Slottsviken (SLOTT) Q2 2024 earnings summary

Executive summary

• Net asset value per share rose to 37.07 SEK as of June 30, 2024, up 3.2% from March 31 and 25.2% year-over-year.

• Revenue for Q2 2024 was 2.7 MSEK, up from 2.2 MSEK in Q2 2023; H1 2024 revenue reached 4.9 MSEK.

• Operating income for Q2 increased to 652 TSEK (583 TSEK last year); H1 operating income was 1,059 TSEK.

• Net income after tax for Q2 was 744 TSEK (708 TSEK last year); H1 net income was 1,387 TSEK.

• Result per share for H1 improved to 0.58 SEK (0.45 SEK last year).

Financial highlights

• Net asset value per share at 37.07 SEK as of June 30, 2024, compared to 35.91 SEK on March 31, 2024.

• Loan-to-value (LTV) ratio for properties was 47% at quarter-end, up from 39% last year.

• Cash and cash equivalents at period-end were 8.8 MSEK.

• Average interest rate on loans decreased to 5.39% from 7% in the previous quarter.

• Dividend policy remains to reinvest all cash flow during the expansion phase; no dividend paid.

Outlook and guidance

• Hyresintäkter expected to increase in H2 2024 due to the new property acquisition in June.

• Management sees a stable base for continued growth following the acquisition and refinancing.