Logistea (LOGI) Q1 2025 earnings summary

Executive summary

• Portfolio value reached SEK 14.2 billion, with 146 properties and economic occupancy at 97.1%; WAULT is 9.3 years.

• Income from property management per share rose 54% year-over-year, with total income up 123% and NOI up 177% compared to Q1 2024.

• Recent acquisitions in Nyköping, Stavanger, and Malmö added 12% to income from property management per share and SEK 1,056 million in value.

• Net initial yield stands at 6.8%, and the balance sheet remains healthy with LTV at 48.3%.

• Sustainability initiatives advanced with new ESG targets and recruitment of a sustainability specialist.

Financial highlights

• Q1 revenues reached SEK 248 million, with NOI at SEK 216 million and property management profit at SEK 115 million, all showing significant year-over-year growth.

• Operating margin improved to 87.7%, with adjusted margin at 94.2% on a 12-month basis.

• EPRA NRV per share increased to SEK 15.4, affected by FX changes.

• Earnings per share were SEK 0.33, down from SEK 0.66 year-over-year.

• Cash flow from operating activities before working capital changes rose 172% to SEK 125 million.

Outlook and guidance

• Management targets at least 15% annual growth in profit from property management per share and net asset value per share over five years.

• Loan-to-value ratio is expected to remain around 50% and below 60% long-term, with interest coverage ratio to exceed 1.8x.

• Dividend policy aims for at least 30% of profit from property management to be distributed.

• Continued focus on accretive growth through acquisitions, capex, and greenfield development.

• Market outlook improving, with prime rents climbing and demand for modern space rising.