Platzer Fastigheter (PLAZ) Q1 2025 earnings summary

Executive summary

• Q1 rental income rose 10% to SEK 445m, operating surplus rose 11% to SEK 348m and income from property management rose 16% to SEK 195m.

• Net lettings were negative SEK 3m; retention rate was 88% and economic occupancy was 92.4%.

• Property values were stable; period-end property value was SEK 29,926m and net investment was SEK -438m.

• After the period, residential building rights in Södra Änggården were sold for SEK 393m, and Speed Group signed a major lease at Sörred Logistics Park.

Financial highlights

• Rental income rose from SEK 404m to SEK 445m and operating surplus from SEK 313m to SEK 348m year over year.

• Like-for-like rental income contributed SEK 7m of growth, projects SEK 4m and transactions SEK 30m; property costs increased SEK 6m to SEK 97m.

• Profit for the period was SEK 185m, down from SEK 230m; EPS was SEK 1.55, down from SEK 1.92.

• Cash flow from operating activities was SEK 146m, compared with SEK -144m year over year.

• Net investment was SEK -438m, reflecting net disposals; period-end property value was SEK 29,926m.

Outlook and guidance

• Office-intensive employment in Gothenburg and Mölndal is forecast to grow 1.5% in 2025, 3.0% in 2026 and 4.0% in 2027, after declining 0.4% in 2024.

• Logistics demand is expected to remain stable, with gradual improvement in the office market as employment rises and new supply moderates.

• Focus remains on customer retention, cash flow and readiness for new projects as market conditions improve; V4 at Sörred Logistics Park remained ongoing.