Public Property Invest (PUBLI) Q4 2025 earnings summary

Executive summary

• Achieved transformative 5x growth in portfolio value and run rate rental income in 2025, driven by a NOK 38 billion SocialCo acquisition, creating the largest listed pan-Nordic social infrastructure platform with 850 properties and NOK 54 billion GAV.

• Delivered total shareholder return of 35% in 2025 and 70–71% since IPO in April 2024, outperforming the OMX Stockholm Real Estate GI Index.

• Portfolio now 84% government-backed leases, with high occupancy (95%) and WAULT of 7.3 years including projects.

• Board proposes NOK 1 per share dividend for 2026, a 157% increase, to be paid quarterly.

• Maintained LTV below 50% and received a BBB+ credit rating upgrade.

Financial highlights

• Rental income increased 65% year-over-year to NOK 1,089 million for 2025; Q4 rental income up 120% to NOK 389 million.

• Net operating income was NOK 979 million for 2025, with Q4 NOI up 106% to NOK 332 million.

• Net income from property management rose 73% to NOK 468 million for 2025; Q4 net income from property management up 142% to NOK 147 million.

• Net profit for 2025 reached NOK 514 million, up from NOK 221 million in 2024.

• Cash flow from operations increased by 87% to NOK 874 million.

Outlook and guidance

• Annualized run rate rental income estimated at NOK 3.7 billion; run rate EBITDA at NOK 2.7 billion entering 2026.

• Board intends to propose a NOK 1 per share dividend for 2026, a 157% increase, paid quarterly.

• Ongoing projects expected to add NOK 132 million in NOI upon completion in late 2026/early 2027.

• Focus for 2026 is on operational excellence, integration, and capturing financial synergies.

• Targeting Nasdaq Stockholm primary listing and Oslo Børs secondary listing by May/June 2026.