Digitalisation will revolutionise our industry. Our vision is to be the First choice in digitalising environments for our customers, employees and partners in industry.  Our unique service offering covers the entire life cycle: design, build and maintenance.

We are a technology forerunner providing excellent customer experience.

Our strategy: Fit for Growth

Our current strategy was launched in November 2017. The strategy builds on Caverion's mission: Smart solutions and happy customers. 

Caverion has improved its financial performance during the Fit phase of its strategy in 2018-2019. Even if some of the divisions need to further improve their Fit status and the Projects business performance is not at the targeted level, Caverion is now ready as a group for the Growth phase. We have already taken forward numerous growth initiatives in preparing us for the growth. For example, we have further invested in our digital platform as well as in our sales, brand and offering.

The key themes driving our growth are digitalisation and sustainability. 

Fit for Growth

Fit for Growth Strategy 2020

Sources for future growth for Caverion



We have four must-wins which are crucial for us to success in strategy implementation: Excellent customer experience, Best solutions, Top performance at every level, and Winning team. 

The must-wins will be continued as follows:

  • Excellent Customer Experience, building a strong service and sales culture for delivering superior customer experiences and increased customer loyalty.
  • Best Solutions, driving growth in Smart Technologies, sustainable solutions and digital services as well as in introducing the new offering.
  • Top Performance at Every Level, further boosting cash generation, profitable growth and productivity through performance management actions in Services, Projects, procurement, material logistics and fixed costs.
  • Winning team, further enhancing leadership and professional growth of employees and developing Building Performance Culture.

Transforming our operating model to enable growth

In order to strengthen strategy deployment, we are gradually as of 2020 transforming our operating model to be more customer-centric, scalable and increasingly fit.

Milestones 2020

Financial targets

The table below presents the Group’s previous and updated (November 2019) financial targets. The previous profitability metric adjusted EBITDA will be converted to adjusted EBITA. The level of ambition in profitability remains unchanged. The growth targets have been updated.

Previous financial targets Updated financial targets (mid-term)
Cash conversion= Operating cash flow before financial and tax items / EBITDA > 100% Cash conversion  (unchanged) = Operating cash flow before financial and tax items / EBITDA > 100%
Profitability: Adjusted EBITDA > 8% of revenue Profitability: Adjusted EBITA* > 5.5% of revenue
Debt leverage: Net debt / EBITDA** < 2.5x Debt leverage (unchanged):Net debt/EBITDA** < 2.5x
Services growth > market growth
- Long-term target beyond 2020: Services generate > 2/3 of Group revenue
- Organic revenue growth > 4% p.a. over the cycle. Supported by bolt-on acquisitions in selected growth areas and complementary capabilities.
- Services revenue growth > market growth
- Services revenue > 2/3 of Group revenue
Dividend policy: distribute at least 50% of the result for the year after taxes, however, taking profitability and leverage level into account. Dividend policy (unchanged)distribute at least 50% of the result for the year after taxes, however, taking profitability and leverage level into account.

* EBITA is defined as Operating profit + amortisation and impairment on intangible assets. Adjustments according to defined Items affecting comparability (IAC).

** Based on calculation principles confirmed with the lending parties. The confirmed calculation principles currently exclude the effects of the IFRS 16 standard and contain certain adjustments.