Public Property Invest (PUBLI) Q2 2025 earnings summary

Executive summary

• Rental income increased 42% year-over-year to NOK 233 million in Q2 2025, driven by acquisitions and expansion into Finland and Sweden.

• Net income from property management rose 51% to NOK 116 million in Q2 2025, with H1 up 61% to NOK 208 million.

• Portfolio expanded to 96 properties totaling 613,000 sq m, valued at NOK 14.9 billion as of June 30, 2025.

• Major Q2 acquisitions included 19 properties, notably eight critical infrastructure assets from Aker, and entry into elderly care with seven nursing homes.

• High occupancy rate of 98% and average lease term (WAULT) of 6.8 years, with 80% of rent government-backed.

Financial highlights

• Q2 2025 rental income was NOK 233 million (Q2 2024: NOK 164 million); H1 2025: NOK 438 million (H1 2024: NOK 313 million).

• Net operating income for Q2 was NOK 213 million, with a NOI margin of 91.4%.

• Net profit for Q2 2025 was NOK 174 million, compared to a loss of NOK 5 million in Q2 2024.

• EPRA NRV per share at NOK 24.5 as of Q2 2025.

• Cash flow from operations reached NOK 186 million in Q2 2025.

Outlook and guidance

• Annualized rental income expected at NOK 1,033 million; NOI anticipated at NOK 931 million.

• Net income from property management forecasted at NOK 565 million, or NOK 1.64 per share.

• Dividend policy targets 60% payout of cash earnings; first quarterly dividend of NOK 0.10 per share paid in July 2025.

• Ongoing development projects in Finland to provide full rental income from Q1 2027.

• Management expects continued growth, supported by declining interest rates and strong demand for social infrastructure.