Nine-month revenue rose 45% to EUR 53.6 million, but operating profit fell 9% and operating cash flow was EUR -19.0 million 215. Full-year guidance is revenue of EUR 65-85 million and operating profit of EUR 6-11 million 3.
Toivo Group Oyj · Q3 2026 · Reported 28 Oct 2026 · Nordic
Key figures
Q3 2026 vs. Q3 2025
EUR | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 16.86m | 13.84m | +21.8% |
Operating profit (EBIT) | 1.90m | 1.58m | +20.1% |
Operating margin,% | 11.3% | 11.4% | −0.1 pp |
Net profit | 1.17m | 0.27m | +336% |
EPS | 0.02 | 0.005 | +334%* |
The quarter grew, but the nine months show margin compression
Third-quarter revenue rose 22% to EUR 16.9 million and operating profit rose 20% to EUR 1.9 million 2. The margin was 11.3%, against 11.4% a year earlier 2. Quarterly net profit was EUR 1.165 million against EUR 0.267 million, and EPS was EUR 0.02 against EUR 0.005 2.
Over January-September, revenue grew 45% but operating profit fell 9% to EUR 4.6 million 2. The operating margin fell to 8.5% from 13.6% a year earlier 2. The third-quarter margin was almost unchanged, so the compression sits in the first half.
Lower capitalised personnel costs and weaker fair-value gains cut profit
Personnel expenses were EUR 3.6 million against EUR 0.8 million a year earlier 11. The company attributes the rise to less personnel expense being capitalised to projects under construction 11. Fair-value changes and disposal gains swung to EUR -0.8 million from EUR 1.0 million, because far fewer projects are being built for the company's own balance sheet 11. Both lines sit inside operating profit 14.
The revenue growth is contract work and sales rather than rent. Project management contracting rose to EUR 33.6 million from EUR 21.3 million, and property sales to EUR 15.1 million from EUR 11.3 million 19. Rental income rose to EUR 4.4 million from EUR 4.0 million 19.
Growing inventories and working capital needs drove negative cash flow
Nine-month operating cash flow was EUR -19.0 million against EUR -0.7 million a year earlier, with net profit of EUR 2.2 million 15. Inventories absorbed EUR 15.7 million (EUR 7.4 million a year earlier) and interest paid was EUR 2.9 million (EUR 2.0 million) 16. Inventories stood at EUR 54.1 million against EUR 20.5 million at 30 September 2025 15.
Borrowing proceeds of EUR 44.9 million, against repayments of EUR 25.1 million, covered the outflow 16. Interest-bearing liabilities were EUR 92.4 million against EUR 81.7 million, and cash was EUR 9.3 million against EUR 10.2 million 1115. Loan-to-value rose to 51.4% from 47.7%, and the equity ratio slipped to 40.8% from 41.4%, close to the company's target of above 40% 1220.
Net profit rose, but profit to the parent's owners fell
Nine-month net profit rose 15% to EUR 2.2 million despite lower operating profit 2. Total income taxes were EUR 0.4 million against EUR 1.5 million, helped by deferred taxes of EUR 0.1 million against EUR -0.9 million, and finance costs rose 14.
Profit attributable to the parent's owners fell to EUR 1.635 million from EUR 1.862 million, while non-controlling interests took EUR 0.536 million against EUR 0.031 million 14. EPS, which is based on profit attributable to the parent's owners, did not rise with net profit: it was EUR 0.03 against EUR 0.03 11.
What to watch next
Management guides full-year 2026 revenue of EUR 65-85 million and operating profit of EUR 6-11 million 3. The nine months stand at EUR 53.6 million and EUR 4.6 million 2.
The CEO says projects worth about EUR 60 million started in the second quarter will show in revenue for the rest of 2026 and in 2027 4. Whether this restores the margin is the open question 4.
Watch leverage and the equity ratio: the 12-month Euribor rose above 3% at the end of September from around 2.2% at the start of the year, and the equity ratio target is above 40% 1012.
Sources
Toivo Group Oyj - Interim report - Q3 2026
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.