Sagax (SAGA-A) Q4 2024 earnings summary

Executive summary

• Rental revenue increased 16% year-over-year to SEK 4,994M, driven by acquisitions and indexation.

• Profit from property management attributable to shareholders rose 11% to SEK 4,296M year-over-year.

• Profit after tax for shareholders reached SEK 5,255M, a significant turnaround from SEK -13M last year.

• Property portfolio expanded to 983 properties with a lettable area of 4,834,000 sqm and a 96% economic occupancy rate.

• Board proposes raising the dividend per Class A and B share to SEK 3.50 (from SEK 3.10).

Financial highlights

• Rental revenue: SEK 4,994M (+16% year-over-year); profit from property management: SEK 4,296M (+11%).

• Earnings per Class A and B share after dilution: SEK 14.78 (from SEK -0.82); profit from property management per share: SEK 11.95.

• Cash flow from operating activities before working capital: SEK 3,586M (SEK 9.85 per share after dilution).

• Net investments in properties: SEK 6,683M, with SEK 5,698M in acquisitions.

• Property revaluations and financial instruments contributed SEK 558M and SEK 1,104M to profit, respectively.

Outlook and guidance

• 2025 profit from property management attributable to shareholders is forecast at SEK 4,400M, based on current portfolio and announced transactions.