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Third party research

Investors House: Solid Q4 and 2025 result guided down as expected - Nordea

Investors House

This is a third party research report and does not necessarily reflect our views or values

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Investors House reported Q4 revenues of EUR 2.8m, 7% above our estimate. NOI was EUR 1.6m, up from EUR 0.6m y/y and 11% above our estimate. The dividend proposal for 2024 is EUR 0.35 per share, as we expected, and marks the tenth consecutive year of dividend increase. The Real Estate division’s NOI was EUR 1.6m, 14% above our estimate. Fair value changes amounted to EUR +2.4m for Real Estate. The Services segment posted slightly weaker results than we had anticipated with sales down 19% y/y and operative EBIT 29% below our estimate. Services also had an impairment charge of EUR -1.5m in the quarter on one of its acquired businesses. A guidance for 2025 was introduced: earnings will decline significantly from 2024, which had several positive non-recurring items. We have expected 2025E net result of EUR 2.8m versus EUR 9.0m in 2024. We expect a neutral share price reaction.
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