Asuntosalkku (ASUNTO) Q2 2025 earnings summary

Executive summary

• Revenue grew 6.3% year-over-year to €9.8 million, driven by higher realized gains from asset sales and increased rental income, especially in Tallinn.

• Net rental income rose 2.3% to €5.8 million, supported by portfolio and rent growth in Tallinn.

• Economic occupancy rate reached 97.7% (up from 96.6%), reflecting strong operational performance.

• The period ended with a net loss of €-3.2 million, improved from €-7.2 million, mainly due to negative but less severe unrealized fair value changes in investment properties.

• Realized profit increased 133.6% to €1.4 million, mainly from profitable apartment sales in Tallinn.

Financial highlights

• Revenue: €9.8m (6.3% growth year-over-year); net rental income: €5.8m (2.3% growth).

• Realized profit: €1.4m (up from €0.6m); net loss: €-3.2m (improved from €-7.2m).

• Economic occupancy: 97.7%; loan-to-value (LTV): 55.6%; equity per share: €118.77 (down 8.2%).

• Cash flow before working capital changes (FFO): €0.3m (up from €0.0m).

• Portfolio fair value: €262.1m (down 2.1%); apartments owned: 2,089; under construction: 10.

Outlook and guidance

• Full-year revenue guidance unchanged at €17.5–20.0m; realized profit expected at €1.5–3.5m.

• Management expects stable occupancy and net rental income, with continued portfolio optimization in Tallinn.

• Lower reference rates in 2024 expected to support realized profit.

• Uncertainty remains due to European economic outlook, changes in Finnish housing support, market conditions in Tallinn and Finland, interest rates, and geopolitical risks.