Six months that crowned a historic year
Our previous annual report showed that the last, extended financial period was a success. Since then, that positive momentum has not only continued — it has steadily grown.
VEO has recently completed a series of financial periods that were irregular in length. The previous financial period was extended to 18 months due to uncertainties surrounding a project in one subsidiary. As a result, the financial period under review is exceptionally short, only six months, to allow VEO to return to a calendar-year-based reporting cycle going forward.
“During this six-month period, we achieved nearly the same result as in the previous 18-month financial period, which is a remarkable outcome. Internally, we have consistently monitored our financial performance based on calendar years, and from that perspective, there is every reason to celebrate. Financially, 2024 was the best year in VEO’s history so far,” VEO’s CFO Outi Mäntylä notes.
Record results across three key areas
Orders at an all-time high with strong margins
In 2024, VEO achieved record results on several areas. The total value of received orders, the margin in euros, and the margin percentage all reached the highest levels in the company’s history. The order backlog entering 2025 was also at a record level in terms of value, margin, and margin percentage.
“The Swedish market played a notable role in this growth. Sweden has traditionally accounted for around 10 per cent of the company’s overall volume, but its share increased significantly in 2024. Orders from Sweden made up 25 per cent of all received orders and as much as 36 per cent of large projects. As the market has grown, we have already increased our investment in Sweden – including recruitments, additional resourcing, and the development of local expertise – and we will continue to do so to meet market needs and successfully execute the strong order backlog,” Mäntylä says.
Record-high net profit
In 2024, VEO also delivered its highest-ever net profit. For the first time in its history, all four quarters of the calendar year were profitable, resulting in a record-breaking full-year result.
“A key factor behind this performance was a major organisational change implemented two years ago. The shift to a functional organisational structure brought us greater focus, more streamlined decision-making, improved efficiency and synergy savings.”
“In addition, the challenges faced in the UK in 2023, which led to the extension of the previous financial year, were resolved during 2024. The subsidiary successfully executed a true business turnaround in H1 2024, which laid the foundation for the strong, stable, and highly profitable performance that followed in H2 2024,” Mäntylä explains.
Record liquidity and strong financial standing
In the calendar year, VEO’s cumulative cash flow reached its highest level in the company’s history, and the year was also closed with record-high cash levels.
“We currently have a solid balance sheet, a high level of cash available for use, an excellent equity ratio and minimal external debt. Strong liquidity enables us to invest in our products, processes, and future growth. We currently manage our capital flexibly by investing in fixed income funds as part of our cash management process,” Mäntylä says.
A solid foundation for renewal driven by courage
VEO’s strong financial position has opened a new level of latitude and growth potential.
“The profitability targets set in our previous strategy were reached ahead of schedule, and thus we are now refining our strategic direction,” Mäntylä says.
“I’m truly proud of how we, as a company, have delivered a major business turnaround and built a solid foundation of profitable operations. It’s this success that now gives us the opportunity to elevate the company to an entirely new level. We have an incredible drive for renewal, and the perfect moment to rethink the current. I genuinely believe that, with this foundation, we can achieve meaningful progress towards our mission and help shape the future of energy,” she concludes.
