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Fastighets Balder (BALD) investor relations material
Fastighets Balder Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Portfolio value reached SEK 229.5 billion, with 54% in residential properties and 80% located in capitals and larger cities, ensuring diversification and stability.
Rental income increased 8% year-over-year to SEK 10,269m, with net operating income up 8% to SEK 7,767m and profit from property management per share up 2% to 1.38 SEK/share for the quarter.
Net profit after tax rebounded to SEK 5,851m from a loss last year, marking a significant turnaround.
CEO succession announced: Erik Selin to become Executive Chairman, Sharam Rahi to be appointed CEO at the 2026 AGM.
Portfolio remains diversified across geographies and property categories, with a focus on capital cities.
Financial highlights
Surplus ratio improved to 76%, and economic occupancy rate was 95%.
Like-for-like rental growth reached 2.9% year-over-year.
Net asset value per share stood at SEK 93.03.
Equity/assets ratio was 38.2%, with net debt to total assets at 48.3%.
Available liquidity including confirmed loan commitments was SEK 24.1 billion.
Outlook and guidance
Management expects improved economic activity and confidence in the Nordic markets in 2026, supported by recent rate cuts and less restrictive fiscal policy.
Progressive decline in Net debt/EBITDA is expected, targeting 11x.
Distribution of Norion Bank shares to shareholders is planned, pending credit metric improvements and shareholder approval.
Anticipate rent increases in Sweden to be above inflation for the next 2–3 years, following historical patterns.
No major changes expected in asset or geographic allocation.
Erik Selin's post-CEO responsibilities.
Norion Bank share distribution rationale and timing.
Balder's strategy to reach 11x Net debt/EBITDA?
Breakdown of temporary financing cost factors.
Triggers for initiating share buybacks?
Reconcile positive outlook with few cheap assets.
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Next Fastighets Balder earnings date
Q4 20256 Feb, 2026
Next Fastighets Balder earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Fastighets AB Balder, engages in development, acquisition, management, and sales of residential and commercial properties in Sweden, Germany, Finland, Denmark, Norway and the United Kingdom. The company manages a portfolio of 66 properties comprising 272 sublets as of December 31, 2015. It also acquires land to develop properties; sells properties under construction; makes long-term rentals of apartments; offers services through real estate agents for letting buildings or portions thereof on the leasehold market; and performs management activities for various types of buildings. The company is headquartered in Malmö, Sweden.
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