Logistri (LOGIST) Q1 2025 earnings summary

Executive summary

• Rental income rose 25.5% to SEK 40.6 million compared to the same quarter last year, driven by acquisitions and index increases.

• Net operating income increased 23.8% to SEK 37.6 million, with a surplus ratio of 92.6%.

• Profit from property management decreased by 7.8% to SEK 20.3 million due to higher interest expenses from new bond issuance and delayed income from recent acquisitions.

• Profit after tax was SEK 30.0 million, up from SEK 28.6 million, corresponding to SEK 4.08 per share.

• Three new environmentally certified properties were acquired for SEK 176 million; further acquisitions post-period will bring the portfolio to over SEK 2.7 billion in value.

Financial highlights

• Rental income: SEK 40.6 million (up 25.5% year-over-year).

• Net operating income: SEK 37.6 million (up 23.8% year-over-year).

• Profit from property management: SEK 20.3 million (down 7.8% year-over-year).

• Earnings after tax: SEK 30.0 million (up from SEK 28.6 million year-over-year).

• Cash flow from operating activities: SEK -2.8 million (down from SEK 5.4 million), mainly due to working capital changes.

Outlook and guidance

• Current earning capacity as of May 2025: profit from property management of SEK 12.7 per share, up 8% from January 2025.

• Full impact of 2025 acquisitions expected in 2026 results.

• Preparation underway for relisting on Nasdaq Main Market in 2026.