Platzer Fastigheter (PLAZ) Q4 2025 earnings summary

Executive summary

• FY rental income and operating surplus each grew 5%; management result rose 11% to SEK 795m.

• Q4 management result increased 5% to SEK 198m; annual net income was SEK 698m.

• Industrial and logistics led leasing, while year-end occupancy declined to 90.4%.

Financial highlights

• Q4 rental income was SEK 438m, down 1% YoY; operating surplus was SEK 343m, up 1%, and management result was SEK 198m, up 5%.

• FY rental income rose 5% to SEK 1,747m; operating surplus increased 5% to SEK 1,380m; management result grew 11% to SEK 795m.

• Q4 net lettings were SEK 15m including associates and SEK 14m in wholly owned properties; FY net lettings were SEK -14m and SEK -38m, respectively.

• FY net income was SEK 698m versus SEK 379m; property revaluations contributed SEK 50m versus negative SEK 215m, while financial instrument revaluations were negative SEK 67m.

• FY cash flow from operations was SEK 611m versus SEK 925m; net investment was negative SEK 448m versus positive SEK 613m in 2024.

Outlook and guidance

• 2026 priorities include filling vacancies, securing lease renewals, controlling costs, and pursuing portfolio development and new business opportunities.

• Swedish economic growth is forecast at least 2.6% in 2026; the export-weighted GDP forecast was 1.7%.

• Management cited macroeconomic uncertainty that may delay transactions and recovery.

• Arendal has development potential of 70,000 sqm; plans also envisage ~80,000 sqm of logistics space in an initial phase.