Fastighetsbolaget Emilshus (EMIL) Q1 2025 earnings summary

Executive summary

• Income rose 29% year-over-year to MSEK 202, driven by property acquisitions and rent adjustments.

• Profit from property management increased 43% to MSEK 93, with per-share profit up 33% to SEK 0.72.

• Net profit for the period doubled to MSEK 133, or SEK 1.07 per ordinary share.

• Cash flow from operating activities before working capital changes increased 55% to MSEK 85.

• The property portfolio expanded to 183 properties valued at MSEK 10,066, with a 95% economic occupancy rate.

Financial highlights

• Net operating income increased 30% to MSEK 159, with a surplus ratio of 78%.

• Unrealized value adjustment of investment properties contributed MSEK 62 to earnings.

• Net investments totaled MSEK 1,065, mainly from property transactions.

• Interest-coverage ratio improved to 2.7x, and loan-to-value ratio stood at 55%.

• Equity/assets ratio was 40%, with equity per ordinary share at SEK 28.83 and NAV per share at SEK 31.55.

Outlook and guidance

• 2025 profit from property management is forecast at MSEK 375, excluding the pending Skåne acquisition.

• After the Skåne acquisition, property value is expected to reach BSEK 11.5, supporting further growth.