A year of satisfied customers, a strong offering, and confidence in the future

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Watch Peter Viinapuu's CEO Statement as a video.

"I have now had the privilege of working for Coor for just over a year, and since 1 December 2024 as acting President and CEO. Although this year was challenging in many ways, there are many bright spots that make me confident that we have a bright future ahead of us. Coor has a competitive offering and good growth potential in the Nordic market for our facility management services – a market that remains strong, with high demand for both IFM and single services.

Many new contracts and renewed partnerships
Coor won several tenders during the year, and we are proud to have been entrusted to deliver FM services to Sweco, Heimstaden, Semco Maritime, Telenor Towers Norway, Velliv and Copenhagen Towers, among other customers. Customer satisfaction remains high, which shows that our customers value our partnership and that we have an attractive offering.

Coor has a competitive offering and good growth potential in the Nordic market.

We have a very high percentage of customers who choose to extend and renew their partnership with Coor, which consolidates our position as the Nordic region’s leading IFM provider while also demonstrating our capacity to deliver high-quality single services. During the year, we extended our Nordic IFM contract with PostNord and signed important contracts with ICA, Borealis and Alleima Tube in Sweden, Attendo, Sulzer and Evidensia in Finland, Topsoe, Falck and Novonesis in Denmark, and Aker Solutions in Norway. This proves that Coor’s focus on long-term partnerships is paying off.

Focus on profitability
Those who followed us during the year know that we experienced a negative trend with declining margins. To accelerate our efforts to improve our margins, we initiated an action programme at the end of 2023. Not all elements included in the programme have had the desired impact. Our procurement-related initiatives have been effective, but the part related to the harmonisation of our internal processes has proven to require more time and resources than we initially estimated. This is due to structural problems and a complex organisational structure that resulted in increased costs for the company.

To address the structural problem of a complex organisation, we are complementing our ongoing action programme by creating a simpler, uniform organisation to reduce administrative staff costs. In addition to reducing costs by the equivalent of SEK 120 million, these organisational changes will also equip us to provide clearer and better support for operations as well as enabling us to develop our working methods and act more quickly in the market.

I am convinced that the combination of harmonisation and a new organisation will help us achieve our target margins. With the measures being implemented in 2025, we expect to reach our long-term target margin of 5.5 per cent by 2026.

Employees a key success factor
Coor seeks to attract and retain the best employees in the industry. We have a culture characterised by commitment, drive and teamwork. We are taking full advantage of this as we build our new organisation – our platform to drive growth in the Nordics. To succeed in this ambition, we need committed employees.

Coor seeks to attract and retain the best employees in the industry. We have a culture characterised by commitment, drive and teamwork. We are taking full advantage of this as we build our new organisation – our platform to drive growth in the Nordics. To succeed in this ambition, we need committed employees.

Every year, we conduct an employee survey, and I am delighted and proud that our scores in 2024 improved in nearly all areas. I am also proud that we were named a Career Company for the fifth year running and topped the Allbright Foundation’s list of the most gender-equal listed companies in Sweden.

Successful environmental work
In 2024, Coor reached important milestones in environmental sustainability. Among other activities, we added further details to our previous general plan to reach net zero emissions by 2040, launched two new concepts to help our customers reduce their CO₂ emissions and successfully piloted a data-driven cleaning programme with a major Swedish customer.

Looking to a bright future
Coor is a company with competitive offerings and skilled employees that has the prerequisites to deliver sustainable long-term earnings. It’s time to show this to our owners and the market. The first half of 2025 will be about addressing internal structural challenges and demonstrating through action that we can secure a strong cash flow and deliver good profit margins. We will continue to harmonise and streamline our administration, to ensure that we can deliver on our financial targets without compromising on quality or customer satisfaction. Our primary focus going forward will be on reducing costs and delivering increased profitability to restore the confidence of our owners.We are still seeing good underlying growth in a strong market, and Coor is demonstrating its continued competitiveness through successful tenders.

We are looking forward to 2025 with confidence and are taking the necessary steps to reach our target margins by 2026. I would also like to take this opportunity to wish Ola Klingenborg good luck in his new role as permanent President and CEO of Coor, as he prepares to take over the reins from 1 March."