Lehto Group as an investment

Lehto is a Finnish construction and real estate group focused on improving productivity in construction to create added value for its customers and shareholders. 

The key factors in renewing the industry and improving productivity are industrial manufacturing, modularity and digitality in construction. 

Lehto harnesses them to further develop business operations that enable scalability. These strategic choices open up opportunities to improve profitability in the construction sector and to engage in business that serves the environment.

 We are driven by the need to be ahead of our time and reinvent the construction industry – and in this way to generate value, a better tomorrow for our customers: high-quality, affordably-priced, fast and ecological construction


Lehto is a Finnish construction and real estate group.


Two service areas: Housing and Business Premises.


Competitive edge: industrial manufacturing, modularity, digitality and repetitive solutions.


Lehto has own, domestic factories in Finland

About Lehto Group

The implementation of modular construction innovations developed and manufactured by Lehto Group enables the transfer of work stages that were traditionally performed on the construction site to a partly automated production plant. This reduces the complexity of the construction site and improves construction quality and efficiency. Through its efficient operating model, Lehto is able to offer its customers a rapid and effortless process under the turn-key principle, from design to implementation, in line with Lehto’s customer promise: one contract, fixed price and an appointed move-in date.

The service areas of Lehto Group are Business Premises and Housing. The Group’s net sales for 2022 was EUR 344.8 million. 

The Group’s net sales for 2022 was EUR 344.8 million.

Strategy 2022-2026

  • The company will focus on its operational business and prepare for an uncertain market in the early part of the strategy period.
  • Housing, wood construction: Lehto will develop its modular wooden apartment building and then seeks to increase the volume accounted for by wooden apartment buildings during the strategy period. One of the prerequisites for growth is to engage in closer cooperation with cities in town planning and building permit processes. Demand is seeing strong growth.
  • Housing, concrete construction: Lehto will enhance its competitiveness by improving cost-effectiveness: efficiency in town planning and design, modularity, industrial prefabrication and an efficient operating model.
  • Business premises operations are strongly focused on areas where Lehto is competitive. In the short term, Business Premises will focus on improving profitability, which is expected to decrease business volume.


Modularity, as well as the utilisation of industrial prefabrication remain the distinguishing competitive factors for Lehto. In addition, the company has its own design office, which is not typical of ordinary resourcing in the industry. Lehto harnesses them to further develop business operations that enable scalability.  The strategic choices open up opportunities to improve profitability in the construction sector and to engage in business that serves the society and the environment.

Service areas

Lehto Group has divided its operations into two service areas:

Business Premises

Business Premises service area will build projects to meet the needs of growing market sectors, such as industry, storage and logistics.

In addition, this service area builds hall-type business buildings and selected multifunctional buildings, for which there is expected to be a growing need in the largest growth centres and dense urban structures. Sports halls are also included in the product range.

The Business Premises service area focuses geographically on market areas in the growth triangle (the region between Helsinki, Tampere and Turku) and the Oulu region.


The Housing service area builds apartment buildings using wood and concrete in Finnish growth centres.

In particular, the company seeks to increase the share accounted for by modular and industrially prefabricated wood construction during the strategy period. Before pursuing growth, the wooden apartment building product will be developed further. In addition, the company wants to engage in closer cooperation with cities in town planning and building permit processes. Demand for wooden apartment buildings is seeing strong growth.

In concrete construction, the Housing service area develops its competitiveness by improving cost-effectiveness.

In addition Lehto Group manufactures proprietary building elements and modules. The production facilities manufacture e.g. load-bearing large roof elements, combined kitchen and bathroom modules, bathroom modules, apartment elements, building technology centres, and in the future also wall elements, windows and riser elements for plumbing renovation.

Group key figures


Net sales, EUR million344,8404,1544,7667,7721,5597,6361,8275,6
Net sales, change from the previous year % -14,7-21,8-18,2-7,520,765,231,361,1
Operating result from continuing operations, EUR million-42,2-28,30,1-41,837,264,640,427,2
Operating result, as % of net sales-12,2-7,00,0-6,35,210,811,29,9
Result for the financial year from continuing operations, EUR million-58,8-29,9-5,1-35,728,751,631,921,2
Result for the financial year, EUR million-26,7-32,6-8,2-35,728,751,631,921,2
Result for the financial year, as % of net sales-7,7-8,1-1,5-5,44,08,68,87,7
Net cash from operating activities, EUR million-33,7-40,573,6-11,1-18,3-2,88,321,3
Order backlog, EUR million (unaudited)205,9444,2426,3481,8655,6538,1309,1195,0
Balance sheet, total, EUR million267,2355,1383,8451,8468,3337,2258,7137,6
Return on equity (ROE), %-33,8-30,4-7,0-26,018,338,842,885,1
Return on investments (ROI), %-20,8-12,10,1-14,316,040,644,566,5
Equity ratio, %27,027,238,729,642,756,260,437,2
Net gearing ratio, %147,9113,87,0115,938,5-20,6-44,2-22,9
* Year 2021 restated according to pipeline operations as discontinued operations and year 2020 Swedish operations.    

Long term financial targets

Lehto Group strives for profitable growth on the housing, business premises, social care and educational premises, and building renovation markets. Lehto Group seeks to maintain its strong financial position also in the future.

  • Annual growth of net sales 10-20% on average
  • Operating profit 10% of net sales on average
  • Equity ratio minimum 35%
  • Dividend distribution 30-50% of the net profit for the year

The financial goals of Lehto Group contain forward-looking statements which are based on Lehto Group’s understanding and opinions and assumptions based on Lehto Group’s current knowledge. Forward-looking statements contain known and unknown risks, uncertainties and other important factors owing to which the Company’s future result, operations, achievement and the result of the line of business may deviate significantly from the explicit or implicit results, operations, achievements and results of the line of business stated in the forward-looking statements. Such risks, uncertainties and other important factors include risks related to the execution of the Company strategy and the availability of financing, general economical situation and market situation and other risks associated with the general operating environment, the Company’s line of business and business operations. The forward-looking statements are not guarantees on the future operating or financial performance of the Company.

The Company’s ability to reach its financial targets depends on many risks and uncertainties. There is no certainty regarding whether the Company will be able to reach its financial targets or maintain such financial targets, should they be reached.