Nivika Fastigheter (NIVI) Q2 2025 earnings summary

Executive summary

• Rental income increased by 8% to SEK 193m in Q2 and by 11% to SEK 382m for Jan–Jun 2025, driven by acquisitions and project completions.

• Net letting reached SEK 17m in Q2 and SEK 24m for the half-year, reflecting strong demand and leasing activity.

• Property portfolio value rose to SEK 12.6bn, with 64% in commercial and 36% in residential properties.

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

• Strategic acquisitions and project completions contributed to growth in cash flow and earnings per share.

Financial highlights

• Operating surplus (driftnetto) increased by 14% to SEK 143m in Q2 and by 16% to SEK 271m for the half-year year-over-year.

• Management result (förvaltningsresultat) up 3% to SEK 65m in Q2 and 15% to SEK 117m for the half-year.

• Net profit for Q2 was SEK 30m (down from SEK 48m YoY); for the half-year, SEK 87m (down from SEK 108m YoY).

• Property value changes contributed SEK 39m in Q2 and SEK 42m for the half-year; derivative value changes impacted negatively by SEK -68m in Q2 and SEK -53m for the half-year.

• Earnings per share: SEK 0.32 in Q2 (SEK 0.55 YoY), SEK 0.90 for the half-year (SEK 1.23 YoY).

Outlook and guidance

• The company is well positioned for future growth with a diversified property portfolio and strong financial base.

• Focus remains on acquiring high-yield properties in core regions to drive cash flow and profit per share.

• Market conditions are stabilizing, with interest rate cuts supporting earnings and property values.

• Targeting property value of SEK 15bn by end of 2028; current value at SEK 12.6bn.

• Net loan-to-value ratio target ≤55%; current at 49.3%.