Sitowise Group

Sitowise reported earnings lines this morning that were in line with our expectations. However, the company's return to revenue growth surpassed our expectations due to Infra's robust performance and the deceleration of the sharp sales decline in Sweden.

Sitowise will publish its Q4 report on Wednesday, February 11, 2026, at 8:30 am EET.

7:26

In mid-January, Sitowise appointed Anna Wäck as the new CEO, Jannis Mikkola as deputy CEO, and Mikko Korhonen as CTO.

Sitowise announced on Monday that Mikko Korhonen has been appointed as the company's new Chief Technology Officer (CTO) and a member of the Management Team.

The selections were made from within the company and focused on the well-performing segment leaders.

Sitowise announced on Monday that its CEO, Heikki Haasmaa, will leave his position during Q1 and that the search for his successor has begun. The company also changed its CFO last week when Sanna Sormaala took up her new position after being appointed in August. These changes in management do not alter our view. We adjusted our forecasts to include the 40 MEUR goodwill impairment in Sweden announced in December, which also had no impact on our view.

Sitowise announced on Tuesday that it would recognize an impairment of approximately 40 MEUR relating to its business in Sweden. While this impairment will not affect cash flow, it does reflect the prolonged challenges facing the Swedish business. The risk of a write-down was obvious, so the news came as no surprise and does not pressure us to change our operational estimates immediately.

9:10

Sitowise's Q3 results were weak. Finland performed well, but Sweden's losses increased.

Sitowise's Q3 earnings report was subdued overall. While Finland performed well, losses in Sweden deepened. During the bottom of the construction cycle, financial expenses consume all cash flow, but earnings can rebound rather quickly as demand recovers. However, we need clearer signs of an earnings turnaround before we can take a bolder view.

Sitowise reported an underwhelming result overall this morning, which also fell slightly short of our low expectations. The company's revenue declined by approximately 3%, and adjusted EBITA also declined slightly from the weak comparison period. Based on the reported results, Infra and Digital Solutions continued to perform well but the trend in Sweden remains clearly downward-pointing. The outlook remained largely unchanged in the various segments, and there was still no significant upturn in the order book. The net debt/EBITDA ratio, reflecting the current weak performance, rose to 7.2x, already a very high figure underscoring the need for successful performance-improvement measures.