Nivika Fastigheter (NIVI) Q3 2024 earnings summary

Executive summary

• Rental income rose 15% to 172 MSEK in Q3 and 10% to 499 MSEK for the nine months year-over-year.

• Net operating income increased 19% to 119 MSEK in Q3 and 18% to 347 MSEK for the period.

• Profit from property management grew to 44 MSEK in Q3 and 138 MSEK for the period, up 75% year-over-year.

• Comprehensive income reached 48 MSEK in Q3 and 131 MSEK for the period, reversing last year's loss.

• Property value at period end was 11,077 MSEK, up from 10,647 MSEK a year ago.

Financial highlights

• Earnings per share were 0.55 SEK in Q3 and 1.52 SEK for the period, compared to 0.27 SEK and -2.11 SEK last year.

• Net loan-to-value ratio improved to 45% from 54% year-over-year.

• Interest coverage ratio increased to 1.8x from 1.5x.

• Equity ratio stood at 48.2% at period end.

• Cash and cash equivalents were 218 MSEK, up from 131 MSEK last year.

Outlook and guidance

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

• Net loan-to-value target revised to ≤55% (previously ≤50%).

• Focus remains on profitable growth, cost control, and increasing earnings per share.

• Sustainability goal to reduce Scope 1 & 2 emissions by 25% by end of 2025.