contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


toivo-group-plcs-annual-report-for-2025-has-been-published

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Toivo Group operates in the real estate industry. The company develops and manages a wide range of property portfolios. The vision is to own the properties in the long term with a focus on management and further development, where renovation and reconstruction account for the majority of the business. In addition to the main business, support and technical maintenance are offered. The largest share of the real estate investments is found in the Nordic market.

Frans has written an extensive report on Toivo; as usual, this extensive report is available for everyone to read.  Toivo Group is an agile hybrid of a real estate developer, constructor, and real estate investor, with strong competitiveness especially in the development and construction of smaller apartment and family home projects, as well as increasingly in social infrastructure properties. Toivo made bold moves in recent years during an extremely weak construction cycle. The company succeeded in selling significant apartment portfolios and launching many new projects. 2025 was the company’s comeback year, as volumes grew significantly and earnings returned to a good level. We see the valuation ('26-'27e P/E 13-11x, P/NAV 0.96x) as an attractive level relative to the earnings growth potential of the coming years in a gradually recovering market, although uncertainty remains high. We reiterate our Add recommendation and our target price of EUR 1.20.                   Inderes              Toivo Group laaja raportti: Vastavirtaliikkeiden satoa aletaan kerätä - Inderes    Toivo Group on ketterä kiinteistökehittäjän, rakennuttajan ja kiinteistösijoittajan hybridi, jonka kilpailukyky on vahva erityisesti pienempien asunto- ja perheasuntokohteiden kehittämisessä ja rakentamisessa sekä myös enenevissä määrin...                             Quoted from the report:  In 2027-2029, we expect earnings to continue on an upward trend in a gradually improving market situation, driven particularly by growth in owner-occupied housing projects, social infrastructure properties, and gradually also rental properties built for investors. The growth in volume of owner-occupied housing is the most important profitability driver in our forecasts. During these years, we estimate revenue growth to average 9% per year and operating profit to rise to EUR 10-12 million. Earnings growth flows with greater leverage to the net profit, which we forecast to grow to EUR 5.4-7.3 million. We forecast the return on equity to rise to 10.7% in 2029, once the capital loans have been repaid. Our dividend forecasts are fairly moderate, and we estimate that Toivo will distribute an average of approximately 47% of EPS in 2026-2029. We also consider share buybacks to be very possible if the valuation remains at the current level, as the company has already started its first program.

To correct your comment that “nothing has been sold even at book value”, historically, several properties have been sold above book value.

In Toivo, you can indeed gain exposure to the real estate portfolio below its book value, but nothing has been sold even at book value. So, at the current price, the realistic book value is presumably in line with, if not even above, the share price. But I’m staying on board myself to see how things develop.

This could spark some maneuvering where Toivo develops them and the major shareholders buy them onto their own balance sheets or something similar.

Yeah, they were indeed from shareholders / related party transactions. I don’t remember exactly now whether it was technically through Raatihuone or how, but the technical implementation doesn’t really matter in this regard anyway.

Am I remembering correctly that those capital loans were provided by the largest shareholders? It somehow seems that the main owner wants to free up capital from Toivo for other purposes. Repaying capital loans, distributing dividends (growing in the future), and no longer building for the balance sheet. Hopefully they keep their eye on the ball (on Toivo) and their capital and energy aren’t directed elsewhere. Of course, with interest rates rising, it’s a good idea to repay capital loans now, but even at a 4% level, they aren’t that expensive compared to many other arrangements you see on the Helsinki Stock Exchange (Hesuli) or Toivo’s own yield levels.

And here is a company report from Frans on Toivo following the Q4 results  We reiterate our Accumulate recommendation and our target price of EUR 1.20. Toivo’s Q4 results exceeded our expectations, and operational performance was excellent. However, we have shifted our forecasts for the coming years in a slightly more conservative direction due to the cautious guidance regarding project news and the continued weak market conditions. We estimate that the company is now capable of more capital-light growth than before. We see the valuation ('26-'27e P/E 13-11x) as an attractive level relative to the earnings growth potential in the coming years in a gradually recovering market. Especially now that we can also rely on the realized earnings level (2025 P/E 13.5x) and the balance sheet (P/NAV 0.94x).                   Inderes              Toivo Group Q4'25: Vuosi 2025 oli näyte yhtiön potentiaalista nykymarkkinassa...    Toivon Q4-tulos ylitti odotuksemme ja operatiivinen tekeminen oli erinomaista.

Toivo Group

Toivo Group Plc, stock exchange release, 12 March 2026 at 1:15 pmToivo Group Plc (“Toivo” or the “Company”) has published its Annual Report for the financial year 2025. The Annual Report includes...

Toivo Group Plc, stock exchange release, 12 March 2026 at 1:15 pmToivo Group Plc (“Toivo” or the “Company”) has published its Annual Report for the financial year 2025. The Annual Report includes the consolidated financial statements, the parent company’s financial statements, the Board of Directors’ report and the auditor’s report. The Annual Report is available in Finnish and English.Toivo publishes its financial statements in XHTML format in accordance with the requirements of the European Single Electronic Format (ESEF). In line with the ESEF requirements, the primary statements of the consolidated financial statements have been marked with XBRL tags, which have been assured by the audit firm.The Annual Report is attached to this release as a PDF file, and the financial statements are available as an XHTML file. The Annual Report is also available on the Company’s website at:<a href="https://investors.toivo.fi/en/reports_and_presentations">https://investors.toivo.fi/en/reports_and_presentations</a>Toivo Group PlcBoard of DirectorsFurther information Markus Myllymäki CEO Toivo Group Plc Tel. +358 (0)40 847 6206 <a href="mailto:markus.myllymaki@toivo.fi">markus.myllymaki@toivo.fi</a>&nbsp;About ToivoToivo is a Finnish public limited company in the real estate sector, founded in 2015. The Company develops, builds, owns, and sells apartments, plots, social infrastructure properties, and commercial premises.Toivo’s business model covers the entire real estate value chain, from land acquisition and zoning to construction, ownership, and management, as well as sales and leasing. The Company’s in-house team of experts is responsible for the property life cycle from start to finish, generating added value for both customers and shareholders.Toivo’s strategy is to develop apartments and properties according to the Toivo concept, which offer a strong development margin and stable returns, and enable long-term ownership and higher added-value generation.In 2025, Toivo’s revenue was EUR 61.7 million and operating profit EUR 8.0 million <div> <hr> <div>Attachments</div> <div><a href="https://storage.googleapis.com/inderes-widgets-prod-assets/toivo/attachments/572b75d2-771d-4736-9272-776fb1452686/toivo-annual-report-2025.pdf">Toivo_annual_report_2025_.pdf</a></div> </div>