YIT Oyj — Management Reports 2026

Mar 6, 2026

Comparison figures for the new revenue recognition method in segment reporting and non-strategic items

Starting from the first quarter of 2026, YIT will report self-developed projects using the new revenue recognition method in segment reporting. Going forward, revenue from sales of self-developed projects will be reported using the percentage of completion method, in contrast to the previously used method where revenue was reported upon project completion, when control is transferred to the customer.

Starting from the beginning of 2026, YIT will change the definition of operating profit adjusting items so that, going forward, the profit impacts related to non-strategic items will be included in operating profit adjusting items. Capital employed of the businesses will be presented as operative capital employed, which includes items aligned with the company's strategy. Return on capital employed (ROCE) will be calculated based on the operative capital employed. Further information can be found from stock exchange release February 6, 2026.

As a result of the above changes, YIT publishes new comparison figures. The tables below present the segment financial information on an unaudited basis for all quarters of 2025. Segment reporting figures are presented in tables with a gray background.

YIT adopts a percentage of completion revenue recognition method in segment reporting

Figures reported to the chief operating decision maker (CODM) are based on segment reporting. YIT's segment reporting aligns with IFRS accounting principles, except for revenue recognition in self-developed projects, where an over time revenue recognition method—also called the percentage of completion (POC) method—is applied. The difference between IFRS accounting principle and segment reporting primarily affects the segments involved in self-developed real estate construction.

Under IFRS 15 Revenue from Contracts with Customers, revenue from self-developed projects is recognized at a point in time, typically when the control of the asset is transferred to the customer, which usually occurs upon completion. For segment reporting, YIT applies over time revenue recognition for self-developed projects. This method recognizes revenue over time based on the project's progress and sales performance. Recognition is determined by two key factors:

• Completion rate, reflecting the progress of the construction project
• Sales rate, reflecting the proportion of projects sales rate.

Completion rate is measured using the same methodology applied to customer contracts where revenue is recognized over time under IFRS accounting principles, and also the same management judgment and estimates consistently apply for segment reporting. These judgments involve forecasted revenues and costs, determining performance obligations and estimating the transaction price.

Percentage of completion method is not applied in segment reporting for self-developed projects in joint ventures or associated companies; instead, revenue in these entities is recognized in accordance with IFRS 15, i.e., at a point in time when control is transferred. Income taxes are adjusted based on the segment reporting for the purpose of calculating result for the period. Result for the period and earnings per share are included in segment reporting only at the group level. Operative capital employed is reported as part of segment reporting reflecting items aligned with the company's strategy and revenue recognition method applied in segment reporting. The differences between IFRS and segment reporting are disclosed in the tables below.

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New segment financial information

1-3/25 EUR million	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
Revenue	78	84	125	110	-7	391
Revenue from external customers	73	84	125	109	—	391
Revenue Group internal	4		1	1	-6
Depreciation, amortization and impairment	—	—	-1	-1	-2	-5
Adjusted operating profit	-1	11	1	3	-1	14
Adjusted operating profit margin, %	-0.8	13.4	0.6	2.6		3.5
Adjusting items	-1		1	-1	—	-1
Operating profit	-2	11	2	2	-1	12
Result for the period						-4
Earnings per share, EUR						-0.02
4-6/25 EUR million	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
---	---	---	---	---	---	---
Revenue	84	66	187	128	-9	456
Revenue from external customers	78	66	187	125	—	456
Revenue Group internal	6		1	2	-9
Depreciation, amortization and impairment	—	-1	-1	-1	-2	-5
Adjusted operating profit	2	3	5	5	-1	14
Adjusted operating profit margin, %	2.9	4.5	2.6	4.0		3.1
Adjusting items	1		1	-1	-3	-1
Operating profit	3	3	6	4	-4	13
Result for the period						-3
Earnings per share, EUR						-0.02
7-9/25 EUR million	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
---	---	---	---	---	---	---
Revenue	81	105	161	127	-7	466
Revenue from external customers	75	105	160	126	—	466
Revenue Group internal	5		1	1	-7
Depreciation, amortization and impairment	—	-1	-1	-1	-2	-5
Adjusted operating profit	—	14	6	7	-3	24
Adjusted operating profit margin, %	-0.6	13.8	3.5	5.9		5.1
Adjusting items	2		2	-2	—	1
Operating profit	1	14	7	5	-4	25
Result for the period						2
Earnings per share, EUR						0.00

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| 10-12/25
EUR million | Residential Finland | Residential CEE | Building Construction | Infrastructure | Other Items | Group |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 72 | 100 | 175 | 152 | -9 | 490 |
| Revenue from external customers | 66 | 100 | 174 | 150 | — | 490 |
| Revenue Group internal | 6 | | 1 | 2 | -9 | |
| Depreciation, amortization and impairment | — | -1 | -1 | -1 | -2 | -5 |
| Adjusted operating profit | -11 | 10 | 2 | 7 | -2 | 7 |
| Adjusted operating profit margin, % | -14.8 | 10.3 | 1.0 | 4.4 | | 1.3 |
| Adjusting items | — | | -1 | -1 | — | -3 |
| Operating profit | -11 | 10 | 1 | 5 | -2 | 4 |
| Result for the period | | | | | | -12 |
| Earnings per share, EUR | | | | | | -0.07 |
| 1-6/25
EUR million | Residential Finland | Residential CEE | Building Construction | Infrastructure | Other Items | Group |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 162 | 150 | 313 | 238 | -16 | 847 |
| Revenue from external customers | 151 | 150 | 312 | 234 | — | 847 |
| Revenue Group internal | 10 | | 1 | 4 | -15 | |
| Depreciation, amortization and impairment | — | -1 | -2 | -3 | -3 | -9 |
| Adjusted operating profit | 2 | 14 | 6 | 8 | -2 | 28 |
| Adjusted operating profit margin, % | 1.1 | 9.5 | 1.8 | 3.3 | | 3.3 |
| Adjusting items | — | | 2 | -2 | -3 | -3 |
| Operating profit | 1 | 14 | 8 | 6 | -5 | 25 |
| Result for the period | | | | | | -7 |
| Earnings per share, EUR | | | | | | -0.05 |
| 1-9/25
EUR million | Residential Finland | Residential CEE | Building Construction | Infrastructure | Other Items | Group |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 242 | 255 | 473 | 365 | -23 | 1,313 |
| Revenue from external customers | 227 | 255 | 471 | 360 | 0 | 1,313 |
| Revenue Group internal | 16 | | 2 | 5 | -23 | |
| Depreciation, amortization and impairment | -1 | -2 | -3 | -4 | -5 | -14 |
| Adjusted operating profit | 1 | 29 | 11 | 15 | -5 | 52 |
| Adjusted operating profit margin, % | 0.6 | 11.2 | 2.4 | 4.2 | | 3.9 |
| Adjusting items | 1 | | 4 | -4 | -3 | -2 |
| Operating profit | 3 | 29 | 15 | 12 | -8 | 50 |
| Result for the period | | | | | | -5 |
| Earnings per share, EUR | | | | | | -0.05 |

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1-12/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
EUR million
Revenue	314	355	649	517	-32	1,803
Revenue from external customers	293	355	646	511	—	1,803
Revenue Group internal	21		3	7	-31
Depreciation, amortization and impairment	-1	-3	-4	-5	-7	-19
Adjusted operating profit	-9	39	13	22	-6	58
Adjusted operating profit margin, %	-3.0	11.0	2.0	4.3		3.2
Adjusting items	1		3	-5	-4	-5
Operating profit	-8	39	16	17	-10	54
Result for the period						-17
Earnings per share, EUR						-0.11

Operative capital employed by segments

EUR million	3/25	6/25	9/25	12/25
Residential Finland	566	570	559	564
Residential CEE	323	326	324	329
Building Construction	-55	-37	-35	-64
Infrastructure	-64	-61	-58	-85
Other items	246	237	252	231
Operative capital employed, total	1,017	1,034	1,042	976

Return of capital employed by segments (ROCE), rolling 12 months

	3/25	6/25	9/25	12/25
Residential Finland	-2.2	-0.8	-1.6	-1.6
Residential CEE	11.6	11.1	14.0	11.8
YIT Group	4.8	5.4	5.7	5.7

Interest cover ratio

	3/25	6/25	9/25	12/25
YIT Group	1.2	1.3	1.4	1.4

Net debt/adjusted EBITDA ratio (rolling 12 months)

	3/25	6/25	9/25	12/25
YIT Group	9.5	8.8	8.6	7.4

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Reconciliation, Segment reporting

Reconciliation, Revenue

EUR million	1-3/25	4-6/25	7-9/25	10-12/25
Revenue, segment reporting	391	456	466	490
Timing difference in revenue recognition	-5	-44	-64	67
Revenue, IFRS	386	412	402	557
EUR million	1-3/25	1-6/25	1-9/25	1-12/25
---	---	---	---	---
Revenue, segment reporting	391	847	1,313	1,803
Timing difference in revenue recognition	-5	-48	-113	-46
Revenue, IFRS	386	798	1,200	1,757

Reconciliation, Operating profit

EUR million	1-3/25	4-6/25	7-9/25	10-12/25
Adjusted operating profit, segment reporting	14	14	24	7
Adjusting items
Gains and losses on disposal of businesses	—	—		-1
Items related to non-core businesses		-2
Operating profit from operations to be closed	-1	-1	-2	—
Depreciation, amortization and impairment from PPA*	—	—	—	—
Non-strategic items related costs, profits, gains and losses	—	2	3	-1
Adjusting items, total	-1	-1	1	-3
Operating profit, segment reporting	12	13	25	4
Timing difference in revenue recognition	-6	-6	-15	19
Operating profit, IFRS	6	7	9	23
EUR million	1-3/25	1-6/25	1-9/25	1-12/25
---	---	---	---	---
Adjusted operating profit, segment reporting	14	28	52	58
Adjusting items
Gains and losses on disposal of businesses	—	—	—	-2
Items related to non-core businesses		-2	-2	-2
Operating profit from operations to be closed	-1	-1	-3	-4
Depreciation, amortization and impairment from PPA*	—	-1	-1	-1
Non-strategic items related costs, profits, gains and losses	—	2	5	4
Adjusting items, total	-1	-3	-2	-5
Operating profit, segment reporting	12	25	50	54
Timing difference in revenue recognition	-6	-13	-28	-8
Operating profit, IFRS	6	13	22	45

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Reconciliation, Result for the period

EUR million	1-3/25	4-6/25	7-9/25	10-12/25
Result for the period, segment reporting	-4	-3	2	-12
Timing difference in revenue recognition	-5	-5	-12	15
Result for the period, IFRS	-9	-8	-10	3
EUR million	1-3/25	1-6/25	1-9/25	1-12/25
---	---	---	---	---
Result for the period, segment reporting	-4	-7	-5	-17
Timing difference in revenue recognition	-5	-10	-22	-7
Result for the period, IFRS	-9	-18	-28	-24

Reconciliation, Capital employed by segments

EUR million	1-3/25	1-6/25	1-9/25	1-12/25
Operative capital employed, segment reporting	1,017	1,034	1,042	976
Non-strategic items	392	395	396	343
Capital employed, segment reporting	1,408	1,429	1,438	1,320
Timing difference in revenue recognition	-15	-21	-37	-17
Capital employed total, IFRS	1,393	1,408	1,401	1,302

Reconciliation, adjusted operating profit

1-3/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
EUR million
Adjusted operating profit, previously reported	-1	5	2	3	-1	8
Non-strategic items related costs, profits, gains and losses	1		-1			—
Timing difference in revenue recognition	—	7				6
Adjusted operating profit, segment reporting	-1	11	1	3	-1	14
4-6/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
---	---	---	---	---	---	---
EUR million
Adjusted operating profit, previously reported	2	-2	6	5	-1	10
Non-strategic items related costs, profits, gains and losses	-1		-1			-2
Timing difference in revenue recognition	1	5				6
Adjusted operating profit, segment reporting	2	3	5	5	-1	14

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7-9/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
EUR million
Adjusted operating profit, previously reported	-1	1	7	7	-3	12
Non-strategic items related costs, profits, gains and losses	-2		-2			-3
Timing difference in revenue recognition	2	13				15
Adjusted operating profit, segment reporting	—	14	6	7	-3	24
10-12/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
EUR million
Adjusted operating profit, previously reported	-8	26	1	7	-2	25
Non-strategic items related costs, profits, gains and losses	—		1			1
Timing difference in revenue recognition	-3	-16				-19
Adjusted operating profit, segment reporting	-11	10	2	7	-2	7
1-12/25	Residential Finland	Residential CEE	Building Construction	Infrastructure	Other Items	Group
---	---	---	---	---	---	---
EUR million
Adjusted operating profit, previously reported	-8	30	16	22	-6	54
Non-strategic items related costs, profits, gains and losses	-1		-3			-4
Timing difference in revenue recognition	—	9				8
Adjusted operating profit, segment reporting	-9	39	13	22	-6	58

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Definitions of financial key performance indicators
Key figure	Definition	Reason for use
Operating profit	Result for the period before taxes and finance expenses and finance income equalling the subtotal presented in the consolidated income statement.	Operating profit presents the result generated by operating activities excluding finance and tax-related items.
Adjusted operating profit	Operating profit excluding adjusting items.	Adjusted operating profit is presented in addition to operating profit to reflect the underlying core business performance and to enhance comparability from period to period. Management believes that this alternative performance measure provides meaningful supplemental information by excluding items not part of YIT’s core business operations thus improving comparability from period to period.
Adjusting items	Adjusting items are material items outside ordinary course of business such as write-down of inventories, impairment of goodwill, fair value changes related to redemption liability of non-controlling interests, integration costs related to merger, transaction costs related to merger, costs, compensations and reimbursements related to court proceedings, costs, profits, gains and losses related to non-strategic items, write downs related to non-core businesses, operating profit from businesses to be closed down, gains or losses arising from the divestments of a business or part of a business, items related to restructuring, efficiency and adaptation measures and other non-recurring costs arising from agreements with the Group management team, impacts of the fair value adjustments from purchase price allocation, such as fair value adjustments on acquired inventory, depreciation of fair value adjustments on acquired property, plant and equipment, and amortization of fair value adjustments on acquired intangible assets relating to business combination accounting under the provisions of IFRS 3, referred to as purchase price allocation (“PPA”).(Starting from January 1, 2026, the definition of adjusting items has been expanded to include non-strategic items.)
Capital employed	Capital employed includes tangible and intangible assets, shares in associates and joint ventures, investments, inventories, trade receivables and other non-interest bearing receivables, provisions, advance payments and other non-interest bearing debts excluding items related to taxes, finance items and profit distribution. Capital employed is calculated from the total capital employed of the segments.	Capital employed presents capital employed of segment’s business.
Operative capital employed	Capital employed less non-strategic items.(Operative capital employed key figure has been adopted as of January 1, 2026.)	Operative capital employed represents the segment’s strategy-aligned capital employed, excluding non-strategic items.
Interest-bearing debt	Non-current and current interest-bearing liabilities including non-current and current lease liabilities.	Interest-bearing debt is a key figure for measuring YIT’s total debt financing.
Adjusted interest-bearing debt	Non-current and current interest-bearing liabilities less Finnish housing company loans and other project loans related to self-developed construction projects.	Adjusted interest-bearing debt describes the YIT’s total debt financing excluding lease liabilities, Finnish housing company loans and other project loans related to self-developed construction projects. The key figure provides useful information on the amount of YIT’s financial debt.
Net interest-bearing debt	Interest-bearing debt less cash and cash equivalents and interest-bearing receivables.	Net interest-bearing debt is an indicator for measuring YIT’s net debt financing.
Adjusted net interest-bearing debt	Adjusted interest-bearing debt less cash and cash equivalents and interest-bearing receivables.	Adjusted net interest-bearing debt describes the YIT’s net debt excluding lease liabilities, Finnish housing company loans and other project loans related to self-developed construction projects. The key figure provides useful information on the amount of YIT’s financial net debt.
Equity ratio, %	Equity total/total assets less advances received.	Equity ratio is a key figure for measuring the relative proportion of equity used to finance YIT’s assets.

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Key figure	Definition	Reason for use
Gearing ratio, %	Interest-bearing debt less cash and cash equivalents and interest-bearing receivables/total equity.	Gearing ratio is one of YIT’s key long-term financial targets. It helps to understand how much debt YIT is using to finance its assets relative to the value of its equity.
Gearing ratio, %, adjusted	Adjusted interest-bearing debt less cash and cash equivalents and interest-bearing receivables/total equity.	The key figure provides useful information on the debt/equity ratio excluding lease liabilities, Finnish housing company loans and other project loans related to self-developed construction projects.
Return on capital employed, (ROCE), %, rolling 12 months	Rolling 12 months adjusted operating profit/ average operative capital employed	Return on capital employed, % is one of YIT’s key long-term financial targets. Key figure describes segment’s relative profitability, in other words, the profit received from operative capital employed.
	Group: Rolling 12 months adjusted operating profit/ average operative capital employed, segments total.
	Starting from January 1, 2026 return on capital employed, % is based on operative capital employed.
Return on equity, %	Result for the period, 12 months rolling/equity total average	Key figure describes YIT’s relative profitability.
Operating cash flow after investments	Operating cash flow presented in cash flow statement after investments.
Order book	Transaction price allocated to performance obligations that are partially or fully unsatisfied and estimated transaction price related to unsold self-developed projects.	Order book presents estimated transaction price for all projects.
Gross capital expenditures	Investments in tangible and intangible assets.
Equity per share	Equity total divided by number of outstanding shares at the end of the period.
Net debt/adjusted EBITDA ratio (rolling 12 months)	Net debt/rolling 12 months adjusted operating profit before depreciations and amortizations added	Net debt to adjusted EBITDA gives investor information on ability to service debt.
Interest cover ratio	Adjusted operating profit before depreciations and amortizations/ (net finance costs - net exchange currency differences), rolling 12 months	Interest cover ratio gives investors information on YIT’s ability to service debt
Market capitalization	(Number of shares - treasury shares) multiplied by share price on the closing date by share series.
Average share price	EUR value of shares traded during period divided by number of shares traded during period.