Akelius Residential Property (AKEL) Q2 2025 earnings summary

Executive summary

• Net profit of EUR 123 million for Jan–Jun 2025, reversing a EUR 58 million loss year-over-year.

• Rental income rose 6.0% to EUR 187 million, with like-for-like growth of 5.3%.

• Net operating income increased 9.4% to EUR 107 million, margin improved to 57.2%.

• Property fair value declined to EUR 5,621 million, mainly due to currency effects.

• Vacancy rate dropped to 3.7% from 6.0% year-over-year, real vacancy rate at 1.4%.

Financial highlights

• EBITDA up 13.3% to EUR 102 million compared to the same period last year.

• Net asset value at EUR 3,065 million, equity ratio at 51%.

• Loan-to-value ratio increased to 38% from 36% at year-end 2024.

• Interest coverage ratio at 5.4 (7.0 excluding realized value growth).

• Cash and cash equivalents at EUR 262 million; liquidity including credit facilities at EUR 307 million.

Outlook and guidance

• Board approved a temporary deviation from the 35% loan-to-value policy, now at 38%.

• Financial guarantee of EUR 1,900 million from main owner supports liquidity.

• No significant events after the reporting period; stable credit rating (BBB-).