Sagax (SAGA-A) Q1 2025 earnings summary

Executive summary

• Rental revenue rose 10% year-over-year to SEK 1,307 M, driven by acquisitions and indexation.

• Profit from property management attributable to shareholders increased 6% to SEK 1,053 M.

• Net investments in properties totaled SEK 1,041 M, with SEK 849 M from acquisitions.

• Economic occupancy rate remained high at 96%.

• Property portfolio expanded to 989 properties with a lettable area of 4,876,000 sqm.

Financial highlights

• Profit after tax attributable to shareholders was SEK 878 M, down from SEK 1,080 M year-over-year.

• Cash flow from operating activities before working capital changes was SEK 870 M.

• Earnings per Class A and B share after dilution were SEK 2.41 (3.01 prior year).

• Property revaluation impacted profit by SEK –17 M; financial instruments revaluation by SEK 31 M.

• Surplus ratio held steady at 81%.

Outlook and guidance

• 2025 profit from property management forecast remains unchanged at SEK 4,400 M.

• Current earnings capacity as of April 1, 2025, shows a run rate yield of 6.6%.