Akelius Residential Property (AKEL) Q4 2025 earnings summary

Executive summary

• Rental income increased 3.1% year-over-year to EUR 368 million, with like-for-like growth of 4.8%.

• Net operating income rose 5.9% to EUR 212 million, with a 7.0% like-for-like increase, driven by higher occupancy and completed capital projects.

• Profit before tax was EUR 125 million, a significant turnaround from a EUR -58 million loss in 2024, mainly due to fair value gains in financial assets.

• The property portfolio's fair value declined to EUR 5,669 million, mainly due to currency depreciation and negative revaluations.

• The company completed EUR 110 million in property acquisitions and EUR 111 million in investments, adding 668 apartments.

Financial highlights

• EBITDA increased 8.2% year-over-year to EUR 202 million.

• Net asset value stood at EUR 3,034 million, down from EUR 3,397 million, mainly due to currency effects.

• Loan-to-value ratio increased to 39% from 36%.

• Interest coverage ratio improved to 6.2 (from 4.7), and average interest rate rose to 1.91%.

• Cash and cash equivalents at year-end were EUR 182 million, with available liquidity of EUR 226 million.

Outlook and guidance

• The company maintains a strong financial position with a stable BBB- credit rating and a long-term perspective.

• The board proposes no dividend for 2025.

• Loan-to-value policy threshold set at 40%.