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Stendörren Fastigheter (STEF) investor relations material

Stendörren Fastigheter Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary24 Oct, 2025

Executive summary

  • Achieved strong operational and financial growth in Q3 2025, with net operating income up 18% year-over-year and income from property management before exchange rate changes up 13%; adjusted IFPM up 21% excluding non-recurring refinancing costs.

  • Vacancy rate decreased by 1.4 percentage points to 6.3%, with economic occupancy at 94%.

  • SEK 1.5bn in property acquisitions and SEK 463m in completed projects over the last twelve months, supporting value creation and future growth.

  • Major acquisitions in Västerås, Espoo, Täby, and Upplands Väsby strengthened the portfolio and future cash flow.

  • Cash flow from operating activities doubled to SEK 255m, or SEK 8.02 per share.

Financial highlights

  • Property portfolio valued at SEK 15.2bn as of September 30, 2025, with a NOI yield of 6.4%.

  • Rental income for assessed earnings capacity at SEK 1,049m; net operating income at SEK 842m.

  • Surplus ratio at 80% (12-month average); equity ratio at 37%.

  • Interest coverage ratio (ICR) at 2.0x; available liquidity of SEK 890m.

  • Refinancing activities reduced annual financing costs by SEK 32m, with further SEK 21m reduction expected from post-period actions.

Outlook and guidance

  • Improved business cycle and favorable market conditions expected to drive further operational performance and occupancy gains.

  • New financial target: annual increase in income from property management per share of at least 15% long-term.

  • Ongoing and recently completed projects expected to add SEK 68.5m in NOI upon leasing and completion.

  • Significant pipeline of value-accretive acquisitions and projects; continued refinancing to achieve lower debt margins.

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Frequently asked questions

Stendörren Fastigheter AB is a Swedish real estate company that focuses on the management, development, and acquisition of properties, especially within logistics, warehouse, and light industry sectors. The company primarily operates in the Nordic growth regions, aiming for profitable growth in net asset value through strategic property and building rights investments. Stendörren Fastigheter's business model includes repositioning and optimizing the value of its property portfolio by targeting properties and areas with significant development potential. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.

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