Operating environment

Despite the impacts of the Russian attack on Ukraine and general economic uncertainty, the market situation in Enersense’s business areas as a whole remained favourable during 2023. Although the prices of raw materials, other materials and energy, which have risen as a result of the war, have stabilised and partly returned to pre-war levels, overall inflation in the markets relevant to Enersense remains high, with a particular impact on material and salary costs and thus on the profitability of projects in a tight competitive environment.

Increased uncertainty about economic development and higher operational and financial costs had a negative impact on the investment environment of certain customers in some respects. On the other hand, given the changed geopolitical situation, energy solutions are becoming more self-sufficient in Europe, and this is expected to speed up the implementation of projects related to the energy transition. This trend is also supported by EU-level and national energy and climate policy.

Since the beginning of 2023, the coronavirus pandemic has been treated as a normal virus disease and it no longer involves exceptional restriction measures.

(Financial statement bulletin, 29 February 2024)