Investors House reported Q1 revenues of EUR 2.7m, 4% below our estimate. NOI was EUR 1.1m, up from EUR 0.2m y/y and 1% below our estimate. Adjusted group EBIT was EUR 0.85m, 1% below our EUR 0.86m estimate. The Real Estate division’s EBIT was EUR 1.1m, 2% above our estimate. Fair value changes amounted to EUR -0.1m for Real Estate. The Services segment posted slightly weaker results than we had anticipated with sales down 8% y/y and operative EBIT 33% below our 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. We have expected 2025E net result of EUR 2.5m versus EUR 9.0m in 2024. We expect a neutral to slightly positive share price reaction as the mix in the report was solid with good performance in Real Estate.
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