Annehem Fastigheter (ANNE) Q1 2025 earnings summary

Executive summary

• Rental income increased by 10% year-over-year for Q1 2025, reaching 72.7 Mkr, driven by acquisitions and new leases.

• Net operating income declined 4.8% to 54.8 Mkr due to lower occupancy in Finland.

• Net letting was positive at 1.1 Mkr, and a new 10-year lease was signed with Klippans kommun.

• Property value increased 8.3% year-over-year to 5,086.9 Mkr.

• Entered the fourth year as a designated green equity on Nasdaq, with 83% of property value classified as green.

Financial highlights

• Rental income: 72.7 Mkr (+10% YoY); total revenue up 0.7% to 82.3 Mkr.

• Operating profit (excl. currency effects): 23.0 Mkr (-12% YoY).

• Net loan-to-value ratio: 44.2% (up from 41.3% YoY).

• Net operating income: 54.8 Mkr (-5% YoY).

• EPRA NRV per share: 31.1 SEK.

Outlook and guidance

• Maintains long-term goal of net loan-to-value ratio not exceeding 55%.

• Target to halve Scope 3 emissions by 2030 and achieve net-zero by 2040.

• Management remains positive on long-term prospects due to a diversified portfolio and stable financial position.

• Swedish office market shows signs of recovery, but Finnish market remains weak with delayed recovery.

• Focus on tenant retention and new lettings, especially in Helsinki.