Financial information
In 2024 DEN Finland’s revenue was 86,0 million EUR. Despite continued economic uncertainty in 2024, DEN Finland Oy strengthened its position as Finland’s market leader in detached house construction and delivered a significant improvement in operating profit, reaching EUR 4.3 million (EUR 2.9 million in 2023).
Customer and employee satisfaction also improved significantly during the year.
Financial development
Revenue decreased to EUR 86 million in 2024 (EUR 101 million in 2023) due to the overall market slowdown, but returned to growth during the second half of the year.
Profitability improved, with reported EBITDA rising to EUR 5.5 million (6.4% of revenue) from EUR 4.4 million (4.4%). Adjusted EBITDA amounted to EUR 7.8 million, representing 9.0% of revenue (EUR 6.0 million, 6.0%).
The operating profit increased to EUR 4.3 million (EUR 2.9 million in 2023), and the adjusted operating profit to EUR 6.6 million (EUR 4.4 million in 2023).
Adjustments mainly relate to one-off costs arising from group restructuring. The financial statements have been prepared in accordance with Finnish Accounting Standards (FAS).
In 2024, DEN Finland Oy completed 532 homes, the majority delivered as turnkey houses. Despite challenging market conditions, new sales totaled 714 homes. DEN Finland’s brands are Designtalo, Finnlamelli, and Ainoakoti, a jointly managed brand of DEN Finland Oy and K-Rauta.
Financial position and financing
DEN Finland Oy is part of the DEN Group. The DEN Group’s equity ratio was 61.5% at the end of the financial year on December 31, 2024. The Group’s operating cash flow amounted to EUR 9.8 million (2.0), and at the end of the financial year, the DEN Group had liquid assets totaling EUR 7.0 million (7.2).
The Group’s consolidated financial statements have been prepared in accordance with IFRS standards.
Ownership
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.