Prisma Properties
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Prisma Properties (PRISMA) investor relations material

Prisma Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved strong momentum in Q4 2025, with 34% rental income growth and 41% higher earnings capacity year-over-year, driven by acquisitions, project completions, and CPI indexation.

  • Updated net LTV target to 55% (short-term up to 60%) and set an ambition to double property value from SEK 8 billion (Q3 2025) to SEK 16 billion by end of 2028.

  • Net lettings were positive for the twelfth consecutive quarter, with SEK 15 million in Q4 and SEK 65 million for the year.

  • Significant expansion in Finland, Sweden, and Denmark through acquisitions and project development, with a strong platform established in Finland.

  • High economic occupancy rate of 98.6% and WAULT of 7.9 years at year-end.

Financial highlights

  • Rental income for Q4 2025 rose 34% year-over-year to SEK 138 million; full-year rental income increased 25% to SEK 492 million.

  • Net operating income for Q4 was SEK 118 million (+32% YoY); full-year net operating income reached SEK 421 million (+22%).

  • Profit from property management for Q4 was SEK 67 million (+42% YoY); full-year profit from property management was SEK 221 million (+72%).

  • Property value increased to SEK 9.6 billion (+32% YoY), with value changes totaling SEK 234 million for the year.

  • Surplus ratio remained strong at 85.7%–91% over the period.

Outlook and guidance

  • Targeting SEK 16 billion in property value by end of 2028, with a focus on acquisitions in Finland and Sweden and project development in Denmark.

  • Ongoing and new development projects to be added in coming quarters, with an average yield on cost of 7.5%.

  • Guidance for close to zero paid tax from 2026 to 2028 due to depreciation potential.

  • Board proposes no dividend for 2025 to prioritize reinvestment and growth.

  • Forward-looking earnings capacity now includes ongoing project NOIs and forward funding assumptions.

How does the LTV target change impact growth funding?
What is the target grocery portfolio proportion?
When will the SEK 4bn planned projects impact NOI?
How does adjusted LTV target impact portfolio growth?
Impact of project delays on 2028 portfolio target?
Clarify assumptions in forward-looking earnings
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Frequently asked questions

Prisma Properties AB is a Nordic real estate company that owns, develops, and leases properties primarily in Sweden, Denmark, and Norway. The company's portfolio focuses on sectors like discount retail, grocery stores, and fast-food establishments, with an emphasis on properties in high-traffic locations such as retail parks and areas adjacent to major roads. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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