Stenhus Fastigheter (SFAST) Q1 2025 earnings summary

Executive summary

• Profit from property management rose 16% year-over-year to SEK 89 million, with profit after tax at SEK 92 million compared to a loss of SEK 27 million last year.

• Rental income for Q1 2025 was SEK 257 million, down from SEK 268 million year-over-year.

• Strategic acquisitions, major refinancing of SEK 4,417 million (60% of debt), and share buybacks of 3,995,000 shares for SEK 44.2 million strengthened the financial position.

• Portfolio comprised 136 properties, mainly in Stockholm/Mälardalen, with a market value of SEK 13,515 million.

• First-ever dividend proposed at SEK 0.20 per share (SEK 74 million total).

Financial highlights

• Net operating income for Q1 2025 was SEK 187.9 million, with EBITDA at SEK 194 million.

• Cash flow from operating activities reached SEK 43 million, up from SEK 41 million year-over-year; cash at period end was SEK 348 million.

• Change in value of investment properties was SEK 16 million, a turnaround from SEK -87 million last year.

• Earnings per share after dilution was SEK 0.25, compared to SEK -0.07 last year.

• Net LTV: 53.4%; equity ratio: 42.0%; interest coverage: 2.1x; average interest rate: 4.2%.

Outlook and guidance

• Management targets 12% annual increase in management result and 12% average return on equity over an economic cycle.

• Dividend policy: at least 30% of management income to be distributed long-term.

• Focus remains on acquisitions, project development, and operational cash flow.