Doxa (DOXA) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked by major restructuring, including the sale of significant assets, Serneke Sverige's bankruptcy impact, and a shift to a focused property development organization centered on Karlastaden in Gothenburg.

• New CEO appointed in January 2025, with changes in the board of directors and launch of a new long-term incentive program.

• Transitioned from investment company to property company accounting as of January 2025.

• Ongoing adaptation to reduced business volume, with headcount expected to drop to around ten by mid-year and cost structure realignment.

• Strategic focus on value creation through property development, divestment of non-core assets, and securing sustainable long-term financing.

Financial highlights

• Net income for Q1 2025 was -39.8 MSEK, with EPS at -0.03 SEK and equity per share at 1.77 SEK.

• Operating income for Jan–Mar 2025 was -22.1 MSEK, mainly due to central admin costs of -18.0 MSEK and restructuring expenses.

• Result before tax from continuing operations was -28.1 MSEK, including financial costs of -19.5 MSEK and a gain of +10.9 MSEK from subsidiary sales.

• Result from discontinued operations was -11.6 MSEK.

• Equity at quarter-end was 2,270.1 MSEK; total assets 4,775.7 MSEK; portfolio value 3,639 MSEK as of March 2025.

Outlook and guidance

• Restructuring costs from Q1 will also affect Q2 2025; cost base expected to align with new business scope in H2 2025.

• Focus remains on developing Karlastaden, divesting non-strategic assets, and exploring partnerships for project execution.

• No dividend proposed for 2024; ongoing legal appeal regarding VAT ruling with potential liquidity impact.