KPY (KPYOSK) H1 2026 earnings summary

Executive summary

• Strategic transformation advanced as planned, with focus on three investment portfolios: infrastructure, private equity, and balance sheet investments.

• First half of 2026 marked by listing on Nasdaq Helsinki First North and a successful share issue raising €8.7 million.

• Net asset value (NAV) per share decreased to €8.58 from €9.65 year-over-year, mainly due to increased number of shares and lower market multiples.

• Operating profit and adjusted operating profit both declined, reflecting project timing, lower occupancy in Novapolis, and restructuring costs.

Financial highlights

• NAV at period end: €235.8 million (down from €246.3 million year-over-year).

• Revenue: €56.9 million (down from €82.1 million year-over-year), mainly due to Epical becoming an associate.

• Operating profit: -€0.4 million (down from €3.1 million year-over-year); adjusted operating profit: -€1.3 million.

• Net profit: -€3.7 million (down from €1.5 million year-over-year); adjusted net profit: -€2.7 million.

• Equity ratio: 54.8% (54.4% year-over-year); net gearing: 31.6% (32.9%).

• Cash flow from operations: €3.5 million (down from €8.8 million year-over-year).

• Dividend (member interest) paid for 2025: €2.6 million.

Outlook and guidance

• Guidance for 2026 unchanged: focus remains on developing the three portfolios.

• Infrastructure revenue and profit expected to decline slightly due to lower Novapolis occupancy, but dividend capacity to remain stable.

• Private equity focus on raising a new Sentica fund, critical for future growth.

• Balance sheet investments to be developed for profitable growth and future exits, with no major divestments expected in 2026.

• Overall revenue expected to develop positively and profit to strengthen somewhat, with significant company-specific variation.