Offentliga Hus i Norden (OFFENTLIGAHUS) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 increased by 26% year-over-year to 94.5 MSEK, with net operating income up 34% to 57.7 MSEK, driven by strong rental growth and controlled costs.

• Net profit for the period was 276 MSEK, a significant turnaround from -43.7 MSEK in Q1 2024.

• The property portfolio grew 4% to a market value of 4,960 MSEK, with 39 properties focused on public sector tenants.

Financial highlights

• Operating margin improved as net operating income rose faster than revenue.

• Loan-to-value ratio decreased to 28.3% from 30.1% year-over-year.

• Equity at period end was 4,913 MSEK, with a solid equity ratio of 65.6%.

• Cash flow from operations was -79.2 MSEK, slightly lower than -76.6 MSEK in Q1 2024.

• Average direct yield on properties was 5.1% on a rolling 12-month basis.

Outlook and guidance

• All properties were externally valued as of March 31, 2025, supporting the reported market value.

• Dividend of 1,731 MSEK was distributed after the period, settled against receivables and with no liquidity impact.