Holmström Fastigheter (HOLMSTRÖM) Q2 2024 earnings summary

Executive summary

• Rental income for January–June 2024 was SEK 24m, unchanged year-over-year; net operating income rose to SEK 13m from SEK 12m.

• Profit/loss from associated companies improved to SEK -17m from SEK -578m; profit/loss before tax was SEK -41m, compared to SEK -697m last year.

• For Q2, rental income was SEK 12m, net operating income SEK 6m, and profit/loss before tax SEK -22m.

• The company focuses on residential and community properties, with a strategy for sustainable, long-term value creation.

Financial highlights

• Rental income for Q2 2024 was SEK 12m, flat year-over-year; net operating income was SEK 6m, down from SEK 7m.

• Profit/loss from associated companies in Q2 was SEK -11m, mainly from Vincero Fastigheter.

• No changes in the value of investment properties in Q2; last year saw a SEK -94m decrease.

• Total assets at June 30, 2024, were SEK 1,537m; investment properties valued at SEK 782m.

• Cash flow from operating activities for Q2 was SEK -16m; cash and cash equivalents at period end were SEK 65m.

Outlook and guidance

• As of July 1, the sale of remaining shares in Klippudden Fastigheter will dissolve provisions of SEK 27m in Q3, positively impacting earnings.

• The written procedure for the senior unsecured bond was completed, extending maturity and amortization schedule.