Sentiec Plc, the parent company of Citec Group, was established in 2020. In order to carry out the recapitalisation and restructuring of ownership of the Citec Group in February 2021, Sentiec Plc acquired 100% of the shares in Citec Group Oy Ab and gained control over Citec Group and became the new parent company of Citec Group. In this report “Citec Group” or “Citec” refers to the whole Sentiec Plc Group of companies, including the parent company Sentiec Plc.

Citec experienced a solid fourth quarter of 2021. Sales and orderbook developed positively during the quarter.

Citec continued to invest in growth and actively developed local organizations working close to customers. Citec continued to strengthen certain competence areas overall. The number of own active employees increased by 16% from 850 (Q4/2020) to 985 (Q4/2021).

On February 2021 Sentiec Plc issued senior secured bond with an aggregate principal amount of SEK 290,000,000. Sentiec also submitted an application and published Prospectus for the Bonds to be admitted to trading on the corporate bond list of Nasdaq Stockholm Aktiebolag. Trading on the bonds commenced in December, 2021.

Wärtsilä Energy transferred certain mechanical & civil project engineering, project quality assurance and module & component change orders and product care activities to Citec as of 1 October, 2021.

Citec's date of transition to IFRS was 1 January 2020. Until 31 December 2020, Citec's consolidated financial statements had been prepared in accordance with Finnish Accounting Standards (FAS).

Citec Group October-December 2021 highlights

• Revenue increased by 20,8 % to 22,6 M€ (18,7 M€) compared to Q4/2020

• Adjusted EBITDA increased to 6,0 M€, or 26,4% of revenue (3,4 M€, or 18,1%) compared to Q4/2020

Citec Group January-December 2021 highlights

• Revenue increased by 9,5 % to 79,7 M€ (72,8 M€) compared to January-December 2020

• Adjusted EBITDA increased to 15,3 M€, or 19,2% of revenue (11,6 M€, or 15,9%) compared to January-December 2020

The Financial Statements Release is published and available in English on Citec's website at

For more information, please contact:

Johan Westermarck

Chief Executive Officer

Mobile: +358 50 3397 972

Mari Kytöharju

Chief Financial Officer

Mobile: +358 40 0618 763

About Sentiec and Citec

Sentiec is the parent company of Citec Group. Citec’s expertise is in industrial plant engineering, product engineering, engineering consultancy, technical documentation and digital solutions. We do multidiscipline engineering and technical documentation worldwide and make an impact on people’s lives through global projects and innovations. Citec is headquartered in Vaasa, Finland, and has offices in Finland, Sweden, Norway, France, Germany and India. We currently employ more than 1,200 persons worldwide.

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