Doxa (DOXA) Q3 2024 earnings summary

Executive summary

• Q3 2024 marked by significant negative value changes in portfolio holdings, especially Serneke, leading to large losses and a major strategic shift toward core real estate and project development segments.

• Leadership changes included the departure of the CEO, CFO, and board members, with interim appointments made.

• The sale of Serneke's contracting business to Mutares is expected to close in late November 2024, with Doxa focusing on three main business areas post-transaction.

Financial highlights

• Q3 2024 operating income was -430.4 MSEK (562.0), mainly due to a -436.4 MSEK negative value change in portfolio holdings.

• Net result for Q3 2024 was -418.8 MSEK (560.6); for Jan–Sep 2024, -732.9 MSEK (759.0).

• NAV at period end was 3,371.7 MSEK (3,449.1), NAV per share 2.62 SEK.

• Equity at period end was 3,299.6 MSEK (3,363.3), equity per share 2.57 SEK (7.38).

• Cash flow for Q3 2024 was 5.8 MSEK (-101.3); for Jan–Sep 2024, -94.2 MSEK (-8.0).

Outlook and guidance

• After the sale of the contracting business, Doxa will focus on real estate, project development, and Karlastaden, aiming for a stable and sustainable future.

• Strategic plan targets long-term value creation through core business areas and potential asset divestments.