Platzer Fastigheter (PLAZ) Q2 2025 earnings summary

Executive summary

• Q2 rental income rose 6% to SEK 431m, net operating income rose 7% to SEK 349m, and income from property management increased 16% to SEK 204m.

• Net lettings were SEK +15m; net investment was SEK -355m, versus SEK +216m in Q2 2024.

• Industrial and logistics activity supported positive net lettings, while office lettings faced vacancy and tenant-related pressure.

• Property portfolio value was SEK 29.6bn, with 91.5% economic occupancy and a 4.8% yield.

• Energy use fell 6%; 74% of revenue was classified as green.

Financial highlights

• Rental income increased from SEK 407m to SEK 431m; like-for-like growth contributed SEK 1m, projects SEK 2m and transactions SEK 21m.

• Property costs were SEK 82m versus SEK 80m; net operating income rose from SEK 327m to SEK 349m, up 7%.

• Q2 income from property management was SEK 204m (SEK 1.70/share), versus SEK 176m (SEK 1.47/share) a year earlier.

• Net positive unrealized property value change was SEK 39m; realized asset-sale value change was SEK -72m, offset by deferred tax income for a net impact of SEK -5m.

• H1 operating surplus reached SEK 697m, up from SEK 640m; H1 profit was SEK 179m.

Outlook and guidance

• Focus remains on reducing vacancies, project development, refurbishment and energy-efficiency work; full letting of vacancies represents SEK 210m potential earnings.

• Development portfolio totals 330,000 sqm, including 240,000 sqm office and 80,000 sqm industrial/logistics; Arendal and Gamlestaden projects could start from 2025.

• Continued competition for office tenants is expected, while demand for modern, centrally located premises remains stable.

• Fewer new office projects are expected in the next 1–2 years; Sweden's economy is forecast to strengthen in 2026.