Titanium (TITAN) H2 2024 earnings summary

Executive summary

• Market uncertainty and subdued real estate transaction activity in 2024 led to a 15.7% decline in fee income and a 27.8% drop in operating profit year-over-year.

• Several domestic special investment funds focused on real estate had to take measures to manage redemptions, including temporary suspension of payments after year-end.

• Strategy was updated to strengthen asset management, customer experience, and operational efficiency, promoting sustainable growth.

• Despite market headwinds, a strong capital base and high solvency were maintained.

Financial highlights

• Fee income was €21.8 million, down 15.7% year-over-year.

• EBIT/EBITA was €9.1 million, a 27.8% decrease; net profit was €7.1 million, down 26.7%.

• Operating cash flow fell to €7.9 million from €11.8 million.

• The board proposes a dividend of €0.65 per share for 2024.

Outlook and guidance

• Long-term targets: average annual fee income growth of at least 10–15%, EBIT margin above 40%, and dividend payout of at least 70% of net profit, subject to capital adequacy.

• Market activity in real estate expected to recover in 2025 as interest rates decline.

• Updated targets are not annual market guidance.