Translation: Original published in Finnish on 10/30/2026 at 8:08 am EET.

Source: Inderes The figures for Q3'25 are from continuing operations (press release dated August 10, 2026). The figures for 2026 include Sweden's Q1'26 revenue and earnings.

Sitowise will publish its Q3 interim report on Thursday, October 5. We expect revenue from continuing operations to have increased slightly, with adjusted EBITA remaining at the level of the comparison period as growth in the Infra business and adaptation measures in the Digital Solutions business offset the continued weakness in demand for the Buildings business. Our forecast therefore does not yet include an operational improvement in earnings, and we believe the turning point will not occur until 2027. In the report, we will focus on the development of the order book following a strong Q2, the profitability of the Buildings business, and the cost savings in the Digital Solutions business, as reflected in the figures.

We expect earnings roughly in line with the comparison period

We expect Sitowise's continuing operations revenue in Q3 to have increased by around 1% to 36.0 MEUR (Q3'25: 35.7 MEUR) There were 66 working days in both periods, so the calendar does not affect the comparison. We anticipate that the growth came from the Infra business, where we estimate that revenue grew by around 3%. The number of personnel in the Infra business increased significantly year-on-year in Q2, and according to the company, growth has been particularly strong in rail transport and industrial projects. We expect the revenue of the Buildings business to have remained at the level of the comparison period. Although data center projects and renovation support demand, new residential construction remains at a historically low level, and the order book for the Buildings business was low at the end of June. We estimate that revenue in the Digital Solutions business decreased slightly, as, according to the company, the market has weakened during the year and stabilized at a low level.

We expect adjusted EBITA to have been 3.0 MEUR (Q3'25: 3.1 MEUR), corresponding to a margin of 8.4% (Q3'25: 8.8%, Q2'26 7,4 %). The comparison period is strong, as Q3'25 was the most profitable quarter of last year for continuing operations. According to our estimates, earnings will primarily be supported by growth in the Infra business, as the company's profitability has remained above the targeted level of 12% for the past two years. In addition, the adjustment measures in the Digital Solutions business finalized in June are starting to be reflected in costs. Due to notice periods and the holiday season, however, we estimate that the full impact of the savings will only be visible in Q4. On the other hand, we estimate that wage inflation and a tight pricing environment, particularly in the Buildings business and public sector tenders, continue to impede earnings improvement.

In terms of the bottom line, we expect net financial expenses to have remained at around 1.4 MEUR, and we forecast an adjusted EPS from continuing operations of EUR 0.02 (Q3'25: EUR 0.02). In our estimate, the reported earnings per share will be weighed down by the loss from discontinued operations. We estimate that most of this loss stems from the accumulated translation difference in the Swedish operations, which will be recognized in earnings upon completion of the transaction and will not impact cash flow.

Focus on order book and the direction of Buildings business

Sitowise has not provided guidance for 2026. On a comparable basis, we forecast that revenue will increase by just over 1% this year and that adjusted EBITA margin will rise to 7.7% (2025 7.5%). Our estimate necessitates an adjusted EBITA of around 7.0 MEUR for the second half of the year (H2'25: 5.8 MEUR), with the earnings improvement weighted toward the fourth quarter, which has one more working day than the comparison period. The order book grew to 145 MEUR in Q2 (Q2'25: 138 MEUR), driven by a robust order intake of 51 MEUR. A year earlier, the order book remained virtually unchanged in the third quarter, and we expect it now to have remained roughly at the Q2 level now.

In our view, the most crucial question for the investment case is the earnings turnaround of the Buildings business, on which our 2027 estimate largely relies. The Buildings business returned to profitability in Q2 after two unprofitable quarters, and the company made two management appointments in September. In this report, we will focus on the progress of data center projects in particular, which, according to the company, account for a significant portion of the sales of the Buildings business, as well as whether the market outlook for the Buildings business continues to improve. In the Digital Solutions business, we are monitoring the growth of ARR, which slowed in Q2 due to delayed municipal investment decisions. Additionally, we anticipate comments regarding the impact of AI on pricing.

Indebtedness remains high (net debt/adj. EBITDA Q2'26 4.2x). A year earlier, cash flow from operating activities before financial items and taxes was negative in the third quarter (Q3'25: -2.9 MEUR), and therefore we do not expect indebtedness to decrease significantly in Q3, even though the purchase price from the sale of the Swedish business falls in the same quarter.