Genova Property Group (GPG) Q2 2025 earnings summary

Executive summary

• Income from property management rose 44% year-over-year to SEK 82m for Jan–Jun 2025, with per share income up to SEK 1.27 from SEK 0.41.

• Net income for the period was SEK 63m, up from SEK 60m year-over-year; net loss of SEK -7m in Q2 due to negative derivative value changes.

• Long-term net asset value attributable to shareholders increased 4% to SEK 3,382m (SEK 74.14 per share).

• Stable occupancy rate at 92% and average remaining lease term of 4.3 years.

• Directed share issue in June brought in 2,300 new shareholders and SEK 26m in liquidity.

Financial highlights

• Rental income for Jan–Jun 2025 was SEK 263m (SEK 262m in 2024); Q2 rental income SEK 130m (up 1%).

• Net operating income for Jan–Jun was SEK 193m (SEK 191m); NOI margin 73%.

• Income from property management for Q2 was SEK 29m, unchanged year-over-year.

• Net financial items for the period were SEK -115m, with a non-recurring cost of SEK -3m.

• Average interest rate declined to 4.7% from 5.6% year-over-year.

Outlook and guidance

• Management expects continued value-creating transactions in H2 2025, supported by strong liquidity and a robust balance sheet.

• Activity in the property market and financial market liquidity have increased in recent months.

• Focus remains on early-stage urban and project development with high demand and profitability.