Tekova - Multiple projects deliveries led to strong results
Tekova Q1 result was strong start to the year. Revenue, EBIT and EPS all exceeded estimates.
- Revenue was EUR 27.7m, representing 16.7 % YoY growth. Larger projects and a higher number of completions were the main drivers of growth.
- Other income was EUR 0.4m higher than expected.
- Costs relative to revenue were mostly in line with expectations but personnel costs were higher due to performance bonuses.
- EBIT was EUR 2.5m compared to EUR 2.6m in Q1/2025
- Net profit was EUR 2.0, at the same level as last year.
- There was no change to guidance
Q1 result was clear beat versus our estimates. High-than-expected other income was the largest factor behind the beat. We suspect this was due to completion of a self-developed project leading to the recognition of development profit.