Lehto estimates that net sales in 2022 will be over 10% lower than in the previous year (EUR 404.1 million in 2021) and that the operating result will be over EUR 27 million negative.

The main factors behind the declined outlook are delays in the sale of the balance sheet assets and their lower sales prices, and the general weakening of the market.

The previous outlook was as follows:

Lehto estimates that net sales from continuing operations in 2022 will be slightly lower than in 2021 (EUR 404.1 million in 2021) and the operating result from continuing operations will be a loss of about EUR 15-20 million.

This outlook is based on the company's estimate of the progress of ongoing construction projects, construction projects to be started and sold in 2022, and the current outlook on trends in the housing market.

The significant uncertainty surrounding both net sales and the operating result in 2022 is related to the completion of sales contracts for certain construction projects during 2022. The company's outlook expects these transactions to be completed during 2022, and they will have a significant impact on the Group's operating result.

Further information:

Juuso Hietanen, CEO, tel. +358 50 343 4023
Veli-Pekka Paloranta, CFO, tel. +358 400 944 074