Slides
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28.10.2026 Business review 1 January– 30 September 2026 CEO Markus Myllymäki CFO Samuli Niemelä 28 October 2026
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Event main points Key figures Review period January– September 2026 Toivo’s business model Housing and care market Brand renewal and a sharper focus Guidance and outlook
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EUR thousand 1 January– 30 September 2026 1 January– 30 September 2025 Change, % Revenue 53,562 37,019 45% Value of project portfolio* (MEUR) 322 286 13% Operating profit 4,574 5,039 -9% Operating profit, % 8.5% 13.6% -37% Financial year profit (loss) 2,170 1,894 15% Earnings per share (EPS), EUR 0.03 0.03 -13% Equity ratio, % 40.8% 41.4% -1% Total equity 74,043 71,207 4% Total assets 188,973 178,156 6% * The portfolio includes those projects for which the company has the right to purchase the related land areas under pre-agreed conditions, such as the fulfillment of certain criteria like zoning. The value is based on management's view of the market value of these projects when completed, assuming that all projects in the portfolio are realized. There is a risk associated with the projects that they may not achieve legally binding zoning or building permits, or that the confirmed zoning or building permit does not allow for the implementation of a project as valuable as initially estimated. Key figures January–September 3
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€53.6M Revenue (37.0), +45% €4.6M Operating profit (5.0), -9% 94.0% Occupancy rate (93.1%) Development: contracts for 290 (135) apartments and two (2) social infrastructure properties Construction: construction of 221 (177) apartments, 1 (2) care facility and 1 (1) day care facility started Ownership and sales: 160 (123) apartments and 4 (0) social infrastructure properties completed Market: approx. 3,000 (3,437) non-subsidized apartment building units to be started in 2026 Market share: Toivo’s annualized share nearly 10% (6.6%) 4 January–September 2026 in brief
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15,000 housing starts 2026e, less than half of the annual need of 31,000–36,000 +83% non-subsidized apartment building starts 2027e vs. 2026e -3.5% prices of old dwellings in the Helsinki region 8/2026 y/y (+0.8% m/m) 33,000 need for new care resident places 2026– 2050 Apartment building housing starts (units) Why at the bottom Interest rates rising: ECB raised rates twice, Euribor above 3% Prices are falling and housing transactions are slow Purchase intentions, mortgage lending and investor demand are low The equation of financing, costs and yield requirements does not work yet Why the upturn is starting Economy growing faster than expected, GDP 2026 +1.7% Number of apartments for sale decreasing in the Helsinki region Rental supply contracting, population growing ARA production halving, room for non-subsidized production Housing market at a low, upturn led by Helsinki 6 3 437 3 000 5 500 7 903 6 000 3 000 0 2 500 5 000 7 500 10 000 2025 2026e 2027e Non-subsidized ARA Sources: RT, Economic Outlook, Autumn 2026; Statistics Finland 29 Sep 2026; Bank of Finland 15 Sep 2026; ECB 10 Sep 2026; Rakli, Spring 2026
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nearly 10% annualized share of non-subsidized apartment building starts in 2026 (2025: 6.6%) 6,6% 9,8% 2025 1–9/2026 Toivo’s engine is in good shape for when the turnaround in the housing market begins. 01 Appealing models Business models that appeal to customers even in a weak market 02 Careful project development We initiate projects with real demand 03 No unsold inventory New projects almost entirely pre-reserved 04 A sought-after counterparty A listed company with the ability to initiate projects 05 Cost efficiency Processes are systematically refined 06 Strong partners Stakeholders with whom projects progress smoothly 07 Impressive launches, sales and marketing New projects are launched impressively and enter the market almost entirely pre-reserved. Sales and marketing make the projects desirable even before construction begins. Calculation: Toivo’s starts 227 / 3,437 (2025); 221 / 2,250, i.e. RT’s 2026e of 3,000 × 9/12. Source: RT, Economic Outlook, Autumn 2026 Toivo has captured a significant market share 7
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Brand renewal Toivo. Koteja. Toivo. Luottamusta. Toivo. Yhteistyötä. We develop, build, lease and sell Finland's finest homes and infrastructure properties. WHY Housing decisions are increasingly made before contact with the seller. Trust is built by the brand. WHAT A warm, human and Scandinavian look stands out from the industry’s hard and blue brands. GOAL A clearer brand that is desirable to consumers: a relatable atmosphere and a clear focus. SCHEDULE New look across all channels by the end of 2026. Dark walnut Sand Terracotta Sage 8
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1/3 Owner-occupied apartment projects High-quality projects located primarily in areas of Helsinki where the price difference between old and new apartments is as small as possible. https://sompasaarengemma.fi/ 2/3 Residential portfolios Customer understanding that enables the development and construction of projects offering a yield, location and product that satisfy the investor. 3/3 Social infrastructure properties Customer understanding that enables the development and construction of projects where the tenant’s rent/location/product equation works. In addition, the investor must receive an attractive yield. 5 under construction. 4 under construction. 6 under construction. Status update on Toivo’s core pillars 9
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Outlook for 2026 Revenue EUR 65–85 million for the financial year 1 January–31 December 2026 Operating profit EUR 6–11 million for the financial year 1 January–31 December 2026 Medium term targets Revenue grows by 20% per year on average Operating profit grows by 20% per year on average Equity ratio over 40% Dividends take into account the company’s investment needs and financial position. The company aims for a growing dividend, targeting 30–50% of the profit for the financial year. Financial prospects 10
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Thank you. Markus Myllymäki CEO +358 40 847 6206 markus.myllymaki@toivo.fi Samuli Niemelä CFO +358 50 430 3483 samuli.niemela@toivo.fi 11
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Appendices
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Appendix 1. Key figures 30 September 2026 Group, EUR thousand 1–9/2026 1–9/2025 Change Revenue 53,562 37,019 16,543 Value of project portfolio* (MEUR) 322 286 36 Operating profit 4,574 5,039 -465 Operating profit, % 8.5% 13.6% -5.1% Fair value of investment properties 107,460 129,253 -21,793 Sales of investment properties 0 170 -170 Loan to value (LTV), % 51.4% 47.7% 3.7% Equity ratio, % 40.8% 41.4% -0.6% Earnings per share (EPS), EUR 0.03 0.03 0.00 Occupancy rate, % 94.0% 93.1% 0.9% * The portfolio includes those projects for which the company has the right to purchase the related land areas under pre-agreed conditions, such as the fulfillment of certain criteria like zoning. The value is based on management's view of the market value of these projects when completed, assuming that all projects in the portfolio are realized. There is a risk associated with the projects that they may not achieve legally binding zoning or building permits, or that the confirmed zoning or building permit does not allow for the implementation of a project as valuable as initially estimated. 13
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Group income statement 1 –9/2026 * Group income statement EUR thousand 1 Jan–30 Sep 2026 1 Jan–30 Sep 2025 Revenue 53,562 37,019 Changes in the fair values of investment properties and gains and losses on disposals -796 978 Other operating income 62 27 Raw materials and services -40,641 -28,635 Staff expenses -3,647 -807 Depreciation, amortization and impairment -83 -181 Other operating expenses -3,883 -3,362 Operating profit (loss) 4,574 5,039 Share of the result of associated companies - 130 Financial income 39 82 Financial expenses -2,016 -1,827 Net financial expenses -1,977 -1,745 Profit (loss) before taxes 2,597 3,425 Current tax based on the financial year’s taxable income -561 -645 Deferred taxes, change 134 -886 Income taxes, total -426 -1,531 Financial year profit (loss) 2,170 1,894 Distribution of the profit (loss) of the financial year Parent company owners 1,635 1,862 Non-controlling interests 536 31 The Group’s statement of comprehensive income EUR thousand 1 Jan–30 Sep 2026 1 Jan–30 Sep 2025 Financial year profit (loss) 2,170 1,894 Other comprehensive income Items that may be subsequently reclassified to profit or loss - - Translation differences - - Other comprehensive income for the financial year - - Total comprehensive income for the financial year 2,170 1,894 Distribution of total comprehensive income for the financial year Parent company owners 1,635 1,862 Non-controlling interests 536 31 14* Unaudited
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Group balance sheet 30 September 2026* EUR thousand 30 Sep 2026 30 Sep 2025 ASSETS Non-current assets Investment properties 107,460 129,253 Right-of-use assets 193 15 Tangible assets 234 223 Intangible assets 3 8 Derivative assets 324 52 Non-current receivables 64 - Equity method investments 71 1,889 Deferred tax assets 206 392 Non-current assets, total 108,555 131,832 Current assets Inventories 54,149 20,517 Rent, trade and other receivables 16,962 15,576 Cash and cash equivalents 9,308 10,231 Current assets total 80,418 46,324 Investment properties for sale - - Assets, total 188,973 178,156 EUR thousand 30 Sep 2026 30 Sep 2025 EQUITY Share capital 1,000 1,000 Subordinated loans 16,801 16,801 Reserve for invested unrestricted equity 20,769 21,132 Retained earnings 34,740 32,061 Equity belonging to the owners of the parent company 73,309 70,994 Non-controlling interests 734 213 Total equity 74,043 71,207 LIABILITIES Non-current liabilities Financial institution loans 77,783 68,644 Lease liabilities 11,021 9,435 Related party loans - - Other financial liabilities and other non-current liabilities 400 782 Provisions 347 Deferred tax liabilities 4,622 5,206 Non-current liabilities total 94,172 84,068 Current liabilities Financial institution loans 2,154 1,949 Lease liabilities 936 752 Related party loans 102 102 Provisions 347 Trade and other payables 17,073 20,077 Current income tax liabilities 146 - Current liabilities total 20,758 22,881 Liabilities total 114,930 106,949 Liabilities related to investment properties for sale - - Total equity and liabilities 188,973 178,156 15* Unaudited
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This material has been prepared for discussion purposes only and may not be copied, reproduced or redistributed to any other person, not whole nor in part, without a prior written consent of Toivo Group Plc (“Company”). All the information presented herein is on a general level only. While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the projections and opinions contained herein are reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of any of the information contained herein. The Comp any reserves the right to modify this material without any advance notice at any time. The Company or any of its respective affil iates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss , however arising from any use of this material or its contents or otherwise arising in connection with this material. This material may include “forward-looking statements.” These statements may not be based on historical facts, but are statements about future expectations. When used in this material, the words “aims”, “anticipates”, “assumes”, “believes”, “could”, “esti mates”, “expects”, “intends”, “may”, “plans”, “should”, “will”, “would” and similar expressions as they relate to the Company identif y certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward -looking statements. The Company or any of its affiliates, advisors, representatives or any other person undertakes no obligation to r eview, confirm or to publicly release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise following the date of this material. 16 Important information