Toivo Group (TOIVO) Q3 2025 earnings summary

Executive summary

• Revenue for January–September 2025 increased by 14% year-over-year to €37.0 million, with operating profit up 48% to €5.0 million and net profit rising 470% to €1.9 million.

• The project portfolio value decreased by 59% to €286 million, reflecting a strategic shift and market adjustments.

• 135 new apartment contracts and two social infrastructure properties were signed; 177 apartments, two assisted living facilities, and one daycare facility construction started.

• Economic occupancy rate improved to 94.4% in Q3 2025, with only two unsold completed apartments at period end.

• Growth in personnel (approx. 30%) and construction sites (+114%) supported operational expansion.

Financial highlights

• Total revenue and investments reached €58.4 million, up 55% year-over-year.

• Operating profit margin improved, with operating profit at €5.0 million versus €3.4 million a year earlier.

• Earnings per share rose to €0.03 from €0.01, a 406% increase.

• Cash flow before changes in working capital (FFO) was €1.8 million, up from -€0.2 million.

• Investments in properties totaled €21.0 million during the review period.

Outlook and guidance

• Full-year 2025 operating profit is expected to be €6–11 million, both including and excluding changes in investment property values.

• Medium-term targets include 20% average annual growth in total revenue/investments and operating profit, with an equity ratio above 40%.

• Dividend policy aims for a payout of 30–50% of annual profit, considering investment needs and financial position.