SBB Norden (SBB) Q4 2025 earnings summary

Executive summary

• Completed multi-year strategic transformation, reducing leverage, simplifying structure, and increasing transparency, now focused on four specialized companies in the Nordics.

• Now positioned as a leading Nordic social infrastructure investor with market-leading core holdings and a streamlined, transparent structure.

• Sale/divestment of community service properties to Public Property Invest (PPI) finalized, receiving shares and cash, further simplifying the structure and creating Europe’s largest listed social infrastructure company.

• Net profit for the period was SEK 1,781m, a significant 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.

Financial highlights

• Like-for-like net operating income grew by 7.4% compared to the same quarter last year; rental income from continuing operations was SEK 1,871m.

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

• Cash position at SEK 5.2bn, with total liquid assets of SEK 14.1bn; liquidity at SEK 9,408m including SEK 4,795m in cash and SEK 4,430m in unutilized credit facilities.

• Surplus ratio increased to 70% (69%), with average interest rate for all interest-bearing liabilities at 2.25%.

• Net asset value per share at SEK 8.14 at year-end 2025.

Outlook and guidance

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

• Core holdings projected to outperform peers and deliver NAV growth, with estimated SEK 360m in annual dividends from PPI.

• SBB Development plans to divest developed properties within five years, starting in 2026.

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

• Capital structure designed for enhanced return on NAV in coming years.