Investors House: Proposal of massive EUR 3.14 extra dividend following divestments - Nordea

Investors House reported Q2 revenues of EUR 2.7m, 15% below our estimate. NOI was EUR 1.4m, down from EUR 1.9m y/y and 15% below our estimate. Adjusted group EBIT was EUR 1.1m, 19% below our EUR 1.4m estimate. The Real Estate division’s EBIT excluding divestment gains was EUR 1.5m, in line with our estimate. The Services segment posted clearly weaker results than we had anticipated with EBIT turning negative. Services segment’s performance continues to be unsatisfactory. The guidance for 2025 was reiterated: earnings will decline significantly from 2024, which had several positive revaluation items, and due disposals in 2025. The board proposes a massive extra dividend of EUR 3.14 per share, mostly based on the Apitaire disposal closed in Q2. This corresponds to ~50% of the shareholder equity and 56% of current share price. The company continues to investigate the separation of the Service business into a separate entity. We expect an initial positive share price reaction on the massive extra dividend proposal, although the company will become considerably smaller going forward.

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