Sitowise Group Plc, Interim Report, 1 January – 31 March 2024, 8 May 2024 at 8:30 am EET

This release is a summary of Sitowise Group Plc’s Interim Report January–March 2024. The complete report is attached to this release as a PDF file, and also available on the company’s website at

January – March in brief

  • Net sales decreased by 8.1% to EUR 51.5 (56.0) million. In constant currency net sales were down by 8.0%.
  • Organic net sales growth was negative at -8% (4%).
  • Adjusted EBITA was EUR 3.4 (6.6) million, or 6.6% (11.8%) of net sales.
  • Operating profit decreased to EUR 2.0 (5.5) million, or 3.8% (9.8%) of net sales.
  • The order book stabilized during the quarter. Year-on-year the order book decreased by 8% to 163 (176) million euros.
  • Leverage (net debt / adjusted EBITDA) was 3.8x (2.4x).
  • In the client survey conducted at the beginning of the year, the willingness to recommend remained at a good level and NPS (Net Promoter Score) was 31 (32). In addition, 95% (97%) of respondents would re-select Sitowise as their supplier.
  • The acquisition of Ahlman Group Oy’s expert business was finalized in January.

The figures in the interim report are unaudited. Comparative figures for the corresponding period of the previous year are in brackets. The figures disclosed in the interim report are rounded so the sum of individual figures can deviate from the reported sum. 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 1-3/2024 1-3/2023 Change, % 2023
Net sales 51.5 56.0 -8.1 % 210.9
EBITA, adjusted 3.4 6.6 -49.1 % 17.0
% of net sales 6.6 % 11.8 % 8.1%
EBITA 3.1 6.2 -51.1 % 15.1
Operating profit 2.0 5.5 -64.4 % 11.7
Result for the period 0.5 3.5 -84.4 % 5.5
Cash flow from operating activities before financial items and taxes 5.0 5.7 -11.9 % 23.9
Net debt 56.7 55.5 55.3
Net debt / EBITDA, adjusted 3.8x 2.4x 3.0x
Equity ratio, % 43.6 % 43.6 % 42.9%
Earnings per share (EPS), EUR 0.02 0.10 -83.3 % 0.16
Number of personnel, average 2,119 2,226 -4.8 % 2,211

CEO Heikki Haasmaa: Determined sales efforts and the growth in energy and industrial sectors  supported the order book

In the first quarter, Sitowise’s market environment offered a few tailwinds. We continued to excel in Infra business area, which grew by 8% year-on-year, and both our Infra and Digital Solutions businesses successfully maintained their profitability levels. At the same time, our business benefited from the increasing demand for green transition and security related services, as well as the expertise gained through the acquisitions completed after the comparison period. During the quarter we focused on proactive sales, with a specific emphasis on further diversification of client base in energy and industrial sectors, and I am very pleased that these initiatives are already resulting in winning new clients and projects.

On a Group level, net sales were down by -8.1 percent to 51.5 (56.0) million euros. The decline was largely due to the lower volumes in the Buildings business area, where the operations were adjusted to the weak construction market environment in the final quarter of 2023. The mixed market environment, tightened price competition and negative calendar effect (-1 working day year-on-year) slowed down growth also in other business areas. In Sweden focus was put on sales excellence and diligent project management, but the materialization of the targeted growth takes time in the current market environment. The Group’s adjusted EBITA totaled 3.4 (6.6) million euros, corresponding to a 6.6% (11.8%) adjusted EBITA margin. In addition to the working day difference, profitability was burdened by the high cost and wage inflation and a weakened utilization rate. The cash flow from operating activities remained at a good level, and Sitowise’s solvency and financial position remained stable despite the increase in leverage.

In line with our strategy, we continued to focus on innovation, sustainability, and efficiency.  In the past year, we have rapidly developed a robust pipeline for new smart and sustainable digital services, initiating  go-to-market preparations for two products this quarter. Furthermore, the Digital Solutions business secured its first international deal.

We also strengthened our ties with our customers and created new partnerships during the quarter. Examples of these include a design partnership with the construction company YIT across its Finnish business segments, and a cooperation with the forest machine manufacturer Ponsse for AI-driven harvesting optimization. According to our recent client survey, our clients continue to value our services and the recognition of the Sitowise brand has increased, especially in Sweden. I want to thank all Sitowise employees for their continued dedication and work for our clients.

We expect the market environment to remain mixed throughout 2024. Demand for services related to green transition, security and digitalization of the built environment continues to be the key driver for growth especially in Infra and Digital Solutions. In Buildings and Sweden, slightly increased tendering volumes and order intakes signal the start of a gradual market recovery, but predicting the timing of a clear improvement is very difficult. The tight competitive situation, driven by overcapacity, is expected to continue in all business areas.

Improving Sitowise’s profitability is our top priority in 2024, with a continued focus on moving our sales culture to the next level, pricing excellence and further actions to mitigate cost inflation and increasing internal efficiencies. The results of these initiatives are expected to materialize in the coming quarters, but I am pleased to see that our increased focus on the growing market segments has already started to bring positive results.


Outlook for the year 2024

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

The weakened macro-economic outlook, high interest rates and high inflation have slowed down growth in both Finland and Sweden and impacted the short-term decision-making of Sitowise’s clients especially in the private sector and most of all in residential building projects. The general economic environment also has an impact on larger public sector investments. A key factor impacting Sitowise’s market environment in 2024 will be the timing of the anticipated central banks’ decisions to lower interest rates, and whether those will be, when materialized, sufficient to drive increasing demand for new construction and investment projects and thereby technical consulting services.

We expect the market environment to remain mixed in 2024. Key driver for growth will be increasing demand for services related to green transition, security, and digitalization of the built environment. In Buildings, the first half of the year will still be challenging due to the difficult construction market in Finland, which is expected to show signs of recovery earliest towards the end of 2024. There are some positive signals in the Swedish technical consulting market environment, which has overall remained somewhat more stable than in Finland.

At the end of March 2024, order books were at good level in Infra and Digital Solutions and at satisfactory level in Sweden. In Buildings, the workload was not at an adequate level, and selective temporary layoffs have continued in Buildings in the first and second quarter of 2024.

In addition to the market development, cost inflation (e.g. relating to salary increases), higher number of working days in 2024 than in the previous year (+1 day in both Q2 and Q3 and equal number of days in Q4), potential currency fluctuations (EUR/SEK) and high interest expenses are expected to impact Sitowise’s financial performance during 2024.

Guidance (repeated, issued on 27 February 2024)

Sitowise Group’s net sales is expected to slightly decline in 2024, driven by the Buildings business decline. Adjusted EBITA margin (%) is expected to be at the 2023 level or above in 2024.

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.


Resolutions of the Annual General Meeting

The Annual General Meeting (AGM) of Sitowise Group Plc was held on 4 April 2024 in Espoo. The AGM approved the company’s annual accounts and consolidated annual accounts for the financial year 2023, discharged the members of the Board of Directors and the CEO of the company from liability and resolved to approve the remuneration report for governing bodies. The AGM also resolved that no dividend be paid from the company’s distributable funds.

The AGM resolved that the remuneration of the Board of Directors would remain unchanged. Eero Heliövaara, Mirel Leino-Haltia, Elina Piispanen, Niklas Sörensen, Tomi Terho and Mats Åström were re-elected to the Board of Directors and Anni Ronkainen was elected as a new member to the Board of Directors. The AGM re-elected KPMG Oy Ab, a firm of authorized public accountants, as the auditor of the company with Kim Järvi, APA, acting as principal auditor. KPMG Oy Ab will also carry out the assurance of the Company’s sustainability reporting for the financial year 2024. The remuneration for the auditor is paid according to the auditor’s reasonable invoice.

The AGM authorized the Board of Directors to decide on the repurchase of the Company’s own shares and to decide on the issuance of shares as well as the issuance of special rights entitling to shares referred to in chapter 10 section 1 of the Companies Act. The authorizations are described in detail on the stock exchange release published on 4 April 2024,  Decisions of the Annual General Meeting of Sitowise Group Plc | Sitowise, and they are both effective until the beginning of the next Annual General Meeting, however no longer than until 30 June 2025.

Decisions of the constitutive meeting of the Board of Directors

At the constitutive meeting of the Board of Directors of Sitowise Group Plc held after the Annual General Meeting 2023, the Board of Directors elected Eero Heliövaara as its Chair and Tomi Terho as its Vice Chair. In addition, the Board of Directors appointed members to its committees. Mirel Leino-Haltia was elected as the Chair and Anni Ronkainen and Mats Åström as the members of the Audit Committee. Eero Heliövaara was appointed as the Chair and Elina Piispanen and Niklas Sörensen as the members of the Personnel Committee. Tomi Terho was elected the Chair and Eero Heliövaara, Niklas Sörensen and Mats Åström were elected as the members of the Acquisition Committee.

Espoo, 8 May 2024

Sitowise Group Plc

Board of Directors

Additional information

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

Financial calendar 2024

The planned publication dates for Sitowise Group Plc’s financial reports in 2024 are as follows:

Half-year financial report for January–June 2024:                  13 August 2024

Interim Report for January–September 2024:                                                    7 November 2024

Webcast for analysts, media and investors

Sitowise’s Q1 2024 earnings webcast will be held today, 8 May 2024, at 12 pm EEST. The webcast can be accessed either live or as a replay available at


Nasdaq Helsinki Ltd

Key media


Sitowise is a Nordic expert in the built environment with strong focus on digitality. We provide design and consulting knowhow to enable more sustainable and smarter urban development as well as smooth transportation. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden. Global megatrends drive huge changes that require a re-evaluation of the smartness in the built environment – therefore we have set our vision to be Redefining Smartness in Cities. The Group's net sales were EUR  211 million in 2023 and the company employs more than 2,100 experts. Sitowise Group Plc is listed on Nasdaq Helsinki under the trading symbol SITOWS.