Nivika Fastigheter (NIVI) Q4 2025 earnings summary

Executive summary

• Achieved rising revenues, operating surplus, and management result in Q3 and double-digit growth in Q4, with a 96% economic occupancy rate across the portfolio.

• Acquired three properties valued at SEK 91 million in Q3 and 13 properties valued at SEK 470 million in Q4; divested residential building rights and nine properties in Jönköping above or at book value.

• Two projects completed in Q3, adding over SEK 4 million in rental value; increased share of green properties to 49% and solar energy production up 22% year-over-year.

• Strategic focus on high-yield commercial properties and portfolio optimization through acquisitions and divestments.

• Board proposes a 13% higher dividend of SEK 0.72 per share, payable in four instalments.

Financial highlights

• Q3 rental income was SEK 185 million, up from SEK 171 million year-over-year; Q4 rental income grew 13% year-over-year; full-year rental income rose 11% to SEK 789 million.

• Q3 operating surplus was SEK 123 million, up from SEK 110 million; Q4 net operating income was SEK 151 million (up 16%); full-year net operating income was SEK 576 million (up 15%).

• Management result for Q3 was SEK 74 million, compared to SEK 65 million last year; Q4 profit from property management was SEK 65 million (up 16%); full-year profit from property management was SEK 256 million (up 15%).

• Earnings per share: SEK 2.66 (up from SEK 2.02); result per share for the first nine months was SEK 2.05, up from SEK 1.23.

• Cash flow from operating activities before working capital changes: SEK 508 million (up 21%).

Outlook and guidance

• Continued focus on profitable growth in high-yield properties, especially in the western Swedish triangle.

• Reorganization into three business segments for increased clarity and efficiency starting Q1 2026.

• Ongoing expansion in southern Sweden, including re-entry into the Skåne market.

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