SBB Norden (SBB) Q4 2025 earnings summary

Executive summary

• Completed a multi-year strategic transformation, reducing leverage, simplifying structure, and increasing transparency, now positioned as a leading Nordic social infrastructure investor with market-leading core holdings.

• Divested community service properties to Public Property Invest (PPI), receiving shares and cash, and now holding 40.63% of PPI’s capital.

• Net profit for the period was SEK 1,781m, a turnaround from SEK -4,962m the previous year, driven by lower administration costs and positive exchange rate effects.

• Core holdings include Public Property Invest, Sveafastigheter, Nordiqus, and SBB Development, with SEK 124 billion in assets under management.

• High potential for NAV growth in core holdings, with strong current earnings per share of SEK 0.61.

Financial highlights

• Like-for-like net operating income grew by 7.4% compared to the same quarter last year.

• Loan-to-value ratio reduced to 50%, with interest-bearing liabilities down by SEK 15,749m to SEK 39,988m.

• Cash position at SEK 5.2 billion, with total liquid assets of SEK 14.1 billion.

• Net asset value (NAV) at SEK 14.4bn, NAV per share SEK 8.14 at year-end 2025.

• Surplus ratio increased to 70% (69%).

Outlook and guidance

• Optimism for continued growth in residential and community service properties, supported by strong demand and improved financing conditions.

• Core holdings projected to outperform peers and deliver NAV growth, with underlying growth of 2.0% annually from 2026-2028.

• SBB expects to benefit from PPI’s improved efficiency and higher dividends, with an estimated SEK 360m annual cash flow contribution.

• Plan to further reduce indebtedness and simplify the corporate structure by divesting non-prioritized assets.

• Three-year runway for debt maturities, with sufficient liquidity and undrawn credit facilities.