Titania (TITA) Q2 2025 earnings summary

Executive summary

• Strong growth in net sales and rental income year-over-year, driven by higher rents and increased number of managed apartments.

• Significant unrealized value changes from ongoing projects contributed to a sharp rise in pre-tax profit.

• Expansion strategy includes early land acquisition in areas with high development potential and premium standard housing.

• High demand for new rental units, with rapid leasing in recently completed projects.

Financial highlights

• Net sales for Jan–Jun 2025: 42,926 tkr (36,661 tkr year-over-year); Q2: 23,529 tkr (18,950 tkr).

• Rental income for Jan–Jun: 40,549 tkr (34,707 tkr); Q2: 21,152 tkr (18,050 tkr).

• Operating net for Jan–Jun: 33,701 tkr (28,490 tkr); Q2: 18,561 tkr (16,968 tkr).

• Unrealized value changes Jan–Jun: 331,199 tkr (92,953 tkr); Q2: 28,942 tkr (48,688 tkr).

• Pre-tax profit Jan–Jun: 300,385 tkr (58,554 tkr); Q2: 13,407 tkr (34,490 tkr).

• Net profit Jan–Jun: 254,181 tkr (33,128 tkr); Q2: 28,292 tkr (21,088 tkr).

• EPS Jan–Jun: 3.55 kr (0.46 kr) before dilution; 3.39 kr (0.46 kr) after dilution.

Outlook and guidance

• Management sees strong market demand and plans to launch new projects in similar locations.

• Ongoing expansion with a focus on premium rental units in areas with gentrification potential.

• No dividend planned in coming years; profits to be reinvested in new projects and acquisitions.