Akelius Residential Property (AKEL) Q3 2025 earnings summary

Executive summary

• Net operating income grew 8.4% like-for-like, driven by higher occupancy and capital project completions.

• Rental income increased 4.3% to EUR 277 million, with like-for-like growth of 5.2%.

• Real vacancy rate improved to 1.8%, and overall vacancy rate dropped to 3.5%.

• Property fair value decreased to EUR 5,657 million, mainly due to EUR 520 million negative currency impact.

• Profit before tax was EUR 163 million, up from EUR 4 million in the prior year period.

Financial highlights

• Net operating income: EUR 160 million (EUR 148 million prior year).

• EBITDA: EUR 153 million, up 11% year-over-year.

• Net profit: EUR 160 million, compared to a loss of EUR 25 million last year.

• Net asset value: EUR 3,045 million.

• Loan-to-value ratio: 39%, up from 35% at year-end 2024.

• Interest coverage ratio: 6.2x (12 months), up from 5.2x.

• Average interest rate increased to 1.81% from 1.15%.

Outlook and guidance

• Board updated financial policy, setting loan-to-value target at 40%.

• Financial guarantee from main owner increased to EUR 1,500 million.

• Market remains volatile with high interest rates and currency headwinds expected to persist.