Patriam Invest (PATRIAM) Q4 2025 earnings summary

Executive summary

• Total operating income increased to SEK 537.4 million for Jan–Dec 2025, up from SEK 459.1 million year-over-year.

• Operating result fell to SEK -41.5 million from SEK 25.2 million, with net result at SEK -98.6 million (previously SEK -58.8 million).

• Significant project write-downs, especially for Lilla Essingen, due to market revaluation and cost inflation.

• Successful refinancing and new green bond issuance; Propellerhuset project sold out ahead of schedule.

• Strengthened project portfolio and sustainability efforts, with Moody’s awarding an “Excellent” rating for green bond.

Financial highlights

• Operating income: SEK 537.4 million (SEK 459.1 million year-over-year).

• Operating result: SEK -41.5 million (SEK 25.2 million year-over-year).

• Net result: SEK -98.6 million (SEK -58.8 million year-over-year).

• Total assets: SEK 968.2 million (SEK 786.3 million year-over-year).

• Equity ratio: 27.1% (30.9% year-over-year).

Outlook and guidance

• Focus on accelerating project starts and parallel productions in 2026.

• Market normalization expected in the second half of 2026, with stabilization in inflation and anticipated rate cuts.

• Continued expansion and recruitment in key areas to support growth.