Entering the next phase of growth
Strengthening VEO’s position as a key industry player
The year 2025 was once again a year of significant growth for VEO. We entered the year from a strong position: our order backlog stood at EUR 89 million, with the highest margin in our history. This gave us an excellent starting point from which, through determined work across the entire organisation, we once again significantly improved our results compared with the previous year.
During the year, our performance improved quarter by quarter. Consistent execution was reflected in both turnover and cash flow. It is fair to say that 2025 marked another clear step forward in VEO’s long-term development.
Technological expertise that is always in demand
The results we are now celebrating are above all thanks to our people across the entire organisation. I would like to sincerely thank everyone for their commitment, professionalism and entrepreneurial mindset. A high level of ownership was visible at every level of the organisation throughout the year.
We continued to strengthen our capabilities in sales, demonstrated reliable execution also in demanding projects, succeeded in recruitment and further developed our leadership practices — to name just a few examples.
This close collaboration across teams enables us to respond flexibly to diverse customer needs, develop new solutions and ways of working, and continuously create added value for our customers. VEO’s technological expertise supports not only the ongoing energy transition but also helps address future energy demands.
“Our strong results are above all thanks to our people across the entire organisation.”
Success built on a sustainable foundation
The development over recent financial periods shows that we have built VEO into a consistently profitable and steadily growing company, recognised as a well-established brand across the Nordic region. Our success does not depend on a single segment or one-off achievement, but on several pillars that keep our business balanced.
I am very proud that, even under high project pressure, we have continued to build also new business. In 2025, key milestones included the establishment of our Lifecycle service offering and the development of our new VECTOR 36 kV medium-voltage switchgear technology, both of which reinforce our ability to serve current and future customers.
I would also like to thank our customers and partners for the cooperation. With their trust, we have strengthened VEO’s role as a critical infrastructure partner.
“VEO’s success is not built on one single segment or achievement, but on several pillars that keep our business balanced.”
Our growth story is only just beginning
While we can be proud of what we have achieved, we are not standing still. We will continue our efforts to further rethink VEO and the renewal of energy infrastructure.
Looking ahead, we will continue to prioritise employee well-being and advancing our expertise. We will also invest in customer experience and deepen collaboration with our partners to deliver even more competitive technology solutions and services.
“We will continue our efforts to further rethink VEO with even greater ambition.”
We will further enhance project profitability by developing our functions and operational models. At the same time, we will expand our presence in the Nordic region, with particular focus on building new customer relationships in Sweden and Norway.
In recent years, we have built a strong and sustainable foundation for VEO. But now, with the financial performance behind us, we are able to invest in our growth more than ever before. This momentum is already translating into concrete actions to strengthen VEO’s position as a key industry player.
Timo Ala-Heikkilä
CEO
