Doxa (DOXA) Q4 2025 earnings summary

Executive summary

• Adopted a new strategic direction focusing on property investments with development potential and cash flow, aiming to unlock value in situations with refinancing needs or ownership changes as of October 24, 2025.

• Completed major divestments and organizational adjustments in 2024, streamlining operations and restructuring costs.

• Strengthened management with a new transaction chief and proposed new board members for 2026 to support the new strategy.

• Positioned for selective acquisitions and disciplined capital allocation, prioritizing NAV per share growth.

Financial highlights

• Net loss for Jan–Dec 2025 was -335.4 MSEK, a significant improvement from -1,723.3 MSEK in 2024.

• Operating result for Jan–Dec 2025 was -151.6 MSEK, compared to -540.6 MSEK in 2024; Q4 operating result was -64.5 MSEK.

• Net Asset Value (NAV) at year-end: 1,971.5 MSEK; NAV per share: 1.53 SEK.

• Substantial reduction in total assets to 4,029.2 MSEK from 8,195.5 MSEK year-over-year.

• Soliditet (equity ratio) improved to 48.9% from 28.2% year-over-year.

Outlook and guidance

• Targeting a property portfolio of approximately 15 billion SEK within 3–5 years.

• Focus on disciplined cash flow management, reducing the NAV discount, and increasing NAV per share.

• Market conditions expected to improve in H1 2026, creating opportunities for acquisitions aligned with the new strategy.

• Plans to divest assets not intended for in-house development.