Titania (TITA) Q4 2025 earnings summary

Executive summary

• 2025 saw a significant improvement in financing conditions for residential developers, enabling a record number of project starts and capital access through both lenders and equity investors.

• 1,915 housing units were started in 2025, the highest in company history, with all projects located in Stockholm County.

• The company is positioned to benefit from a future housing shortage in Stockholm, expecting upward pressure on rents and prices.

Financial highlights

• Full-year net revenue rose to 91,058 tkr (73,509 tkr year-over-year); Q4 net revenue was 25,540 tkr (18,394 tkr year-over-year).

• Operating net for the year was 69,168 tkr (56,055 tkr year-over-year); Q4 operating net was 19,897 tkr (14,577 tkr year-over-year).

• Unrealized value changes totaled 746,942 tkr (578,603 tkr year-over-year).

• Pre-tax profit for the year was 622,413 tkr (500,336 tkr year-over-year); net profit was 439,597 tkr (349,907 tkr year-over-year).

• Earnings per share before dilution: 6.06 kr (4.89 kr year-over-year); after dilution: 6.00 kr (4.89 kr year-over-year).

• Cash flow from operations for the year was -144,517 tkr (4,029 tkr year-over-year); total cash flow was 178,860 tkr (68,405 tkr year-over-year).

• No dividend proposed for 2025, in line with policy to reinvest in growth.

Outlook and guidance

• The company expects continued strong demand for new housing in Stockholm due to a prolonged period of low construction starts, leading to a future supply shortage.

• Improved financing conditions and increased investor confidence are expected to support further project starts and portfolio growth.