Nordec Group continued strong financial performance in 2022; revenue grew to EUR 310,0 million and adjusted EBITDA to EUR 17,4 million

Nordec Group Corporation press release 5th May 2023 at 9.00. 

Nordec Group continued strong financial performance in 2022; revenue grew to EUR 310,0 million and adjusted EBITDA to EUR 17,4 million

Year 2022 highlights

  • Nordec Group continued strong financial performance in 2022; revenue grew by 37,5 %, amounting to EUR 310,0 (225,5) million.  Adjusted EBITDA improved clearly to EUR 17,4 (11,8) million
  • Strong performance in the execution of our strategy; previous financial target of EUR 300 million in revenue by 2025 reached already in 2022
  • Order Intake during 2022 reached a record level, EUR 410 million


  • Change in ownership of Nordec Group from Donges SteelTec GmbH to consortium company named GS Technologies Oy
  • Development in sustainability with increased number of low-carbon solutions and minimized carbon footprint on both group level and in project deliveries.

Key Figures












EUR thousand, unless otherwise specified









310 032


225 475

Change in revenue from previous financial period, %



37,5 %


59,1 %




9 921


8 162

EBITDA margin -%



3,2 %


3,6 %

Adjusted EBITDA



17 394


11 833

Adjusted EBITDA, margin -%



5,6 %


5,2 %

Adjusted EBITA



14 857


9 181

Adjusted EBITA, margin -%



4,8 %


4,1 %




7 384


5 509

EBITA margin -%



2,4 %


2,4 %

Operating Profit (EBIT)



4 131


2 007

Profit for the period






Adjusted profit for the period before amortisations of intangibles from business combinations

12 114


6 660

Earnings per share, EPS (basic), EUR






Adjusted Earnings per share, EUR





2 664,16







Net debt



-34 601


-6 664

Net debt/EBITDA (x)






Net debt/ Adjusted EBITDA (x)






Equity ratio -%



31,1 %


45,4 %

Net working capital



-31 374


-7 386

Cash flow from operations before financial items and taxes



29 247


8 493

Cash conversion rate -%



294,8 %


104,1 %

Return on equity (ROE) -%



-0,6 %


3,5 %

Return on capital employed (ROCE) -%



49,0 %


10,4 %







Order backlog



275 839


177 565

Factory tons



33 584


29 800

Lost time injury frequency rate






Number of employees at end of period












* Diluted EPS equals to undiluted EPS.










Financial performance

Strong financial performance of Nordec Group continued in 2022. Project tendering activity in most of Nordec’s main customer and market segments remained on a good level throughout the year. As a result, Nordec booked a record level of new orders during the year, and order backlog at the end of 2022 amounted to EUR 275,8 million, increasing by 55,3 percent from EUR 177,6 million at the end of 2021.

Revenue for January-December 2022 was EUR 310,0 (225,5) million, increasing by 37,5 percent compared to the previous year. The growth in revenue was primarily driven by a growing activity and order backlog particularly in Nordec’s key customer and market segments, consisting of investments related to logistics and industrial green transition, including the battery value chain.

In 2022, revenue grew in all geographical areas. Sweden remained Nordec’s largest geographical market in 2022, representing 63 (70) percent of revenues, while Finland accounted for 19 (22) percent, Central and Eastern Europe for 10 (7) percent and other markets, including Norway and Iceland, for 8 (2) percent. It is typical for Nordec Group’s revenue to fluctuate between markets from one year to the next, depending on the location and timing of the Group’s key customer projects.

Operative profitability improved clearly in 2022. Adjusted EBITDA for January-December 2022 amounted to EUR 17,4 (11,8) million, increasing by 46,7 percent from the previous year. Adjusted EBITDA reached 5,6 (5,2) percent of revenue. Nordec Group demonstrated its capability to leverage substantial growth in its key customer segments and to improve operative profitability at the same time. Growth in Adjusted EBITDA in 2022 was mainly attributable to the increasing revenue during the period, combined with successful project management and execution as well as efficient production and design capabilities.

The Group’s reported net profit was burdened by several one-off items during the year, reported as adjustments in calculating the Adjusted EBITDA. Such items related mainly to the cancelled IPO process and subsequent sale of Nordec Group to GS Technologies Oy.


Nordec Group continued to successfully execute its strategy in 2022. The Group's financial target of EUR 300 million in revenue by 2025 was reached already during 2022, clearly ahead of plans. Nordec Group will continue to evaluate its strategy and financial targets in 2023 and expects to have an updated strategy in place by the end of the year.

Major developments and event during the 2022

In 2022, the business units of Nordec strengthened their teams and operations to be able to ensure growth and excellent customer cooperation. Significant growth was seen in logistics and battery value chain -related construction segments.

The ownership of Nordec Group changed on the 10th of November 2022 from Donges SteelTec GmbH to consortium company named GS Technologies Oy, major shareholders of which are Harjavalta Oy and Tirinom Oy. The ownership change resulted also in a change in the Board composition of Nordec Group.  

Nordec set its sustainability targets of carbon footprint reduction to 50% per produced ton/m2 by 2035. During 2022, Nordec developed its environmental management system, and all Nordec Group companies are now covered by the same ISO14001 certification. Nordec Group increased the use of low-carbon solutions, such as recycled steel, and lowered the carbon footprint on both group level and in project deliveries.

Nordec improved its safety performance with a lower number of LTI’s: the number of LTI’s declined to 12 compared to 20 in 2021. Nordec introduced a new safety management system to its operations in 2022 to facilitate its journey towards the target of zero LTI´s.

The number of personnel in Nordec Group increased from 569 (31.12.2021) to 599 (31.12.2022). The increase in headcount resulted from the growth of the Group in all its’ operating countries. In 2022, the wellbeing of personnel, measured in an employee survey by Quality of Working Life index KPI, increased from 71,8 to 73. This was a major increase, considering the the turbulent times combined with the significant growth of the company.

Kalle Luoto, CEO of Nordec Group, comments:

“We implemented our strategy at an accelerated speed and already in 2022 reached our strategic target set for 2025 of revenue of EUR 300 million. This shows the remarkable performance and contribution of the whole Nordec team in implementing our strategy. We at Nordec are also grateful to our customers, who have trusted us, project after project. As the CEO of Nordec Group I am pleased to thank both employees and customers for the year 2022.”

Further information:

Kalle Luoto


Nordec Group Corporation

Tel: +358 50 552 9682

Information on Nordec

Nordec Group Corporation is one of the leading providers of steel frame structure and envelope solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.

Nordec has a long experience in designing, manufacturing and installing frame structures, envelopes and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, bridge, and envelope solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.

Nordec’s revenue for the financial period ended December 31, 2022 was EUR 310,0 million and adjusted EBITDA EUR 17,4 million.

More information about Nordec can be found on the Company’s website at

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