A record year strengthened VEO’s financial foundation
Growing revenue, strong cash flow and constantly improving profitability provide a solid basis for accelerating growth.
This time last year, VEO was celebrating record-breaking financial performance across all key metrics. Now, the results for 2025 have improved even further.
“Overall, all key figures improved significantly compared to the previous year. For the first time, we exceeded EUR 140 million in revenue, and a net profit of EUR 6,6 million was an incredible 65 % improvement against last year,” says VEO’s CFO Outi Mäntylä.
However, the figure that best describes VEO’s performance in 2025 is the most fundamental financial indicator: cash. “We have taken major steps in developing our cash management, and I am pleased to say that we achieved a record both in cumulative cash flow and in available cash reserves during the financial period.”
The figure that best describes VEO’s financial year 2025 is a strong and stable cash position.
Long-term development behind the performance
Strong financial performance is the result of many factors and long-term development following the organisational changes implemented at the beginning of the strategy period.
“This is not about a single success factor. All parts of the organisation have supported each other and strengthened our overall performance. The improvement in both customer and employee satisfaction is directly reflected in our financial results.
We have increased capacity particularly in engineering, succeeded in sales, and improved project margins during execution. In addition, our reputation and level of trust have strengthened across the market for turnkey deliveries, which is visible in the growth of average project size. In 2025, we were also awarded the largest contract in VEO’s history.”
The significance of the Swedish market within the group continued to grow. Particularly significant, however, was that we delivered a growing result in all operating countries.
Profitability remains in focus
As VEO’s objective is steady and sustainable growth, the direction remains clear. Profitability will continue to be at the core of operations.
“Alongside growth, we ensure strong sales and negotiation practices, clear contractual terms, efficient execution and proactive risk management. Close monitoring and a strong commercial mindset will remain essential,” Mäntylä says.
“We have also strengthened our focus on project control within the finance team to better support project managers in financial management and ensure projects continue to be delivered profitably,” she continues.
Financial stability enables investments
Financial stability provides VEO with a strong foundation to pursue its ambitious growth targets, which were already increased to reflect the fact that prior targets were achieved ahead of schedule.
“Now that we have a strong cash position, we are focused on identifying the most productive investments that will accelerate our growth. At this stage, careful investment analysis and business predictability play a key role.”
The main investment priorities are technology and people. “In the coming years, we will make significant investments in technology development. We will also implement a new ERP system later this year and continue to enhance engineering efficiency, where artificial intelligence will play an important role.
At the same time, we will continue investing in recruitment, talent development, operational efficiency and empowering our people. It is encouraging to see that many development initiatives have already been successfully implemented by our own personnel, both efficiently and with high quality,” Mäntylä lists.
“With a strong cash position, we are focused on identifying the most productive investments to accelerate growth.”
Overall, 2025 marked an important milestone, completing three consecutive calendar years of significant year-over-year profitability improvement. This is already reflected in growing interest and attention from new stakeholders.
“We are on a journey toward even greater success as a company, and I look forward to continuing that journey together with our partners and people,” she concludes.
Outi Mäntylä
CFO
