Sitowise’s Interim Report January–September 2021: Strong Growth and Profitability

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Sitowise Group Plc, Interim Report January 1 – September 30, 2021, 10 November 2021 at 08.30 am (EET)




Highlights from July–September

  • Net sales increased by 15 percent to EUR 39.6 (34.4) million
  • Adjusted EBITA was EUR 4.9 (4.4) million, or 12.4 (12.8) percent of net sales
  • Order book increased by 33 percent and amounted to EUR 153 (115) million
  • Sitowise acquired Infracontrol AB in Sweden, a company providing real time IT solutions for traffic and infrastructure
  • Jonas Larsson was appointed as Head of Sitowise’s Swedish operations and member of the Group Management Team. He begins in his position on 15 November 2021.


Highlights from January–September

  • Net sales increased by 10 percent to EUR 128.9 (117.7) million
  • Adjusted EBITA was EUR 15.6 (16.7) million, or 12.1 (14.2) percent of net sales
  • Net debt/adjusted EBITDA declined to 2.0 (2.3) x
  • Listing on Nasdaq Helsinki Ltd.’s main list in March
  • Six acquisitions strengthened Sitowise's position in digital solutions and in sustainability services both in Finland and Sweden


CEO Pekka Eloholma


We reached the growth we expected during the third quarter. Our net sales grew by 15% from the comparison period. We reached organic growth in Infrastructure, Digital Solutions, and Sweden. Our profitability was strong: adjusted EBITA was almost 5 million euros, or 12.4% of net sales. Our order book accelerated its growth from the second quarter of this year, increasing by 10% and hitting a new record level yet again.


During the third quarter, we won new significant projects which involve several of our business areas. Sitowise is on board the One-hour Turku Rail Link, for which we’re responsible for designing the infrastructure between Lohja and Suomusjärvi. We also provide digital solutions in the form of the project’s information management services. Another significant rail project is the Vantaa light rail, for which our Infrastructure and Buildings business areas are responsible for designing the Tikkurila section where the tram runs through a tunnel.


We updated our market study from a year ago this fall, and according to it, both the infrastructure and buildings consulting markets in Finland and Sweden will grow more during the upcoming years than estimated earlier. The findings are supported by the record-breaking order book of Sitowise, which has grown at a good pace since the beginning of the year. The price inflation and raw building material availability are still reflected as slow starts and progress of projects, but the construction industry generally expects a turn for the better during next year. Similarly large infrastructure projects such as the Finland Railway are still to come.


We welcomed Infracontrol to our company in July. The acquisition brings their real time digital solutions for traffic and infrastructure as part of Sitowise’s digital solutions. Acquisitions are one of the corner stones of our growth strategy. We continue several on-going negotiations during the remainder of the year. Infracontrol is a model example of our acquisition strategy, as we seek growth especially in Sweden and digital solutions.

Sitowise has with its clients promoted actions based on the UN Sustainable Development Goals by using its sustainability tool. The tool was used already in 41% of all new projects during the third quarter. Out of the goals, especially sustainable cities and communities, health and wellbeing, as well as industry, innovations and infrastructure are strongly featured in the client projects. Innovations are also promoted in Sitowise’s RDI (research, development, and innovation) activities known as The Smart City Lab. The activities are supported by an online platform, which allows all Sitowise employees to take part in RDI as they get to present ideas, out of which the best ones move forward to be developed on the Group level. Promoting sustainability services is particularly prominent in the innovations, allowing even stronger development towards our vision. Sitowise aims to be the most sustainable and responsible partner in the industry in developing a prosperous living environment.

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Market outlook

The stable growth in the demand of design and consulting services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, and digitalization.


In the short-term, there is still uncertainty related to market development as well as the initiation and progress of projects. However, the market revitalization noticed that begun in early 2021 has continued, as the clients have been active, and the order book has grown.



Sitowise Group has not published financial targets for 2021.


Long-term financial targets

The Board of Directors of Sitowise Group has set the following long-term financial targets:


  • Growth: Annual net sales growth of over 10 percent, including acquisitions;
  • Profitability: Adjusted EBITA margin of at least 12 percent;
  • Leverage: Net debt / adjusted EBITDA should not exceed 2.5x, except temporarily in conjunction with acquisitions; and
  • Dividend policy: Sitowise targets paying a dividend corresponding to 30–50 percent of net profit.


Main events after period-end

No main events after the reporting period.


Sitowise Group’s financial reporting in 2022

Planned publication dates for the Sitowise Group’s financial reports in 2022 are

as follows:  

  • Year-end report, January-December 2021, 2 March 2022
  • Q1 Interim Report, January-March 2022, 18 May 2022
  • Q2 Half-Year Report, January-June 2022, 17 August 2022
  • Q3 Interim Report, January-September 2022, 2 November 2022


Webcast for analysts, media, and investors

Sitowise's CEO Pekka Eloholma and CFO Heidi Karlsson will present the company's results in English in a conference call and live webcast on 10/11/2021 starting at 1:00 pm (EET).


The briefing will be streamed at Written questions can be submitted through the webcast. Presentation material and a recording of the event will be available at after the event.

Conference call

It is also possible to dial-in to the briefing 5–10 minutes before the start of the event by calling a number below and entering the PIN code 37044675#.

  • Finland Toll-Free: 0800 523 163
  • Finland Toll: +358 9 8171 0310
  • United Kingdom Toll-Free: 0800 358 9473
  • United Kingdom Toll: +44 3333 000 804
  • US Toll-Free: +1 855 85 70686
  • US Toll: +1 631 913 1422
  • Sweden Toll-Free: 0200 883 685
  • Sweden Toll: +46 856 642 651


International access numbers and further instructions available here.

Additional information

Pekka Eloholma, CEO,, m +358 50 555 5590
Heidi Karlsson, CFO,, m +358 40 759 3320
Minttu Vilander, Chief Communications and Corporate Responsibility Officer,, m +358 40 575 6660

About Sitowise

Sitowise is a Nordic expert in the built environment that offers sustainable design and consulting services. Sitowise operates in various size projects to enable more responsible and smarter urban development as well as smooth transportation. Sitowise offers its services in the following areas: Buildings, Infrastructure and Digital Solutions. Sitowise’s operations are primarily in Finland and Sweden, and it also has competence centers in Estonia and Latvia mainly serving Sitowise’s projects in Finland and Sweden. The group’s net sales was approximately EUR 160 million in 2020 and the company employs about 2,000 experts.


This release is a summary of Sitowise Group’s Half-year Report January–September 2021. The complete Half-year Report is attached, and also available on the company’s website at

The figures in this report are unaudited. Comparative figures for the corresponding period of the previous year are in brackets. This report has been published in Finnish and English. In the event of any differences between the English translation and the Finnish original, the Finnish report will prevail.