Business review, 28 October 2026 at 8:00 a.m (EET)
KEY EVENTS DURING THE REVIEW PERIOD 1 JANUARY-30 SEPTEMBER 2026
- Revenue EUR 53.6 (37.0) million.
- During the review period, contracts were signed for the construction of a total of 290 (135) apartments and two (2) social infrastructure properties.
- During the review period, construction of 221 (177) apartments, 1 (2) care facility and 1 (1) day care facility was started.
- During the review period, 160 (123) apartments and 4 (0) social infrastructure properties were completed.
PROSPECTS FOR 2026
- The company expects revenue for the financial year
1 January-31 December 2026 to be EUR 65-85 million. - The company expects the operating profit for the financial year
1 January-31 December 2026 to be EUR 6-11 million.
CONSOLIDATED KEY FINANCIALS
| EUR thousand | 1 Jan- 30 Sep 2026 | 1 Jan- 30 Sep 2025 | Change, % |
| Revenue | 53,562 | 37,019 | 45% |
| Value of project portfolio (MEUR)* | 322 | 286 | 13% |
| Operating profit | 4,574 | 5,039 | -9% |
| Operating profit, % | 8.5% | 13.6% | -37% |
| Profit or loss for the financial year | 2,170 | 1,894 | 15% |
| Earnings per share (EUR) | 0.03 | 0.03 | -13% |
| Equity ratio, % | 40.8% | 41.4% | -1% |
| Total equity | 74,043 | 71,207 | 4% |
| Total assets | 188,973 | 178,156 | 6% |
| EUR thousand | 1 July- 30 Sep 2026 | 1 July- 30 Sep 2025 | Change, % |
| Revenue | 16,859 | 13,837 | 22% |
| Value of project portfolio (MEUR)* | 322 | 286 | 13% |
| Operating profit | 1,899 | 1,581 | 20% |
| Operating profit, % | 11.3% | 11.4% | -1% |
| Profit or loss for the financial year | 1,165 | 267 | 336% |
| Earnings per share (EUR) | 0.02 | 0.005 | 334% |
| Equity ratio, % | 40.8% | 41.4% | -1% |
| Total equity | 74,043 | 71,207 | 4% |
| Total assets | 188,973 | 178,156 | 6% |
* 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
In January-September, our revenue grew by 45 percent to EUR 53.6 million, and operating profit was EUR 4.6 million. The third quarter was strong: revenue grew by 22 percent to EUR 16.9 million and operating profit by 20 percent to EUR 1.9 million. The operating profit margin decreased slightly to 11.3 percent. The projects worth approximately EUR 60 million initiated in the second quarter are progressing at full speed and will be reflected in our revenue during the remainder of this year and in 2027.
The housing market remains challenging. Prices are falling, interest rates have turned upward and, according to the Confederation of Finnish Construction Industries RT, only around 3,000 non-subsidized apartment building units will be started nationwide this year. In this market, we have clearly increased our share. In January-September, we started 221 apartments, which on an annual basis corresponds to a share of nearly 10 percent of non-subsidized apartment building starts. In 2025, our share was 6.6 percent. The growth is based on business models that appeal to customers, careful project development and partners with whom projects progress smoothly. Our new projects have been almost entirely pre-reserved when entering the market, and we have not accumulated any unsold apartments.
DEVELOPMENT: In January-September, we signed agreements for 290 (135) apartments. In the third quarter, we signed three new agreements for a total of 77 apartments, the largest of which is Saha in Verkkosaari, Helsinki (41 apartments). The value of the project portfolio was EUR 322 million at the end of the review period.
CONSTRUCTION: We started the construction of 221 (177) apartments, one care home and one daycare center, and completed 160 apartments and four social infrastructure properties. Construction sites are progressing as planned.
MANAGEMENT: The financial occupancy rate rose to 94.0 percent (93.1%). At the end of the review period, we owned 652 completed apartments.
SALES: 32 out of the 34 apartments in Gemma in Sompasaari, Helsinki, have been reserved. We launched Ankkuri in Verkkosaari as a joint project with Weston Group, and our cooperation with Nuveen, Premico and Norlandia continues.
We are renewing our brand across all channels by the end of the year. The new look and the slogan "Toivo. Tekoja." ("Toivo. Action.") express what we already do: we develop and lease Finland's finest homes and see our projects through to completion.
The Confederation of Finnish Construction Industries RT forecasts that non-subsidized apartment building starts will rise to around 5,500 units next year and that the turnaround will begin in the Helsinki metropolitan area. Toivo's machinery is in good shape for when the turnaround in the housing market gets underway.
I would like to thank our employees, customers, investors and partners for a strong third quarter.
PRESS AND ANALYST EVENT
A public, press, and analyst event in Finnish will be held on 28 October 2026 at 10:00 a.m. as a webcast. You can participate in the webcast via the following link: https://events.inderes.com/fi/toivo/2026-q3-tulos
The review will be presented by CEO Markus Myllymäki and CFO Samuli Niemelä.
The presentation material 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 40 847 6206
markus.myllymaki@toivo.fi
About Toivo
Toivo is a Finnish public limited company founded in 2015. The company's domicile is 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 summer 2025.
Toivo is a Finnish company specializing in construction, property development and property ownership, whose mission is to transform property value chains and build a business model that stands out in the market. The Group develops, builds, owns and sells apartments, plots, social infrastructure properties and commercial premises.
Toivo's business model covers the entire property value chain: development of plots and raw land, construction management, and the ownership, management, sale and leasing of completed properties. Toivo's in-house team of experts is responsible for the entire lifecycle of a property, from zoning all the way to the leasing of apartments. Through this model, Toivo creates added value for its customers, shareholders and other stakeholders.
Toivo's strategy is to develop apartments and properties in line with the Toivo concept that offer a strong development margin as well as a stable and attractive return. This enables the long-term ownership of properties and the creation of greater added value for customers. Toivo is backed by a skilled and experienced team of experts with a strong track record in the residential business and various areas of the real estate sector.
In 2025, Toivo's revenue was EUR 61.7 million and operating profit EUR 8.0 million.
