In other words, according to your understanding, the company redeemed (with money) part of Kokkila’s old loans, and Kokkila subscribed for new loans with only about half of the old loan amount.
In this case, Kokkila would have received, for example, 500,000 euros in cash from loans with a nominal value of 1,000,000 euros, and new hybrids with a nominal value of 500,000 euros. Is that right?
Exactly, but Kokkila was not the only party in this arrangement. The majority of redemptions of old hybrids and subscriptions for new ones were independent of Tuomas Kokkila. However, this tells us almost nothing about the Kokkilas’ share in the overall picture.
SRV has been removed from disfiguring the Helsinki index, or at least from the OMX Helsinki Benchmark Index, which imitates the Helsinki one, with today being its last day included.
This has probably contributed to SRV’s share price falling, 1 week -6% while YIT 1 week +8%, and OMXHGI +3%.
SSAB will be added to the index, and along with SRV, F-Secure, Sitowise, and for some reason even 2.0bn market cap Kalmar will be removed.
Helsinki, November 21, 2025 — Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki Benchmark™ Index, (Nasdaq Helsinki: OMXHB), which will become effective at market open on Monday, December 1, 2025.
The following security will be added to the Index: SSAB AB ser. B (SSABBH).
The OMX Helsinki Benchmark™ Index measures the performance of a selection of the largest and most traded securities listed on Nasdaq Helsinki Ltd. The Index is reviewed semi-annually in June and December.
As a result of the semi-annual review, the following securities will be removed from the Index: F-Secure Oyj (FSECURE), Kalmar Oyj B (KALMAR), Sitowise Group Plc (SITOWS), and SRV Group Plc (SRV1V).
For more information, please refer to the OMX Helsinki Benchmark Index Methodology.
For a list of current Index Securities please refer to Nasdaq’s Global Index Watch.
Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index
Another owner-occupied housing project starts this year, again in Niittykumpu, Espoo. Less than half reserved during pre-marketing.
The press release also refers to the financing capacity brought by the infrastructure business and the new hybrid.
SRV is launching the sale and construction of a 40-apartment residential building, Asunto Oy Espoon Luhtavehka, in Niittykumpu, Espoo. Luhtavehka is the second owner-occupied housing project that SRV will start constructing this year.
Nearly half of Luhtavehka’s apartments have been reserved during pre-marketing. SRV’s goal is to significantly increase the volume of residential construction in the coming years.
“The hybrid bond issued last week and the sale of the infrastructure business published in October strengthened our financial position and practically ensure the necessary financing capacity to increase our own project development-based housing and commercial property production for the coming years,” Seppä continues.
SRV starts construction of an owner-occupied housing project in Niittykumpu, Espoo https://share.google/jxLjO7s3j8GCeROzX
SRV into the AI business, construction-wise of course.
Approx. EUR 54 million and construction work starting as early as January
SRV and CSC – IT Center for Science Ltd have signed an agreement for the implementation phase of the LUMI AI Factory data center project’s construction contract. The target budget for SRV for the project, implemented as a collaborative project management contract, is approximately EUR 54 million. The project will be recorded in SRV’s order backlog for December. The project supports SRV’s strategic goal of strengthening the company’s leading position in collaborative and other contracting, where the company is strong, particularly in public sector projects.
The LUMI AI Factory data center construction project started in September 2025 with a development phase, during which technical plans, implementation and project plans, and the innovation of related solutions were developed. With the implementation phase, preparatory work at the site will begin immediately, and construction will start in January 2026. Operations at the new data center are estimated to begin in spring 2027.
Here are Atte’s comments regarding the data center project awarded to SRV. 
SRV announced on Friday that it has signed an agreement with CSC – IT Center for Science for the implementation phase of the LUMI AI Factory data center project. The project’s target budget is approximately EUR 54 million, and it will be recorded in the company’s December order backlog. The project is significant in scale for SRV, and it supports the company’s order backlog as well as next year’s revenue accrual. The news does not create immediate pressure to change our forecasts.
Here are Atte’s comments on how Kreate and SRV have, as expected, completed the acquisition of SRV Infra Oy.
On New Year’s Eve, Kreate and SRV announced that they had completed the acquisition of SRV Infra Oy. The completion of the transaction at the end of 2025 was expected, as the competition authority had already approved the deal at the end of November. The acquired business will be consolidated into Kreate starting January 1, 2026. The news has no impact on our forecasts, as we had already factored the acquisition into both companies when the deal was announced in October.
Figures for the rest of the year estimated,
1-9/2025 totals were:
-revenue EUR 490 million,
-operative operating profit EUR 2.8 million
And below estimated for the full year
-revenue EUR 700-715 million
-operative operating profit EUR 6.0-7.5 million
=> Q4/2025
-revenue EUR 210-225 million
-operative operating profit EUR 3.2-4.7 million
In other words, a quite brisk final quarter by SRV’s standards, but probably some provisions etc. could have also been released
Inside information, profit warning: SRV Group Plc raises its estimate for 2025 revenue and specifies its estimate for operative operating profit
SRV Group Plc raises its estimate for 2025 revenue and specifies its estimate for operative operating profit. The reason for specifying the guidance is the more front-loaded revenue accumulation of ongoing projects during the end of the year than previously anticipated.
The company’s revenue for 2025 is estimated to be EUR 700-715 million (previous guidance: EUR 650-680 million) and operative operating profit EUR 6.0-7.5 million (previous guidance: operative operating profit is estimated to be positive).
In 2024, the company’s revenue was EUR 745.8 million and operative operating profit was EUR 10.3 million.
SRV Group Plc will publish its financial statements bulletin for 2025 on 11 February 2026.
We will know more on February 11, 2026, but revenue growth and operating profit growth go hand in hand since the business is profitable. So, I wouldn’t see the operating profit growth as having needed a boost from the release of provisions.
Here is a pre-earnings report from Atte as SRV releases its results on Wednesday, February 11.
SRV will report its 2025 financial statement bulletin on Wednesday, February 11. The company’s Q4 performed stronger than our expectations, and SRV issued a positive profit warning regarding its 2025 revenue and earnings as projects progressed faster than anticipated. Despite the stronger performance at the end of the year, the outlook for 2026 remains challenging. With the earnings level in our forecasts remaining at a moderate level for the current year, the stock’s valuation is at a demanding level. In 2027, the valuation will decrease to a more neutral level according to our forecasts (EV/EBIT 11x, P/E 12x). However, the forecasts involve significant uncertainty related to the timing of the market turnaround and, on the other hand, the company’s ability to capitalize on it. Thus, the risk/reward ratio of the stock remains weak in our view. We maintain our target price at 5.0 euros and our recommendation at Reduce.
Is it time to change the thread title? The next recession will certainly come around again, but the question in the title was answered with a “yes” years ago.
Volume of building permits granted grew by 3% year-on-year in November 2025 | Statistics Finland
Couldn’t the title be concisely “SRV”, even though the title doesn’t define the company’s actions?
Are we perhaps on the verge of a turnaround? If residential construction starts to recover in 2027, the stock market is already champing at the bit this spring. SRV has lagged badly behind YIT in stock performance over the last 12 months.
A small update on SRV’s housing sales.
Of the 82 apartments in Karhunsammal, located in Munkkivuori, 49 are currently available. If even the preliminary reservations turn into final ones, the magical 50% reservation rate is approaching. If the website has been up to date, reservations have developed quite favorably over the past week.
In the two projects under construction in Niittykumpu, the number of available apartments has dropped to 21 in each. Development for these projects has also been good recently, as just a few days ago there were still 25–26 available apartments in each housing company.
I believe it hasn’t been reported on this forum that the Palikka fire damage from 2020 was settled between the parties in November 2025.
In my opinion, SRV has also not issued any disclosure on the matter, which is a good thing, as SRV has maintained from the start that the company is not liable for damages.
Based on the news from YLE Keski-Suomi, one could conclude that the company reached a settlement without paying damages or with a very small compensation.
Interesting that nothing has been announced, considering it’s a significant sum relative to earnings performance, and that the case in question was reported at the time.
INSIDE INFORMATION: Lawsuits filed against SRV Construction Ltd, a subsidiary of SRV Group Plc, related to the 2020 fire in Palokka, Jyväskylä | SRV.fi https://share.google/UDgTTjezEAss3awh1
Regardless of the settlement terms, one would have expected the company to disclose the conclusion of the legal proceedings.
The settlement is an excellent outcome because, in a worst-case scenario at the Court of Appeal, the payout and/or costs could have amounted to a ballpark figure of 15,000,000 euros, considering several years (3-4) of penalty interest and both their own and the counterparty’s legal expenses. That is no “more” than 1/6 of the company’s current market capitalization.
We will surely get some indication of the financial terms of the settlement in the next earnings release, but based on the news coverage and the company’s own lack of disclosure, it appears to be a “walk-away” deal where each party bears its own costs or, alternatively, a relatively small compensation sum was paid. If it were a significant compensation, the company would have been required to disclose the settlement.
New self-developed residential apartment building in Niittykumpu. Hopefully, there will be more margin than in contracting.
And a few days earlier, there was a press release about another apartment building deal, a ‘turnkey contract’ for Vermo, 11.5 MEUR / 49 apartments.
SRV and Y-Säätiö have agreed on the construction of a 49-apartment rental building in Vermonniitty, Espoo. The contract value is 11.5 million euros and it will be recorded in SRV’s order backlog in January 2026. The project will be built as a turnkey contract (kokonaisvastuu-urakka), where SRV is responsible for both design and execution. Construction will begin in January 2026, and the estimated completion is in early 2027.
An interesting highlight from Kreate’s results from SRV’s perspective: SRV Infra’s 2025 revenue 88.5 million euros, EBITA (FAS) 7.8 million euros.