Half-year review, 6 August 2025 at 8:00
KEY EVENTS DURING THE REVIEW PERIOD 1 JANUARY-30 JUNE 2025
- Revenue was EUR 23.2 million (28.4).
- During the review period, agreements were signed for the construction of
100 apartments (173). - During the review period, the construction of 136 apartments (85) and
2 (0) care homes was started. - During the review period, 53 apartments (159) were completed.
PROSPECTS FOR 2025
- The company expects the operating profit without changes in values of investment properties for the financial year of 1 January-31 December 2025 to be
EUR 6-11 million. - The company expects the operating profit for the financial year of
1 January-31 December 2025 to be EUR 6-11 million.
CONSOLIDATED KEY FINANCIALS
| EUR thousand | 1 January - 30 June 2025 | 1 January - 30 June 2024 | Change, % |
| Revenue | 23,180 | 28,403 | -18% |
| Total revenue and investments | 35,721 | 30,125 | 19% |
| Value of project portfolio (MEUR)* | 328 | 680 | -52% |
| Operating profit | 3,457 | 2,344 | 47% |
| Operating profit without changes in values of investment properties | 3,457 | 2,344 | 47% |
| Profit or loss for the financial year | 1,627 | 437 | 272% |
| Earnings per share (EUR) | 0.03 | 0.00 | |
| Economic occupancy rate | 92.3% | 92.1% | 0.2% |
| Total equity | 71,165 | 68,537 | 4% |
| Total assets | 169,795 | 161,176 | 5% |
| EUR thousand | 1 April - 30 June 2025 | 1 April - 30 June 2024 | Change, % |
| Revenue | 11,646 | 18,135 | -36% |
| Total revenue and investments | 16,068 | 18,540 | -13% |
| Value of project portfolio (MEUR)* | 328 | 680 | -52% |
| Operating profit | 1,478 | 1,163 | 27% |
| Operating profit without changes in values of investment properties | 1,478 | 1,163 | 27% |
| Profit or loss for the financial year | 750 | 356 | 111% |
| Earnings per share (EUR) | 0.013 | 0.006 | 110% |
| Economic occupancy rate | 92.7% | 91.2% | 2% |
| Total equity | 71,165 | 68,537 | 4% |
| Total assets | 169,795 | 161,176 | 5% |
* The portfolio includes those projects for which the company has the right to purchase the related land areas under preagreed conditions, such as the fulfillment of certain criteria like zoning. The value is based on management's view of the market value of these projects when completed, assuming that all projects in the portfolio are realized. There is a risk associated with the projects that they may not achieve legally binding zoning or building permits, or that the confirmed zoning or building permit does not allow for the implementation of a project as valuable as initially estimated.
CEO MARKUS MYLLYMÄKI
The first half of 2025 showed that the real estate market has entered a phase of moderate upswing. Toivo's strategy, which combines development, construction, and management, has proven its resilience even in a changing market environment. We have continued to selectively engage in real estate portfolio transactions and have expanded our social infrastructure property business, which has become a significant pillar of our business.
Our operating profit grew by 47% compared to the same period last year, and the net result for the review period rose to 1.6 million euros. This turnaround reflects effective strategy execution, disciplined operations, and efficient use of capital.
Our collaboration with international investors has remained active. We initiated a partnership with Cofinimmo and deepened our cooperation with Nuveen during the review period. The total value of deals made with international real estate asset managers now stands at approximately 160 million euros for the years 2024-2025. This demonstrates confidence in Toivo's ability to develop and execute projects that meet the most demanding expectations for yield and quality.
We are targeting a project portfolio valued at over one billion euros, with residential and social infrastructure properties in growth centers at its core. We continue to develop responsibly and selectively, maintaining a clear focus on the Helsinki metropolitan area and Tampere. In our development projects, we continue to aim for a profitability of approximately 15% and adhere to a disciplined use of capital in all market situations.
Operationally, we advanced on all fronts during the review period:
Development: We signed agreements for two new residential projects, comprising 19 apartments.
Construction: We launched three projects: a residential project for consumers, a rental property for an investor, and a care home for Esperi and Cofinimmo.
Sales: We finalized deals for two properties with Cofinimmo and signed a major letter of intent. Additionally, we deepened our cooperation with Nuveen with an agreement and handover of one new property.
The shift in strategic focus announced in May 2025 has proceeded as planned. During the review period, we achieved volume growth and signed several new contracts for projects to be built for investors. These results have reinforced our strategic direction and strengthened the company's position in its chosen markets.
We also transferred to the Main Market of Nasdaq Helsinki during the review period. This is part of our long-term effort to strengthen the company's recognition, investor confidence, and capital market readiness.
I want to thank Toivo's employees, customers, stakeholders, and partners for their commitment and cooperation during the review period. We will continue firmly on our chosen path, focusing on profitable, scalable, and responsibly developed real estate entities in Finland's growth centers.
MEDIA AND ANALYST CONFERENCE
A public media and analyst conference in Finnish will be held on Wednesday, 6 August 2025 at 11:00 as a webcast. Use the following link to join the webcast: https://player.videosync.fi/toivo/2025-h1-tulos
The review will be presented by CEO Markus Myllymäki and CFO Samuli Niemelä.
The presentation materials will be published later at: sijoittajille.toivo.fi and
sijoittajille.toivo.fi/en.
Toivo Group Plc
Board of Directors
Further information:
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 (0)40 847 6206
markus.myllymaki@toivo.fi
About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of developing apartment lots, constructing housing and ownership of apartments. The Company's business model is unique as Toivo's business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of residential real estate with its own team, from raw land development to renting apartments. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.
Toivo's strategy is to develop apartments in accordance with the Toivo concept. The apartments aim for a strong development margin and a stable and attractive return, and this way enable long-term ownership and the generation of higher additional value to Toivo's customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo's team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience.
Toivo's revenue in 2024 was EUR 39.8 million and its operating profit EUR 4.5 million.
