Investors House: Operative result improved 28% y/y in Q2 - Nordea

Investors House reported Q2 revenue of EUR 2.5m, 8% below our EUR 2.7m estimate, while net operating income (NOI) was EUR 1.1m, 16% below our EUR 1.3m estimate. The Q2 operative result was EUR 0.8m and improved 28% y/y. Juhola Asset Management, a Finnish real estate asset management company, was incorporated for the first full quarter, boosting the top line. The share of revenue from Services increased y/y to 58%, from 19%. Investors House has signed an agreement to divest a residential project in Vantaa and will book a gain of EUR 2-3m, most likely in 2024. The project to develop an old hospital building in Jyväskylä for other use is progressing and Investors House will own a third of it. With a growing pipeline and a growing Service business, we see good potential for value creation. Marketing material commissioned by Investors House.

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