Nivika Fastigheter (NIVI) Q4 2025 earnings summary

Executive summary

• Achieved 13% increase in Q4 revenues and 16% rise in operating net, with 96% occupancy and 16% growth in management result year-over-year.

• Full-year rental income rose 11% to SEK 789 million, and profit from property management increased 15% to SEK 256 million.

• Strategic focus on high-yield commercial properties, with significant acquisitions and divestments to optimize the portfolio.

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

• High acquisition activity with 13 properties acquired, adding SEK 469–470 million in property value and SEK 35 million in rental value.

Financial highlights

• Q4 net operating income: SEK 151 million (up 16% year-over-year); full-year: SEK 576 million (up 15%).

• Management result per share rose to SEK 2.66 for the year, up 15% from SEK 2.02.

• Comprehensive income for the year: SEK 255 million (up from SEK 194 million).

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

• Net loan-to-value ratio at 51–51.4%, interest coverage ratio at 2.0x, and long-term net asset value per share at SEK 68.30.

Outlook and guidance

• Continued strong activity in leasing and acquisitions, with further opportunities for attractive property purchases and financing.

• Divestment of Jönköping assets enables reallocation to higher-yielding properties.

• From Q1 2026, reporting will shift to business segments: Commercial, Residential, and Business Development.

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