Logistri (LOGIST) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformative year with the highest investment activity and organizational build-up, including internalizing key functions and preparing for a Nasdaq relisting in 2026.

• Property acquisitions exceeded SEK 2.1 billion, and a major logistics project for Hitachi Energy was initiated, expected to boost rental income by 44% upon completion.

• The company maintained a disciplined growth strategy, focusing on long-term tenant relationships and stable cash flows.

Financial highlights

• Rental income rose 36.1% year-over-year to SEK 183.8 million (135.1).

• Net operating income increased 36.3% to SEK 168.6 million (123.7), with a surplus ratio of 91.7% (91.6).

• Profit from property management decreased 2.2% to SEK 82.9 million (84.8), mainly due to higher financial and administrative expenses.

• Profit for the period more than doubled to SEK 135.3 million (64.4), or SEK 1.73 per share (0.88).

• Unrealized value changes in investment properties contributed SEK 99.6 million (43.4) to earnings.

• Cash flow from operating activities was SEK 75.8 million (71.9).

Outlook and guidance

• The Ludvika logistics project, fully financed and under construction, is expected to increase annual net operating income by SEK 89 million and rental income by 44% upon completion in 2027.

• Earning capacity at year-end 2025 is SEK 3 million lower than Q3 due to higher financial costs, with further growth expected as new acquisitions are integrated.