Diös Fastigheter (DIOS) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased by 7% year-over-year to SEK 666m, with operating surplus up 5% to SEK 484m and property management income up 3% to SEK 267m.

• Profit for the quarter was SEK 303m, a significant improvement from SEK -11m in Q3 2024, driven by positive unrealised changes in derivatives and stable property values.

• Economic occupancy remained stable at 90% at the end of Q3 2025, despite a challenging economic environment.

• Positive net letting in 25 of the last 27 quarters, with a majority of new lettings being green lease agreements.

• New financial targets: 10% annual growth in property management income per share and EPRA NRV per share, and a 50% reduction in CO₂ emissions by 2030.

Financial highlights

• Revenue for January–September rose 5% year-over-year to SEK 1,993m; operating surplus increased 6% to SEK 1,390m.

• Surplus ratio for Q3 was 74%, and the equity ratio stood at 35.2%.

• Income from property management for Q3 was SEK 267m, up from SEK 258m in Q3 2024.

• Profit after tax was SEK 303m in Q3 2025, compared to a loss of SEK -11m in Q3 2024.

• Average interest rate on borrowings was 4.0%.

Outlook and guidance

• Management expects cautious optimism with potential interest rate cuts and fiscal stimulus supporting gradual economic recovery.

• Increased vacancies are expected to reverse, with higher activity in both rental and transaction markets.

• New financial targets from 2026 emphasize 10% annual growth in property management income per share and EPRA NRV per share.

• Long-term outlook for the green transition remains robust, with accelerating growth.

• Expectation of increased tenant adaptations and selective new builds with stable tenants.