DOXANasdaq StockholmReal Estate - DevelopmentIFRS · SEK

Doxa

Doxa is a Swedish real estate company focused on acquiring, managing and developing properties and land rights, with a portfolio centered on Gothenburg and other major Swedish urban markets. Its business combines income-producing properties, project development and asset disposals within a structure that has historically used the company’s shares as part of its acquisition model.

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Revenue1,206m SEK
Net income-335m SEK
+80.5 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-2,000-1,00001,0002,000m SEK2022: EBIT -46 m SEK20222023: 312 m SEK2023: EBIT 269 m SEK20232024: EBIT -1,762 m SEK20242025: 1,206 m SEK20251,206
RevenueOperating profit (EBIT)
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Business

Share of revenue
High-yielding properties35 %

Income-producing properties held for rental cash flow and value creation.

Property management15 %

Ongoing management of completed properties, leases and tenant relations.

Project development30 %

Landbank and development projects that create value through planning and construction.

Property disposals20 %

Sales of assets not intended for long-term ownership or development.

Customers

Doxa’s direct counterparties are mainly property sellers, tenants and development partners rather than a broad consumer base. Rental income comes from tenants in completed properties, while project development value is realized through sales, collaborations or completion of development projects. The company also interacts with capital market investors because its share is used as part of the acquisition model.

Property sellers

Owners of real estate assets who sell to Doxa when the company can offer liquidity and transaction value.

Tenants

Businesses leasing space in completed properties such as the Karla Garage asset.

Municipal and planning counterparties

Public-sector counterparties involved in zoning, permits and development timing.

Project buyers and partners

Counterparties that acquire or co-develop projects as Doxa monetizes land rights.

Equity investors

Shareholders who value the company’s NAV, liquidity and acquisition currency.

Strategy

Doxa’s strategy is to build long-term shareholder value through disciplined cash flow management, higher NAV per share and a larger property portfolio over time. The company combines selective acquisitions of income-producing assets with active development and monetization of land rights, while emphasizing risk control and financing flexibility.

Expand the property portfolioMedium term

A larger portfolio supports scale, cash flow and NAV growth.

Selective acquisitionsShort term

Acquisitions must fit return, risk and financing criteria to create value.

Project development monetizationMedium term

Landbank and development projects can unlock embedded value over time.

Risk control and financing disciplineShort term

Property and development businesses are sensitive to rates, valuation and execution risk.

Geography

Doxa’s portfolio is concentrated in Sweden, with a strong focus on Gothenburg and the Karlastaden area. Its project portfolio is described as being spread primarily across the three major Swedish metropolitan regions, which reduces reliance on a single local market while keeping the business tied to Swedish property cycles.

Risks

Doxa is exposed to real estate valuation risk, interest-rate sensitivity, refinancing risk and execution risk in planning-heavy development projects. Its portfolio mix also creates concentration risk in specific assets and local markets, while the use of fair value estimates can make reported results sensitive to assumptions and market conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Property valuation risk1Interest-rate risk2Refinancing risk3Planning and execution risk4Tenant concentration risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Property valuation riskImpact: HighLikelihood: Medium

    Project and development assets depend on zoning, permits and market assumptions.

    Exposure: Project and development portfolio

  2. Interest-rate riskImpact: HighLikelihood: Medium

    Real estate returns and financing costs are sensitive to market rates.

    ExposureAcquisitionsDebtCash flow
  3. Refinancing riskImpact: HighLikelihood: Low

    Short loan maturities or weaker credit markets can limit funding flexibility.

    Exposure: Debt portfolio

  4. Planning and execution riskImpact: MediumLikelihood: Low

    Development value depends on permits, detailed planning and project timing.

    Exposure: Karlastaden and other development projects

  5. Tenant concentration riskImpact: MediumLikelihood: Low

    Completed assets rely on a limited tenant base for rental income.

    Exposure: Income-producing properties

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Accounting

Judgemental items
Fair value measurement

Property and portfolio values depend on valuation models and external assumptions.

Impact: Affects reported asset values and valuation gains/losses

IFRS 10 consolidation change

The company no longer applies investment-entity treatment from 31 Dec 2024.

Impact: Changes how subsidiaries and portfolio holdings are presented

Related-party transactions

The company discloses transactions with controlling shareholders and subsidiaries.

Impact: Important for governance and cash flow analysis

Internal loans

Intercompany balances are carried at market terms and affect group structure.

Impact: Impacts financing presentation and intra-group receivables/payables

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Last updated: 24/09/2026

Doxa Revenue, Earnings & Financials 2025 – Clarifo