Investors House reported Q2 revenues of EUR 1.4m, 3% below our estimate. NOI was EUR 0.7m, down from EUR 1.4m y/y and 8% below our estimate of EUR 0.8m. It is worth noting that the sale of JV Apitaire in 2025 is behind the significant sales and earnings decline y/y. Adjusted group EBIT was EUR 0.4m, versus our EUR 0.5m estimate. The Real Estate division’s EBIT was EUR 0.5m, versus our EUR 0.7m estimate. Services segment’s EBIT was improved clearly y/y from EUR -0.1m to EUR 0.1m, which is a clear positive as the segment has been burdened by weak profitability. The guidance for 2026 is unchanged for earnings to decline due to significant divestments in 2025. The company notes that 2026 will be a year of structural changes and the company aims for growth from investments in 2027, becoming fully visible in 2028 in earnings. We expect a neutral share price reaction on the Q2 results.
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