Took a bit of a hit. So there was no sense in putting money into that. Oh well. It’ll go toward tax deductions. Meaning there will be quite a lot of cashing out this year. This lottery ticket didn’t win.
“Can anyone say in what light this cooperation agreement signed with Alight appears now with the bankruptcy application?”
Dovre Group Plc has received a notice of termination from Alight Ukko Oy addressed to Suvic Oy regarding the Eurajoki solar park construction project
today at 08.44 ∙ MFN
Dovre Group Plc | Inside Information | 2.1.2026 at 08.44
Dovre Group Plc has received a notice of termination from Alight Ukko Oy addressed to Suvic Oy regarding the Eurajoki solar park construction project.
Dovre Group Plc will provide information on the financial impacts of the matter separately.
Additional information:
Dovre Group Plc
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Corporate restructuring ahead?
Dovre Group Plc faces demand for guarantee debt payment - company is insolvent
Dovre Group Plc | Inside Information | Jan 7, 2026 at 11:45 AM
Dovre Group Plc (“Dovre”) has today received a EUR 5.5 million payment demand from Nordic Guarantee Insurance Ltd, Finland Branch, based on a guarantee limit agreement, which falls due on January 12, 2026.
The basis for the payment demand is a delivery guarantee granted to Alight Ukko Oy.
Dovre is unable to pay the demanded amount. Dovre is investigating applying for corporate restructuring due to imminent insolvency.
Dovre Group Plc faces demand for guarantee debt payment - company is insolvent Dovre Group Oyj:ltä vaaditaan takausvelan maksamista - yhtiö on maksukyvytön
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Well, a losing lottery ticket for the portfolio.
https://www.kauppalehti.fi/uutiset/a/b9b98777-8df8-4ef0-b67c-a46c37b3dafc
I sent these comments to a friend (who bought this first and I followed a bit later for a swing trade before Christmas):
“That Dovre might be a total wreck, but I can’t be bothered to read through it.”
“As long as it doesn’t go bust / to a rights issue before I can catch a dead cat bounce in January.”
Well, I once got some good gains from Lehto in a similar situation (though I didn’t realize how acute Dovre’s situation was), and sometimes you win, sometimes you lose. It’s a bit annoying that Summa, a similar swing target, shot up +100% at the same time, but I considered Dovre more reliable than Summa since the former has actually had some real business at some point.
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That’s just how it goes in this business sometimes, it seems. The stock gives, and the stock takes away. A sad story, complete with those bizarre snow removal costs and everything. Maybe there’s a lesson to be learned here.
I understand the word “insolvent” to mean that there’s nothing left to restructure. The cash is gone.
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I’m returning to this reflection of mine from three months ago now that Dovre is perhaps seeking to avoid bankruptcy through corporate restructuring.
As I understand it, a condition for corporate restructuring is that there is healthy business to be saved, which makes my previous reflection a burning central question.
What do you think?
Dovre’s remaining parts are a bit of a mystery, at least they include:
- The old Proha Finnish consulting business, likely a few employees and maybe €1–2m in revenue.
- eSite, which was acquired from Fortum; I don’t really know what it does, but revenue is unlikely to be more than €0.5m.
- Renetec—I wondered about its founding earlier, but perhaps trust in Suvic was already wearing thin, and that’s why it’s a separate company (though not for project execution, more for design if I remember correctly). Its revenue is unlikely to be over €1m; information has been quite scarce.
- An associate company called Suvirasa or similar has been held for a long time, with a 20% stake; its value in the financial statements has presumably been around €2m.
Those elements can be made profitable, but the restructuring cuts would need to be massive to generate significant cash flow from those components. We’ll see if management still has the stamina to keep dragging this stone sledge; the upside is, however, quite limited. I’ve been involved in this for probably 10 years or more; at one point the choice was between Revenio or this, and I might not have picked the winning horse 
but I knew Dovre from before, and at the time there was a clear cleanup project underway that was progressing in the right direction year by year. Suvic was just a massive mistake; once again, a company from Oulu practicing “financially-driven project management” has been found, putting it in the same category as Lehto. This is actually even more shocking as losses are in the tens of millions and revenue hasn’t been much higher over the same period. Well, luckily I’ve been trimming my position, so maybe this adventure ended up just barely at ±0.
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Finnish listed company declares insolvency – subsidiary to go bankrupt
Last one out, turn off the lights. Quite a mess. This was a rather promising and profitable company, though. It would certainly have had a different outcome with better management.
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If you want to get rid of your shares, you can send us a message; bankruptcy looks quite certain now.
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