. It is mandatory to report all violations against the Code of

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Conduct. These processes ensure that any harm caused or contributed to by the organization

is promptly addressed.

To facilitate open communication, Dovre Group has implemented formal channels for its

workforce to raise concerns directly with the company. These channels include Whistleblowing

channels.

The company maintains a formal grievance or complaints handling mechanism, which

includes appropriate handling of any issues raised. Through this mechanism, concerns are

logged, reviewed, and resolved in a systematic manner, ensuring follow-up actions are moni-

tored. Regular assessments are conducted to evaluate the effectiveness of these channels. The

assessments include feedback from the workforce, meetings with the employee representatives,

and client feedback.

Dovre Group also supports the availability of these channels through clear policies and

workplace processes. This includes communication on the intranet, HSEQ Policy, Personnel

Policy and the Code of Conduct, ensuring all employees are aware of their right to use them.

The company is committed to ensuring that individuals using these channels are protected

against retaliation.

Dovre Group has ISO 9001 certification and uses an IT system called Backfeed to register

deviations and document corrective actions, and lessons learned with employees. We have well

documented quality management processes after more than 30 years of operations, and ISO

certification for more than 20 years focusing on continuous improvements.

3. METRICS AND TARGETS

Dovre Group will set targets to address material impacts on its workforce, advance positive

impacts, minimize negative impacts, and manage risks and opportunities once the company

restructuring and regulatory environment has stabilized.

CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES (S1-6)

Table 1: Number of employees by gender

NUMBER OF EMPLOYEES (HEAD COUNT)

GENDER DOVRE SUVIC DOVRE GROUP TOTAL

Male 388 198 586

Female 164 27 191

Other 0 0 0

Not reported 0 0 0

Table 2: Total number of employees by country

NUMBER OF EMPLOYEES (HEAD COUNT)

COUNTRY DOVRE SUVIC DOVRE GROUP TOTAL

Finland 20 176 196

Norway 348 0 348

Sweden 0 49 49

Singapore 129 0 129

North America 55 0 55

Tota l 552 225 777

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 3: Total number of employees bt gender and employment type

FEMALE MALE OTHER*

NOT

DISCLOSED TOTAL

DOVRE

Number of employees (head count / FTE) 164 388 0 0 552

Number of permanent employees

(head count / FTE) 52 28 0 0 80

Number of temporary employees

(head count / FTE) 112 360 0 0 472

Number of non-guaranteed hours employees

(head count / FTE) 0 0 0 0 0

Number of full-time employees

(head count / FTE) 163 384 0 0 547

Number of part-time employees

(head count / FTE) 1 4 0 0 5

SUVIC

Number of employees (head count / FTE) 27 198 0 0 225

Number of permanent employees

(head count / FTE) 16 88 0 0 104

Number of temporary employees

(head count / FTE) 11 110 0 0 121

Number of non-guaranteed hours employees

(head count / FTE) 1 1 0 0 2

Number of full-time employees

(head count / FTE) 26 196 0 0 222

Number of part-time employees

(head count / FTE) 0 1 0 0 1

Tota l

Number of employees (head count / FTE) 191 586 0 0 777

Number of permanent employees

(head count / FTE) 66 116 0 0 184

Number of temporary employees

(head count / FTE) 123 470 0 0 593

Number of non-guaranteed hours employees

(head count / FTE) 1 1 0 0 2

Number of full-time employees

(head count / FTE) 189 580 0 0 769

Number of part-time employees

(head count / FTE) 1 5 0 0 6

*) Gender as specified by the employees themselves.

During the reporting period, a total of 10 staff employees left Dovre Group, resulting in an

employee turnover rate of 12,5.

Workforce figures are reported using both headcount and full-time equivalent (FTE) mea

sures. There were no big changes in the employment structure during the reporting period.

The total workforce data disclosed in Table 1: Number of Employees by Gender and Table 2:

Total Number of Employees by Country may not align with the workforce figures reported in

Dovre Group’s financial statement as it presents only the figures of the remaining companies

after the acquisition.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 4: Total employees by region and employment type

2024 EUROPE

NORTH

AMERICA ASIA TOTAL

DOVRE

Number of employees (head count / FTE) 368 55 129 552

Number of permanent employees

(head count / FTE) 59 11 10 80

Number of temporary employees

(head count / FTE) 309 44 119 472

Number of non-guaranteed hours employees

(head count / FTE) 0 0 0 0

Number of full-time employees

(head count / FTE) 363 55 129 547

Number of part-time employees

(head count / FTE) 5 0 0 5

2024 FINLAND SWEDEN TOTAL

SUVIC

Number of employees (head count / FTE) 176 49 225

Number of permanent employees

(head count / FTE) 58 46 104

Number of temporary employees

(head count / FTE) 118 3 121

Number of non-guaranteed hours employees

(head count / FTE) 2 0 2

Number of full-time employees

(head count / FTE) 172 46 218

Number of part-time employees

(head count / FTE) 2 3 5

2024 EUROPE

NORTH

AMERICA ASIA TOTAL

Tota l

Number of employees (head count / FTE) 593 55 129 777

Number of permanent employees

(head count / FTE) 163 11 10 184

Number of temporary employees

(head count / FTE) 430 44 119 593

Number of non-guaranteed hours employees

(head count / FTE) 2 0 0 2

Number of full-time employees

(head count / FTE) 581 55 129 765

Number of part-time employees

(head count / FTE) 10 0 0 10

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE (S1-8)

At Dovre Group, employees are covered by collective bargaining agreements across regions.

Table 5: Collective bargaining coverage and social dialogue

DOVRE

COLLECTIVE BARGAINING COVERAGE SOCIAL DIALOGUE

Coverage Rate Employees – EEA (for

countries with >50

empl. representing

>10% total empl.)

Employees – Non-EEA

(estimate for regions

with >50 empl. Rep

resenting >10% total

empl)

Workplace represen

tation (EEA only) (for

countries with >50

empl. representing

>10% total

0-19%

20-39%

40-59%

60-79%

80-100% Finland Norway

SUVIC

COLLECTIVE BARGAINING COVERAGE SOCIAL DIALOGUE

Coverage Rate Employees – EEA (for

countries with >50

empl. representing

>10% total empl.)

Employees – Non-EEA

(estimate for regions

with >50 empl. Rep

resenting >10% total

empl)

Workplace represen

tation (EEA only) (for

countries with >50

empl. representing

>10% total

0-19%

20-39%

40-59%

60-79%

80-100% Finland, Sweden Finland, Sweden

Tota l

COLLECTIVE BARGAINING COVERAGE SOCIAL DIALOGUE

Coverage Rate Employees – EEA (for

countries with >50

empl. representing

>10% total empl.)

Employees – Non-EEA

(estimate for regions

with >50 empl. Rep

resenting >10% total

empl)

Workplace represen

tation (EEA only) (for

countries with >50

empl. representing

>10% total

0-19%

20-39%

40-59%

60-79%

80-100% Finland, Sweden Finland, Sweden, Norway

Workplace representation for employees in the EEA is also supported, enabling engagement in

social dialogue at the national and regional levels. The extent of this representation is presented

in Table 5, covering regions where employment exceeds the reporting threshold.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

DIVERSITY METRICS (S1-9)

Table 6: Gender distribution at top management level

DOVRE

GENDER NUMBER OF INDIVIDUALS PERCENTAGE (%)

Male 3 75

Female 1 25

Non-binary /

Other (if applicable) 0 0

Tota l 4 100%

SUVIC

GENDER NUMBER OF INDIVIDUALS PERCENTAGE (%)

Male 4 100

Female 0 0

Non-binary /

Other (if applicable) 0 0

Tota l 4 100%

Tota l

GENDER NUMBER OF INDIVIDUALS PERCENTAGE (%)

Male 7 87.5

Female 1 12.5

Non-binary /

Other (if applicable) 0 0

Tota l 8 100%

Table 7: Employee age distribution

DOVRE

AGE GROUP NUMBER OF EMPLOYEES PERCENTAGE (%)

Under 30 years old 40 7.2

30-50 years old 305 55.3

Over 50 years old 207 37.5

Tota l 552 100%

SUVIC

AGE GROUP NUMBER OF EMPLOYEES PERCENTAGE (%)

Under 30 years old 57 25

30-50 years old 140 62

Over 50 years old 28 12

Tota l 225 100%

Tota l

AGE GROUP NUMBER OF EMPLOYEES PERCENTAGE (%)

Under 30 years old 97 12.5

30-50 years old 445 57.3

Over 50 years old 235 30.2

Tota l 777 100%

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ADEQUATE WAGES (S1-10)

An assessment of wage levels across Dovre Group’s workforce shows that 100% of employees

are paid above adequate. Thresholds are the public statistics from each union. In addition, for

each client we also comply with the Vikarbyrådirektivet (EU regulations on temporary agency

work).

SOCIAL PROTECTION (S1-11)

Dovre Group provides employee social protection against income loss resulting from major

life events via public programs or benefits offered directly by the organization. An assessment

of employee coverage under these social protection measures for each major life event is

presented below.

Table 9: Employee coverage by social protection against loss of income

DOVRE

COUNTRY SICKNESS UNEMPLOYMENT

EMPLOYMENT

INJURY AND

DISABILITY PARENTAL LEAVE RETIREMENT

Europe Yes No Yes Yes Yes

Asia Yes No Yes Yes No

North America No Yes Yes No No

SUVIC

COUNTRY SICKNESS UNEMPLOYMENT

EMPLOYMENT

INJURY AND

DISABILITY PARENTAL LEAVE RETIREMENT

Finland Yes Yes Yes Yes Yes

Sweden Yes Yes Yes Yes Yes

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

TRAINING AND SKILLS DEVELOPMENT METRICS (S1-13)

Dovre Group offers employees various training opportunities to maintain their competencies,

and career development is monitored through regular performance discussions.

Table 10: Participation in performance and career development reviews by gender

DOVRE

GENDER PERCENTAGE OF EMPLOYEES PARTICIPATED IN REVIEWS (%)

Male 95

Female 95

Other (if applicable) 0

Tota l 95

SUVIC

GENDER PERCENTAGE OF EMPLOYEES PARTICIPATED IN REVIEWS (%)

Male 19

Female 5

Other (if applicable) 0

Tota l 23

Table 11: Average number of training hours per employee by gender

DOVRE

GENDER AVERAGE NUMBER OF TRAINING HOURS PER EMPLOYEE

Male 20

Female 20

Other (if applicable) 0

Tota l 20

SUVIC

GENDER AVERAGE NUMBER OF TRAINING HOURS PER EMPLOYEE

Male 15

Female 8

Other (if applicable) 0

Tota l 14

Table 12: Participation in performance and career development reviews by employee

category

DOVRE

EMPLOYEE CATEGORY PERCENTAGE OF EMPLOYEES PARTICIPATED IN REVIEWS (%)

Staff 95

Consultants 95

Non-employees 0

Tota l 95

SUVIC

EMPLOYEE CATEGORY PERCENTAGE OF EMPLOYEES PARTICIPATED IN REVIEWS (%)

Office workers 62

Construction workers 0

Non-employees 0

Tota l 62

Table 13: Average number of training hours per employee by employee category

DOVRE

EMPLOYEE CATEGORY AVERAGE NUMBER OF TRAINING HOURS PER EMPLOYEE

Staff 20

Consultans 20

Non-employees 0

Tota l 20

SUVIC

EMPLOYEE CATEGORY AVERAGE NUMBER OF TRAINING HOURS PER EMPLOYEE

Office workers 14

Construction workers 15

Non-employees 0

Tota l 14,5

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

HEALTH AND SAFETY METRICS (S1-14)

Table 14: Health and safety performance for employees and non-employees

DOVRE

INFORMATION EMPLOYEES NON-EMPLOYEES

Percentage of workforce covered by the health and safety

management system (%) 100 100

Fatalities resulting from work-related injuries 0 0

Fatalities resulting from work-related ill health 0 0

Number and rate of recordable work-related accidents 0 0

Number of cases of recordable work-related ill health

(subject to legal restrictions) 0 0

Days lost due to work-related injuries, work-related ill health,

and fatalities 0 0

SUVIC

INFORMATION EMPLOYEES NON-EMPLOYEES

Percentage of workforce covered by the health and safety

management system (%) 100 100

Fatalities resulting from work-related injuries 0 0

Fatalities resulting from work-related ill health 0 0

Number and rate of recordable work-related accidents 10 0

Number of cases of recordable work-related ill health

(subject to legal restrictions) 32 0

Days lost due to work-related injuries, work-related ill health,

and fatalities 173 0

Tota l

INFORMATION EMPLOYEES NON-EMPLOYEES

Percentage of workforce covered by the health and safety

management system (%) 100 100

Fatalities resulting from work-related injuries 0 0

Fatalities resulting from work-related ill health 0 0

Number and rate of recordable work-related accidents 10 0

Number of cases of recordable work-related ill health

(subject to legal restrictions) 32 0

Days lost due to work-related injuries, work-related ill health,

and fatalities 173 0

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

WORK-LIFE BALANCE METRICS (S1-15)

Table 15: Family-related leave entitlement and usage

DOVRE

CATEGORY PERCENTAGE (%) MALE (%) FEMALE (%) OTHER (%)

Percentage of employees

entitled to take family-related

leave 90 90 90 0

Percentage of entitled

employees that took

family-related leave 10 5 15 0

SUVIC

CATEGORY PERCENTAGE (%) MALE (%) FEMALE (%) OTHER (%)

Percentage of employees

entitled to take family-related

leave 100 100 100 100

Percentage of entitled

employees that took

family-related leave 1.8 3.7 1.5 0

COMPENSATION METRICS (PAY GAP AND TOTAL COMPENSATION) (S1-16)

Table 16: Gender pay gap

Metric (Dovre) Value (%)

Gender Pay Gap (%) 29.5

Metric (Suvic) Value (%)

Gender Pay Gap (%) 11.84

Table 17: Annual total renumeration ratio

Mittari (Dovre) Ratio

Annual Total Remuneration Ratio (Highest Paid vs. Median) 4.5

Mittari (Suvic) Ratio

Annual Total Remuneration Ratio (Highest Paid vs. Median) 2.88

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 18: Gender pay gap by employee category and country/segment

DOVRE

CATEGORY (DOVRE) COUNTRY/SEGMENT RATIO

All Europe 23.4

All Asia 13.5

All North America 57.6

SUVIC

CATEGORY (DOVRE) COUNTRY/SEGMENT RATIO

Staff Finland 9.48

Workers Finland 5.56

Staff Sweden no women

Workers Sweden no women

The following factors influenced the gender pay gap and remuneration ratios during the report-

ing period: most candidates are male and most persons in the educational institutes are men.

Please also note following regarding Dovre figures above: For consultants, pay is deter

mined solely based on factors such as level of experience, expertise, and the specialized nature

of the services they provide. Gender does not play a role in determining pay rates. Therefore,

calculating a gender pay gap for consultants does not accurately reflect our practices or pro

vide meaningful insights.

INCIDENTS, COMPLAINTS AND SEVERE HUMAN RIGHTS IMPACTS (S1-17)

Table 19: Work-related discrimination and harassment incidents

DOVRE

METRIC

NUMBER OF

INCIDENTS COMMENTS

Total number of discrimination inci-

dents (including harassment)

0 Includes cases based on gender, racial/

ethnic origin, nationality, religion, disability,

age, sexual orientation, etc.

Number of complaints filed through

grievance mechanisms

0 Excludes complaints already reported as

discrimination or harassment incidents.

Total amount of fines, penalties, and

compensation for damages

0 Reconciliation with amounts presented in

the financial statements is required.

SUVIC

METRIC

NUMBER OF

INCIDENTS COMMENTS

Total number of discrimination inci-

dents (including harassment)

2 Includes cases based on gender, racial/

ethnic origin, nationality, religion, disability,

age, sexual orientation, etc.

Number of complaints filed through

grievance mechanisms

2 Excludes complaints already reported as

discrimination or harassment incidents.

Total amount of fines, penalties, and

compensation for damages

0 Reconciliation with amounts presented in

the financial statements is required.

Tota l

METRIC

NUMBER OF

INCIDENTS COMMENTS

Total number of discrimination inci-

dents (including harassment)

2 Includes cases based on gender, racial/

ethnic origin, nationality, religion, disability,

age, sexual orientation, etc.

Number of complaints filed through

grievance mechanisms

2 Excludes complaints already reported as

discrimination or harassment incidents.

Total amount of fines, penalties, and

compensation for damages

0 Reconciliation with the amounts presented

in the financial statements is required.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Table 20: Severe human rights incidents

DOVRE

METRIC

NUMBER OF

INCIDENTS COMMENTS

Severe human rights incidents (e.g.,

forced labour, human trafficking, child

labour)

0 Indicate how many cases violate UN Guiding

Principles, ILO Declaration, or OECD Guide

lines.

Total amount of fines, penalties, and

compensation for damages related to

severe human rights incidents

0 Reconciliation with financial statement data

required.

SUVIC

METRIC

NUMBER OF

INCIDENTS COMMENTS

Severe human rights incidents (e.g.,

forced labour, human trafficking, child

labour)

0 Indicate how many cases violate UN Guiding

Principles, ILO Declaration, or OECD Guide

lines.

Total amount of fines, penalties, and

compensation for damages related to

severe human rights incidents

0 Reconciliation with financial statement data

required.

Together

METRIC

NUMBER OF

INCIDENTS COMMENTS

Severe human rights incidents (e.g.,

forced labour, human trafficking, child

labour)

0 Indicate how many cases violate UN Guiding

Principles, ILO Declaration, or OECD Guide

lines.

Total amount of fines, penalties, and

compensation for damages related to

severe human rights incidents

0 Reconciliation with financial statement data

required.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

WORKING CONDITIONS POSITIVE / NEGATIVE IMPACT OPPORTUNITY / RISK MANAGEMENT

Secure Employment P: Providing high-quality professional opportunities, long-term and

short-term professional employment opportunities with renewable

energy industry

N: Uncertainty in the Finnish and Swedish green energy sectors could

lead to layoffs if new projects do not start.

O: Improved employer attractiveness

R: No risk identified

Individual Contracts

Working time P: Ensuring normal working hours

N: Employees working long hours on projects could lead to legal reper

cussions or health problems.

O: Improved employer attractiveness

R: Health

HSEQ Policy

Adequate wages P: Providing high-quality professional opportunities. Salaries are com

petitive.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risk identified

As the main contractor Suvic oversees that emp

loyees receive a fair salary and compensation for

overwork and travel hours.

Social dialogue P: Well-functioning workplace collaboration.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risk identified

The company is active in social dialogue with

employees and encourages organization in

labour unions.

Freedom of association, the

existence of work councils and

the information, consultation

and participation rights of

workers

P: Sub-contractors from recognized companies.

Worker participation is the basis of the company Health and Safety

system.

N: No negative impacts identified

O: Improved employer attractiveness

R: Consultants participating in general strikes

Collective bargaining, including

rate of workers covered by

collective agreements

P: Sub-contractors from recognized companies

N: Regardless of the employers’ positive view of collective bargaining

and unions representation, workers are have not selected a union

representative.

O: Positive corporate culture and cooperation

R: Consultants participating in general strikes

Work-life balance P: Enabling a good quality of life for employees.

N: Long travel distances from projects cause a lot of travel time away

from home.

O: Improved employer attractiveness

R: No risk identified

As main contractor, Suvic is following subcont

ractors’ working hours to keep them at legal

levels.

Health and Safety P: Providing safe working conditions. Suvic consistently ranks among

the top 10 of the safest construction companies in Finland. The same

safety standards are required from our own and subcontractor emplo

yees.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risk identified

HES incident, HSEQ Policy

ESRS S2 - VALUE CHAIN WORKERS

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

WORKING CONDITIONS POSITIVE / NEGATIVE IMPACT OPPORTUNITY / RISK MANAGEMENT

Equal treatment and opportunities for all

Gender equality and equal pay

for work of equal value

P: Pay based on client payment

N: Majority of male candidates

O: Improved employer attractiveness

R: Possibility of not attracting the best candida

tes.

Training and skills development P: Providing high-quality professional opportunities.

N: No negative impacts identified

O: Improved employer attractiveness

R: Lack of knowledge may cause workplace

hazards

All site personnel receive weekly toolbox training

on HSE issues.

Employment and inclusion of

persons with disabilities

P: Policy and practice for inclusion. Persons with disabilities have been

mentioned in the equality plan. Suvic only uses accessible offices and

concessions are made on site to allow office access to persons with

disabilities.

N: No negative impacts identified

No risks or opportunities identified

Measures against violence and

harassment in the workplace

P: Zero tolerance policy required by all subcontractors.

The company does not allow violence or harassment in the workplace.

N: No negative impacts identified

No risks or opportunities identified Part of the Supplier Code of Conduct.

Diversity P: Safe and diverse working environment.

N: No negative impacts identified

O: Improved employer attractiveness

R: No risk identified

The company has a diversity, equity and inclu

sion plan and is taking action to educate the

employees on the topic.

Other work-related rights

Child labour P: Absolutely no child labour.

N: Suvic does not employ anyone under 18. The decision prevents

vocational school students from receiving positive work experience on

safety critical construction sites.

No risks or opportunities identified Child labour is banned in Suvic’s CoC for

subcontractors. The CoC is part of every

subcontract agreement.

Forced labour P: Absolutely no forced labour

N: No negative impacts identified

No opportunities identified

R: Production of computers etc. Risks with

importing especially Chinese products.

No in-house expertise in managing the produc

tion chain.

Adequate housing P: Providing adequate housing for employees

N: Problems with finding adequate housing close to the construction

area for project personnel.

No risks or opportunities identified

Privacy P: Protecting employee data.

N: No negative impacts identified

No opportunities identified

R: Risk of losing GDPR information due to crime

or poor information management is always

present.

Workers’ right to privacy is respected and the

company is working with third parties to ensure

GDPR and information security practices are

followed.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

1. STRATEGY

INTERESTS AND VIEWS OF STAKEHOLDERS (SBM-2)

Dovre Group recognizes value chain workers as a critical stakeholder group influencing its

strategy and business model. Suvic, a construction firm specializing in renewable energy,

ensures the well-being and rights of workers through strong personnel policies and certified

management systems (ISO 9001, 14001, 45001).

Suvic’s and Dovre Code of Conduct for Suppliers requires compliance with internationally

recognized human rights, safe working conditions, and ethical practices, including prohibitions

on forced and child labor. Suppliers and subcontractors must uphold fair wages, reasonable

working hours, and freedom of association.

Feedback mechanisms, regular audits, and transparent communication ensure continuous

improvement. These practices align with Dovre Group’s commitment to sustainable develop

ment and occupational safety.

The subcontractors are also to follow the company’s Code of Conduct and report any vio

lations to it with the same procedure as own workforce. This has been further detailed in G1-1.

We use specialist subcontractors working in parallel with our own workforce, mostly at

clients’ offices, and we follow up all our assignments directly together with the end client.

All decisions and activities are formalized through normal contractual relationships with the

subcontractor.

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH

STRATEGY AND BUSINESS MODEL (SBM-3)

Dovre Group identifies value chain workers as a critical stakeholder group due to their signif

icant role in its own client projects and Suvic Oy’s construction projects. Suvic, in particular,

relies heavily on subcontractors and suppliers, which positions value chain workers at the core

of its operations.

Dovre Group’s value chain workers consist of two primary groups: subcontractors on Suvic’s

construction sites, often including migrant and young workers, and consultants employed by

Dovre’s Project Personnel and Consultancy Units, who are not direct employees. They are

mostly office workers engaged with the downstream value chain working at client’s premises.

This creates both material risks and opportunities that influence the company’s strategy and

business model.

While most impacts, risks and opportunities affect all value chain workers, health and safety

issues are more significant for construction workers than office workers. Similarly, financial risks

vary between workers in the renewable energy business and those in traditional consultancy,

which may include the oil and gas industry.

The nature of Suvic’s construction projects present occupational safety risks, particularly

for subcontractors working on-site. Considering this, Dovre Group has implemented a manage-

ment system certified under ISO 9001 to protect all employees. These measures aim to prevent

workplace accidents and ensure compliance with international health and safety standards.

In addition, the company addresses potential human rights risks in its upstream and down

stream supply chains, such as forced labor or unsafe working conditions, through its strict

Code of Conduct for Suppliers. This code prohibits unethical practices and mandates strict

compliance, monitored through regular audits and reporting mechanisms.

The company does not recognize any geographical areas at risk of forced or child labour

in their operations. Geographically, Suvic operates primarily in Finland and the Nordic region,

where labor protections are generally robust. However, localized risks, such as site-specific

safety concerns or environmental hazards – especially for construction workers – remain rel-

evant and require ongoing oversight.

The identified negative impacts for the workers in the value chain are: uncertainty of

employment due to changing green energy regulatory environment, risks of long-working

hours, long-distance work, no job opportunities to persons under 18, no union representative,

difficulties of finding adequate housing, and uniform working environment consisting mostly

of male workers.

Dovre Group has undertaken several activities to increase the positive impacts of their value

chain workers. These include, for example, fair working contracts, health and safety trainings,

working hour planning, workplace representative meetings and policies for inclusion and zero

tolerance on harassment.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

2. IMPACTS, RISKS, AND OPPORTUNITIES MANAGEMENT

POLICIES RELATED TO VALUE CHAIN WORKERS (S2-1)

Dovre Group has implemented comprehensive policies to manage the material impacts, risks,

and opportunities associated with its value chain workers. They focus on addressing the rights,

engagement, and well-being of value chain workers while reducing risks such as forced labor

and unsafe working conditions. These policies have not been updated in the reporting year

and adhere to the latest international standards.

The company’s code of conduct for suppliers, in line with ILO standards, strictly prohibits

all human rights violations, including trafficking, forced labor, and child labor, in any part of the

supply chain. Suppliers and subcontractors are required to uphold ethical business practices,

provide safe and healthy working conditions, and ensure fair treatment and non-discrimination

for all workers. This policy mandates strict adherence to occupational safety laws and includes

mechanisms to monitor compliance, such as audits and grievance systems.

Furthermore, the company requires its suppliers and subcontractors to provide fair wages

and reasonable working hours in compliance with legal and industry standards.

Engagement with value chain workers is facilitated through regular communication chan

nels. Dovre Group ensures that all workers, including those employed by subcontractors for

Suvic Oy, are trained in health, safety, and environmental policies.

In accordance with international frameworks, Suvic Oy has not identified cases of non-com

pliance with its human rights policies within its value chain. Should there be any human rights

violations, they must be reported to the direct manager or Dovre Group’s contact person. In

case the direct manager is involved, the violation must be reported to the manager’s manager.

It is mandatory to report all violations against the Code of Conduct.

Depending on the severity of the violation, disciplinary and remedial actions will be taken

against the responsible parties.

All serious cases of violation and all cases involving the company’s senior management

will be handled by the Board of Directors, which acts as the highest decision-making entity in

issues related to the Code of Conduct. There is no further process description on mechanisms

to monitor these policies but they depend on the announcements on the grievance systems.

PROCESSES FOR ENGAGING WITH VALUE CHAIN WORKERS ABOUT IMPACTS (S2-2)

Dovre Group engages with subcontractors and suppliers to address actual and potential impacts

on workers through structured audits and training programs. Regular site audits are a key part

of this process, combining on-site visits, interviews, and project document reviews to ensure

compliance with Suvic’s HSEQ policies.

Feedback from subcontractors is actively encouraged through a digital reporting system

that allows workers to log observations, such as safety issues or other concerns.

We use specialist subcontractors working in parallel with our own workforce, mostly at

clients’ offices, and we follow up all our assignments directly together with the end client.

All decisions and activities are formalized through normal contractual relationships with

the subcontractor. Dovre is working closely with the subcontractors through all phases of the

assignment. Each consultant from Subcontractor has a key Account Manager responsible for

their assignment to ensure that all perspectives are taken care of.

Dovre Group adheres to internationally recognized labor rights, including ILO Conventions

and UN Conventions related to worker protections and ensures that value chain workers do the

same. The company ensures compliance with these standards through its policies on collective

bargaining, freedom of association, and supplier due diligence.

PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE

CHAIN WORKERS TO RAISE CONCERNS (S2-3)

Dovre and Suvic have reporting channels for employees to raise concerns. Employees within

the value chain are also required to use the same channel. The purpose of these channels is

to enable employees to report concerns directly to the company and to enhance transparency

and accountability throughout the value chain.

Suppliers are responsible for adhering to ethical working practices and providing a safe

and fair working environment. The channels are reviewed regularly, and their effectiveness is

assessed through feedback surveys. Employees within the value chain are informed about the

grievance mechanisms when entering into cooperation agreements.

Additionally, the grievance channels are anonymous, and employees who report concerns

are protected from retaliation.

TAKING ACTION ON MATERIAL IMPACTS ON VALUE CHAIN WORKERS, AND

APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL

OPPORTUNITIES RELATED TO VALUE CHAIN WORKERS, AND EFFECTIVENESS OF

THOSE ACTIONS (S2-4)

Currently, Dovre Group have no significant actions to manage material risks and pursue material

opportunities related to value chain workers and the effectiveness of those actions. This is due

to the restructuring of the company.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

3. METRICS AND TARGETS

TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING

POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S2-5)

At this time, Dovre Group has not established specific, time-bound, or outcome-oriented targets

related to managing material negative impacts, advancing positive impacts, or addressing

material risks and opportunities for value chain workers. However, the company remains com-

mitted to addressing these areas through its existing policies, such as the Code of Conduct for

Suppliers, and by ensuring compliance with international labor and human rights standards.

Dovre Group will also explore engagement with workers, their representatives, and credible

proxies to gain deeper insights into the most pressing needs and priorities within the value chain.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ESRS G1 – BUSINESS CONDUCT

SUBJECT POSITIVE / NEGATIVE IMPACT RISK / OPPORTUNITY MANAGEMENT

Corporate Culture P: Professional business culture, Positive company culture with empha-

sis on equality and green values is the basis of employee satisfaction.

N: No negative impacts identified

O: Attractive employer

R: Unethical corporate cultural could affect

negatively on the employer image, resulting in

high employee turnover and low-quality candida

tes in recruitment

The Code of Conduct

Protection of whistle-blowers P: Safe guidelines and practice. Dovre Group implements the

whistleblower directive in full and encourages anonymous reporting of

issues that cannot otherwise be reported.

N: No negative impacts identified

O: Attractive employer

R: A failure in protecting whistle-blowers could

affect negatively on the employer image, resul

ting in high employee turnover and low-quality

candidates in recruitment

The Code of Conduct

Political engagement and lobby

ing activities

P: Involved in industry dialog and professional associations. Legal

political engagement ensuring compliance.

N: No negative impacts identified.

No risks nor opportunities identified The Code of Conduct

Management of relationships

with suppliers including pay

ment practices

P: Professional business culture.

N: No negative impacts identified.

O: Attractive client

R: Losing major clients

The Code of Conduct and the Supplier Code of

Conduct

Suvic expects suppliers to implement the

standards outlined in the Suvic Supplier Code of

Conduct to ensure ethical business conduct.

Corruption and bribery

Prevention and detection inclu

ding training

P: Professional business culture. Active role in setting industry stan

dards.

N: No negative impacts identified.

O: Attractive business partner

R: Difficulties forming important partnerships

The Code of Conduct

Incidents P: No incidents, good awareness O: Attractive business partner

R: Possible incidents in future

The Code of Conduct

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

1. GOVERNANCE

THE ROLE OF THE ADMINISTRATIVE, SUPERVISORY AND MANAGEMENT BODIES

(GOV-1)

Dovre Group has established governance structures to oversee and manage business conduct

in line with regulatory standards.

The Board of Directors of Dovre Group is responsible for overseeing the compliance of the

Code of Conduct and the Suvic Board of Directors is responsible of overseeing the compliance

of HSEQ Policy, Data Privacy Policy as well as the Supplier Code of Conduct. Their role includes

ensuring compliance with the ISO 9001 for the Norwegian Consultancy business units and North

America, ISO 9001 and ISO 45001 in Singapore and ISO 14.001, ISO 45.001 and ISO 9001 for

Suvic operations, thereby maintaining accountability in decision-making processes.

Additionally, the governance structure includes the Group Executive Team, which supports

the CEO in operational management, risk assessment, and compliance monitoring.

Dovre Group ensures that its governance bodies are composed of individuals with the

necessary expertise to effectively address business conduct matters. The expertise of these

bodies includes legal, regulatory and HR matters. Members of these bodies are selected based

on their overall know-how on industry-related issues. A lengthy description of the board mem

bers’ experience can be found in the Corporate Governance Statement.

2. IMPACT, RISK, AND OPPORTUNITIES MANAGEMENT

DESCRIPTION OF THE PROCESSES TO IDENTIFY AND ASSESS MATERIAL

IMPACTS, RISKS AND OPPORTUNITIES (IRO-1)

Dovre Group has implemented processes to identify and assess material impacts, risks, and

opportunities related to business conduct matters. These processes consider criteria such as

Norwegian, Finnish and Swedish law, as well as legal considerations of the operating country,

including clients’ special requirements, such as employee safety and training with regards to

energy sector.

The process involves systematic assessments overseen by senior management and gov

ernance bodies, such as the HSEQ team. Tools and frameworks aligned with ISO 9001, ISO

14001, and ISO 45001 certifications are employed to ensure comprehensive evaluations. These

processes are regularly reviewed and updated through audits, feedback mechanisms, and

lessons learned from completed projects, allowing for adjustments based on emerging risks

or opportunities.

The results of these assessments are used to inform key business areas, including project

execution, supplier engagement, and health and safety strategies.

BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE (G1-1)

Dovre Group maintains comprehensive policies to address business conduct matters and foster

a strong corporate culture, guided by its Code of Conduct. Mechanisms for identifying, report-

ing, and investigating concerns include internal reporting channels, mandatory reporting of

violations, and oversight by management, thereby ensuring fairness and compliance.

In alignment with anti-corruption standards such as the United Nations Convention against

Corruption, Dovre Group prohibits bribery and improper payments, enforcing compliance

through transparent accounting practices and transaction monitoring.

To protect whistleblowers, the company has formal reporting channels and confidentiality

measures, alongside regular training for relevant staff. These measures are reviewed periodi

cally to ensure alignment with regulations and best practices.

Business conduct training, provided to all employees and contractors during onboarding and

through regular sessions, covers anti-corruption, workplace safety, and reporting mechanisms.

Additionally, Dovre Group promotes employee welfare through inclusive policies and adher-

ence to international labor standards.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS (G1-2)

Dovre Group has established comprehensive policies to manage its relationships with suppli

ers. These policies are designed to mitigate risks within the supply chain and address material

sustainability impacts as stated in the Suvic Supplier Code of Conduct.

Furthermore, the company adopts a risk-based approach to supplier relationships and

addresses supply chain risks and sustainability impacts through regular supplier assessments

and monitoring processes.

Dovre Group prioritizes timely payments, ensuring all bills, including those to SMEs, are paid

on their due date. Company ensures there are no unfounded delays on payments.

Lastly, Dovre Group strictly adheres to social and environmental criteria, including fair labor

practices and environmental sustainability standards, when selecting its suppliers.

PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY (G1-3)

Dovre Group’s approach to prevention and detection of corruption and bribery includes clear

procedures for identifying and responding to incidents. These procedures include transparent

reporting mechanisms and processes for investigating potential violations.

Dovre Group communicates its anti-corruption and anti-bribery policies to all relevant stake-

holders through internal training, policy documents, and regular updates. The policies are acces-

sible to all employees and consultants to ensure a clear understanding of their responsibilities.

Dovre Group will conducts anti-corruption and anti-bribery training programs tailored to

cover critical roles within the company, including administrative, management, and supervisory

bodies.

Additionally, Dovre Group has mechanisms in place to protect whistleblowers, ensuring their

ability to report concerns without fear of retaliation. These mechanisms include confidential

reporting channels and safeguards to maintain anonymity, fostering a culture of transparency

and trust.

3. METRICS AND TARGETS

PAYMENT PRACTICES (G1-6)

Dovre Group is committed to maintaining transparent and timely payment practices, particularly

with small and medium enterprises. The company’s professional business conduct fosters strong

client relationships. There are no ongoing legal disputes related to late payments.

The table below details Dovre Group’s payment practices:

Table 1: Payment practises and terms

METRIC VALUE COMMENTS

Average Time to Pay an

Invoice (in days) 30 days

Average number of days taken

to pay invoices from the date

the contractual/ statutory pay-

ment term starts.

Standard Payment Terms (by

Supplier Category) 30 days

Description of standard pay

ment terms in days for each

main category of suppliers (e.g.,

30 days for suppliers of raw

materials).

Percentage of Payments

Aligned with Standard Terms Approx. 65

Percentage of total payments

that are aligned with the

undertaking’s standard pay

ment terms for each supplier

category.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CORPORATE GOVERNANCE STATEMENT

Dovre Group complied with the Finnish Corporate Governance Code (2020) issued by the Secu-

rities Market Association until December 31, 2024. From that date onward, the company has

adopted the new Finnish Corporate Governance Code (2025), also published by the Securities

Market Association.

The company’s Corporate Governance Statement for 2024 is issued separately from the

Board of Directors’ report and is available on the company’s investor website and in the annual

report. The company’s corporate governance principles can be accessed on its website at

www.dovregroup.com → Investors.

SEASONAL VARIATION IN BUSINESS OPERATIONS

Dovre Group’s Renewable Energy business experiences stronger seasonal variation than its

Consulting business, as most projects are carried out during the summer months. Since the

segment’s fixed costs are evenly distributed throughout the year, its operating profit is typically

the lowest in the first quarter and highest in the third quarter.

In contrast, the Consulting business operates more evenly throughout the year, with minimal

seasonal fluctuations.

Near-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 care

ful 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 proj-

ect-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 pro

ducing 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 uncer

tainty regarding construction material prices further contribute to business risk.

EVENTS AFTER THE REPORTING PERIOD

The most significant event after the reporting period was the previously mentioned transaction

in which Dovre Group sold its Project Personnel business and Norwegian Consulting business

to NYAB AB. The transaction was completed on January 2, 2025.

On January 22, 2025, Suvic announced a conditional contract for the construction of a

100 MW solar park in Finland. The total contract value is approximately EUR 55 million, and

the Notice to Proceed was expected by the end of February.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

On February 26, 2025, Suvic announced that it had received the Notice to Proceed, con-

firming the 100 MW solar park contract. The solar park is located in Eurajoki, Finland.

On February 28, 2025, Suvic announced a conditional EUR 54 million contract for the con

struction of a wind farm in Finland. The Notice to Proceed is expected between March and April.

On March 12, 2025, the company issued a negative profit warning, stating that the Group’s

operating result for fiscal year 2024 is expected to be approximately EUR -22 million.

OUTLOOK FOR 2025

Dovre Group will publish its outlook for 2025 no later than with the first-quarter business

review on April 29, 2025. Due to Suvic’s sales cycle, it is not yet possible to provide a reliable

full-year estimate during the first quarter. In the future, the company may present its outlook

either fully or partially as a verbal description instead of numerical guidance.

BOARD’S DIVIDEND PROPOSAL

The distributable funds of the parent company, Dovre Group Plc, amounted to EUR 16.951.447,40

as of December 31, 2024.

The Board of Directors proposes to the Annual General Meeting on April 29, 2025, that no

dividend be distributed for the 2024 financial year. However, the Board is considering convening

an Extraordinary General Meeting in the fall of 2025 to decide on dividend distribution once

the company’s financial situation has been clarified.

Espoo, 28.3.2025

DOVRE GROUP PLC

BOARD OF DIRECTORS

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

SHARES AND

SHAREHOLDERS

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

3. SHARES AND SHAREHOLDERS

SHARES AND SHARE CAPITAL

Dovre Group Plc has one class of shares. Each share entitles the holder to one vote. The shares of Dovre

Group Plc are listed on Nasdaq Helsinki Ltd.

The share capital of Dovre Group Plc on 1 January 2024 and 31 December 2024 was EUR 9.603.084,48.

The number of shares on 1 January 2024 and 31 December 2024 was 105.956.494.

SHARE PRICE AND TURNOVER

During the fiscal year from 1 January to 31 December 2024, Dovre Group Plc’s shares were traded on

Nasdaq Helsinki Ltd, with approximately 19.5 million (18.0 million the previous year) shares traded, cor

responding to a turnover of about EUR 6.6 million (EUR 9.0 million the previous year).

During the fiscal year, the lowest trading price was EUR 0.21 (EUR 0.35 the previous year) and the

highest was EUR 0.47 (EUR 0.66 the previous year). The closing price of the share on 30 December 2024

was EUR 0.23 (EUR 0.43 the previous year).

The market value of the company’s share capital at the closing price for the fiscal year was approx

imately EUR 24.2 million (EUR 45.9 million the previous year).

As of 31 December 2024, Dovre Group Plc had a total of 5.526 (6.013 the previous year) registered

shareholders, of which 8 (8 the previous year) were nominee registered. The nominee registered own

ership accounted for 3.6% (5.1% the previous year) of the total number of shares.

AUTHORIZATIONS OF THE BOARD OF DIRECTORS

The Annual General Meeting of Dovre Group Plc held on April 4 2024 authorized the Board of Dovre

Group Plc to decide on the acquisition of the company’s own shares and on the issuance, disposal, and/

or granting of special rights in accordance with Chapter 10, Section 1 of the Finnish Companies Act. Both

authorizations concern a maximum of 10.100.000 shares, which corresponds to no more than 9.5% of

the company’s total shares. The authorizations are valid until 30 June 2025 and revoke any previously

given corresponding authorizations.

The Board of Dovre Group Plc has not exercised the given authorizations during the fiscal year 2024.

OWN SHARES

Dovre Group did not acquire or dispose of any treasury shares during the fiscal year.

As of 31 December 2024, Dovre Group Plc held a total of 236.725 of its own shares, representing

0.22 (0.22 in 2023) percent of the company’s total shares and voting rights.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

LARGEST SHAREHOLDERS ON DECEMBER 31, 2024

SHAREHOLDER NUMBER OF SHARES % OF SHARES AND VOTES

1 Etra Capital Oy 19.000.000 17.9%

2 Kakkonen Kyösti 13.529. 891 12.8%

Joensuun Kauppa ja Kone Oy 11.529. 891 10.9%

K22 Finance Oy 2.000.000 1.9%

3 Koskelo Ilari 7.505.000 7.1%

Koskelo Ilari 6.205.000 5.9%

Navdata Oy 1) 1.300.000 1.2%

4 Siik Seppo 2.104.015 2.0%

5 Kakkonen Kari 1.800.000 1.7%

6 Mäkelä Pekka 1.775.713 1.7%

7 Paasi Kari 1.748.000 1.6%

8 Siik Rauni 1.611.185 1.5%

9 Kaikkonen Risto 1.431.000 1.4%

10 Terrasolid Oy 1.179.026 1.1%

11 Räisänen Janne 1.118.191 1.1%

12 Vesanen Ville 1.098.319 1.0%

13 Hinkka Petri 1.047.160 1.0%

14 Heikki Tervonen Oy 940.000 0.9%

15 Toivanen Kari 934.900 0.9%

16 von Troil Carl-Gustaf 750.000 0.7%

17 Oy Cen-Invest AB 715.453 0.7%

18 Schengen Investment Oy 661.701 0.6%

19 Hinkka Invest Oy 650.000 0.6%

20 Ruokostenpohja Ismo 596.287 0.6%

20 largest shareholders (total) 60.195.841 56.8%

Nominee registered shares (total) 3.851.555 3.6%

Total remaining 41.909.098 39.6%

Tota l 105.956.494 100.0%

1) Ilari Koskelo, who is a member of Dovre Group’s Board of Directors, holds control in Navdata Oy.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ANALYSIS OF SHAREHOLDINGS ON DECEMBER 31, 2024

By number of shares owned

NUMBER OF SHARES

NUMBER OF

SHAREHOLDERS

% OF ALL

SHAREHOLDERS

TOTAL

NUMBER OF

% OF ALL

1–100 979 17.7 44.065 0.0

101–500 1.101 19.9 339.038 0.3

501–1.000 753 13.6 644.838 0.6

1.001–5.000 1.547 28.0 4.098.225 3.9

5.001–10.000 510 9.2 3.998.120 3.8

10.001–50.000 464 8.4 10.108.100 9.5

50.001–100.000 68 1.2 4.879.846 4.6

100.001–500.000 79 1.4 18.138.304 17.1

500.001– 25 0.5 63.705.958 60.1

Tota l 5.526 100.0 105.956.494 100.0

By shareholder category

NUMBER OF SHARES

NUMBER OF

SHAREHOLDERS

% OF ALL

SHAREHOLDERS

TOTAL

NUMBER OF

% OF ALL

Private companies 318 5.8 45.169.660 42.6

Financial and insurance insti

tutions 11 0.2 4.179.093 3.9

Non-profit organizations 5.178 93.7 56.331.409 53.2

Households 4 0.1 7.580 0.0

Foreign shareholders 15 0.3 268.752 0.3

Tota l 5.526 100.0 105.956.494 100.0

Nominee registered 8 3.851.555 3.6

HOLDINGS OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT

On December 31, 2024, the members of the Board of Directors, including ownership through controlled/

significant influence companies, held a total of 8.540.145 shares, representing approximately 8.1% of

all shares and votes.

NAME NUMBER OF SHARES

% OF ALL

Svein Stavelin, Chairman of the Board 1) 446.268 0.4 %

Ilari Koskelo, Vice-Chairman of the Board 2) 7.505.000 7.1 %

Sanna Outa-Ollila 3) 55.392 0.1 %

Antti Manninen, Board Member 4) 533.485 0.5 %

Board total 8.540.145 8.1 %

1) Svein Stavelin holds control in Stavelin Holding AS, which holds a total of 446.268 shares.

2) Ilari Koskelo holds control in Navdata Oy, which holds a total of 1.300.000 shares.

3) Sanna Outa-Ollila holds control in Atuo Oy, which holds a total of 39.392 shares.

4) Antti Manninen holds control in Amlax Oy, which holds a total of 300.000 shares and has signigicant

influence in Rio Group Oy, which holds a total of 100.000 shares.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

KEY FIGURES BY SHARE

EUR

IFRS

2024

IFRS

2023

IFRS

2022

IFRS

2021

IFRS

2020

Undiluted earnings per share for the shareholders of the parent company (EUR) -0,078 0,038 0,049 0,035 0,016

Diluted earnings per share for the shareholders of the parent company (EUR) -0,078 0,038 0,049 0,035 0,016

Undiluted equity per share (EUR) 0,25 0,35 0,32 0,27 0,23

Dividends EUR (1.000) 2.114 0 0 1.057 1.017

Dividend per share, EUR 0,02 0,00 0,00 0,01 0,01

Dividend per earnings,% n/a 0.0% 0.0% 28.6% 61.9%

Effective dividend yield,% 8.8% 0.0% 0.0% 1.5% 3.5%

P/E ratio n/a 11,32 11,99 19,52 17,53

Highest share price (EUR) 0,47 0,66 0,80 0,78 0,37

Lowest share price (EUR) 0,21 0,35 0,54 0,28 0,20

Average share price (EUR) 0,34 0,50 0,64 0,51 0,28

Market capitalization (EUR million) 24,1 45,9 61,8 72,3 28,7

Value of traded shares (EUR million) 6,6 9,0 19,6 30,9 8,7

Shares traded,% 18.3% 17.0% 29.1% 57.3% 30.2%

Average number of shares:

Undiluted (1.000) 105.956 105.956 105.956 104.956 102.872

Diluted (1.000) 105.956 105.956 105.956 104.956 102.872

Number of shares at end of period (1.000) 105.956 105.956 105.956 105.956 102.956

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CALCULATION OF KEY INDICATORS

Return on shareholders’ equity (ROE),% *)

Result for the period

x 100

Shareholders’ equity (average)

Return on investment (ROI),% *)

Result before taxes + interest and other financial expenses

x 100

Balance sheet total (average) - interest free liabilities (average)

Equity-ratio,%

Shareholders’ equity

x 100

Balance sheet total – advances received

Gearing,%

Interest-bearing liabilities - cash and cash equivalents

x 100

Shareholders’ equity

Earnings per share, EUR

Earnings for the equity holders of the parent company

Adjusted number of shares (average)

Equity per share, EUR

Equity attributable to the shareholders of the parent

Adjusted number of shares at end of period

Dividend per share, EUR

Dividend payable for the financial year

Adjusted number of shares at end of period

Dividend per earnings,%

Adjusted dividend per share

x 100

Earnings per share

Effective dividend yield,%

Adjusted dividend per share

x 100

Adjusted share price at end of period

Price-earnings ratio (P/E)

Adjusted share price at end of period

Earnings per share

*) Divisor calculated as the average of shareholders’ equity in the balance sheet at the end of the current and the directly preceding financial year.

Equity includes equity attributable to the equity holders of the parent.

Result for the period includes income attributable to the equity holders of the parent.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONSOLIDATED

FINANCIAL STATEMENTS,

IFRS

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

4. CONSOLIDATED FINANCIAL STATEMENTS, IFRS

CONSOLIDATED STATEMENT OF INCOME, IFRS

EUR THOUSAND NOTE

DEC. 31,

2024

ADJUSTED

DEC. 31,

2023

NET SALES 3, 5 99.337 73.480

Other operating income 6 47 80

Material and services 7 -104.106 -62.598

Personnel costs 8 -10.806 -6.204

Depreciation and amortization 9 -697 -219

Other operating expenses 10 -5.592 -3.421

OPERATING RESULT 3 -21.816 1.118

Financing income 11 11 8

Financing expenses 11 -966 -906

RESULT BEFORE TAX -22.772 220

Income taxes 12 0 -295

Profit for the period, continuing operations -22.772 -75

Profit for the period, discontinued operations 3.846 4.671

RESULT FOR THE PERIOD -18.926 4.596

EUR THOUSAND NOTE

DEC. 31,

2024

ADJUSTED

DEC. 31,

2023

RESULT FOR THE PERIOD ATTRIBUTABLE TO:

Equity holders of the parent -8.266 4.061

Non-controlling interest -10.660 535

TOTAL -18.926 4.596

Earnings per share calculated from profit attributable

to shareholders of the parent company:

Earnings per share, undiluted (EUR),

result for the period 13 -0,078 0,038

Earnings per share, diluted (EUR),

result for the period 13 -0,078 0,038

Basic earnings per share, discontinued operations

(EUR), profit for the period, discontinued operations 0,036 0,044

Diluted earnings per share (EUR), profit for the

period, discontinued operations 0,036 0,044

Average number of shares:

Undiluted 13 105.956.494 105.956.494

Diluted 13 105.956.494 105.956.494

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS

EUR THOUSAND NOTE

DEC. 31,

2024

ADJUSTED

DEC. 31,

2023

RESULT FOR THE PERIOD -18.926 4.596

Other comprehensive income

Other comprehensive income to be classified

to profit or loss in subsequent periods:

Translation differences 276 -1.432

COMPREHENSIVE INCOME FOR THE PERIOD -18.650 3.164

COMPREHENSIVE INCOME FOR THE PERIOD

ATTRIBUTABLE TO:

Equity holders of the parent -7.990 2.629

Non-controlling interest -10.660 535

Tota l -18.650 3.164

Profit for the period, continuing operations -22.772 -75

Items that may be reclassified to profit or loss:

Translation differences -61 0

Comprehensive profit for the period, continuing ope

rations -22.833 -75

Allocation of comprehensive profit for the period

To the owners of the parent company -12.173 -610

To non-controlling interests -10.660 535

Total, continuing operations -22.833 -75

EUR THOUSAND NOTE

DEC. 31,

2024

ADJUSTED

DEC. 31,

2023

Profit for the period, discontinued operations

3.846 4.671

Items that may be reclassified to profit or loss:

Translation differences 337 -1.432

Comprehensive profit for the period, discontinued

operations 4.183 3.239

Allocation of comprehensive profit for the period

To the owners of the parent company 4.183 3.239

To non-controlling interests 0 0

Total, discontinued operations 4.183 3.239

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS

EUR THOUSAND NOTE DEC. 31, 2024 DEC. 31, 2023

ASSETS

NON-CURRENT ASSETS

Intangible assets 15 147 2.013

Goodwill 16 3.565 20.270

Tangible assets 17 2.465 4.772

Financial assets 20 2.908 1.881

Deferred tax asset 12 229 319

NON-CURRENT ASSETS 9.314 29.256

CURRENT ASSETS

Inventories 19 6.214 6.747

Trade and other receivables 21 23.593 44.076

Current tax receivables 17 0

Cash and cash equivalents 2.542 7.907

CURRENT ASSETS 32.367 58.730

Assets for sale 50.319 0

TOTAL ASSETS 91.999 87.986

EUR THOUSAND NOTE DEC. 31, 2024 DEC. 31, 2023

SHAREHOLDERS’ EQUITY

Equity attributable to the shareholders of the parent

Share capital 22 9.603 9.603

Reserve for invested non-restricted equity 22 14.066 14.066

Revaluation reserve 22 2.869 2.869

Treasury shares 22 -237 -237

Translation differences -3.718 -3.994

Retained earnings 4.377 14.757

Total equity attributable to the equity holders of the parent 26.959 37.063

Non-controlling interest -10.330 331

SHAREHOLDERS’ EQUITY 16.629 37.394

NON-CURRENT LIABILITIES

Deferred tax liability 12 0 951

Non-current liabilities, interest-bearing 25 1.772 3.644

Provisions 24 997 891

Other liabilities 25 390 390

NON-CURRENT LIABILITIES 3.159 5.876

CURRENT LIABILITIES

Current financial liabilities 26 8.858 5.433

Trade and other payables 28 29.893 38.320

Current tax liabilities based on taxable income 962

Provisions 24 10.477

CURRENT LIABILITIES 49.228 44.715

Liabilities related to assets held for sale 22.983 0

TOTAL EQUITY AND LIABILITIES 91.999 87.986

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS

EUR THOUSAND NOTE 2024 2023

Cash flow from operating activities

Operating result 3 -21.816 7.382

Adjustments:

Depreciation and impairment 9 697 981

Adjustments, total 697 981

Changes in working capital:

Trade and other receivables, increase (-) / decrease (+) -6.994 -1.901

Inventories, increase (-) / decrease (+) 533 -5.309

Change of bookings 10.583 -451

Trade and other payables, increase (+) / decrease (-) 13.593 2.635

Changes in working capital, total 17.715 -5.025

Interest paid -331 -397

Interest received 3 177

Other financial expenses paid and received -534 -799

Income taxes paid -130 -2.169

Net cash generated by operating activities -4.396 149

Cash flow from investing activities

Investments in financial assets -1.000 0

Investments in intangible and tangible fixed assets -343 -173

Net cash generated by investing activities -1.343 -173

EUR THOUSAND NOTE 2024 2023

Cash flow from financing activities

Repayments of long-term loans 29 0 -1.000

Withdrawals of short-term loans 29 5.030 0

Withdrawal of short-term loans from group

companies* 2.878 0

Repayments of short-term loans 29 0 -1.315

Repayments of lease liabilities 18 -620 -662

Dividends received from group companies* 1.277 0

Dividends paid -2.114 0

Net cash generated by financing activities 6.451 -2.977

Cash flow, discontinued operations

Net cash flow from operating activities 5 340

Net cash flow from investing activities -19

Net cash flow from financing activities -4 180

Translation differences 53 -321

Change in cash and cash equivalents 1.906 -3.322

Cash and cash equivalents at the beginning of the period 7.907 11.229

Cash and cash equivalents at the end of the period 9.813 7.907

Cash and cash equivalents related to operations clas

sified as held for sale and discontinued operations in

accordance with IFRS 5 7.272

Continuing operations 2.542

*Received from a group company classified as held for sale and discontinued operations in accordance

with IFRS 5.

Cash and cash equivalents include cash and cash equivalents and other liquid assets with a maturity of

up to three months.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, IFRS

Equity attributable to the shareholders of the parent

EUR THOUSAND

CAPITAL

RESERVE FOR INVESTED

NON-RESTRICTED EQUITY

FAIR VALUE

RESERVE TREASURY SHARES

TRANSLATION

DIFFERENCES

RETAINED

EARNINGS

TOTAL

EQUITY

NON-

CONTROLLING

INTEREST TOTAL

SHAREHOLDERS’ EQUITY Jan. 1, 2024 9.603 14.066 2.869 -237 -3.994 14.757 37.063 331 37.394

Comprehensive income

Result for the period -8.266 -8.266 -10.660 -18.926

Items that may be reclassified to profit and loss

in subsequent periods:

Translation differences 0 276 276 0 276

Total comprehensive income 0 0 0 0 276 -8.266 -7.990 -10.660 -18.650

Transactions with shareholders 0

Dividend distribution -2.114 -2.114 0 -2.114

Repayment of the capital loan issued by the parent com

pany 0 0 0

Other items 0 0 0 0

Total transactions with shareholders 0 0 0 0 0 -2.114 -2.114 0 -2.114

SHAREHOLDERS’ EQUITY Dec. 31, 2024 9.603 14.066 2.869 -237 -3.718 4.377 26.959 -10.330 16.629

Equity attributable to the shareholders of the parent

EUR THOUSAND

CAPITAL

RESERVE FOR INVESTED

NON-RESTRICTED EQUITY

FAIR VALUE

RESERVE TREASURY SHARES

TRANSLATION

DIFFERENCES

RETAINED

EARNINGS

TOTAL

EQUITY

NON-

CONTROLLING

INTEREST TOTAL

SHAREHOLDERS’ EQUITY Jan. 1, 2023 9.603 14.066 2.869 -237 -2.561 10.696 34.435 -106 34.329

Comprehensive income

Result for the period 4.061 4.061 535 4.596

Items that may be reclassified to profit and loss

in subsequent periods:

Translation differences 0 -1.432 -1.432 0 -1.432

Total comprehensive income 0 0 0 0 -1.432 4.061 2.629 535 3.164

Transactions with shareholders 0

Dividend distribution 0 0 -98 -98

Repayment of the capital loan issued by the parent com

pany

Other items 0 -1 0 -1 -1

Total transactions with shareholders 0 0 0 0 -1 0 -1 -98 -99

SHAREHOLDERS’ EQUITY Dec. 31, 2023 9.603 14.066 2.869 -237 -3.994 14.757 37.063 331 37.394

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, IFRS

1. GENERAL INFORMATION ABOUT THE COMPANY

Dovre Group is an international provider of project personnel and

management services. The Group operates through three business

segments: Project Personnel, Consulting, and Renewable Energy.

Dovre Group maintains offices in Canada, Norway, Singapore, Fin-

land, and the United States.

Dovre Group Plc, a Finnish public limited liability company, is

the Group’s parent company, with its registered office in Helsinki,

Finland. The company’s registered address is Ahventie 4 B, 02170

Espoo, Finland. Dovre Group Plc’s shares are listed on Nasdaq Hel

sinki Ltd (ticker: DOV1V).

The Board of Directors of Dovre Group Plc authorized these

financial statements for publication on February 26, 2024. In accord-

ance with the Finnish Companies Act, shareholders may adopt,

reject, or amend the financial statements at the Annual General

Meeting following their publication.

A copy of the Dovre Group consolidated financial statements is

available on the company’s website at www.dovregroup.com or at

Ahventie 4 B, 02170 Espoo, Finland.

2. ACCOUNTING POLICIES FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

Basis of Preparation

These consolidated financial statements have been prepared in

accordance with International Financial Reporting Standards (IFRS),

including IAS and IFRS standards, as well as SIC and IFRIC interpre-

tations, effective as of December 31, 2024. IFRS refers to standards

and interpretations adopted for application within the European

Union (EU) according to EU Regulation (EC) No 1606/2002, and in

compliance with the Finnish Accounting Act and related legislation.

The notes to these consolidated financial statements also fulfill the

additional requirements of Finnish accounting and company law,

which supplement IFRS regulations.

The consolidated financial statements are prepared on the his

torical cost basis, unless otherwise specified in the accounting pol-

icies. All financial statement information is presented in thousands

of euros, except where otherwise noted.

The preparation of financial statements under IFRS requires

management to make certain judgments, estimates, and assump-

tions. Information regarding management’s significant judgments

and estimates, which have a material impact on the figures pre-

sented, is provided in the section “Critical Accounting Judgments

and Key Sources of Estimation Uncertainty.”

New standards and interpretations

On January 1, 2024, the Group adopted the following new or

amended standards. The adoption of these amendments did not

have a significant impact on the consolidated financial statements:

• Amendments to IAS 1 Presentation of Financial Statements,

clarifying the requirements regarding classification of liabili

ties as current or non-current.

• Amendments to IFRS 16 Leases, addressing subsequent meas

urement of lease liabilities arising from sale-and-leaseback

transactions.

• • IAS 7 and IFRS 7: Financing Arrangements with Suppliers.

Consolidation Principles

The consolidated financial statements include Dovre Group Plc, the

parent company, and all its subsidiaries, consolidated on a 100%

ownership basis. Subsidiaries are entities over which the Group

exercises direct or indirect control. Control is established when the

Group holds more than half of the voting rights or otherwise pos

sesses the power to govern. Acquired subsidiaries are included in the

consolidated financial statements from the date control is obtained,

and divested subsidiaries are included up to the date control ceases.

Intercompany ownership within the Group is eliminated using

the acquisition method. The consideration transferred for the

acquired entity, as well as the identifiable assets acquired and lia-

bilities assumed, are measured at fair value on the acquisition date.

Non-controlling interests in acquired entities are measured

either at fair value or at their proportionate share of the acquired

entity’s net assets, determined on a transaction-by-transaction

basis. Any difference between the consideration transferred and

the fair value of the acquired net assets is recognized as goodwill.

Profit or loss for the financial year is allocated between the parent

company’s owners and non-controlling interests in the income state-

ment. Non-controlling interests’ share of equity is presented as a

separate item on the balance sheet.

Intra-group transactions, internal receivables and liabilities,

unrealized profits on intra-group fixed asset transfers, and intra-

group profit distributions are eliminated in the consolidated financial

statements.

Foreign Currency Translation

Financial results and positions of Group entities are measured in

the currency of the primary economic environment in which each

entity operates (functional currency). The consolidated financial

statements are presented in euros, which is the functional and pres-

entation currency of the parent company.

Foreign Currency Transactions

Transactions denominated in foreign currencies are recorded in the

functional currency using the exchange rates prevailing on the trans-

action date. In practice, rates approximating the transaction date

rates are often applied. At the balance sheet date, foreign currency

monetary assets and liabilities are translated using the exchange

rates at the reporting date.

Gains and losses arising from foreign currency transactions and

the translation of monetary assets and liabilities are recognized in

profit or loss and presented within financial items in the income

statement.

Translation of Foreign Group Entities’ Financial

Statements

The income statements of foreign subsidiaries are translated into

euros using the weighted average exchange rates for the finan-

cial year, and their balance sheets using the exchange rates at the

reporting date. The difference arising from translating income state-

ment and comprehensive income items at different exchange rates

than balance sheet items is recognized as a translation difference

in other comprehensive income. Translation differences arising from

the elimination of acquisition costs of foreign subsidiaries and the

translation of equity accumulated after acquisition are also recorded

in other comprehensive income.

Since the IFRS transition date (January 1, 2004), foreign cur-

rency translation differences related to equity have been presented

separately within equity under translation differences. Translation

differences arising prior to the IFRS transition date were recorded

in the Group’s retained earnings, in accordance with the exemption

permitted by IFRS 1.

Property, Plant, and Equipment

Property, plant, and equipment are recognized at historical cost, less

accumulated depreciation and impairment losses.

This category includes buildings, machinery and equipment,

and leasehold improvements. Depreciation is calculated using the

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

straight-line method over the estimated useful life of each asset,

typically ranging from 3 to 5 years. Buildings primarily consist of

right-of-use assets recorded in accordance with IFRS 16, as detailed

in the accounting policy for leases.

Gains and losses from the disposal or retirement of property,

plant, and equipment are recorded in other operating income or

expenses.

Intangible Assets

Goodwill

Goodwill arising from business combinations completed after Janu-

ary 1, 2010, is measured as the excess of the sum of the consideration

transferred, the non-controlling interest in the acquiree, and any

previously held equity interest, over the Group’s share of the fair

value of the net identifiable assets acquired. Business acquisitions

between January 1, 2004, and December 31, 2009, were recorded in

accordance with earlier IFRS standards. Goodwill from acquisitions

prior to 2004 is recognized at the carrying amount under the pre

vious accounting framework, used as the deemed cost under IFRS.

Goodwill is not systematically amortized but is tested annu-

ally for impairment. For impairment testing, goodwill is allocated

to groups of cash-generating units. Goodwill is carried at histori-

cal cost less accumulated impairment losses. Goodwill arising from

the acquisition of foreign entities is translated into euros using the

exchange rates at the reporting date.

Research and Development Costs

Research costs are expensed as incurred. Development expenditures

are generally expensed as incurred, unless they relate to the devel-

opment of new products or significantly enhanced versions of exist-

ing products. In such cases, these costs are capitalized as intangible

assets on the balance sheet, provided they meet the capitalization

criteria specified in IAS 38.

Other Intangible Assets

Other intangible assets include customer contracts and related

customer relationships, trademarks, software, and other long-term

expenditures. Intangible assets are recognized in the balance sheet

when they meet the recognition criteria outlined in IAS 38.

Intangible assets with a finite useful life are initially recorded

at cost and amortized on a straight-line basis over their estimated

economic useful lives. Intangible assets with indefinite useful lives

are not amortized but are tested annually for impairment.

Estimated useful lives for intangible assets are between 2 and

5 years.

Leases

In accordance with IFRS 16 Leases, as a lessee, Dovre Group recog-

nizes a right-of-use asset representing its right to use the underlying

leased asset, presented within property, plant, and equipment, and

a corresponding lease liability representing its obligation to make

future lease payments, classified within financial liabilities. Excep

tions include short-term leases of 12 months or less, and leases

where the underlying asset’s value when new is below USD 5,000.

For open-ended leases or leases with a short notice period,

Dovre Group estimates a probable lease term for each agreement.

Payments for common area maintenance and telecommunications

charges to landlords are excluded from IFRS 16 calculations. When

determining the lease liability and interest expenses, Dovre Group

applies incremental borrowing rates tailored to the entity’s specific

characteristics, country, and lease duration.

Impairment of Property, Plant, and Equipment and

Intangible Assets

The Group conducts annual impairment tests for goodwill, intangible

assets with indefinite useful lives, and intangible assets under con-

struction. Additionally, the Group regularly assesses whether there

are indicators that any asset or cash-generating unit (CGU) may be

impaired. If impairment indicators are identified, the recoverable

amount of the asset or CGU is estimated. If the carrying amount of

an asset or CGU exceeds its recoverable amount, an impairment loss

is recognized in the income statement.

Employee Benefits

Pension Obligations

The Group’s pension plans comply with local laws and practices in

each operating country. Pension arrangements are classified as

defined contribution or defined benefit plans in accordance with

IAS 19. The Group currently operates defined contribution pension

plans. Payments to these pension plans are expensed in the income

statement during the period to which the charge relates.

Share-based Payments

The Group had no active share-based incentive schemes at the end

of 2024 or 2023

Provisions

A provision is recognized when the Group has a present legal or

constructive obligation arising from a past event, it is probable that

an outflow of resources will be required to settle the obligation,

and the amount of the obligation can be reliably estimated. The

amount recognized as a provision represents the best estimate of

the expenditure required to settle the present obligation at the bal

ance sheet date.

Warranty provisions cover the anticipated costs of product

repairs or replacements if the warranty period is still valid at the

balance sheet date. These provisions are calculated based on his-

torical data of repairs and replacements.

Provisions for onerous contracts are recognized when the una

voidable costs of meeting the contractual obligations exceed the

economic benefits expected to be received under the contract.

Current and Deferred Income Taxes

Income tax expense recognized in the income statement includes

current and deferred taxes. Current taxes are calculated based on

taxable income for the financial year, in accordance with the tax

laws of each respective country. Deferred taxes are calculated using

enacted tax rates at the balance sheet date.

Deferred taxes are determined based on temporary differences

between the carrying amounts and tax bases of assets and liabilities.

Deferred tax liabilities are fully recognized on the balance sheet,

while deferred tax assets are recognized to the extent that it is

probable that future taxable profits will be available against which

the temporary differences can be utilized. Deferred tax is not rec

ognized for non-tax-deductible goodwill, or for undistributed profits

of subsidiaries when such differences are unlikely to reverse in the

foreseeable future. The Group’s most significant temporary differ

ences arise from fair value adjustments made during acquisitions.

Revenue Recognition Principles

The Group’s revenue is divided into services, projects, and the sale

and maintenance of licenses.

In accordance with IFRS 15 Revenue from Contracts with Cus

tomers, revenue is recognized when a performance obligation (a

service, product, or a combination thereof) has been fulfilled.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Consulting services are provided as comprehensive service

packages, but billing primarily occurs based on hours worked. The

Consulting business also includes the sale of support services, which

are likewise recognized on a monthly basis. Travel expenses related

to the provision of services and invoiced to the customer are pre

sented within service sales.

For projects, each individual project is considered a separate

performance obligation under IFRS 15. Revenue from projects is

recognized over time based on the percentage of completion. The

selling price of partially completed products (work-in-progress) is

recognized according to the completion rate relative to the selling

price of the final product. For long-term projects, the percentage of

completion is determined based on factors reflecting the stages of

project completion. Project-related receivables and liabilities arising

from partial revenue recognition are netted in the balance sheet.

License sales include sales of software licenses, software rent

als, and software provided as part of SaaS (Software as a Service).

Maintenance includes software license maintenance charges. Rev

enue from software rental licenses and maintenance is recognized

monthly as a continuous service. Most software licenses are sold

as rental licenses. When a customer purchases software licenses,

revenue is recognized in full when the right to use the software has

been transferred to the customer.

Dovre Group’s customer contracts typically include only one per-

formance obligation, such as a project or service sold on an hourly or

daily billing basis. Therefore, allocating the transaction price to the

performance obligation is usually straightforward. The Consulting

business in Finland sells a combination of services and software,

but pricing is based on unit prices, and individual projects are not

significant in monetary terms. Dovre Group does not provide loans

to customers. Variable consideration is extremely rare and evaluated

on a project-by-project basis.

Other operating income

Other operating income includes rental income, gains from the dis-

posal of property, plant and equipment or investments, and gov-

ernment grants. Government grants are recognized when there is

reasonable assurance that the conditions attached to the grants will

be fulfilled and that the grants will be received.

Inventories

Inventories consist entirely of Renewable Energy segment’s con-

struction projects in progress and related construction and plan-

ning costs. Thus, the item comprises entirely long-term customer

contracts.

Inventories are measured at the lower of cost or net realizable

value, which is the estimated selling price of the finished product less

estimated variable selling expenses and other production costs. Cost

includes all purchasing, production, and other expenses incurred to

bring inventories to their current location and condition. Inventory

cost is determined using the FIFO method.

The item “Materials and Supplies” primarily consists of interim

storage of goods intended for ongoing projects.

The item “Work in Progress” includes construction and land

costs related to unfinished construction projects that have not yet

been recorded as expenses.

The acquisition cost of work in progress includes raw materials,

direct labor costs, other direct expenses, and indirect costs related

to procurement and production.

The item “Advance Payments” includes prepayments made for

inventory.

Financial assets and financial liabilities

Financial assets

In accordance with IFRS 9 Financial Instruments, the Group’s finan-

cial assets are classified into the following categories: financial

assets at fair value through profit or loss and financial assets at

amortized cost.

Dovre Group’s holding in SaraRasa Bioindo Pte. Ltd., SENS

Storage Oy and Pyhäsalmi BESS Oy are classified as at fair value

through profit or loss, as the investment is not part of the Group’s

core operations. SaraRasa Bioindo Pte. Ltd., SENS Storage Oy and

Pyhäsalmi BESS Oy are unlisted companies, and thus their fair value

measurement is classified as Level 3 according to IFRS 13 Fair Value

Measurement.

Fund investments are classified as at fair value through profit or

loss. Their fair value measurement is classified as Level 1 according

to IFRS 13 Fair Value Measurement.

Loan receivables and other receivables are measured at amor

tized cost. They are included in the balance sheet as current or

non-current assets based on their maturity; the latter if they mature

after 12 months. Historically, the Group has experienced only minor

credit losses. Allowances for doubtful trade receivables are recog

nized using a simplified model based on the age of overdue receiv-

ables. An allowance is recorded if a receivable is overdue by more

than 90 days, active collection measures have been unsuccessful,

and management assesses that payment is unlikely.

Financial Liabilities

In accordance with IFRS 9, financial liabilities are initially recognized

at the amount received, net of transaction costs. Subsequently, they

are measured at amortized cost using the effective interest method.

Financial liabilities are presented within current and non-current

liabilities and may be interest-bearing or non-interest-bearing. Inter-

est expenses are recognized in the income statement on an accrual

basis. Financial liabilities are classified as current unless the Group

has an unconditional right to defer settlement for at least 12 months

after the balance sheet date.

Critical Accounting Judgments and Key Sources of

Estimation Uncertainty

The preparation of financial statements requires management to

make forward-looking estimates and assumptions, which may dif-

fer from actual outcomes. Management also exercises judgment

in selecting and applying accounting policies. These estimates are

based on management’s best assessment at the reporting date.

Key areas involving significant estimates within the Group

include revenue recognition for long-term projects, asset valuations,

impairment of receivables, and provisions.

The Group annually tests goodwill and intangible assets with

indefinite useful lives for impairment and reviews for impairment

indicators as described earlier in these accounting policies. Recov-

erable amounts of cash-generating units are determined based on

value-in-use calculations, which require the use of estimates.

Assets Held for Sale and Discontinued Operations

Non-current assets and assets and liabilities associated with discon-

tinued operations are classified as held for sale when their carry-

ing amounts are expected to be recovered primarily through a sale

transaction, rather than continued use. Classification as held for

sale requires that the sale is highly probable, the asset is available

for immediate sale in its present condition under customary terms,

management is committed to a plan to sell the asset, and the sale

is expected to occur within one year from the classification date.

Prior to classification as held for sale, the carrying amounts of

the asset or disposal group are measured in accordance with applica-

ble IFRS standards. From the classification date onward, non-current

assets held for sale are measured at the lower of carrying amount

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

and fair value less costs to sell. Depreciation and amortization on

tangible and intangible assets classified as held for sale cease at the

time of classification.

A discontinued operation is a component of the Group that has

been disposed of or classified as held for sale and meets the IFRS

5 criteria for classification as discontinued operations. The results

of discontinued operations are presented separately in the consol

idated income statement, and comparative figures are adjusted

accordingly. Assets held for sale, disposal groups, items previously

recognized in other comprehensive income related to assets held for

sale, and liabilities included within the disposal groups are presented

separately from other items in the balance sheet.

The Project Personnel and Norwegian Consulting business

areas have been classified as discontinued operations in the finan-

cial statements. Continuing and discontinued operations are shown

separately in the Group’s income statement. Discontinued opera-

tions are presented as a separate line item, and comparative fig-

ures have been restated accordingly. Internal transactions between

discontinued operations have been eliminated from these figures.

Discontinued operations are detailed further in the notes section

entitled “Discontinued Operations.”

Adoption of New and Amended IFRS Standards

The Group adopts new and revised IFRS standards and interpreta-

tions from their effective dates, or, if the effective date is not the

first day of a financial year, from the beginning of the subsequent

financial year.

Currently known changes to IFRS standards effective during

or after the 2025 financial year primarily involve improvements or

amendments to existing standards. Dovre Group does not antici-

pate these changes to have a material impact on the consolidated

financial statements.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

3. OPERATING SEGMENTS

Net sales by segment

ADJUSTED % OFEUR THOUSAND 20242023NET SALESRenewable Energy 97.393 71.359 36.5%Consulting 1.944 2.121 -8.3%Tota l 99.337 73.480 35.2%Operating resultADJUSTED % OFEUR THOUSAND 20242023NET SALESRenewable Energy -21.100 1.751 -1305.0%Consulting 304 61 398.4%Other functions -1.020 -694 -47.0%Tota l -21.816 1.118 -2051.3%

Other operations are shared resources used by both segments of the Group and expenses that belong

to the entire Group.

Personnel

AVERAGE NUMBER OF PERSONNEL 2024 ADJUSTED 2023Renewable Energy 134 50Consulting 15 18Other functions 3 2Tota l 152 70

Non-current assets

EUR THOUSAND 2024 2023Finland 2.584 2.989Sweden 28Norway 2.430Singapore 106Other countries 12Trademark (Note 14) 1.249Goodwill (Note 15) 3.565 20.270Tota l 6.177 27.056

Non-current assets are reported according to the location of the assets. The figures do not include

financial instruments or deferred tax assets. Goodwill and trademarks are not allocated to countries.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

4. ACQUISITIONS

Acquisitions in 2024 and 2023

There were no business acquisitions made in 2024 and 2023.

5. NET SALES

NET SALES BY REVENUE TYPE% NET % NET EUR THOUSAND 2024SALES ADJUSTED 2023SALES Services 1.039 1.0% 1.398 1.9%License revenue 741 0.7% 572 0.8%Maintenance 164 0.2% 151 0.2%Project revenue 97.393 98.0% 71.359 97.1%Tota l 99.337 100.0% 73.480 100.0%

Customer assets based on contracts are sales accruals and are presented in Note 21 Trade and other

receivables. Customer liabilities based on contracts are presented in Note 28 Trade and other payables.

NET SALES BY MARKET AREA% NET % NET EUR THOUSAND 2024SALES ADJUSTED 2023SALES Finland 54.546 54.9% 73.480 100.0%Sweden 44.791 45.1% 0 0.0%Tota l 99.337 100.0% 73.480 100.0%

LONG-TERM PROJECTSEUR THOUSAND 2024 2023Net Sales according to percentage of completion 95.929 71.346Other net sales 1.340 3.745Tota l 97.269 75.091Amounts recorded as net sales in the accounting period and in previous accounting periods for projects accounted according to the percentage of completion method, but not delivered to customers 182.042 107.519

AMOUNTS NOT RECORDED AS NET SALES FROM LONG-TERM PROJECTSEUR THOUSAND 2024 2023Projects to be booked as revenue according to the percentage of completion 28.894 49.230Total order book 28.894 49.230

Of the order backlog at the end of 2024, 96.6%, or EUR 27.904 thousand, is expected to be recognized

in the 2025 financial year.

Customer assets and liabilities related to long-term projects are sales accruals and are presented

in Note 21 Trade and other receivables. Contract liabilities, which are advances received from projects

and expenses recognized according to the percentage of completion in accrued liabilities are presented

in Note 28 Trade and other payables.

Performances requiring a long production period belong to the Renewable Energy business group.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

6. OTHER OPERATING INCOME

EUR THOUSAND 2024 ADJUSTED 2023Other operating income 47 80Tota l 47 80

7. MATERIAL AND SERVICES

EUR THOUSAND 2024 ADJUSTED 2023Materials, supplies and goods -49.334 -32.761External services -54.772 -29.837Tota l -104.106 -62.598

8. PERSONNEL

EUR THOUSAND 2024 ADJUSTED 2023Salaries and fees -8.401 -5.197Pension expenses, defined contribution plans -1.624 -789Other employee benefits -781 -218Tota l -10.806 -6.204

Management salaries, bonuses and fringe benefits as well as compensation of key personnel are pre

sented in note 33 Related party.

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

9. DEPRECIATION AND AMORTIZATION

EUR THOUSAND 2024 ADJUSTED 2023Amortization according to plan, intangible assets -7 -7Depreciation according to plan, tangible assets -690 -242Tota l -697 -249

10. OTHER OPERATING EXPENSES

EUR THOUSAND 2024 ADJUSTED 2023Premises -401 -274Marketing -444 -250Travel -1.564 -1.019Administration and other operating expenses -3.183 -1.878Tota l -5.592 -3.421

AUDITOR FEESEUR THOUSAND 2024 2023Fees for statutory audit -205 -144Fees for assignments referred to in Chapter 1, Section 1, Subsec-tion 1, Paragraph 2 of the Auditing Act -14 -5Fees for tax advice 0 0Fees for other services -3 -2Tota l -222 -151

11. FINANCING INCOME AND EXPENSES

FINANCING INCOMEEUR THOUSAND 2024 ADJUSTED 2023Income from interest 8 8Foreign exchange gains 3 0Other interest and financing income 0 0Financing income, total 11 8

FINANCING EXPENSESEUR THOUSAND 2024 ADJUSTED 2023Foreign exchange losses -31 -169Interest expenses -496 -200Other interest and financing expenses -441 -485Financial assets at fair value through profit and loss 2 -52Financing expenses, total -966 -906Financing income and expenses, total -955 -898

100

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

12. INCOME TAX

EUR THOUSAND 2024 ADJUSTED 2023Taxes for the financial year -3 -269Change in deferred tax assets and liabilities 3 -25Tota l 0 -294

Effective tax rate reconciliation

EUR THOUSAND 2024 ADJUSTED 2023Result before tax -22.772 220Taxes calculated at the parent company’s tax rate (20%) 0 -44Unrecognized Tax on Loss-Making Separate Entities for the Financial Year 0 -250Income tax in the consolidated statement of income 0 -294

Deferred tax asset and liabilities

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Deferred tax asset 229 319Deferred tax liabilities -951Tota l 229 -632

Reconciliation of deferred tax assets and liabilities 2024

CHARGEDJAN. 1, TO INCOMEACQUIRED TRANSLATIONEUR THOUSAND2024STATEMENTBUSINESSESDIFFERENCES DEC. 31, 2024Transfer of Fair Value Allocations from Acquisitions from the Previous Year -394Adjustment Due to IFRS 5 Classification* 473Adjusted Figure for Fair Value Allocations from Acquisitions 79 -15 0 0 64Transfer of Other Temporary Differences from the Previous Year -238Adjustment Due to IFRS 5 Classification* 385Adjusted Figure for Other Temporary Differences 147 18 0 0 165Tota l 226 3 0 0 229

*Transfers made in accordance with IFRS 5 for items classified as discontinued operations and held for

sale.

Reconciliation of deferred tax assets and liabilities 2023

CHARGEDJAN. 1, TO INCOMEACQUIRED TRANSLATIONEUR THOUSAND2023STATEMENTBUSINESSESDIFFERENCES DEC. 31, 2023Allocation of fair value on acquisitions -476 41 0 41 -394Other temporary differences 0 -238 0 0 -238Tota l -476 -197 0 41 -632

The Group’s Tax Losses

As of December 31, 2024, the Group had tax losses of €5.8 million (€6.0 million as of December 31, 2023)

that can be utilized in future years, for which no deferred tax asset has been recognized. Of these losses,

€1.4 million will expire between 2025 and 2027, while €4.4 million will expire at a later date.

In addition to the aforementioned, the fiscal year 2024 is expected to generate approximately EUR

21.8 million in tax-deductible losses, which will expire entirely after 2027. No deferred tax assets have

been recognized for these losses.

101

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

13. EARNINGS PER SHARE

Undiluted earnings per share

Undiluted earnings per share is calculated by dividing the result attributable to the shareholders of the

parent by the weighted average number of shares during the financial year.

Diluted earnings per share

The potential increase in the number of shares caused by all instruments entitling to shares is taken

into account when calculating the diluted earnings per share. The Group has instruments, share options,

with the potential to increase the number of shares. An instrument has a dilutive effect when its sub-

scription price is lower than the market value of the share. The weighted average number of shares and

the dilutive effect are calculated quarterly taking into account those instruments that have an exercise

price lower than the weighted average share price during that quarter. The dilutive effect is relative to

the difference between the exercise price and the weighted average share price. The total dilutive effect

for the financial year or several quarters is calculated as a weighted average for the period in question.

The Group did not have any dilutive instruments at the end of the financial year or the previous financial

year, so basic and diluted earnings per share are the same.

EARNINGS PER SHARE 2024 2023Result attributable to the shareholders of the parent (EUR thousand) -8.266 4.061Weighted average number of shares during the financial year (1.000) 105.956 105.956Undiluted earnings per share (EUR / share) -0,078 0,038

102

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

14. DISCONTINUED OPERATIONS

On November 20, 2024, Dovre Group Plc announced that it had signed a conditional agreement to sell its

entire Project Personnel business and its Norwegian Consulting business to the Swedish company NYAB

AB. The transaction required authorization from Dovre Group Plc’s Extraordinary General Meeting. The

Extraordinary General Meeting approved the completion of the transaction on December 16, 2024. The

transaction was finalized on January 2, 2025.

Below are the income statement, balance sheet, and cash flow statement for the discontinued opera-

tions. The balance sheet presents the assets and liabilities of the sold businesses as at December 31, 2024.

The income statement includes the revenue and expenses directly related to the divested businesses,

which were eliminated from the continuing operations following the completion of the transaction.

DISCONTINUED OPERATIONS

THOUSANDS OF EUROS 1.1. - 31.12.2024 ADJUSTED 1.1. - 31.12.2023TURNOVER 112.461 123.230Other operating income 126 416Materials and services* -52.900 -59.206Employee benefit expenses* -52.925 -55.651Depreciation -630 -762Other operating expenses -1.851 -1.763Operating result 4.281 6.264Financial income 575 756Financial expenses -294 -935Profit before taxes 4.562 6.085Income taxes -716 -1.415Profit for the period 3.846 4.670

* In prior reporting, Dovre categorized expenses related to independent contractors and partner company

personnel, working at Dovre Group’s client locations, as employee benefit expenses. This classification

has been amended, and these costs are now presented under ’Materials and Services.’ The 2023 financial

year figures have been restated for comparative purposes.

Balance sheet, discontinued operations

THOUSANDS OF EUROS 31.12 .2024ASSETSNON-CURRENT ASSETSIntangible assets 1.559Goodwill 16.436Tangible assets 1.395Deferred tax assets 11Non-current assets 19.401CURRENT ASSETSTrade and other receivables 23.646Cash and cash equivalents 7.272Current assets 30.918Total assets 50.319

Liabilities

THOUSANDS OF EUROS 31.12 .2024NON-CURRENT LIABILITIESDeferred tax liabilities 859Financial liabilities 1.022Total long-term liabilities 1.881CURRENT LIABILITIESCurrent financial liabilities 1.678Trade and other liabilities 18.716Tax liabilities based on taxable income for the financial period 709Total current liabilities 21.102Total liabilities 22.983

Cash flow discontinued operations

THOUSANDS OF EUROS 2024 ADJUSTED 2023Net cash flow from operating activities 5.340 979Net cash flow from investing activities -19 -82Net cash flow from financing activities -4.180 -3.706

103

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

15. INTANGIBLE ASSETS

INTANGIBLE ASSETS 2024CUSTOMER AGREEMENTSOTHEREUR THOUSANDAND RELATIONS TRADEMARK DEVELOPMENT COSTSINTANGIBLE ASSETS TOTALAcquisition cost, Jan. 1 3.104 1.249 0 59 4.412Translation differences (+/-) 0 0 0 0 0Additions 0 0 137 7 144Transfers to discontinued operations classified as held for sale in accordance with IFRS 5 -3.104 -1.249 -40 -4.393Acquisition cost, Dec. 31 0 0 137 26 163Accumulated amortization and value adjustments, Jan. 1 -2.360 0 0 -7 -2.367Amortization charges for the period 0 0 0 -9 -92.360 2.360Accumulated amortization and value adjustments, Dec. 31 0 0 0 -16 -16Book value, Dec. 31 0 0 137 10 147

INTANGIBLE ASSETS 2023CUSTOMER AGREEMENTSOTHEREUR THOUSANDAND RELATIONS TRADEMARK DEVELOPMENT COSTSINTANGIBLE ASSETS TOTALAcquisition cost, Jan. 1 3.173 1.315 0 50 4.538Translation differences (+/-) -69 -66 0 0 -135Additions 0 0 0 9 9Acquisition cost, Dec. 31 3.104 1.249 0 59 4.412Accumulated amortization and value adjustments, Jan. 1 -2.058 0 0 -28 -2.085Amortization charges for the period -302 0 0 -11 -313Accumulated amortization and value adjustments, Dec. 31 -2.360 0 0 -38 -2.398Book value, Dec. 31 744 1.249 0 20 2.013

104

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

16. GOODWILL

EUR THOUSAND 2024 2023Acquisition cost, Jan. 1 20.270 21.017Additions 0 0Impact of transfer to discontinued operations classified as held for sale in accordance with IFRS 5 -16.705Translation differences (+/-) -747Book value, Dec. 31 3.565 20.270

Dovre Group’s goodwill is divided into cash-generating units as follows:

GOODWILL BY CASH GENERATING UNITEUR THOUSAND 2024 2023Project Personnel 16.025Consulting 300 980Renewable Energy 3.265 3.265Tota l 3.565 20.270

The annual impairment test for all cash-generating units was conducted based on the situation as at

the end of 2024.

In the impairment test, the carrying amount of each cash-generating unit is compared to its value

in use, which is determined based on a value-in-use calculation. These calculations are based on man

agement-approved plans covering a five-year period. The key assumptions used in the calculations are

revenue growth and operating margin. The assumptions are based on the historical long-term perfor

mance, the market position of the business segment, and its growth potential in the relevant market. For

the Renewable Energy unit, the significant losses incurred in three projects during the 2024 financial

year have been taken into account in the future estimates. This is reflected in the calculations as a con

siderably more moderate growth outlook for the unit compared to previous years.

The discount rate used in the value-in-use calculation is based on a capital structure derived from the

balance sheets and financial data of a peer group.

Based on the impairment test, the recoverable amounts of all cash-generating units exceeded their

carrying amounts, and therefore no impairment of goodwill was recognized.

KEY VARIABLES: 2024 2023Average revenue growth, %Renewable energy 3.9 16.0Consulting 3.4 1.3Average operating profit percentage, %Renewable energy 3.1 3.4Consulting 13.3 10.9Growth after the forecast period, %Renewable energy 1.0 1.0Consulting 1.0 1.3Discount rate before taxes, %Renewable energy 18.0 26.3Consulting 23.0 24.8

If any one of the following changes were made to the above key assumptions, the value in use value and

the carrying amount would be equal.

EBIT, %-unit, changeRenewable Energy -2.2Consulting -10.6Pre-tax discount rate,%-unitRenewable Energy 62.2Consulting 151.0

Based on the sensitivity analysis, a significant deterioration in operating profit in the Renewable Energy

unit could lead to a situation where an impairment charge would be required. In the Renewable Energy

segment, which carries the highest amount of goodwill, the impairment threshold has been calculated

to correspond to a 2.2 percentage point decrease in operating margin. In the Consulting segment, a

substantially larger decline in operating profit would be necessary to trigger an impairment. The WACC

(Weighted Average Cost of Capital) thresholds used for both units are relatively high.

105

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

17. TANGIBLE ASSETS

OWNED ASSETS RIGHT-OF-USE ASSETSTANGIBLE ASSETS 2024MACHINERY OTHER MACHINERY EUR THOUSANDAND EQUIPMENTTANGIBLE ASSETS BUILDINGSAND EQUIPMENT TOTALAcquisition cost, Jan. 1 1.234 0 3.687 3.118 8.039Translation differences (+/-) 0 0 0 0 0Additions 363 0 23 276 662Disposals -173 -173Transfers to discontinued operations classified as held for sale in accordance with IFRS 5 -1.034 0 -3.623 -434 -5.091Acquisition cost, Dec. 31 563 0 87 2.787 3.4370Accumulated depreciation and value adjustments, Jan. 1 -950 0 -2.017 -300 -3.267Translation differences (+/-) 0 0 0 0 0Accumulated depreciation from disposals 0 0 0 67 67Depreciation charges for the period -137 0 -21 -532 -690Transfers to discontinued operations classified as held for sale in accordance with IFRS 5 940 1.973 5Accumulated depreciation and value adjustments, Dec. 31 -147 0 -65 -760 -9720Book value, Dec. 31, 2024 416 0 22 2.027 2.465

OWNED ASSETS RIGHT-OF-USE ASSETSTANGIBLE ASSETS 2023MACHINERY OTHER MACHINERY EUR THOUSANDAND EQUIPMENTTANGIBLE ASSETS BUILDINGSAND EQUIPMENT TOTALAcquisition cost, Jan. 1 1.070 0 2.783 555 4.408Translation differences (+/-) 0 0 -26 0 -26Additions 164 0 930 2.563 3.657Disposals 0 0 0 0 0Acquisition cost, Dec. 31 1.234 0 3.687 3.118 8.0390Accumulated depreciation and value adjustments, Jan. 1 -860 0 -1.559 -180 -2.599Translation differences (+/-) 0 0 0 0 0Accumulated depreciation from disposals 0 0 0 0 0Depreciation charges for the period -90 0 -458 -120 -668Accumulated depreciation and value adjustments, Dec. 31 -950 0 -2.017 -300 -3.2670Book value, Dec. 31, 2023 284 0 1.670 2.818 4.772

106

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

18. LEASES

Dovre Group’s right-of-use assets consist of office lease agreements and construction site equipment.

Office lease agreements are included in the balance sheet under “Right-of-use assets, buildings.” Leased

construction site equipment is classified under “Right-of-use assets, machinery, and equipment.”

Most office leases are fixed-term agreements, and some of these contracts include options. When

determining the right-of-use asset, Dovre has assessed whether lease agreements are likely to be

extended. For contracts that are open-ended with a termination notice period of 3 to 12 months, the

probable lease term has been estimated at 2 to 4 years.

Additionally, Suvic Oy, a subsidiary within the Renewable Energy business segment, has leased

construction site equipment. These agreements are fixed-term contracts with durations ranging from

3 to 5 years.

LEASING LIABILITIESEUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Non-current lease liabilities 1.772 3.644Current lease liabilities 628 1067Total 2.400 4.711

MATURITY PROFILE OF PAYMENTS DUEEUR THOUSAND DEC. 31, 2024 DEC. 31, 20230–1 711 1.2141–2 647 8792–3 455 8653–4 705 7394–5 58 614Over 5 years 0 1.243Tota l 2.576 5.554

CASH FLOW STATEMENT ITEMSEUR THOUSAND 2024 ADJUSTED 2023Lease liability amortization payments -577 -275Lease liability interest payments -103 -28Tota l -680 -303

INCOME STATEMENT ITEMSEUR THOUSAND 2024 ADJUSTED 2023Right-to-use asset depreciations -553 -190Right-to-use asset interest cost -103 -28Low value lease expense -404 -242Tota l -1.060 -460

19. INVENTORIES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Materials and supplies 131 124Work in progress 3.426 5.120Advance payments 2.657 1.503Tota l 6.214 6.747

Materials and supplies consist of materials and supplies in the inventories of Suvic Oy and Suvic AB. Work

in progress includes accrued income corresponding to the percentage of completion of work related

to Suvic Oy and Suvic AB’s long-term customer contracts. Advance payments are made for materials

and supplies.

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Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

20. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS

EUR THOUSAND 31.12.2024 31.12.2023Cash and cash equivalents 2.542 7.907Trade receivables 11.314 33.561Unlisted equity financial assets 2.056 1.056Fund investments 852 825Tota l 16.764 43.349

Unquoted equity investment

The unlisted equity investment portfolio includes Dovre Group Plc’s ownership in SaraRasa Bioindo Pte.

Ltd. (Bioindo), Sens Storage AB, and Pyhäsalmi BESS Oy. As of the end of the reporting period, Dovre

Group’s ownership stakes were 19.86% in Bioindo, 45.0% in Sens Storage, and 45.0% in Pyhäsalmi BESS

Oy. These investments are not part of the core business of the Dovre Group. The fair value classification

of these investments is Level 3 in the fair value hierarchy.

Bioindo’s unaudited equity at the end of 2024 was approximately USD 1.4 million (USD 2.3 million

at the end of 2023). The estimated unaudited result for 2024 was approximately USD -0.1 million (USD

-0.5 million in 2023).

Sens Storage’s unaudited equity at the end of 2024 was approximately SEK 20,000. The estimated

unaudited result for 2024 was approximately SEK -0.5 million.

Pyhäsalmi BESS’s unaudited equity at the end of 2024 was approximately EUR -130,000. The esti

mated unaudited result for 2024 was EUR -130,000.

Fund Investments

Fund investments consist of investment fund units held by Dovre Group’s subsidiary Suvic Oy. The

fair value classification of these investments is Level 1 in the fair value hierarchy.

The fair value of fund investments as of December 31, 2024, was EUR 852,000.

21. TRADE AND OTHER RECEIVABLES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Trade receivables 11.314 33.788Valuation allowance for trade receivables -227Other receivables 2.363 3.605Accrued income on sales 9.916 6.910Tota l 23.593 44.076

ACCRUED INCOME EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Revenue recognition according to the percentage of completion *) 8.725 5.291Accrued income from sales 276 904Other accrued income 915 715Tota l 9.916 6.910

*) The net amount (receivables-liabilities) of project-specific balances in the Renewable Energy business

segment.

Other accrued expenses include accruals for operating expenses.

The carrying amount of trade receivables is a reasonable estimate of their fair value. The impairment

allowance for trade receivables is recognized using a simplified model based on the aging of overdue

receivables. An impairment allowance is recorded if a receivable is more than 90 days overdue, collection

efforts have been actively pursued without success, and management assesses that the likelihood of

recovering the receivable is low.

Over the past 10 years, the realized impairment losses on trade receivables have been very low.

AGEING ANALYSIS OF TRADE RECEIVABLESEUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Not due 9.420 25.803Overdue1–30 days 703 6.21331–60 days 298 6261–90 days 38 297Over 90 days 855 1.413Tota l 11.314 33.788

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Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

22. SHAREHOLDERS’ EQUITY

Dovre Group Plc has one class of shares. The book value of the shares is EUR 0.10 per share. Each share

entitles the shareholder to one vote. Dovre Group Plc’s shares are listed on Nasdaq Helsinki Ltd.

Reconciliation of the number of shares

RESERVE FOREUR THOUSAND NUMBER OF SHARES SHARE CAPITALNON-RESTRICTED EQUITY FAIR VALUE RESERVE TREASURY SHARES TOTALJan. 1, 2023 105.956.494 9.603 14.066 2.869 -237 26.301Dec. 31, 2023 = Dec. 31, 2024 105.956.494 9.603 14.066 2.869 -237 26.301

Changes in 2023 and 2024

There have been no changes in shares in 2023 and 2024.

Dividend distribution in 2024

During the financial year 2024, the company paid dividends in two installments, totaling €2.114 thousand,

in accordance with the decision of the Annual General Meeting held on April 4, 2024.

Dividend distribution in 2023

The Annual General Meeting of Dovre Group Plc, held on March 30, 2023, decided not to distribute

dividends for the financial year 2022.

Own shares

Dovre Group did not acquire or dispose of any of its own shares during the financial year.

As of January 1, 2024, and December 31, 2024, Dovre Group Plc held a total of 236.725 of its own

shares, representing 0.22% of the company’s total shares and voting rights.

As of January 1, 2023, and December 31, 2023, Dovre Group Plc held a total of 236.725 of its own

shares, representing 0.22% of the company’s total shares and voting rights.

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Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

23. SHARE-BASED COMPENSATION

Long-term incentive programs

The company does not have a valid share-based payment plan in 2024 and 2023. Rewards paid to key

employees will be paid in cash in the future.

24. PROVISIONS

WARRANTY2024 PROVISIONS FOR DISPUTESOTHERTHOUSANDS OF EUROSLONG-TERM PROJECTSPROVISIONSRISK PROVISIONS TOTAL1.1. 190 528 173 891Increases in provisions 10.477 142 146 10.765Used provisions -103 -35 -20 -158Cancellations of unused provisions -24 -2431.12. 10.540 635 299 11 .474Long-term 63 635 299 997Short-term 10.477 10.477Tota l 10.540 635 299 11 .474

WARRANTY2023 PROVISIONS FOR DISPUTESOTHERTHOUSANDS OF EUROSLONG-TERM PROJECTSPROVISIONSRISK PROVISIONS TOTAL1.1. 255 873 214 1.342Increases in provisions 30 65 95Used provisions -75 -276 -41 -392Cancellations of unused provisions -20 -134 -15431.12. 190 528 173 891Long-term 190 528 173 891Tota l 190 528 173 891

Short-term provisions for loss-making projects

THOUSANDS OF EUROS 31.12 .2024 31.12 .2023Provisions for loss-making projects 10.477 0

The provisions relate to two wind farm projects under construction in Sweden in the Renewable Energy

business group. The provision has been fully recognised in the last quarter of 2024. The provision is

divided between the projects so that one project has been recognised as a cost provision of EUR 6.409

thousand* and the other as a cost provision of EUR 4.068 thousand** for the project’s unrealised loss.

The projected losses of the projects have been fully recognised for the financial period 1 January–31

December 2024.

The costs related to the provisions consist entirely of materials and services, labour costs

and other services procured from external parties.

*The costs are estimated to be fully incurred by the end of October 2025.

**The costs are estimated to be fully incurred by the end of August 2025.

Estimated distribution of short-term provisions for loss-making projects by expense

group

The expenses are assumed to be fully incurred during the financial year 2025.

THOUSANDS OF EUROSMaterials and services 2.558Other purchased services 7.769Labor costs 150Tota l 10.477

25. LONG-TERM FINANCIAL LIABILITIES

THOUSANDS OF EUROS 31.12 .2024 31.12 .2023Long-term lease liabilities (Note 18) 1.772 3.644Tota l 1.772 3.644Other liabilities 390 390Tota l 390 390

Other liabilities consist of a capital loan issued by the non-controlling interests of the Group’s subsidiary

Suvic Oy. There is no predetermined repayment schedule for the capital loan. The repayment of the loan

and interest is decided by the Board of Directors of Suvic Oy.

The fair value of long-term liabilities corresponds to their balance sheet value, if reasonably esti

mated.

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Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

26. SHORT-TERM FINANCIAL LIABILITIES

THOUSAND EUROS 31.12.2024 31.12.2023Utilized credit limits 8.230 4.366Current lease liabilities (Note 18) 628 1.067Tota l 8.858 5.433

THOUSAND EUROS 31.12.2024 31.12.2023Current interest-bearing liabilities in the cash flow statement (Note 29) 8.230 4.366

The average interest rate charged on the amount of credit limits in use in 2024 was 5.12% (4.71% in 2023).

27. FINANCIAL LIABILITIES MATURITY BREAKDOWN

31.12.2024

THOUSAND EUROSYEAR 2025 2026 2027 2028 2029 2030- TOTALUsed bank overdrafts 8.230 8.230Lease liabilities 711 647 455 706 57 2.576Trade and other liabilities* 26.969 390 27.359Tota l 35.910 647 455 706 57 390 38.165

*Excluding accrued liabilities and advances received

31.12.2023

THOUSAND EUROSYEAR 2024 2025 2026 2027 2028 2029- TOTALUsed bank overdrafts 4.366 4.366Lease liabilities 589 486 374 279 352 45 2.126Trade and other liabilities* 17.833 390 18.223Tota l 22.788 486 374 279 352 435 24.715

*Excluding accrued liabilities and advances received

28. TRADE AND OTHER LIABILITIES

THOUSAND EUROS 31.12.2024 31.12.2023Trade payables 22.765 10.615Advances received from the project, partial recognition of income* 731 3.383Current other liabilities 4.205 7.218Accrued expenses 2.193 17.104Tota l 29.893 38.320

ACCRUED EXPENSES THOUSAND EUROS 31.12.2024 31.12.2023Current accrued income 140 92Expenses recognized according to the percentage of completion* 190 5.824Accrued personnel expenses 1.570 8.402Other current accrued income 293 2.786Tota l 2.193 17.104

The fair values of the liabilities correspond to their balance sheet values.

*) Renewable Energy Business Group sum of project-specific net amounts (receivables-liabilities).

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Report of the Board of Directors

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Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

29. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES

2024TRANSLATIONEUR THOUSAND JAN 1, 2024 PROCEEDS REPAYMENTS TRANSFERDIFFERENCES DEC. 31, 2024Current interest-bearing liabilities carried forward from previous year 4.366Adjustment* -1.166Current interest-bearing liabilities adjusted 3.200 5.030 0 0 0 8.230Tota l 3.200 5.030 0 0 0 8.230

2023TRANSLATIONEUR THOUSAND JAN 1, 2023 PROCEEDS REPAYMENTS TRANSFERDIFFERENCES DEC. 31, 2023Non-current loans and borrowings 1.000 -1000 0Current loans and borrowings 5.681 0 -1.315 0 0 4.366Tota l 5.681 0 -1.315 0 0 4.366

*Transfers to discontinued operations and held for sale in accordance with IFRS 5

The above figures do not include lease payment liabilities (Note 18).

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Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

30. FINANCIAL RISK AND CAPITAL STRUCTURE MANAGEMENT

Financial Risk Management

In its operations, Dovre Group is exposed to common financial risks, most importantly foreign exchange

risk. The purpose of financial risk management is to ensure that the Group has access to sufficient and

cost-effective funding in all market situations and to monitor and minimize any potential risks. Financial

risks are managed centrally by the Group’s parent company’s finance function, which is responsible

for the Group’s financing. Financial risk management is part of the Group’s operational management.

Foreign exchange risks

Dovre Group conducts business in Finland and, via its subsidiary Suvic AB (part of the Suvic sub-group),

in Sweden. Given Sweden’s significant contribution to the group’s overall operations, the company is

subject to currency risks associated with the Swedish krona. These risks encompass transaction risks

arising from foreign currency-denominated assets, liabilities, and anticipated business transactions, as

well as translation risks stemming from the conversion of Suvic AB’s financial statements into euros.

The company does not automatically hedge its foreign currency positions. However, should it be deemed

necessary for risk management and be in the best interest of the company’s shareholders, the company’s

Board of Directors may pursue prudent and selective hedging. Operatively, the company seeks to avoid

any unnecessary increase in foreign exchange risks and any unnecessary currency transactions. Foreign

exchange risk management is a regular part of the Boards’ charter.

Transaction risks

Majority of the Group’s operations is local service business and is denominated in local functional curren-

cies. It does not therefore involve transaction risks. The Group’s internal invoicing and loans are primarily

initiated in the local currencies of the subsidiaries and any possible foreign exchange risks are hedged

using foreign currency derivatives at the parent company.

The foreign exchange risk sensitivity analysis for the most important currency pairs, disclosed in

accordance with IFRS 7, has been calculated for the Group’s foreign currency nominated financial assets

and liabilities including foreign currency derivatives outstanding on the balance sheet date. The expo

sures in the most important currency pairs are disclosed in the table below.

EXPOSURE AGAINST EUREUR MILLION USD TOTALExposure 31.12.2024 1,3 1,3Exposure 31.12.2023 -0,1 -0,1

Translation risk

Changes in consolidation exchange rates impact Dovre Group’s euro-denominated income and cash

flow statements, as well as the balance sheet value, creating a translation risk. A significant portion of

Dovre Group’s revenue is generated in Swedish kronor, making translation risk a material factor for the

company’s revenue. The impact of a 10% movement in average annual exchange rates of the Group’s

main currencies on the Group’s net sales is presented in the table below.

MILLION EUROS CHANGE IN EXCHANGE RATE IMPACT ON SEK-BASED NET SALES2024 10% -4,5 -10% 4,5

Conversion of the balance sheets of Dovre Group’s subsidiaries into euros resulted in a translation dif

ference during 2024 0.2 (-1.4) million euros.

Interest rate risk

The Group has no long-term loans from financial institutions at the time of closing the accounts. As a

result, the Group’s exposure to interest rate risk is low and is related to the interest expenses arising

from the use of credit lines.

The amount of used credit limits is relatively high as of 31 December 2024, but the situation is

temporary.

Liquidity risk

The objective of liquidity risk management is to maintain sufficient liquid assets and credit limits to

ensure the adequacy of financing for the Group’s business operations. The Group’s liquidity is managed

through cash management and liquidity monitoring. The Group’s liquidity remained good during 2024.

Since the end of the financial year, liquidity has been improved by the cash received from the businesses

sold on 2 January 2025.

On December 31, 2024, the Group’s cash and cash equivalents were EUR 2.5 (7.9) million. In addition,

the parent company and subsidiaries have unused credit limit 3,2 million euro.

EUR MILLION 2024 2023Cash and cash equivalents 2,5 7,9Credit facilities 11,4 12,5Lines of credit in use -8,2 -4,4Tota l 5,7 16,0

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Report of the Board of Directors

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Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Customer credit risk

A substantive part of the Group’s receivables are from a small number of customers. However, the Group

does not consider there to be any significant concentrations of customer credit risk because these

customers are large and financially solid companies. Customers’ creditworthiness is secured through

credit checks. Trade receivables are monitored centrally by Group functions. The Group does not provide

customer financing.

Ageing structure of the Group’s receivables and impairment losses recognized during the financial

year are presented in Note 21 Trade and Other Receivables.

Capital Structure Management

EUR MILLION 2024 2023Interest-bearing liabilities 10,6 9,1Cash and cash equivalents 2,5 7,9Net debt 8,1 1,2Shareholders’ equity 16,6 37,4Gearing 48,6% 3,1%

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Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

32. SUBSIDIARIES

SHARE-SHARE-HOLDING%,HOLDING%,COMPANY DOMICILE COUNTRY PARENT GROUPDovre Asia Pte Ltd. Singapore Singapore 100.00 100.00Dovre Canada Ltd. St. John's Canada 100.00 100.00Dovre Consulting AS Stavanger Norway 100.00 100.00Dovre Group Inc. Houston United States 100.00 100.00Dovre Group Energy AS Stavanger Norway 100.00 100.00Dovre Group (Singapore) Pte Ltd. Singapore Singapore 0.00 100.00Dovre Group (Korea) Limited Soul Korea 0.00 100.00Proha Oy Espoo Finland 100.00 100.00Suvic Oy Oulu Finland 51.00 51.00Suvic AB Tukholma Sweden 0.00 51.00Suvic Force Oy Oulu Finland 0.00 51.00Renetec Oy Espoo Finland 57.10 57.10

31. COMMITMENTS AND CONTINGENT LIABILITIES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Loans 0 0Line of credit available 11.400 12.527Line of credit in use 8.230 4.366Guarantees given:Trade receivables pledged as collateral 4.958Mortgage on business assets 10.000 10.000Mortgage on business assets, Suvic Oy 5.000 5.000Loan Guarantees, overdraft facility 1.357 1.357Other guarantees 2.745 2.745Tota l 19.101 24.059

BANK AND DELIVERY GUARANTEE LIMIT EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Bank and delivery guarantee limit, in total 15.000 15.000Limit in use 6.438 9.864

Mortgage on business assets given as collateral Mortgage on business assets, parent company 10.000 10.000Mortgage on business assets, Suvic Oy *) 5.000 5.000Tota l 15.000 15.000

COUNTER-GUARANTEES FOR GUARANTEES DURING WORK AND WARRANTY PERIODS EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023Delivery and maintenance guarantees provided by financial institutions 7.700 2.100Fund investments provided as counter guarantee 850 300

*) Suvic Oy’s corporate mortgages have been pledged as collateral for commitments given by the group’s

parent company.

Disputes and court proceedings

The subsidiary of the Group, Suvic Oy, has litigation pending in court, in which the Company has claims

and the opposing party has counterclaims against the Company. The Company’s claims concern the scope

and quality of the delivery of the contract. The Company’s legal position is strong, but the handling of

the cases takes time and it is difficult to assess the final outcome.

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Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

33. RELATED PARTY TRANSACTIONS

Transactions with related parties

A related party is an entity, in which a member of the management of the Group or its parent company

holds either direct or indirect control, holds control together with another party, or has significant

influence.

Dovre Group has not engaged in any significant transactions with related parties in the years 2024

and 2023. Furthermore, Dovre Group’s balance sheet does not include any loans granted to management

as of 31.12.2024 or 31.12.2023.

Management remuneration and compensation

Key management remuneration and compensation

Key management remuneration and compensation Information includes total remuneration paid to the

members of the Board and the members of the Group Executive Team.

EUR THOUSAND 2024 2023Salaries and other short-term employee benefits 659 841Tota l 659 841

Remuneration paid to the CEO and the members of the Board

Information includes the total remuneration, compensation, and fringe benefits paid to the CEO and

the acting CEO of the parent company and the members of the Board of Directors of Dovre Group Plc.

BOARD MEMBERS AND CEO EUR THOUSAND 2024 2023Board members on Dec. 31, 2024:Svein Stavelin - Chairman of the Board 40 40Ilari Koskelo - Vice Chairman of the Board 33 33Antti Manninen - Board member 25 25Sanna Outa-Ollila - Board Member 25 25Tota l 123 123

CEO:Arve Jensen 274 288Tota l 397 411

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Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

FINANCIAL STATEMENTS

OF THE PARENT COMPANY,

FAS

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Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

5. FINANCIAL STATEMENTS OF THE PARENT COMPANY, FAS

INCOME STATEMENT OF THE PARENT COMPANY, FAS

EUR THOUSAND NOTE DEC. 31, 2024 DEC. 31, 2023

NET SALES 2 13.787.095 11.333.495

Other operating income 3 64.227 53.400

Material and services 4 -9.904.972 -7.342.271

Employee benefits expense 5 -1.385.993 -2.804.514

Depreciation and amortization 6 -639.305 -639.305

Other operating expenses 7 -1.597.363 -1.429.813

OPERATING RESULT 323.688 -829.008

Financing income and expenses 8 1 .197.864 -376.641

RESULT BEFORE TAXES 1.521.552 -1.205.649

Appropriations: Group contribution 30.953 0

Tax 9 -19.347 -28.109

RESULT FOR THE PERIOD 1.533.159 -1.233.759

118

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

BALANCE SHEET OF THE PARENT COMPANY, FAS

EUR NOTE DEC. 31, 2024 DEC. 31, 2023

ASSETS

NON-CURRENT ASSETS

Intangible assets 10 678.674 1.317.349

Tangible assets 11 1.087 1.717

Investments

Investments in subsidiaries 12 26.422.786 26.422.786

Investments in other shares 12 2.146.502 1.146.503

NON-CURRENT ASSETS 29.249.048 28.888.354

CURRENT ASSETS

Non-current assets 13 4.608.968 1.110.000

Current assets 14 3.067.392 2.853.808

Cash and cash equivalents 1.477.509 1.536.652

CURRENT ASSETS 9.153.870 5.500.459

TOTAL ASSETS 38.402.918 34.388.814

EUR NOTE DEC. 31, 2024 DEC. 31, 2023

EQUITY AND LIABILITIES

SHAREHOLDERS’ EQUITY

Share capital 15 9.603.084 9.603.084

Reserve for invested non-restricted equity 15 14.170.784 14.170.784

Retained earnings 15 1.247.505 4.599.879

Result for the period 15 1.533.159 -1.233.759

SHAREHOLDERS’ EQUITY 26.554.532 27.139.988

LIABILITIES

Current liabilities 17 11.848.386 7.248.826

LIABILITIES 11.848.386 7.248.826

TOTAL EQUITY AND LIABILITIES 38.402.918 34.388.814

119

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CASH FLOW STATEMENT OF THE PARENT COMPANY, FAS

EUR THOUSAND 2024 2023

Cash flow from operating activities

Operating profit (+) / loss (-) 324 -829

Depreciation and amortization 639 639

Other adjustments 0 0

Changes in working capital -595 -342

Interest received and other financial income 377 93

Interest paid and other financial items -369 -440

Income taxes paid 0 -28

Net cash generated by operating activities 376 -906

Cash flow from investing activities

Investments in tangible and intangible assets 0 0

Investments in Group companies 0 0

Capital loans granted to group companies -3.499 -100

Investments in financial assets -1.000 0

Dividends received from investments 1.277 1.334

Increase (-) / decrease (+) in loan receivables 0 2.140

Net cash generated by investing activities -3.222 3.374

Cash flow from financing activities

Repayments of non-current loans 0 -900

Proceeds from current loans 2.413 792

Short-term loans withdrawal from group companies 2.492

Repayments of current loans 0 -1.386

Dividend distribution -2.119 0

Net cash generated by financing activities 2.786 -1.494

Translation differences

Change in cash and cash equivalents -60 974

Cash and cash equivalents at the beginning of the period 1.537 563

Cash and cash equivalents at the end of the period 1.477 1.537

120

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

NOTES TO DOVRE GROUP PLC’S FINANCIAL STATEMENTS, FAS

1. ACCOUNTING PRINCIPLES

The financial statements of the parent company Dovre Group Plc have been prepared in accordance with

Finnish accounting and corporate legislation.

Foreign currency transactions

Foreign currency transactions are recorded at the rate of exchange prevailing on the date of transaction.

At the end of the financial period, foreign currency nominated assets and liabilities are translated at the

rate of exchange prevailing at the end of the reporting period. Foreign exchange gains and losses are

presented under financing income and expense in the income statement.

Revenue recognition

Revenue from services is recognized upon delivery to the client. All service-related travel and other

expenses that have been invoiced from the client are included in revenue from services. Revenue from

licenses is recognized upon the granting of user rights when all the main risks and rewards of license

ownership have been transferred to the buyer. Revenue from maintenance is allocated to the contract

period. Net sales include royalty fees charged from Group companies for intangible marketing property

and for using the Dovre Group trademark. Royalties are recognized on an accrual basis and in accordance

with the respective licensing agreement.

Pensions

The parent company’s pension schemes are funded through payments to an insurance company. Statu-

tory pension expenses are recorded as expenses in the year they are incurred.

Fixed assets

Fixed assets are stated at acquisition cost less accumulated depreciation and amortization. Depreciation

and amortization are recorded on a straight-line basis over the expected economic useful lives of the

assets as follows:

Intangible assets (software) 2–3 years

Intangible assets (trademarks) 5 years

Other capitalized expenditure 3–5 years

Goodwill 5–10 years

Machinery and equipment 3–5 years

In accordance with section 5: 9 of the APA, EUR 300.000 arising from the business transaction on 31

August 2021 was capitalized as goodwill. Goodwill is based on the expected return on the acquired eSite

business. Goodwill is amortized on a straight-line basis over 5 years. The book value of goodwill at the

end of the financial year was 100.000.

Derivative instruments

The company hedges, when appropriate, receivables and liabilities denominated in foreign currency with

different currency forward and option contracts. Derivatives are recognized in the balance sheet under

other receivables or payables at fair value on the date of trade. Outstanding derivatives are remeasured

at their fair value at the end of each reporting period and the resulting gain or loss is immediately recog-

nized in profit or loss under financial items. In determining the fair value of a derivative, the appropriate

quoted market price is used, if available. Alternatively, fair value is determined using commonly used

valuation methods. The company had no outstanding derivate contracts at the end of 2024.

Taxes

Income tax is recognized in accordance with Finnish tax legislation. Taxes withheld in foreign jurisdictions

are recognized as costs in the income statement if they cannot be utilized in taxation. Deferred tax assets

are recorded with utmost prudency.

2. NET SALES

NET SALES BY BUSINESS ACTIVITY

EUR THOUSAND 2024 2023

Project Personnel 12.138 9.538

Consulting 572 634

Other functions 1.077 1.162

Tota l 13.787 11.333

GEOGRAPICAL DISTRIBUTION

EUR THOUSAND 2024 2023

The Netherlands 5.076 4.758

Finland 985 2.829

Norway 6.925 3.128

Other countries 801 619

Tota l 13.787 11.333

121

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

3. OTHER OPERATING INCOME

EUR THOUSAND 2024 2023

Rents 32 32

Other income 32 21

Tota l 64 53

4. MATERIAL AND SERVICES

EUR THOUSAND 2024 2023

License fees -117 -158

External services -9.788 -7.184

Tota l -9.905 -7.342

5. EMPLOYEE BENEFITS EXPENSE

EUR THOUSAND 2024 2023

Salaries and fees -1.174 -2.431

Pension expenses -186 -305

Other employee benefits -26 -68

Tota l -1.386 -2.805

Management remuneration

EUR 2024 2023

Members of the Board of Directors -123.000 -123.000

Tota l -123.000 -123.000

Pension liabilities for the members of the Board and the CEO

The contracts do not contain any specific provisions on retirement age or pension.

NUMBER OF EMPLOYEES 2024 2023

Average 75 72

At the end of the financial year 50 75

6. DEPRECIATION AND AMORTIZATION

EUR THOUSAND 2024 2023

Amortization according to plan, intangible assets -639 -639

Depreciation according to plan, tangible assets -1 -1

Tota l -639 -639

7. OTHER OPERATING EXPENSES

EUR THOUSAND 2024 2023

Merger loss 0 0

Other operating expenses -1.597 -1.430

Tota l -1.597 -1.430

Auditor fees

AUDIT FIRM BDO OY

EUR THOUSAND 2024 2023

Fees for statutory audit -86 -55

Fees under Section 1, Paragraph 1, Clause 2 of the Auditing Act -14 -5

Fees for other services -3 -2

Tota l -103 -62

122

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

8. FINANCING INCOME AND EXPENSES

DIVIDEND INCOME

EUR THOUSAND 2024 2023

Dividend income from Group companies 1.379 0

Tota l 1.379 0

OTHER INTEREST AND FINANCING INCOME

EUR THOUSAND 2024 2023

Interest income from Group companies 176 19

Other financing income from others 79 44

Tota l 255 63

INTEREST AND FINANCING EXPENSES

EUR THOUSAND 2024 2023

Interest expenses to Group companies -59 -17

Interest expenses, interest-bearing liabilities -218 -12

Other interest and financing expenses -159 -411

Tota l -436 -440

Financing income and expenses, total 1.198 -377

Foreign exchange gains included in financing income 115 31

Foreign exchange losses included in financing income 70 -200

9. INCOME TAXES

EUR THOUSAND 2024 2023

Tax on income from operations -19 -28

Tota l -19 -28

10. INTANGIBLE ASSETS

INTANGIBLE RIGHTS AND OTHER CAPITALIZED EXPENDITURE

EUR THOUSAND 2024 2023

Acquisition cost, Jan. 1 6.087 6.087

Acquisition cost, Dec. 31 6.087 6.087

Accumulated depreciation and impairments as of 1.1. -4.769 -4.131

Depreciation for the financial year -639 -639

Accumulated depreciation and impairments as of 31.12. -5.408 -4.769

Book value, Dec. 31 679 1.317

Intangible assets, total 679 1.317

123

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

11. TANGIBLE ASSETS

MACHINERY AND EQUIPMENT

EUR THOUSAND 2024 2023

Acquisition cost, Jan. 1 48 48

Acquisition cost, Dec. 31 48 48

Accumulated depreciation and value adjustments, Jan. 1 -47 -46

Depreciation charges for the year -1 -1

Accumulated depreciation and value adjustments, Dec. 31 -47 -47

Book value, Dec. 31 1 2

12. INVESTMENTS

INVESTMENTS IN GROUP COMPANIES

EUR THOUSAND 2024 2023

Acquisition cost, Jan. 1 30.826 30.826

Acquisition cost, Dec. 31 30.826 30.826

Accumulated value adjustments, Jan. 1 -4.403 -4.403

Accumulated impairment and value adjustments, Dec. 31 -4.403 -4.403

Book value, Dec. 31 26.423 26.423

OTHER INVESTMENTS

EUR THOUSAND 2024 2023

SaraRasa Bioindo Pte Ltd. 1.147 1.147

SENS Storage AB 1.000 0

Book value, Dec. 31 2.147 1.147

INVESTMENTS IN SUBSIDIARIES ON DEC. 31, 2023 DOMICILE COUNTRY

PARENT COMPANY

OWNERSHIP%

Dovre Asia Pte Ltd. Singapore Singapore 100.0

Dovre Canada Ltd. St. John's Canada 100.0

Dovre Group Consulting AS Stavanger Norway 100.0

Dovre Group Inc. Houston USA 100.0

Dovre Group Energy AS Stavanger Norway 100.0

Proha Oy Espoo Finland 100.0

Suvic Oy Oulu Finland 51.0

Renetec Oy Espoo Finland 57.1

INVESTMENTS IN OTHER COMPANIES ON DEC. 31, 2024 DOMICILE COUNTRY

PARENT COMPANY

OWNERSHIP%

SaraRasa Bioindo Pte Ltd. Singapore Singapore 19.9

SENS Storage AB Stockholm Sweden 45.0

Pyhäsalmi BESS Helsinki Finland 45.0

124

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

13. NON-CURRENT RECEIVABLES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Loan receivables

Non-current loan receivables from Group companies 99 0

Capital loan receivables form Group companies 4.510 1.110

Non-current receivables, total 4.609 1.110

Capital loan receivables consist of capital loans of two subsidiaries: Suvic Oy (3.810 thousand euros) and

Renetec Oy (700 thousand euros). There is no predetermined repayment program for capital loans. The

loan and interest repayment is decided by the board of the borrower.

14. CURRENT RECEIVABLES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Current receivables from Group companies

Trade receivables 30 110

Other receivables 175 225

Accrued receivables, interest receivable 122 0

327 335

Current receivables from others

Trade receivables 1.533 2.380

Other receivables 446 16

Accrued receivables 761 123

2.740 2.519

Current receivables, total 3.067 2.854

ACCRUED RECEIVABLES FROM OTHERS

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Sales accruals 276 12

Accrued expenses 485 111

Tota l 761 123

125

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

15. SHAREHOLDERS’ EQUITY

Restricted equity

SHARE CAPITAL

EUR THOUSAND 2024 2023

Share capital, Jan. 1 9.603 9.603

Share capital, Dec. 31 9.603 9.603

Non-restricted equity

RESERVE FOR INVESTED NON-RESTRICTED EQUITY

EUR THOUSAND 2024 2023

Reserve for invested non-restricted equity, Jan. 1 14.171 14.171

Reserve for invested non-restricted equity, Dec. 31 14.171 14.171

RETAINED EARNINGS

EUR THOUSAND 2024 2023

Retained earnings, Jan. 1 3.366 4.611

Adjustment for previous financial periods 0 -11

Dividend distribution -2.119 0

Result for the period 1.533 -1.234

Retained earnings, Dec. 31 2.781 3.366

Total Equity 26.555 27.140

CALCULATION OF DISTRIBUTABLE EARNINGS

EUR THOUSAND 2024 2023

Retained earnings 1.248 4.611

Adjustment for previous financial periods 0 -11

Reserve for invested non-restricted equity 14.171 14.171

Result for the period 1.533 -1.234

Total 16.951 17.537

16. NON-CURRENT LIABILITIES

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Liabilities to group companies

Accounts payable to group companies 74 11

Other liabilities to group companies 4.821 2.196

4.895 2.206

Liabilities to others

Utilized credit facility 5.619 3.201

Accounts payable 912 837

Other liabilities 33 100

Accrued liabilities 390 906

6.953 5.042

17. CURRENT LIABILITIES

Current liabilities, total 11.848 7.249

The account limit as a whole is 6.500 thousand euros, of which 5.618 thousand euros are used.

ACCRUALS AND DEFERRED INCOME

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Accrued employee expenses 169 515

Other accrued expenses 221 391

Tota l 390 906

126

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

18. COMMITMENTS AND CONTINGENT LIABILITIES

Collateral

COLLATERAL FOR OWN COMMITMENTS

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Business mortgages and other pledges given as

collateral for liabilities and commitments

Loans from financial institutions 6.500 5.000

The provided collateral relates to the utilized overdraft facility. The total overdraft limit is EUR 6.500

thousand, of which EUR 5.618 thousand is in use.

Collaterals given on behalf of Group companies

EUR THOUSAND DEC. 31, 2024 DEC. 31, 2023

Bank and delivery guarantee limit

Bank and delivery guarantee limit, in total 15.000 10.000

Limit in use 7.000 6.000

The corporate mortgages granted pertain to the utilized commercial guarantee limit. The total limit is

EUR 15.000 thousand, of which EUR 6.438 thousand is in use.

The general guarantee is an unsecured general guarantee provided by Dovre Group Plc on behalf of its

subsidiary, Suvic Oy.

Pension liabilities

The company’s pension liabilities are insured with an external pension insurance company.

Future minimum payments for non-cancellable operating leases

EUR THOUSAND 2024 2023

Not later than one year 1 1

Tota l 1 1

Employees of the subsidiary Proha Oy also work in the same premises as Dovre Group Plc. Proha Oy is

in the premises under a sublease agreement.

Disputes and court proceedings

The company has no open litigation cases.

Related Party Information

Related Party Transactions

During the financial year, the company has purchased consulting services under standard terms for a

total of €38,751.47 from Atuo Oy, a company owned by a member of the Board of Directors.

127

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

6. SIGNATURES FOR THE FINANCIAL STATEMENTS

Espoo, Finland, March 28, 2025

Svein Stavelin

Chairman of the Board of Directors

Ilari Koskelo

Vice Chairman of the Board of Directors

Sanna Outa-Ollila

Member of the Board of Directors

Antti Manninen

Member of the Board of Directors

Auditor’s statement

A report on the audit performed has been issued today.

Helsinki, March 28, 2025

Sanna Outa-Ollila,

Board Member, Acting CEO

128

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

AUDITOR’S REPORT

129

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

7. AUDITOR’S REPORT (Translation of the Finnish original)

To the Shareholder’s Meeting of Dovre Group Plc

REPORT ON THE AUDIT OF THE FINANCIAL

STATEMENTS

Opinion

We have audited the financial statements of Dovre Group Plc (busi-

ness identity code 0545139-6) for the year ended 31.12.2024. The

financial statements comprise the consolidated balance sheet, state-

ment of comprehensive income, statement of changes in equity,

statement of cash flows and notes, including material accounting

policy information, as well as the parent company’s balance sheet,

income statement, statement of cash flows and notes.

In our opinion

• the consolidated financial statements give a true and fair view

of the group’s financial position, financial performance and

cash flows in accordance with IFRS Accounting Standards as

adopted by the EU

• the financial statements give a true and fair view of the

parent company’s financial performance and financial position

in accordance with the laws and regulations governing the

preparation of financial statements in Finland and comply with

statutory requirements.

Our opinion is consistent with the additional report submitted to

the Board of Directors.

Basis for Opinion

We conducted our audit in accordance with good auditing practice

in Finland. Our responsibilities under good auditing practice are fur-

ther described in the Auditor’s Responsibilities for the Audit of the

Financial Statements section of our report.

We are independent of the parent company and of the group

companies in accordance with the ethical requirements that are

applicable in Finland and are relevant to our audit, and we have

fulfilled our other ethical responsibilities in accordance with these

requirements.

In our best knowledge and understanding, the non-audit services

that we have provided to the parent company and group companies

are in compliance with laws and regulations applicable in Finland

regarding these services, and we have not provided any prohib-

ited non-audit services referred to in Article 5(1) of regulation (EU)

537/2014. The non-audit services that we have provided have been

disclosed in note 10 to the consolidated financial statements and in

note 7 to the parent company’s financial statements.

We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judg-

ment, were of most significance in our audit of the financial state-

ments of the current period. These matters were addressed in the

context of our audit of the financial statements as a whole, and

in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

We have also addressed the risk of management override of

internal controls. This includes consideration of whether there was

evidence of management bias that represented a risk of material

misstatement due to fraud.

130

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Key Audit Matter How our audit addressed the Key Audit Matter

Valuation of Goodwill

We refer to the note 16

• The value of goodwill in the consolidated balance sheet amounted to EUR 3,6 million represent

ing 4 % of the total assets and 21 % of net assets (2023: EUR 20,3 million representing 23 % of

the total assets and 54 % net assets).

• Goodwill is not amortized but is tested annually for impairment. An impairment loss is recog

nized when the carrying amount of an asset exceeds its recoverable amount.

• Determination of the key assumptions in future cash flow forecasts underlying the impairment

tests requires management make judgements over certain key inputs, for example discount rate,

growth rates and profitability levels.

• The impairment test of goodwill is based on both market and financial assumptions.

• This matter is a significant risk of material misstatement referred to in EU Regulation No

537/2014, point (c) of Article 10(2).

• We assessed the allocation basis, i.e. the allocation of goodwill to the tested cash-generating

units complies with the allocation principles defined by the company.

• We have obtained an understanding of the management’s process for evaluating the impairment

of goodwill and reviewed assumptions supporting forecasted cash flows, comparison of prior

year forecasts to actuals and the components of the cost of capital.

• We compared realized earnings figures for the fiscal year with earnings forecasts used in the

impairment model in the prior year to determine whether the forecasts included assumptions

that had been optimistic in retrospect.

• We involved our own valuation specialist when assessing the assumptions used in determining

the discount rate to market and industry information.

• We considered the accuracy of sensitivity analysis, assessing the likelihood of changes in the

assumptions that require management judgement.

• Furthermore, we considered the appropriateness of the notes in respect of impairment testing.

Revenue Recognition

We refer to the Group’s accounting policies and the note 5

• The sales of the Group consist of revenue from the sale of services, licenses as well as licenses

maintenance. In addition, the group has significant long-term projects. These long-term cus

tomer relationships are often complex customized solutions and meet the definition of a perfor-

mance obligation to be fulfilled over time, according to IFRS 15.

• Revenue from services sold, products or their combination is recognized when the services have

been rendered. 1 % (2023: 64%) of the Dovre Group’s turnover consists of service sales based

on hours or days done.

• Long-term projects are entered as income in accordance with the degree of completion of the

performance obligation (project’s degree of completion). The transfer price of performance

pertaining to long-term projects is entered as a proportion of the price of the finished products

according to the degree of the performance. The earnings of long-term customer relationships

involve management judgement estimates based on experience and expectations regarding

future events. The most significant judgement relates to the projected total cost of the project.

98 % (2023: 36%) of the Dovre Group’s turnover consists of long-term projects.

• Revenue recognition is a key performance measure used by the Group and due to the risk

relating to incorrect timing of recognition of revenue a significant risk of material misstatement

referred to in EU Regulation No 537/2014, point (c) of Article 10(2).

• We reviewed that, considering the terms of the contract, the applicable revenue recognition

methodology is appropriate.

• We determined the profit forecast to the sales contract, considering any changes made to the

contract.

• We have reviewed revenue recognition policies to verify its accordance to IFRS.

• We have verified the design and implementation of key controls related to revenue recognition

and performed analytical procedures and detailed transaction testing.

• We have tested the sales cut-off on a transaction level before and after the balance sheet date

and accruals related to project accounting.

• We conducted analytical procedures related to the revenue recognition of long-term customer

contracts and assessed the financial KPI’s, progress, and overall situation of the projects.

• This involved reviewing changes in estimated total revenues, total costs, and provisions.

• We had discussions with individuals at various levels within the organization, including pro

ject, business segment, and group management.

• In assessing the management’s ability to reliably forecast long-term projects, we reviewed the

actual margins of completed projects and compared them to the original forecasts.

• We analyzed key components included in the estimates, such as the estimate of remaining antic

ipated expenses and the estimated time requires for project completion.

• We have ensured that the accounts receivable do not include significant undoubtful receivables.

• Audit of the disclosures related to revenues.

131

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Responsibilities of the Board of Directors and

the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible

for the preparation of consolidated financial statements that give a

true and fair view in accordance with IFRS Accounting Standards as

adopted by the EU, and of financial statements that give a true and

fair view in accordance with the laws and regulations governing the

preparation of financial statements in Finland and comply with statu-

tory requirements. The Board of Directors and the Managing Director

are also responsible for such internal control as they determine is

necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors

and the Managing Director are responsible for assessing the parent

company’s and the group’s ability to continue as a going concern,

disclosing, as applicable, matters relating to going concern and using

the going concern basis of accounting. The financial statements are

prepared using the going concern basis of accounting unless there is

an intention to liquidate the parent company or the group or cease

operations, or there is no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of

the Financial Statements

Our objectives are to obtain reasonable assurance about whether

the financial statements as a whole are free from material mis-

statement, whether due to fraud or error, and to issue an auditor’s

report that includes our opinion. Reasonable assurance is a high

level of assurance but is not a guarantee that an audit conducted in

accordance with good auditing practice will always detect a material

misstatement when it exists. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggre-

gate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we

exercise professional judgment and maintain professional skepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of the

financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to pro

vide a basis for our opinion. The risk of not detecting a mate-

rial misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of

internal control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are appropriate

in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the parent company’s or the

group’s internal control.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related

disclosures made by management.

• Conclude on the appropriateness of the Board of Directors’

and the Managing Director’s use of the going concern basis

of accounting and based on the audit evidence obtained,

whether a material uncertainty exists related to events or con

ditions that may cast significant doubt on the parent compa-

ny’s or the group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to

draw attention in our auditor’s report to the related disclo

sures in the financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause the

parent company or the group to cease to continue as a going

concern.

• Evaluate the overall presentation, structure and content of the

financial statements, including the disclosures, and whether

the financial statements represent the underlying transac

tions and events so that the financial statements give a true

and fair view.

• Plan and perform the group audit to obtain sufficient appro

priate audit evidence regarding the financial information of

the entities or business units within the group as a basis for

forming an opinion on the group financial statements. We are

responsible for the direction, supervision and review of the

audit work performed for purposes of the group audit. We

remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding,

among other matters, the planned scope and timing of the audit

and significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

We also provide those charged with governance with a state-

ment that we have complied with relevant ethical requirements

regarding independence and communicate with them all relation-

ships and other matters that may reasonably be thought to bear on

our independence, and where applicable, related safeguards.

From the matters communicated with those charged with gov

ernance, we determine those matters that were of most significance

in the audit of the financial statements of the current period and

are therefore the key audit matters. We describe these matters in

our auditor’s report unless law or regulation precludes public dis

closure about the matter or when, in extremely rare circumstances,

we determine that a matter should not be communicated in our

report because the adverse consequences of doing so would rea-

sonably be expected to outweigh the public interest benefits of such

communication.

OTHER REPORTING REQUIREMENTS

Information on our audit engagement

We were first appointed as auditors by the Shareholder’s Meeting on

28.3.2018, and our appointment represents a total period of unin-

terrupted engagement of seven years.

Other Information

The Board of Directors and the Managing Director are responsi-

ble for the other information. The other information comprises the

report of the Board of Directors and the information included in the

Annual Report but does not include the financial statements or our

auditor’s report thereon. We have obtained the report of the Board

of Directors prior to the date of this auditor’s report, and the Annual

Report is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other

information.

In connection with our audit of the financial statements, our

responsibility is to read the other information identified above

and, in doing so, consider whether the other information is mate-

rially inconsistent with the financial statements or our knowledge

obtained in the audit, or otherwise appears to be materially mis-

stated. With respect to the report of the Board of Directors, our

responsibility also includes considering whether the report of the

Board of Directors has been prepared in compliance with the appli

cable provisions, excluding the sustainability report information on

which there are provisions in Chapter 7 of the Accounting Act and

in the sustainability reporting standards.

In our opinion, the information in the report of the Board of

Directors is consistent with the information in the financial state-

ments and the report of the Board of Directors has been prepared

in compliance with the applicable provisions. Our opinion does not

cover the sustainability report information on which there are pro

visions in Chapter 7 of the Accounting Act and in the sustainability

reporting standards.

If, based on the work we have performed on the other infor-

mation that we obtained prior to the date of this auditor’s report,

we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing

to report in this regard.

Helsinki 28.3.2025

BDO Oy, Audit Firm

Henrik Juth

Authorised Public Accountant

132

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

ASSURANCE REPORT ON THE SUSTAINABILITY REPORT (Translation of the Finnish original)

To the Shareholder’s Meeting of Dovre Group Plc

We have performed a limited assurance engagement on the sustain-

ability report of Dovre Group plc (0545139–6) that is referred to in

Chapter 7 of the Accounting Act and that is included in the report of

the Board of Directors for the financial year 1.1.–31.12.2024.

Opinion

Based on the procedures we have performed and the evidence we

have obtained, nothing has come to our attention that causes us to

believe that the group sustainability report does not comply, in all

material respects, with

1) the requirements laid down in Chapter 7 of the Accounting Act

and the sustainability reporting standards (ESRS);

2) the requirements laid down in Article 8 of the Regulation (EU)

2020/852 of the European Parliament and of the Council on the

establishment of a framework to facilitate sustainable invest-

ment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).

Point 1 above also contains the process in which Dovre Group Oyj

has identified the information for reporting in accordance with the

sustainability reporting standards (double materiality assessment)

and the tagging of information as referred to in Chapter 7, Section

22 of the Accounting Act.

Our opinion does not cover the tagging of the group sustain-

ability report with digital XBRL sustainability tags in accordance

with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act,

because sustainability reporting companies have not had the pos

sibility to comply with that provision in the absence of the ESEF

regulation or other European Union legislation.

Basis for Opinion

We performed the assurance of the group sustainability report as a

limited assurance engagement in compliance with good assurance

practice in Finland and with the International Standard on Assurance

Engagements (ISAE) 3000 (Revised) Assurance Engagements Other

than Audits or Reviews of Historical Financial Information.

Our responsibilities under this standard are further described in

the Responsibilities of the Authorized Sustainability Auditor section

of our report.

We believe that the evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Other Matter

We draw attention to the fact that the group sustainability report of

Dovre Group Oyj that is referred to in Chapter 7 of the Accounting

Act has been prepared and assurance has been provided for it for the

first time for the financial year 1.1.–31.12.2024. Our opinion does not

cover the comparative information that has been presented in the

group sustainability report. Our opinion is not modified in respect

of this matter.

Authorized group sustainability auditor’s

Independence and Quality Management

We are independent of the parent company and of the group com-

panies in accordance with the ethical requirements that are appli-

cable in Finland and are relevant to our engagement, and we have

fulfilled our other ethical responsibilities in accordance with these

requirements.

The authorized group sustainability auditor applies Interna-

tional Standard on Quality Management ISQM 1, which requires the

authorized sustainability audit firm to design, implement and oper

ate a system of quality management including policies or procedures

regarding compliance with ethical requirements, professional stand-

ards and applicable legal and regulatory requirements.

Responsibilities of the Board of Directors and

the Managing Director

The Board of Directors and the Managing Director of Dovre Group

Oyj are responsible for:

• the group sustainability report and for its preparation and

presentation in accordance with the provisions of Chapter 7

of the Accounting Act, including the process that has been

defined in the sustainability reporting standards and in which

the information for reporting in accordance with the sustain

ability reporting standards has been identified as well as the

tagging of information as referred to in Chapter 7, Section 22

of the Accounting Act and

• the compliance of the group sustainability report with the

requirements laid down in Article 8 of the Regulation (EU)

2020/852 of the European Parliament and of the Council on

the establishment of a framework to facilitate sustainable

investment, and amending Regulation (EU) 2019/2088;

• such internal control as the Board of Directors and the Manag

ing Director determine is necessary to enable the preparation

of a group sustainability report that is free from material

misstatement, whether due to fraud or error.

Inherent Limitations in the Preparation of

a Sustainability Report

The preparation of the group sustainability statement requires a

materiality assessment from the company in order to identify rele-

vant disclosures. This significantly involves management judgment

and choices. Group sustainability reporting is also characterized by

estimates and assumptions, as well as measurement and estimation

uncertainty.

In addition, when reporting forward-looking information, the

company must make assumptions about possible future events and

disclose the company’s possible future actions in relation to these

events. The actual outcome may be different because predicted

events do not always occur as expected.

133

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Responsibilities of the Authorized Group

Sustainability Auditor

Our responsibility is to perform an assurance engagement to obtain

limited assurance about whether the group sustainability report is

free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our opinion.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably

be expected to influence the decisions of users taken on the basis

of the group sustainability report.

Compliance with the International Standard on Assurance

Engagements (ISAE) 3000 (Revised) requires that we exercise pro-

fessional judgment and maintain professional skepticism throughout

the engagement. We also:

• Identify and assess the risks of material misstatement of the

group sustainability report, whether due to fraud or error, and

obtain an understanding of internal control relevant to the

engagement in order to design assurance procedures that

are appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the parent

company’s or the group’s internal control.

• Design and perform assurance procedures responsive to those

risks to obtain evidence that is sufficient and appropriate to

provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the

override of internal control.

Description of the Procedures That Have Been

Performed

The procedures performed in a limited assurance engagement vary

in nature and timing from, and are less in extent than for, a rea-

sonable assurance engagement. The nature, timing and extent of

assurance procedures selected depend on professional judgment,

including the assessment of risks of material misstatement, whether

due to fraud or error. Consequently, the level of assurance obtained

in a limited assurance engagement is substantially lower than the

assurance that would have been obtained had a reasonable assur

ance engagement been performed.

Our procedures included for ex. the following:

• We have interviewed the key persons responsible for col

lecting and reporting the information included in the group

sustainability statement.

• Through interviews, we gained an understanding of the

group’s control environment related to the sustainability

reporting process.

• We have reviewed the internal guidelines and practices that

are essential for the information presented in the sustainabil

ity report.

• We reviewed the company’s documents and background

materials as applicable and assessed whether they support

the information included in the sustainability report.

• We evaluated the implementation of the company’s double

materiality assessment process against the requirements

of ESRS standards and the compliance of the information

provided for the double materiality assessment with ESRS

standards.

• We evaluated whether the sustainability report substantially

meets the requirements of the ESRS standards regarding key

sustainability themes.

• We gained an understanding of the process by which a com

pany has defined taxonomy-eligible and taxonomy-aligned

economic activities and evaluate the regulatory compliance of

the information provided.

Helsinki, 28th of March, 2025

BDO Oy, Authorized Sustainability Audit Firm

Henrik Juth

Authorized Sustainability Auditor

134

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CORPORATE GOVERNANCE

STATEMENT 2024

135

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

8. CORPORATE GOVERNANCE STATEMENT

1 INTRODUCTION

Dovre Group’s governance and administration comply with the

Finnish Companies Act, securities market legislation, regulations

applicable to publicly listed companies, Dovre Group Plc’s Articles of

Association, and Nasdaq Helsinki Ltd’s rules and regulations. Dovre

Group adhered to the Finnish Corporate Governance Code (effective

January 1, 2020) until December 31, 2024. As of January 1, 2025,

the company has adopted the new Finnish Corporate Governance

Code (effective January 1, 2025), which is available on the Securities

Market Association’s website at www.cgfinland.fi.

Local laws govern the company’s subsidiaries.

The Corporate Governance Statement is issued separately from

the Board of Directors’ Report. Dovre Group Plc’s Board of Directors

has reviewed and approved this Corporate Governance Statement.

2 GENERAL GOVERNANCE PRINCIPLES OF DOVRE

GROUP

Dovre Group Plc, the parent company of Dovre Group, is a public lim-

ited company registered in Finland with its headquarters in Helsinki.

The company’s Board of Directors does not maintain separate

committees. Given the company’s operational size and the number

of Board members, preparatory discussions in smaller committees

are deemed unnecessary. The Board of Directors directly performs

the duties typically assigned to an audit committee.

Up-to-date information on the company’s governance is availa

ble on the company’s website at:

https://www.dovregroup.com/fi/hallinnointiperiaatteet/

2.1 RESPONSIBILITIES OF GOVERNING BODIES

Dovre Group operates under a governance framework established

by the Finnish Companies Act, with authority vested in the Gen-

eral Meeting of shareholders, the Board of Directors, and the CEO.

The CEO, in collaboration with the executive management team, is

responsible for the Group’s operational leadership.

General Meeting

The General Meeting is the highest decision-making body of Dovre

Group Plc. The Annual General Meeting (AGM) is held once a year

on a date determined by the Board of Directors, within six months

following the end of the fiscal year. Extraordinary General Meet-

ings can be convened as necessary throughout the year, based on

separate invitations issued by the Board of Directors. According to

the company’s Articles of Association, General Meetings are held in

Helsinki, Espoo, or Vantaa. Invitations to General Meetings and the

agenda are published through stock exchange releases and on the

company’s website.

The Annual General Meeting is responsible for resolving the

following key matters annually:

• Approval of the income statement and balance sheet.

• Decisions regarding the handling of profit or loss, as pre

sented in the approved balance sheet.

• Granting discharge from liability to the members of the Board

of Directors and the CEO.

• Determination of the number of Board members and their

subsequent election.

• Election of the company’s auditor.

• Determination of remuneration for the Board of Directors and

the auditors.

• Resolution of other matters as specified in the meeting invita

tion.

The Board of Directors

Dovre Group’s Board of Directors bears responsibility for the compa-

ny’s overall governance and the effective organization of its opera-

tions. The Board provides oversight for the company’s activities and

management, and makes decisions on significant matters related

to the company’s strategy, organizational structure, financing, and

investments. The duties and responsibilities of the Board are pri-

marily defined by the company’s Articles of Association and the

Finnish Companies Act.

Notably, the Board of Directors has chosen not to establish a

separate audit committee. Instead, the Board collectively assumes

and performs all tasks typically assigned to an audit committee.

Each year, the Board adopts a Charter that details its meeting

practices and specific duties. According to this Charter, the Board

is responsible for:

• Ensuring compliance with responsibilities stipulated by the

Companies Act, the Articles of Association, or other binding

regulations.

• Approving the Group’s strategy and long-term financial objec

tives.

• Approving the Group’s Code of Conduct.

• Approving the Group’s management system and organiza

tional structure.

• Approving the annual operating plan and any significant

amendments.

• Approving and overseeing compliance with the Group’s inter

nal control and risk management practices.

• Approving the Group’s financial reports, annual financial

statements, and the Board of Directors’ report.

• Approving all financial disclosures released as stock exchange

announcements and all other announcements requiring Board

approval under the Group’s disclosure policy.

• Overseeing disclosure of information to financial markets.

• Approving the Group’s financing policies.

• Ensuring development of shareholder value and determining

dividend policy.

• Approving corporate and business acquisitions and divest

ments, as well as significant individual investments and liabili-

ties.

• Approving the Group’s compensation schemes and principles.

• Appointing and dismissing the Group’s CEO and members

of the Group Executive Team, and deciding their terms of

employment and remuneration.

• Managing CEO succession planning.

• Deciding on the establishment of new legal entities.

• Developing the Group’s governance practices.

• Approving agendas for Board meetings.

• Conducting an annual evaluation of the Board’s own perfor

mance.

• Evaluating the CEO’s performance and providing feedback.

• Performing the duties assigned to the audit committee.

Composition and Operation of the Board of Directors

The composition and operation of Dovre Group’s Board of Directors

are governed by the company’s Articles of Association. These arti

cles stipulate that the Board must consist of a minimum of three (3)

and a maximum of eight (8) members. Board members are elected

annually by the Annual General Meeting (AGM), with their terms con-

cluding at the end of the subsequent AGM. A Board member’s term

commences immediately following their election at the AGM and

concludes at the end of the next AGM. The Articles of Association

do not impose an upper age limit for Board members, restrict the

number of terms they can serve, or otherwise limit the AGM’s dis

cretion in appointing Board members. The Board itself elects a Chair

and a Vice-Chair from among its members for each term. A quorum

is achieved when more than half of the Board members are present.

Dovre Group places importance on diversity within its Board

of Directors. When selecting candidates, the company emphasizes

diverse and complementary backgrounds, experience, and expertise,

particularly in the realm of international business. Furthermore, the

company strives, whenever feasible, to ensure representation of

both genders on the Board.

136

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

The Board typically holds monthly meetings according to a

pre-established schedule and convenes additional meetings as

required. Meeting minutes are recorded for each session. In addition

to addressing decision-making matters, the Board receives regular

updates on the Group’s operational performance, financial standing,

and potential risks during its meetings.

Chief Executive Officer (CEO)

The CEO is tasked with the daily management of Dovre Group’s

operations, acting under the directives and guidelines established

by the Board of Directors. The CEO is supported in this operational

management by the Group Executive Team.

Group Executive Team

The Group Executive Team, appointed by the Board of Directors,

plays a crucial role in assisting the CEO with the operational man-

agement of the Group. This team provides support to the CEO in

decision-making processes, operational oversight, and the execution

of the company’s strategic objectives. The CEO also serves as the

Chair of the Group Executive Team.

2.2 INTERNAL AUDIT

Dovre Group does not have a separate internal audit function, as this

has not been deemed necessary considering the size of the com-

pany. Instead, the Group Executive Team evaluates and ensures the

adequacy and effectiveness of the Group’s internal controls, assist

ing the Board of Directors in fulfilling its supervisory responsibilities.

2.3 EXTERNAL AUDIT

In accordance with the company’s Articles of Association, Dovre

Group is required to have one auditor, which must be a registered

audit firm. The auditor’s term concludes at the end of the next

Annual General Meeting (AGM) following their election. The Board

of Directors’ proposal for the auditor selection is included in the

invitation to the AGM.

The auditor’s primary responsibility is to verify that the financial

statements accurately represent the Group’s financial performance

and position. In addition, the auditors provide reports to the Board

of Directors concerning their regular audits of the company’s admin-

istration and business operations.

2.4 INTERNAL CONTROL AND RISK MANAGEMENT

SYSTEMS RELATED TO FINANCIAL REPORTING

Dovre Group’s internal control system is designed to support the exe-

cution of the Group’s strategic objectives and ensure adherence to

relevant regulations. The internal control framework is built upon the

Dovre Group Authorization Matrix, which is approved by the Board

of Directors and clearly delineates management’s responsibilities

and authorizations. The Board of Directors serves as the ultimate

supervisory body. The CEO and CFO hold primary responsibility for

overseeing internal controls and risk management related to finan

cial reporting, and they report directly to the Board.

The ultimate responsibility for accounting and financial over-

sight rests with Dovre Group’s Board of Directors. The Board main-

tains responsibility for the establishment and oversight of internal

controls, while the CEO is responsible for the practical implementa

tion and effective operation of these controls.

The CEO provides the Board with regular updates, delivered

through monthly reports, detailing the Group’s financial position

and performance.

The objectives of financial reporting are to ensure the following:

that assets and liabilities presented in the financial statements are

genuinely owned by the company; that all recorded transactions

have actually taken place; that asset values are accurately recorded

and safeguarded; that all events occurring during the reporting

period are comprehensively reflected in the accounting records; and

that accounting entries accurately represent the company’s financial

activities and transactions.

2.5 RISK MANAGEMENT AND ASSESSMENT

The Group’s risk management framework is driven by legal man-

dates, shareholder expectations, and adherence to industry best

practices. Its core objective is to systematically identify, assess, and

effectively manage risks pertinent to business decisions, ensuring

their alignment with the overarching business strategy.

Dovre Group’s risk management aims to facilitate the achieve

ment of strategic objectives and safeguard business continuity.

While the Group acknowledges and accepts strategic risks integral

to its objectives, it mitigates risks that could materially threaten

operational stability or continuity.

Dovre Group’s risk management process mandates an annual

review by the Board of Directors of the company’s key risks, as identi-

fied through a comprehensive risk assessment. The Board evaluates

these risks from a shareholder value perspective.

Considering the scope and complexity of the Group’s operations,

the most significant risk areas pertain to revenue recognition, asset

valuation (including goodwill impairment testing), and tax calcula

tions.

2.6 CONTROL FUNCTIONS

The accuracy and reliability of financial reporting are ensured

through adherence to the Group’s established procedures. Key con-

trol activities include transaction-related controls, adherence to

accounting principles and standards, information system controls,

and anti-fraud measures.

Revenue recognition within the Group is supervised by the CFO.

Recognition of revenue is based on the existence and verification of

required sales and delivery documentation.

The adequacy of the Group’s credit loss provisions is reviewed

monthly. Provisions are determined based on the aging analysis of

receivables, segmented by sales companies.

Annual goodwill impairment testing is conducted at the finan

cial year-end, with the testing date corresponding to the reporting

period closing date. The critical assumptions in these calculations

include projected revenue growth and expected changes in profita

bility margins. Indicators of impairment are regularly monitored, and

additional testing is conducted whenever necessary.

Business performance and achievement of annual objectives are

reviewed monthly by the Group Executive Team and Board of Direc-

tors. Monthly management and Board reports contain actual and

forecast data compared against the budget and previous periods.

Financial reports provided to business unit management track key

figures related to sales performance, profitability, and receivables

monthly.

In line with its strategy, Dovre Group may complement organic

growth through acquisitions. When conducting acquisitions, the

company employs thorough diligence, leveraging internal expertise

and external advisors throughout the planning (including due dili

gence), acquisition, and integration phases.

2.7 REPORTING AND COMMUNICATIONS

Dovre Group’s internal reporting aims to provide timely and rele-

vant information for effective decision-making. The Group CFO

establishes and communicates the overall guidelines for monthly

reporting across the organization and is responsible for budgeting

and forecasting processes. The Finance Department supports the

organization by providing detailed monthly financial reporting guide-

lines and overseeing budgeting and forecasting. They also provide

targeted training as needed to ensure effective implementation and

awareness of changes in financial reporting practices.

Dovre Group Plc’s disclosure policy establishes the core princi

ples for communication with capital markets and stakeholders. The

company primarily uses stock exchange and press releases for these

communications. To ensure fair and accurate market representation,

Dovre Group aims for consistent and regular disclosure. Within regu-

latory boundaries, the company considers past disclosure practices

in similar situations, including relevant thresholds and communica

tion channels.

2.8 MONITORING

Monitoring involves the continuous assessment of Dovre Group’s

internal control system and its performance. Dovre Group’s opera-

tions are regularly monitored through various assessments, including

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CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

internal audits, customer audits, and supplier audits. Management

monitors internal control as part of its routine responsibilities. The

Group Management Team ensures compliance with applicable laws

and regulations, while the finance function monitors adherence to

financial reporting processes and the accuracy of external and inter-

nal financial reports. The Board of Directors evaluates and verifies

the adequacy and effectiveness of Dovre Group’s internal control

and risk management.

Dovre Group’s internal control is also subject to assessment by

the company’s appointed auditor. The company’s auditor performs

checks on the correctness of the external annual financial reporting.

The most significant findings and recommendations for action, as

determined by the audit plan, are reported to the Board of Directors.

2.9 INSIDER ADMINISTRATION AND TRADING

RESTRICTIONS

Dovre Group adheres to applicable insider guidelines and trading

restrictions, complying with all relevant regulations, primarily the EU

Market Abuse Regulation ((EU) No. 596/2014) and related national

legislation.

Inside information is defined as precise, non-public information

directly or indirectly related to one or more listed companies or

financial instruments, which, if disclosed, would likely have a signifi-

cant impact on the price of the company’s shares or related financial

instruments.

Dovre Group may, at its discretion and on a case-by-case basis,

delay the public disclosure of inside information if all conditions

for delay, as outlined in the EU Market Abuse Regulation ((EU) No.

596/2014), are satisfied.

The CFO serves as the company’s Insider Officer, responsible for

insider administration, alongside the individual maintaining insider

lists and the insider communications manager. The CFO oversees

insider matters, maintains insider registers, and ensures compli-

ance with insider trading rules. Furthermore, the CFO coordinates

internal communication on insider-related issues. Project-specific

insider lists are prepared and maintained by the designated manager

responsible for each insider project.

Dovre Group conducts regular training to ensure personnel

awareness and compliance with insider trading regulations and

restrictions.

Dovre Group maintains insider lists of individuals holding man

agerial positions by virtue of their roles. These include members of

the company’s Board of Directors, the CEO, members of the Group

Executive Team, and the board members and CEO of its subsidiary,

Suvic Oy. The insider list also includes individuals responsible for, or

involved in preparing interim reports or annual financial statements,

persons responsible for the company’s financial matters, financial

reporting, or communication, and those who have access to such

financial information.

In addition, the company maintains project-specific insider

registers for individuals who, through their employment or other

contractual arrangements, have access to project-specific insider

information. Project-specific insiders typically include individuals

involved in handling confidential information related to projects or

other events considered inside information.

Individuals in managerial positions within Dovre Group are sub

ject to a 30-day closed period before the release of the half-year

financial report, annual financial statements, and quarterly busi-

ness reviews, during which trading in the company’s securities is

prohibited. This restriction also applies to personnel involved in the

preparation, compilation, or disclosure of these financial reports.

Furthermore, managerial personnel and their closely associ-

ated persons must report all transactions involving the company’s

financial instruments to both the Financial Supervisory Authority

(FIN-FSA) and the company. This reporting obligation is triggered

when the cumulative transaction value reaches EUR 20,000 within

a calendar year.

2.10 REMUNERATION

The Annual General Meeting determines the remuneration of the

Board of Directors. The Board establishes the terms and conditions

of the CEO’s employment through a written agreement. It also

defines the remuneration principles for senior management and

annually approves short-term and long-term incentive schemes for

Group personnel.

The Board sets the salaries and compensation for the CEO and

Group Executive Team members. Salaries and remuneration for busi-

ness unit management are determined using the “one-over-one”

approval principle, requiring supervisory approval for compensation

decisions.

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Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

CORPORATE GOVERNANCE IN 2024

Annual General Meeting

The Annual General Meeting was held on April 4, 2024, in Helsinki.

Board of Directors

The Annual General Meeting confirmed the number of Board mem-

bers as four (4). Svein Stavelin, Ilari Koskelo, Antti Manninen, and

Sanna Outa-Ollila were re-elected as members of the Board.

During 2024, the Board convened 23 times, with an attendance rate

of 97%. The Group’s CEO served as the secretary to the Board.

BOARD MEMBER ATTENDANCE AT MEETINGS:

Svein Stavelin 22/23

Ilari Koskelo 23/23

Antti Manninen 22/23

Sanna Outa-Ollila 22/23

CEO

Arve Jensen, who had served as the Group’s CEO since November

1, 2018, stepped down from his position on December 16, 2024. The

Board appointed Board member Sanna Outa-Ollila as Interim CEO

effective from December 17, 2024.

As of the end of the financial year, Interim CEO and Board mem-

ber Sanna Outa-Ollila held a total of 55.392 shares in the company.

Group Executive Team

At the end of the financial year, the Group Executive Team consisted

of CEO Sanna Outa-Ollila (from December 17, 2024) and CFO Hans

Sten.

Shareholdings of Dovre Group Plc’s management on

December 31, 2024

NAME TITLE SHARES

Svein Stavelin Chairman of the Board 446.268

Ilari Koskelo Vice Chairman of the Board 7.505.000

Antti Manninen Member of the Board 533.485

Sanna Outa-Ollila Board Member, Interim CEO 55.392

Hans Sten Member of the Group 0

Tota l 8.540.145

The above figures also include shares held through entities con-

trolled by the individuals.

Shareholdings in Dovre Group Plc from the Suvic`s

management on December 31, 2024

NAME TITLE SHARES

Ville Vesanen CEO and Chairman of the Board 1.098.319

Jaakko Norrkniivilä Member of the Board 400.000

Janne Räisänen Member of the Board 1.118.191

Tota l 2.616.510

External audit

The company’s auditor in 2024 was the auditing firm BDO Oy.

Authorized Public Accountant Henrik Juth acted as the principal

auditor.

139

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Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

REMUNERATION IN 2024

Board of Directors

The remuneration of the Board members is decided by the Annual

General Meeting (AGM). The proposal regarding Board remuneration

considered by the AGM is based on a proposal submitted to the com-

pany by shareholders. In 2024, the proposal for Board remuneration

came from shareholders representing over 38% of the company’s

shares.

The Annual General Meeting on April 4, 2024, resolved that

remuneration for the Chairman of the Board would be EUR 40.000,

EUR 33.000 for the Vice Chairman, and EUR 25.000 for other Board

members for the term ending at the next Annual General Meeting.

Similarly, the Annual General Meeting held on March 30, 2023, had

resolved remuneration of EUR 40.000 for the Chairman, EUR 33.000

for the Vice Chairman, and EUR 25.000 for other Board members for

the term ending at the subsequent Annual General Meeting. Both

AGMs decided that travel expenses would be reimbursed according

to actual costs incurred. The remuneration was paid in cash.

Remuneration of the members of the Board of Directors

in 2024:

1.000 EUR

Svein Stavelin 40

Ilari Koskelo 33

Antti Manninen 25

Sanna Outa-Ollila 25

Tota l 123

CHIEF EXECUTIVE OFFICER

The remuneration of the CEO is determined by the Board of Directors

and is based on a written agreement approved by the Board.

Arve Jensen, who served as CEO until December 16, 2024,

received an annual salary of NOK 2,179,485 (approximately EUR

187 thousand), which included holiday pay and benefits such as a

company car and mobile phone. Additionally, he received a perfor

mance-based incentive approved by the Board. The CEO’s pension

and insurance arrangements were identical to those of other com

pany employees in Norway. Jensen’s CEO contract did not specify

a retirement age.

The CEO contract had a mutual notice period of six (6) months.

It did not include separate severance compensation in case of ter

mination by the company.

The CEO’s performance-based incentives have been linked

annually to profitability goals of the company or its divisions or to

the successful completion of structural arrangements. Short-term

incentives were paid in cash based on yearly defined targets. Long-

term incentives were paid either fully in shares or, upon the Board’s

decision, in cash, with annual targets defined separately.

Currently, Board member Sanna Outa-Ollila serves as the interim

CEO. She does not receive a salary for this role; instead, compensa-

tion is based on a separate agreement between Atuo Oy (a company

wholly owned by Outa-Ollila) and Dovre Group Plc, specifying an

hourly rate for her services as interim CEO.

The recruitment process for a permanent CEO has not yet

begun. The Board intends to reconsider the remuneration principles

mentioned above as part of the recruitment process.

In 2024, the CEO’s total compensation amounted to EUR 274

thousand, including EUR 87 thousand in short-term and long-term

incentive payments earned from the year 2023.

Group Executive Team

The remuneration for members of the Group Executive Team com-

prises total salary or compensation, which includes base salary

and standard fringe benefits such as a company car and mobile

phone, as well as short-term and long-term incentives determined

by the Board of Directors. Short-term incentives consist of an annual

performance-based bonus, set annually by the Board. Long-term

incentives include share-based incentive schemes, available to Group

Executive Team members except for the CFO. The Board decides

annually on long-term incentive schemes. Dovre Group has not pro-

vided supplementary pension plans for senior executives.

Each year, the Board establishes specific terms and criteria for

the payment of performance-based bonuses to Group Executive

Team members. Bonuses depend on the achievement of set finan-

cial targets, including operating profit, revenue growth, and other

relevant goals at both Group and individual business unit levels. In

addition, personal or team-based objectives may be included.

In 2024, salaries, bonuses, and fringe benefits paid to Group

Executive Team members (excluding CEO Arve Jensen) totaled EUR

262 thousand. This amount includes short-term incentive bonuses

totaling EUR 45 thousand.

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Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Dovre Group Plc’s Board members on December 31, 2024

Svein Stavelin

Chairman of the Board

Board member since March 28, 2018

M.Sc., NTNU Trondheim, 1980, Pedagogy (PUFS),

NTNU, 1983, Norwegian School of Management,

BI, 1988

Born 1957, Norwegian citizen

Work experience:

Aalto Capital AS, October 2022–

Managing Partner. Incepto joined the interna

tional Corporate Finance firm and changed its

name to Aalto Capital AS.

Incepto AS, 2007–2022

CEO / Founding Partner

Chairman / Founder Proventus AS (Consolidate)

Bridgehead AS (Oaklins), 2005–2007

Partner

Telecomputing ASA (Visolit), 2004–2005

CEO

Creuna AS, 2001–2003

CEO and founder

Ementor ASA, 1994–2001

CEO in Ementor

CEO in Avenir ASA

Managing Director in Avenir AS

Provida, 1989–1994

Assistant Managing Director / Senior Vice

President

Assistant Managing Director, Director for Sales

and Marketing

Sales and Marketing Director

A/S EDB (EDB ASA),1988–1989

A.S Computas (Cap Gemini), 1986–1988

Cincom Systems Inc., Cincinnati, Ohio, US,

1985–1986

A.S Computas, 1982–1986

NTNU - Norwegian University of Science and

Technology,1981–1982

Board memberships:

Chairman of the Board of Incepto AS, 2007–

Chairman of the Board, Proventus AS, 2007–

Member of the Board, Perx Folkefinansiering AS,

2018–2020

Chairman of the Board, OXX AS, 2011–2017

Chairman of the Board, Con Moto AS, 2011–2014

Chairman of the Board, Oslo ICT Network,

2011–2012

Member of the Board, Capella IT AS (Mathema

teria), 2011–2014

Member of the Board of Dovre Group / Proha,

2008–2009

Member of the Board of Directors in Creuna

Holding A/S, 2001–2004

Chairman of Board of The Norwegian Computer

Society, 2000–2002

Member of the Board of Directors in Visma ASA,

2000–2001

Chairman of the Board in Ementor Denmark

A/S, Ementor Sweden AB, AMI A/S plus several

other subsidiaries in the Ementor structure.

Chairman of the Board in Avenir UK ltd, Avenir

Denmark A/S and several other subsidiaries in

the Avenir system.

Member of the Board in Provida A.S, 1989–1984

Member of the Board in Provida (UK) ltd., Lon

don, 1992–1994

Independent of the company and significant

shareholders

Ilari Koskelo

Vice Chairman of the Board

Board member since February 28, 2008

B.Sc. Computer Science, University of Turku,

Finland

MBA, The George Washington University, USA

M.Sc. in Management, Stanford University, USA

Born 1959, Finnish citizen

Work experience:

Karera Oy

Co-investor and Director, 2022 -

Navdata Oy

Founder and Managing Director, 1988 -

Thai Biogas Energy Corporation, Pte, Ltd.,

Thailand

Co-investor and Director, 2016–2020

SaraRasa Bioindo, Pte. Ltd., Singapore

Co-investor and Director, 2014–

Soil Scout Oy, Finland

Co-founder and CFO, 2013–

Planman Oy

Co-investor and Director, 2020–2015

Global Satellite Solutions Inc, USA

Co-investor, 1997–2000

Board memberships:

Chairman of the Board, Navdata Oy, 1988–

Member of the Board, Thai Biogas Energy Cor

poration, 2016–2020

Member of the Board, SaraRasa Bioindo Pte.

Ltd., 2014–

Member of the Board, Soil Scout Oy, 2013

Member of the Board, Ixonos Plc, 2013–2016

Independent of the company and significant

shareholders

Antti Manninen

Member of the Board

Board member since March 28, 2018

M.Sc. (Econ.)

Born 1961, Finnish citizen

Work experience:

Rio Group Oy, Chairman of the Board, 1998–

Dovre Group Plc, Member of the Board, Vice

Chairman, and the Chairman, 2008–2013

Mega Vision S.A. Ltd., Director, Investments,

1993–1998

Board memberships:

Event Management Group Oy, Chairman of the

Board, 2004–

Independent of the company and significant

shareholders

141

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Dovre Group Plc’s Board members on December 31, 2024 Suvic Oy’s Board members on December 31, 2024

Ville Vesanen

CEO and Chairman of the Board since

March 2017

Master’s Degree, Mechanical Engi

neering, University of Oulu

Major: Structural Engineering

Minor: Engineering Mechanics

Born 1984, Finnish citizen

Work experience:

Suvic Oy

Managing Director, 03/2021–

Sales Director, 2017–2021

Keski-Suomen Betonirakenne Oy

Project Manager, 2013–2017

Ramboll Finland Oy

Structural Engineer, 2011–2013

Sanna Outa-Ollila

Member of the Board

Please see information on Board of

Dovre Group Plc

Ilari Koskelo

Member of the Board

Please see information on Board of

Dovre Group Plc

Jaakko Norrkniivilä

Member of the Board

Master’s Degree, Mechanical Engi

neering, University of Oulu, 2012

Major: Structural engineering

Minor: Engineering mechanics

Born 1986, Finnish citizen

Work experience:

Suvic Oy

Design Manager, 02/2018–

Suomen Maastorakentajat Oy

Project Manager, 2017–2018

Ramboll Finland Oy

Project Manager, 2013–2017

Structural Engineer, 2012–2013

Kontiotuote Oy

Senior Structural Engineer, 2010–2012

Janne Räisänen

Member of the Board

Construction Engineering, Oulu Uni

versity of Applied Sciences, 2008

Born 1981, Finnish citizen

Work experience:

Suvic Oy

Construction Manager, 03/2017–

Keski-Suomen Betonirakenne Oy

Construction Manager, 2014–2017

Cost and Purchasing Engineer,

2010–2014

YIT Rakennus Oy

Cost Estimator, 2005–2010

Sanna Outa-Ollila

Member of the Board

Board member since March 30, 2022

Acting CEO from December 17, 2024

M.Sc. in Technical Physics, Helsinki University of Technology, 1998

Major: Nuclear and Energy Technology

Minor: Business Strategy and International Marketing

Born 1973, Finnish Citizen

Work experience:

Atuo Oy

Owner and CEO, Management consultant, 2018–

Tietoevry Banking

Lead Product Manager, Cash Management, 2021–2022

Analyste Oy

Vice President, Product Management, 2020

Director, International Business, 2019–2020

Nordea Bank Finland Plc

Business Driver, Integrated Treasury Services, 2010–2011

Exidio Oy

COO and VP Sales & Marketing, 2005–2019

Smarttrust Systems Oy (Sonera SmartTrust Oy until 9/2002)

Director, Solution Consulting, 2003–2005

Manager in Product Development and Solution Consulting, 2000–2003

Fortum Engineering Ltd, Nuclear Power Engineering

Design Engineer, 1998–2000

Board memberships:

Exidio Oy 2010–2018

Independent of the company and significant shareholders

142

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

Group Executive Team on December 31, 2024

Sanna Outa-Ollila

Interim CEO

Member of the Board

Please see information on Board

of Dovre Group Plc

Hans Sten

CFO since 1.9.2023

Member of the Group Executive Team since

1.9.2023

Qualified as Authorised Public Accountant (KHT),

2002

M.Sc. in Economics and Business Administration,

Turku School of Economics and Business Admi

nistration, 1998

Born 1972, Finnish citizen

Work experience:

Dovre Group Plc

CFO, 9/2023-

Kiinteistömaailma Oy

CFO, 2021-2023

Kotikatu Group Oy

CFO, 2015-2020

Avara Oy

Deputy CFO, 2010-2013

Avara Suomi Oy

Acting CO, 2009-2010

CFO, 2005-2010

KPMG Oy Ab

APA, 2002-2004

Auditor, 1998-2002

Board memberships:

Jatke Oy, 2018-

Ober-Haus Real Estate Advisors AS (Estonia),

2021-2024

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Dovre Group

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CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

INVESTOR RELATIONS

The primary objective of Dovre Group’s investor relations is to ensure that the market has at

all times access to accurate and sufficient information to support the correct valuation of the

company’s share.

Up-to-date information about Dovre Group as an investment is available on the company’s

website www.dovregroup. com -> Investors. All financial releases can also be obtained by

emailing to info@dovregroup.com.

Dovre Group reports half-yearly on its financial performance in accordance with the Inter

national Financial Reporting Standards (IFRS).

THE COMPANY WILL PUBLISH ITS FINANCIAL REPORTS FOR 2025 AS FOLLOWS:

• Business Review for January–March 2025 on Tuesday, April 29, 2025

• Half-Year Financial Report for January–June 2025 on Wednesday, August 20, 2025

• Business Review for January–September 2025 on Wednesday, October 29, 2025

Dovre Group’s Financial Statements for 2024 and the Annual Report for 2024 will be published

on the company’s website no later than the week starting March 31, 2025. The Annual Report

will include the company’s financial statements, the Board of Directors’ report, the Corporate

Governance Statement, and the Remuneration Report.

The Annual General Meeting (AGM) is planned to be held on Tuesday, April 29, 2025. The com

pany’s Board of Directors will convene the AGM separately at a later date.

CONTACT INFORMATION

Hans Sten, CFO, tel. +358 020 436 2000

info@dovregroup.com

SHARE INFORMATION

Dovre Group Plc’s shares are listed on the Nasdaq Helsinki Ltd. Dovre Group has one class of

shares (trading symbol: DOV1V).

Market: Nasdaq Helsinki

ISIN: FI0009008098

Symbol: DOV1V

Segment: OMX Helsinki Small Cap

Sector: Industrial goods and services

Number of shares on December 31, 2024: 105.956.494

For more information: www.nasdaqomxnordic.com

144

Dovre Group

Business areas

CEO’s review

Key figures

Dovre Group as an investment

Report of the Board of Directors

Sustainability Statement

Shares and Shareholders

Key Figures by Share

Calculation of Key Indicators

Consolidated Financial

Statements, IFRS

Consolidated Statement

of Comprehensive Income

Consolidated Statement

of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement

of Changes In Shareholders’ Equity

Notes to the Consolidated

Financial Statements

of the Parent Company, FAS

Dovre Group Plc’s Income Statement

Dovre Group Plc’s Balance Sheet

Dovre Group Plc’s Cash Flow Statement

Notes to Dovre Group Plc’s

Financial Statements

Auditor’s Reports

Corporate governance statement

Investor Relations

INDEPENDENT AUDITOR’S REASONABLE ASSURANCE REPORT

ON DOVRE GROUP PLC’S ESEF FINANCIAL STATEMENTS

(Translation of the Finnish original)

Dovre Group Oyj

Proha Oy

Ahventie 4 B

FI-02170 Espoo

tel. +358 20 436 2000

www.dovregroup.com

Suvic Oy

Elektroniikkatie 14

FI-90590 Oulu

tel. +358 44 328 9928