Annehem Fastigheter (ANNE) Q1 2025 earnings summary

Executive summary

• Rent revenue rose 9.7% year-over-year to MSEK 72.7, driven by acquisitions and new leases.

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

• Net income improved to MSEK 11.9 from a loss of MSEK -9.2 in Q1 2024.

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

• Positive net letting of MSEK 1.1, but occupancy rate fell to 90.0% from 92.5%.

Financial highlights

• Total revenue up 0.7% to MSEK 82.3 year-over-year.

• Income from property management excl. exchange rate effects fell 12.3% to MSEK 23.0.

• Surplus ratio decreased to 75.4% from 86.8% year-over-year.

• Return on equity improved to 0.5% from -0.4% year-over-year.

• Net asset value (EPRA NRV) per share stable at SEK 31.1.

Outlook and guidance

• 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.