Financial Statement Release, 25 February 2026 at 8:00
KEY EVENTS DURING THE REVIEW PERIOD 1 JANUARY - 31 DECEMBER 2025
- Revenue EUR 61.7 (39.8) million.
- Contracts for 278 (271) new apartments and four social infrastructure properties were signed during the period under review.
- Construction 227 (276) apartments, 7 (1) assisted living facilities ja 1 (0) daycare facility were started during the period under review.
- During the financial year, 317 (165) apartments were completed.
PROSPECTS FOR 2026
- The company expects revenue for the financial year of
1 January-31 December 2026 to be EUR 65-85 million. - The company expects the operating profit for the financial year of
1 January-31 December 2026 to be EUR 6-11 million.
CONSOLIDATED KEY FINANCIALS
| EUR thousand | 1 January-31 December 2025 | 1 January-31 December 2024 | Change, % |
| Revenue | 61,709 | 39,810 | 55% |
| Total revenue and investments | 85,851 | 47,887 | 79% |
| Value of project portfolio (MEUR)* | 291 | 640 | -55% |
| Operating profit | 8,041 | 4,543 | 77% |
| Operating profit without changes in values of investment properties | 8,251 | 4,202 | 96% |
| Profit or loss for the financial year | 4,289 | 734 | 484% |
| Earnings per share (EUR) | 0.07 | 0.01 | 470% |
| Economic occupancy rate | 93.1% | 92.3% | 1% |
| Total equity | 73,816 | 69,434 | 6% |
| Total assets | 168,617 | 144,467 | 17% |
| EUR thousand | 1 October-31 December 2025 | 1 October-31 December 2024 | Change, % |
| Revenue | 24,690 | 7,223 | 242% |
| Total revenue and investments | 27,235 | 10,502 | 159% |
| Value of project portfolio (MEUR)* | 291 | 640 | -55% |
| Operating profit | 3,002 | 1,138 | 164% |
| Operating profit without changes in values of investment properties | 3,212 | 797 | 303% |
| Profit or loss for the financial year | 2,396 | 402 | 496% |
| Earnings per share (EUR) | 0.04 | 0.01 | 494% |
| Economic occupancy rate | 93.3% | 94.9% | -2% |
| Total equity | 73,816 | 69,434 | 6% |
| Total assets | 168,617 | 144,467 | 17% |
* 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 2025 financial year remained demanding for the real estate and construction market. Uncertainty kept decision-making cautious and volumes low, though gradual divergence began to emerge within the market. Success required discipline, a clear focus, and the ability to drive projects to completion efficiently. For Toivo, 2025 demonstrated that our strategy and operating model are resilient to cyclical fluctuations. We were able to grow the business and improve profitability while building the foundations for the coming years.
Financially, the year was strong. Revenue grew by 55%, reaching EUR 61.7 million. Operating profit rose to EUR 8.0 million, and the result for the period was EUR 4.3 million. Earnings per share (EPS) was EUR 0.07. These results were primarily driven by successful real estate transactions, the effective launch and sale of RS projects and operational streamlining: determined improvements in project management, cost control, and lead times. The Company has only one completed unsold apartment.
At the core of Toivo's strategy is control over the entire value chain: we develop, construct, manage, own, and sell projects profitably, cost-effectively, and responsibly. This provides a competitive advantage, particularly when market conditions do not support all players. We are capable of managing the big picture, making decisions from a long-term value creation perspective, and capitalizing on market opportunities selectively.
Operationally, we progressed systematically throughout the year. It is essential for us to remain active while maintaining strict selectivity: we do not chase volume at any cost, but focus on sites where the risk-return ratio, location, and feasibility are optimal.
Development: We entered into agreements for 278 new apartments.
Construction: We commenced the construction of 227 apartments.
Ownership: During the year, 149 apartments were completed for us.
Sales: We executed several real estate transactions during the year and gained several prestigious new institutional clients, such as Storebrand and Cofinimmo.
Capital allocation and balance sheet management are decisive in the real estate business. We maintained our discipline in 2025, and our strengthened results now enable the next step: the distribution of dividends. The Board of Directors proposes a dividend of EUR 0.03 per share for the 2025 financial year. The initiation of dividend payments is a signal to our shareholders of the efficient use of capital and the company's strengthened earnings capacity.
We enter 2026 with ambition but realism. Our goal is to grow revenue by over 20% from the previous financial year while simultaneously maintaining a strong level of profitability. For the 2026 financial year, we provide financial guidance for revenue of EUR 65-85 million and an operating profit of EUR 6-11 million. It is estimated that operational profitability will remain at the same level as in 2025. We will continue to focus on Finland's growth centers, the determined expansion of our project portfolio, and our target of approximately 15% project profitability in development and construction.
Finally, I would like to thank Toivo's personnel, customers, owners, and partners for 2025. These results were born from committed work and the ability to execute our strategy in daily operations. We will continue resolutely on our chosen path and build long-term value for our shareholders.
PRESS AND ANALYST CONFERENCE
A Finnish-language conference for the public, press, and analysts will be held on Wednesday, 25 February 2026, at 11:00 a.m. as a live webcast. Participants may join the webcast via the following link: https://events.inderes.com/fi/toivo/2025-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 public limited liability company established in 2015.
The Company is based in Helsinki and its registered address is Gransinmäki 6, 02650 Espoo. The shares of the parent company, Toivo Group Plc, were listed on the regulated market of Nasdaq Helsinki in the summer of 2025.
Toivo is a Finnish operator specializing in construction, real estate development, and property ownership. Its mission is to transform real estate value chains and build a distinctive business model in the market. The Group develops, constructs, owns, and sells apartments, plots, social infrastructure, and commercial premises.
Toivo's business model covers the entire real estate value chain: the development of plots and raw land, construction management, as well as the ownership, management, sale, and leasing of completed properties. Toivo's own team of experts is responsible for the entire lifecycle of a property, from zoning to the leasing of apartments. Through this model, Toivo generates added value for its customers, shareholders, and other stakeholders.
Toivo's strategy is to develop apartments and properties according to the Toivo concept, offering a strong development margin as well as a stable and attractive return. This enables long-term ownership of properties and the generation of higher added value for customers. Toivo is backed by a competent and experienced team of experts with a strong track record in the residential business and various sectors of the real estate industry.
In 2025, Toivo's revenue was EUR 61.7 million and its operating profit was EUR 8.0 million.
