Logistea (LOGI) Q2 2025 earnings summary

Executive summary

• Property portfolio value reached SEK15.2 billion as of Q2 2025, with 151 properties, total rents exceeding SEK1 billion, and a high economic occupancy rate of 96.9%.

• Income for H1 2025 was SEK511 million, up 131% year-over-year, with NOI at SEK456 million and profit from property management up 267% to SEK246 million.

• Several property acquisitions completed across the Nordics, totaling SEK2.0 billion YTD, with long-term leases and an average yield of 8.2%.

• Rights issue in June 2025 raised SEK500 million, supporting further investments and broadening the ownership base.

• Profit from property management per share increased 74% year-over-year to SEK0.51 for H1 2025; WALT remains high at 9.6 years.

Financial highlights

• Revenue for Q2 2025 was SEK263 million, up 139% year-over-year, driven by acquisitions and like-for-like growth.

• NOI for the quarter was SEK242 million, up from SEK216 million sequentially and 174% year-over-year.

• Operating margin improved to 89.6%, with adjusted margin at 95% on a 12-month basis.

• Profit from property management for the quarter was SEK131 million; per share, this metric rose 58% over the last 12 months.

• EPRA NRV per share at SEK16.0, up from SEK14.0 a year earlier.

Outlook and guidance

• Management expects continued portfolio expansion, supported by the recent rights issue, strong transaction pipeline, and favorable Nordic market conditions.

• Plans to potentially start one or two new development projects in the next 12 months, depending on yield alignment.

• Estimated profit from property management in earning capacity is SEK571 million.

• Ongoing cost optimization of debt portfolio and focus on ESG commitments.

• Ongoing efforts to secure bank financing for unleveraged properties in Poland, Germany, and The Netherlands, with decisions expected in the coming quarter.