Asuntosalkku (ASUNTO) Q4 2024 earnings summary

Executive summary

• Revenue increased by 19.5% year-over-year to €20.1M, with comparable growth at 12.2%, driven by strong apartment sales in Tallinn and stable operations in Finland.

• Net rental income rose 9.3% to €12.3M, with a comparable increase of 3.0%.

• Economic occupancy rate remained high at 97.4% in both Finland and Tallinn.

• Portfolio consists of 2,080 completed apartments and 36 under construction, with a total fair value of €263.9M.

• Net loss for the period was €14.6M, mainly due to unrealized fair value losses and higher financing costs.

Financial highlights

• Revenue for the period was €20.1M (comparable: €18.9M), and net rental income reached €12.3M (comparable: €11.6M).

• Adjusted EBITDA was €8.6M (comparable: €8.1M).

• Loan-to-value (LTV) ratio at 54.6%; equity ratio at 44.4%.

• Equity per share was €121.84, down 10.8% year-over-year.

• Realized profit was €0.8M (comparable: €0.4M).

Outlook and guidance

• Revenue for the next fiscal year is expected to be €17.5–20.0M, with realized profit guidance of €1.5–3.5M.

• Management expects continued strong occupancy and stable net rental income.

• Positive impact anticipated from lower reference rates in 2025, but uncertainty remains due to economic and geopolitical risks.

• Expectation of stable net yield development and continued demand for affordable apartments.

• Ongoing development in Tallinn with 36 apartments under construction.