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Sweco Finland Q2 2024: Good profit development continued in segmented market

Published 16.7.2024

Today Sweco published its interim report for the second quarter of 2024. Sweco Finland’s net sales remained at the same level as in the previous year and the result developed positively.

Sweco Finland’s net sales in the second quarter remained at the same level as in the previous year, being EUR 84.4 million. EBITA for the quarter was EUR 7.9 million, compared to EUR 6.4 million in the corresponding period of 2023. The EBITA margin continued to develop well, being 9.4 per cent, which shows an increase of 1.8 per cent. During the quarter, restructuring costs of approximately EUR 1.3 million were recorded related to measures to improve the efficiency of the organization. The number of employees at the end of June was 3,000.

Activity in the building construction market remained at a low level in the second quarter, which is why related net sales decreased compared to the previous year. However, growth in other business areas increased total net sales to the same level as in previous year.

“We are pleased with the positive development of profitable growth in our selected growth areas, especially in the areas of energy transition and sustainable urban development and traffic. We are also pleased with the positive profit development of building construction and architects in a market that continues to be challenging,” says Thomas Hietto, CEO of Sweco Finland.

During the second quarter, Sweco Finland won several significant projects.

The energy company Helen has made an investment decision on the implementation of a hydrogen plant in Vuosaari. This is the first green hydrogen production plant to be built in Helsinki, which is also the first of its kind in the world. The project combines four different sectors: electricity, transport, heating and hydrogen, and the flexibility between them. Excess heat from hydrogen production is utilised in Helen’s district heating network, which increases the plant’s energy efficiency. The goal of the pilot plant, called 3H2 Helsinki Hydrogen Hub, is to start production in 2026. As an EPCM partner, Sweco is comprehensively responsible for the implementation of the production plant.

Together with Metropolitan Area Transport Ltd, Sweco has developed a carbon management model that ensures the reduction of carbon emissions in construction projects, for example by consciously reducing emissions from materials. The model is being used for the first time in a major renovation project at the Koskela depot.

Sweco’s project, Katajanokan Laituri, was noted with an honorary mention in the Tekla BIM Awards competition, which annually awards industry leading construction projects that have used modelled data. In addition to the honorary mention, the project was awarded as the winner of the public vote. The office and hotel building serves as Stora Enso’s head office and showcases innovative solutions for low-carbon construction. Sweco acted as the structural designer of the building and was also responsible for the wood and concrete element design.

“I would like to thank our clients for the good cooperation, as well as our employees for their excellent work during the first half of the year, and wish everyone a happy summer,” says Thomas Hietto.

Sweco’s Interim Report April–June 2024

Inquiries:

Thomas Hietto, CEO, Sweco Finland, tel. +358 40 047 4093, thomas.hietto@sweco.fi

Sanna Huopio, Communications Director, Sweco Finland, tel. +358 50 302 8898, sanna.huopio@sweco.fi