Krona Public Real Estate (KRONA) Q3 2025 earnings summary

Executive summary

• Rental income for Q3 2025 was 19,056 tkr, up from 17,939 tkr in Q3 2024; for Jan–Sep 2025, rental income was 58,399 tkr, up from 53,413 tkr year-over-year.

• Net operating income for Q3 2025 was 14,594 tkr, down from 16,874 tkr in Q3 2024; for Jan–Sep 2025, it was 50,735 tkr, slightly up from 50,129 tkr.

• Profit for Q3 2025 was 5,622 tkr, down from 10,038 tkr in Q3 2024; for Jan–Sep 2025, profit was 25,499 tkr, down from 27,648 tkr.

• The company maintained a stable financial position, supported by a high proportion of fixed-rate loans and focus on strengthening the balance sheet ahead of refinancing.

Financial highlights

• Earnings per share for Jan–Sep 2025 were 4.54 kr, down from 6.02 kr year-over-year.

• Return on equity for Jan–Sep 2025 was 7.76%, compared to 9.67% in the same period last year.

• Loan-to-value ratio was 70.78% as of September 30, 2025, compared to 71.32% a year earlier.

• Net asset value (NRV) per share was 79.21 kr, up from 73.17 kr year-over-year.

• Cash and cash equivalents at period end were 111,481 tkr, up from 93,935 tkr at the start of the year.

Outlook and guidance

• The company is preparing for refinancing of a bond loan maturing in March 2026, with a focus on strengthening liquidity and the balance sheet.

• Signs of improving market dynamics with falling interest rates and increased real estate market activity are noted, potentially leading to higher property values.