Prisma Properties (PRISMA) Q3 2025 earnings summary

Executive summary

• Rental income rose 25% year-over-year to SEK 123 million in Q3 2025, with net operating income up 24% to SEK 109 million and profit from property management up 32% to SEK 61 million.

• Net profit for Q3 2025 was SEK 108 million (SEK 0.66 per share), compared to SEK 23 million (SEK 0.14 per share) in Q3 2024.

• Earnings capacity increased 46% year-over-year, driven by operational performance and disciplined capital allocation.

• Portfolio expanded to 138 properties valued at SEK 8.1 billion, with major acquisitions in Sweden and Finland and selective divestments.

• Achieved 11th consecutive quarter of positive net letting, with highest net letting to date.

Financial highlights

• Rental income up 25% year-over-year to SEK 123 million; net operating income up 24% to SEK 109 million.

• Profit from property management increased 32% year-over-year to SEK 61 million.

• Net lettings for Q3 2025 were SEK 19 million, and SEK 50 million for the nine-month period.

• Surplus ratio was 88–90% in Q3, with economic occupancy at 98.3%.

• Changes in property values contributed SEK 56 million in Q3 and SEK 147 million year-to-date.

Outlook and guidance

• Target to double property value to SEK 16 billion by 2028, supported by acquisitions, development projects, and asset contribution deals.

• Annual run rate target for development activity set at SEK 1 billion.

• NAV growth target of 15% annually remains in place.

• Long-term net LTV target raised from 50% to 55%, with a short-term ceiling of 60%.