Fastighetsbolaget Emilshus (EMIL) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 increased by 10% to SEK 493m, driven by property acquisitions and rental adjustments.

• Operating profit (förvaltningsresultat) rose 20% to SEK 212m; net income more than doubled to SEK 165m.

• Cash flow from operations before working capital changes grew 31% to SEK 188m.

• Property portfolio expanded to 160 properties valued at SEK 8,464m, with a 95% economic occupancy rate.

• Forecast for 2024 operating profit remains at SEK 290m.

Financial highlights

• Q3 revenue up 16% year-over-year to SEK 173m; operating profit up 25% to SEK 76m.

• Q3 net income was SEK 13m, down from SEK 41m last year, impacted by negative fair value changes in financial instruments.

• Jan–Sep fair value changes in properties added SEK 52m; financial instruments had a negative impact of SEK -35m.

• Cash flow from operations in Q3 increased 34% to SEK 67m.

• Net investments Jan–Sep totaled SEK 1,087m, mainly property transactions.

Outlook and guidance

• 2024 operating profit forecast unchanged at SEK 290m, based on current portfolio and announced acquisitions.

• Earnings capacity as of Oct 1, 2024, indicates annual operating profit of SEK 342m and operating profit per share of SEK 2.63.