Dear all,
The past six months have been a period of strong performance and strategic progress for VEO. Thanks to the dedication of our team and the trust of our customers, we have not only met our previous strategic targets ahead of schedule but also laid the foundation for our next phase of growth and profitability.
Financial strength, future focus
With record-high liquidity, a strong equity ratio, and a practically debt-free position, we are in an excellent position to invest in the future. Backed by multiple business pillars, we remain resilient even in a changing market. Building on these strengths, our new strategy framework is taking shape, focusing on accelerating growth in key markets, strengthening technology leadership, and expanding services to support long-term sustainability.
Strong expansion in key markets
Demand for our solutions remains high, particularly in Sweden, which now accounts for over one-third of our large-scale projects. To support this growth, we have strengthened our teams through major recruitment efforts. Hydropower remains a strong segment in Sweden, as well as in Norway, where we also see steady progress.
At the same time, our UK operations have successfully refocused on profitability. In Finland, demand for our electrification and energy storage expertise continues to grow, despite a slowdown in industrial investments.
Investing in innovation and sustainability
Our robust results enable us to invest in the future, with one of the most significant projects being our new Factory Acceptance Testing (FAT) facility, completed in August 2024. The facility, providing a controlled environment for high-quality testing, enhances our ability to serve customers efficiently and has been very well received both internally and externally.
Another exciting development in the past six months has been the strengthening of our lifecycle support services. This investment plays a key role in our sustainability efforts, helping customers optimise energy efficiency and extend the lifespan of their assets.
We continue to accelerate investments in digital tools, AI-driven solutions, ERP development, and 3D modelling to improve efficiency and project execution. The appointment of a chief technical officer (CTO) ensures that our technology roadmap supports both innovation and operational excellence. Additionally, our commitment to cyber security has resulted in ISO/IEC 27001 certification, reinforcing our commitment to secure and resilient operations.
People driving our progress
At VEO, our people are the driving force behind our success. We are committed to fostering a strong and supportive company culture, providing our team with the right tools and opportunities to grow. Active listening plays a key role in this – we engage with employees, gather feedback, and implement meaningful changes based on their insights.
Through both informal conversations and structured initiatives, we continuously strive to enhance collaboration and create an environment where everyone can contribute and thrive.
Looking ahead
With a strong order backlog and a clear strategic direction, we are well-positioned for continuous growth within the renewable energy segments, with a focus on profitable expansion in the Nordics.
Finally, I want to extend my gratitude to everyone at VEO. Your hard work and dedication have made this success possible. With the strong drive and positive energy we now share throughout the organisation, I look forward to keep rethinking the current with you.
