Doxa (DOXA) Q3 2025 earnings summary

Executive summary

• Launched a new strategy focusing on property investments with development potential and cash flow, aiming for a property value of SEK 15 billion within 3–5 years.

• Significant portfolio streamlining: sold 40% stake in Fastighetsstaden i Halmstad AB and the Gullön 8 property, and divested hotel operations in October.

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

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

Financial highlights

• Net Asset Value (NAV) at September 30, 2025: SEK 2,071.6 million; NAV per share: SEK 1.61.

• Q3 2025 operating result: -11.7 MSEK, mainly due to central admin costs (-7.0 MSEK) and write-downs (-4.5 MSEK).

• Result before tax from continuing operations: -26.8 MSEK; total period result: -75.6 MSEK.

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

• Equity at period end: SEK 2,071.6 million; soliditet (equity ratio): 50%.

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.

• Plans to reinvest generated cash flows in new acquisitions and potentially conduct share buybacks.