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Sveafastigheter (SVEAF) investor relations material
Sveafastigheter Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sweden's largest listed pure-play residential company, with SEK 28.9 billion in assets and 15,000 apartments, achieved strong profit and operational growth, driven by efficiency, higher occupancy, and strategic investments in upgrades and energy efficiency.
Rental income rose 14.0% year-over-year to SEK 1,150m, with net operating income up 18.4% to SEK 764m for the nine months ended September 2025.
Occupancy rate improved to 95.7%, reflecting operational focus and portfolio optimization.
Ongoing sustainability initiatives and social collaborations align with long-term value creation and regulatory compliance.
Investments of SEK 692m were made during the period, with 656 apartments under construction and a development pipeline of 6,387 units.
Financial highlights
Q3 rental income increased 9.3% year-over-year to SEK 390m; net operating income up 9.7% to SEK 277m.
Profit from property management was SEK 123m (+45% year-over-year), with non-recurring costs of SEK -2m.
Q3 profit reached SEK 230m, supported by a SEK 104m positive value change.
For Jan–Sep, rental income grew 14% to SEK 1,150m; NOI up 18.4% to SEK 764m.
NOI margin for the period was 66.4% (up from 63.9%), and 70.9% for Q3.
Outlook and guidance
Targeting an NOI margin including property administration of 70% by June 2029; current margin is 58.8%.
Plans to start construction of 600–800 apartments per year and upgrade at least 2,000 apartments.
Rent negotiations for 2026 ongoing; expected increase around 3.5–4%.
No expectation to be a net buyer of standing assets in the near term.
Focus on portfolio optimization, land acquisitions, and strengthening capital structure.
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