Sentiec Oyj, 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 Oyj 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 Oyj Group of companies, including the parent company Sentiec Oyj.

The second quarter was strong for Citec, despite the geopolitical and financial uncertainties in the world. Compared to the corresponding quarter of 2021, Citec’s revenue increased by 16,1% and the adjusted EBITDA-% increased from 16,0% to 16,7%.

On the April 25, 2022 it was announced that Cyient, a leading technology solutions company with more than 14,000 associates across 19 countries, is set to acquire Citec. On August 25, 2022 Cyient announced that it has completed the acquisition of Citec.

Citec Group April-June 2022 highlights

  • Revenue increased by 16,1 % to 23,2 M€ (20,0 M€) compared to Q2/2021
  • Adjusted EBITDA increased to 3,9 M€, or 16,7% of revenue (3,2 M€, or 16,0%) compared to Q2/2021

Citec Group January-June 2022 highlights

  • Revenue increased by 21,3 % to 48,3 M€ (39,9 M€) compared to Q1-Q2/2021
  • Adjusted EBITDA increased to 8,7 M€, or 18,1% of revenue (6,3 M€, or 15,7%) compared to Q1-Q2/2021

The Half-year Report 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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