2024 IV quarter and 12 months consolidated interim report (unaudited)

The year 2024 was successful for the Nordecon Group. Profitability improved significantly, and revenue increased. The general contracting market remains highly competitive, and developers' confidence is low. No change is expected in the volume of public sector orders for the consecutive year. Consequently, the group does not foresee significant growth in investments or the construction market in 2025.
The group's gross profit margin in 2024 was 7.5% (2023: 2.0%), and in the fourth quarter, it reached 9% (Q4 2023: (1)%). The group's net profit amounted to €5,162 thousand (2023: a loss from continuing operations of €6,418 thousand). Profitability improved significantly in both the Buildings and Infrastructure segments.
Revenue for 2024 was €223,925 thousand, which is 20% higher compared to the revenue from continuing operations in the previous year. Revenue in the Buildings segment increased by 36%, while revenue in the Infrastructure segment decreased by 25%. The revenue growth aligns with the group's project portfolio volume, as do the changes across segments. The revenue increase in the buildings segment was primarily driven by higher revenue from public buildings. Major projects in 2024 included Saku Upper Secondary School, Loodusmaja (Nature Hub), and various projects for the Centre for Defence Investment. The decline in infrastructure segment revenue was mainly due to delays in the start of contractual work for Rail Baltica and reduced investment volumes from the Transport Administration.
As of 31 December 2024, the order book of the group's companies amounted to €209,489 thousand. Compared to the same period last year, the volume of outstanding work has decreased by 3%, but it still provides a solid starting position for 2025. Over 12 months, new contracts worth a total of €181,437 thousand were signed, of which €49,636 thousand were signed in the fourth quarter.