Financial information

In 2022 DEN Group’s revenue increased by 8.5 per cent, from EUR 208.7 million to EUR 226.2 million. Our EBITDA decreased from EUR 14.0 million to EUR 8.7 million.

The number of personnel at the end of the financial year remained at the same level compared with the previous year and totalled 519.

DEN’s company credit rating is certified by Suomen Asiakastieto as belonging to the highest two categories (AA+/AAA).

Financial development

Russia’s shocking invasion of Ukraine is what the year 2022 will be remembered by. DEN Group increased their revenue in 2022, but profitability was affected by rising prices for raw materials and disruptions in supply chains. Considering the circumstances, we are happy with our sales, but the energy crisis, deteriorating purchasing power, inflation and rising interest rate levels had an impact on the housing market and customer behaviour. The total number of single-family houses delivered was 23 per cent higher than in 2021.

DEN Group’s consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).

Financial position and financing

DEN Group’s equity ratio at the end of the financial year was 57.2% (12/2021: 59.3%).

Net gearing was 33.2% (12/2021: 19.7%).


DEN Finland is part of DEN Group.

DEN Group’s main owners are funds managed by private equity firm CapMan. Other significant shareholders are Tesi (Finnish Industry Investment Ltd) as well as a number of current and former members of DEN Group personnel.