Doxa (DOXA) Q3 2026 earnings summary

Executive summary

• NAV was SEK 1,940.2M, or SEK 1.48/share; property value was SEK 3,707.1M and the share traded at a 22% NAV ratio, equivalent to a 78% discount.

• Strategic focus shifted to recurring cash flow from income-generating properties and value realization from the development portfolio.

Financial highlights

• Q3 revenue was SEK 19.5M (4.6M); net operating income was SEK -0.8M (-5.0M) and net loss was SEK 16.9M (75.6M).

• 9M revenue was SEK 37.9M (15.8M); net operating income was SEK -0.3M (-61.2M) and net loss was SEK 45.7M (238.3M).

• 9M service revenue included SEK 7.3M net proceeds from settlement of an engineering dispute; financial costs were SEK 6.7M versus SEK 51.9M.

• 9M loss from discontinued operations was SEK 11.8M, versus SEK 102.6M; remaining activities included Skidome and property management.

Outlook and guidance

• Selective acquisitions of cash-flow-generating properties are targeted from Q4; every transaction is expected to strengthen cash flow and value/share.

• Sale of three Karlastaden blocks is targeted for H1 2027, while one block will be retained for development with a partner.

• Additional financing needs within 12 months remain unsecured; financing options include loans, asset sales and share issues.