Diös Fastigheter (DIOS) Q4 2025 earnings summary

Executive summary

• Income from property management grew 16% quarter-over-quarter and 10% year-over-year, reaching SEK 225m in Q4, driven by transactions and completed projects, and aligning with new financial targets.

• Economic occupancy rate was 90% at the end of Q4 2025, slightly down from 91% in Q4 2024, with a stable surplus ratio of 67%.

• Board initiated a share buyback program and proposes a dividend increase to SEK 2.40 per share, reflecting strong cash flows and a robust financial position.

• Divested SEK 1.6 billion in assets during 2025 at or above book value, including the Åre portfolio for SEK 660 million, confirming property values.

• New financial targets set for long-term profitable growth, including 10% annual growth in property management income and NAV per share.

Financial highlights

• Q4 2025 income reached SEK 669 million, up 6% year-over-year, with operating surplus up 6% to SEK 438 million.

• Rental income increased by 6% year-over-year; like-for-like rental income up 1.4% in Q4.

• Surplus ratio stable at 67% for Q4.

• Profit after tax for Q4 2025 was SEK 336 million, up from SEK 326 million in Q4 2024.

• SEK 120 million in positive unrealized value changes in Q4, mainly due to strong new lettings.

Outlook and guidance

• Market expected to improve, with demand concentrating on modern, centrally located premises and a 'flight to quality.'

• Optimistic about Sweden’s economic outlook due to GDP growth, tax breaks, green transition, and military investments.

• Clear ambition to deliver 10% annual growth in income from property management and NAV per share, with dividend increase and share buybacks planned.