Public Property Invest (PUBLI) Q3 2025 earnings summary

Executive summary

• Rental income increased by 51% to NOK 262 million in Q3 2025, with net operating income up 56% to NOK 245 million, driven by property acquisitions and strong operational performance.

• Net income from property management rose 40% to NOK 113 million year-over-year.

• Portfolio expanded by 11 care and elderly care properties, including seven elderly care facilities in Oslo and acquisitions in Helsinki and Lillehammer, strengthening the position in a high-growth segment.

• Portfolio occupancy remained high at 98%, with WAULT extended to 7.5 years.

• Issued NOK 300 million bond in Q3 and EUR 300 million bond in Q4, maintaining ample liquidity for growth.

Financial highlights

• Rental income up 51% year-over-year to NOK 262 million; NOI up 56% to NOK 245 million.

• Net income from property management reached NOK 113 million, up from NOK 81 million in Q3 2024.

• NOI margin was 92.8% in Q3, above run rate guidance.

• Cash flow from operations up 86% year-to-date to NOK 579 million; Q3 cash flow from operations was NOK 220 million.

• Investment properties valued at NOK 15,626 million, up from NOK 9,864 million last year.

Outlook and guidance

• Run rate EBITDA estimated at NOK 857 million; net income from property management expected at NOK 558 million, up 84% from a year ago.

• Completion of Finnish development projects will add NOK 120 million in annual rental income.

• Focus remains on sustainable growth through acquisitions and organic expansion, targeting Net Debt/EBITDA below 9x and LTV below 50%.

• Dividend policy targets 60% payout of cash earnings; NOK 0.10 per share paid in July and October, NOK 0.15 per share to be paid in January and April 2026.

• Supported by demographic trends, expecting strong growth in the elderly population in the Nordics.