Hufvudstaden (HUFV-A) Q3 2025 earnings summary

Executive summary

• Net revenue for January–September 2025 increased 4% year-over-year to SEK 2,425 million, with rent revenue from property management up 5% to SEK 1,820 million.

• Gross profit rose 6% to SEK 1,214 million, driven by improved earnings from NK properties and higher indexed rents.

• Net result for the period was SEK 527 million, a significant turnaround from a loss of SEK -211 million in the prior year.

• The fair value of property holdings reached SEK 47.7 billion, up from SEK 47.1 billion at year-end.

• The retail sector shows signs of recovery, with new tenants and increased consumer purchasing power.

Financial highlights

• Operating result for the period was SEK 922 million, compared to SEK -22 million year-over-year.

• Unrealised changes in value of investment properties were SEK -242 million, a marked improvement from SEK -1,094 million last year.

• Net financial income and expense totaled SEK -254 million, with borrowing costs stable at SEK -234 million.

• Equity attributable to shareholders was SEK 27.9 billion, or SEK 142 per share.

• Net reinstatement value per share was SEK 186.

Outlook and guidance

• Positive signals in the rental market, especially for prime office and retail locations in Stockholm and Gothenburg.

• Gradual recovery in the retail sector, with more brands investing and consumer confidence improving.

• Ongoing process improvements in NK Retail to achieve profitability.