Nivika Fastigheter (NIVI) Q3 2025 earnings summary

Executive summary

• Achieved 8% year-over-year growth in Q2 rental income to 193 Mkr and 14% increase in net operating income to 143 Mkr; net operating income for the first nine months rose 14% year-over-year to SEK 425 million.

• Property value increased to SEK 12,719 million as of September 30, 2025, with a 96% occupancy rate across 679,000 sq. m of lettable area.

• Comprehensive income for the period reached SEK 196 million, up from SEK 113 million year-over-year.

• Net letting for Q2 reached 17 Mkr, with two high-yielding industrial properties acquired, adding 15.8 Mkr in annual rent and 19,600 m² of lettable area.

• The company updated its financial targets, now aiming for a long-term average return on equity of at least 12%.

Financial highlights

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

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

• Total rental income for January–September 2025 increased 11% to SEK 577 million compared to the same period last year.

• Profit from property management rose 15% to SEK 191 million for the nine-month period.

• Earnings per share for the period were SEK 2.05, compared to SEK 1.23 last year.

Outlook and guidance

• Continued strong leasing activity and acquisition opportunities at attractive yields.

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

• Ongoing and future projects, including recent acquisitions, are expected to further strengthen earnings capacity.

• SBTi-aligned sustainability targets validation process ongoing, expected completion in Q3; climate targets approved by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement.

• The company expects continued growth in cash flow and earnings per share, supported by acquisitions of high-yielding properties and strong demand in core markets.