Public Property Invest (PUBLI) Q1 2025 earnings summary

Executive summary

• Rental income rose 38.5% year-over-year to NOK 205 million in Q1 2025, with net income from property management up 78% to NOK 92 million.

• Achieved strong growth through Nordic expansion, acquiring five properties in Q1 and announcing further transactions, including a milestone Aker deal launching a new industrial infrastructure segment.

• Portfolio now includes 77 properties totaling 415,000 sqm, with 97.3% occupancy and WAULT of 5.6 years.

• Aker became a major shareholder via a NOK 1.5 billion infrastructure asset deal, adding NOK 800 million in cash and establishing a new business segment.

• Secondary listing postponed to H2 2025; company aims to become a dividend payer.

Financial highlights

• Net operating income was NOK 189 million, up 48% year-over-year, with a 92% margin.

• Net profit for the quarter was NOK 161 million, reversing a NOK 219 million loss in Q1 2024.

• EPRA NRV per share increased to NOK 28.01 from NOK 27.2 at year-end 2024.

• Investment properties valued at NOK 11.7 billion as of March 31, 2025.

• Net income from property management per share increased 9.4% sequentially to NOK 1.74.

Outlook and guidance

• Expect continued growth in rental income and NOI from recent and upcoming transactions.

• Normalized annual run rate rental income projected at NOK 823 million; NOI at NOK 736 million.

• Dividend proposal of NOK 0.5 per share for 2024, to be paid quarterly.

• Focus on improving credit rating, financing structure, and margins.

• Management sees attractive market opportunities across the Nordics, with timing presumed at/near the bottom of the cycle.