The sale of YIT’s renewable energy business to Eolus completed

YIT Corporation Investor News 12 December 2023 at 3:15 p.m.

The sale of YIT's renewable energy business, YIT Energy Oy, to Eolus Vind Ab has been completed. YIT announced the sale on 5 December 2023.

The transaction consists of a fixed and a variable purchase price. The fixed purchase price is EUR 25 million, which will be paid in three instalments. The first instalment of EUR 10 million has been paid at closing and EUR 15 million will be paid in two instalments during 2024 and 2025.

The variable purchase price is defined based on project sales and completed projects and it amounts to EUR 0–75 million. The variable purchase price will be determined by the end of 2032. YIT estimates that the variable purchase price weighted with probabilities of the project development portfolio is EUR 23 million.

YIT records an estimated total purchase price of EUR 48 million and an estimated gain on sale of EUR 46 million. The gain on sale is reported in EBIT adjusting items and thereby, it has no effect on YIT’s guidance for 2023.

Further information:
YIT Group Communications, tel. +358 44 743 7536, press@yit.fi

Distribution: NASDAQ Helsinki, major media, www.yitgroup.com

YIT is the largest Finnish and a significant North European development and construction company. We develop and build sustainable living environments: functional homes, future-proof public and commercial buildings and infrastructure for smooth mobility. We employ around 5,000 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT Corporation's share is listed on Nasdaq Helsinki. Read more: www.yitgroup.com