Titania (TITA) Q3 2025 earnings summary

Executive summary

• Net sales for January–September 2025 reached 65,518 tkr, up from 55,115 tkr year-over-year, driven by higher rental income and a larger property portfolio.

• Net profit for the period was 364,214 tkr, a significant increase from 241,795 tkr in the same period last year, mainly due to unrealized value changes in properties.

• The company managed 732 apartments at period-end, up from 526 a year earlier, reflecting portfolio growth.

• The business model focuses on flexibility between rental and ownership models, with a strong emphasis on stable rental demand in Stockholm.

Financial highlights

• Q3 2025 net sales: 22,593 tkr (Q3 2024: 18,454 tkr); rental income: 21,197 tkr (18,220 tkr).

• Operating net for Q3: 15,570 tkr (12,988 tkr); for Jan–Sep: 49,271 tkr (41,478 tkr).

• Unrealized value changes Jan–Sep: 544,916 tkr (372,579 tkr); Q3: 213,717 tkr (279,626 tkr).

• Pre-tax profit Jan–Sep: 483,745 tkr (299,836 tkr); Q3: 183,361 tkr (241,282 tkr).

• EPS Jan–Sep: 5.09 kr (3.38 kr); Q3: 1.54 kr (2.92 kr).

• Cash flow from operations Jan–Sep: -62,994 tkr (142,347 tkr); investing: -599,709 tkr (-272,374 tkr); financing: 695,622 tkr (181,641 tkr).

Outlook and guidance

• Management expects continued stable demand for rental apartments in Stockholm, with monthly rents of 10,000–11,000 kr for well-planned one-room units.

• The company is prepared for both rental and ownership market scenarios, with flexibility to shift focus as market conditions change.

• Anticipates gradual price increases for condominiums starting in 2026, accelerating in 2027.