Platzer Fastigheter (PLAZ) Q4 2025 earnings summary

Executive summary

• Achieved 11% growth in income from property management year-over-year, reaching SEK 795 million, and a 5% increase in both rental income and operating surplus for the full year 2025.

• Delivered stable performance and high activity, ending a challenging year on a positive note.

• Growth was driven by the Mimo Industrial and Logistics segment, which showed strong performance with low vacancy rates and stable rents.

• Net lettings were positive at SEK 15 million in Q4 but negative SEK -14 million for the full year, reflecting market challenges and portfolio adjustments.

• Dividend of SEK 2.20 per share proposed, to be paid in two instalments, with a decision on B-share repurchase.

Financial highlights

• Rental income for the year increased by 5% to SEK 1,747 million; Q4 rental income was SEK 438 million, down 1% year-over-year.

• Operating surplus for the year rose by 5% to SEK 1,380 million; Q4 operating surplus was SEK 343 million (+1%).

• Income from property management per share increased to SEK 6.64 (from 5.96); total income from property management grew by 11% year-over-year.

• Net investment for the year was SEK -448 million, reflecting disposals exceeding acquisitions; Q4 net investment was SEK 285 million.

• Property value at year-end was SEK 30,051 million, with Q4 property values increasing by SEK 107 million.

Outlook and guidance

• Positive momentum expected to continue into 2026, with management focusing on cost control, filling vacancies, and leveraging market knowledge.

• Export-weighted GDP growth for the Gothenburg region forecast at 1.7% for 2026; Swedish economy forecasted to grow by 2.6% in 2026.

• No new large office projects started in 2025; market expected to gradually absorb recent supply increases.