Studentbostäder i Norden (STUDBO) investor relations material

Executive summary

• Revenue increased by 5% year-over-year to 131 MSEK, with an 8% rise in operating surplus and a 9% increase in management profit, driven by higher rental income and improved occupancy rates.

• The surplus ratio improved to 60%, and the rolling 12-month occupancy rate reached 96.2%.

• Net result for the quarter was -31 MSEK, mainly due to a negative property value change of -43 MSEK.

• The company secured refinancing of 2,366 MSEK, reducing short-term refinancing risk and lowering average interest costs.

• A sustainable bond of 500 MSEK was issued, replacing a previous bond with a higher interest rate.

Financial highlights

• Comparable property revenue: 131 MSEK (+6% YoY); operating surplus: 78 MSEK (+8% YoY); surplus ratio: 60% (+1 pp YoY).

• Management profit: 15 MSEK (+9% YoY); property value: 8,107 MSEK (down 0.53%); net asset value per share: 3.71 SEK (-0.81%).

• Net result per share: -0.05 SEK (0.16 SEK last year).

• Rolling 12-month occupancy: 96.2%; real vacancy rate: 3.8%.

• Average interest rate on debt: 3.85% (down from 4.09%).

Outlook and guidance

• Continued strong demand for student housing, with university applicants up 8% YoY.

• Focus remains on increasing rental income, maintaining high occupancy, and reducing leverage below 60%.

• Management profit capacity now at 84 MSEK on a pro forma basis.