The last quarter of HVAC wholesale sales was also slightly in the red. Heating and water sales were almost zero compared to the same period last year, and air sales were down by about four percent. In total, HVAC wholesale sales were 1% behind in the fourth quarter, and cumulatively 2025 was 0,7% behind the previous year. The result does not look good considering that the previous couple of years have also been difficult.
At the beginning of 2025, it was generally believed that a turnaround would be seen at the end of the year, but this did not happen, at least not in the light of HVAC wholesale sales. Already in the autumn, it seemed clear that growth figures would not be achieved for this year, even though the year used as a reference point was also bad. One reason is certainly the caution brought about by general uncertainty in consumers' investment decisions. It has also become more difficult to obtain financing for building repairs.
The peak year of 2022 has now fallen by about 16% and sales are at the 2020 level in euros. There are currently conflicting signals in the air. There is a slight increase in some construction products and designers are receiving more and more inquiries. According to the latest data, the turnover development of the entire construction sector is on a cautious rise and industrial investments are turning to growth (EK/January 2026). It will be a while after the start of new construction before building services are included. The acceleration of renovation construction would bring orders to the building services sector more quickly, and there are already emerging indications of this. Activity is not evenly distributed across different segments and companies. Residential construction is not picking up for the moment, but data centers, for example, are creating demand for companies that offer them.
"A sharp rise is not in sight in the near future. However, the economy has the potential for a rapid rise when the time comes. Hopefully, by then so much expertise will not have left the sector that, for example, planning or building supervision would form a bottleneck in satisfying the increased demand," reflects Talteka's CEO. Ilkka Salo.
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Ilkka Salo
CEO
ilkka.salo@rt.fi + 358 40 847 9907Finnish Building Services Industries and Trade (Talteka)