Sagax (SAGA-A) Q4 2025 earnings summary

Executive summary

• Rental revenue rose 8% year-over-year to SEK 5,378M, driven by acquisitions and indexation.

• Profit from property management attributable to shareholders increased 3% to SEK 4,442M.

• Net investments in properties totaled SEK 5,272M, with 68 properties acquired and 15 divested.

• The Board proposes a dividend increase to SEK 3.70 per Class A and B share.

• The property portfolio expanded to 1,043 properties with a 96% economic occupancy rate.

Financial highlights

• Profit after tax attributable to shareholders was SEK 4,048M, down from SEK 5,255M the previous year.

• Cash flow from operating activities before working capital changes was SEK 3,641M.

• Property revaluation contributed SEK 171M to profit, while financial instruments had a negative impact of SEK -13M.

• Yield for the year was 6.5%; return on equity was 9.6%.

• Net debt/EBITDA was 5.8x; interest coverage ratio was 4.6x.

Outlook and guidance

• Profit from property management for 2026 is forecast at SEK 4,500M, based on the current portfolio and announced transactions.

• Run rate yield as of January 2026 is 6.6%.