NP3 Fastigheter (NP3) Q4 2024 earnings summary

Executive summary

• Achieved renewed growth in 2024, with property value increasing by approximately SEK 3 billion year-over-year and the portfolio expanding to 554 properties valued at SEK 23,384 million.

• Rental income rose 11% to SEK 1,992 million for the year and 13% to SEK 523 million for Q4.

• Income from property management increased 18% to SEK 879 million for the year and 42% to SEK 250 million for Q4.

• Earnings per common share rose 15% to SEK 13.57.

• Board proposes a dividend of SEK 5.20 per common share and SEK 2.00 per preference share for 2024.

Financial highlights

• Operating surplus margin remained stable at 75%, with operating surplus up 11% to SEK 1,503 million for the year.

• Value changes in properties amounted to SEK 323 million for the year.

• Direct yield was 7.1%, and equity ratio improved to 38.9%.

• Loan-to-value ratio improved to 51.8% from 56.6% year-over-year.

• Interest coverage ratio increased to 2.4x, and average interest rate decreased to 4.38%.

Outlook and guidance

• Forecast for 2025 property management income is SEK 1,030 million, representing an increase of 17–18%.

• Continued focus on growth with maintained or reduced operational and financial risk.