Asuntosalkku (ASUNTO) Q4 2025 earnings summary

Executive summary

• Core business remained strong with high rental occupancy at 97.9% at period end, supported by robust portfolio management and sales in Tallinn at prices well above valuation levels.

• Comparable revenue for the year was €19.2M, up 1.6% year-over-year, driven by increased rental income, while comparable net rental income was €11.5M, down -0.2%.

• Realized profit for the year rose sharply to €2.2M (up 433.8% year-over-year), mainly due to lower interest and financing costs.

• The company proposes a dividend of €1.04 per share, totaling about €1.0M.

Financial highlights

• Comparable revenue: €19.2M (+1.6% year-over-year); Q4 revenue: €4.9M (+1.6%).

• Comparable net rental income: €11.5M (-0.2% year-over-year); Q4: €2.9M (-0.8%).

• Realized profit: €2.2M (vs. €0.4M prior year, +433.8%).

• Net loss for the year: -€1.5M (vs. -€14.6M prior year), mainly due to unrealized fair value changes.

• Cash flow before working capital changes (FFO): €0.9M (vs. -€2.3M prior year).

• Equity per share: €120.86 (vs. €121.84 prior year).

• Loan-to-value (LTV): 54.6%.

Outlook and guidance

• FY 2025/26 revenue guidance: €17.5–20.0M; realized profit expected at €2.5–4.5M.

• Lower reference rates support positive outlook for realized profit.

• Guidance assumes continued high rental occupancy and stable net rental income, with ongoing portfolio optimization in Tallinn.