Real Fastigheter (REAL) Q2 2025 earnings summary

Executive summary

• Revenue increased by 4.6% year-over-year to 89.2 MSEK for H1 2025, with a 2.7% rise in net operating income to 48.7 MSEK and a surplus ratio of 55%.

• Result per share was 0.27 SEK for H1 2025. The property portfolio comprised 27 properties valued at 1,340.9 MSEK at period end.

• EHF Invest AB made a mandatory public offer, raising its ownership to 48.1% by June 23, 2025.

• The company divested properties in Håbo/Bålsta for 60 MSEK to optimize the portfolio.

• Vacancy rate remained stable, with a letting ratio of 89% at the end of H1 2025.

Financial highlights

• Net revenue for Q2 2025 was 43.0 MSEK (41.9 MSEK Q2 2024); H1 2025 revenue was 89.2 MSEK (85.3 MSEK H1 2024).

• Net operating income for Q2 2025 was 25.9 MSEK (26.9 MSEK Q2 2024); H1 2025 was 48.7 MSEK (47.4 MSEK H1 2024).

• Operating profit for H1 2025 was 34.3 MSEK (35.9 MSEK H1 2024), down 4%.

• Result after tax for H1 2025 was 8.1 MSEK (10.9 MSEK H1 2024); EPS was 0.27 SEK (0.37 SEK H1 2024).

• Property value at June 30, 2025: 1,340.9 MSEK (1,290.6 MSEK June 2024).

Outlook and guidance

• Market conditions in logistics, industrial, and manufacturing real estate remain favorable despite higher interest rates and European uncertainties.

• Demand for logistics and industrial premises is stable, with no abnormal vacancies or tenant turnover.

• The company continues to focus on long-term value creation, stable cash flows, and energy efficiency measures.