Here’s a fresh company report from Ate 
SRV announced that it has won a contract to build a data center in Lahti. According to the company, the project will increase the order book by 35% compared to the end of last year. Thus, the value of the contract is approximately EUR 270 million. The total data center investment is, in our understanding, approximately EUR 1.2 billion. The project is therefore very significant in scale and many times larger than the company’s previous LUMI AI Factory data center project to be built in Kajaani (where the target budget for SRV was EUR 54 million). The contract will be entered into the order book when construction begins, and it will be recognized as revenue according to the percentage of completion during 2026 and 2027. In our view, the project schedule is very tight, and data center projects typically involve significant contract-based delay penalties. On the other hand, we estimate that the project’s margin potential is correspondingly higher than the company’s current project portfolio on average, which relies mainly on public commercial building construction. The number of building permits for data centers has continued to grow, and we see further opportunities for SRV in this segment. However, the massive scale of the projects places limitations on the company’s capacity, despite the project management model.