Hufvudstaden (HUFV-A) Q3 2024 earnings summary

Executive summary

• Net revenue from property management rose 4% to SEK 1,583m for Jan–Sep 2024, driven by indexation and higher rents from new leases and renegotiations.

• Gross profit from property management increased 5% to SEK 1,078m.

• Result after tax improved to SEK -211m (from -1,585m), mainly due to lower negative unrealized property value changes.

• Hufvudstaden achieved the highest customer satisfaction among large office tenants for the seventh consecutive year.

Financial highlights

• Property portfolio market value at SEK 46.4bn (down from SEK 46.7bn at year-end), with unrealized value changes of SEK -1,094m.

• EPRA NRV per share at SEK 181 (SEK 185 at year-end); EPRA LTV at 21.9%.

• Solid equity ratio of 58% and net loan-to-value of 21.7%.

• Q3 result after tax was SEK 143m (up from SEK -212m), reflecting lower negative value changes.

• Cash flow from operations per share was SEK 4.86 for the period.

Outlook and guidance

• Signs of economic recovery observed, with low inflation and improving household finances.

• Management expects continued positive development in property management and increased market activity.