Sitowise Group Plc, Financial Statements Release, 1 January – 31 December 2022, 28 February 2023 at 8.30 a.m. EET

This release is a summary of Sitowise Group’s financial statements release January–December 2022. The complete financial statements release is attached, and also available on the company’s website at

October–December (Q4) in brief

  • Net sales increased by 14% to EUR 57.6 (50.5) million.
  • Organic net sales growth was 5% (6%).
  • Adjusted EBITA was EUR 5.3 (5.6) million, or 9.2% (11.1%) of net sales.
  • Sitowise acquired the Swedish company Convia in October, which strengthened the Group’s expertise in the fields of infrastructure and construction.

January–December (Q1–Q4) in brief

  • Net sales increased by 14% to EUR 204.4 (179.3) million.
  • Organic net sales growth was 5% (0%).
  • Adjusted EBITA was EUR 20.4 (21.1) million, or 10.0% (11.8%) of net sales.
  • The order book increased by 12% to EUR 181 (162) million at year-end.
  • Leverage (net debt / adjusted EBITDA) increased to 2.6x (1.4x) mainly as a result of the acquisitions made in 2022.
  • Earnings per share (EPS) were EUR 0.22 (0.22).
  • The Board of Directors proposes a dividend of EUR 0.10 per share, which corresponds to 45% pay-out ratio.  
  • Sitowise carried out a total of six acquisitions in 2022. In addition to the aforementioned acquisition of Convia, Sitowise acquired the Swedish infrastructure design agency Mavacon AB and completed the acquisition of VRT Finland Oy’s business focusing on 3D construction inspection back in January 2022. In June, Sitowise acquired the Finnish Bitcomp Oy, an IT expert in SaaS solutions for the forest and natural resources sector, the Finnish renovation specialist Rakennuttajakaari Oy, and the Swedish electrical design firm E60 Elkonsult AB.

The figures in this report are audited. Comparative figures for the corresponding period of the previous year are given in brackets. This report has been published in Finnish and English. If there are any differences between the English translation and the original Finnish version, the Finnish report shall prevail.


EUR million 10–12/2022 10–12/2021 1–12/2022 1–12/2021
Net sales 57.6 50.5 204.4 179.3
EBITA, adjusted 5.3 5.6 20.4 21.1
% of net sales 9.2% 11.1% 10.0% 11.8%
EBITA 4.7 5.2 16.1 18.5
Profit for the period 2.4 2.7 7.9 7.9
Cash flow from operating activities before financial items and taxes 13.1 14.0 22.7 22.8
Net debt 56.6 30.9
Net debt / EBITDA, adjusted 2.6x 1.4x
Equity ratio, % 41.6% 46.0%
Earnings per share (EPS), EUR 0.07 0.08 0.22 0.22
Number of personnel, average 2,237 2,015 2,151 1,969

CEO Heikki Haasmaa: Growth continued in all business areas – order book reached record level

In the final quarter of the year, Sitowise’s net sales increased by 14 percent, and organic growth amounted to five percent. Net sales continued to grow in all business areas.

Our adjusted EBITA fell slightly short of the comparison period and was EUR 5.3 (5.6) million. The lower level of profitability was due to considerably higher levels of sickness absences compared to the comparison period as well as weaker market conditions in the Buildings business area in particular. Our adjusted EBITA margin was 9.2 percent.

In terms of the full year, we achieved annual net sales in excess of EUR 200 million at an adjusted EBITA margin of 10%. This is a good result in the current market environment.

Demand for technical consulting remained relatively healthy in Sitowise’s target markets in the fourth quarter of the year. We started year 2023 with a record-high order book of EUR 181 million. There are, however, differences between market segments. Demand for digital services remains very high, and our SaaS business is growing rapidly. Sweden has enjoyed more stable demand than Finland on the whole, and also in this market Sitowise has succeeded in identifying and leveraging growing client segments. The infrastructure market has been slightly more volatile than earlier, but Sitowise has continued to grow ahead of the market and is benefiting from, for example, projects relating to the green transition. In our Buildings business, the new construction is undeniably slowing down and this is now reflected not only in residential development but also in offices and commercial real estate.

In the current economic climate, Sitowise now benefits from the facts that we have consciously expanded our operations in less cyclical market segments – such as renovation, infrastructure, and digital services – and have secured a number of long-term projects and framework agreements that help to bring predictability. Our determined efforts to strengthen our profitability also continue this year.

Sitowise’s more than 2,200 experts are developing sustainable ways to overcome the challenges of tomorrow. We believe that society’s ambitious climate and biodiversity targets will continue to create more demand for bold and creative solutions. Sustainability, digitalization, and data-driven decision-making are shaking up and transforming the entire industry, as well as society in general. We at Sitowise want to support our clients through this transition and to be the most innovative, sustainable, and efficient operator in our field. In our 2023–2025 strategy, which was published this morning, we describe in more detail how we respond to the challenges that our society and industry face, and how we intend to create value for our stakeholders over the new strategy period.


Outlook for the year 2023

The stable growth in the demand for design and consulting services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, and digitalization.

The uncertainty in the market brought by the war in Ukraine, increasing interest rates and inflationary pressures may continue to affect the short-term decision-making of Sitowise’s clients. That said, the effects on the technical consulting business are not quite as significant as in the broader construction industry, which is one of Sitowise’s key customer segments. Following the healthy organic growth and acquisitions made in 2022, Sitowise entered year 2023 with a record high order book.

Demand for digital solutions remains strong and infrastructure business’ outlook is also relatively more stable than construction markets, where uncertainty has continued to increase especially in Finland with an increasing uncertainty relating to starting of new construction projects. Overall, the market outlook has remained somewhat more stable in Sweden.


  • Sitowise Group estimates that its net sales in euros will increase compared to 2022, and that its adjusted EBITA margin (%) will be broadly at the same level as the adjusted EBITA margin of 2022.

Long-term financial targets

The Board of Directors of Sitowise Group has set the following long-term financial targets:

  • Growth: Annual growth in net sales of more than 10 percent, including acquisitions
  • Profitability: Adjusted EBITA margin of at least 12 percent
  • Leverage: Net debt / adjusted EBITDA should not exceed 2.5x, except temporarily in conjunction with acquisitions

According to its dividend policy, Sitowise’s objective is to pay annually a dividend corresponding to 30–50 percent of net profit to its shareholders.  When distributing a possible dividend, business acquisitions, the company's financial situation, cash flow and future growth opportunities are taken into account.


Change in Sitowise’s largest shareholders

On 30 January 2023, Sitowise Group Plc received a notification in accordance with the chapter 9, section 5 of the Finnish Securities Markets Act from Handelsbanken Fonder AB, according to which Handelsbanken Fonder AB’s direct holding of shares and votes in the company increased to 5.05 percent on 27 January 2023. According to the notification, Handelsbanken Fonder AB now holds a total of 1,802,079 shares corresponding to 5.05 percent of the company’s shares and votes.

Exercise of option periods provided for in the financing agreement

Sitowise agreed with its lenders in February 2023 on the exercise of the option periods provided for in the current financing agreement. The extension will be for the same amount and at the same terms as the original arrangement. With the option periods taken into account, the maturity of the financing agreement is now in March 2026.

Strategy for 2023–2025  

At the same time with this Financial Statements Release for 2022, Sitowise Group Plc has announced its strategy for the years 2023–2025. The new strategy focuses on Innovation, Sustainability and Efficiency and targets continued sustainable profitable growth and value creation for its clients, other stakeholders, and the society. The new strategy is described in more detail in a separate stock exchange release.   


The planned publication dates for Sitowise Group Plc’s financial reports in 2023 are as follows:

  • Interim Report for January–March 2023 on Wednesday, 10 May 2023
  • Half-year Report for January–June 2023 on Wednesday, 16 August 2023
  • Interim Report for January–September 2023 on Thursday, 2 November 2023

The 2022 Annual Report will be published no later than during the week commencing on 27 March 2023.


Sitowise’s Q4 2022 earnings webcast will be held today, 28 February 2023, at 1 pm EET. The webcast can be accessed either live or as a replay available at


Heikki Haasmaa, CEO,, tel. +358 50 304 7765

Hanna Masala, CFO,, tel. +358 40 558 1323

Mari Reponen, Head of IR,, tel. +358 40 702 5869