Investors House reported Q3 revenues of EUR 1.4m, in line with our estimate. NOI was EUR 0.6m, down from EUR 1.3m y/y and 42% above our estimate. It is worth noting that the sale of Apitaire is behind the significant decline. Adjusted group EBIT was EUR 0.4m, versus our EUR 0.5m estimate. The Real Estate division’s EBIT was EUR 0.6m, versus our EUR 0.5m estimate. 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 to disposals in 2025. The company paid a massive extra dividend of EUR 3.14 per share in Q3, based on the Apitaire disposal closed in Q2. 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 solid Q3 performance, although the company is trading at a ~30% premium to equity per share.
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