FastPartner (FPAR) Q4 2024 earnings summary

Executive summary

• Rental income rose 3.8% year-over-year to SEK 2,293.4m, driven by indexed rent increases, new contracts, and completed tenant adaptations.

• Operating surplus increased 3.6% to SEK 1,610.8m, with a surplus ratio of 70.2% (70.4%).

• Management profit decreased 0.6% to SEK 690.7m, or SEK 3.78 per A share.

• Net profit after tax was SEK 648.0m, a significant turnaround from last year's loss of SEK -1,527.9m.

• Board proposes a dividend of SEK 1.10 per A share and SEK 5.0 per D share.

Financial highlights

• Q4 rental income increased 2.0% to SEK 566.2m; operating surplus up 6.0% to SEK 383.9m.

• Q4 management profit rose 52.8% to SEK 171.8m, mainly due to lower interest costs and higher rental income.

• Unrealized property value changes for the year were SEK 128.2m (previous year: SEK -2,473.9m).

• Cash flow from operations before working capital changes was SEK 612.3m (SEK 716.6m last year).

• Net debt/EBITDA at year-end was below 10x; average interest rate on loans was 4.0%.

Outlook and guidance

• Rolling annual management profit expected to rise from SEK 690m in 2024 to about SEK 900m in 2025, mainly from lower interest costs.

• Target for 2025: rolling annual management profit of SEK 1,100m, surplus ratio ≥75%, and >10% annual growth in management profit per A share.

• Company expects further interest rate reductions to positively impact results.