Diös Fastigheter (DIOS) Q4 2025 earnings summary

Executive summary

• Income from property management grew 16% quarter-over-quarter and 10% year-over-year, driven by strong leasing, transactions, and completed projects.

• 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%.

• Divestments, including the Åre portfolio for SEK 660 million and other assets totaling SEK 1.6 billion, confirmed robust property values and market liquidity.

• New financial targets set for 2026, aiming for 10% annual growth in property management income per share and NAV per share.

• Board proposes a dividend increase to SEK 2.40 per share, to be paid in four instalments, and has authorized share buybacks.

Financial highlights

• Q4 2025 income was SEK 669 million, up 6% year-over-year, with operating surplus at SEK 438 million and property management income at SEK 225 million.

• Full-year income reached SEK 2,662 million, operating surplus SEK 1,828 million, and property management income SEK 981 million.

• Unrealized value changes were SEK 120 million in Q4, mainly from new lettings and conversions.

• Net letting was SEK -1 million for Q4 due to major terminations, but positive SEK 3 million for the full year.

• Average interest rate declined to 3.9% from 4.3% last year, reducing financial costs.

Outlook and guidance

• Market is seen as having bottomed out, with expectations for a more positive rental market and continued demand for modern, centrally located premises.

• New targets for 2026 include 10% annual growth in property management income per share and NAV per share.

• Optimism for rental growth through rent reversions, increased occupancy, and modern office creation.

• Dividend increase and share buybacks are planned to enhance shareholder returns.

• Long-term outlook is robust, supported by the green transition and military investments.