YIT’s Financial Statements Bulletin January–December 2025

YIT’s Financial Statements Bulletin January–December 2025

Revenue and adjusted operating profit increased in Q4, net debt continued to decrease

Fourth quarter of 2025 in brief

• Order book amounted to EUR 2,915 million (30 Sep 2025: 2,929). At the end of the period, 76% of the order book was sold (30 Sep 2025: 75%).
• Revenue increased to EUR 557 million (521).
• Adjusted operating profit increased to EUR 25 million (13). Adjusted operating profit margin increased to 4.5% (2.6).
• Operating profit increased to EUR 23 million (-17).
• Operating cash flow after investments amounted to EUR 111 million (114), supported by a return of capital and profit distributions from Tripla Mall Ky amounting to EUR 51 million, enabled by the refinancing of Tripla as announced on December 5, 2025.
• Net interest-bearing debt decreased to EUR 560 million (680), and gearing improved to 71% (88) at the end of the period.
• In Residential Finland, adjusted operating profit amounted to EUR -8 million (-12). Consumer apartment sales decreased to 97 (174) apartments. Consumer apartment starts in the quarter decreased to 119 (160). The number of unsold completed apartments decreased 25% year-on-year to 524 (31 Dec 2024: 700; 30 Sep 2025: 455).
• In Residential CEE, adjusted operating profit increased to EUR 26 million (25). During the quarter, YIT sold 873 (653) apartments, of which 286 (300) to consumers and 587 (353) to investors. Consumer apartment starts decreased to 40 (62). The number of unsold completed apartments decreased 22% year-on-year to 220 (31 Dec 2024: 281; 30 Sep 2025: 194).
• In Building Construction, adjusted operating profit decreased to EUR 1 million (2).
• In Infrastructure, adjusted operating profit increased to EUR 7 million (6).
• Result for the period was EUR 3 million (-39).

January-December 2025 in brief

• Revenue decreased to EUR 1,757 million (1,820).
• Adjusted operating profit increased to EUR 54 million (32). The adjusted operating profit margin increased to 3.1% (1.7).
• Operating profit increased to EUR 45 million (-55). Comparison period's operating profit was impacted by the transformation program costs and operations to be closed down.
• Operating cash flow after investments decreased to EUR 65 million (110).
• In Residential Finland, adjusted operating profit amounted to EUR -8 million (-20). Consumer apartment sales decreased to 490 (589) apartments. Consumer apartment starts increased to 477 (160).
• In Residential CEE, adjusted operating profit decreased to EUR 30 million (37). During the year, YIT sold a total of 2,169 (1,644) apartments, of which 1,246 (986) to consumers and 923 (658) to investors. Consumer apartment starts increased to 1,555 (783).
• In Building Construction, adjusted operating profit increased to EUR 16 million (3). The comparison period included a EUR -10 million change in the fair value of segment's equity investments in the first quarter of 2024.
• In Infrastructure, adjusted operating profit increased to EUR 22 million (17).
• Result for the period was EUR -24 million (-112). Comparison period's result was impacted by the transformation program costs and operations to be closed down.
• YIT’s Board of Directors has decided that it will not propose dividend to be distributed based on the balance sheet to be adopted for 2025.

Unless otherwise noted, the figures in brackets in this report refer to the corresponding period in the previous year.

Key figures

EUR million	10–12/25	10–12/24	1–12/25	1–12/24
Revenue	557	521	1,757	1,820
Operating profit	23	-17	45	-55
Operating profit margin, %	4.2	-3.3	2.6	-3.0
Adjusted operating profit	25	13	54	32
Adjusted operating profit margin, %	4.5	2.6	3.1	1.7
Result before taxes	9	-33	-10	-118
Result for the period	3	-39	-24	-112
Earnings per share, EUR	0.00	-0.18	-0.14	-0.51
Operating cash flow after investments	111	114	65	110
Net interest-bearing debt	560	680	560	680
Gearing ratio, %	71	88	71	88
Equity ratio, %	38	34	38	34
Return on capital employed, % (ROCE, rolling 12 months)	3.9	2.1	3.9	2.1
Order book	2,915	2,941	2,915	2,941
Combined lost time injury frequency (cLTIF, rolling 12 months)	9.6	9.6	9.6	9.6
Customer satisfaction rate (NPS)	61	57	61	57

Comments from the President and CEO, Heikki Vuorenmaa

“Our final quarter of the year was as strong as we expected. Our revenue and profits improved from the comparison period, supported by the completions in the Residential CEE segment. In 2025, our adjusted operating profit increased by more than 70% to EUR 54 million, and net debt decreased by EUR 120 million. Simultaneously, we renewed our financing with improved terms.

In 2025, our apartment sales increased by more than 30% in the Baltic and CEE countries. These regions have become the principal market for our residential development and construction. Demand remained healthy, particularly in the Czech and Polish markets, where structural residential needs and urbanization trends continued to support activity. We continue to allocate further capital and focus on these markets to secure future projects to our pipeline, which currently represents capabilities to construct 15,000 new homes.

Apartment sales in Finland did not develop as expected, particularly in the second half of the year. This was partially driven by a geographical imbalance in our own inventory. However, the main driver was the prolonged weak market conditions. Overall, the Finnish primary residential market remained stagnant in 2025. Consumer uncertainty continued to slow demand, and investor activity remained muted.

Finnish residential market in 2026 remains highly consumer-driven as investors remain cautious about launching new projects. We continue to adapt our operations to prevailing market conditions and launch self-developed consumer apartment projects based on demand. Urbanization continues, and cities grow faster than in many years. This phenomenon will eventually lead to a shortage of residential units in Finland’s major urban areas. Sales volumes in the primary residential market are not, however, expected to increase in 2026.

The Infrastructure segment demonstrated strong momentum throughout the year, with revenue increasing by more than 30%, and all key performance indicators developing positively. This reflects the successful execution of our strategic initiatives. The industry investment pipeline began to materialize in Finland in 2025, with numerous projects still in the feasibility study phase. The development of the digital infrastructure market in particular has progressed faster than anticipated.

In 2025, we made determined progress in the Building Construction segment, securing several contracts across both public and private sectors that reinforce our core competences and expertise. In December, we announced that we had received EUR 51 million from Tripla Mall Ky as return of capital and profit distributions, enabled by the successful refinancing of Tripla, supporting our strategic objectives. The release of capital from non-strategic items will remain among our top priorities.

One of our key strategic priorities is to deliver a step change in work safety, reinforcing our commitment to continuous improvement in this area. Despite our efforts, safety metrics have not developed at the pace we expect, and the number of accidents at our worksites remains too high. We are seeing good progress in YIT employees' work safety, and we want to extend our efforts to cover everyone working on our sites. Achieving meaningful progress will require stronger engagement from all parties. Our goal is clear: There should not be any accidents on YIT's worksites. To measure the development, we set a reduction target to halve the cLTIF metric during the strategy period. To achieve this, we must intensify our collective focus on this across our supply chain.

During 2025, we sold close to 3,000 homes, delivered solid progress in more than 300 projects and achieved an order book of close to EUR 3 billion at the end of the year. I want to express my sincere thanks to all customers for placing their trust in YIT’s capabilities to deliver the promises given. This is being done by our 4,000 employees and a partner network that are constantly finding new solutions to keep our offering competitive, building a better tomorrow for all of us together.”

Results

October–December

YIT’s order book amounted to EUR 2,915 million (30 Sep 2025: 2,929). At the end of the quarter, 76% of the order book was sold (30 Sep 2025: 75%).

YIT’s revenue increased from the comparison period to EUR 557 million (521). Revenue increased in Residential CEE and Infrastructure and decreased in Residential Finland and Building Construction.

Adjusted operating profit for the quarter increased to EUR 25 million (13). Adjusted operating profit margin increased to 4.5% (2.6). Adjusted operating profit increased in Residential Finland, Residential CEE and Infrastructure and decreased in Building Construction.

YIT’s operating profit increased to EUR 23 million (-17). Adjusting items amounted to EUR 2 million in the fourth quarter (31). The adjusting items in the comparison period were mainly related to the costs of the transformation program and operating profit from operations to be closed down in Sweden. Net finance costs amounted to EUR 15 million (15). The result for the period was EUR 3 million (-39).

January–December

YIT’s revenue decreased to EUR 1,757 million (1,820). Revenue increased in Infrastructure and Residential CEE and decreased in Residential Finland and Building Construction.

YIT’s adjusted operating profit increased to EUR 54 million (32) and the adjusted operating profit margin increased to 3.1% (1.7). Adjusted operating profit increased in Residential Finland, Building Construction and Infrastructure and decreased in Residential CEE.

YIT’s operating profit increased to EUR 45 million (-55). Adjusting items amounted to EUR 9 million (86). Adjusting items in the comparison period included costs of transformation program and operating profit from operations to be closed down. Net finance costs amounted to EUR 55 million (64). The result for the period amounted to EUR -24 million (-112). Earnings per share was EUR -0.14 (-0.51).

Guidance and outlook for 2026

Guidance for 2026

YIT expects its Group adjusted operating profit* for continuing operations to be EUR 70-100 million in 2026.

Outlook for 2026

The residential market in the Baltic countries and Central Eastern Europe is expected to continue favorable, contributing positively to Residential CEE segment's capability to generate profit. Timing of the residential project completions may deviate from the original estimates leading to revenue and profit recognition shifting from one quarter or a year to another.

In Finland, the primary apartment market sales volumes are not expected to increase in 2026. In Residential Finland segment, low amount of completions during 2026 will limit the segment's capability to generate profit.

In Building Construction, the operational performance is expected to improve.

In Infrastructure, the operational performance is expected to remain stable.

Changes in the macroeconomic or global political environment may impact the residential market demand and the fair value of investments. The escalation of geopolitical risks reflected in general uncertainty and demand could have a negative impact on the company’s financial position.

*YIT has defined non-strategic items, namely assets, that are not part of the company’s strategic core operations according to the strategy for years 2025-2029 and which it intends to dispose of during the strategy period. Starting from the beginning of 2026, YIT will change the definition of operating profit adjusting items so that, going forward, the profit impacts related to non-strategic items will be included in operating profit adjusting items. The comparative Group adjusted operating profit for 2025 was EUR 50 million.

Board of Directors’ proposal for profit distribution

The distributable funds of YIT Corporation on 31 December 2025 amounted to EUR 713 million, of which the profit for the period 2025 amounted to EUR -45 million.

YIT’s Board of Directors has decided, that it will not propose dividend to be distributed based on the balance sheet to be adopted for 2025.

Webcast for investors and the media

A webcast in English and an international telephone conference will be arranged on February 6, 2026, at 10:00 a.m. EET. The results will be presented by Heikki Vuorenmaa, President and CEO of YIT Corporation, and interim CFO Markus Pietikäinen.

The webcast can be followed at https://yit.events.inderes.com/q4-2025/. A recording of the webcast will be available at the company’s website after the event.

The teleconference can be accessed by registering at: https://events.inderes.com/yit/q4-2025/dial-in. After the registration, participants will be provided with phone numbers and a conference ID to access the conference. To ask a question, please dial *5 on your telephone keypad to enter the queue.

For further information:
Essi Nikitin, Vice President, Investor Relations, YIT Corporation, tel. +358 50 581 1455, essi.nikitin@yit.fi

YIT Corporation

Markus Pietikäinen
Interim CFO

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com

YIT builds thriving living environments in Europe. For more than 110 years, we have made everyday life smoother. We build homes for a good life, spaces where people and businesses can thrive, and infrastructure that supports the essential functions of society.

We operate in seven countries and employ approximately 4,100 professionals. In 2025, our revenue was EUR 1.8 billion. YIT Corporation’s shares are listed on Nasdaq Helsinki.

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