Ovaro Kiinteistösijoitus (OVARO) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €2,105 thousand, nearly flat year-over-year, despite asset sales and project preparations.

• Net result for H1 2026 was a loss of €1,891 thousand, impacted by non-recurring project development costs, lack of development income, and €0.4 million in one-off administrative costs.

• The company is shifting from passive ownership to an active development model, focusing on acquiring, developing, and selling properties.

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

• 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

• Revenue for H1 2026 was €2,105 thousand, up from €2,099 thousand in H1 2025.

• Net result was -€1,891 thousand, compared to +€1,043 thousand in H1 2025.

• Equity ratio was 49.6%, down from 66.6% in the previous year.

• Net asset value per share was €5.00, down from €5.58 year-over-year.

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

Outlook and guidance

• The company withdrew its 2026 earnings guidance on August 18, 2026, due to a change in reporting standards, not business performance.

• No new guidance for 2026 will be 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.