Altra Fastigheter (ALTRA) Q2 2025 earnings summary

Executive summary

• Profit from property management per share rose 13% year-over-year to SEK 3.10 for January–June 2025, with full-year guidance unchanged at SEK 1.4 billion.

• Net operating income increased 1% to MSEK 1,218, while income declined 1% to MSEK 1,798 due to higher vacancies, especially in Finland.

• Non-recurring costs, including early termination of a cooperation agreement and bond repurchases, impacted earnings by MSEK -107 and MSEK -29, respectively.

• Property transactions totaling SEK 1.2 billion were completed, with acquisitions strengthening long-term earnings and cash flow.

• Economic occupancy rate decreased to 89.8%, mainly due to increased vacancies in the Finnish portfolio.

Financial highlights

• Net operating income: MSEK 1,218 (up 1% year-over-year); surplus ratio: 67.7% (66.2%).

• Profit from property management: MSEK 667 (up 18%); per share SEK 3.10 (up 13%).

• Operating cash flow: MSEK 620 (down 3%); per share SEK 2.98 (down 9%).

• Profit for the period: MSEK 44 (vs. -31 prior year); EPS after dilution SEK 0.11 (vs. -0.31).

• Changes in value of properties: MSEK -205 (vs. -509); financial instruments: MSEK -152 (vs. 2).

Outlook and guidance

• Full-year 2025 profit from property management forecast remains at MSEK 1,400 after hybrid bond interest.

• Operating cash flow per share target is 10% annual growth; average growth 2019–2024 was 6%.