Logistri (LOGIST) Q2 2024 earnings summary

Executive summary

• Revenue increased by 12.4% to SEK 65.5m for H1 2024, driven by index adjustments and property acquisitions; Q2 revenue up 14.1% year-over-year.

• Operating net rose 14.7% to SEK 61.6m, with a high surplus ratio of 94.1%.

• Management result grew 25.5% to SEK 45.3m for H1, with a record high for the company.

• Two properties acquired in Stockholm and Gothenburg for SEK 113.2m, adding 5,166 sqm and SEK 7.8m in annual rent.

• Portfolio now includes 21 properties, 186,479 sqm, and 27 tenants, with a 97.6% economic occupancy rate.

Financial highlights

• Q2 2024 revenue: SEK 33.2m (+14.1% YoY); H1 2024 revenue: SEK 65.5m (+12.4% YoY).

• Q2 operating net: SEK 31.2m (+16.7% YoY); H1 operating net: SEK 61.6m (+14.7% YoY).

• Q2 management result: SEK 23.3m (+32.6% YoY); H1 management result: SEK 45.3m (+25.5% YoY).

• H1 net income: SEK 53.4m (up from SEK 31.4m YoY); EPS: SEK 7.28 (up from SEK 6.42 YoY).

• Cash flow from operations: SEK 18.5m; cash at period end: SEK 120.0m.

Outlook and guidance

• Management expects continued disciplined growth through profitable acquisitions and investments.

• Three conditional agreements for new property acquisitions (SEK 142.4m, 7,164 sqm, WAULT ~10 years) to be completed in H2 2024, pending financing.

• Market for industrial and logistics properties is recovering, with opportunities for further expansion.