Slottsviken (SLOTT) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 increased to 3.4 MSEK from 2.2 MSEK year-over-year, with 100% of revenues from rental income compared to 83% last year.

• Operating income rose to 1.0 MSEK from 0.4 MSEK, and net income after tax increased to 0.9 MSEK from 0.6 MSEK year-over-year.

• Net asset value (NAV) per share was 39.16 SEK at quarter-end, down 0.4% from 39.32 SEK at year-end 2024, but up 9.1% year-over-year.

• The board proposes the first-ever dividend of 0.10 SEK per share.

Financial highlights

• Revenue: 3.4 MSEK (2.2 MSEK Q1 2024); operating income: 1.0 MSEK (0.4 MSEK); net income after tax: 0.9 MSEK (0.6 MSEK).

• Earnings per share: 0.33 SEK (0.26 SEK Q1 2024).

• NAV per share: 39.16 SEK (35.91 SEK Q1 2024).

• Loan-to-value (LTV) increased to 45% from 29% year-over-year.

• Available liquidity at quarter-end: 7.6 MSEK (3.6 MSEK Q1 2024).

Outlook and guidance

• Management expects ongoing property upgrades and energy efficiency measures to support long-term value growth, though these may temporarily impact earnings.

• The property portfolio is described as well-balanced with good prospects for continued value creation.