Sagax (SAGA-A) Q3 2025 earnings summary

Executive summary

• Rental revenue for Jan–Sep 2025 increased 8% year-over-year to SEK 3,988M, driven by property acquisitions and rent indexation.

• Profit from property management attributable to shareholders rose 4% to SEK 3,336M, with per-share profit up 4% to SEK 9.30 after dilution.

• Profit after tax attributable to shareholders was SEK 2,249M, down from SEK 4,256M, mainly due to negative property and financial instrument revaluations.

• Cash flow from operating activities before working capital changes was SEK 2,856M, up from SEK 2,704M.

Financial highlights

• Property revaluation impacted profit by SEK -515M (previous year: SEK 456M), and financial instrument revaluation by SEK -79M (previous year: SEK 1,074M).

• Net investments in properties totaled SEK 3,657M, with property acquisitions at SEK 3,058M.

• Economic occupancy rate remained stable at 96%.

• Surplus ratio was 83%, and yield on properties was 6.7%.

Outlook and guidance

• Adjusted forecast for 2025 profit from property management attributable to shareholders is SEK 4,450M, up from the previous forecast of SEK 4,400M.

• Current earnings capacity as of October 2025 shows a run rate yield of 6.7% and net debt/EBITDA of 5.6x.