Doxa (DOXA) Q3 2025 earnings summary

Executive summary

• Launched a new strategy focused on acquiring properties with development and cash flow potential, targeting SEK 15 billion in property value within 3–5 years.

• Divested 40% stake in Fastighetsstaden i Halmstad AB for SEK 426.7M and sold Gullön 8 property for SEK 15.9M, with no profit impact from the former and a SEK -1.0M effect from the latter; both improved liquidity.

• Board approved a synthetic share buyback program up to SEK 50M, not yet initiated.

• Organizational restructuring and cost adaptation followed asset divestments.

• New strategic direction emphasizes value creation in situations with refinancing needs or ownership changes.

Financial highlights

• Net result for Q3 2025 was SEK -75.6M; for Jan–Sep 2025, SEK -238.3M.

• Earnings per share for Q3 2025 was SEK -0.06; Jan–Sep 2025, SEK -0.19.

• Operating result for Q3 2025 was SEK -11.7M, mainly due to central admin costs and write-downs.

• NAV per share at September 30, 2025: SEK 1.61; equity at SEK 2,071.6M; equity ratio 50%.

• Cash flow from operations (Jan–Sep): -413.1MSEK; investing: +436.3MSEK; financing: -30.6MSEK.

Outlook and guidance

• Targeting property value of SEK 15 billion within 3–5 years through acquisitions and active management.

• Focus on financial stability, selective risk-taking, and long-term value creation.

• Ongoing share buybacks planned as long as NAV discount persists.

• Further strategy update planned for later in the year.

• Plans to reinvest generated cash flows in new acquisitions.