Nivika Fastigheter (NIVI) Q1 2025 earnings summary

Executive summary

• Rental income grew 15% to 189 MSEK and net operating income rose 17% to 128 MSEK in Q1 2025, with management profit up 32% to 52 MSEK compared to Q1 2024.

• Portfolio expanded with 16 property acquisitions valued at ~300 MSEK, adding 25,000 m² and 25 MSEK in annual rent.

• Economic occupancy remained high at 95% overall, with 95% for commercial and 96% for residential properties.

• Property value reached 12,187 MSEK, with a diversified portfolio focused on the West Swedish Triangle.

• Dividend of 0.64 SEK per share proposed, distributed over four payments.

Financial highlights

• Rental income: 189 MSEK (+15% YoY); net operating income: 128 MSEK (+17% YoY); management profit: 52 MSEK (+32% YoY).

• Net profit for the period: 56 MSEK (0.59 SEK/share), down from 60 MSEK (0.73 SEK/share) in Q1 2024.

• Net loan-to-value: 48.1%, below the long-term target of 55%.

• Ongoing share buyback program of 50 MSEK, with 22 MSEK repurchased by March 31, 2025.

• Surplus ratio: 68% (up from 66% YoY).

Outlook and guidance

• Target property value of 15,000 MSEK by end of 2028.

• Focus on further acquisitions, especially high-yielding and light industrial assets in core geographies.

• Full effect of recent acquisitions expected in coming quarters.

• New production facility for Rosti GP in Gislaved to be completed by autumn 2026.

• Continued tenant demand for space adaptations and expansions.