NP3 Fastigheter (NP3) Q1 2025 earnings summary

Executive summary

• Rental income increased 12% year-over-year to 551 MSEK, operating surplus rose 17% to 383 MSEK, and profit from property management grew 40% to 235 MSEK in Q1 2025.

• Portfolio expanded to 557 properties valued at 23,708 MSEK, with a stable occupancy rate of 93%.

• Net profit after tax was 274 MSEK, or 4.08 SEK per share.

• Property acquisitions totaled 150 MSEK and divestments 76 MSEK during the quarter; additional divestments of 463 MSEK agreed post-period.

• Refinanced approximately 4 billion SEK in bank loans, extending average debt maturity.

Financial highlights

• Rental income: 551 MSEK (+12% YoY), operating surplus: 383 MSEK (+17% YoY), surplus ratio: 70%.

• Profit from property management: 235 MSEK (+40% YoY), per share: 3.47 SEK (+34% YoY).

• Property value: 23,708 MSEK (up from 23,384 MSEK at year-end 2024).

• Net positive leasing of 3 MSEK in the quarter.

• Direct yield: 7.1%.

Outlook and guidance

• Forecast for profit from property management in 2025 raised to 1,050 MSEK, a 19% increase over 2024.

• Updated financial target: maximum loan-to-value ratio set at 60%.

• Full-year effect of acquisitions and increased earnings in existing portfolio expected to drive results.