I checked this with the Tuusula building inspection; the building permit became legally binding in September. So, in reality, what’s likely missing is “only” an agreement with the property buyer for this to move into the order backlog.
This is a project totaling around 10,000 m². Self-developed projects in Iisalmi + Kuopio totaled 13,800 m² with a value of €19.4 million, and Riihimäki was 9,000 m² and €17 million. So this Tuusula project alone is very likely significantly more valuable than the total value of new orders in Q3 → and this is not yet in the order backlog. In any case, if/when Tekova has now already started building the project, it will likely still be well on track for completion during 2027.
In this regard, Tekova is indeed a difficult company to keep a close pulse on. The number of projects is so small that individual projects can swing quarterly order figures extremely heavily. Thus, a single poor quarter in terms of orders can be genuinely bad or completely meaningless, and of course the other way around as well—meaning a single good order quarter can be genuinely good or completely meaningless.
In a good scenario, an agreement for Tuusula will be made in the near future and they will get to build Biltema’s store right next to it as well. If a data center order were to land on top of that, these three projects alone could bring over €70 million to the order backlog in Q4. Equally, all of these could fail to materialize, or in the case of Tuusula, be pushed further into the future.
Personally, I am not throwing in the towel at all because of the Q3 order figures, but deals need to be closed during Q4.