Real Fastigheter (REAL) Q1 2025 earnings summary

Executive summary

• Net revenue increased by 6% to SEK 46.2 million compared to Q1 2024, with operating profit up 5% to SEK 15.6 million.

• Earnings per share rose to SEK 0.16 from SEK 0.13 year-over-year.

• Focus remains on logistics, warehousing, and light industrial properties in Swedish growth regions.

• Portfolio value reached SEK 1,397.6 million across 31 properties; vacancy rate stable at 11%.

• No significant events or property acquisitions during the quarter.

Financial highlights

• Operating margin (driftnetto) improved to SEK 22.8 million, a 12% increase year-over-year.

• Net profit after tax was SEK 4.6 million, up from SEK 4.0 million in Q1 2024.

• Equity per share increased to SEK 20.41 from SEK 18.57.

• Cash flow from operations was SEK -12.2 million, down from SEK 15.9 million in Q1 2024.

• No unrealized property value changes were reported in the quarter.

Outlook and guidance

• Market conditions for logistics and industrial properties remain stable despite high interest rates and European uncertainties.

• Management expects continued stable demand and is confident in the current strategy.

• Ongoing energy efficiency initiatives are expected to lower costs and improve tenant offerings.