Fastighetsbolaget Emilshus (EMIL) Q2 2024 earnings summary

Executive summary

• Revenue for January–June 2024 increased by 8% to SEK 320 million, driven by property acquisitions and rental adjustments.

• Operating profit (förvaltningsresultat) rose 18% to SEK 136 million, with a 10% increase per common share.

• Net income for the period was SEK 152 million, up from SEK 37 million, supported by positive property and financial instrument revaluations.

• Cash flow from operations before working capital changes improved by 29% to SEK 120 million.

• The property portfolio expanded to 157 properties valued at SEK 8,292 million, with a 95% economic occupancy rate.

Financial highlights

• Q2 revenue grew 9% year-over-year to SEK 162 million; operating profit up 17% to SEK 71 million.

• Net income for Q2 was SEK 85 million, compared to SEK 51 million last year.

• Property revaluations contributed SEK 45 million in Q2; financial instrument revaluations had a negative SEK 8 million impact.

• Cash flow from operations in Q2 increased 32% to SEK 65 million.

• Net investments in Q2 totaled SEK 730 million, mainly from property transactions.

Outlook and guidance

• Full-year 2024 operating profit forecast raised to SEK 290 million, up from previous guidance of SEK 280 million.

• The company expects continued profitable growth, supported by recent capital increases and property acquisitions.