Lemminkäinen as an investment

Lemminkäinen is an expert in complex infrastructure construction and building construction in Northern Europe and one of the largest paving companies in its market. Together with our customers and 4,700 professionals we employ, we build a sustainable society.

During the coming years, our target is to improve our competitiveness in all business segments and to build a solid foundation to enable profitable growth in selected businesses.

Lemminkäinen's strategy

In 2016, our net sales were EUR 1.7 billion. Lemminkäinen Corporation's share is quoted on Nasdaq Helsinki Ltd.

Share monitor

The long-term financial targets:

  • ROCE above 15% in 2019
  • EBIT margin above 4% in 2019
  • Equity ratio above 35% during 2016-2019

We aim at a stable distribution of dividends, with at least 40 per cent of the profit for the financial year distributed to the shareholders.

Financial targets and actuals

Key financials

Lemminkäinen's business operations are organised into four business segments

Read release on 29 October 2014.


Lemminkäinen is one of the leading providers of paving in Northern Europe. Paving business segment consists of paving and mineral aggregates.

Infra projects

Lemminkäinen has a strong market position in infra projects in Northern Europe. Lemminkäinen's expertise is in foundation-, underground construction and excavation as well as road, bridge and railway construction.

Building construction, Finland

Lemminkäinen is one of the largest and most experienced building constructors in Finland. Building construction covers residential construction, commercial construction, industrial construction, renovation, property development and public-private partnership services.

We focus our operations to urban growth centres in the Helsinki Metropolitan area and Vaasa, Turku, Tampere, Oulu, Kuopio and Lappeenranta where
we aim to maintain a production volume that will enable profitable business and positive cash flow.

Russian operations

In Russia, Lemminkäinen concentrates on infrastructure construction and building construction in St Petersburg and Moscow regions.

In order to maintain a moderate risk level in Russia, we will not to start new development projects in building construction in St Petersburg for the time being. We seek possibilities to negotiated contracting in building construction. Paving operations in Russia continue to seek growth in special works.

Study our key figures.

Lemminkäinen's financial situation subject to quarterly fluctuation

Lemminkäinen's business is subject to seasonal fluctuation. The most strongly affected business area is paving, where work starts in spring and comes to a standstill in winter. In Southern Norway and in Denmark, however, the paving season is usually longer than in Finland, sometimes even continuing throughout the year. Paving accounts for nearly half of Lemminkäinen's total net sales (in 2016 about 46%).

Seasonal fluctuation is reflected in Lemminkäinen's quarterly financials. Cash flow is clearly stronger in H2 than it is in H1. Also, a loss is typically posted for the first quarter, while the third quarter result is above average. Developed building construction production might boost the year-end result, in which the income is recognised according to sales rate only when projects are completed. The order book is the smallest in the end of Q4 and the highest in Q2.

Due to seasonal fluctuation, the amount of tied capital and interest-bearing liabilities are usually at its highest level in the end of H1. The key figures derived from the balance sheet might therefore differentiate a lot quarterly.


Updated 9 February 2017