Core Insights - Dovre Group's operating results for Q1 2025 were lower than expected, primarily due to margin reductions in a solar park project in Finland [9][18] - The company completed the sale of its Project Personnel and Norwegian Consulting businesses, resulting in a profit from discontinued operations [3][21] - The outlook for 2025 indicates a slight decline in net sales but a significant improvement in operating profit [6] Financial Performance - Net sales for Q1 2025 were EUR 14.0 million, unchanged from the same period in 2024, with a 0.7% increase in Renewable Energy sales and an 11.9% decrease in Consulting sales [7][15] - EBITDA for the period was EUR -2.9 million, while the operating profit was EUR -3.2 million, showing improvements from the previous year [17][18] - The result before tax was EUR -3.5 million, with a total profit attributable to the parent company's shareholders of EUR 4.9 million, largely due to discontinued operations [20][22] Business Segments - The Renewable Energy segment accounted for 97% of net sales, with a slight increase in sales to EUR 13.6 million [15] - The Consulting segment's sales decreased to EUR 0.4 million, impacted by the termination of customer agreements and a slower market [14][15] - The operating profit for Renewable Energy was EUR -2.8 million, while Consulting reported a break-even result [18] Strategic Developments - The company is focusing on renewable energy projects, including a significant 100 MWp solar park project in Finland and a wind farm project in Sweden [10][33] - Dovre Group has initiated management changes in its subsidiary Suvic Oy following significant losses in Swedish projects [11][40] - The company has also made a capital contribution to its Swedish subsidiary to ensure operational stability [12] Personnel and Cash Position - The average number of employees increased to 242, with a total of 274 employees as of March 31, 2025 [24][25] - The Group's net debt was EUR -9.5 million, with cash and cash equivalents totaling EUR 15.5 million [26][27] - Net cash flow from operating activities was EUR -10.2 million, reflecting an increase in working capital [29] Project Business Impact - The sale of businesses has led to a significant reduction in operations, with a strong focus on project-based construction in renewable energy [30] - The project nature of the business increases cyclicality and requires various collateral arrangements, with guarantees totaling approximately EUR 28.8 million [31][32]