Asuntosalkku (ASUNTO) Q2 2025 earnings summary

Executive summary

• Revenue increased by 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 grew by 2.3% to €5.8 million, supported by portfolio and rent growth in Tallinn.

• Economic occupancy rate reached 97.7%, reflecting strong operational performance.

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

• 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.

Financial highlights

• Revenue for the period was €9.8 million; net rental income totaled €5.8 million.

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

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

• Adjusted EBITDA was €4.4 million; EBITDA margin: 2.9% (up from 0.4%).

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

Outlook and guidance

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

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

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

• Continued share buyback program as part of dividend policy.

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