DOVRE GROUP PLC ANNUAL REPORT 2025
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DOVRE GROUP IN BRIEF
We are the preferred partner for the development and construction of utility-scale renewable energy. Our
project management solutions support efficient cost control in complex projects. Together with our clients,
we actively build green energy and promote an environmentally and socially sustainable future.
GROUP OVERVIEW
• In 2025, the Group’s revenue amounted to EUR 91.9 million, and it employed approximately 250
people.
• Dovre Group Plc is a Finnish listed company, whose share is listed on Nasdaq Helsinki (trading
symbol: DOV1V).
Suvic Oy, the most significant subsidiary of Dovre Group Plc in terms of revenue, was declared bankrupt
by a decision of the Oulu District Court on 7 January 2026. As a result of the bankruptcy of Suvic Oy,
Dovre Group lost control over the Suvic Group, which has been transferred to the administration of the
bankruptcy estate. At the time of signing the financial statements, the assets and liabilities of the Suvic
Group are under the control of the bankruptcy estates.
The situation of Suvic had an immediate impact on the entire Dovre Group, and Dovre Group Plc filed for
restructuring proceedings on 19 January 2026. The District Court of Western Uusimaa ordered the
commencement of standard restructuring proceedings on 28 January 2026.
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INDEX
DOVRE GROUP PLC ANNUAL REPORT 2025 ............................................................................................ 1
DOVRE GROUP IN BRIEF ............................................................................................................................. 2
GROUP OVERVIEW ................................................................................................................................... 2
INDEX ............................................................................................................................................................. 3
1. DOVRE GROUP ......................................................................................................................................... 6
Business areas ............................................................................................................................................ 6
CEO’s review .............................................................................................................................................. 6
Key figures .................................................................................................................................................. 8
Dovre Group as an investment ................................................................................................................... 8
2. REPORT OF THE BOARD OF DIRECTORS ........................................................................................... 10
3. SHARES AND SHAREHOLDERS ............................................................................................................ 29
Key figures by share ................................................................................................................................. 33
Calculation of key indicators ..................................................................................................................... 34
4. CONSOLIDATED FINANCIAL STATEMENTS (IFRS) (*) ........................................................................ 35
The Group's statement of comprehensive income, IFRS ......................................................................... 35
Consolidated Statement of financial position, IFRS .................................................................................. 36
Consolidated statement of changes in shareholders’ equity, IFRS .......................................................... 38
Consolidated statement of cash flows, IFRS ............................................................................................ 40
Consolidated Financial Statements, IFRS ................................................................................................ 41
1. General information and accounting principles ........................................................................... 41
2. Operating segments .................................................................................................................... 48
3. Net sales ...................................................................................................................................... 48
4. Other operating income ............................................................................................................... 49
5. Material and services ................................................................................................................... 49
6. Personnel ..................................................................................................................................... 50
7. Depreciation and amortization ..................................................................................................... 50
8. Other operating expenses ........................................................................................................... 50
9. Financing income and expenses ................................................................................................. 51
10. Income tax ................................................................................................................................... 51
11. Earnings per share ...................................................................................................................... 52
12. Assets held for sale and discontinued operations ....................................................................... 52
13. Intangible assets .......................................................................................................................... 54
14. Goodwill ....................................................................................................................................... 55
15. Tangible assets ............................................................................................................................ 55
16. Leases ......................................................................................................................................... 57
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17. Inventories ................................................................................................................................... 57
18. Financial assets ........................................................................................................................... 57
19. Trade and other receivables ........................................................................................................ 58
20. Shareholders’ equity .................................................................................................................... 59
21. Provisions .................................................................................................................................... 59
22. Long-term financial liabilities ....................................................................................................... 60
23. Short-term financial liabilities ....................................................................................................... 60
24. Financial liabilities maturity breakdown ....................................................................................... 61
25. Trade and other liabilities ............................................................................................................. 61
26. Changes in liabilities arising from financing activities .................................................................. 62
27. Financial risk and capital structure management ........................................................................ 62
28. Commitments and contingent liabilities ....................................................................................... 64
29. Subsidiaries ................................................................................................................................. 65
30. Related party transactions ........................................................................................................... 66
31. Events after the reporting period ................................................................................................. 67
5. FINANCIAL STATEMENTS OF THE PARENT COMPANY, FAS (*) ....................................................... 69
Income statement of the parent company, FAS........................................................................................ 69
Balance sheet of the parent company, FAS ............................................................................................. 69
Cash flow statement of the parent company, FAS ................................................................................... 70
Notes to the Dovre Group Plc’s Financial statements, FAS ..................................................................... 71
1. Accounting principles ................................................................................................................... 71
2. Net sales ...................................................................................................................................... 72
3. Other operating income ............................................................................................................... 72
4. Materials and services ................................................................................................................. 73
5. Employee benefits expenses ....................................................................................................... 73
6. Depreciation and amortization ..................................................................................................... 73
7. Other operating expenses ........................................................................................................... 73
8. Financial income and expenses .................................................................................................. 74
9. Income taxes ............................................................................................................................... 75
10. Intangible assets .......................................................................................................................... 75
11. Tangible assets ............................................................................................................................ 75
12. Investments ................................................................................................................................. 75
13. Long-term receivables ................................................................................................................. 76
14. Short-term receivables ................................................................................................................. 76
15. Shareholder’s Equity .................................................................................................................... 77
16. Mandatory reservations ............................................................................................................... 77
17. Current liabilities .......................................................................................................................... 78
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18. Commitments and contingent liabilities ....................................................................................... 78
6. SIGNATURES OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS (*) .................................. 82
7. AUDITOR’S REPORT ............................................................................................................................... 83
8. CORPORATE GOVERNANCE STATEMENT .......................................................................................... 89
9. INVESTOR RELATIONS ........................................................................................................................ 103
(*) PART OF THE AUDITED FINANCIAL STATEMENTS
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1. DOVRE GROUP
Business areas
RENEWABLE ENERGY
In 2025, Dovre’s Renewable Energy business area accounted for the majority of the Group’s revenue. The
business was based on the construction of utility-scale wind and solar parks, battery-based energy storage
systems, and heat recovery systems supporting energy efficiency. The core of the business area consisted
of the Suvic subgroup, which was responsible for the execution of renewable energy projects. During the
year, significant financial and operational challenges encountered in Suvic’s projects materially weakened
the financial performance of the business area. Suvic Oy was declared bankrupt by a decision of the Oulu
District Court on 7 January 2026. As a result of the bankruptcy, Dovre Group lost control over the Suvic
subgroup, and its operations were transferred to the administration of the bankruptcy estate. Renetec Oy,
which focuses on renewable energy project development, continued in 2025 to develop solar parks and
energy storage projects.
CONSULTING
The Consulting business comprises the subsidiary Proha Oy and the eSite business, which was divested in
March 2026. Proha’s project management solutions focus on the cost-efficient management of project
portfolios and individual projects. The company’s experts support clients in developing project management
processes and implementing digital tools. eSite’s virtualization solutions for industrial environments enable
remote site visits as well as detailed modification and maintenance planning without the need for physical
visits to production facilities.
During 2025, Dovre initiated measures to evaluate the strategic position of its Consulting business. As a
result, the assets and liabilities related to these operations have been classified as held for sale in the
financial statements in accordance with IFRS 5.
CEO’s review
In the financial year 2025, Dovre Group’s operations were clearly loss-making.
During the year, Dovre Group’s strategic focus was clarified and the Group’s operations became
increasingly concentrated on renewable energy construction and enabling the green transition. At the
beginning of 2025, the sale of the Project Personnel and Norwegian Consulting businesses to NYAB AB
was completed. Following the transaction, Dovre’s continuing operations have been almost entirely
focused on renewable energy, with its core formed by the subsidiary Suvic Oy.
During 2025, Dovre Group announced on several occasions losses in projects of its subsidiary Suvic AB
and their financial impact. In connection with the negative profit warning published on March 12, 2025, the
company reported significant cost overruns in two wind power projects initiated in Sweden during 2024 and
estimated total losses of EUR 8.7 million and EUR 10 million from these projects, which were recognised in
2024 as the projects continued into spring 2025. Subsequently, in connection with the negative profit
warning issued on July 8, 2025, the company announced that the previously reported losses were
estimated to be approximately EUR 5 million higher than earlier estimated, totalling approximately EUR
23.7 million. In the negative profit warning published on October 9, 2025, the company estimated, based on
an updated assessment, that an additional EUR 4.0 million in losses would be recognised from the
Swedish wind farm projects, bringing the total estimated losses from the Swedish project portfolio to EUR
27.7 million, of which EUR 18.7 million was recognised in 2024 and EUR 9.0 million in 2025.
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Despite the challenging situation, Dovre continued to identify significant long-term opportunities in the
renewable energy value chain. The strategic focus was based on market outlook, but its implementation
coincided with a period marked by exceptional operational challenges.
Measures to address the situation were accelerated during the spring, as the Board of Directors together
with executive management launched an action programme to improve Suvic Oy’s competitiveness,
operational efficiency and governance processes. During the second quarter, Markku Taskinen was
appointed CEO of Suvic (commencing on August 4, 2025), and Olli-Pekka Vanhanen was appointed CFO
of Suvic while also serving as CFO of the Group. In September, experienced transformation executive
Timo Saarinen was appointed Interim CFO of both Dovre Group and Suvic. The company assessed at that
time that, through strengthened leadership, improved transparency of financial administration processes
and enhanced financial reporting of projects, it had achieved an accurate view of Suvic’s business situation
during the third quarter. Corrective actions continued towards the end of the year to improve profitability,
organisational structure and operating models.
On October 9, 2025, Dovre announced a Group-wide structural review aimed at focusing resources on
operations in line with the strategy within renewable energy projects. The company estimated that, as a
result of the programme, unprofitable or non-strategic operations would be divested or discontinued. With
regard to the Consulting segment’s Proha and eSite businesses, it was stated in the release published on
October 29, 2025, that these would no longer represent Dovre’s strategic core business. The company
announced the sale of the eSite business in March 2026 as part of its structural review and restructuring
proceedings.
The significant difficulties encountered in projects of Suvic Oy, Dovre’s subsidiary responsible for
renewable energy construction, materially weakened the Group’s financial position. The main underlying
factors behind the losses were identified as errors in project cost estimation, deficiencies in project
management capabilities and shortcomings in forward-looking reporting. The challenges accumulated
across several simultaneous projects and had severe effects on the company’s liquidity. As a result, Suvic
Oy filed for bankruptcy on January 2, 2026, and was declared bankrupt on January 7, 2026.
The year 2026 began with Dovre Group Plc being unable to meet its obligations as they fall due and thus
being insolvent. This was primarily due to the financial situation of Suvic Oy and, in this context, the parent
company guarantees issued by Dovre Group Plc in relation to the projects of Suvic Oy and its subgroup, as
announced on 2 January 2026. Dovre Group Plc filed for restructuring proceedings on 19 January 2026,
and on 28 January 2026, the District Court of Western Uusimaa ordered the commencement of standard
restructuring proceedings. A successful restructuring process would enable Dovre Group Plc to avoid
bankruptcy and support the continuation of the Group’s and/or the parent company’s operations as a going
concern.
Markku Taskinen
CEO
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Key figures
IFRS
IFRS
IFRS
IFRS
IFRS
EUR thousand
2025
2024
2023
2022
2021
Net sales
99,337
73,480
202,971
142,744
Change, %
35.2 %
n/a
42.2 %
84.2 %
Operating result
-21,816
1,118
8,467
6,069
% of net sales
-22.0 %
1.5 %
4.2 %
4.3 %
Result before tax
-22,722
220
7,428
5,610
% of net sales
-22.9 %
0.3 %
3.7 %
3.9 %
Earnings for the shareholders of the parent
company
-8,266
4,061
5,152
3,667
% of net sales
-8.3 %
5.5 %
2.5 %
2.6 %
Return on equity, %
-25,8 %
11.4 %
16.4 %
14.0 %
Equity-ratio, %
18,2 %
42.5 %
41.6 %
40.8 %
Gearing, %
48,6 %
3.1 %
-8.8 %
-3.7 %
Balance sheet total
91,999
87,986
82,499
69,647
Gross capital expenditure *
363
173
175
172
% of net sales
0.4 %
0.2 %
0.1 %
0.1 %
Research and development
0
0
-101
-169
% of net sales
0.0 %
0.0 %
0.0 %
-0.1 %
Average number of personnel
152
70
779
796
Personnel at end of period
221
75
728
865
Following the divestment of its Project Personnel business and its Norwegian consulting business to the
Swedish company NYAB, Dovre Group Plc has restated its income statement for the financial year 2023 to
ensure comparability. The balance sheet for 2023 and the related key figures have not been restated.
*) Includes investments in tangible and intangible assets. The figure is presented excluding right-of-use assets.
Dovre Group as an investment
The year 2025 and the beginning of 2026 have been exceptional for Dovre Group. The Group’s most
significant source of revenue, Suvic Oy, was declared bankrupt on 7 January 2026. As a result, Dovre
Group lost control over the Suvic Group. Dovre Group Plc filed for corporate restructuring proceedings on
19 January 2026, and the District Court of Western Uusimaa ordered the commencement of standard
restructuring proceedings on 28 January 2026. The objective of the restructuring process is to secure the
continuation of viable business operations, stabilise the company’s financial position and enable the
continuation of its operations.
CURRENT BUSINESS STATUS
Following the bankruptcy of Suvic Oy, the Group’s project operations related to renewable energy
construction have ceased. The company also announced the sale of its holding in Pyhäsalmi BESS Oy on
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19 January 2026. In addition, the eSite business, which provides industrial virtualization solutions, was
divested in March 2026.
The remaining businesses of the Group consist of:
• Renetec Oy, focusing on early-stage renewable energy project development
• Proha Oy, providing project management solutions
The Group has initiated measures to clarify its business structure and to evaluate non-strategic operations.
Certain operations have been classified as held for sale in accordance with IFRS 5.
SHORT-TERM STRATEGIC DIRECTION
In the short term, the company’s primary objective is to complete the restructuring process and stabilise its
financial position.
Business development focuses on:
• operating models enabled by a lighter capital structure
• strengthening risk management
• realising the value of project development
• securing cash flow
OPERATING ENVIRONMENT
In the long term, the energy transition and the shift towards a low-carbon economy support investments in
renewable energy. At the same time, the industry is capital-intensive and exposed to project and liability
risks, which emphasises the importance of disciplined risk management.
The Group’s current size and structure differ materially from its previous state, and the continuity of
operations depends on the outcome of the restructuring proceedings.
WHY INVEST IN DOVRE?
Investing in Dovre Group currently involves significant uncertainty. The company’s future depends on the
successful completion of the restructuring proceedings and the viability of its remaining businesses.
Trading in the company’s shares has been suspended until further notice, as announced by Nasdaq
Helsinki Ltd in a stock exchange release on 2 January 2026.
Any potential investment in Dovre Group is based on an assessment of:
• the successful completion of the restructuring proceedings
• the realisation of the value of the remaining businesses
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2. REPORT OF THE BOARD OF DIRECTORS
KEY FINANCIAL FIGURES
IFRS
IFRS
IFRS
EUR thousand
2025
2024
2023
Net sales
91,860
99,337
73,480
Change, %
-7.5 %
35.2 %
n/a
Operating result
-66,325
-21,816
1,118
% of net sales
-72.2 %
-22.0 %
1.5 %
Result before tax
-66,999
-22,722
220
% of net sales
-72.9 %
-22.9 %
0.3 %
Earnings for the shareholders of the parent
company
-53,461
-8,266
4,061
% of net sales
-58.2 %
-8.3 %
5.5 %
Return of equity, %
n/a
-25,8 %
11.4 %
Equity-ratio, %
-207,3 %
18,2 %
42.5 %
Gearing, %
13,7 %
48,6 %
3.1 %
Balance sheet, total
23,162
91,999
87,986
Gross capital expenditure *
541
363
173
% of net sales
0.6 %
0.4 %
0.2 %
Research and development, %
0
0
0
% of net sales
0.0 %
0.0 %
0.0 %
Average number of personnel
264
152
70
Personnel at end of period
245
221
75
Following the divestment of its Project Personnel business and its Norwegian consulting business to the
Swedish company NYAB, Dovre Group Plc has restated its income statement for the financial year 2023 to
ensure comparability. The balance sheet for 2023 and the related key figures have not been restated.
*) Includes investments in tangible and intangible assets. The figure is presented excluding right-of-use assets.
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KEY FIGURES BY SHARE
EUR
IFRS
2025
IFRS
2024
IFRS
2023
Undiluted earnings per share attributable to owners
of the parent company (EUR)
-0.50
-0.08
0.04
Diluted earnings per share attributable to owners
of the parent company (EUR)
-0.50
-0.08
0.04
Undiluted earnings per share attributable to owners
of the parent company (EUR),
discontinued operations
0,02
0.04
0.004
Diluted earnings per share attributable to owners of
the parent company (EUR), discontinued operations
0,02
0.04
0.004
Undiluted equity per share (EUR)
-0.45
0.25
0.35
Dividends EUR (1.000)
3,188
2,114
0
Dividend per share (EUR)
0.03
0.02
0.00
Dividend per earnings, %
n/a
n/a
0.0 %
Effective dividend yield, %
40.9 %
8.8 %
0.0 %
P/E ratio
n/a
n/a
11.32
Highest share price (EUR)
0.36
0.47
0.66
Lowest share price (EUR)
0.065
0.21
0.35
Average share price (EUR)
0.17
0.34
0.50
Market capitalization (EUR million)
7.9
24.1
45.9
Value of traded shares (EUR million)
7.0
6.6
9.0
Shares traded, %
37.8 %
18.3 %
17.0 %
Average number of shares:
-Undiluted (1.000)
106,163
105,956
105,956
-Diluted (1.000)
106,163
105,956
105,956
Number of shares at end of period (1.000)
107,747
105,956
105,956
The formulas for the key figures are presented on page 34.
BOARD OF DIRECTORS’ STATEMENT ON THE COMPANY’S EXCEPTIONAL SITUATION
Valuation principles
With respect to the Dovre Group, the financial statements have not been prepared on a going concern
basis. The declaration of Suvic’s bankruptcy has resulted in the loss of control after the reporting date, and
the going concern assumption is no longer applicable. Assets have been measured at no more than the
amount of the entities’ total liabilities, taking into account the impairment effects arising from the expected
loss of receivables to be realised in bankruptcy.
The measurement of the remaining Group assets is based on an estimate of their recoverable amounts.
Estimation of distribution
In bankruptcy proceedings, the assets of the bankruptcy estate are first used to settle administrative
expenses (estate liabilities), such as the remuneration of the bankruptcy administrator and other realisation
and administration costs. Thereafter, claims, such as taxes, social security contributions and wage claims,
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are settled. Only after these liabilities have been satisfied may distributions be made to unsecured
creditors.
The proceeds from the realisation of assets are expected to be fully absorbed by estate liabilities and
secured claims. Accordingly, no distribution is expected to be available for unsecured creditors, including
the parent company.
Recognition of impairment losses
In the parent company, Dovre Group Plc, a full impairment loss has been recognised on intra-group
receivables, as the recoverable amount has been assessed as nil due to the absence of an expected
distribution. A full impairment loss has also been recognised on investments in subsidiaries within the Suvic
sub-group, as no recoveries are expected to be received by the parent company from the bankruptcy
proceedings.
In determining the carrying amounts of assets, factors inherent in bankruptcy proceedings have been taken
into consideration. Realisation values in bankruptcy are systematically lower than market-based values, as
sales occur under distressed conditions, the pool of potential buyers is limited, realisation is subject to time
constraints, and the assets are often entity-specific without an active secondary market.
Uncertainties
The measurements involve significant uncertainty. The final distribution will be determined upon completion
of the bankruptcy proceedings and depends on several factors that will be confirmed during the process.
The realisable value of assets depends on prevailing market conditions, the number of potential buyers and
the method of realisation selected. The assets of the bankruptcy estate may increase as a result of
successful recovery actions, while the final amount of creditors’ claims will be determined in the claims
verification process. Administrative and realisation costs of the estate depend on the duration and
complexity of the proceedings.
Estimates will be revised in future periods if circumstances change materially or if new relevant information
becomes available. Any changes to impairment losses will be recognised in profit or loss in the period in
which the change becomes known. The final distribution, if any, will be recognised in profit or loss when it
has been confirmed or when the bankruptcy proceedings have been concluded.
MAIN EVENTS IN 2025
Dovre Group completes the sale of its Project Personnel and Norwegian Consulting businesses to
NYAB AB
January 2, 2025 Dovre published that it had completed the sale of its Project Personnel business and its
Norwegian Consulting business to NYAB AB in accordance with the conditional share purchase agreement
signed and announced on 20 November 2024.
Dovre Group acquires 100% of Renetec Oy
January 22, 2025 Dovre Group announced that it had acquired the shares in Renetec Oy held by minority
shareholders, representing approximately 42.8% of the company’s ownership. Following the completion of
the transaction, Dovre Group’s ownership in Renetec amounted to 100%.
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Dovre’s subsidiary Suvic Oy Receives Notice to Proceed and Begins Construction of a 100 MWp
Solar Park in Eurajoki
February 26, 2025 Dovre announced that its subsidiary Suvic Oy had received notice to proceed and
would commence construction works in accordance with the EPC contract announced on January 8, 2025,
for the construction of a 100 MWp solar park in Eurajoki, specifically in Luvia. The value of the contract is
approximately EUR 55 million.
Suvic Oy Signs Agreement for the Construction of a Battery-Based Energy Storage System in
Uusikaupunki
March 11, 2025 Dovre announced that its subsidiary Suvic Oy had signed a construction contract for the
implementation of a battery-based energy storage system. The client for the project is Renewable Power
Capital Ltd. (RPC), headquartered in London.
Suvic re-organizes its Executive Management team
March 12, 2025 Dovre announced that its subsidiary Suvic Oy had decided on changes to the company’s
Management Team. The company will immediately initiate the recruitment process for a new Chief
Executive Officer.
DOVRE GROUP PLC’S SHAREHOLDERS' PROPOSAL FOR THE ANNUAL GENERAL MEETING TO
BE HELD ON APRIL 29, 2025
March 19, 2025 Dovre Group Plc announced that it had received a proposal from shareholders
representing more than fourteen (14) percent of the company’s shares that the Annual General Meeting to
be held on April 29, 2025 resolve to distribute a dividend of EUR 0.06 per share. Accordingly, two
alternative dividend proposals will be presented in the notice to the Annual General Meeting and at the
meeting itself: first, the proposal published by the company’s Board of Directors on March 17, 2025 not to
distribute a dividend, and second, the above-mentioned proposal to distribute a dividend of EUR 0.06 per
share.
Dovre Group: CFO resigns
March 31, 2025 Dovre announced that Chief Financial Officer Hans Sten had submitted his resignation and
will leave his position at the end of June 2025. The reason for his resignation is personal.
Dovre’s subsidiary Suvic Oy receives Notice to Proceed and begins construction of a 54-turbine
wind farm in Rajamäenkylä
April 1, 2025 Dovre announced that its subsidiary Suvic Oy had received the notice to proceed and would
commence construction works in accordance with the contract announced as inside information on
February 28, 2025 at 1:30 p.m., regarding the construction of a 1.1 TWh wind farm in Rajamäenkylä.
Dovre Group: Final purchase price of the sold businesses
April 29, 2025 Dovre Group Plc announced the final purchase price received from the sale of its Project
Personnel and Norwegian Consulting businesses. At the time of completion of the transaction on January
2, 2025, the preliminary purchase price was announced as EUR 35.3 million. The final purchase price
amounted to EUR 36.4 million. A gain of EUR 7.0 million from discontinued operations was recognized in
the first quarter of 2025.
PROPOSAL BY SHAREHOLDERS OF DOVRE GROUP PLC TO THE EXTRAORDINARY GENERAL
MEETING TO BE HELD ON JUNE 12, 2025
In the notice to the General Meeting published on May 19, 2025, shareholders representing more than forty
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(40) percent of the company’s shares propose to the General Meeting that a dividend of EUR 0.03 per
share be distributed. The company’s Board of Directors proposes that any dividend resolved by the
General Meeting be paid on June 25, 2025 to shareholders who are registered in the company’s
shareholders’ register maintained by Euroclear Finland Oy on the dividend record date of June 16, 2025.
Markku Taskinen has been appointed as the CEO of Suvic Oy, a subsidiary of Dovre
May 22, 2025 Dovre announced that Markku Taskinen has been appointed as the new Chief Executive
Officer of its subsidiary Suvic Oy and as the successor to Ville Vesanen. He will assume his position no
later than September 22, 2025. The planning of the future composition and roles of the company’s
Management Team will commence without delay, and the outcome will be announced by the autumn.
Dovre appoints Olli-Pekka Vanhanen as Group CFO
June 19, 2025 Dovre announced that Interim Chief Financial Officer Olli-Pekka Vanhanen has been
appointed Chief Financial Officer (CFO) of Dovre Group Plc as of July 1, 2025. His responsibilities will
include finance, treasury and investor relations for both the parent company and its subsidiaries. Vanhanen
will also assume the role of Chief Financial Officer of Suvic Oy.
Dovre publishes preliminary information on 2025 January – June net sales and operating result,
and an updated outlook for 2025
August 14, 2025 the company updated its guidance for 2025. New guidance for 2025: Dovre Group’s net
sales are expected to decrease in 2025 compared to 2024. The Group’s operating profit is expected to
improve but remain negative.
Dovre CFO resigns
August 22, 2025 – Dovre announced that Olli-Pekka Vanhanen, Chief Financial Officer of Dovre Group Plc
and its subsidiaries and a member of the Group Management Team, had submitted his resignation and will
leave his position on September 30, 2025. The recruitment process for a new Chief Financial Officer
was initiated immediately.
Dovre Group Plc acquires the remaining shares of its subsidiary Suvic Oy
September 4, 2025 Dovre announced that on September 4, 2025, the company had entered into an
agreement with the three founding shareholders of Suvic Oy, under which the remaining shares
in Suvic Oy (representing 49% of Suvic Oy’s shares) will be transferred to Dovre Group Plc.
The purchase price for the shares in Suvic Oy has been agreed as 1,790,297 new Dovre shares. The
consideration will be paid through a directed share issue in connection with the completion of the
transaction.
Timo Saarinen joins Dovre Group as Interim CFO
September 11, 2025 Timo Saarinen has been appointed Interim Chief Financial Officer (CFO) of Dovre
Group Plc as of September 29, 2025. His responsibilities will include finance, treasury and investor
relations for both the parent company and its subsidiaries. Saarinen will also assume the role of Chief
Financial Officer of Suvic Oy.
Dovre halts the acquisition of Suvic Oy shares
October 9, 2025 – Earlier on October 9, 2025, Dovre announced a profit warning and a weakening of its
outlook. In light of the new information and its significant impact on the company’s operations, the Board of
Directors has decided to suspend the completion of the transaction until further notice, pending a
reassessment of the conditions for its completion.
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Dovre Group Plc initiates a group-wide structural evaluation process
October 29, 2025 Dovre announced that, as communicated in connection with the profit warning issued on
October 9, 2025, the weakened performance of the business had placed the entire Group in a financially
challenging position. As one of the immediate measures to safeguard the prerequisites for the continuation
of operations, the Board of Directors of Dovre Group Plc has decided to initiate a Group-wide strategic and
structural review process.
Acting CEO of Dovre Group resigns
November 7, 2025 Dovre announced that the acting Chief Executive Officer of Dovre Group Plc, Sanna
Outa-Ollila, had submitted her resignation to the company’s Board of Directors on November 7, 2025.
Outa-Ollila had served as acting CEO since December 17, 2024. She will step down from her position as
acting CEO on November 21, 2025. The Board of Directors of Dovre Group Plc has appointed Interim
Chief Financial Officer Timo Saarinen as acting CEO as of November 22, 2025. Saarinen will continue in
his role as Interim Chief Financial Officer.
Dovre Group Plc: The Suvic Oy transaction completed
November 13, 2025 Dovre announced that the share arrangement with the three founding shareholders
of Suvic Oy, originally published on September 4, 2025, had been completed. In accordance with the
agreement, the remaining shares in Suvic Oy (representing 49% of Suvic Oy’s shares) were transferred to
Dovre Group Plc. As a result of the transaction, Dovre Group Plc now owns 100% of the shares
in Suvic Oy. In addition, on November 18, 2025, the company announced that the 1,790,297 new shares
subscribed for in the directed share issue resolved by the Board of Directors had been registered with the
Trade Register on November 17, 2025 and admitted to trading on November 20, 2025. Following the
registration of the new shares, the total number of shares in the company amounts to 107,746,791 shares.
Suvic Oy, a subsidiary of Dovre Group Plc, has lost District Court proceedings related to a wind
farm earthworks and cabling contract
December 15, 2025 Dovre announced that, following the decision and judgment issued by the Helsinki
District Court on December 15, 2025, its subsidiary Suvic Oy is ordered to pay unpaid contract instalments,
damages and the counterparty’s legal costs in a total amount of approximately EUR 3.2 million, plus default
interest. Suvic Oy acted as the contracting authority in the project and, in the matter initiated on March 10,
2023, as both defendant and claimant. Suvic is considering appealing to the judgment.
OTHER EVENTS DURING THE REPORTING PERIOD
Four profit warnings
During the year, Dovre Group issued four profit warnings: one positive on February 3, 2025, and
three negative on March 12, 2025, July 8, 2025, and October 9, 2025. On February 3, 2025, Dovre
updated its guidance for 2024, estimating net sales of approximately EUR 99 million and operating profit
(EBIT) of approximately EUR -12 million. The negative profit warning published on March 12, 2025, was
due to significant cost overruns in two wind power projects initiated in Sweden by Dovre’s
subsidiary Suvic Oy. The negative profit warning issued on July 8, 2025, was also attributable
to additional losses related to the same wind power projects. Following a further revision of its loss
estimates, Dovre stated in the negative profit warning published on October 9, 2025, that it expected
operating profit for the third quarter to be approximately EUR -10 million.
Two Change Negotiations Initiated by Dovre Group Plc’s Subsidiary Suvic Oy
On November 21, 2025, Dovre announced that, as a result of change negotiations concerning white-collar
employees at its subsidiary Suvic Oy, a maximum of 14 positions would be terminated, and certain job
16
descriptions were expected to change. The commencement of the change negotiations had been
announced on October 10, 2025. In addition, on December 11, 2025, Dovre announced that its
subsidiary Suvic Oy would initiate change negotiations on financial and production-related grounds
concerning the company’s employees. The negotiations were initiated and concluded on December 18,
2025.
NET SALES
Net sales in January-December
In January–December, Dovre Group’s net sales decreased by 7.5% to EUR 91.9 (99.3) million. Sales
decreased in the Renewable Energy segment, which accounted for 98 (98) of the group’s net sales. The
segment’s turnover decreased by 7.5% to EUR 90.1 (97.4) million.
The Consulting segment turnover decreased 8.1% and was EUR 1.8 (1.9) million. Consulting accounted for
2 (2) % of the total turnover.
Net sales by reporting segment
Thousand euros
2025
2024
Change
Renewable Energy
90 074
97 393
-7.5 %
Consulting
1 786
1 944
-8.1 %
Group total
91 860
99 337
-7.5 %
Net sales by market area
Thousand euros
2025
2024
Change
Finland
75 807
54 546
39.0 %
Sweden
16 053
44 791
-64.2 %
Group total
91 860
99 337
-7.5 %
Dovre Group's main markets by region:
• Finland
• Sweden
*) The figures in parentheses are the comparison figures for the previous year.
PROFITABILITY
The Group’s EBITDA amounted to EUR -59.3 million, compared to EUR -21.1 million in the previous year.
The Group’s operating profit (EBIT) amounted to EUR -66.3 million (-21.8). Operating profit in Renewable
Energy was EUR -51.1 million (-21.1) and in Consulting EUR 0.1 million (0.3). Operating profit in other
functions amounted to EUR -15.2 million (-1.0).
During 2025, Dovre Group revised several times its estimate of the losses generated by two wind power
projects carried out by Suvic Oy in Sweden. The original loss estimate of EUR 18.7 million (recognised in
2024) increased to EUR 23.7 million in July and further to EUR 27.7 million in October. Of the total loss,
EUR 18.7 million was recognised in 2024 and EUR 9.0 million in 2025.
In addition to the above-mentioned project losses, a significant loss resulted from the bankruptcy of Suvic
Oy in January 2026 and the related write-downs of receivables and assets recognised in the consolidated
financial statements, totalling approximately EUR 24.2 million. Furthermore, on-demand guarantee
17
liabilities addressed to the parent company in January 2026, amounting in aggregate to approximately EUR
8.8 million, have been fully recognised as an expense in the financial statements.
EBITDA by segment
Thousand euros
2025
2024
Change
Renewable Energy
-50.278
-20.400
-146.5 %
Consulting
0.186
0.304
-38.8 %
Other functions
-9.188
-1.020
-800.8 %
Group total
-59.280
-21.116
-180.7 %
Operating result (EBIT) by segment
Thousand euros
2025
2024
Change
Renewable Energy
-51,147
-21,100
-142.4 %
Consulting
51
304
-83.2 %
Other functions
-15,229
-1,020
-1393.0 %
Group total
-66,325
-21,816
-204.0 %
Dovre's profit before taxes amounted to EUR -67.0 (-22.8) million in 2025. The figure includes net financial
items of EUR -0.7 (-1.0) million.
Net result for the financial year amounted to EUR -65.2 (-18.9) million in 2025. The result attributable to
equity holders of the parent company was EUR -53.5 (-8.3) million, and the result attributable to non-
controlling interests (Suvic Oy's 49% non-controlling interest for the period 1–10/2025 before the
redemption of the minority share) amounted to EUR -11.7 (-10.7) million. The Group's earnings per share
amounted to EUR -0.50 (-0.08).
FINANCING, CASH FLOW AND INVESTMENTS
On December 31, the Group’s balance sheet total was EUR 23.2 (92.0) million. The Group’s cash and
cash equivalents totalled EUR 9.1 (2.5) million. The Group had no committed credit facilities available at
the end of the year.
On December 31, 2025, the Group’s equity totalled –48.0 EUR (16.6) million. The Group’s equity ratio was
–207.3 (18.2) % and the debt-equity ratio (gearing) 13.7 (48.6) %. The interest-bearing liabilities amounted
to EUR 2.5 (10.6) million, accounting for 10.8 (11.6) % of the Group’s shareholders’ equity and liabilities. A
total of EUR 2.5 (8.8) million of the Group’s interest-bearing liabilities were current and a total of EUR 0.0
(1.8) million non-current.
The Group's net cash flow from operating activities in 2025 was EUR -2.6 (-4.4) million, including EUR 30.1
(17.7) million due to the reduction in working capital. Net cash flow from investing activities was EUR -7.7 (-
1.3) million. Dividends paid during the financial year amounted to EUR 3.2 (2.1) million.
Net cash flow from financing activities amounted to EUR -12.2 (6.5) million. Goodwill on the balance sheet
for the financial year at the end of the year was EUR 0.3 (3.6) million, which has been classified as assets
held for sale in the financial statements. The significant decrease in goodwill from the previous financial
year is due to Suvic's goodwill write-down.
Off-balance sheet commitments are significant. They consist of parent company guarantees (approximately
EUR 135 million) and counter-commitments issued to financial institutions (approximately EUR 30 million).
For a more detailed breakdown of guarantees and contingent liabilities, see Note 28.
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ORDER BACKLOG
The Group no longer has an order backlog because its project business companies have been declared
bankrupt.
RESEARCH AND PRODUCT DEVELOPMENT
The Group had no research and development costs during the accounting period (0.0).
PERSONNEL
In 2025, the Group employed an average of 264 (152) people. Renewable Energy employed an average of
248 (134), consulting 13 (15) and other functions 3 (3).
Average number of personnel
2025
2024
Change %
Renewable Energy
248
134
90,3
Consulting
13
15
-13,3
Other functions
3
3
0,0
Total
264
152
78,3
At the end of 2025, the number of employed people increased from 2024. At the end of 2025, Dovre Group
employed 245 (221) people, of whom 228 (205) worked in Renewable Energy, 14 (13) in Consulting and 3
(3) in other functions.
The Group's personnel expenses in 2025 amounted to EUR 17.4 (10.8) million.
COMPANY MANAGEMENT
At the end of the year, the Group Executive Team consisted of Timo Saarinen (Acting CEO, Interim CFO),
Markku Taskinen (CEO of Suvic Oy) and Sanna Outa-Ollila (Chief Operating Officer).
The Annual General Meeting of Dovre Group Plc held on 29 April 2025 confirmed that the number of Board
members would be three (3). Svein Stavelin and Ilari Koskelo were re-elected as members of the Board,
and Aaron Michelin was elected as a new member. At the constitutive meeting held after the Annual
General Meeting, the Board elected Svein Stavelin as Chair of the Board. Ilari Koskelo was elected as Vice
Chair of the Board.
The Extraordinary General Meeting of Dovre Group Plc held on 12 June 2025 confirmed that the number of
Board members would be three (3). Ilari Koskelo was re-elected as a member of the Board. Tomi
Merenheimo and Ville Vuori were elected as new members. At the constitutive meeting held after the
General Meeting, the Board elected Ville Vuori as Chair of the Board. Ilari Koskelo was elected as Vice
Chair of the Board.
The Extraordinary General Meeting of Dovre Group Plc held on 25 November 2025 confirmed that the
number of Board members would be three (3). Ilari Koskelo was re-elected as a member of the Board, and
Aaron Michelin and Kalervo Rötsä were elected as new members. At the constitutive meeting held after the
General Meeting, the Board elected Kalervo Rötsä as Chair of the Board. Aaron Michelin was elected as
Vice Chair of the Board.
19
SHARES, SHAREHOLDERS, AND OPTION RIGHTS
SHARE CAPITAL AND SHARE TRADING
Dovre Group Plc has one series of shares. Each share entitles its holder to one vote. Dovre Group Plc's
shares are listed on Nasdaq Helsinki Oy.
The number of the company’s shares increased in 2025 by 1,790,297 shares issued in a directed share
issue in connection with the acquisition of the minority interest in Suvic Oy. There were no changes in the
share capital during 2025. On December 31, 2025, Dovre Group’s share capital amounted to EUR
9,603,084.48 and the total number of shares was 107,746,791. The average number of shares outstanding
during the year was 106,162,501 shares.
In 2025, altogether 40.7 (19.5) million Dovre Group shares were exchanged on Nasdaq Helsinki Ltd.,
corresponding to a trade of approximately EUR 7.0 (6.6) million. During the year, the volume weighted
average price of Dovre share was 0.17 (0.34), the lowest quotation was EUR 0,065 (0,21) and the highest
EUR 0.36 (0.47). On December 30, 2025, the closing quotation was EUR 0.0734 (0.23). The period-end
market capitalization was approximately EUR 7.9 (24.2) million.
Nasdaq Helsinki Ltd announced after the end of the financial year, on 2 January 2026 at 9:00 a.m., that
trading in the company’s shares would be suspended until further notice.
OWN SHARES
There were no changes in the number of Dovre Group’s treasury shares during the year. At the end of
December 2025, Dovre Group Plc held 236,725 of its own shares, representing approximately 0.22% of all
the company's shares and votes.
SHAREHOLDERS AND HOLDINGS OF THE BOARD OF DIRECTORS AND THE CEO
On December 31, 2025, the number of registered shareholders of Dovre Group Plc totalled 5 517 (5 526),
including 8 (8) nominee-registered shareholders. The share of nominee-registered shares was 3.5 (3.6) %
of the Group’s shares.
On December 31, 2025, members of the Group’s Board of Directors and the CEO held, including holdings
through controlled companies and family members living in the same household, a total
of 7,745,887 (8,540,145) shares in the company, representing 7.2 (8.1) % of all shares and voting rights.
The company did not have open stock option plans at the end of the year. There were no flagging
notifications in 2025.
HOLDINGS OF BOARD OF DIRECTORS AND CEO
Name
Shares, pcs
Percentage of shares
Kalervo Rötsä
0
0,0 %
Aaron Michelin
0
0,0 %
Ilari Koskelo 1)
7 745 887
7,2 %
Timo Saarinen, acting CEO
0
0,0 %
Board members and CEO, total
7 745 887
7,2 %
1) Navdata Oy, a company controlled by Ilari Koskelo, holds 1 300 000 shares.
20
SHAREHOLDER AGREEMENTS
Dovre Group is not aware of any shareholder agreements pertaining to share ownership or the use of
voting rights.
OPTION RIGHTS AND INCENTIVE PROGRAMS
The executive management team members entitled to the long-term incentive program have joined NYAB
AB as a result of the transaction January 2, 2025, and the remaining Dovre Group currently has no
corresponding incentive plans. The group entities and business units may implement their own
customary, yearly incentive plans.
INFORMATION ON RELATED PARTY LOANS (Limited Liability Companies Act, Chapter 8, Section
6)
Dovre Group Plc has granted the following loans to the subsidiary Renetec Oy (open amount Dec 31,
2025)
Subordinated loans
Withdrawal date Amount withdrawn Interest rate
8.3.2023 € 200 000 6 %
23.10.2023 € 100 000 6 %
4.3.2024 € 100 000 6 %
21.5.2024 € 100 000 6 %
20.8.2024 € 100 000 6 %
24.10.2024 € 100 000 6 %
Total € 700,000
Promissory note loan
Withdrawal date Amount withdrawn Interest rate Maturity date
16.1.2025 € 50 000 5 % 16.1.2025
14.3.2025 € 50 000 5 % 16.1.2025
26.5.2025 € 50 000 5 % 26.5.2025
25.8.2025 € 50 000 5 % 26.5.2025
29.10.2025 € 50 000 5 % 29.10.2025
Total € 250 000
There is no predetermined repayment schedule for subordinated loans, and the repayment of their interest
is decided by the borrower's Board of Directors.
In addition, Dovre has pledged the following deposits as security for the payment of counter commitments
for on-demand delivery guarantees for project deliveries by Suvic Oy and its subsidiary Suvic AB:
Nordic Bank Plc with a capital of €5,424,200
Nordic Guarantee Insurance Ltd with a capital of €2,500,000
ANNUAL GENERAL MEETING AND THE AUTHORISATIONS OF THE BOARD OF DIRECTORS
Annual General Meeting, April 29, 2025
Dovre Group Plc’s Annual General Meeting held on April 29, 2025, adopted the financial statements
and consolidated financial statements for 2024 and discharged the members of the Board of Directors and
the CEO from liability for the financial year ending on December 31, 2024.
The Annual General Meeting also decided on the composition and remuneration of the Board of Directors,
21
the election of the auditor, the authorization of the Board of Directors to decide on the repurchase of the
Company’s own shares and on the issuance of shares as well as the issuance of other special rights
entitling to shares.
Payment of dividend
The Annual General Meeting decided, in accordance with the Board’s proposal, that no dividend is paid.
Remuneration report for 2024
In accordance with the Board’s proposal, the Annual General Meeting resolved to approve
the remuneration report for the financial year of 2024.
Composition and remuneration of the Board of Directors
The Annual General Meeting decided that the number of Board members be set at three (3).
Svein Stavelin and Ilari Koskelo were re-elected as members of the Board and Aaron Michelin was elected
as a new member of the Board.
The Annual General Meeting resolved that the chairman of the Board is paid EUR 35,000, the
vice chairman of the Board EUR 30,000, and each other member of the Board EUR 25,000 per year. The
annual compensation is to be paid in cash. In addition, reasonable travel expenses are also compensated.
Auditor
The audit firm BDO Oy was elected as the company’s auditor. BDO Oy has announced that Henrik Juth
(KHT, KRT) will act as the auditor with principal responsibility. It was resolved that the auditor’s fee will be
paid in accordance with an approved invoice.
Sustainability reporting assurer
BDO Oy, an authorised sustainability assurance provider, was elected as the assurer of sustainability
reporting. BDO Oy has announced that Henrik Juth (KHT, KRT) will act as the lead sustainability
assurance provider. It was resolved that the assurer’s fee will be paid in accordance with an approved
invoice.
1
Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares
The Annual General Meeting authorized the Board of Directors to decide on the repurchase of the
Company’s own shares on the following conditions: the Board is entitled to decide on repurchase of a
maximum of 10 100 000 of the Company's own shares, which shall be repurchased in deviation from the
proportion to the holdings of the shareholders using the non-restricted equity and acquired through trading
at the regulated market organized by Nasdaq Helsinki Ltd at the share price prevailing at the time of
acquisition. This number of shares corresponds to approximately a maximum of 9.5% of the total number
of shares in the Company. The shares may be repurchased in order to be used as consideration
in possible acquisitions or other arrangements related to the Company’s business, to finance investments
or as part of the Company’s incentive program or to be held, otherwise conveyed or cancelled by the
Company. The Board of Directors shall decide on other matters related to the repurchase of the
Company’s own shares. This repurchase authorization is valid until June 30, 2026, and revokes earlier
repurchase authorizations.
1
At its meeting on 25 February 2026, the company’s Board of Directors resolved that the company will not prepare a sustainability
report (“CSRD”) for the financial year 2025, as the company no longer falls within the scope of the sustainability reporting
requirements.
22
Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other
special rights entitling to shares
The Annual General Meeting authorized the Board of Directors to decide on the issuance of new shares
and/or the conveyance of own shares held by the Company and/or the granting of special rights referred to
in Chapter 10, Section 1 of the Finnish Companies Act on the following conditions:
By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights,
i.e. waiving the pre-emptive subscription rights of the shareholders, under the requirements of the law. By
virtue of the authorization, a maximum of 10 100 000 shares may be issued, corresponding
to approximately a maximum of 9.5% of the Company’s existing shares.
The Board may use the authorization in one or more instalments. The Board may use the authorization to
finance or conclude acquisitions or other arrangements, to strengthen the Company’s capital structure, to
incentive programs or other purposes decided by the Board. The new shares may be issued or the
Company’s own shares conveyed either against payment or free of charge. The new shares may also be
issued as an issue without payment to the Company itself. The Board was authorized to decide on other
terms of the issuance of shares and special rights. By virtue of the authorization, the Board of Directors
may decide on the realization of the Company’s own shares possibly held by the Company as pledge.
The authorization is valid until June 30, 2026. The authorization revokes earlier authorizations to issue
shares and grant option rights and other special rights entitling to shares.
Extraordinary General Meeting, June 12, 2025
Dovre Group Plc’s Extraordinary General Meeting held on June 12, 2025, decided on the payment of
dividend, in addition to the composition and remuneration of the Board of Directors.
Payment of dividend
The Extraordinary General Meeting decided, in accordance with the Shareholder’s proposal, that a
dividend of EUR 0.03 per share be paid to a shareholder who on the record date June 16, 2025, is
registered in the Company's shareholder register maintained by Euroclear Finland Ltd. The dividend will be
paid June 25, 2025.
Composition and remuneration of the Board of Directors
The Extraordinary General Meeting decided that the number of Board members be set at three (3). Ilari
Koskelo was re-elected as a member of the Board. Tomi Merenheimo and Ville Vuori were elected as new
members of the Board.
The Extraordinary General Meeting resolved that the chairman of the Board is paid EUR 43,000, the
vice chairman of the Board EUR 38,000, and each other member of the Board EUR 33,000 per year. The
annual compensation is to be paid in cash. In addition, reasonable travel expenses are also compensated.
Extraordinary General Meeting, November 25, 2025
Dovre Group Plc’s Extraordinary General Meeting held on November 25, 2025, decided on the matters set
out in sections 6, 7 and 8 of the notice to the Extraordinary General Meeting as follows:
Change in the Articles of Association
The Extraordinary General Meeting decided, in accordance with the Board’s proposal, to change Article 3 §
of the Articles of Association of the Company concerning the line of business is amended to read as
follows:
23
3 § Field of business
The company develops, designs, constructs and maintains solutions related to the production and storage
of renewable energy and provides customers with comprehensive services in the implementation of energy
sector projects.
The company may own and operate factories, construction firms and project development companies
engaged in industrial and energy sector business.
In addition, the company may develop, market and sell software and consulting services related to project
management, enterprise resource planning and virtual and augmented reality.
The company may produce and sell administrative and support services to its group companies and other
businesses, as well as engage in securities trading and own shares, holdings, and real estate of other
companies.
The company may also engage in intra-group financing activities, including equity and debt-based
financing.
Number of the members of the Board of Directors and election of the members
The Extraordinary General Meeting resolved that the number of members of the Board of Directors shall be
three (3). Ilari Koskelo was re-elected to the Board of Directors, and Aaron Michelin and Kalervo Rötsä
were elected as new members of the Board.
Authorizing the Board of Directors to decide on the issuance of shares as well as the issuance of other
special rights entitling to shares
Board of Directors was authorized to resolve on
(i) the issuance of new shares and/or
(ii) the conveyance of the Company’s own shares and/or
(iii) the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, on the
following conditions:
By virtue of the authorization, the Board may also decide on a directed issue of shares and special rights,
i.e. in deviation of the pre-emptive subscription rights of the shareholders, under the requirements of the
law. By virtue of authorization, a maximum of 400,000,000 shares may be issued.
The Board may use the authorization in one or more instalments. The Board may use the authorization to
strengthen the Company’s and its group companies’ capital structure, to finance or conclude acquisitions
or other arrangements, for issuance of convertible loan or loans or for other purposes decided by the
Board. The new shares may be issued or the Company’s own shares conveyed either against payment or
without consideration. The new shares may also be issued as an issue without payment to the Company
itself. The Board is authorized to decide on other terms of the issuance of shares and special rights. By
virtue of authorization, the Board of Directors may decide on the realization of the Company’s own
shares possibly held by the Company as pledge.
The Board of Directors' proposal was further supplemented with the following sentence: “When using the
authorization, the position of existing shareholders must be safeguarded.”
24
The authorization is valid until December 31, 2026. The authorization revokes earlier authorizations to
issue shares and grant option rights and other special rights entitling to shares.
The minutes of the Extraordinary General Meetings are available on the Company’s website at
www.dovregroup.com.
GOVERNANCE STATEMENT
Dovre Group complied during the financial year 2025 with the Finnish Corporate Governance Code (2025)
issued by the Securities Market Association.
The company’s Corporate Governance Statement for 2025 is presented separately from the Report of the
Board of Directors and is available on the company’s investor website and in the annual report. The
company’s governance principles are available on the company’s website at
https://www.dovregroup.com/investors/corporate-governance/
SHORT-TERM RISKS AND UNCERTAINTIES
There is a material uncertainty related to the going concern of Dovre Group Plc. The majority of the
Group’s revenue was generated by the subsidiary Suvic Oy and its subsidiary Suvic AB, both of which
have been declared bankrupt. As a result, the continuation of operations is dependent on the confirmation
of a restructuring programme, the successful realisation of assets, or the securing of new financing, none
of which can be assured. Although the preparation of the restructuring programme is ongoing, significant
uncertainty remains regarding its confirmation, its terms and the approval by creditors. If the restructuring
programme is not confirmed or its implementation fails, Dovre may be declared bankrupt.
Dovre Group Plc has issued guarantees on behalf of Suvic Oy and Suvic AB, the nominal aggregate
amount of which significantly exceeds the assets of the parent company. Payment claims have already
been made under some of these guarantees, and the final amount of guarantee liabilities depends on the
costs of completing the projects, the progress of the bankruptcy proceedings and other factors related to
such proceedings. The final amount cannot be reliably estimated at this stage. The full realisation of these
guarantee liabilities would pose a significant risk to the company’s ability to continue as a going concern,
although the treatment of these liabilities forms part of the restructuring proceedings.
Dovre Group Plc has also provided security deposits related to Suvic Oy’s projects, the recovery of which
is uncertain both in terms of timing and amount. The loss of these deposits, either partially or in full, is
possible. In addition, Proha and eSite, which belong to the Consulting segment, have been classified as
assets held for sale. Although the sale processes for these companies are ongoing, they involve significant
risks, as there is no certainty regarding the realisation price or timing. The realisation price may differ
materially from the carrying amount, and failure to complete the sale processes would materially weaken
the prerequisites for implementing the restructuring programme.
Renetec Oy’s early-stage renewable energy project development activities involve significant risks. The
continuation of project development requires sufficient funding, which has not been secured. Given the
inherently uncertain nature of value creation in early-stage projects, there is a risk, in the Group’s current
financial situation, that project development cannot be sufficiently funded or that the value of the projects
will not be realised.
25
EVENTS AFTER THE REPORTING PERIOD
The Board of Directors of Dovre Group Oyj's subsidiary Suvic Oy has filed for bankruptcy of Suvic
Oy
January 2, 2026 Dovre announced that the Board of Directors of its subsidiary Suvic Oy had on that day
resolved to file for bankruptcy for Suvic Oy. The bankruptcy petition has been submitted to the Oulu District
Court.
Dovre Group Plc has received Notice of Termination from Alight Ukko Oy addressed to Suvic Oy
concerning the Eurajoki solar park construction project
January 2, 2026 Dovre announced that it had received from Alight Ukko Oy a notice of termination
addressed to Suvic Oy concerning the construction project of the Eurajoki solar park.
Additional information on Dovre Group Plc's guarantee liabilities and information on the parent
company's cash position
January 2, 2026 Dovre announced that the filing for bankruptcy by its subsidiary Suvic Oy on January
2, 2026 is expected to have an impact on the financial performance of the parent company. Dovre’s most
significant financial risks relate to parent company guarantees issued on behalf of Suvic Oy in connection
with Suvic Oy’s projects, as well as counter-guarantees provided by Dovre to financial institutions for
Suvic Oy’s projects. Dovre’s primary obligor parent company guarantees were issued during the period
from December 1, 2024 to March 31, 2025. Dovre estimates the amount of the remaining guarantees at
approximately EUR 63 million. The total value of the on-demand and/or primary obligor counter-guarantees
issued to financial institutions amounts to approximately EUR 26 million.
Suspension of Trading in Dovre Group Plc
Nasdaq Helsinki Ltd announced in a stock exchange release on January 2, 2026 that trading in Dovre
Group Plc’s share (trading code DOV1V) has been suspended until further notice.
The Board of Directors of Suvic AB, a Swedish subsidiary owned by Suvic Oy, which is a
subsidiary of Dovre Group Plc, has filed for the bankruptcy of Suvic AB
January 5, 2026 Dovre announced that the Board of Directors of Suvic AB had on that day resolved to file
for bankruptcy for Suvic AB. The bankruptcy petition has been submitted to the Stockholm District Court.
Subsidiary of Dovre Group Plc, Suvic Oy, has been declared bankrupt
January 7, 2026 Dovre announced that, by its decision issued at 9:00 a.m. on January 7, 2026, the Oulu
District Court had declared Suvic Oy, a subsidiary of Dovre Group Plc, bankrupt.
Dovre Group Plc required to pay guarantee liability – the company is insolvent
January 7, 2026 Dovre announced that it had received a payment demand of EUR 5.5 million from Nordic
Guarantee Insurance Ltd, Finnish Branch, under a guarantee facility agreement. The payment falls due on
January 12, 2026. The payment demand is based on a performance guarantee issued in favour of Alight
Ukko Oy. In the release, Dovre stated that it is unable to pay the requested amount and that the company
is exploring the possibility of applying for debt restructuring proceedings due to the threat of insolvency.
Dovre Group Plc appoints Markku Taskinen as new CEO
January 8, 2026 Dovre announced that the Board of Directors had appointed Markku Taskinen as Chief
Executive Officer of the company as of January 8, 2026. He has been a member of Dovre’s Management
Team since November 22, 2025. At the same time, Timo Saarinen stepped down from his position as
acting CEO and will continue in his role as Interim Chief Financial Officer.
26
Dovre receives a €4.6 million payment claim from solar panel manufacturer LONGi
January 13, 2026 Dovre announced that it had received a payment demand from LONGi Solar Technology
Spain, S.L.U. (“LONGi”) in the amount of EUR 4.6 million under a primary obligor guarantee. The
guarantee issued by Dovre is a parent company guarantee granted to LONGi in respect of purchase
invoices of Suvic Oy, currently in bankruptcy, related to the Alight Ukko Oy solar power project. The
payment demand falls due on January 27, 2026.
Dovre receives a payment claim from Vinliden Vindkraft AB
January 15, 2026 Dovre announced that it had received a payment demand from Vinliden Vindkraft AB
(“Vinliden”) under a primary obligor guarantee issued by Dovre. The maximum liability under Dovre’s
primary obligor guarantee corresponds to the contract price, approximately EUR 12 million. Alternatively,
the company may assume responsibility for completing the contract itself. Dovre estimates that the contract
is close to completion; however, the costs of completing the remaining work are not yet known. Dovre
disputes the claim as unfounded and premature.
Dovre receives a EUR 3.3 million payment demand from Nordic Guarantee Insurance Ltd
January 16, 2026 Dovre announced that it had received a payment demand of EUR 3.3 million from Nordic
Guarantee Insurance Ltd under a guarantee facility agreement. The payment falls due on January 20,
2026. The payment demand is based on a performance guarantee issued in connection with
the Heinineva solar park project of Dovre’s subsidiary Suvic Oy, which is in bankruptcy. The beneficiary of
the guarantee is EPV Aurinkovoima Oy.
Dovre and SENS have signed a share purchase agreement regarding the sale of 85
MW Pyhäsalmi BESS project
January 19, 2026 Dovre announced that, under an agreement that entered into force on January 18, 2026,
the company and Sustainable Energy Solutions Sweden Holding AB (“SENS”) have agreed to sell 100% of
the shares in Pyhäsalmi BESS Oy to a renewable energy-focused fund managed by Prime Capital AG.
Dovre’s ownership interest in the project company was 45%. Dovre’s share of the purchase price at closing
is estimated at approximately EUR 2.1 million. The final purchase price will be confirmed by the end of
April, and Dovre will announce the confirmed amount separately. In accordance with the terms of the
transaction, the sellers are also entitled to potential additional consideration if the plant commences
operations by July 1, 2027. The transaction does not alter the company’s previous assessment regarding
its insolvency, nor the fact that the company is exploring the possibility of filing for debt restructuring
proceedings.
On 12 March 2026, the company subsequently announced that the transaction had been completed. The
final purchase price paid to Dovre for its shares in Pyhäsalmi BESS Oy amounted to EUR 2.1 million.
Dovre Group Plc applies for corporate restructuring
January 19, 2026 Dovre announced that the company had filed an application with the Western Uusimaa
District Court for the commencement of debt restructuring proceedings.
At the company’s request, temporary payment restrictions issued to the benefit of Dovre Group Plc
January 27, 2026 Dovre announced that, by its decision dated January 26, 2026, the Western Uusimaa
District Court had, at the company’s request, imposed temporary prohibitions on payment and the granting
of security, as well as on debt collection, enforcement measures and other execution proceedings against
Dovre Group Plc.
The prohibitions will remain in force until a decision on the commencement of debt restructuring
proceedings is issued or until otherwise ordered.
27
Change in Dovre Group Plc’s Executive Team
January 28, 2026 Dovre announced that Sanna Outa-Ollila will assume the position of Business Director
of Renetec Oy, a wholly owned subsidiary of Dovre Group Plc, and will simultaneously step down from
Dovre’s Management Team. She has been a member of the Management Team since November 22,
2025, serving in the role of Chief Operating Officer. As of January 28, 2026, Dovre’s Management Team
consists of Chief Executive Officer Markku Taskinen and Chief Financial Officer Timo Saarinen.
Debt restructuring proceedings initiated for Dovre Group Plc
January 28, 2026 The Western Uusimaa District Court has today, January 28, 2026, ordered the
commencement of standard debt restructuring proceedings for Dovre Group Plc.
Change in Dovre Group Plc’s Financial Reporting
Going forward from February 18, 2026, the company will no longer publish trading statements for January–
March or January–September. In addition, due to the ongoing debt restructuring proceedings, the
company’s Board of Directors has decided that the company will discontinue issuing separate forward-
looking guidance to the market. As a result of these changes, the financial reporting schedule for 2026,
previously published in a stock exchange release on 11 November 2025, will be amended in its entirety as
follows:
-Financial Statements review 2025: Thursday, 26 February 2026
-Half-year financial report January–June 2026: Thursday, 20 August 2026
The company will also not provide financial outlook guidance for 2026 in connection with the publication of
its Financial Statements review in spring 2026.
Resolution: Dovre Group Plc will not prepare a sustainability report for the financial year 2025
At its meeting held on February 25, 2026, the Board of Directors resolved that the Company will not
prepare a sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD)
for the financial year 2025.
Dovre divests its eSite business
On 2 March 2026, the company announced that it had signed an agreement to sell the eSite business to
Mitta Oy. The transaction was completed on 31 March 2026.
Sari Jussila has been appointed as Dovre Group Plc's new Interim CFO
On 7 April 2026, the company announced that Dovre Group Plc's interim CFO and member of the
Management Team Timo Saarinen has informed the company's Board of Directors that he will leave the
company on 12 April 2026. The company has invited Sari Jussila, M.Sc. (Econ.), as a new interim CFO
and a member of the Management Team as of 13 April 2026.
Set-off of a counter deposit of approximately € 5.5 million made by Dovre Group Plc (under
restructuring)
On 10 April 2026 Nordea Bank Plc has announced that it will apply to the liquidator of Dovre, attorney-at-
law Robert Peldán, for the set-off of a deposit of a similar amount as collateral for Dovre's delivery
guarantee. The liquidator will respond to the consent request received from Nordea on the basis of their
own investigations.
28
OUTLOOK FOR 2026
On 18 February 2026, Dovre announced that the company will no longer publish business reviews for
January–March or January–September. In addition, due to the corporate restructuring proceedings, the
Board of Directors has decided that the company will not provide separate financial guidance to the market
going forward.
BOARD’S DIVIDEND PROPOSAL
The distributable funds of the parent company, Dovre Group Plc, amounted to EUR –650,409.03 as at 31
December 2025.
The Board of Directors proposes to the Annual General Meeting that no dividend be distributed.
Espoo, 22 April 2026
DOVRE GROUP PLC
THE BOARD OF DIRECTORS
29
3. SHARES AND SHAREHOLDERS
Shares and share capital
Dovre Group Plc has one series of shares. Each share entitles its holder to one vote. Dovre Group Plc's
shares are listed on Nasdaq Helsinki Oy.
The number of the company’s shares increased in 2025 by 1,790,297 shares issued in a directed share
issue in connection with the acquisition of the minority interest in Suvic Oy. There were no changes in the
share capital during 2025. On December 31, 2025, Dovre Group’s share capital amounted to EUR
9,603,084.48 and the total number of shares was 107,746,791. The average number of shares outstanding
during the year was 106,162,501 shares.
Share price and turnover
In 2025, altogether 40.7 (19.5) million Dovre Group shares were exchanged on Nasdaq Helsinki Ltd.,
corresponding to a trade of approximately EUR 7.0 (6.6) million.
During the year, the volume weighted average price of Dovre share was 0.17 (0.34), the lowest quotation
was EUR 0,065 (0,21) and the highest EUR 0.36 (0.47). On December 30, 2025, the closing quotation was
EUR 0.0734 (0.23).
The period-end market capitalization was approximately EUR 7.9 (24.2) million.
After the end of the financial year, on January 2, 2026 at 9:00 a.m., Nasdaq Helsinki Ltd announced that
trading in the company’s share would be suspended until further notice.
As at 31 December 2025, Dovre Group Plc had a total of 5,528 (5,526) registered shareholders, including 8
(8) nominee-registered shareholders. At the end of December, nominee-registered holdings accounted for
3.3% (3.6%) of the total number of shares.
Authorization of the Board of Directors
Annual General Meeting on 29 April 2025
The Annual General Meeting of Dovre Group Plc held on 29 April 2025 authorised the Board of Directors to
decide on the repurchase of a maximum of 10,100,000 of the company’s own shares. The shares shall be
acquired otherwise than in proportion to the shareholdings of the shareholders, using the company’s
unrestricted equity at the market price prevailing at the time of acquisition in trading organised by Nasdaq
Helsinki Ltd on a regulated market. The maximum number of shares corresponds to approximately 9.5% of
all shares in the company. The shares may be acquired to be used as consideration in potential
acquisitions or other arrangements related to the company’s business, to finance investments, as part of
the company’s incentive schemes, or to be held by the company, otherwise transferred or cancelled. The
Board of Directors shall decide on other terms related to the authorisation. The authorisation is valid until
30 June 2026 and revokes any previous authorisations for share repurchases. The Annual General
Meeting also authorised the Board of Directors to decide on the issuance of new shares and/or the transfer
of the company’s own shares and/or the granting of special rights referred to in Chapter 10, Section 1 of
the Finnish Limited Liability Companies Act, on the following terms:
The Board of Directors may, pursuant to the authorisation, decide on a share issue and the granting of
special rights also as a directed issue, i.e. deviating from the shareholders’ pre-emptive rights, subject to
the conditions set out in law. A maximum of 10,100,000 shares may be issued under the authorisation,
corresponding to approximately 9.5% of the company’s current shares.
30
The Board of Directors may use the authorisation in one or several tranches. The authorisation may be
used to finance or implement acquisitions or other arrangements, to strengthen the company’s capital
structure, for incentive schemes or for other purposes decided by the Board. New shares may be issued
and the company’s own shares may be transferred either against payment or without consideration. New
shares may also be issued to the company itself without consideration. The Board was authorised to
decide on all other terms of the share issue and the granting of special rights. The Board may also decide,
based on the authorisation, on the realisation of the company’s own shares held as collateral. The
authorisation is valid until 30 June 2026 and revokes previous authorisations concerning share issues and
the granting of special rights entitling to shares.
Extraordinary General Meeting on 25 November 2025
The Extraordinary General Meeting of Dovre Group Plc held on 25 November 2025 authorised the Board of
Directors to decide on:
(i) the issuance of new shares and/or
(ii) the transfer of the company’s own shares and/or
(iii) the granting of special rights referred to in Chapter 10, Section 1 of the Finnish Limited Liability
Companies Act, on the following terms:
The Board of Directors may, pursuant to the authorisation, decide on a share issue and the granting of
special rights also as a directed issue, i.e. deviating from the shareholders’ pre-emptive rights, subject to
the conditions set out in law. A maximum of 400,000,000 shares may be issued under the authorisation.
The Board of Directors may use the authorisation in one or several tranches. The authorisation may be
used to strengthen the capital structure of the company and its subsidiaries, to implement acquisitions and
other arrangements, to issue convertible bonds or bonds with warrants, or for other purposes decided by
the Board. New shares may be issued and the company’s own shares may be transferred either against
payment or without consideration. New shares may also be issued to the company itself without
consideration. The Board was authorised to decide on all other terms of the share issue and the granting of
special rights. The Board may also decide, based on the authorisation, on the realisation of the company’s
own shares held as collateral.
In addition, the Board’s proposal was supplemented with the following sentence: “When exercising the
authorisation, the position of existing shareholders shall be safeguarded.”
The authorisation is valid until 31 December 2026 and revokes previous authorisations concerning share
issues as well as the granting of option rights and other special rights entitling to shares.
Use of authorisations
The Board of Directors of Dovre Group Plc utilised the authorisations granted on 29 April 2025 during the
financial year 2025 in connection with the acquisition of the remaining shares in its subsidiary Suvic Oy.
The company announced on 18 November 2025 that 1,790,297 new shares subscribed in a directed share
issue resolved by the Board had been registered in the Trade Register on 17 November 2025 and admitted
to trading on 20 November 2025. Following the registration of the new shares, the total number of shares in
the company is 107,746,791.
Own shares
There were no changes in the number of Dovre Group’s treasury shares during the year. At the end of
December 2025, Dovre Group Plc held 236,725 of its own shares, representing approximately 0.22% of all
the company's shares and votes.
31
Largest shareholders
Shareholder
Number of
shares
% of shares and
votes
1
Etra Capital Oy
19 000 000
17,6 %
2
Kakkonen Kyösti
13 429 891
12,5 %
Joensuun Kauppa ja Kone Oy
11 429 891
10,6 %
K22 Finance Oy
2 000 000
1,9 %
3
Koskelo Ilari
7 745 887
7,2 %
Koskelo Ilari
6 445 887
6,0 %
Navdata Oy *)
1 300 000
1,2 %
4
Terrasolid Oy
4 161 818
3,9 %
5
Kaikkonen Risto
3 408 510
3,2 %
6
Vesanen Ville
2 157 883
2,0 %
7
Siik Seppo
2 105 860
2,0 %
8
Kakkonen Kari
1 900 000
1,8 %
9
Mäkelä Pekka
1 775 713
1,6 %
10
Räisänen Janne
1 666 241
1,5 %
11
Siik Rauni
1 651 185
1,5 %
12
Paasi Kari
1 543 023
1,4 %
13
Hinkka Invest Oy
1 050 000
1,0 %
14
Heikki Tervonen Oy
940 000
0,9 %
15
Isoaho Ilkka
769 000
0,7 %
16
von Troil Carl-Gustaf
750 000
0,7 %
17
Oy Cen-Invest AB
715 453
0,7 %
18
Ruokostenpohja Ismo
651 287
0,6 %
19
Hinkka Petri
647 160
0,6 %
20
Iso-Ahon Kiinteistöt Oy
582 792
0,5 %
20 largest shareholders (total)
66 651 703
61,9 %
Nominee registered shares (total)
3 515 861
3,3 %
Total remaining
37 579 227
34,9 %
Total
107 746 791
100 %
*) Navdata Oy is a company controlled by Ilari Koskelo, a member of the Board of Directors of Dovre Group Plc.
32
Analysis of shareholdings on December 31, 2025
By number of shares owned
Number of shares
Number of
shareholders
% of all
shareholders
Total number
of shares
% of all shares
1–100
1 034
18,7
46 838
0,0
101–500
1 121
20,3
349 182
0,3
501–1 000
791
14,3
678 861
0,6
1 001–5 000
1 498
27,1
3 919 459
3,6
5 001–10 000
478
8,6
3 737 474
3,5
10 001–50 000
451
8,2
9 904 523
9,2
50 001–100 000
61
1,1
4 367 030
4,1
100 001–500 000
69
1,2
14 929 755
13,9
500 001–
25
0,5
69 813 669
64,8
Total
5 528
100,0
107 746 791
100,0
By shareholder category
Number of
shareholders
% of all
shareholders
Total number
of shares
% of all shares
Private companies
145
2,6
45 509 055
42,2
Financial and insurance
institutions
11
0,2
3 534 484
3,3
Households
5 360
97,0
57 732 737
53,6
Non-profit organizations
4
0,1
7 580
0,0
Foreign shareholders
8
0,1
962 935
0,9
Total
5 528
100,0
107 746 791
100,0
Nominee registered
8
3 515 861
3,3
Holdings of the board of directors and CEO
As at 31 December 2025, the members of the Board of Directors of Dovre Group Plc, including holdings
through controlled entities, held a total of 7,745,887 shares, representing approximately 7.2% of the total
number of shares and votes.
Name
Number of shares 
% of all shares 
Kalervo Rötsä 
0 
0,0 % 
Aaron Michelin 
0 
0,0 % 
Ilari Koskelo 1)
7 745 887 
7,2 % 
Timo Saarinen, acting CEO 
0 
0,0 % 
Board and CEO total
7 745 887 
7,2 % 
1) Navdata Oy, a company controlled by Ilari Koskelo, holds 1,300,000 shares.
33
Key figures by share
EUR
IFRS
2025
IFRS
2024
IFRS
2023
IFRS
2022
IFRS
2021
Undiluted earnings per share attributable to
owners
of the parent company (EUR)
-0.50
-0.08
0.04
0.05
0.04
Diluted earnings per share attributable to owners
of the parent company (EUR)
-0.50
-0.08
0.04
0.05
0.04
Undiluted earnings per share attributable to
owners of the parent company (EUR),
discontinued operations
0,02
0.04
0.004
n/a
n/a
Diluted earnings per share attributable to owners
of the parent company (EUR), discontinued
operations
0,02
0.04
0.004
n/a
n/a
Undiluted equity per share (EUR)
-0.45
0.25
0.35
0.32
0.27
Dividends EUR (1.000)
3,188
2,114
0
0
1,057
Dividend per share (EUR)
0.03
0.02
0.00
0.00
0.01
Dividend per earnings, %
n/a
n/a
0.0 %
0.0 %
28.6 %
Effective dividend yield, %
40.9 %
8.8 %
0.0 %
0.0 %
1.5 %
P/E ratio
n/a
n/a
11.32
11.99
19.52
Highest share price (EUR)
0.36
0.47
0.66
0.80
0.78
Lowest share price (EUR)
0.065
0.21
0.35
0.54
0.28
Average share price (EUR)
0.17
0.34
0.50
0.64
0.51
Market capitalization (EUR million)
7.9
24.1
45.9
61.8
72.3
Value of traded shares (EUR million)
7.0
6.6
9.0
19.6
30.9
Shares traded, %
37.8 %
18.3 %
17.0 %
29.1 %
57.3 %
Average number of shares:
-Undiluted (1.000)
106,163
105,956
105,956
105,956
104,956
-Diluted (1.000)
106,163
105,956
105,956
105,956
104,956
Number of shares at end of period (1.000)
107,747
105,956
105,956
105,956
105,956
34
Calculation of key indicators
Result for the period
Return on shareholders’ equity (ROE), % *) -------------------------------------------------------------------- * 100
Shareholders’ equity (average)
Shareholders’ equity
Equity-ratio,% -------------------------------------------------------------------- * 100
Balance sheet total – advances received
Interest-bearing liabilities - cash and cash equivalents
Gearing,% -------------------------------------------------------------------- * 100
Shareholders’ equity
Earnings for the equity holders of the parent company
Earnings per share, EUR --------------------------------------------------------------------
Adjusted number of shares (average)
Equity attributable to the shareholders of the parent
Equity per share, EUR --------------------------------------------------------------------
Adjusted number of shares at end of period
Dividend payable for the financial year
Dividend per share, EUR --------------------------------------------------------------------
Adjusted number of shares at end of period
Adjusted dividend per share
Dividend per earnings,% ------------------------------------------------------------------- * 100
Earnings per share
Adjusted dividend per share
Effective dividend yield,% -------------------------------------------------------------------* 100
Adjusted share price at end of period
Adjusted share price at end of period
Price-earnings ratio (P/E) --------------------------------------------------------------------
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.
35
4. CONSOLIDATED FINANCIAL STATEMENTS (IFRS) (*)
The Group's statement of comprehensive income, IFRS
Thousand euros
Note
1.1. -
31.12.2025
1.1. -
31.12.2024
Net sales
3
91 860
99 337
Other operating income
4
202
47
Materials and services
5
-86 140
-104 106
Personnel costs
6
-17 444
-10 806
Depreciation and amortization
7
-7 045
-697
Other operating expenses
8
-47 758
-5 592
Operating result
-66 325
-21 816
Financing income
9
2 002
11
.
Financing expenses
9
-2 676
-966
Net financial expenses
-674
-955
Result before tax
-66 999
-22 772
Income taxes
10
-331
0
Profit for the period, continuing operations
-67 330
-22 772
Profit for the period, discontinued operations
12
2 147
3 846
Result for the period
-65 183
-18 926
Other comprehensive income
Items that may be transferred to profit or loss in the future
Reclassification of Conversion Difference – discontinued
operations
3 994
0
Conversion differences
-388
276
Other extensive income items for the financial year taking
into account the tax impact
3 606
276
Comprehensive income for the financial year
-61 577
-18 650
Distribution of losses for the financial year:
For the owners of the parent company
-53 461
-8 266
For non-controlling owners
-11 722
-10 660
Loss for the financial year
-65 183
-18 926
Distribution of the loss attributable to the owners of the
parent company for the financial year:
Continuing operations
-55 608
-12 112
Discontinued operations
2 147
3 846
Loss for the financial year
-53 461
-8 266
Distribution of comprehensive income for the financial
year:
For the owners of the parent company
-49 855
-7 990
For non-controlling owners
-11 722
-10 660
Comprehensive income for the financial year
-61 577
-18 650
36
Distribution of comprehensive income attributable to
owners of the parent company:
Continuing operations
-52 002
-11 836
Discontinued operations
2 147
3 846
Comprehensive income for the financial year
-49 855
-7 990
Earnings per share attributable to the parent company's
shareholders for the financial year:
Undiluted
11
-0,50
-0,08
Dilution-adjusted
11
-0,50
-0,08
Earnings per share attributable to the parent company's
shareholders for the financial year from continuing
operations:
Undiluted
-0,52
-0,11
Dilution-adjusted
-0,52
-0,11
Consolidated Statement of financial position, IFRS
Thousand euros
Note
Dec 31, 2025
Dec 31, 2024
Assets
Non-current assets
Intangible assets
13
203
147
Goodwill
14
-
3 565
Tangible assets
15
9
2 465
Financial assets
18
11 250
2 908
Deferred tax assets
10
-
229
Total non-current assets
11 461
9 314
Current assets
Inventories
17
-
6 214
Trade and other receivables
19
1 996
23 593
Current tax receivables
10
-
17
Cash and cash equivalents
18
9 101
2 542
Total current assets
11 096
32 367
Assets held for sale
12
605
50 319
Total assets
23 162
91 999
Equity and liabilities
Equity
Share capital
20
9 603
9 603
Reserve for invested unrestricted equity
20
14 066
14 066
Revaluation reserve
20
2 869
2 869
Treasury shares
20
-237
-237
Translation differences
20
-112
-3 718
Retained earnings (losses)
-74 200
4 377
37
Total equity attributable to owners of the
parent company
-48 011
26 959
Non-controlling interest
-
-10 330
Total equity
-48 011
16 629
Liabilities
Non-current liabilities
Non-current liabilities, interest-bearing
22
-
1 772
Provisions
21
-
997
Other liabilities
-
390
Total non-current liabilities
-
3 159
Current liabilities
Current financial liabilities
23
2 501
8 858
Trade and other payables
25
58 577
29 893
Current tax liabilities based on taxable income
10
195
-
Provisions
21
9 576
10 477
Total current liabilities
70 849
49 228
Liabilities related to assets held for sale
12
324
22 983
Total liabilities
71 173
75 370
Total equity and liabilities
23 162
91 999
The consolidated balance sheet must be read together with the notes on it.
38
Consolidated statement of changes in shareholders’ equity, IFRS
Equity attributable to the shareholders of the parent
Thousand euros
Share
capital
Reserve for
invested
unrestricted
equity
Fair
value
reserve
Treasury
shares
Conversion
differences
Retained
earnings
Total
equity
attributable
to owners
of the
parent
company
Share of
non-
controlling
owners
Total
equity
Shareholders’ equity, Jan 1, 2025
9 603
14 066
2 869
-237
-3 718
4 377
26 959
-10 330
16 629
Loss for the financial year
-53 461
-53 461
-11 722
-65 183
Other comprehensive income that may
subsequently be reclassified to profit or
loss
Conversion differences
-388
-388
-388
Reclassification of conversion difference –
sold assets
3 994
3 994
3 994
Comprehensive income for the
financial year
-
-
-
-
3 606
-53 461
-49 855
-11 722
-61 577
Transactions with the owners
Dividend distribution
-3 188
-3 188
-3 188
Redemption of non-controlling interests
-22 177
-22 177
22 052
-125
Other items
250
250
250
Total transactions with owners
-
-
-
-
-
-25 116
-25 116
22 052
-3 064
Shareholders’ equity, Dec 31, 2025
9 603
14 066
2 869
-237
-112
-74 200
-48 011
-
-48 011
39
Equity attributable to the shareholders of the parent
Thousand euros
Share
capital
Reserve for
invested
unrestricted
equity
Fair
value
reserve
Treasury
shares
Conversion
differences
Retained
earnings
Total
equity
attributable
to owners
of the
parent
company
Share of
non-
controlling
owners
Total
equity
Shareholders’ equity, Jan 1, 2024
9 603
14 066
2 869
-237
-3 994
14 757
37 063
331
37 394
Loss for the financial year
-8 266
-8 266
-10 660
-18 926
Other comprehensive income
276
276
276
Comprehensive income for the
financial year
-
-
-
-
276
-8 266
-7 990
-10 660
-18 650
Transactions with the owners
Dividend distribution
-2 114
-2 114
-2 114
Total transactions with owners
-
-
-
-
-
-2 114
-2 114
-
-2 114
Shareholders’ equity, Dec 31, 2024
9 603
14 066
2 869
-237
-3 718
4 377
26 959
-10 330
16 629
40
Consolidated statement of cash flows, IFRS
Thousand euros
Note
1.1. -
31.12.2025
1.1. -
31.12.2024
Cash flow from operating activities
Operating result
-66 325
-21 816
Adjustments:
Depreciation and impairment
7
31 253
697
Translation differences recorded in the result
3 994
-
Other adjustments
-152
-
Total adjustments
35 094
697
Change in trade and other receivables (increase (-) / decrease
(+))
19
4 832
-6 994
Change in inventories (increase (-) / decrease (+))
17
-1 499
533
Change in bookings
21
-1 898
10 583
Change in trade payables and other payables (increase (+) /
decrease (-))
25
28 618
13 593
Change in net working capital
30 052
17 715
Interest paid
-307
-331
Interest received
462
3
Other financial items paid and received
-1 677
-534
Taxes paid/received
93
-130
Net cash flow from operating activities
-2 608
-4 396
Cash flows from investing activities
Investments in tangible and intangible assets
13, 15
-541
-343
Investments in cash and cash equivalents
-7 198
-1 000
Net cash flow from investing activities
-7 739
-1 343
Cash flows from financing activities
Drawdowns of short-term loans
-
5 030
Drawdown of short-term loans from a group company*
-
2 878
Repayments of short-term loans
23
-8 230
-
Repayment of lease liabilities
16
-737
-620
Dividends received from a group company*
-
1 277
Dividends paid
-3 188
-2 114
Net cash flow from financing activities
-12 156
6 451
Cash flow, discontinued operations
Cash flow from operating activities
-
5 340
Cash flow from investing activities
29 449
-19
Cash flow from financing activities
-
-4 180
Impact of changes in exchange rates
-388
53
Change in cash and cash equivalents, total
6 558
1 906
Cash and cash equivalents, Jan 1st
2 542
7 907
Adjustment related to operations classified as sold and
discontinued under IFRS 5
-7 272
Adjusted cash and cash equivalents at the beginning of the
financial year
-
635
Cash and cash equivalents, Dec 31.
9 101
2 542
*Received in the financial year 2024 from a Group company classified as non-current assets under IFRS 5
41
Consolidated Financial Statements, IFRS
1. General information and accounting principles
Group general information
Dovre Group Plc (the company, parent company) together with its group companies is a group operating in
Finland and Sweden, whose business groups in the financial year 2025 were Consulting and Renewable
Energy.
At the beginning of the financial year, on 2 January 2025, the Group divested its Project Personnel and
Norwegian Consulting businesses. After the end of the financial year on 7 January 2026, Dovre Group
Plc's subsidiary Suvic Oy and its subsidiary Suvic AB were declared bankrupt. In practice, the bankrupt
companies form the entire Renewable Energy business group.
Dovre Group Plc is a Finnish public limited liability company established under the laws of Finland,
domiciled in Helsinki. The company's registered address is Ahventie 4 B, 02170 Espoo, Finland. Dovre
Group Plc's shares are listed on Nasdaq Helsinki Ltd (code: DOV1V).
In its meeting on 06.04.2026, the Board of Directors of Dovre Group Plc approved these financial
statements for publication. According to the Finnish Limited Liability Companies Act, shareholders have the
opportunity to approve or reject the financial statements at the general meeting held after their publication.
The Annual General Meeting also has the opportunity to make a decision to amend the financial
statements. A copy of Dovre Group's consolidated financial statements is available on the Internet at
www.dovregroup.com or at Ahventie 4 B, 02170 Espoo, Finland.
Business continuity
These financial statements have not been prepared in accordance with the principle of business continuity.
After the end of the financial year on 7 January 2026, Dovre Group Plc's subsidiary Suvic Oy and its
subsidiary Suvic AB were declared bankrupt, which has also been taken into account in the valuation of
balance sheet items.
The bankrupt companies practically formed all of Dovre's Renewable Energy business and thus the
majority of Dovre Group's revenue. In addition, on 28 January 2026, Dovre Group Plc has been placed in
corporate restructuring by a decision of the District Court. The objective of the restructuring proceedings is
to stabilise Dovre Group Plc's financial position, manage liabilities and simplify operating models by
confirming an appropriate restructuring programme so that Dovre Group Plc does not remain insolvent.
The bankruptcy of Dovre Group Plc would lead to the immediate termination of its business operations and
the liquidation of its assets in a sudden bankruptcy liquidation, in which case it would be likely that the
remaining subsidiaries would also fall into a state of insolvency and their profit and realisation potential
would be lost.
Dovre Group Plc has implemented and will continue to implement significant adjustment and efficiency
measures as part of the corporate restructuring. The remaining subsidiaries and businesses in the Group,
such as Renetec Oy, Proha Oy and eSite, form an entity whose future will be assessed as the restructuring
proceeds. For more information, see Events after the balance sheet date, Note 31.
If the restructuring proceedings are successful, Dovre Group Plc will be able to remain in operations,
restructure off-balance sheet liabilities in a controlled manner and make prudent estimates of the retention
or sale of its assets.
42
In addition, the restructuring has been supported by the fact that, as presented in the restructuring
application, the restructuring proceedings generate a better payment accrual for the creditors than the
bankruptcy option, while preserving the company.
There are significant uncertainties related to the continuity of the company's operations. The company does
not have the prerequisites to continue operations without the sale of assets, new financing or new cash
flow generating business. These factors give significant reason to doubt the company's ability to continue
operations and meet its payments over the next 12 months. The sufficiency of cash is affected by the
decisions made in the company's restructuring proceedings.
Summary of the effects on the valuation of balance sheet items
As a result of the bankruptcies of Suvic Oy and Suvic AB, the Group's other operating expenses in 2025
include write-down costs related to unfinished customer projects of EUR 24,208 thousand, which consisted
of inventories (EUR 7,713 thousand), trade receivables (EUR 4,599 thousand) and accrued goods (EUR
11,896 thousand). In addition, the Group's other operating expenses include a cost impact of EUR 8,784
thousand from project provisions (Note 8). The liabilities and collateral related to the projects are described
in Note 28.
ACCOUNTING POLICIES
Accounting policies and key uncertainties related to estimates requiring management's judgement
In preparing the financial statements, the management's judgement has been particularly related to the
assessment of the criteria for business continuity and the valuation of assets. The subsidiaries that were
declared bankrupt at the beginning of 2026 have been consolidated in the consolidated financial
statements. After the end of the financial year, Dovre has lost control of the companies that have been
declared bankrupt. There is significant uncertainty related to the Group's ability to continue its operations,
which is why the financial statements have not been prepared based on the assumption of continuity of
operations.
The property, plant and equipment and lease-related right-of-use assets of the bankrupt companies have
been recognised as an impairment charge because the companies in question no longer have a cash-
generating business after the bankruptcy.
At the end of the financial year, the companies that had been declared bankrupt had unfinished projects
that required a long manufacturing time. As a result of bankruptcies, the projects in question are no longer
under the control of the Group, but the assets and liabilities related to them are under the control of the
bankruptcy estates. In the view of the Group's management, no significant payments are expected from the
project-related funds, as a result of which the inventories and receivables related to the projects have been
expensed as impairment.
After the end of the financial year, the parent company Dovre Group Plc has received payment demands
related to project guarantee limit agreements, based on which provisions totalling EUR 8,784 thousand
have been recorded.
EUR 3,265 thousand of the Group's goodwill was allocated to the business operations of the bankrupt
subsidiaries. The goodwill in question has been derecognised as an impairment loss.
Basis for preparation
The consolidated financial statements have been prepared in accordance with the International Financial
Reporting Standards (IFRS) and have been prepared in accordance with the IAS and IFRS standards as
well as SIC and IFRIC interpretations effective as of 31 December 2025. International accounting
43
standards refer to standards and interpretations adopted in the EU in accordance with the procedure laid
down in the Finnish Accounting Act and the regulations issued under it in EU Regulation (EC) No
1606/2002. The notes to the consolidated financial statements also comply with the requirements of
Finnish accounting and corporate legislation supplementing IFRS.
The consolidated financial statements have been prepared on the basis of original acquisition costs, unless
otherwise stated in the accounting policies. The financial statements are presented in thousands of euros,
unless otherwise stated in the financial statements.
Consolidation principles
The consolidated financial statements include the parent company Dovre Group Plc and all subsidiaries in
which the parent company has control at the end of the period. Dovre has control when, through its
participation in the company, it is exposed to or entitled to the company's variable returns and is able to
influence those returns by exercising its power over the company. The consolidation of a subsidiary in the
consolidated financial statements begins when the group has acquired control and ends when the control
ceases.
All intra-group transactions, receivables, liabilities and unrealised gains as well as internal profit distribution
are eliminated in the preparation of the consolidated financial statements.
The distribution of profit for the financial year to the owners of the parent company and non-controlling
interests is presented in connection with the income statement. The non-controlling interest shares have
been redeemed during 2025, and for this reason, the non-controlling interest's share of equity is no longer
presented on the balance sheet date of 31 December 2025.
Due to the bankruptcy, Suvic AB has been consolidated into the Group for the period 1.1.-30.11.2025.
Changes in items denominated in foreign currencies
Functional and presentation currency
The figures for the income and financial position of the intercompany units are determined in the currency
that is the functional currency of each unit. The consolidated financial statements are presented in euros,
which is the functional and presentation currency of the Group's parent company.
Transactions denominated in foreign currencies
Transactions denominated in foreign currencies are recorded in the functional currency at the exchange
rate on the transaction date. In practice, a course that roughly corresponds to the rate on the day of the
event is often used. At the end of the financial year, receivables and liabilities denominated in foreign
currencies are measured using the exchange rates on the balance sheet date.
Gains and losses arising from transactions denominated in foreign currencies and changes in monetary
items have been recognised through profit or loss and are presented in the financial items of the income
statement.
Conversion of financial statements of foreign group companies
The income statements of foreign subsidiaries are converted into euros using the weighted average
exchange rates of the financial year and the balance sheets at the exchange rates on the balance sheet
date. The conversion of the result for the financial year at different rates in the income statement and the
statement of comprehensive income and in the balance sheet causes a difference in the average exchange
rate, which is recognised in other comprehensive income. Translation differences arising from the
elimination of the acquisition cost of foreign subsidiaries and the translation of equity items accrued after
the acquisition are also recognised in other comprehensive income.
Intangible assets
The Group's intangible assets mainly consist of development costs.
44
Research expenses are expensed at the time of implementation. Development costs are also mainly
recognised as an expense at the time of realisation, unless it is a question of the development of new
products or product versions with significant improvements. Such costs are capitalized in the balance sheet
as intangible assets in accordance with the requirements of IAS 38.
Intangible assets are measured at cost less accumulated depreciation and impairment losses. Depreciation
has been calculated as straight-line depreciation for the probable estimated useful life of 2-5 years.
The value of the intangible assets of the bankrupt subsidiaries has been recognised as an impairment
charge because the companies in question no longer have cash-generating business operations after the
bankruptcy.
Goodwill
The goodwill arising from business combinations is recognised in the amount by which the consideration
transferred, the non-controlling interest in the acquisition object and the previously owned share together
exceed the Group's share of the fair value of the acquired net assets.
Goodwill is not regularly depreciated, but it is tested annually for possible impairments. For this purpose,
goodwill has been allocated to groups of cash-generating units. Goodwill is measured at original cost less
impairment.
The goodwill generated from the acquisition of foreign entities is converted into euros using the exchange
rates on the balance sheet date.
The portion of the Group's goodwill related to the business operations of the bankrupt subsidiaries has
been derecognised as an impairment loss.
Property, plant and equipment
The Group's tangible assets consist mainly of machinery and equipment. Property, plant and equipment
are measured at cost less accumulated depreciation and impairment losses. The depreciation has been
calculated on a straight-line basis for the probable estimated useful life of 3–5 years. Capital gains and
losses arising from the decommissioning and disposal of property, plant and equipment are included in
either other operating income or expenses.
The value of the property, plant and equipment assets of the bankrupt subsidiaries has been recognised as
an impairment charge because the companies in question no longer have any cash-generating business
operations after the bankruptcy.
Leases
Dovre Group's lease agreements mainly concern production equipment.
As a lessee, the Group recognises an asset reflecting the right to use a leased asset, which is presented
as property, plant and equipment, and a lease liability reflecting unpaid future lease payments, which is
presented as a financial liability. Exceptions to the above principle are contracts of less than 12 months and
those in which the value of the leased asset is less than EUR 5,000 when new.
For lease agreements that are valid until further notice and with a short notice period, Dovre estimates the
likely lease period for each lease.
When calculating lease liabilities and interest expenses, Dovre Group applies additional loan interest rates
to all lease agreements, reflecting company-specific factors, land and lease period.
45
The value of the right-of-use assets related to the leases of the bankrupt subsidiaries has been recognised
as an impairment charge because these companies no longer have a cash-generating business after the
bankruptcy.
Employee benefits
The Group's pension plans comply with the local regulations and practices of different countries. Pension
plans are classified as either defined contribution or defined benefit plans in accordance with IAS 19. The
Group's existing pension plans are defined contribution and payments made to pension plans are
recognised in the income statement for the period to which the debit relates.
Reservations
A provision is recognised when the Group has a legal or factual obligation as a result of a previous event,
the fulfilment of the payment obligation is probable and the amount of the obligation can be reliably
estimated. The amount recognised as a provision corresponds to the best estimate of the expenditure
required to meet the existing obligation on the balance sheet date.
Warranty provisions include the expected costs of repairing or replacing products if there is a warranty
period remaining on the balance sheet date. The calculation of warranty provisions is based on previous
experience of the amount of repairs and replacements.
A provision is recognised for loss-making contracts when the necessary expenses required to meet the
obligations exceed the benefits of the contract.
As a result of the bankruptcies of the subsidiaries, the parent company Dovre Group Plc has received
payment demands related to guarantee limit agreements, of which a provision of EUR 8,784 thousand was
recorded in the financial statements. On the balance sheet date of 31 December 2025, a guarantee
provision of EUR 793 thousand has also been presented as provisions (see Note 28 for more details).
Guarantees and contingent liabilities).
Taxes based on taxable income for the period and deferred taxes
The tax expense in the income statement consists of tax based on taxable income for the financial year
and deferred tax. The tax based on the taxable income for the financial year is calculated on the basis of
the taxable income in force in each country. Deferred taxes are calculated using the tax rate in force on the
balance sheet date.
Deferred taxes are calculated on the basis of temporary differences between the book value and the
taxable value. On the balance sheet date, temporary differences arise from impairment losses and
provisions. No deferred tax assets have been recognised from these items due to the Group's situation. For
more details, see the section Continuity of operations above.
Revenue recognition principles
The Group's revenue consists of project revenue as well as service and license revenue. In 2025, the
share of net sales recorded from projects was 98% of the Group's net sales.
The five-step model of IFRS 15 Revenue from Contracts with Customers is applied to the recognition of
revenue. The model identifies the customer agreement, the performance obligations of the contract,
determines the transaction price, allocates the transaction price to the performance obligations, and
recognizes the sales revenue. The Group recognises revenue as revenue less indirect taxes in the amount
that Dovre expects to be entitled to in respect of the products in question.
In terms of projects, one project is a performance obligation under IFRS 15. Projects are recognised as
income over time according to the degree of completion. The delivery price of the performance (unfinished
products) is recognised as income according to the degree of completion of the performance as the share
46
of the price of the finished product. The degree of completion of projects requiring a long production time
has been determined on the basis of factors describing the project's manufacturing phases. Receivables
and liabilities recognised from the percentage of completion of projects are netted in the balance sheet.
The services of the consulting business are entities, but invoicing is mainly done according to the hours
worked. The Consulting business service also includes the sale of support services, which is also
recognized as income on a monthly basis. Travel expenses related to the performance of the service,
which have been invoiced to the customer, are presented in the service sales.
License sales include the sale, rent, and lease of software licenses as part of a SaaS service. Maintenance
includes the maintenance fee of the software license. Rental and maintenance income from software
licenses is recognised as revenue on a monthly basis as a continuous service. Most software licenses are
sold as rental licenses. If a customer purchases software licenses, they are recognized as revenue at once
when the software license is transferred to the customer.
Each of Dovre Group's customer contracts typically includes only one performance obligation, such as a
project, or the invoicing basis is hourly or daily service sales. Therefore, allocating the transaction price to
the performance obligation is usually simple. The Group's customer contracts do not include significant
financial components. Variable maintenance charges are very rare and are assessed on a project-by-
project basis.
As a result of the bankruptcies of the subsidiaries, the unfinished projects were transferred from the
Group's control to the management of the bankruptcy estate at the beginning of 2026. Project-related
assets were recorded as an impairment charge in the 2025 financial statements.
Other operating income
Other operating income includes damages received and public grants. Public grants are recognised when it
is reasonably certain that the conditions related to them will be met and the grants will be received.
Inventories
Inventories are measured at the lower of cost or net realisable value, which is the estimated sales price of
the final product less estimated variable sales costs and other production costs. Acquisition cost includes
all purchase, manufacturing and other costs incurred in bringing inventories to their location and condition.
The acquisition cost of inventories is determined using the FIFO principle.
The item "Materials and supplies” mainly consists of intermediate storage of commodities intended for
projects under construction.
The item "Work in progress" has included construction and plot costs that have not been recorded as
expenses for unfinished construction sites. The acquisition cost of work in progress includes raw materials,
direct work performance, other direct costs, indirect costs of procurement and manufacturing.
The item "Prepayments" has included prepaid items from inventories.
The value of the inventories of the bankrupt subsidiaries has been recognised as an impairment charge for
the financial year 2025, as the companies in question no longer have any cash-generating business
operations after the bankruptcy.
Financial assets and liabilities
Financial assets
The Group's financial assets are classified in accordance with IFRS 9 Financial Instruments into the
following categories: financial assets at fair value through profit or loss and amortised cost.
47
Dovre Group's holdings SaraRasa Bioindo Pte. Ltd., SENS Storage Oy and Pyhäsalmi BESS Oy have
been classified at fair value through profit or loss, as they are not part of the Group's core business.
SaraRasa Bioindo Pte. Ltd, SENS Storage Oy and Pyhäsalmi BESS Oy are unlisted companies, so the fair
value classification is level 3 in accordance with IFRS 13 Fair Value Determination.
Fund investments are classified at fair value through profit or loss. The fair value classification is level 1
according to IFRS 13 Determination of fair value.
Loan receivables and other receivables are measured at amortised cost. By their very nature, they are
included in the balance sheet as short-term and non-current assets: the latter if they mature in more than
12 months.
The loss provision for trade receivables is recognised using a simplified model that is based on the age of
the overdue receivables. A loss provision for trade receivables is recognised if the receivable is more than
90 days overdue, the receivable has been actively collected without success and, according to the
management's assessment, it is unlikely that the receivable will be paid for the receivable.
Financial liabilities
In accordance with IFRS 9, financial liabilities are initially recognised in the amount of consideration
received less transaction costs. In subsequent financial years, financial liabilities are measured at
amortised cost using the effective interest method. Financial liabilities are included in long-term and short-
term liabilities and they can be interest-bearing or non-interest-bearing. Interest expenses are recognised
in the income statement on an accrual basis. Financial liabilities are classified as short-term, unless the
Group has the right to postpone the payment of the debt for at least 12 months from the end date of the
financial year.
Due to the bankruptcies of the subsidiaries and the corporate restructuring of the parent company, all
financial liabilities have been presented as short-term on the balance sheet date for 2025.
Assets held for sale and discontinued operations
Non-current assets and assets and liabilities related to discontinued operations are classified as held for
sale if an amount equal to their carrying amounts is expected to accrue primarily from sales rather than
from continuing use in the course of business. Classification as held for sale requires that the sale is highly
probable, that the asset is immediately available for sale in its current condition on customary terms, that
management has committed to the sale of the asset and that the sale is expected to take place within one
year of the classification.
Before an asset or assets and liabilities belonging to a group of disposal items are classified as held for
sale, their carrying amounts are determined in accordance with the IFRS standards applicable to them.
From the date of classification, non-current assets held for sale shall be measured at carrying amount or
fair value less the costs of the sale, whichever is lower. Depreciation is no longer recognised for property,
plant and equipment and intangible assets held for sale. Assets held for sale, disposal groups, other
comprehensive income related to assets held for sale, and liabilities included in the disposal category are
presented separately from other items in the balance sheet.
A discontinued operation is a part of the group that has been divested or classified as held for sale and that
meets the classification criteria for discontinued operations in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income statement and the
figures for the comparison period are adjusted accordingly.
During the financial year 2025, Dovre Group has initiated the divestment of its subsidiary Proha Oy and the
eSite business included in Dovre Plc, and the related assets and liabilities have been classified as held for
sale in the consolidated balance sheet. In the financial year 2024, the Discontinued operations were
defined as the Project Personnel business held for sale and the Norwegian Consulting businesses.
48
For the sake of clarity, it should be noted that the results of the companies that have been declared
bankrupt have not been presented as discontinued operations on 31 December 2025, but they have been
presented in continuing operations.
New and revised standards and interpretations
The IASB has published new and amended IFRS accounting standards that will not come into effect until
financial years beginning on 1 January 2025 and have not been applied in these consolidated financial
statements. The Group will adopt them when the standards enter into force.
IFRS 18 Presentation of Financial Statements and Disclosures (effective for reporting periods beginning on
or after 1 January 2027, earlier application is permitted)
The most significant changes in the standard are related to the structure of the income statement and the
subtotals presented in it. Income and expenses in the income statement are presented in the following
categories: operations, investments, financing, discontinued operations and taxes. The structure of Dovre's
income statement will change when the income and expenses of the income statement are presented in
the above-mentioned statements. groups.
The standard has not yet been approved in the EU by 31 December 2025.
Other new or amended standards are not expected to have a material impact on Dovre's consolidated
financial statements.
2. Operating segments
In the financial year 2025, the Group had two reporting segments:
• The Renewable Energy segment provides engineering, structural engineering and turnkey
contracting for wind farms and other CO2-free projects. In practice, bankrupt subsidiaries form the
entire Renewable Energy segment.
• The Consulting segment provides project management software and services and virtual reality
services for industry. Units belonging to the Consulting business group have been classified as
held for sale in accordance with IFRS 5 at the end of 2025.
3. Net sales
Net sales by revenue type
EUR Thousand 2025 % Net sales 2024 % Net sales Services 968 1,1 % 1 039 1,0 % License revenue 772 0,8 % 741 0,7 % Maintenance 169 0,2 % 164 0,2 % Project revenue 89 951 97,9 % 97 393 98,0 % Total 91 860 100,0 % 99 337 100,0 %
Net sales by market area
EUR Thousand 2025 % Net sales 2024 % Net sales Finland 75 807 82,5 % 54 546 54,9 % Sweden 16 053 17,5 % 44 791 45,1 % Total 91 860 100,0 % 99 337 100,0 %
49
Long-term projects
EUR Thousand 2025 2024 Net Sales according to percentage of completion 89 850 95 929
Revenue recognised based on the percentage of completion method for long-term projects not yet delivered to customers, recognised during the financial 189 year and in previous financial years 418 182 042
Amounts not recorded as net sales from long-term projects EUR Thousand 2025 2024 Projects recognised using the percentage of completion method - 28 894 Projects recognised based on completion of delivery - - Total order book - 28 894
During the financial year 2025, significant challenges arose in three projects in Sweden, and cost overruns
in these projects materially weakened the Group’s result. The underlying causes were deficiencies in
project management, leadership and reporting in these projects, which impaired forecasting and
transparency regarding the status of the projects. All identified losses from customer projects have been
recognised as expenses for the financial year 2025.
The Group no longer has an order backlog, as the companies engaged in its project business were
declared bankrupt at the beginning of 2026. Assets related to unfinished customer projects, totalling EUR
24,208 thousand, have been recognised as expenses; see Note 17 Inventories and Note 19 Trade
receivables and other receivables.
4. Other operating income
EUR Thousand 2025 2024 Other operating income 202 47 Total 202 47
In 2025, other operating income of EUR 202 thousand includes EUR 89 thousand in compensation
received and EUR 113 thousand in public grants.
5. Material and services
EUR Thousand 2025 2024 Materials, supplies and goods -64 982 -49 334 External services -21 158 -54 772 Total -86 140 -104 106
50
Due to the bankruptcies of subsidiaries, the value of the Group’s inventories has been recognised as an
expense. The impairment has been presented in other operating expenses; see Note 8 Other operating
expenses for further details.
6. Personnel
EUR Thousand 2025 2024 Salaries and fees -14 234 -8 401 Pension expenses, defined contribution plans -2 270 -1 624 Other employee benefits -940 -781 Total -17 444 -10 806
Salaries, fees and fringe benefits of management, as well as compensation to key personnel, are
presented in Note 30 Related parties.
7. Depreciation and amortization
EUR Thousand 2025 2024 Depreciations, intangible assets -29 -7 Depreciations, tangible assets -1 007 -690 Impairment, intangible assets -5 - Impairment, tangible assets -2 739 - Impairment, goodwill -3 265 - Total -7 045 -697
The carrying amounts of tangible and intangible assets of the subsidiaries declared bankrupt, totalling EUR
2,744 thousand, have been recognised as impairment losses, as these companies no longer have cash-
generating operations following the bankruptcy. In addition, goodwill allocated to the bankrupt entities has
been impaired in the amount of EUR 3,265 thousand.
8. Other operating expenses
EUR Thousand 2025 2024 Premises -668 -401 Marketing -224 -444 Travel -2 288 -1 564 Administration and other operating expenses -5 940 -3 183 Impairment -24 208 - Project bookings and expenses -14 430 - Total -47 758 -5 592
The impairments consist of write-downs related to projects of subsidiaries declared bankrupt, of which EUR
16,495 thousand relates to receivables (see Note 19 Trade receivables and other receivables) and EUR
7,713 thousand to inventories (see Note 17 Inventories). Further information on provisions is presented in
Note 21 Provisions.
51
Auditor fees EUR Thousand 2025 2024 Fees for statutory audit -182 -205 Fees for assignments referred to in Chapter 1, Section 1, Subsection 1, Paragraph 2 of the Auditing Act -54 -14 Fees for tax advice - - Fees for other services -5 -3 Total -241 -222
9. Financing income and expenses
Financing income
EUR Thousand
2025
2024
Income from interest
461
8
Foreign exchange gains
3
3
Other interest and financial income
394
-
Measurement of financial assets at fair value
1 144
-
Financial income, total
2 002
11
Financing expenses
EUR Thousand
2025
2024
Interest expenses
-435
-496
Foreign exchange losses
-1 230
-31
Other interests and financing expenses
-1 010
-441
Financial assets at fair value through profit or loss
-
2
Financing expenses, total
-2 676
-966
Financing income and expenses, total
-674
-955
10. Income tax
EUR Thousand 2025 2024 Taxes for the financial year -167 -3 Change in deferred tax assets and liabilities -165 3 Total -331 -
The Group’s tax losses
The Group’s confirmed tax losses amounted to EUR 28.8 (5.8) million. Of these confirmed losses, EUR
22.6 million relates to subsidiaries declared bankrupt after the end of the financial year. As a result of the
bankruptcies, these losses are no longer utilisable.
Of the confirmed tax losses available for future utilisation, totalling EUR 6.2 million, EUR 2.1 million will
expire in 2026–2028 and EUR 4.1 million will expire thereafter. In addition to the above, it is estimated that
tax losses of approximately EUR 2.0 million will be confirmed for the financial year 2025, all of which will
expire after 2028.
No deferred tax assets have been recognised in respect of the accumulated tax losses.
52
Deferred tax assets and liabilities
At the reporting date, temporary differences arise from impairments and provisions. Due to the Group’s
situation, no deferred tax assets have been recognized in respect of these differences. At the reporting
date, there were no material temporary differences giving rise to deferred tax liabilities.
11. Earnings per share
Undiluted earnings per share
Undiluted earnings per share is calculated by dividing the profit or loss for the period attributable to the
shareholders of the parent company by the weighted average number of shares outstanding during the
period.
Diluted earnings per share
In calculating diluted earnings per share, the weighted average number of shares outstanding is adjusted
for the potential dilutive effect of all instruments entitling to shares. The Group had no dilutive instruments
at the end of the financial year or the comparative period; therefore, undiluted and diluted earnings per
share are the same.
Earnings per share 2025 2024 Result attributable to the shareholders of the parent (EUR thousand) -53 461 -8 266 Weighted average number of shares during the financial year (1.000) 106 163 105 956 Undiluted earnings per share (EUR / share) -0,50 -0,08
12. Assets held for sale and discontinued operations
During the financial year 2025, the Dovre Group initiated the sale processes of its subsidiary Proha Oy and
the eSite business included in Dovre Group Plc. The related assets and liabilities have been classified as
held for sale in the consolidated statement of financial position. The classification had no impact on the
Group’s statement of comprehensive income. Proha Oy and the eSite business together form the Group’s
Consulting business area. The sale of the eSite business was completed after the reporting date on 31
March 2026; see Note 31 Events after the reporting period for further details.
In the financial year 2024, the Project Personnel business and the Norwegian Consulting business, which
were classified as held for sale, were presented as discontinued operations. The transactions were
completed on 2 January 2025. The result from discontinued operations for 2025 includes the gain on sale
of these businesses, totalling EUR 2,147 thousand.
Balance sheet, assets held for sale
EUR Thousand Dec 31, 2025 Dec 31, 2024 ASSETS NON-CURRENT ASSETS Intangible assets - 1 559 Goodwill 300 16 436 Tangible assets - 1 395 Deferred tax assets - 11 NON-CURRENT ASSETS 300 19 401
53
CURRENT ASSETS Trade and other receivables 305 23 646 Cash and cash equivalents - 7 272 CURRENT ASSETS 305 30 918 TOTAL ASSETS 605 50 319
LIABILITIES
LONG-TERM LIABILITIES Deferred tax liabilities - 859 Financial liabilities - 1 022 TOTAL LONG-TERM LIABILITIES - 1 881
CURRENT LIABILITIES Current financial liabilities - 1 678 Trade and other payables 324 18 716 Tax liabilities based on taxable income for the financial year - 709 TOTAL CURRENT LIABILITIES 324 21 102 TOTAL LIABILITIES 324 22 983
Cash flow, discontinued operations
EUR Thousand 2025 2024 Net cash flow from operating activities - 5 340 Net cash flow from investing activities 29 449 -19 Net cash flow from financing activities - -4 180
54
13. Intangible assets
Intangible assets 2025 Other Customer intangible agreements and Development assets EUR Thousand relationships Trademark costs Total Acquisition cost, Jan 1 - - 137 26 163 Additions - - 96 - 96 Acquisition cost, Dec 31 - - 233 26 259 Accumulated depreciation and impairment, Jan 1 - - - -16 -16 Depreciation of the financial year - - -27 -2 -29 Impairment -4 -8 -12 Accumulated depreciation and impairment, Dec 31 - - -31 -26 -57 Book value, Dec 31 - - 203 - 203
Intangible assets 2024
Other Customer intangible agreements and Development assets EUR Thousand relationships Trademark costs Total Acquisition cost, Jan 1 3 104 1 249 - 59 4 412 Additions - - 137 7 144 Transfers to items classified as discontinued and classified for sale in accordance with IFRS 5 -3104 -1249 - -40 -4 393 Acquisition cost, Dec 31 - - 137 26 163 Accumulated depreciation and impairment, Jan 1 -2 360 - - -7 -2 367 Depreciation of the financial year - - - -9 -9 Transfers to items classified as discontinued and classified for sale in accordance with IFRS 5 2 360 - - - 2 360 Accumulated depreciation and impairment, Dec 31 - - - -16 -16 Book value, Dec 31 - - 137 10 147
55
The intangible assets of the bankrupt subsidiaries, with a total carrying amount of EUR 12 thousand, have been recorded as an impairment charge for 2025.
14. Goodwill
EUR Thousand 2025 2024 Project personnel - - Consulting 300 300 Renewable Energy - 3 265 Total 300 3 565
EUR 3,265 thousand of the Group's goodwill was allocated to the business operations of the bankrupt subsidiaries. The goodwill in question has been
derecognised as an impairment loss. The remaining EUR 300 thousand is allocated to the Group's eSite business, the related assets of which have been
defined as held for sale in accordance with IFRS 5. This goodwill is therefore presented in the consolidated balance sheet as part of the assets held for sale
category.
15. Tangible assets
Tangible assets 2025
Owned assets Right-of-use assets Machinery Machinery and and EUR Thousand equipment Buildings equipment Total Acquisition cost, Jan 1 563 87 2 787 3 437 Additions 472 - 881 1 353 Disposals -63 -87 -412 -562 Acquisition cost, Dec 31 972 - 3 256 4 228 Accumulated depreciation and impairment, Jan 1 -147 -65 -760 -972 Accumulated depreciation of disposals 18 65 415 498
56
Depreciation of the financial year -176 - -830 -1 007 Impairment -658 - -2 081 -2 739 Accumulated depreciation and impairment, Dec 31 -963 - -3 256 -4 220 Book value, Dec 31 9 - - 9
Tangible assets 2024
Owned assets Right-of-use assets Machinery Machinery and and EUR Thousand equipment Buildings equipment Total Acquisition cost, Jan 1 1 234 3 687 3 118 8 039 Additions 363 23 276 662 Disposals - - -173 -173 Transfers to items classified as discontinued and classified for sale in -1 034 -3 623 -434 -5 091 accordance with IFRS 5 Acquisition cost, Dec 31 563 87 2 787 3 437 Accumulated depreciation and impairment, Jan 1 -950 -2 017 -300 -3 267 Accumulated depreciation of deductions - - 67 67 Depreciation of the financial year -137 -21 -532 -690 Transfers to items classified as discontinued and classified for sale in 940 1 973 5 2 918 accordance with IFRS 5 Accumulated depreciation and impairment, Dec 31 -147 -65 -760 -972 Book value, Dec 31 416 22 2 027 2 465
The tangible assets of the bankrupt subsidiaries, with a total carrying amount of EUR 2,739 thousand, have been recognised as impairment as an expense for
2025.
57
16. Leases
The Dovre Group's lease agreements have mainly concerned production equipment, and they have been
directed at subsidiaries that have been declared bankrupt. As these companies no longer have any cash-
generating business after the bankruptcy, the value of the right-of-use assets, totalling EUR 2,081
thousand, has been recognised as an impairment charge for 2025. The lease agreements of the bankrupt
subsidiaries have been terminated, and the related lease liabilities have been classified as short-term.
Leasing liabilities EUR Thousand Dec 31, 2025 Dec 31, 2024 Non-current lease liabilities - 1 772 Current lease liabilities 2 501 628 Total 2 501 2 400
Cash flow statement items EUR Thousand Dec 31, 2025 Dec 31, 2024 Lease liability amortization payments -737 -577 Lease liability interest payments -112 -103 Total -849 -680
Income statement items EUR Thousand 2025 2024 Right-to-use asset depreciations -830 -553 Right-to-use interest costs -112 -103 Low value lease expense -1 913 -404 Total -2 855 -1 060
The maturity of lease liabilities is presented in Note 24.
17. Inventories
EUR Thousand Dec 31, 2025 Dec 31, 2024 Materials and supplies - 131 Work in progress - 3 426 Advance payments - 2 657 Total - 6 214
All of the Group's inventories have been in the bankrupt subsidiaries. The value of inventory, EUR 7,713
thousand, has been recorded as an impairment expense on the balance sheet date.
18. Financial assets
EUR Thousand Dec 31, 2025 Dec 31, 2024 Long-term Unlisted equity financial assets 3 247 2 056 Collateral deposits 8 003 - Fund investments - 852 Total non-current financial assets 11 250 2 908
58
Short-term Fund investments 344 - Total short-term financial assets 344 -
Unlisted equity financial assets
The unlisted equity assets include Dovre Group Plc's holdings in SaraRasa Bioindo Pte. Ltd. (Bioindo) and
Pyhäsalmi BESS Oy. On 18 January 2026, the Group agreed on the sale of Pyhäsalmi BESS Oy's shares
for a purchase price of EUR 2.1 million. The shares of Pyhäsalmi BESS Oy have been valued at fair value
in accordance with the purchase price in the financial statements on 31 December 2025.
Collateral deposits
The long-term collateral deposits mainly consist of long-term collateral deposits provided by the parent
company in connection with the projects of the subsidiary Suvic Oy, and their value on the balance sheet
date was EUR 7,958 thousand. Collateral deposits serve as counter-deposits for on-demand guarantees.
The deposits have not been demanded to be paid by the balance sheet date, and they have not been
officially lost. The deposits have been recorded in the consolidated balance sheet as long-term collateral
deposits in accordance with their original purpose.
The final fate of the deposits, in part or in full, is unclear on the balance sheet date. The matter will be
clarified as the corporate restructuring proceedings concerning the parent company progress on the basis
of the measures taken by the liquidator administration and the outcome of the proceedings. The situation
will be monitored and, if necessary, the accounting treatment of collateral deposits will be reassessed as
circumstances change.
Fund investments
The fund investments include a short-term investment fund unit of Dovre's subsidiary Suvic Oy, which is
recorded at the fair value of EUR 344 thousand on the balance sheet date. The fair value classification
level of investments is 1 in the fair value hierarchy.
19. Trade and other receivables
EUR Thousand Dec 31, 2025 Dec 31, 2024 Trade receivables 230 11 314 Other receivables 1 122 2 363 Accrued income on sales 644 9 916 Total 1 996 23 593
Siirtosaamiset EUR Thousand Dec 31, 2025 Dec 31, 2024 Revenue recognition according to the percentage of competion - 8 725 Accrued income on sales - 276 Other accrued income 644 915 Total 644 9 916
Due to the bankruptcies of the subsidiaries, the assets related to the projects have been expensed on the
balance sheet date. The write-down of trade receivables was EUR -4,599 thousand and of deferred
receivables EUR -11,896 thousand.
59
20. Shareholders’ equity
The company's registered share capital is EUR 9,603,084.48. Dovre Group Plc has a total of 107,983,516
shares, of which the company held a total of 236,725 shares on 31 December 2025 (1 January 2025:
236,725). The company's treasury shares held 0.22 per cent of all shares and votes in the company. Dovre
Group Plc has one series of shares. All shares in the company carry one vote and an equal right to
dividend. The share has no nominal value. Dovre Group Plc's shares are listed on Nasdaq Helsinki Ltd.
The shares are part of the book-entry system maintained by Euroclear Finland Ltd.
Reserve for non-Number of Share restricted Fair value Treasury EUR Thousand Shares Capital equity reserve shares Total Jan 1, 2025 105 956 494 9 603 14 066 2 869 -237 26 301 Dec 31, 2025 107 746 791 9 603 14 066 2 869 -237 26 301
Changes in 2025
In 2025, the number of shares increased by 1,790,297 shares issued in a directed share issue in
connection with the redemption of Suvic Oy's minority share. There were no changes in the share capital in
2025. On 31 December 2025, Dovre Group's share capital was EUR 9,603,084.48 and the total number of
outstanding shares was 107,746,791. The average number of shares during the year was 106,162,501
shares.
Dividend payments
During the financial year 2025, a total of EUR 3,188 thousand in dividends was paid in accordance with the
decision of the Extraordinary General Meeting on 12 June 2025.
During the financial year 2024, a total of EUR 2,114 thousand was paid in dividends in two instalments in
accordance with the decision of the Annual General Meeting on 4 April 2024.
21. Provisions
2025 Warranty provisions for long-term Disputes Other risk EUR Thousand projects provisions provisions Total Jan 1. 10 540 635 299 11 474 Increases in provisions 9 576 9 576 Used provisions 0 Cancellations of unused provisions -10 540 -635 -299 -11 474 Dec 31 9 576 - - 9 576 Long-term - - - - Short-term 9 576 - - 9 576 Total 9 576 - - 9 575
60
2024
Warranty provisions for Disputes Other risk EUR Thousand long-term projects provisions provisions Total Jan 1. 190 528 173 891 Increases in provisions 10 477 142 146 10 765 Used provisions -103 -35 -20 -158 Cancellations of unused provisions -24 -24 Dec 31 10 540 635 299 11 474 Long-term 63 635 299 997 Short-term 10 477 10 477 Total 10 540 635 299 11 474
On the balance sheet date, project-related provisions totalled EUR 9,576 thousand, of which EUR 793
thousand were guarantee provisions and EUR 8,784 thousand consisted of two payment claims based on
guarantee limit agreements received from Nordic Guarantee Limited Ltd. Of these, the payment demand of
EUR 3,289 thousand is based on a delivery guarantee given by Dovre's bankrupt subsidiary Suvic Oy for
the Heiinineva solar park project. The beneficiary of the guarantee is EPV Aurinkovoima Oy. The second
payment demand of EUR 5,495 thousand is based on a delivery guarantee granted to Alight Ukko Oy.
Due to the bankruptcies of the Group's subsidiaries Suvic Oy and its subsidiary Suvic AB, the provisions
are presented as short-term. The realisation of the provisions depends on the restructuring proceedings of
the parent company Dovre Group Plc.
22. Long-term financial liabilities
EUR Thousand Dec 31, 2025 Dec 31, 2024 Long-term lease liabilities (Note 16) - 1 772 Other liabilities - 390 Total - 2 162
On the balance sheet date 31.12.2025, all of the Group's liabilities are classified as short-term. Other
liabilities in 2024 consist of a subordinated loan granted by the non-controlling interests of the Group's
subsidiary Suvic Oy.
The fair value of long-term liabilities is reasonably equivalent to their carrying amount.
23. Short-term financial liabilities
EUR Thousand Dec 31, 2025 Dec 31, 2024 Utilised credit limits 0 8 230 Current lease liabilities (Note 16) 2 501 628 Total 2 501 8 858
61
On the balance sheet date 31.12.2025, all the Group's liabilities are classified as short-term.
In 2024, the average interest rate charged on the number of credit facilities in use was 5.12%.
24. Financial liabilities maturity breakdown
Dec 31, 2025 EUR Thousand Year 2026 2027 2028 2029 2030 2031- Total Lease liabilities 2 501 2 501 Trade and other liabilities* 21 788 21 788 Total 24 289 - - - - - 24 289
Dec 31, 2024 EUR Thousand Year 2025 2026 2027 2028 2029 2030- Total Used bank overdrafts 8 230 8 230 Lease liabilities 711 647 455 706 57 2 576 Trade and other liabilities* 26 969 390 27 359 Total 35 910 647 455 706 57 390 38 165
*Excludes accrued income and advances received
Due to the bankruptcies of the subsidiaries, all liabilities have been classified as current on the balance
sheet date of 31 December 2025.
25. Trade and other liabilities
EUR Thousand Dec 31, 2025 Dec 31, 2024 Trade payables 16 730 22 765 Advances received from the project, partial recognition of income 16 950 731 Current other liabilities 5 058 4 205 Accrued expenses 19 839 2 193 Total 58 577 29 893
Accrued expenses EUR Thousand Dec 31, 2025 Dec 31, 2024 Current accrued income - 140 Expenses recognized according to the percentage of completion 9 219 190 Other expenses related to projects 8 972 - Accrued personnel expenses 1 447 1 570 Other current accruals of expenses 200 293 Total 19 839 2 193
The fair values of liabilities correspond to their balance sheet values.
62
The Group's trade payables and other liabilities are mainly the debts of subsidiaries that have been
declared bankrupt. A more detailed breakdown of the impact of bankrupt companies on the Group's
balance sheet is provided in Note 31. Transactions after the end of the financial year. As a result of the
bankruptcies, the debts of the bankrupt companies were transferred from the Group's control to the
administration of the bankruptcy estate at the beginning of the year.
26. Changes in liabilities arising from financing activities
2025 Jan 1, Translation Dec 31, EUR Thousand 2025 Proceeds Repayments Transfer differences 2025 Current interest-bearing liabilities from the previous year 8 230 - -8 230 - - - Total 8 230 - -8 230 - - -
2024 Jan 1, Translation Dec 31, EUR Thousand 2024 Proceeds Repayments Transfer differences 2024 Long-term interest-bearing liabilities from the previous year 4 366 Adjustment* -1 166 Current interest-bearing liabilities 3 200 5 030 8 230 Total 3 200 5 030 - - - 8 230
*Transfers to items classified as discontinued or classified for sale in accordance with IFRS 5. The above
figures do not include lease liabilities (Note 16. Lease agreements)
27. Financial risk and capital structure management
Financial risk management
Dovre Group is exposed to financial risks in its operations, of which liquidity risk is the most significant for
the Group on the balance sheet date. The objective of financial risk management is to ensure sufficient
financing for the company in a cost-effective manner in all market situations and to monitor and, if
necessary, limit the risks that arise. Risk management is centralised in the Group's parent company's
finance department, which is centrally responsible for the Group's financing. Financial risks are monitored
as part of the normal supervision of operations.
Liquidity risk
The objective of liquidity risk management is to maintain sufficient liquid assets and credit limits to ensure
the adequacy of the Group's business financing. The Group's liquidity is managed through cash
management and liquidity monitoring.
After the balance sheet date, the Group's subsidiary Suvic Oy and its subsidiary Suvic AB were declared
bankrupt. The parent company has provided guarantees on behalf of the subsidiaries in question, the total
nominal amount of which significantly exceeds the assets of the parent company. Some of the guarantees
have already been subject to payment claims and the final amount of guarantee liabilities depends on the
63
costs of completing the projects, the progress of the bankruptcy proceedings and other factors related to
the bankruptcy proceedings, and their final amount cannot be reliably estimated at this stage. The
realisation of the guarantee liabilities in full would pose a significant risk to the continuity of the company's
operations, even though the processing of guarantee liabilities is part of the restructuring proceedings. The
parent company has also provided collateral deposits related to Suvic Oy's projects, the return of which is
uncertain both in terms of schedule and amount. It is possible to forfeit the collateral deposits either
partially or completely.
On the balance sheet date of 31 December 2025, the Group's cash and cash equivalents amounted to
EUR 9,101 thousand, of which the bankrupt subsidiaries accounted for EUR 3,034 thousand.
Currency risk
During the financial year 2025, the Group has conducted business in Finland and Sweden through its
subsidiary Suvic AB, which is part of the Suvic subgroup, and has thus been exposed to currency risks
related to the Swedish krona. Currency risks arise from assets, liabilities and anticipated transactions
denominated in foreign currencies (transaction risks) as well as from the translation of the income
statement and balance sheet items of a foreign subsidiary into euros (translation risks).
Suvic AB was declared bankrupt after the balance sheet date, after which there will be no more foreign
currency items left in the Group.
Interest rate risk
On the balance sheet date, the Group has no interest-bearing loans from financial institutions or a credit
facility in use.
Customer credit risk
During the financial year, customer credit risk has been managed by verifying credit information and
regularly monitoring trade receivables. Although a significant share of the receivables has been from a few
customers, they have not been estimated to involve significant credit risk, as these customers are large
and solvent companies.
Trade receivables on the balance sheet date are mainly related to projects of bankrupt subsidiaries that are
no longer under the Group's control after the bankruptcy.
Capital structure management
The Group's objective is to maintain a capital structure that supports the business, ensures the sufficiency
of financing and optimises capital costs. The capital structure is managed by balancing equity and liabilities
and by managing cash and financial liabilities.
The gearing ratio is not presented for the financial year 2025 because the Group's equity is negative (31
December 2024: 48.6%).
64
28. Commitments and contingent liabilities
Thousand euros Dec 31, 2025 Dec 31, 2024 Loans from financial institutions - - Credit facilities, total amount of credit facility granted - 11 400 Credit facilities, amount in use - 8 230 Guarantees given: Corporate mortgages, issued by the Group's parent company 10 000 10 000 Business mortgages, issued by Suvic Oy 5 000 5 000 Loan guarantees, overdraft facility - 1 357 Guarantees related to customer projects - on-demand *) 27 461 6 492 Guarantees related to customer projects - own liability **) 138 281 24 509 180 742 47 358
Bank and Delivery Guarantee limits:
Thousand euros Dec 31, 2025 Dec 31, 2024 Total limit granted ***) 27 053 30 000 Limit in use ***) 25 272 14 584 Other commitments 5 424 Business mortgages given as collateral: Corporate mortgages, issued by the Group's parent company 10 000 10 000 Business mortgages, issued by Suvic Oy ****) 5 000 5 000 Total 15 000 15 000
Counter-guarantees for guarantees during work and
warranty periods:
Thousand euros Dec 31, 2025 Dec 31, 2024 Delivery and maintenance guarantees provided by financial institutions 7 000 7 700 Fund investments and deposits provided as counter-guarantee (incl interests) 8 347 850
*) The total amount of on-demand guarantees provided by Dovre Group Plc on behalf of its subsidiary Suvic Oy and its subsidiary
Suvic AB (both in bankruptcy). At the time of the financial statements, Nordic Guarantee Insurance Ltd. has officially filed a complaint
for EUR 8,784 thousand for guarantees related to customer projects, which is why the claim has been presented as a short-term
provision in the financial statements. The comparison figure for 2024 is new.
**) The total nominal value of the project and subcontractor guarantees provided by Dovre Group Plc on behalf of its subsidiary Suvic
Oy and its subsidiary Suvic AB (both in bankruptcy). The comparison figure for 2024 is new.
***) Comparison data changed
****) Suvic Oy's corporate mortgages have been given as pledge for the commitments given by the Group's parent company.
The realisation of the guarantee liabilities depend on the restructuring proceedings of the parent company Dovre Group Plc.
65
Disputes and litigation
The Group's subsidiary Suvic Oy, which was declared bankrupt on 7 January 2026, has several pending
legal disputes regarding the scope and quality of contract contracts. Both claims and counterclaims have
been presented in the disputes. All the obligations to be dealt with in the disputes have arisen before the
bankruptcy was declared
As a result of bankruptcy, the outcome of disputes does not have a direct impact on the Group's finances,
as any liabilities are paid from the collateral provided for them, are treated as bankruptcy receivables to be
supervised in bankruptcy proceedings (if supervision is carried out) or become ineffective in unsecured
parts, as Suvic Oy will not have any assets left to collect a claim from in the event of expiry.
29. Subsidiaries
Subsidiaries Shareholding %, Group Dec 31, Dec 31, Company Domicile Country 2025 2024 Proha Oy Espoo Finland 100,00 100,00 Renetec Oy Espoo Finland 100,00 57,10 Suvic Oy Oulu Finland 100,00 51,00 Suvic AB Stockholm Sweden 100,00 51,00 Suvic Force Oy Oulu Finland 100,00 51,00 Dovre Asia Pte Ltd. Singapore Singapore 0,00 100,00 Dovre Canada Ltd. St. John's Canada 0,00 100,00 Dovre Consulting AS Stavanger Norway 0,00 100,00 Dovre Group Inc. Houston United States 0,00 100,00 Dovre Group Energy AS Stavanger Norway 0,00 100,00 Dovre Group (Singapore) Pte Ltd. Singapore Singapore 0,00 100,00 Dovre Group (Korea) Limited Soul Korea 0,00 100,00
Non-controlling interests
In the financial year 2025, the parent company acquired the shares of non-controlling shareholders in Suvic
Oy (49%) and Renetec Oy (42.9%).
The purchase price of the shares of the non-controlling shareholders of Suvic Oy was 1,790,297 new
shares in Dovre. The difference between the value of the issued shares and the balance sheet value of the
non-controlling interest, EUR -21,926 thousand, was recorded in retained earnings.
The difference between the purchase price of Renetec Oy and the balance sheet value of the non-
controlling interest of EUR -251 thousand was recorded in retained earnings.
Joint arrangements
In 2025 and 2024, the Group company Suvic Oy has had a 50% ownership in a joint operation, the Suvic-
Tricon consortium. The consortium was dissolved in January 2026 due to the bankruptcy of Suvic Oy.
The joint functions have been consolidated in the consolidated financial statements on a pro-rata basis in
accordance with the shareholding.
The assets, liabilities, expenses and income of joint operations included in the Group's balance sheet and
statement of comprehensive income were as follows:
66
EUR Thousand 2025 2024 Current assets 5 698 4 899 Current liabilities 3 156 3 090 Income 14 155 7 337 Expenses 12 529 6 472
30. Related party transactions
Dovre's related parties include group companies and key personnel in the management of the parent
company. Related parties also include close family members and communities of these persons in which
these persons have control or joint control.
Dovre Group has not had any significant transactions with related parties in 2025 and 2024. Dovre Group's
balance sheet also does not include loans granted to management on 31 December 2025 or 31 December
2024.
Employee benefits of related party management
Management Compensation
Key management remuneration and compensation income includes total remuneration paid to the
members of the Board and to the members of the Group Executive Team.
EUR Thousand 2025 2024 Salaries and other short-term employment benefits *) 357 659 Total 357 659 *) Of the 2025 fee figure, EUR 195 thousand has been paid as consultancy fees, not salaries
Remuneration paid to the CEO and the members of the Board
The salaries, remuneration and fringe benefits of the management take into account the remuneration of
the parent company's CEO and the remuneration of the members of the Board of Directors of Dovre Group
Plc.
Board members and CEO 2025 2024 Members of the Board of Directors, Dec 31, 2025 Kalervo Rötsä, Chairman of the Board (from Nov 25, 2025) 4 - Aaron Michelin, Vice Chairman of the Board (from Nov 25, 2025 and Member of the Board April 29 - June 12, 2025) 7 - Ilari Koskelo, Member of the Board (Vice Chairman, Jan 1 – Nov 25, 2025) 35 33 Members of the Board of Directors during the financial year Antti Manninen, Member of the Board (Jan 1 – April 29, 2025) 8 25 Sanna Outa-Ollila, Member of the Board (Jan 1 – April 29, 2025) 8 25 Svein Stavelin, Chairman of the Board (Jan 1 – June 12, 2025) 18 40 Tomi Merenheimo, Member of the Board (June 12 – Nov 25, 2025) 15 - Ville Vuori, Chairman of the Board (June 12 – Nov 25, 2025) 19 - Total 114 123
CEO 2025 2024 Acting CEO - Timo Saarinen (from Nov 22, 2025) *) 36 - Acting CEO - Sanna Outa-Ollila (Dec 17, 2024 – Nov 21, 2025) **) 216 - Arve Jensen (until Dec 16, 2024) - 274 Total 252 274
67
*) Includes salary from the Acting CEO and Interim CFO positions
**) Invoiced through Atuo Oy with a consulting agreement
31. Events after the reporting period
After the end of the financial year on 7 January 2026, Dovre Group Plc's subsidiary Suvic Oy and its
subsidiary Suvic AB were declared bankrupt, which has also been taken into account in the valuation of
balance sheet items.
The bankrupt companies practically formed all of Dovre's Renewable Energy business and thus the
majority of Dovre Group's revenue.
The impact of bankrupt companies on the Group's balance sheet on 31 December 2025 is presented
below:
The group The impact of without bankrupt bankrupt Group companies companies Intangible assets 203 - 203 Tangible assets 9 8 1 Financial assets 11 250 31 11 219 Trade and other receivables 1 961 1 239 722 Cash and cash equivalents 9 101 3 034 6 067 Assets held for sale 639 - 639 Total assets 23 162 4 312 18 851 Current financial liabilities 2 501 2 501 - Trade and other payables 58 577 58 101 476 Income tax liabilities 195 195 0 Reservations 9 576 793 8 784 Liabilities related to assets held for sale 324 - 324 Total liabilities 71 173 61 589 9 584 Net assets and liabilities -48 011 -57 278 9 267
Dovre and Sustainable Energy Solutions Sweden Holding AB have agreed on the sale of the entire share
capital of Pyhäsalmi BESS Oy to Prime Capital AG's renewable energy fund, which entered into force on
18 January 2026. Dovre's holding in the project company was 45%. The transaction has been completed
on 12 March 2026, and the final purchase price paid to Dovre for its shares in Pyhäsalmi BESS Oy is EUR
2.1 million.
Dovre Group Plc has been placed in corporate restructuring by the decision of the District Court on 28
January 2026. The objective of the restructuring proceedings is to stabilise Dovre Group Plc's financial
position, manage liabilities and simplify operating models by confirming an appropriate restructuring
programme so that Dovre Group Plc does not remain insolvent.
68
On 2.3.2026, Dovre announced that it had signed a contract of sale to sell the eSite business to Mitta Oy.
The transaction was completed on 31 March 2026. The purchase price of the business is EUR 300
thousand. The cash impact of the business acquisition on Dovre Group Plc is positive.
On 10 April 2026 Nordea Bank Plc has announced that it will apply to the liquidator of Dovre, attorney-at-
law Robert Peldán, for the set-off of a deposit of a similar amount as collateral for Dovre's delivery
guarantee. The liquidator will respond to the consent request received from Nordea on the basis of their
own investigations. The potential financial impact of the set-off is not known at the time of signing the
financial statements.
69
5. FINANCIAL STATEMENTS OF THE PARENT COMPANY, FAS (*)
Income statement of the parent company, FAS
EUR
Note
2025
2024
NET SALES
2
696 639
13 787 095
Other operating income
3
15 400
64 227
Material and services
4
-197 976
-9 904 972
Employee benefits expense
5
-639 851
-1 385 993
Depreciation and amortization
6
-60 372
-639 305
Other operating expenses
7
-11 046 852
-1 597 363
OPERATING RESULT
-11 233 013
323 688
Financing income and expenses
8
292 316
1 197 864
Income from other permanent asset
Investments
8
16 510 509
0
Impairments on fixed asset investments
8
-20 372 451
0
RESULT BEFORE TAXES
-14 802 639
1 521 552
Appropriations: Group contribution
41 137
30 953
Tax
9
57 851
-19 347
RESULT FOR THE PERIOD
-14 703 651
1 533 159
Balance sheet of the parent company, FAS
EUR
Note
Dec 31, 2025
Dec 31, 2024
ASSETS
NON-CURRENT ASSETS
Intangible assets
10
40 000
678 674
Tangible assets
11
714
1 087
Investments
Investments in subsidiaries
12
760 000
26 422 786
Investments in other companies
12
2 146 502
2 146 502
NON-CURRENT ASSETS, TOTAL
2 947 216
29 249 048
CURRENT ASSETS
Long-term receivables
13
8 908 400
4 608 968
Short-term receivables
14
782 869
3 067 392
Cash and cash equivalents
6 040 212
1 477 509
CURRENT ASSETS, TOTAL
15 731 481
9 153 870
TOTAL ASSETS
18 678 697
38 402 918
70
EQUITY AND LIABILITIES
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
-117 542
1 247 505
Result for the period
15
-14 703 651
1 533 159
SHAREHOLDERS’ EQUITY
8 952 675
26 554 532
MANDATORY RESERVATIONS
Total mandatory reservations
16
8 783 855
0
LIABILITIES
Short-term liabilities
17
942 167
11 848 386
LIABILITIES, TOTAL
942 167
11 848 386
TOTAL EQUITY AND LIABILITIES
18 678 697
38 402 918
Cash flow statement of the parent company, FAS
EUR thousand
2025
2024
Cash flow from operating activities
Operating profit (+) / -loss (-)
-11 233
324
Depreciation and amortization
60
639
Other adjustments
9 074
0
Change in working capital
452
-595
Interest and other financial income received
824
377
Interest paid and other financial items
-531
-369
Taxes paid
58
0
Cash flow from operating activities
-1 296
376
Cash flow from investing activities
Capital loans granted to Group companies
0
-3 499
Repayments of loan receivables
3 659
0
Investments in financial assets
0
-1 000
Dividends received from investments
0
1 277
Proceeds from the sale of subsidiaries
18 934
0
Increase in loan receivables (-) / decrease (+)
0
0
Cash flow from investing activities
22 593
-3 222
Cash flow from financing activities
Group contributions received
31
0
Pledging of cash and cash equivalents
-7 958
0
Drawdowns of short-term loans
0
2 413
Drawdowns of short-term loans from Group companies
0
2 492
Repayments of short-term loans
-5 619
0
Dividend distribution
-3 188
-2 119
Cash flow from financing activities
-16 734
2 786
Translation differences
Change in cash and cash equivalents
4 563
-60
Cash and cash equivalents at the beginning of the financial year
1 477
1 537
Cash and cash equivalents at the end of the financial year
6 040
1 477
71
Notes to the 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.
Business continuity
These financial statements have not been prepared in accordance with the principle of business continuity.
After the end of the financial year, Dovre Group Plc's significant operating companies (Suvic Oy and its
subsidiaries) have been declared bankrupt. The companies that have been declared bankrupt account for
approximately 98% of the Group's total turnover. In addition, the District Court of Western Uusimaa decided
on 28 January 2026 to initiate basic restructuring proceedings against Dovre Group Plc. The objective of
corporate restructuring is to secure the continuation of viable business operations and to stabilise the
company's financial position.
There are significant uncertainties related to the continuity of the company's operations. The company does
not have the prerequisites to continue operations without the sale of assets, new financing or new cash
flow generating business. These factors give significant reason to doubt the company's ability to continue
operations and meet its payments over the next 12 months. The sufficiency of cash is particularly affected
by the proceeds from the sale of assets and the effects of decisions made in the parent company's
restructuring proceedings.
The parent company's restructuring proceedings and restructuring programme may have a negative impact
on the subsequent valuation of the assets presented in the parent company's balance sheet.
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. Statutory
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:
72
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 40 000.
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 recognized
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 2025.
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
By business activity
EUR thousand
2025
2024
Project personnel
0
12 138
Consulting
501
572
Other functions
196
1 077
Total
697
13 787
Geographical distribution
EUR thousand
2025
2024
The Netherlands
7
5 076
Finland
464
985
Norway
198
6 925
Other countries
28
801
Total
697
13 787
3. Other operating income
EUR thousand
2025
2024
Rental income
32
32
Other income
-17
32
Total
15
64
73
4. Materials and services
EUR thousand
2025
2024
License fees
-131
-117
External services
-67
-9 788
Total
-198
-9 905
5. Employee benefits expenses
EUR thousand
2025
2024
Salaries and remuneration
-548
-1 174
Pension expenses
-82
-186
Other employee benefits
-10
-26
Total
-640
-1 386
Management salaries and remuneration
EUR thousand
2025
2024
Members of the Board of Directors
-114
-123
Total
-114
-123
Pension liabilities for the members of the Board and the CEO
The agreements do not contain any specific provisions on the retirement age or pension.
Number of employees
2025
2024
Average
7
75
At the end of the financial year
7
50
6. Depreciation and amortization
EUR thousand
2025
2024
Amortization according to plan, intangible assets
-60
-639
Depreciation according to plan, tangible assets
0
-1
Total
-60
-639
7. Other operating expenses
EUR thousand
2025
2024
Mandatory reservations
-8 784
0
Other operating expenses
-2 263
-1 597
Total
-11 047
-1 597
74
Auditor fees
Auditing firm BDO Oy
EUR thousand
2025
2024
Fees for statutory audit
-97
-86
Fees under Chapter 1, Section 1, Subsection 1, Paragraph 2
of the Auditing Act
-54
-14
Fees for other services
-4
-3
Total
-154
-103
8. Financial income and expenses
Dividend income
EUR thousand
2025
2024
Dividend income from Group companies
0
1 379
Total
0
1 379
Other interest and financial income
EUR thousand
2025
2024
Interest income from group companies
0
176
Other financial income from others
824
79
Total
824
255
Interest and financial expenses
EUR thousand
2025
2024
Interest expenses for group companies
0
-59
Interest expenses, interest bearing liabilities
0
-218
Other interest and financial expenses
-531
-159
Total
-531
-436
Financial income and expenses, total
292
1 198
Foreign exchange gains included in financing income
363
115
Foreign exchange losses included in financing income
495
70
Income from other non-current assets investments
EUR thousand
2025
2024
Capital gain from the sale of the consulting business to NYAB
16 511
0
Total
16 511
0
Impairment losses on non-current assets
EUR thousand
2025
2024
Impairment of loans to Suvic
-16 844
0
Impairment of Suvic's shares
-3 215
0
Impairment of Proha Oy's shares
-313
0
Total
-20 372
0
75
9. Income taxes
EUR thousand
2025
2024
Tax on income from operations
58
-19
Total
58
-19
10. Intangible assets
Intangible rights and other capitalized expenditure
Goodwill
EUR thousand
2025
2024
Acquisition cost, Jan 1
6 087
6 087
Acquisition cost, Dec 31
6 087
6 087
Accumulated depreciation and impairment, Jan 1
-5 987
-4 769
Depreciation of the financial year
-60
-639
Accumulated depreciation and impairment on Dec 31
-6 047
-5 408
Book value, Dec 31
40
679
Intangible assets, total
40
679
11. Tangible assets
Machinery and equipment
EUR thousand
2025
2024
Acquisition cost, Jan 1
48
48
Acquisition cost, Dec 31
48
48
Accumulated depreciation and value adjustments, Jan. 1
-47
-47
Depreciation charges for the year
0
-1
Accumulated depreciation and value adjustments, Dec. 31
-48
-47
Book value, Dec 31
1
1
12. Investments
Investments in Group companies
EUR thousand
2025
2024
Acquisition cost, Jan 1
26 423
30 826
Deductions *)
-25 663
0
Acquisition cost, Dec 31
760
30 826
Accumulated impairment and value adjustments, Jan 1
0
-4 403
Accumulated impairment and value adjustments, Dec 31
0
-4 403
Book value, Dec 31
760
26 423
76
Other investments
EUR thousand
2025
2024
SaraRasa Bioindo Pte. Ltd,19.86 %
1 147
1 147
Goldcup 35390 AB / Pyhäsalmi BESS Oy
1 000
1 000
Book value, Dec 31
2 147
2 147
Investments in subsidiaries, Dec 31, 2025
Domicile
Country
Parent company
ownership (%)
Proha Ltd
Espoo
Finland
100,0
Suvic Ltd
Oulu
Finland
100,0
Renetec Ltd
Espoo
Finland
100,0
Holdings in other companies, Dec 31, 2025
Domicile
Country
Parent company
ownership (%)
SaraRasa Bioindo Pte Ltd.
Singapore
Singapore
19,9
Goldcup 35390 AB
Stockholm
Sweden
45,0
Pyhäsalmi BESS Ltd
Helsinki
Finland
45,0
*) The deductions include the sale of the consulting business to NYAB (EUR 22,135 thousand), the write-
down of Suvic's shares (EUR 3,215 thousand) and the impairment of Proha shares (EUR 313 thousand)
13. Long-term receivables
EUR thousand
Dec 31, 2025
Dec 31, 2024
Loan receivables from Group companies
250
99
Capital loan receivables from Group companies
700
4 510
Deposits given as counter-collateral
7 958
Long-term receivables, total
8 908
4 609
Loan receivables and capital loan receivables (Dec 31, 2025) have been given to the subsidiary Renetec
Oy. There is no predetermined repayment schedule for the capital loans, and the repayment of their
interest is decided by the borrower's Board of Directors. The deposits given as counter-collateral are
related to the construction and warranty period guarantee collaterals provided by banks and financial
institutions to Suvic Oy and its subsidiary Suvic AB (both in bankruptcy).
14. Short-term receivables
EUR thousand
Dec 31, 2025
Dec 31, 2024
Current receivables from Group companies
Trade receivables
7
30
Other receivables
41
175
Accrued receivables, interest receivables
0
122
48
327
Short-term receivables from others
Trade receivables
319
1 533
Other receivables
347
446
Accrued receivables
70
761
77
735
2 740
Short-term receivables, total
783
3 067
Accrued receivables from others
EUR thousand
Dec 31, 2025
Dec 31, 2024
Sales accruals
7
276
Accrued expenses
62
485
Total
70
761
15. Shareholder’s Equity
Restricted equity
Share capital
EUR thousand
2025
2024
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
2025
2024
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
2025
2024
Retained earnings, Jan 1
2 781
3 366
Adjustment for previous financial periods
290
0
Dividend distribution
-3 188
-2 119
Result for the period
-14 704
1 533
Retained earnings, Dec 31
-14 821
2 781
Total Equity
8 953
26 555
Calculation of distributable earnings
EUR thousand
2025
2024
Retained earnings
-118
1 248
Reserve for invested non-restricted equity
14 171
14 171
Result for the period
-14 704
1 533
Total
-650
16 951
16. Mandatory reservations
EUR thousand
Dec 31, 2025
Dec 31, 2024
Mandatory reservations
8 784
0
Total mandatory reservations
8 784
0
78
The mandatory reservations (realised on-demand guarantee liabilities) consist of two payment claims
received from Nordic Guarantee Limited Ltd. The basis for the payment demand of EUR 3,289 thousand is
the delivery guarantee given on behalf of Dovre's bankrupt subsidiary Suvic Oy for the Heinineva solar park
project. The beneficiary of the guarantee is EPV Aurinkovoima Oy. The second payment demand of EUR
5,495 thousand is based on a delivery guarantee granted to Alight Ukko Oy.
17. Current liabilities
EUR thousand
Dec 31, 2025
Dec 31, 2024
Liabilities to Group companies
Accounts payable to Group companies
2
74
Other liabilities to Group companies
492
4 821
494
4 895
Liabilities to others
Utilized credit facility
0
5 619
Accounts payable
216
912
Other liabilities
32
33
Accrued liabilities
200
390
448
6 953
Current liabilities, total
942
11 848
Breakdown of current liabilities to others
EUR thousand
Dec 31, 2025
Dec 31, 2024
Accrued employee expenses
74
169
Other accrued expenses
127
221
Total
200
390
18. Commitments and contingent liabilities
Collateral provided
Collateral for own commitments
EUR thousand
Dec 31, 2025
Dec 31, 2024
Business mortgages and other pledges given as
collateral for liabilities and commitments
Business mortgages
0
6 500
The given mortgage applies to the account limit in use. The company did not have an overdraft facility
available at the time of financial statements.
Collaterals given on behalf of Group companies
EUR thousand
Dec 31,
2025
Dec 31, 2024
Mortgages given as collateral for loans and limits
Business mortgages given as collateral
15 000
15 000
79
General guarantee
7 000
7 000
Guarantees related to customer projects - on-demand *)
27 461
6 492
Guarantees related to customer projects - own liability **)
138 281
24 509
Delivery guarantee
5 424
0
Counter-collateralised deposits (incl. interest)
7 958
0
The business mortgages given as collateral concern the commercial guarantee limit in use. EUR 12,053
thousand of the limit is in use.
The general guarantee is an unsecured general guarantee provided by Dovre Group Plc on behalf of the
subsidiary Suvic Oy.
*) The total amount of on-demand guarantees provided by Dovre Group Plc on behalf of its subsidiary
Suvic Oy and its subsidiary Suvic AB (both in bankruptcy). At the time of the financial statements, Nordic
Guarantee Insurance Ltd. has officially filed a complaint for EUR 8,784 thousand for guarantees related to
customer projects, which is why the claim has been presented as a short-term provision in the financial
statements. The comparison figure for 2024 is new.
**) The total nominal value of the project and subcontractor guarantees provided by Dovre Group Plc on
behalf of its subsidiary Suvic Oy and its subsidiary Suvic AB (both in bankruptcy). The comparison figure
for 2024 is new.
The realisation of the guarantee liabilities depend on the restructuring proceedings of the parent company
Dovre Group Plc.
Pension liabilities
The company's pension liabilities are insured with an external pension insurance company.
Future minimum payments for non-cancellable operating leases
2025
2024
Within one year
1
1
Total
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
Dovre Group Oyj has issued parent company guarantees securing the contractual obligations of its
subsidiaries Suvic Oy and Suvic AB. Both subsidiaries were declared bankrupt in January 2026, because of
which the claims described below have been presented to the Company under the respective guarantees.
Energiequelle GmbH – Torvenkylä Wind Farm
The matter arises out of a Civil Works Construction Contract for the Torvenkylä wind farm dated 20 August
2021, between Energiequelle GmbH and Suvic Oy, in respect of which Dovre Group Oyj issued a Parent
Company Guarantee. Energiequelle GmbH commenced arbitration before the Finland Arbitration Institute,
80
and the Final Award was rendered on 4 June 2025, ordering Suvic Oy and Dovre Group Oyj jointly and
severally to pay damages to Energiequelle GmbH. The total amount of the award is EUR 222,278.50,
comprising rectification costs for defects in backfilling works, liquidated damages for delay in provisional
acceptance, and pre-arbitral legal costs, with statutory interest accruing under the Finnish Interest Act from
7 February 2024 until the date of payment.
Following the award, settlement negotiations regarding the guarantee period under the contract were
ongoing but remained unresolved as of 31 December 2025. In January 2026, Suvic Oy was declared
bankrupt, because of which Dovre Group Oyj has been called upon to confirm its obligations under the Parent
Company Guarantee, which remains in force. The Company disputes any additional claims relating to the
guarantee period and considers their materialisation unlikely; as the amount of any potential additional liability
cannot be reliably estimated as at 31 December 2025, no mandatory provision has been recognised in this
respect. Appropriate provision has been made in respect of the principal obligation under the arbitral award.
LONGi Solar Technology Spain, S.L.U. – Solar Panel Supply
LONGi Solar Technology Spain, S.L.U. presented a payment demand of EUR 4,582,977.32 to the Company
on 12 January 2026 under a parent company guarantee, based on the allegation that Suvic Oy failed to
perform its payment obligations. The Company has formally declined all claims. Should the matter not be
resolved amicably, the dispute is expected to proceed to arbitration.
Dovre Group Oyj disputes the claim in its entirety on the following grounds: (i) LONGi has not adequately
demonstrated that Suvic Oy has failed to perform a payment obligation within the meaning of the guarantee,
and accordingly the guarantee has not been validly triggered; and (ii) as guarantor, Dovre Group Oyj is
entitled to rely on all defences, counterclaims, and rights of set-off that were available to Suvic Oy, including
any set-off claims that may be established in the course of the bankruptcy proceedings. The net amount
owed to LONGi, if any, therefore cannot be reliably determined until the administration of Suvic Oy's
bankruptcy estate has been concluded. The Company considers it highly unlikely that the claim would
become payable in the amount presented, or at all. No mandatory provision has been recognised.
Vinliden Vindkraft AB – Wind Farm Construction
Vinliden Vindkraft AB has asserted claims against the Company under a Parent Company Guarantee arising
from the bankruptcy of Suvic AB under a Balance of Plant Contract dated 29 January 2024. The Company
has rejected the claim for additional completion costs of EUR 757,711.61 as inadequately substantiated, and
the claim for loss of warranty coverage of EUR 683,743.60. Should the matter not be resolved amicably, the
dispute is expected to proceed to arbitration.
Dovre Group Oyj disputes all claims in their entirety, both as to legal basis and quantum, on the following
grounds: (i) the claims are premature, as the contract prohibits construction works at the site between 1
November and 30 April, meaning that the scope and cost of any incomplete works cannot be reliably
assessed prior to May 2026; (ii) the claim for additional completion costs is inadequately substantiated and
has not been properly documented; and (iii) the claim for loss of warranty coverage has no basis in contract
or in law. The Company considers it highly unlikely that these claims would become payable. No mandatory
provision has been recognised.
Nordic Guarantee Insurance Ltd / Alight Ukko Oy and EPV Aurinkovoima Oy – Heinineva Solar Park
The Company has received payment demands from Nordic Guarantee Insurance Ltd under a guarantee
facility agreement: (i) a payment demand dated 7 January 2026 for EUR 5.5 million (Alight Ukko Oy), which
fell due on 12 January 2026; and (ii) a payment demand dated 16 January 2026 for EUR 3.3 million
(Heinineva), which fell due on 20 January 2026.
81
The payment demands are based on performance bonds issued in respect of the Company's bankrupt
subsidiary, Suvic Oy. A mandatory provision has been recognised in the financial statements as of 31
December 2025.
Related Party Information
Related Party Transactions
Related parties refer to a party in which a key employee belonging to the management of the Group or its
parent company directly or indirectly exercises control, joint control with the parties or significant influence.
Dovre Group Plc has not had any significant transactions with related parties in 2025 and 2024. Dovre
Group Plc's balance sheet also does not include loans granted to management on 31 December 2025 or
31 December 2024.
82
6. SIGNATURES OF THE ANNUAL REPORT AND FINANCIAL
STATEMENTS (*)
The financial statements, prepared in accordance with the applicable financial reporting regulations, give a
true and fair view of the assets, liabilities, financial position and profit or loss of the company and of the
group of companies included in the consolidated financial statements.
The Report of the Board of Directors provides a true and fair view of the development and performance of
the business of the company and of the group of companies included in the consolidated financial
statements, as well as a description of the most significant risks and uncertainties and other aspects of the
company’s situation.
Espoo, Finland, 22. April, 2026
Kalervo Rötsä Aaron Michelin
Chair of the Board Vice Chair of the Board
Ilari Koskelo Markku Taskinen
Member of the Board Chief Executive Officer
Auditor’s statement
An auditor’s report has been issued today on the audit performed.
Helsinki, Finland, 22. April, 2026
BDO Oy, Authorised Public Accountants
Henrik Juth
Authorized Public Accountant (KHT)
83
7. AUDITOR’S REPORT (Translation of the Finnish Original)
To the Annual General Meeting of Dovre Group Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Dovre Group Plc (business identity code 0545139-6) for the
year ended 31 December 2025. The financial statements comprise the consolidated balance sheet,
statement 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 further 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 prohibited 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 8 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.
Emphasis of matter – preparation of financial statements other than on a going concern basis
We would like to draw attention to the accounting principles of the consolidated financial statements and
the note on Business continuity, which describe the preparation of the consolidated financial statements
and the parent company's financial statements on a basis other than the going concern basis. The financial
statements have not been prepared in accordance with the principle of business continuity. After the end of
the financial period, on 7 January 2026, Dovre Group Plc's operational subsidiary Suvic Oy and its
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subsidiaries Suvic AB and Suvic Force Oy were declared bankrupt. The bankrupt companies practically
formed all of Dovre's Renewable Energy business and thus the majority of Dovre Group's revenue.
Dovre Group Plc was placed under corporate restructuring by a decision of the District Court on 28 January
2026. The objective of the restructuring proceedings is to stabilise Dovre Group Plc's financial position,
manage liabilities and simplify operating models by confirming an appropriate restructuring programme so
that Dovre Group Plc does not remain insolvent.
The remaining subsidiaries and businesses in the Group, such as Renetec Oy, Proha Oy and eSite, form
an entity whose future will be assessed as the restructuring proceeds. For more information, see Events
after the balance sheet date, Note 31.
There are significant uncertainties related to the continuity of the company's operations. The company does
not have the prerequisites to continue operations without the sale of assets, new financing or new cash
flow generating business. These factors give significant reason to doubt the company's ability to continue
operations and meet its payments over the next 12 months. The sufficiency of cash is affected by the
decisions made in the company's restructuring proceedings.
Our opinion has not been modified for these matters.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements 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.
Key audit matter
How the matter was addressed in the audit
Key Audit Matter – Presentation in the consolidated financial statements of subsidiaries declared
bankrupt after the end of the financial year, and the valuation of their assets (Accounting
principles of the consolidated financial statements and Note 31)
• The Group’s operating subsidiaries Suvic
Oy, Suvic Force Oy and Suvic AB were
declared bankrupt after the end of the
financial year, on 7 January 2026.
• The income statement and balance sheet
items of the subsidiaries declared bankrupt
have been consolidated into the
consolidated financial statements as at 31
December 2025. As a result of the
bankruptcy, the Group lost control over
these entities.
• The assets of the bankrupt subsidiaries
have been measured at no more than the
amount of their total liabilities, taking into
account the impairment effects arising
from the loss of receivables expected to be
realized by the Group in the bankruptcy
• We assessed the accounting treatment
and presentation of the entities declared
bankrupt in the consolidated financial
statements in relation to the applicable
financial reporting standards.
• We assessed the valuation of the assets of
the entities declared bankrupt and the
appropriateness of the related impairment
losses.
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Key audit matter
How the matter was addressed in the audit
proceedings. Of the Group goodwill
amounting to EUR 3.3 million (total EUR
3.6 million), an amount attributable to the
business operations of the bankrupt
subsidiaries was written off from the
consolidated balance sheet as an
impairment loss.
Key audit matters
How the matter was addressed in the audit
Key Audit Matter – Revenue recognition (Accounting principles of the consolidated financial
statements and Note 3)
• The Group’s revenue consists of project
revenue as well as service and licence
revenue. Revenue recognised from
projects accounted for 98% of the Group’s
total revenue in the financial year 2025.
• Revenue recognition is based on the
five‑step model set out in IFRS 15
Revenue from Contracts with Customers.
Under this model, the customer contract is
identified, the performance obligations in
the contract are identified, the transaction
price is determined, the transaction price is
allocated to the performance obligations,
and revenue is recognised. The Group
recognises revenue at the amount, net of
indirect taxes, that Dovre expects to be
entitled to in exchange for the goods or
services transferred
• For projects, each project represents a
single performance obligation under IFRS
15. Projects are recognised over time
based on the stage of completion.
Revenue from the performance (work in
progress) is recognised as a proportion of
the price of the completed product
corresponding to the stage of completion.
For long‑term projects, the stage
overmined based on factors describing the
progress of the project.
• Due to the bankruptcies of subsidiaries,
unfinished projects were transferred from
the Group's control to the bankruptcy
estate at the beginning of 2026. The
assets related to the projects were
recorded as an impairment expense in the
2025 financial statements, totaling EUR
24.2 million.
• 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
• We verified that the revenue recognition
method applied is appropriate, taking into
account the terms and conditions of the
contracts.
• We reconciled project revenue forecasts to
sales contracts, taking into account any
changes made to the contracts.
• We assessed the appropriateness of the
Group’s accounting policies related to
revenue recognition in comparison with the
applicable accounting standards.
• We identified the key controls related to
revenue recognition, performed analytical
audit procedures, and carried out detailed
substantive testing.
• We tested the accuracy of the sales cut off
by examining sales transactions before
and after the reporting date, as well as
accruals related to percentage of
completion revenue recognition.
• For projects related to long term customer
contracts, we performed analytical
procedures and assessed the financial
metrics, progress, and overall status of the
projects by:
o reviewing changes in estimated
total revenue, total costs, and
provisions; and
o holding discussions with personnel
at different levels of the
organisation, including project
management, business segment
management, and Group
management.
• In assessing management’s ability to
reliably prepare forecasts for long term
projects, we reviewed actual margins of
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Key audit matters
How the matter was addressed in the audit
Regulation No 537/2014, point (c) of
Article 10(2).
completed projects and compared them
with the original forecasts.
• We analysed key components included in
management estimates, such as estimates
of remaining forecast costs and the time
required to complete the projects.
• We have ensured that the accounts
receivable do not include significant
undoubtful receivables.
• Audit of the notes related to revenues.
Key audit matters
How the matter was addressed in the audit
Valuation of subsidiary shares and group loans in the parent company balance sheet (Parent
company balance sheet, accounting policies and notes to the financial statements)
• In the parent company balance sheet, the
acquisition costs of subsidiary shares and
receivables from the entities declared
bankrupt, amounting in total to EUR 20.1
million, have been fully recognised as an
expense.
• The carrying amount of subsidiary shares
and receivables form subsidiaries other
than those declared bankrupt amounts to
EUR 0.8 million.
• The parent company’s restructuring
proceedings and the restructuring
programme may have a negative impact
on value of the assets presents in the
parent company balance sheet.
• We have assessed the valuation principles
applied to the parent company’s
investments in subsidiaries and other
assets, receivables and liabilities related to
group companies, including the
impairment losses recognised on these
items, as well as their presentation in the
financial statements.
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 statutory
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 misstatement, whether due to fraud or error, and to issue an auditor’s report that
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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
aggregate, 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 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.
• 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 conditions that may cast significant doubt on the parent
company’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
disclosures 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 transactions and events
so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate 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 statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships 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 governance, 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 disclosure 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
reasonably be expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
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We were first appointed as auditors by the Annual General Meeting on 28.3.2018, and our appointment
represents a total period of uninterrupted engagement of 8 years.
Other Information
The Board of Directors and the Managing Director are responsible 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.
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 materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. 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 applicable
provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
If, based on the work we have performed on the other information 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, 22th of April, 2026
BDO Oy, Audit Firm
Henrik Juth
Authorised Public Accountant
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8. CORPORATE GOVERNANCE STATEMENT
Introduction
Dovre’s decision-making and administration comply with the Finnish Limited Liability Companies Act,
securities market legislation, other regulations concerning publicly listed companies, Dovre Group Plc’s
Articles of Association, and the rules and regulations of Nasdaq Helsinki Ltd. Dovre complies with the
Finnish Corporate Governance Code for Listed Companies that entered into force on 1 January 2025. The
Code is available on the website of the Securities Market Association at www.cgfinland.fi. The company’s
subsidiaries comply with local legislation.
This Corporate Governance Statement is issued separately from the report by the company’s Board of
Directors.
The Board of Directors of Dovre Group Plc has reviewed this Corporate Governance Statemen
General Governance principles of Dovre Group
The parent company of the Dovre Group is Dovre Group Plc, a public limited company registered in
Finland and domiciled in Helsinki.
The Board of Directors has not established separate Board committees because the scope of the
company’s operations and the size of the Board do not require preparation of matters in a composition
smaller than the full Board. The duties of the Audit Committee are performed by the Board of Directors.
Up-to-date information about the company’s corporate governance is available on the company’s website
at https://www.dovregroup.com/investors/corporate-governance/
Responsibilities of governing bodies
The management of the Dovre Group is the responsibility of the General Meeting of Shareholders, the
Board of Directors and the CEO, whose duties are determined in accordance with the Finnish Limited
Liability Companies Act. The CEO is responsible for the Group’s operational management, assisted by the
Group Executive Team.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest decision-making body of Dovre Group Plc. The Annual
General Meeting is held once a year on a date determined by the Board of Directors within six months of
the end of the financial period. Extraordinary General Meetings may be convened during the year
if necessary upon a separate invitation by the Board of Directors. The General Meeting is held at the
company’s domicile in Helsinki. The notice to the General Meeting and the matters to be discussed at the
meeting are published as a stock exchange release and on the company’s website.
The Annual General Meeting decides annually on the following matters:
• Adoption of the income statement and balance sheet
• Use of the profit or loss shown on the balance sheet
• Discharging from liability the members of the Board and the CEO
• Number and election of the members of the Board of Directors
• Election of the auditor
• Remuneration of the Board members and the auditor
• Other matters presented in the notice of the meeting
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Board of Directors
The Board of Directors is responsible for the administration and proper organization of the company’s
operations. The Board supervises the company’s operations and management and decides on significant
matters concerning the company’s strategy, organization, financing and investments. The duties and
responsibilities of the Board are primarily determined in accordance with the company’s Articles of
Association and the Finnish Limited Liability Companies Act.
The Board has not established an Audit Committee; instead, the Board as a whole performs the duties
assigned to the Audit Committee.
The Board prepares and approves annually a Board charter that defines the Board’s meeting procedures
and duties. According to the charter, the duties of the Board include the following:
• Assuming responsibility for tasks specified as obligatory for the Board under the Finnish Limited
Liability Companies Act, the Articles of Association, or otherwise
• Approving the Group’s strategy and long-term financial targets
• Approving the Group’s Code of Conduct
• Approving the Group’s management system and organizational structure
• Approving the annual business plan and any significant amendments thereto
• Approving internal control and risk management policies and monitoring their implementation
• Approving the Group’s financial reports, financial statements and the report by the Board of
Directors
• Approving all stock exchange releases containing financial information as well as those requiring a
Board decision in accordance with Dovre Group’s Disclosure Policy
• Assuming responsibility for communications related to financial guidance to the capital markets
• Approving the Group’s financial policy
• Assuming responsibility for the development of the Group’s value and defining the dividend policy
• Approving business acquisitions and divestments as well as significant investments and contingent
liabilities
• Approving the Group’s remuneration system and principles
• Appointing and dismissing the CEO and members of the Group Executive Team and deciding on
their terms of employment and remuneration
• Overseeing the CEO succession planning
• Deciding on the establishment of new legal entities
• Assuming responsibility for the development of the Group’s corporate governance practices
• Approving the agenda for Board meetings
• Evaluating the performance of the Board annually
• Evaluating the performance of the CEO and providing feedback
• Performing the duties of the Audit Committee
According to the Articles of Association, the Board shall consist of a minimum of three (3) and a maximum
of eight (8) members. Members of the Board are elected by the Annual General Meeting for one term of
office at a time. The term of office begins at the end of the General Meeting electing the member and
expires at the end of the first Annual General Meeting following the election. The Articles of Association do
not specify an upper age limit for Board members, limit the number of terms of office, or otherwise restrict
the authority of the General Meeting in electing Board members. The Board elects a Chairman and a
Vice Chairman from among its members for one term of office at a time. The Board has a quorum when
more than half of its members are present.
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During the financial year 2025, the composition of the Board of Directors of Dovre Group deviated from
Recommendation 8 of the Corporate Governance Code 2020, which applies during the transition period to
the Corporate Governance Code 2025 and according to which both genders shall be represented on the
Board of Directors. After 29 April 2025, both genders have not been represented on the Board.
Dovre Group Plc does not have a Nomination Committee. During the financial year 2025, the composition
of the Board of Directors was based twice on proposals by shareholders and once on a proposal by the
Board of Directors, all of which were approved by the Company’s General Meetings.
In the proposal concerning the election of the Board of Directors submitted to the Annual General Meeting,
candidates of both genders were proposed; however, the proposal was not approved. According to the
shareholders’ proposal concerning the election of the Board of Directors at the Extraordinary General
Meeting held on 12 June 2025, both genders were not represented on the Board, as suitable candidates
for the position had not been successfully identified.
The company considers diversity in the composition of the Board to be important. In selecting Board
candidates, attention is paid to a diverse and complementary background, experience and expertise of the
candidates, particularly in international business. The Company also aims to ensure that, where possible,
both genders are represented on the Board of Directors in accordance with the recommendations of the
Corporate Governance Code 2025.
The Board normally convenes once a month according to a pre-agreed schedule, and additional meetings
may be held if necessary. Minutes are kept for all meetings. In addition to decision-making matters, the
Board is regularly provided with up-to-date information on the Group’s operations, financial position and
risks.
Chief Executive Officer (CEO)
The Board of Directors appoints the CEO. The CEO is responsible for managing the Group’s business
operations and administration in accordance with the Articles of Association, the Finnish Limited Liability
Companies Act and the instructions issued by the Board. The CEO is supported in managing the Group by
the Group Executive Team.
Group Executive Team
The Board of Directors appoints the Group Executive Team. The Group Executive Team assists the CEO
in the operational management of the Group, prepares matters to be handled by the Board and the CEO,
and plans and supervises the operations of the business units. The Group Executive Team convenes when
necessary. The CEO acts as the Chairman of the Group Executive Team.
Internal audit
The Company does not have a separate internal audit function, taking into account the size of the
Company. The Board of Directors is responsible for organizing internal control and overseeing its
effectiveness. The Management Team is responsible for the practical implementation of internal control
and reports regularly to the Board of Directors.
The Company’s internal control is based on continuous monitoring, reporting and the review of key
business and financial information carried out by the Board of Directors and management. The objective of
internal control is to ensure the appropriateness of operations, the reliability of financial reporting, and
compliance with laws and regulations.
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Internal control is integrated into the Company’s management and reporting practices. The Management
Team regularly reviews the Company’s financial performance and business operations, and key findings
are reported to the Board of Directors. The Board monitors the Company’s financial position and operations
and assesses the adequacy of internal control based on the reporting it receives.
The effectiveness of internal control is monitored on an ongoing basis as part of the work of the Board of
Directors and the Management Team. The Company’s auditor also evaluates processes related to financial
reporting and reports its observations to the Board of Directors.
The Company continuously develops its internal control in line with the development and needs of its
business.
External audit
According to the Articles of Association, the company shall have one auditor, which must be an audit firm.
The term of the auditor expires at the end of the first Annual General Meeting following its election. The
Board’s proposal for the auditor is announced in the notice of the General Meeting.
The primary task of the audit is to verify that the financial statements provide a true and fair view of the
result and financial position of the Dovre Group for the financial period. In addition, the auditor’s report to
the Board of Directors on the ongoing audit of the administration and operations.
Internal Control and Risk Management Systems Pertaining to Financial Reporting 
The objective of the Group’s internal control system is to support the implementation of the Group’s
strategy and to ensure compliance with applicable regulations. The Board of Directors acts as the highest
supervisory body of Dovre Group’s internal control. Implementation is primarily supervised by the CEO and
the CFO, who report to the Board.
The ultimate responsibility for accounting and financial administration lies with the Board of Directors of
Dovre Group. The Board is responsible for internal control, while the CEO is responsible for organizing the
control system and monitoring its effectiveness in practice. Steering and monitoring of business operations
are based on a reporting and forecasting system covering the entire Group. The CEO and CFO provide the
Board of Directors and the Group Executive Team with monthly reports on the Group’s financial situation
and development.
The purpose of financial reporting is to ensure that the assets and liabilities recorded in the financial
statements belong to the company; that all rights and obligations of the company are presented in the
financial statements; that items in the financial statements are classified, disclosed and described correctly;
that assets, liabilities, income and expenses are recorded at the correct amounts; that all transactions
during the reporting period are included in the accounts; that the recorded transactions are factual; and that
the company’s assets are safeguarded.
Risk Management and Risk Assessment
The Group’s risk management is guided by legal requirements, the business objectives set by the
company’s shareholders, and the expectations of customers, personnel and other key stakeholders. The
aim of risk management is to systematically and comprehensively identify risks related to the Group’s
operations and ensure that such risks are appropriately managed in business decision-making.
The risk management process includes an annual identification and analysis of risks related to financial
reporting. In addition, new risks are analysed and reported as soon as they are identified. Considering the
scope of the Group’s operations, the most significant risks related to the reliability of financial reporting
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concern revenue recognition, the valuation of assets (including goodwill impairment testing), and tax
reporting.
Control functions
The accuracy and reliability of financial reporting are ensured through compliance with the Group’s policies
and guidelines. Control functions ensuring the correctness of financial reporting include controls related to
accounting transactions, the selection and application of accounting principles, information systems, and
prevention of misconduct. Revenue recognition is supervised by the Group’s CFO and is based on the
existence of the required sales and delivery documentation.
An annual goodwill impairment test is performed at the end of each financial year. The testing date
corresponds to the financial year-end. Key variables used in the calculations include net sales growth and
the estimated change in profitability. Indications of impairment are monitored regularly, and if such
indications are detected, additional impairment testing is performed.
In accordance with its strategy, Dovre Group may complement its organic growth through acquisitions. In
implementing acquisitions, the Group applies due diligence and utilizes both internal expertise and external
advisors during the planning phase (e.g. due diligence), the acquisition phase and the integration
of acquired operations into the Group.
Communication and Sharing of Information 
The objective of management reporting is to provide timely and relevant information for decision-making.
The Group’s CFO provides the organization with guidelines for monthly reporting and is responsible
for specific reporting instructions related to budgeting and forecasting. The Group’s financial administration
regularly distributes internal information regarding processes and practices related to financial reporting.
These practices support the personnel in carrying out internal control tasks. Financial administration also
organizes targeted training for the organization regarding financial reporting practices and any changes
thereto when necessary.
Dovre Group Plc’s Disclosure Policy defines the key principles according to which the company, as a listed
company, communicates with the capital markets and other stakeholders. Dovre Group primarily
communicates with capital markets and stakeholders through stock exchange releases and press
releases. In order for the information disclosed to the market to provide a fair picture of Dovre Group, it is
essential that the company’s disclosure is both regular and consistent. Therefore, when permitted by the
applicable regulatory framework, the company takes into account its previous disclosure practices in similar
situations, including any applicable thresholds and the selection of the appropriate disclosure channel.
Monitoring
The management of Dovre Group monitors internal control as part of normal management activities. The
Group Executive Team is responsible for ensuring that the Group’s operations comply with applicable laws
and regulations. The Group’s finance function monitors compliance with financial reporting processes and
the accuracy of both internal and external financial reporting. The Board of Directors evaluates and
ensures the appropriateness and effectiveness of the Group’s internal control and risk management.
The Group’s internal control is also evaluated by the company’s external auditor. The auditor verifies the
correctness of the annual external financial reporting. The most significant findings and recommendations
based on the audit plan are reported to the Board of Directors.
Insider Administration and Trading Restrictions
Dovre Group complies with applicable legislation and the insider guidelines issued by the Finnish Financial
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Supervisory Authority and Nasdaq Helsinki Ltd. According to the applicable legislation and guidelines,
inside information refers to precise information that has not been made public and that relates, directly or
indirectly, to one or more issuers or financial instruments and which, if made public, would likely have a
significant effect on the price of those financial instruments or related derivative financial
instruments. Dovre Group discloses any inside information concerning the company as soon as possible by
means of a stock exchange release. However, the company may, on its own responsibility and on a case-
by-case basis, delay disclosure of inside information in accordance with the conditions set out in the Market
Abuse Regulation ((EU) No 596/2014). If the company decides to delay disclosure, it documents and
continuously monitors the conditions for delay. The company notifies the Finnish Financial Supervisory
Authority of the delayed disclosure immediately after the information has been publicly disclosed.
The company’s insider manager is the Group’s CFO, who performs insider administration duties together
with the insider list administrator, the insider communications manager and persons responsible for project-
specific insider registers. In addition, the head of each function is responsible for supervising insider
matters within their own organization. The company organizes training related to insider matters. The
manager of each insider project is responsible for preparing and maintaining project-specific insider
registers.
The insider list includes, by virtue of their position, persons holding managerial responsibilities within Dovre
Group (members of the company’s Board of Directors, the CEO, members of the Group Executive Team
and the Board members and CEO of the subsidiary Suvic Oy) as well as certain other persons working
within the information core of the Group who, due to their duties, have access to information about the
company beyond what is generally available to the market.
The company also maintains project- or event-specific insider lists of all persons who have access to
insider information and who work for the company under an employment contract or otherwise perform
tasks through which they have access to insider information. Persons involved in the planning and
preparation of projects involving insider information, such as mergers or acquisitions, are considered
project-specific insiders. Such insiders may not trade or conduct other transactions with the company’s
financial instruments during the project.
Persons discharging managerial responsibilities in Dovre Group may not trade in the company’s securities
during a closed period of 30 days prior to the publication of the half-year financial report, annual
financial statements and the three- and nine-month trading statements. In addition to management
personnel, the trading restriction also applies to employees participating in the preparation, drafting or
publication of the company’s financial reports.
In addition, persons discharging managerial responsibilities in the company and their closely
associated persons are obliged to notify both the Finnish Financial Supervisory Authority and the company
of transactions conducted with the company’s financial instruments once the total amount of transactions
reaches EUR 20,000 during a calendar year.
Remuneration
The Annual General Meeting decides on the remuneration of the members of the Board of Directors. The
Board of Directors decides on and approves the terms and conditions of the CEO’s service relationship in a
written agreement. The remuneration principles for senior management are determined by the Board. The
Board annually approves the Group’s short-term and long-term incentive schemes for personnel.
The Board decides on the salaries and remuneration of the CEO and the members of the Group Executive
Team. The remuneration of the management of the Group’s business areas is based on the so-called one-
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over-one principle, whereby the remuneration decision must be approved by the supervisor of the person
making the decision.
CORPORATE GOVERNANCE IN 2025
Annual General Meeting
The Annual General Meeting was held in Helsinki on 29 April 2025. In addition, Extraordinary General
Meetings were held on 12 June 2025 in Espoo and 25 November 2025 in Helsinki.
Board of Directors
The General Meeting resolved that the number of members of the Board of Directors be set at three (3).
At the Annual General Meeting held on 29 April 2025, Svein Stavelin and Ilari Koskelo were re-elected as
members of the Board, and Aaron Michelin was elected as a new member of the Board.
At the Extraordinary General Meeting held on 12 June 2025, Ilari Koskelo was re-elected as a member of
the Board, and Ville Vuori and Tomi Merenheimo were elected as new members.
At the Extraordinary General Meeting held on 25 November 2025, Ilari Koskelo was re-elected as a
member of the Board, and Kalervo Rötsä and Aaron Michelin were elected as new members.
The members of the Board are independent of the company and its significant shareholders.
In 2025, the Board of Directors convened 32 times (23 times in 2024), with an attendance rate of 100%.
Board member attendance at meetings:
1 Jan 2025 –
29 Apr 2025
29 Apr 2025
– 12 Jun 2025
12 Jun 2025 –
25 Nov 2025
25 Nov 2025 –
31 Dec 2025
Svein Stavelin
13/13
1/1
Ilari Koskelo
13/13
1/1
12/12
6/6
Antti Manninen
13/13
Sanna Outa-Ollila
13/13
Aaron Michelin
1/1
6/6
Ville Vuori
12/12
Tomi Merenheimo
12/12
Kalervo Rötsä
6/6
CEO
Sanna Outa-Ollila, who had served as the Group’s CEO since 17 December 2024, stepped down from the
position on 21 November 2025. The Board of Directors appointed Timo Saarinen as the company’s acting
CEO as of 22 November 2025.
Group Executive Team
At the end of the financial year, the Group Executive Team consisted of acting CEO and interim CFO Timo
Saarinen, CEO of Suvic Oy Markku Taskinen, and Chief Operating Officer Sanna Outa-Ollila.
96
Shareholdings of Dovre Group Plc’s management on 31.12.2025
Name
Position
Shares
Kalervo Rötsä
Chairman of the Board
0
Aaron Michelin
Vice Chairman of the Board
0
Ilari Koskelo
Member of the Board
7 745 887
Timo Saarinen
Acting CEO
0
Markku Taskinen
Member of the Group Executive Team,
CEO of Suvic
0
Sanna Outa-Ollila
Member of the Group Executive Team
65 392
Total
7 811 279
The information also includes shareholdings held through companies controlled by the members of
management.
External audit
In 2025, the company’s auditor was BDO Oy, Authorized Public Accountants. Henrik Juth (APA) acted as
the principal auditor.
Dovre Group Plc paid fees to the audit firm BDO for the financial year 2025 amounting to EUR 182
thousand for the audit of the Group and EUR 59 thousand for other services. The amounts are presented
excluding VAT.
REMUNERATION IN 2025
Board of Directors
The remuneration of the members of the Board of Directors is decided by the General Meeting. In 2024,
the proposal regarding the remuneration of the Board came from shareholders representing more than
thirty-eight (38) percent of the company’s shares. The proposal regarding the remuneration of the Board of
Directors presented to the Annual General Meeting on 29 April 2025 was made by the Board of Directors.
The proposal regarding the remuneration of the Board of Directors presented to the Extraordinary General
Meeting on 12 June 2025 was also made by the Board.
The Annual General Meeting held on 4 April 2024 decided that the Chairman of the Board be paid EUR
40,000, the Vice Chairman EUR 33,000, and each other member of the Board EUR 25,000 for the term
lasting until the next Annual General Meeting. The Annual General Meeting held on 29 April 2025 decided
that the Chairman of the Board be paid EUR 35,000, the Vice Chairman EUR 30,000, and the other
members EUR 25,000 for the term lasting until the next Annual General Meeting. The Extraordinary
General Meeting held on 12 June 2025 decided that the Chairman be paid EUR 43,000, the
Vice Chairman EUR 38,000, and each Board member EUR 33,000 per year.
All General Meetings decided that reasonable travel expenses are compensated as
incurred. Remuneration was decided to be paid in cash.
 
97
Remuneration of the members of the Board of Directors in 2025 (EUR thousand): 
 
Svein Stavelin 
18 
Ilari Koskelo 
35 
Antti Manninen 
8 
Sanna Outa-Ollila 
8 
Aaron Michelin 
7 
Ville Vuori 
19 
Tomi Merenheimo 
15 
Kalervo Rötsä 
4 
Total
114 
CEO
The Board of Directors decides on the remuneration of the CEO. The terms and conditions of the CEO’s
service relationship are based on a written agreement approved by the Board.
Sanna Outa-Ollila, who served as acting CEO until 21 November 2025, did not receive salary or
employment benefits for performing the duties of acting CEO. Instead, remuneration was based on a
separate agreement between Atuo Oy (a company wholly owned by Outa-Ollila) and Dovre Group Plc. The
agreement defined an hourly rate for the services of the acting CEO. The total compensation paid for the
period 1 January – 21 November 2025 amounted to EUR 216,449.16.
Timo Saarinen, who served as acting CEO from 22 November 2025, received a monthly salary of EUR
27,500, amounting to EUR 35,750 by the end of the year. As acting CEO, Saarinen had the same pension
and personnel insurance as the other employees of the company. Saarinen also served as the Group’s
interim CFO.
No performance bonuses were paid to the CEO in 2025.
Group Executive Team
The Board annually confirms the terms and criteria based on which any performance bonuses for the
Group Executive Team are paid. Any performance bonus is based on the achievement of financial targets
such as operating result and net sales, as well as other related targets, either at the level of Dovre Group
and/or the relevant business unit. In addition, members of the Group Executive Team may have personal
or team-specific targets.
In 2025, the remuneration of the members of the Group Executive Team consisted of total compensation
(including salary and customary fringe benefits such as a company car and mobile phone benefit) or
consulting fees. In 2025, Dovre did not implement additional short-term or long-term incentive schemes for
the Group Executive Team. Dovre Group has not arranged supplementary pension insurance for members
of senior management.
In 2025, the total salaries, fees and fringe benefits of the members of the Group Executive Team, excluding
the CEO periods of acting CEO Sanna Outa-Ollila and acting CEO Timo Saarinen, amounted to
EUR 243,500. Of this amount EUR 48,183 was paid as salaries and fringe benefits and EUR 195,317 was
paid as consulting fees in accordance with contractual agreements.
98
Dovre Group Plc’s Board members on December 31, 2025
Kalervo Rötsä
Chairman of the Board
Board member since 25 November 2025
Master of Laws with court training, Helsinki District Court, 2000
Diplôme d'Études Approfondies, 1996
Diplôme Supérieur de l'Université, 1995
LL.B., 1993
Born 1965, Finnish citizen
Work Experience:
Eversheds Attorneys Ltd
Attorney, 2015–
JB Eversheds Attorneys Ltd
Attorney, 2014–2015
Juridia Bützow Attorneys Ltd
Attorney, 2011–2014
European Commission
Directorate-General for Competition, Attorney, 2005–2010
Attorneys-at-Law Thelen Reid & Priest LLP
Visiting Attorney, 2004–2005
American University, Washington College of Law
Adjunct Professor, 2004–2005
Hannu Ylönen Attorneys Ltd
Associate with court training, 2001–2003
Board memberships:
Member of the Board, Enersense International Plc (ESENSE), 2019–2021
Independent of the company and significant shareholders.
Aaron Michelin
Vice Chairman of the Board
Board member 29 April 2025 – 12 June 2025 and since 25 November 2025
eMBA, University of Tampere
Born 1963, Finnish citizen
Work experience:
Corporatum Oy, CEO
Enersense International Plc, CEO, 15 November 2004 – 29 January 2013
Board memberships:
Corporatum Oy
CEO and Chairman of the Board, 1990–
99
Primavera Digital Group Oy
Chairman of the Board, 3 August 2022– (Ownership through the Corporatum Oy Group)
Invesdor Services SPV2 Oy (holding company)
Chairman of the Board, 8 March 2022–
Member of the Board, 1 September 2021–7 March 2022
Nordic Angel Fund Ky
General Partner through AM Trustee Services Oy
UAB Biuro Baltic, Lithuania
Member of the Board, 5 October 2012–
(Ownership through the Corporatum Oy Group)
Genesink SaS, France
Member of the Board, 15 April 2022–
(Ownership through the Corporatum Oy Group)
Finnoexergy Oy
Member of the Board, 2022–2024
(Ownership through the Corporatum Oy Group)
Enersense International Plc
Chairman of the Board, 22 November 2017–27 April 2020
Member of the Board, 23 June 2004–30 November 2016
Coolbrook Oy
Member of the Board, 21 August 2018–30 March 2021
(Ownership through Corporatum Oy)
Mikana Energy Oy
Chairman of the Board, 29 December 2011–5 May 2015
Independent of the company and significant shareholders.
Ilari Koskelo
Member of the Board
Board member since 28 February 2008
B.Sc. Computer Science, University of Turku
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–
100
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 Corporation, 2016-2020
Member of the Board, SaraRasa Bioindo Pte. Ltd., 2014-
Member of the Board, Soil Scout Oy, 2013
Member of the Board, Ixonos Oyj, 2013-2016
Independent of the company and significant shareholders.
Group Executive Team on on December 31, 2025
Timo Saarinen
Acting CEO and Interim CFO
Member of the Group Executive Team since 29 September 2025
M.Sc. (Economics), University of Tampere, 1989
Major: Economics
Minor: Accounting and Statistics
Born 1965, Finnish citizen
Work experience:
Saarikulma Oy, 2016–
CEO, Interim CFO serving numerous clients including:
-Dovre Group Plc
-Visma Sirius Oy
-Haminan Energia Oy
-Accountor AS (Norway)
-Consolis Parma Oy
-Pallas Rakennus Oy
Welado Oy
Director, Finance, 2022–2023
Fenniarail Oy
CFO, 2010–2016
Fortum Plc
Director, Group Business Control, 2003–2009
Fortum Oil & Gas Shipping
Director, Finance and IT, 2003–2009
101
Neste Corporation
various finance and accounting roles, 1989–2001
Board memberships:
Member of the Board, Stockholmskonsulterna AB, 2022–2023
Independent of the company and significant shareholders.
Sanna Outa-Ollila
Chief Operating Officer
Member of the Group Executive Team since 17 December 2024
M.Sc. (Tech.), 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.
Markku Taskinen
CEO, Suvic Oy
Member of the Group Executive Team since 20 November 2025
102
M.Sc. (Engineering), University of Oulu, 1995
Major: Construction Engineering
Born 1969, Finnish citizen
Work experience:
Dovre Group Plc
Chief Executive Officer (CEO), since 8 January 2026
Suvic Oy
Chief Executive Officer (CEO), 4 August 2025 – 7 January 2026
Hartela Pohjois-Suomi Oy
Chief Executive Officer (CEO), 2015–2025
NCC Rakennus Oy (formerly NCC Finland Oy and NCC Puolimatka Oy)
Regional Director, 2010–2015
Construction Manager, 2002–2010
Project Manager, 2000–2002
Exidio Oy
Project Engineer, 1998–2000
Tehorakentajat Oy
Site Engineer, 1997–1998
Site Supervisor, 1997
ADC Solitra Oy
Production Manager, 1996–1997
Project Engineer, 1996
Independent of the company and significant shareholders.
103
9. 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.
Dovre Group’s website at www.dovregroup.com includes a section dedicated to shareholders and
investors, where up-to-date information on Dovre Group as an investment is published.
The company’s published financial materials can also be ordered by email. For contact details, please visit:
https://www.dovregroup.com/contact-us/
Dovre Group reports on its financial performance semi-annually in accordance with the International
Financial Reporting Standards (IFRS).
TALOUDELLINEN TIEDOTTAMINEN 2026
The company will publish its financial reports for 2026 as follows:
• Financial Statements Release 2025 on Thursday, 26 February 2026
• Half-Year Financial Report for January–June 2026 on Thursday, 20 August 2026
Dovre Group’s Financial Statements for 2025 and the Annual Report for 2025 will be published on the
company’s website on 30 April 2026. The Annual Report includes the company’s financial statements, the
Report of the Board of Directors, the Corporate Governance Statement and the Remuneration Report.
The company’s Annual General Meeting is planned to be held on Friday, 22 May 2026. The Board of
Directors will convene the meeting at a later date.
CONTACT INFORMATION
Markku Taskinen, CEO
markku.taskinen@dovregroup.com
Tel. +358 50 343 1482
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, 2025: 107 746 791
For more information: www.nasdaqomxnordic.com
104
(Translation of the Finnish original)
INDEPENDENT AUDITOR’S REPORT ON THE ESEF FINANCIAL STATEMENTS OF
DOVRE GROUP PLC
To the Board of Directors of Dovre Group Plc
We have performed a reasonable assurance engagement on the financial statements
(7437000NA1I6Y1OQWL24-2025-12-31-1-en.zip) of Dovre Group Plc (Business ID 0545139-6) that have
been prepared in accordance with the Commission's regulatory technical standard for the financial year
ended 31 December 2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company's
report of the Board of Directors and financial statements (the ESEF financial statements) in such a way that
they comply with the requirements of the Commission's regulatory technical standard. This responsibility
includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the
Commission's regulatory technical standard
• tagging the primary financial statements, notes and company's identification data in the
consolidated financial statements that are included in the ESEF financial statements with iXBRL
tags in accordance with Article 4 of the Commission's regulatory technical standard and
• ensuring the consistency between the ESEF financial statements and the audited financial
statements.
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 ESEF financial statements in accordance with the
requirements of the Commission's regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are applicable in
Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management (ISQM) 1, which requires the firm to
design, implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide
assurance on the financial statements that have been prepared in accordance with the Commission's
regulatory technical standard. We express an opinion on whether the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material respects, in accordance
with the requirements of Article 4 of the Commission's regulatory technical standard.
105
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We
conducted a reasonable assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in
accordance with the requirements of Article 4 of the Commission's regulatory technical standard
and
• whether the notes and company's identification data in the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4 of the Commission's regulatory
technical standard and
• whether there is consistency between the ESEF financial statements and the audited financial
statements.
•
The nature, timing and extent of the selected procedures depend on the auditor’s judgment. This includes
an assessment of the risk of a material deviation due to fraud or error from the requirements of the
Commission's regulatory technical standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial
statements, notes and company's identification data in the consolidated financial statements that are
included in the ESEF financial statements of Dovre Group Oyj [7437000NA1I6Y1OQWL24-2025-12-31-1-
en.zip] for the financial year ended 31.12.2025 have been tagged, in all material respects, in accordance
with the requirements of the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Dovre Group Oyj for the financial year
ended 31.12.2025 has been expressed in our auditor's report dated 22.4.2026. With this report we do not
express an opinion on the audit of the consolidated financial statements nor express another assurance
conclusion.
Helsinki 23.4.2026
BDO Oy, Audit firm
Henrik Juth
Authorised Public Accountant
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