Logistea (LOGI) Q3 2025 earnings summary

Executive summary

• Portfolio value reached SEK 15.6 billion, with 91% of assets in the Nordics and a focus on logistics, warehouse, and light industrial properties.

• Achieved record-high income, NOI, and profit from property management for Jan–Sep 2025, with significant year-over-year increases.

• Growth driven by accretive acquisitions, organic expansion, and finalized property projects, focusing on fully leased assets and long WAULT.

• Maintained high economic occupancy rate at 97% and WAULT at 9.4 years, reflecting strong tenant stability.

• Diversified exposure across geographies, tenants, and industries, with a robust financial position.

Financial highlights

• Rental income for Jan–Sep 2025 reached SEK 798 million, up 72% year-over-year; NOI rose 88% to SEK 725 million.

• Profit from property management increased 139% to SEK 376 million; per share up 48% to 0.77 SEK.

• Q3 revenue was SEK 288 million, with net operating income at SEK 269 million.

• Operating margin at 91–92%; adjusted margin up to 97%.

• Cash flow from operations up 65% year-over-year.

Outlook and guidance

• Management expects continued deal opportunities in the Nordics, supported by strong funding access and recent rights issue.

• Structural drivers such as e-commerce growth and improving Swedish economy expected to lower vacancies and strengthen rental market.

• Growth in profit from property management per share expected to normalize but remain above target.

• Focus remains on stable cash flows, long-term leases, and sustainability initiatives.