Doxa (DOXA) Q2 2025 earnings summary

Executive summary

• Operations scaled down with significant organizational downsizing, cost reductions, and divestment of non-core businesses.

• Sale of Fastighetsstaden in Halmstad for SEK 426.7M reduced debt by SEK 371.6M and increased cash by SEK 55.1M.

• All remaining housing association projects finalized during the quarter.

• Board changes at AGM: new members elected, chairman re-elected, and new incentive program adopted.

• Tax court ruled against VAT appeal, resulting in SEK 148.1M payment; further appeal submitted.

Financial highlights

• Net loss of SEK 122.8M for Q2 2025 and SEK 162.6M for H1 2025, mainly due to project property write-downs and impairments.

• Operating result Q2 2025: -61.4 MSEK, with -53.9 MSEK in project portfolio impairments and -10.0 MSEK in admin costs.

• Earnings per share at SEK -0.10 for Q2 and SEK -0.13 for H1.

• Cost reductions achieved compared to Q1, reflecting ongoing adaptation.

• Result from discontinued operations Q2 2025: -42.2 MSEK, impacted by divestment costs.

Segment performance

• Karlastaden segment represents 65% of portfolio value (SEK 2,343.6M); Gothenburg View 18%; Karlastaden Media 10%.

• Project development portfolio valued at SEK 144.2M, with completed apartments at SEK 134.7M.

• Project development portfolio includes ~450,000 sqm BTA across ~30 projects, mainly in Sweden's three largest metropolitan areas.

• Two residential projects completed and deconsolidated in H1 2025, impacting project and development property values.

• Karlatornet project received international recognition, winning two awards.