Nivika Fastigheter (NIVI) Q2 2025 earnings summary

Executive summary

• Rental income rose 8% to 193 Mkr in Q2 2025 and 11% to 382 Mkr for H1, driven by acquisitions and project completions.

• Net operating income increased 14% in Q2 and 16% for H1, with management result up 15% to 117 Mkr.

• Occupancy rates remained high at 96% overall, with 95% for commercial and 97% for residential properties.

• Property value reached 12.6 Bn SEK, with 64% commercial and 36% residential assets.

• Net letting for Q2 reached 17 Mkr, with strong leasing and two high-yielding industrial properties acquired, adding up to 16 Mkr in annual rent.

Financial highlights

• Q2 rental income: 193 Mkr (178 Mkr Q2 2024), net operating income: 143 Mkr (125 Mkr), management result: 65 Mkr (56 Mkr adjusted Q2 2024).

• H1 2025 total income: 382 Mkr (+11%), net operating income: 271 Mkr (+16%), management result: 117 Mkr (+15%).

• Net profit for H1: 87 Mkr (108 Mkr), EPS: 0.90 SEK (1.23 SEK).

• Interest coverage ratio (R12): 2.0x (1.9x), average interest rate: 4.2% (5.0%).

• Net LTV: 49.3% (target ≤55%), equity ratio: 44%.

Outlook and guidance

• Continued strong leasing activity and acquisition opportunities at attractive yields, focusing on high-yield properties in the West Swedish triangle.

• Signed agreements for new industrial portfolio on the West Coast, expected to add 18 Mkr in annual rent in Q4.

• 11-year green triple net lease signed with IT consultancy, adding 3.4 Mkr in annual rent.

• Ongoing SBTi target validation process, expected completion in Q3.

• Targeting property value of 15,000 Mkr by end of 2028.