KPY (KPYOSK) H2 2025 earnings summary

Executive summary

• NAV (net asset value) at year-end 2025 was €246.3M, up from €179.6M year-over-year; NAV per share €9.65 (prev. €8.09).

• Strategic focus sharpened on three investment portfolios: infrastructure, private equity, and balance sheet investments.

• Major acquisition: 100% of Sentica Partners, a private equity firm, completed in December 2025.

• Board proposes a dividend of €0.10 per share, totaling €2.6M, up from €0.09 (€2.0M) last year.

• Preparation for potential listing on First North Growth Market Finland in 2026, subject to market conditions.

Financial highlights

• Revenue for 2025 was €167.4M, down from €224.5M, mainly due to structural changes.

• Operating profit was €14.8M (prev. €32.4M); adjusted operating profit improved to €9.0M (prev. €2.5M).

• Operating cash flow was €22.7M, a significant improvement from -€2.1M.

• Equity ratio rose to 54.4% (prev. 46.5%).

• Net gearing decreased to 32.9% (prev. 58.5%).

Outlook and guidance

• Continued development of three investment portfolios.

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

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

• Balance sheet investments expected to see positive revenue and profit trends, with company-specific variations.

• Targeting significant value growth in investment targets.