Titania (TITA) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was 28,391 tkr, up from 19,397 tkr year-over-year, driven by higher rents and a larger property portfolio.

• Operating net increased to 22,713 tkr from 15,140 tkr, reflecting more rental units and higher rental income.

• Profit before tax was 107,336 tkr, down from 286,978 tkr, mainly due to lower unrealized value changes and higher interest expenses.

• 806 apartments were under management at quarter-end, up from 526 a year earlier.

• The company continues to expand production, with over 2,000 homes in development and a focus on the Stockholm region.

Financial highlights

• Net revenue: 28,391 tkr (Q1 2025: 19,397 tkr).

• Operating net: 22,713 tkr (Q1 2025: 15,140 tkr).

• Profit before tax: 107,336 tkr (Q1 2025: 286,978 tkr).

• Net income: 61,836 tkr (Q1 2025: 225,889 tkr).

• Earnings per share (diluted): 0.74 kr (Q1 2025: 3.14 kr).

• Unrealized value changes: 181,952 tkr (Q1 2025: 302,256 tkr).

• Cash flow from operations: -34,834 tkr (Q1 2025: -95,577 tkr).

Outlook and guidance

• Management expects continued growth in rental income as more projects are completed and added to the portfolio.

• The company is positioning itself to benefit from an eventual economic upturn by maintaining high production activity.

• No dividend is planned in the near term; profits will be reinvested in new projects and acquisitions.