Fortinova Fastigheter (FNOVA) Q4 2025 earnings summary

Executive summary

• Revenue increased by 7% to 393 MSEK (367), driven by index adjustments, rent increases, and property acquisitions.

• Operating surplus rose 9% to 245 MSEK (225), with a margin of 62% (61).

• Management result improved 18% to 106 MSEK (90), or 2.1 SEK per share (1.8), despite 8 MSEK in one-off costs for the Nasdaq Stockholm listing.

• Net profit for the year was 126 MSEK (114), or 2.4 SEK per share (2.2).

• Strategic acquisitions in Varberg and Strömstad expanded the portfolio and geographic reach.

Financial highlights

• Q4 revenue up 11% to 103 MSEK (93); operating surplus up 15% to 61 MSEK (53).

• Q4 management result down 9% to 18 MSEK (20) due to one-off listing costs.

• Unrealized property value changes: 73 MSEK (83) for the year; -1 MSEK (0) realized.

• Derivative value changes: -12 MSEK (-15) for the year.

• Long-term net asset value per share: 51 SEK (48).

Outlook and guidance

• New business plan for 2026–2028 targets return on equity above 10%, interest coverage above 1.8x, and maximum loan-to-value of 60%.

• Dividend policy remains at 40% of management result after tax over time.

• No dividend proposed for 2025; focus on share buybacks to create shareholder value.