Dovre Group Oyj

M&A Activity • Sep 4, 2025

Dovre Group Plc acquires the remaining shares of its subsidiary Suvic Oy

Dovre Group Plc acquires the remaining shares of its subsidiary Suvic Oy

Dovre Group Plc | Inside Information | September 04, 2025, at 1:00 p.m.

Dovre Group Plc has signed an agreement on September 4, 2025, with the three founding shareholders of Suvic Oy to acquire the remaining 49% of Suvic Oy’s shares. The agreed purchase price for the shares is 1,790,297 new Dovre shares. The consideration will be settled through a directed share issue upon completion.

Dovre acquired a majority stake (51%) in Suvic in March 2021. With this transaction, Dovre Group Plc’s ownership in Suvic Oy will increase to 100%, thereby clarifying the subsidiary’s position and Dovre Goup’s structure. Dovre Group Plc has already been strongly committed to Suvic Oy’s business and projects, and this arrangement further strengthens Suvic Oy’s position in the market.

“Dovre’s business is focused almost entirely on renewable energy, with Suvic Oy at its core. This acquisition further reinforces that strategic focus. We believe that renewable energy is – despite the cyclicity of construction – a growing market. Project development is active, and we are seeing interesting growth in areas such as data centers and battery energy storage,” says Ville Vuori, Chairman of the Board of Dovre Group Plc.

“On behalf of the founding shareholders Vesanen, Räisänen, and Norrkniivilä, I can state that at this stage of the company’s story, moving under Dovre’s full ownership is the best solution, particularly in terms of enabling further growth. Founded in 2017, Suvic has matured into a significant player in the industry and now employs over 250 people in Finland and Sweden. We are proud of the journey so far and highly committed to continuing the development work with the aim of building an even stronger Suvic,” says Ville Vesanen, CSO at Suvic.

The transaction is expected to be completed during October 2025.

For further information, please contact:

Dovre Group Plc

Ville Vuori, Chairman of the Board of Directors

Tel. +358 400 369 438

Sanna Outa-Ollila, Acting CEO

Tel. +358 20 436 2000

sanna.outa-ollila@dovregroup.com

Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. Net sales for the Group in 2024 were 99.3 MEUR and it employs more than 250 people. Website: www.dovregroup.com

Suvic founded in Oulu in 2017, operates in the Nordic countries with a focus on renewable energy construction. The company introduces new and innovative practices in design, construction, and project management. Its current projects include Vinliden Vindkraft AB’s Vinliden North and South wind farms (Lycksele, Sweden), OX2’s Rajamäenkylä wind farm (Isojoki & Karijoki), EPV Aurinkovoima Oy’s Heinineva solar park (Lapua), Alight's Eurajoki solar park (Luvia), Fortum’s heat pump plants for data center areas in Kirkkonummi and Espoo, as well as Renewable Power Capital Ltd.’s BESS project in Uusikaupunki. Website: www.suvic.fi

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