Platzer Fastigheter (PLAZ) Q4 2025 earnings summary

Executive summary

• FY2025 income from property management rose 11% to SEK 795m; net profit was SEK 698m vs SEK 379m, with property and financial instrument revaluations affecting reported results.

• Rental income and operating surplus each increased 5%; Q4 net letting was positive SEK 15m, the strongest new letting in the existing portfolio since 2023.

• Economic occupancy fell to 90.4% from 92.9%, while portfolio rotation, cost control and improved financing metrics strengthened the financial position.

Financial highlights

• FY rental income increased 4.6% to SEK 1,747m; operating surplus rose 5% to SEK 1,380m, and property costs increased 3.1% to SEK 367m.

• Q4 rental income was SEK 438m (-1%), NOI SEK 343m (+1%) and income from property management SEK 198m (+5%); property costs fell 7.8% to SEK 95m.

• FY profit was SEK 698m vs SEK 379m; property value changes contributed SEK 50m vs a SEK 215m loss, while financial instrument revaluations were SEK -67m vs SEK 21m.

• FY net letting was -SEK 14m including associates (-SEK 38m wholly owned); Q4 net letting was +SEK 15m.

• FY net financial expense improved to SEK 549m from SEK 567m; average interest rate for the period declined to 3.7% from 4.1%.

Outlook and guidance

• 2026 priorities include filling vacancies, lease renegotiations, customer needs, cost control, portfolio rotation, energy efficiency and securing growth opportunities.

• Q4 leasing momentum and post-period transactions supported a positive start to 2026; office demand improved late in 2025, but competition remains tough.

• Development pipeline totals 310,000 sq. m. GFA, including 55,000 sq. m. in concept or detailed design; Arendal has more than 70,000 sq. m. of development potential.