Intea Fastigheter (INTEA) Q4 2025 earnings summary

Executive summary

• Profit from property management rose 68.5% to SEK 904m, with rental income up 30% to SEK 1,561m and a surplus ratio of 83.8%.

• Major acquisitions included a SEK 1,390m security property portfolio, a police facility in Växjö, and a district court in Härnösand, expanding the public sector-focused portfolio.

• Directed share issues raised SEK 1.56bn, and green financing included a SEK 1,000m loan and SEK 600m in green bonds.

• Profit after tax increased to SEK 1,304m from SEK 591m, and property value grew to SEK 28.0bn from SEK 23.6bn.

• Proposed dividend of SEK 1.00 per Class A/B share and SEK 2.00 per Class D share.

Financial highlights

• Rental income reached SEK 1,561m, NOI rose to SEK 1,308m, and surplus ratio was 83.8%.

• Profit from property management was SEK 904m, profit after tax SEK 1,304m, and property value SEK 28.0bn.

• Economic occupancy rate was 98.9%, with public sector tenants accounting for 97% of rent.

• Loan-to-value ratio improved to 46.5%, and interest coverage ratio increased to 3.7x.

• EPRA NRV per A/B share rose to SEK 53.84, with annual NAV growth of 18.4%.

Outlook and guidance

• Market activity is expected to increase in 2026, with continued access to capital and declining credit margins.

• Ongoing projects and acquisitions are expected to add significant rental value and support growth.

• Financial targets of at least 12% annual growth in NAV and profit from property management per share were exceeded in 2025.