NP3 Fastigheter (NP3) Q2 2025 earnings summary

Executive summary

• Rental income increased 14% year-over-year to 1,115 MSEK for H1 and 16% to 564 MSEK for Q2, with strong management profit growth and continued portfolio expansion.

• Management profit rose 37% to 515 MSEK for H1 and 35% to 281 MSEK for Q2; per share up 31% to 7.68 SEK.

• Acquisitions included full ownership of Cibola Holding AB and 21 new properties totaling 488 MSEK in Q2.

• Divestments after the period included properties worth 464 MSEK, mainly retail assets in Kiruna, with a positive value change of 22 MSEK.

• Dividend of 5.20 SEK per common share and 2.00 SEK per preference share was decided at the AGM.

Financial highlights

• Operating surplus margin improved to 74% for H1 and 79% for Q2.

• Property value reached 24,465 MSEK at period end.

• Net positive leasing of +10 MSEK in Q2, +12 MSEK for H1.

• Result after tax was 477 MSEK for H1 and 203 MSEK for Q2.

• Value changes on properties were 221 MSEK for H1 and 120 MSEK for Q2.

Outlook and guidance

• Management profit forecast for 2025 is 1,090 MSEK, up from previous 1,050 MSEK, driven by one-off compensation and lower financial costs.

• Continued focus on energy efficiency, sustainability, and value-adding investments.

• Ongoing investment appetite with focus on growth and risk control.