Ovaro Kiinteistösijoitus (OVARO) Q2 2026 earnings summary

Executive summary

• Revenue for H1/2026 was €2.1 million, nearly flat year-over-year, but net profit turned to a loss of €1.9 million from a €1.0 million profit in H1/2025, mainly due to lack of income from development projects and €0.4 million in one-off administrative costs.

• The company is shifting its listing to Nasdaq First North Growth Market Finland to achieve cost savings and focus resources on property development.

• Operationally, several property sales and project preparations progressed, including the sale of Kuopio Teollisuuskatu 1 and preparations for major projects in Joensuu, Levi, and Kerava.

Financial highlights

• H1/2026 revenue: €2.1 million (H1/2025: €2.1 million); net rental income: €0.2 million (H1/2025: €0.3 million).

• Operating result: -€1.3 million (H1/2025: €3.8 million); net result: -€1.9 million (H1/2025: €1.0 million).

• Cash and cash equivalents at period end: €1.6 million (30.6.2025: €10.4 million).

• Net asset value per share: €5.00 (30.6.2025: €5.58).

• Net loan-to-value: 60.4% (30.6.2025: 31.4%).

Outlook and guidance

• Previous earnings guidance for 2026 was withdrawn on 17.8.2026; no new guidance provided.

• Strategic targets for 2024–2027 include establishing the buy-develop-sell model, annual ROE above 10%, and equity ratio at least 40%.

• H1/2026 ROE was -4.5%, below target; equity ratio was 49.6%, above target.