Business review, 29 October 2025 at 8:00
KEY EVENTS DURING THE REVIEW PERIOD 1 JANUARY - 30 SEPTEMBER 2025
- Revenue EUR 37.0 (32.6) million.
- Contracts for 135 (220) new apartments and two social infrastructure properties were signed during the period under review.
- Construction of 177 (196) apartments, 2 (0) assisted living facilities and 1 (0) daycare facility were started during the period under review.
- During the review period, 123 (165) apartments 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 September 2025 | 1 January- 30 September 2024 | Change, % |
| Revenue | 37,019 | 32,587 | 14% |
| Total revenue and investments | 58,406 | 37,726 | 55% |
| Value of project portfolio (MEUR)* | 286 | 695 | -59% |
| Operating profit | 5,039 | 3,405 | 48% |
| Operating profit without changes in values of investment properties | 5,039 | 3,405 | 48% |
| Profit or loss for the financial year | 1,894 | 332 | 470% |
| Earnings per share (EUR) | 0.03 | 0.01 | 406% |
| Economic occupancy rate | 93.1% | 91.4% | 2% |
| Total equity | 71,207 | 68,500 | 4% |
| Total assets | 178,156 | 162,228 | 10% |
| EUR thousand | 1 July- 30 September 2025 | 1 July- 30 September 2024 | Change, % |
| Revenue | 13,837 | 4,184 | 231% |
| Total revenue and investments | 22,684 | 7,601 | 198% |
| Value of project portfolio (MEUR)* | 286 | 695 | -59% |
| Operating profit | 1,581 | 1,059 | 49% |
| Operating profit without changes in values of investment properties | 1,581 | 1,059 | 49% |
| Profit or loss for the financial year | 267 | -106 | 352% |
| Earnings per share (EUR) | 0.005 | -0.002 | 352% |
| Economic occupancy rate | 94.4% | 91.2% | 4% |
| Total equity | 71,207 | 68,500 | 4% |
| Total assets | 178,156 | 162,228 | 10% |
* The portfolio includes those projects for which the company has the right to purchase the related land areas under pre-agreed 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 year 2025 has been a time of strong operational performance and profitable growth for Toivo. Our revenue in January-September grew by 14 percent and our operating profit by 48 percent compared to the comparison period. This demonstrates, above all, the company's ability to operate efficiently and make the right decisions even in a challenging market environment.
There are signs of a recovery in housing demand in the market, especially in the capital region. Construction volumes remain moderate, but Toivo has successfully capitalized on the situation and strengthened its market position. A selective and disciplined approach has proven to be the right strategy.
Our goal is to grow profitably and responsibly at an annual rate of about 20 percent. This can only be achieved through top operational performance, which the Toivo team has demonstrated once again.
DEVELOPMENT: In project development, we emphasize selectivity and profitability. In the third quarter, we signed an agreement for a new residential property in Ruskeasuo, Helsinki (As Oy Helsingin Keskuspuiston Grand) and for a daycare facility project in Leppävaara, Espoo (Norlandia). Additionally, a letter of intent was signed with Cofinimmo SA for several future care properties. A strong project portfolio and careful selection create the foundation for stable and controlled growth.
CONSTRUCTION: Construction proceeded as planned. We launched two new projects and completed two properties - Pyhtäänkorven Mestarit in Vantaa and Tampereen Ojala - totaling 70 apartments. The construction projects are progressing on time and within budget, which demonstrates efficiency and strong project management.
MANAGEMENT: Rental operations developed positively. The economic occupancy rate rose to 94.4%, and leasing is progressing rapidly, led by our own Asuntomestarit®. The quality, locations, and active management of our owned and managed properties generate steady cash flow and strengthen the company's earnings base.
SALES: In the third quarter, we completed the sale of two care properties and expanded our cooperation with Cofinimmo SA. Sales of owner-occupied apartments progressed well, and several projects are almost sold out. Through sales and partnerships, we manage capital efficiently and prepare for new investments.
Toivo continues its determined growth. Operational efficiency, selective development, and strong capital management create a sustainable foundation for the coming years.
I thank our customers, investors, personnel, and partners for an excellent third quarter.
MEDIA AND ANALYST CONFERENCE
A public media and analyst conference in Finnish will be held on Wednesday, 29 October 2025 at 10:00 as a webcast. Use the following link to join the webcast: https://events.inderes.com/toivo/2025-q3
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 founded in 2015, specializing in residential and social infrastructure properties. The company's business model is unique as it integrates the entire real estate value chain-from property development and construction to ownership, management, leasing, and sales of completed properties. Toivo's in-house team manages the full lifecycle of a property, from raw land acquisition to lease negotiations and property maintenance.
Toivo's strategy is to develop clear and efficient properties with strong development margins, stable and attractive returns, and excellent locations. This enables the company to deliver maximum added value to its customers, owners, and stakeholders. Toivo is backed by a skilled and experienced team of professionals with strong credentials in the real estate sector. The team members have collectively been involved in the development and construction of over 17,000 apartments and have an average of ten years of experience in the industry.
Toivo's revenue in 2024 was EUR 39,8 million and its operating profit was EUR 4,5 million.