Neobo Fastigheter (NEOBO) Q1 2025 earnings summary

Executive summary

• Profit from property management increased by 156% to SEK 28m, reflecting a strong start to the year and 2025.

• Rental income rose to SEK 230m, with like-for-like growth of 4.3%, and net operating income increased 19.4% to SEK 107m.

• Organizational upgrade completed to accelerate value creation and deliver long-term shareholder value.

• SEK 41m invested in property improvements and sustainability measures since the start of the year.

• Positive unrealized value changes in the property portfolio for the first time since company founding, due to stabilized yields and higher net operating income.

Financial highlights

• Rental income in the like-for-like portfolio increased by 4.3% year-over-year to SEK 230m, driven by rent adjustments and lower vacancies.

• Net operating income in the like-for-like portfolio rose by 19.4% year-over-year to SEK 107m.

• Profit from property management more than doubled, increasing by 156% year-over-year to SEK 28m.

• Property portfolio valued at SEK 13.8 billion, with 8,300 apartments; residential properties make up 95% of total value.

• Surplus ratio improved to 47% (40), and economic occupancy rate was 92.7% (93.0%).

Outlook and guidance

• Rent negotiations for 2025 are complete, with an average increase of 4.8%.

• Positive outlook for next year, supported by stabilized yields, increased net operating income, and organizational strengthening.

• Continued focus on lowering residential vacancy rates and successful leasing in commercial segment.