FastPartner (FPAR) Q1 2025 earnings summary

Executive summary

• Rental income decreased by 1.3% to SEK 571.5m compared to Q1 2024, mainly due to property disposals and higher vacancies in Vallentuna.

• Operating surplus fell 2.7% to SEK 373.5m, with a surplus ratio of 65.4% (66.3%).

• Management profit rose 33.4% to SEK 185.3m, driven by lower interest expenses.

• Net profit after tax was SEK 141.6m, down from SEK 203.3m in Q1 2024.

• Market value of properties was SEK 34,007.4m at quarter-end.

Financial highlights

• Rolling annual management profit reached SEK 890m (up from SEK 740m year-over-year).

• Earnings per A share were SEK 0.68 (1.01) for the quarter.

• Long-term net asset value (NRV) per A share was SEK 98.8 (97.7).

• Cash flow from operations before working capital changes was SEK 117.5m (120.9m).

• Investments in existing properties totaled SEK 84.3m during the quarter.

Outlook and guidance

• Target for rolling annual management profit is SEK 1,100m by end of 2025.

• Management profit per A share to grow >10% per year; return on equity >12% per year.

• Net loan-to-value to remain below 45%; interest coverage ratio above 3x.

• Surplus ratio target is at least 75%; 70% of loan portfolio to be green financing.