SRV Group

We estimate that data center construction is partly filling the gap left in the construction market by the decline in residential construction in recent years.

SRV’s Q1 was softer than anticipated, with the solid order intake the clear highlight of the quarter. Potential for continuing on the now accelerating growth track is there, but uncertainty remains elevated.

SRV’s Q1 figures were below expectations, with the low order backlog affecting both revenue and profitability more than expected. Order backlog development in Q1 was clearly positive, now on par with comparison period levels, aided by strong order intake...

SRV issued a positive profit warning, raising its estimate for revenue and operative operating profit in 2026. We raise our TP to EUR 5.3 (prev. 4.8), REDUCE-rating intact.