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Investors House reported Q1 2024 revenue of EUR 1.6m, 4% below our estimate, while net operating income beat our forecast by 24%. The reported numbers will change materially from Q2 because the company consolidated Apitare, the former minority-stake JV, at the end of Q1 after increasing its stake from 33% to 67%. The guidance of a flat net result for 2024 was reiterated (EUR 3.5m), broadly in line with our EUR 3.3m estimate after the report. We do not include any fair value changes in our estimates, but as the development of the Kukkula area in Jyväskylä (Apitare) continues, the company has indicated that more positive revaluations might occur. As Investors House consolidated Apitare, reported debt increased and the equity rate dropped temporarily to 44%; however, the company expects to reach the low-end target of 45% by the end of 2024. Marketing material commissioned by Investors House.
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