At Caverion, our unique service offering covers the entire life cycle of design, build and maintenance. We are a technology forerunner providing excellent customer experience. Our vision is to be the first choice in digitalising environments for our customers, employees and partners in industry. 

The strategy builds on Caverion's purpose to enable performance and people’s well-being in smart and sustainable built environments. 

Our strategy: Fit for Growth

Our current strategy was launched in November 2017 and it is divided into two phases. In 2018–2019, as part of the first phase (Fit), we improved our financial performance. Due to the lengthened corona crisis in 2020 and the resulting downturn, Caverion continued Fit actions and planned further personnel reductions, reorganisation and operating model development for most of its divisions. By making our organisation leaner, we bring everyone closer to customers. This also makes communication faster and easier. With these changes, we have improved Caverion’s competitiveness in the market: we are more resilient to any upcoming economic impacts of corona and other market fluctuations in general. When growth picks up, we are fit and well positioned to meet new customer demand.

The key themes driving our growth are digitalisation and sustainability. 

In the Growth phase, our target is to further accelerate profitable growth in the Services business and exceed market growth. In Projects, we continue our selective approach and the development of our operating model to improve our overall performance. Projects remain important as we focus on growing with long-term customer partnerships and over the life cycle of buildings and industries.

We continue to focus our growth efforts into advisory services, delivering complete outcomes, Smart Technology and digital solutions. Our organic growth will be supported by bolt-on acquisitions in selected growth areas and in complementary capabilities. In 2020, we finished the Maintpartner and Huurre integrations.

Fit for Growth

Caverion Strategy House

Sources of growth for Caverion

Caverion Sources of Growth


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.

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.

Financial targets (updated November 2019)

Cash conversion Operating cash flow before financial and tax items / EBITDA  > 100%
Profitability Adjusted EBITA* > 5.5% of revenue
Debt leverage Net debt/EBITDA** < 2.5x
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

* 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.