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Investors House reported Q3 2024 revenue of EUR 2.4m, 10% below our estimate, while net operating income beat our forecast by 18%. The Services segment posted weaker sales and EBIT than we expected – EBIT was EUR -0.1m versus EUR +0.1m a year ago. Reported sales grew by 42% y/y and net rental income was up by 187%, as Investors House has now consolidated Apitare (two-thirds ownership). In our view, earnings will become more stable, especially considering that ~50% of the Real Estate division's income will derive from triple-net rental agreements. Investors House is well positioned to continue raising its dividend, although we make cuts to our EPS estimates for 2025-26, owing to slightly lower estimates for the large Real Estate division and the smaller Services business not yet posting satisfactory profitability. The Services business is also currently suffering from the low transaction volumes in the real estate sector. Marketing material commissioned by Investors House.
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