TITA-BNasdaq StockholmReal Estate - DevelopmentIFRS · SEK

Titania Holding

Titania Holding AB is a Swedish property development and real estate group focused on residential projects in the Stockholm region. Its business spans early-stage project development, planning and construction, and long-term ownership and management of rental housing.

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Revenue91.1m SEK
+23.9 %y/y
Net income440m SEK
+25.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

050100150200250m SEK2021: 173 m SEK20212022: 207 m SEK20222023: 64 m SEK20232024: 74 m SEK20242025: 91 m SEK202591
RevenueOperating profit (EBIT)
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Business

Share of revenue
Project development35 %

Early-stage land, planning, and development of residential projects

Construction30 %

Building and completion of housing projects through contractors and suppliers

Property management25 %

Long-term ownership and management of completed rental housing

Project sales and other10 %

Sales of developed projects and related development activities

Customers

Titania sells to housing buyers in development projects and also serves tenants in the rental homes it retains in its own portfolio. Its other key counterparties are municipalities, financiers, contractors, architects, and suppliers that enable land allocation, permitting, construction, and long-term ownership.

Homebuyers

Buy newly developed apartments or housing units in Titania's project sales

Tenants

Rent apartments retained in Titania's own management portfolio

Municipalities

Approve zoning, land allocation, and planning needed for projects

Financing partners

Provide project and construction financing for development phases

Contractors and suppliers

Deliver construction, materials, and services required to complete projects

Strategy

Titania’s strategy is to control the full value chain from early project development through construction and long-term management. A central priority is to grow the owned rental portfolio while maintaining tight control over project execution, financing timing, and design quality.

Expand the management portfolioMedium term

Owned rental assets create recurring income and deepen the long-term platform

Maintain end-to-end project controlShort term

Full control over development, construction, and management supports execution quality

Increase annual housing startsMedium term

Higher project throughput supports scale and portfolio growth

Optimize financing timingShort term

Late-stage financing commitments reduce unnecessary carrying costs before construction

Geography

Titania is centered on the Stockholm region, where it develops, builds, and manages residential properties. The company’s portfolio and project pipeline are tied to urban growth in and around Stockholm, making local planning, land availability, and housing demand especially important.

Risks

Titania’s main risks come from project execution, planning approvals, financing, and the valuation of its owned properties. As a residential developer and landlord, it is also exposed to construction cost inflation, interest rates, tenant demand, and climate-related damage to buildings.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Planning and permit delays1Financing and refinancing risk2Construction and supplier execution risk4Physical climate risk5Corruption and supplier conduct risk6
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. Planning and permit delaysImpact: HighLikelihood: Low

    Development projects depend on timely zoning and approvals before construction can begin

    Exposure: Project pipeline and start dates

  2. Financing and refinancing riskImpact: HighLikelihood: Low

    Projects require external funding and timing mismatches can raise costs or delay starts

    Exposure: Development and construction phases

  3. Property valuation riskImpact: High

    Owned investment properties are measured at fair value and are sensitive to market conditions

    Exposure: Management portfolio

  4. Construction and supplier execution riskImpact: MediumLikelihood: Low

    The business relies on contractors, materials, and schedules to complete projects on time

    Exposure: Project delivery

  5. Physical climate riskImpact: MediumLikelihood: Low

    Weather, rainfall, wind, and heat can damage buildings and increase adaptation needs

    Exposure: Owned and developed properties

  6. Corruption and supplier conduct riskImpact: MediumLikelihood: Low

    Large procurement volumes and subcontracting create exposure to unethical practices

    Exposure: Purchasing and contractor relationships

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Accounting

Judgemental items
Revenue recognition for project-developed housing

Sales of developed homes are recognized when control transfers, which can create lumpy revenue timing

Impact: Quarterly comparability and project margin timing

Fair value of investment properties

Owned rental properties are marked to market using valuation assumptions

Impact: Reported asset values and period earnings

Segment reporting

The company reports completed projects and ongoing projects separately, reflecting different economics

Impact: Helps distinguish recurring management income from development activity

Estimates and judgments

Project costs, timing, and valuation inputs require management estimates

Impact: Can materially affect profit, assets, and equity

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Last updated: 24/09/2026

Titania Holding (TITA-B) Revenue, Earnings & Financials 2025 – Clarifo