Fortinova Fastigheter (FNOVA) Q2 2025 earnings summary

Executive summary

• Revenue for January–June 2025 increased by 6% to SEK 192 million compared to the same period last year, driven by index adjustments, rent increases, and property acquisitions.

• Operating surplus rose 7% to SEK 116 million, with a surplus ratio of 61%.

• Management result grew 33% to SEK 52 million, or SEK 1.0 per share, with a margin of 27%.

• Net profit for the period was SEK 56 million (SEK 1.1 per share), up from SEK 50 million.

• Economic occupancy remained high at 99%.

Financial highlights

• Unrealized property value changes amounted to SEK 54 million, while derivative value changes were negative SEK 29 million.

• Long-term net asset value per share increased to SEK 50 (from SEK 46).

• Return on equity for the period was 5.3% (compared to -5.4% last year).

• Loan-to-value ratio improved to 54% (from 56%).

• Interest coverage ratio strengthened to 206% (from 184%).

Outlook and guidance

• The company maintains a positive outlook for growth, focusing on profitable acquisitions and stable cash flows.

• Market activity has increased, offering more acquisition opportunities, but selectivity remains key.

• The company aims for continued growth without compromising profitability.