Condo Nordic Holding
Interim Report

January - March 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Positive margin development in Q1/2025

 

While the net sales slightly decreased compared to Q1/2024, the sales margin, EBITDA and operating profit were significantly better than last year. This is a very good performance in the quarter that has historically always been the most quite and challenging.

1 January – 31 March 2025

•   Net sales for the period 4,223 (4,605) kSEK

•   EBITDA of -303 (-1,153) kSEK

•   Adjusted operating profit after financial items, taking into account items affecting comparability, -1,019 (-1,606) kSEK, equaling a margin of -24.1% (-34.9%)

Financial summary [kSEK]	Q1 2025	Q1 2024
Net sales	4,223	4,605
EBITDA	-303	-1,153
EBITDA margin	-7.2%	-25.0%
Adjusted operating profit after financial items taking into account items affecting comparability*	-1,019	-1,606
Adjusted profit margin, taking into account items affecting comparability*	-24.1 %	-34.9%
Number of shares, end of period	20,407,347	-
Earnings per share, SEK	neg

 

 

 

Q1 Significant events

-         None.

Significant events after the End of the Q1

-         A directed share issue of approx. 7.1 MSEK was completed.

-         Condo completed an asset purchase deal of the Gothenburg business of HOMEState

-         A LoI about purchasing West Coast Stay was signed

-         Suomen majoituspalvelu Oy (SMP) was sold from Condo Finland Oy to the mother company of the group, Condo Nordic Holding AB by an internal transaction. The purpose of this transaction is to clarify the group structure and easen the reporting. Furthermore, SMP has cancelled the own shares it has owned which improved SMP’s equity position.

CEO comments

Q1/2025 Performance

Q1/2025 was the start of the first full fiscal year as a listed company for Condo and Q1 will be the last quarter where the comparison numbers are from a non-listed company. The first quarter of the calendar year has traditionally been the most quiet and Q1/2025 made no exception.

However the EBITDA and profit had very positive development compared to Q1/2024 and especially the significant increase in the sales margin is a very positive signal and indicates the impacts of more accurate pricing of the projects. 

We are excited about completion of the transactions for entering the Swedish market, which we believe will show positive cash flow and profits for the group. This expansion represents a crucial step in our long-term strategy to establish Condo as a leading provider of project accommodation solutions across the Nordic region. 

Business Highlights 

The original business was founded in 2017; Condo’s business in Finland specialises in providing tailored housing solutions for project teams, serving corporate clients with stays ranging from several months to years. Our customer base is built on trust, supported by a robust network of lease providers in Finland and partnerships across Europe. In addition to project accommodation, our parent company, Condo Nordic Holding AB, is developing a portfolio of permanently furnished apartments in major cities to address the growing demand for short-term accommodation among retail customers.  

The company’s treasury position was significantly improved by the completion of the direct issue. The company is also looking for options to re-structure the external loans. Management remains focused on strengthening liquidity, improving sales margins, cutting costs and ensuring a sustainable path forward.

Market Drivers 

Condo Nordic Holding AB has identified key trends driving demand for our offerings: 

1. Preference for Longer Stays: Furnished apartments provide a comfortable and spacious environment, ideal for extended stays. 
2. Diversification of Accommodation Options: Travelers and businesses increasingly seek alternatives to traditional hotels, valuing the homelike experience of furnished apartments. 
3. Rise in Business Travel: Corporate clients prioritise cost-efficient, long-term housing solutions for their teams, particularly in non-cyclical industries. 
4. Prime Locations: Our apartments are strategically located in city centres and residential areas, offering convenience and access to local amenities. 
5. Focus on Privacy and Independence: Fully furnished apartments offer privacy and functionality. They feature separate living spaces and fully equipped kitchens for greater autonomy. 

By staying attuned to these market dynamics and leveraging our strengths, we can drive sustainable growth and create lasting value for our shareholders. 

Ville Valorinta, CEO

Condo Nordic Holding AB

 

Financial development

January - March 2025

Net sales

In Q1/2025, net sales decreased by approximately 8% to SEK 4.2 million (compared to SEK 4.6 million in the same period the previous year).

Gross profit

The gross profit for Q1/2025 reached SEK 1.7 million, reflecting a slight increase from SEK 1.4 million during the corresponding period last year.

EBITDA

EBITDA amounted to SEK -0.3 (-1.2) million for the period. This increase can be attributed to better sales margins and reduced fixed-cost structure.

Profit before tax

The result after financial items in Q1/2025 amounted to SEK -1.0 million (-1.6), corresponding to a negative margin. The negative margin is primarily due to lower-than-expected sales.

The period's result after tax amounted to SEK -1.0 (-1.6) million.

 

 

Summary of financial reports

Condensed consolidated statement of comprehensive income

 

	January - March
[kSEK]	2025	2024
Net sales	4,223	4,605
Other incomes	2	6
Total income	4,225	4,611
Operating expenses
Raw materials and consumables	-2,563	-3,175
Other external expenses	-1,263	-1,664
Personnel costs	-702	-925
Total operating expenses	-4,528	-5,764
EBITDA	-303	-1,153
Depreciation and write-downs of intangible and tangible fixed assets	-326	-285
Operating profit (EBIT)	-629	-1,438
Results from financial items
Financial income	0	0
Financial costs	-389	-168
Financial net	-389	-168
Profit before tax	-1,019	-1,606
Current tax	-16	-0
The result of the period	-1,035	-1,606

 

 

 

 

Condensed consolidated statement of financial position

 

[kSEK]	March 31, 2025	March 31, 2024
Assets
Non-current assets
Intangible assets	986	1,188
Tangible non-current assets	4,236	3,814
Financial non-current assets	4,493	5,262
Total non-current assets	9,715	10,264
Current assets
Accounts receivable	3,189	330
Other receivables	1,542	1,008
Prepayments and accrued income	169	109
Cash and bank balances	46	63
Total current assets	4,946	1,509
Total assets	14,661	11,773
Equity and liabilities
Equity	-4,452	284
Non-current liabilities	1,977	3,990
Total current liabilities	17,136	11,489
Total equity and liabilities	14,661	11,773

 

The reverse acquisition made in connection with the listing has been reclassified from a business aquisition to an asset acquisition. As a result, no goodwill is recognized in the consolidated balance sheet.

Condensed income statement for the parent company

The parent company, Condo Nordic Holding AB (publ) (CIT 559432-1571), was registered with the Swedish Companies Registration Office on April 28, 2023, and the current business name was registered on June 20, 2024.

The parent company, Condo Nordic Holding AB, performs group-wide functions related to company management and stock exchange matters. The group's operating company is the subsidiary Condo Finland Oy.

	January-March
[kSEK]	2025	2024
Net sales	87	0
Other incomes	2	0
Total income	89	0
Operating expenses
Raw materials and consumables	-842	0
Other external expenses	-295	-12
Personnel costs	0	0
Listing cost	0	-0
Other operating expenses	0	0
Total operating expenses	-1,137	-12
EBITDA	-1,048	-12
Depreciation and write-downs of intangible and tangible fixed assets	0	0
Operating profit (EBIT)	-1,048	-12
Results from financial items
Financial income	0	0
Financial costs	0	0
Financial net	0	0
Profit before tax	-1,048	-12
Current tax	0	0
The result of the period	-1,048	-12

 

Condensed balance sheet for the parent company

[kSEK]	March 31, 2025	March 31, 2024
Assets
Non-current assets	51,479	50
Current assets	451	368
Total assets	51,929	418
Equity and liabilities
Equity	48,342	409
Non-current liabilities	0	0
Total current liabilities	3,587	9
Total equity and liabilities	51,929	418

 

Notes

General information about the Group

The Condo Nordic Holding Group includes the parent company Condo Nordic Holding AB (CIT 559432-1571) and its subsidiary Condo Finland Oy (CIT 2777073-4), which has a wholly owned subsidiary, Suomen Majoituspalvelu Oy (CIT 2558565-8). The parent company is a Swedish public limited company whose board is based in the municipality of Stockholm. The company's registered address is ℅ Aalto Capital, Riddargatan 17, 114 57 Stockholm.

Accounting principles

Condo Nordic Holding AB prepares its accounts according to the Annual Accounts Act and the Accounting Board's general advice, BFNAR 2012:1, which includes the Annual report and consolidated accounts (K3).

Group accounts

Condo Nordic Holding AB's acquisition of Condo Finland Oy is reported in the consolidated accounts according to the rules on reverse acquisition. Condo Finland Oy is reported as the acquiring company even though Condo Nordic Holding AB is, legally speaking, the parent company.

Comparative numbers

Since Condo group was only listed in Spotlight in July 2024, the group's comparative figures for Q1/2024 refer to the legal Finnish subsidiaries Condo Finland Oy and Suomen Majoituspalvelu Oy as the current parent company Condo Nordic Holding AB did not exist then.

Estimates and assessments

Preparing the report requires that company management make judgments, estimates, and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, income, and costs. Actual outcomes may differ from these estimates and judgments, which are reviewed regularly. 

Staff

At the end of the period, the group had three full-time employees, all men. Thus, the number of permanent employees has decreased significantly as part of building a less fixed-cost-based cost structure.

Other Matters

There is an outstanding loan of 370 kEUR to Opema Oy, owned by Ilkka Holmlund at 55%, Ville Valorinta at 30%, and Karri Rantasila at 15%. The original plan was for Opema to expand its hotel business and eventually merge with Condo. However, due to the post-COVID environment, Opema required working capital to keep developing the hotel business. To meet this need, it was decided that Condo would provide the necessary working capital through a loan to Opema. Later, in late 2023, a decision was made for Condo to focus on project accommodation and furnished apartments exclusively. As a result, the hotel business was never merged into Condo. Opema was declared bankrupt after the end of Q1. To mitigate the credit risk to the company, one of Condo's owners, Feiholm Invest Oy, has committed to indemnify Condo. As part of this guarantee, Feiholm has pledged shares as collateral and will cover any credit losses incurred by Condo. There are also personal guarantees by some of the shareholders of Feiholm Oy for the receivable. Hence there is no need for any write-downs at this point.

Q1 has traditionally been difficult from cash flow point of view and hence the company has entered in payment plan negotiations with some suppliers and partners. The board is confident that solutions to manage the payments and cash flow can be found.

Material risks and uncertainties

The Listing Memorandum for Condo Nordic Holding AB on the Spotlight Stock Market in July 2024 describes the group's overall risk assessment.

Review by auditor

The group's auditor has not reviewed this interim report.

 

Upcoming reports

 

Annual report 2025	June 6, 2025
Annual general meeting	June 30, 2025
Interim report May-July 2025	August 29, 2025
Interim report August-October 2025	November 28, 2025

Board of Directors assurance

The Board of Directors and the CEO confirm that this report provides a fair overview of the Company’s business, position and results and describes the significant risks and uncertainties facing the Company and its subsidiaries.

Stockholm, May 23, 2025

This disclosure contains information that Condo Nordic Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication on 23-05-2025 19:50 CET.

ir@condoholding.com