VEO’s 2024: Turning results into reinvention

Financial strength, stronger direction

The past year marked a financial milestone in VEO’s history with 2024 delivering record-breaking results across all key financial indicators: orders received, cash flow, and profit.

When the books were closed, VEO reported record-high liquidity and a practically debt-free position, while all four quarters delivered profitable results – a first in the company’s history. Sales margins also improved significantly, driven by more efficient project execution. Together, these achievements confirm that the shift in strategy and structure is delivering long-term results.

“This kind of financial performance isn’t just about numbers – it gives us the freedom to act, to develop, and to think bigger,” says Timo Ala-Heikkilä, CEO at VEO. “We’ve built a strong foundation and now we’re in a position to invest in long-term impact.”

Having achieved its previous strategic goals ahead of schedule, VEO has already begun shaping a new strategy to guide the company through 2030. Building on this foundation, the new strategy framework focuses on growth in key markets, strengthening the workforce through recruitment and development, technology leadership, and services that support long-term sustainability. Backed by multiple business pillars, VEO remains resilient even in a changing market.

What’s powering the success?

Ala-Heikkilä highlights three key drivers behind VEO’s strong performance in 2024.

It starts from within

VEO’s transformation into a functional organisation in 2022 continued to deliver tangible results in 2024. Clear roles and more strategic project selection have driven efficiency and margin improvements. Just as important, the company has invested in its people – with active employee involvement in developing tools and processes, targeted efforts to engage staff, and leadership training for managers. This internal alignment is reflected in thee eNPS score, which has increased to +12.

“There’s a strong sense of shared direction across the organisation right now – and that’s what fuels our momentum,” says Ala-Heikkilä.

Innovation with purpose

2024 was a year of decisive, forward-looking investments in technology and services. One of the most significant developments was the completion of a new FAT (Factory Acceptance Testing) facility in Vaasa. The facility provides a controlled, high-quality testing environment for customer projects and strengthens VEO’s ability to deliver efficient, reliable projects – and it has been exceptionally well received by customers.

VEO also continued to expand its post-project offerings through a dedicated Lifecycle Support function, led by Olav Lundström. The team helps customers optimise energy use, extend asset lifespans, and ensure long-term system performance – combining deep technical expertise with proactive, tailored support. By providing these services, VEO continues to work closely with the customer after delivered projects, building long-term relationships.

The company also advanced its digital development, with major strides in AI-enhanced design, 3D modelling, ERP, and CRM implementation – all aimed at improving project execution and customer value. To further sharpen its innovation capacity, VEO appointed Ari Pätsi as Chief Technical Officer (CTO) during the year. He will lead the development of VEO’s technology roadmap, ensuring it supports both innovation and operational excellence going forward.

Sustainability remains the foundation of innovation at VEO – from emissions tracking to CSRD preparation. As part of its long-term commitment to information security and operational resilience, VEO also earned ISO/IEC 27001 certification in 2024 – the result of rigorous preparation and process development across the organisation.

Scaling up, standing out.

VEO’s market position has strengthened across all key geographies, fuelled by a broader surge in demand for renewable energy solutions– and growing recognition for VEO. More than ever, major multinational players are turning to VEO for its ability to integrate complex energy systems and build long-term cooperation.

Sweden is playing an increasingly important role in the company’s growth, with large-scale projects now accounting for over 36% of the high-value portfolio and more than a quarter of the total order backlog. The appointment of Johnny Spelkvist as Managing Director of VEO AB has further strengthened the local presence and positioned the company for continued growth in the region.

Norway continues to show solid growth in hydropower and power distribution, marked by the completion of a €10 million project in the latter category during 2024. In the UK, strategic refocusing has led to promising results, thanks to efficient local leadership. In Finland, demand for VEO’s electrification, power distribution and energy storage expertise remains steady, with deepening cooperation with key accounts.

“We’re proud to see that long-standing key accounts continue to trust us not just as a supplier, but as a strategic partner in some of their most complex energy projects,” says Ala-Heikkilä.