Logistri (LOGIST) Q4 2024 earnings summary

Executive summary

• Rental income rose 18.7% to SEK 135.1 million for 2024, with net operating income up 19.6% to SEK 123.7 million and a surplus ratio of 91.6%.

• Profit from property management increased 24.4% to SEK 84.8 million; adjusted profit after tax was SEK 112.2 million, SEK 15.30 per share, excluding non-recurring items.

• Eight property acquisitions totaling SEK 425.8 million were completed, expanding the portfolio to 27 properties and 206,861 m² of lettable area.

• High occupancy rate of 98.4% and average lease term (WAULT) of 7.3 years; all leases indexed to CPI or fixed increases.

• Board proposes a dividend of SEK 5.20 per share, unchanged from the previous year.

Financial highlights

• Q4 rental income up 37.4% year-over-year to SEK 36.3 million; net operating income up 31.7% to SEK 31.1 million.

• Q4 profit from property management increased 18.4% to SEK 17.5 million; Q4 profit after tax was SEK -6.6 million due to a SEK -47.8 million insurance claim write-down.

• Full-year property yield at 7.22% (up from 6.60%); surplus ratio at 91.6% (up from 90.9%).

• Cash flow from operating activities was SEK 71.9 million; cash and cash equivalents at year-end were SEK 280.5 million.

Outlook and guidance

• Net operating income expected to increase by a further 19% in 2025 based on current earnings capacity.

• Ambition to reach a property portfolio of SEK 5 billion by end of 2028.

• Ongoing investments and acquisitions expected to further increase rental income and earnings per share.