Nivika Fastigheter (NIVI) Q3 2025 earnings summary

Executive summary

• Achieved rising revenues, net operating income, and management result in Q3 2025 compared to Q3 2024, with net operating income for the first nine months rising 14% year-over-year to SEK 425 million.

• Economic occupancy rate reached 96% across the portfolio, covering 679,000 sq. m of lettable area.

• Acquired three properties valued at SEK 91 million and divested residential building rights in Jönköping above book value.

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

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

Financial highlights

• Q3 2025 rental income: SEK 185 million, up from SEK 171 million in Q3 2024; total rental income for Jan–Sep 2025 increased 11% to SEK 577 million.

• Net operating income for Q3 2025: SEK 123 million, up from SEK 110 million year-over-year.

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

• Earnings per share for Jan–Sep 2025: SEK 2.05 (Jan–Sep 2024: SEK 1.23).

• Cash flow from operating activities before changes in working capital increased 14% to SEK 384 million.

Outlook and guidance

• Continued strong activity in leasing and acquisition opportunities at attractive yields, with ongoing and future projects expected to strengthen earnings capacity.

• Good access to financing and ongoing focus on operational efficiency.

• Management result per share expected to rise to SEK 3.06 based on current earnings capacity.

• 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.