KlaraBo Sverige (KLARA) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 increased by 14.3% year-over-year to SEK 720.4m, driven by acquisitions, improvements, and rent adjustments.

• Net operating income rose to SEK 407.2m, up 12.4% from the previous year, mainly due to acquisitions and rent increases.

• Profit for the year surged to SEK 408.1m, primarily from significant positive changes in investment property values.

• Cluster presence increased from 44% to 55% through acquisitions and divestments, supporting value creation strategy.

• The Board proposes a dividend of SEK 0.25 per share and adopted a policy to distribute up to 25% of profit from property management.

Financial highlights

• Income from property management grew 17% year-over-year to SEK 159.1m; per share up 6% adjusted for non-recurring items.

• Changes in value of investment properties totaled SEK 365.4m, up from SEK 111.0m the previous year.

• Earnings per share reached SEK 2.66, a 91% increase, and long-term NRV per share increased to SEK 34.2.

• Property value, including assets held for sale, reached SEK 10.6bn at a 4.95% yield.

• Equity/assets ratio stood at 45.2% at year-end.

Outlook and guidance

• Rental revenue for 2026 expected at SEK 753.3m, with annual rent increases of 3.3% for housing units.

• Income from property management projected at SEK 181.3m (SEK 1.19 per share) for 2026.

• Transaction volume for housing is expected to grow in 2026, with continued strong demand in core markets.

• Rental trends are anticipated to compensate for past inflation, supporting stable cash flows.

• Interest coverage ratio expected to improve to 1.9x.