Finland’s largest small house manufacturer DEN is changing owners. From LapWall’s perspective, DEN would be a big fish (i.e., a large contract customer), which I believe the company has been fishing for quite some time. It remains to be seen, of course, whether the change in DEN’s ownership will affect LapWall’s fishing luck.
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@jarmot.pekkarinen gave a good and interesting presentation at the Investor 2025 event 
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In his speech, Jarmo extends an invitation to visit us, and here is a link to the page through which visits can be coordinated: Tehtaat
A warm welcome!
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I wrote an article on LinkedIn about what low-carbon hybrid construction means in practice and how LapWall’s role is defined in these projects.
LapWall’s delivery role in hybrid projects is clear:
facade elements
warm roof elements (also available with a vapor-tight polyester-coated steel soffit)
cold roof elements / roof element system
Link to the article:
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Here is more information and references for the sites we have delivered.
LapWall roof element system
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LapWall – A look at 2025 and future prospects
The year 2025 has been a year of determined development for LapWall, during which we have strengthened the company’s operational foundation and capabilities for future growth phases.
A key step is Factory 3, which is nearing completion in Pyhäntä, strengthening our capacity and expanding our product and solution offering. This investment improves our delivery capability, competitiveness, and our ability to respond to increasingly demanding projects, supporting the company’s prerequisites for profitable growth.
Our roof element business is in a strong market position. The conceptualized operating model of the Pälkäne and Veteli factories and an annual capacity of over 400,000 m² enable reliable deliveries even in large and time-sensitive projects.
During the year, we also made a breakthrough into a new segment by delivering a roof solution for the Kajaani data center project. This demonstrates the suitability of our solutions for technically and qualitatively very demanding sites.
Our operations are based on a clear and controlled whole: standardized product and delivery content, a conceptualized process from quotation to installation, high and verified quality, and a competitive cost structure.
Responsibility is an integral part of our operations. The environmental impacts of our products have been verified with third-party verified RTS EPD environmental declarations, and development work towards lower-emission solutions continues.
I want to thank our customers, partners, and LapWall personnel for their committed and professional work during 2025. Thanks also to everyone following the company’s development and to the owners for their factual and constructive discussion.
The company’s operational foundation has strengthened, and we are moving into 2026 from a strong starting point.
If owners or those interested in the company wish to get acquainted with LapWall’s operations and production on site, a factory visit is possible by arrangement. More information: Factories
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Thanks for this overview and Merry Christmas, Jarmo Pekkarinen. I really appreciate that the company’s CEO participates in this thread and keeps us updated.
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A friend has been asking for quotes on elements for a wooden house. The first quote he received sounded outrageously expensive. It’s a shame he isn’t getting a quote from Kastelli. As a shareholder, I would be interested to know if it’s a competitive channel.
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OP has updated its analysis.
It expects 2026 revenue of €58m (31.4% growth) and EBITA excluding non-recurring items of €8m (13.4%). It expects the company to guide for significant revenue growth and a double-digit EBITA margin for 2026. Strong growth is based on new customer accounts gained through new capacity and winning market share. Recommendation Buy and €5.1, whereas previously €4.4 and Accumulate.
Inderes currently forecasts more moderately for 2026: revenue €51.4m (18% growth) and adj. EBIT €5.1m (9.9%).
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LapWall’s Strategy 2025–2030: A Clear Direction and the Ability to Execute
LapWall updated its strategy in 2024. The slide below summarizes the company’s strategic framework for the years 2025–2030: mission, vision, strategic goals, and key success factors.
This post is based on the strategy published by LapWall in 2024.
Mission and vision: why LapWall exists and where the company is headed
LapWall’s mission is “sustainable prefabricated construction for the benefit of our customers and the environment.” The mission reflects the company’s role as an industrial operator seeking long-term value for its customers, the environment, and its owners.
The vision for 2030 is ambitious yet clear:
LapWall aims to be “a pioneer in prefabricated construction, the most respected player in the industry, and a preferred workplace.” The vision is not limited to market position alone but also covers the employee experience and corporate culture—factors that are central to building a sustainable competitive advantage.
Strategic goals: growth on LapWall’s own standards
The strategy relies on four key goals:
- The most respected operator in the industry, measured by image studies, employee satisfaction, and eNPS, among others.
- Superior added value for customers through LapWall’s product portfolio and solutions (NPS and customer surveys).
- Increasing prefabricated construction according to LapWall’s standards, through growth in volume and market share.
- Long-term financial targets: approximately 100 million euros in revenue and a 15–20% EBITDA margin.
Crucially, growth is not based solely on chasing volume but on the company’s own operating models, productization, and industrial efficiency.
Strategic success factors: bringing the strategy to everyday life
LapWall’s strategy has been broken down into concrete success factors that guide daily operations:
- Communication, marketing, and advocacy
- Sales and account management
- Project expertise from design to installation
- Product portfolio and conceptualized solutions
- Functional and efficient factories
- Efficiency in procurement and material usage
These are supported by cross-cutting capabilities: finance, systems, AI, and digitalization, all founded on a skilled, motivated, and healthy workforce.
Capacity supports strategic execution
The strategy is not based on assumptions but on structures. LapWall is currently implementing the largest investment in its history. Upon completion, the facilities and capacity of the production plants will be at a level that enables the achievement of the revenue targets outlined in the strategy.
This is a key part of the strategy’s credibility: the growth targets are supported by capabilities that have already been built or are under construction.
Summary
LapWall’s strategy for 2025–2030 is clear and measurable, and it is built to be operationally implemented during the strategy period. It combines growth, profitability, customer value, and personnel into a single entity, which the company has both the will and the prerequisites to execute.
Strategy and capacity create the prerequisites; the task of management is to turn them into results.
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Here are Tommi’s preview comments as LapWall releases its H2 results on Tuesday, Feb 10.
LapWall will publish its 2025 financial statements bulletin on Tuesday, February 10, 2026. We will cover the report fresh in a live broadcast starting at 8:55 am, and the company’s results presentation can be followed here at 2:00 pm. We expect LapWall’s H2’25 revenue to have grown from the comparison period, supported by a strong order book. However, we expect profitability to fall short of the high level seen in the comparison period. In the report, our attention will focus particularly on the development of new orders, commentary on the outlook, and the progress of the final stages of the large investment project.
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In yesterday’s Finnish construction sector market review, I touched upon the market development from LapWall’s perspective.
In summary: The short-term outlook for commercial construction appears to be on an upward trend, industrial construction is developing flatly, while residential and public construction are showing sluggish development.
The economic review from the Finnish Single-Family House Industry (PTT) from late January 2026, reflecting the development of the single-family house market, matched the perception of low market activity, although the sharp decline in activity seems to have halted. The order book of the association’s member companies was 4% lower than a year ago.
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Hi everyone! As a friendly invitation and reminder: We will publish our financial statements bulletin on February 10, 2026, and starting at 2:00 PM, there will be a webcast where CEO Jarmo Pekkarinen and CFO Tuomo Riihonen will discuss how the year 2025 went. There will also be updates on strategic implementation measures. You can join here: https://lapwall.events.inderes.com/q4-2025 At the end of the event, we will traditionally answer questions from the audience!
Welcome!
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Don’t forget the LapWall earnings live stream, starting at 8:55 hosted by Tommi.
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We didn’t get the report for the live session. 
Thanks to those who joined anyway.
Apparently, unlike before, the company is approving the financial statements at a board meeting this morning, and the report is expected around noon. 
The webinar indeed starts at 14:00.
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A year of strengthening competitiveness in a weak market – well-positioned for profitable growth
Figures in parentheses refer to the corresponding period in the previous year, unless otherwise stated.
JULY–DECEMBER 2025 IN BRIEF AND KEY EVENTS
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Revenue was EUR 26,059 (22,165) thousand, a change of 17.6%.
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Operating profit excluding goodwill amortization was 2,652 (2,954), a change of –10.2%.
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Operating profit was EUR 2,207 (2,510) thousand, a change of –12.0%.
JANUARY–DECEMBER 2025 IN BRIEF AND KEY EVENTS
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Revenue was EUR 44,865 (43,290) thousand, a change of 3.6%.
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Operating profit excluding goodwill amortization was 3,767 (5,084), a change of –25.9%.
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Operating profit was EUR 2,878 (4,194) thousand, a change of –31.4%.
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Earnings per share was 0.14 (0.24)
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Revenue from the Pyhäntä business grew by more than a fifth from the previous year.
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Upon completion, the Pyhäntä factory investment will enable a tripling of the unit’s revenue and create a foundation for the company’s EUR 100 million revenue target by the end of the 2025–2030 strategy period.
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I only had time to quickly read through the report; hopefully, the CEO’s interview will be released on InderesTV soon (if it’s coming) .
Key takeaways for me:
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Signs of recovery in the market, but the atmosphere remains quite weak and cautious. Industrial, commercial, and public construction are gradually waking up, while residential construction is sluggish.
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It seems they have managed to hold onto market share as revenue is growing well and the order book has also been replenished. Growth is organic, albeit slow.
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The softness of the tender pipeline is slightly worrying (€58m vs. €65m last year). Does this foreshadow a soft H1?
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Competition seems tight, and gross margins are weakening. The CEO has mentioned in webinars that competitors should gradually start exiting the field, as prices cannot be undercut indefinitely in the name of revenue. I hope this is temporary because, as the CEO said, “this is a volume business”. Now revenue rose sharply but operating profit fell, even though I understand these shouldn’t be inversely proportional. Of course, the investments in Pyhäntä had an impact.
My own belief is that market recovery is expected to happen faster than it actually will. I fear that during H2/26, we might realize that it hasn’t taken off yet. I am a shareholder, and I hope I’m wrong.
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I haven’t had time to listen yet. Great that we get CEO comments out so quickly! 
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I got the impression that deals have been taken in with lower-than-usual margins to secure those volumes. It keeps people employed and ensures at least some business is being done.
Discounts are always an unfortunate thing. Once you lower the price level for a customer, it can be more difficult to raise prices back to the “right level” in the future. On the other hand, in the construction industry, people are currently quite satisfied with deals that result in either a break-even result or only a small loss. Compared to this, LapWall’s margin level is still very good.
Personally, I paid attention to the CEO’s comments on the market, or rather the lack thereof. Statistics have shown a recovery in construction (albeit slow) in all categories, so I was expecting positive comments. If Jarmo reads the discussion here, I would love to hear more about the outlook for the construction industry and whether the expected growth has been visible in the field in any way.
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