Introduction
Tekova delivered a resilient Q3/2026 result despite softer top-line development and a weaker order backlog. Strategically, the company continued to increase the share of self-developed projects, which management says supports more stable earnings than traditional contracting alone. During the period, Tekova also continued its project-company structure by establishing two new mutual real estate companies for self-developed projects; these are not consolidated and management states the accounting-policy change does not materially affect comparability, financial position, or profitability. Market conditions remained challenging in Finnish construction, but management highlighted improving project pipeline activity and expressed confidence toward year-end and 2027. 5 8 7
Key Metrics
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Revenue | 23.9 3 | 31.4 3 | -23.9% |
EBIT | 2.5 3 | 2.6 3 | -3.8% |
EBIT margin | 10.4 3 | 8.3 3 | +2.1 pp |
Net profit | 2 3 | 2.1 3 | -4.8% |
EPS | 0 3 | 0 3 | -4.3% |
Order backlog | 57 3 | 78 3 | -26.9% |
Equity ratio | 57 3 | 43 3 | +14.0 pp |
Average personnel | 66 3 | 69 3 | -4.3% |
Margin and ratio rows show percentage-point change in the Change column. EPS is in EUR per share; percentage change shown for comparability.
Key Observations
Q3/2026 revenue fell to EUR 23.9 million from EUR 31.4 million, mainly because the comparison period benefited from a datacenter project that was ongoing then. 6
Profitability held up well despite lower volume: Q3 EBIT was EUR 2.5 million versus EUR 2.6 million, while EBIT margin improved to 10.4% from 8.3%. This indicates solid project execution and mix support. 3
For the first nine months of 2026, revenue was EUR 77.9 million and EBIT EUR 7.4 million, only slightly below the strong prior-year comparison of EUR 80.2 million and EUR 7.8 million. 2 6
Operational delivery quality remained strong: 19 projects were completed in 1–9/2026, of which 16 were handed over with zero defects; in Q3 alone, 7 projects were delivered. 2 5
Commercial momentum was mixed. Tekova signed 15 new design-build contracts by the end of Q3/2026 with a combined value of about EUR 52 million, plus an approximately EUR 17 million property-company sale agreement earlier in the year, but Q3 order backlog still ended lower at EUR 57 million. 5 3
Cash flow weakened in 1–9/2026: operating cash flow was negative EUR 4.0 million versus positive EUR 1.4 million a year earlier, mainly due to working-capital tied up in self-developed projects under construction. 6
The balance sheet remained solid. At 30 September 2026, cash stood at EUR 11.4 million, the group had no interest-bearing debt, and the equity ratio improved to 57% from 43%. 6 10 2
A point to monitor is off-balance-sheet project-company financing: unconsolidated real estate companies had EUR 11.1 million of interest-bearing debt at period-end, with the parent acting as guarantor. Management nevertheless says this does not currently create significant external financing or interest-rate risk for the group. 6 7
Outlook
After 1–9/2026, Tekova had already reached EUR 77.9 million of revenue and EUR 7.4 million of EBIT, so Q4 execution is especially important for landing within guidance. The company expects operating cash flow to turn positive in Q4 as two self-developed projects are expected to be completed and handed over. Near-term performance should therefore depend on deliveries, new project conversion, and whether the order backlog starts to recover from the Q3 low level. 4 6
Sources
Tekova Oyj · Toimitusjohtaja Jaakko Heikkilä: · 2026 · p. 5
Tekova Oyj · Muita tietoja Laadintaperiaatteet · 2026 · p. 8
Tekova Oyj · Muita tietoja Henkilöstö ja johto · 2026 · p. 7
Tekova Oyj · Taloudellinen kehitys 1.1.2026-30.9.2026 · p. 6
Tekova Oyj · Tulos erinomainen, tilauskanta jäi tavoitteesta · 2026 · p. 3
Tekova Oyj · Vahva tekeminen jatkui · 2026 · p. 2
Tekova Oyj · Konsernin tase 30.9.2026 (FAS) · p. 10
Tekova Oyj · Näkymät · 2026 · p. 4