Brinova Fastigheter (BRIN) Q4 2025 earnings summary

Executive summary

• Rental income rose 73% year-over-year to SEK 942.0 million, driven by the acquisition of K-Fastigheter Syd's property portfolio and organic growth.

• Net operating surplus increased 77% to SEK 627.1 million, with a surplus ratio of 66.6%.

• Profit from property management grew 65% to SEK 249.1 million, while profit for the year reached SEK 73.1 million, up 59%.

• The property portfolio more than doubled in value to SEK 19.1 billion, with 241 properties and 645,000 m² of lettable area.

• Integration of acquired assets is largely complete, with focus shifting to occupancy and operational synergies in 2026.

Financial highlights

• Rental income: SEK 942.0 million (up from SEK 545.4 million year-over-year).

• Net operating surplus: SEK 627.1 million (up from SEK 353.6 million).

• Surplus ratio: 66.6% (up from 64.8%).

• Profit from property management: SEK 249.1 million (up from SEK 150.8 million).

• Profit for the year: SEK 73.1 million (up from SEK 46.0 million).

• Basic and diluted EPS: SEK 0.32 (down from SEK 0.47 due to share issue).

• Equity per share: SEK 31.14 (up from SEK 29.37).

• Economic occupancy rate: 93.9% (down from 95.6%).

Outlook and guidance

• Focus for 2026 is on increasing occupancy, streamlining operations, and realizing synergies from the acquisition.

• No dividend proposed for 2025 to prioritize growth and liquidity.

• Board has initiated process to list Class A shares on Nasdaq Stockholm.