Fortinova Fastigheter (FNOVA) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 increased by 11% to SEK 274.4m, driven by property acquisitions and rent increases.

• Operating surplus rose 14% to SEK 172.2m, with a surplus ratio of 63%.

• Management profit grew 9% to SEK 70.4m, or SEK 1.4 per share, despite higher financing costs.

• Net profit for the period was SEK 47.2m, compared to a loss of SEK -144.1m last year.

• Property value increased 6% year-over-year to SEK 4,846m, with 73% in residential assets.

Financial highlights

• Q3 revenue was SEK 92.8m, up 10% year-over-year; operating surplus SEK 63.3m, up 6%.

• Management profit for Q3 was SEK 31.8m, up 10% year-over-year.

• Net result for Q3 was SEK -2.6m, a significant improvement from SEK -52.2m last year.

• Long-term net asset value per share was SEK 46.7, up from SEK 44.7 last year.

• Economic occupancy rate remained high at 98.9%.

Outlook and guidance

• Management expects a more stable market, with anticipated interest rate cuts and transaction market recovery creating new growth opportunities.

• Strategy remains focused on attractive geographies with strong demand for housing.