Here are Frans’s comments on Toivo signing a 17 million euro deal in Vantaa 
Toivo Group announced on Thursday that it has signed a turnkey (KVR) construction contract of approximately EUR 17 million with VAV Yhtymä Oy for the implementation of a residential apartment building project in Aviapolis, Vantaa. The contract is a new opening, as it is the first pure contracting project in the company’s history. In our view, the project supports Toivo’s 2026 revenue forecast (EUR 77.8 million) well, but it does not cause immediate changes to our forecasts. In terms of profitability, contracting is clearly lower than the company’s target project margin of 15%, but it ties up very little capital.