Stenhus Fastigheter (SFAST) Q1 2025 earnings summary

Executive summary

• Management income increased 16% to SEK 89m compared to SEK 77m in Q1 2024, with net profit after tax at SEK 92m versus SEK -27m last year.

• Portfolio comprised 136 properties (down from 160), mainly in Stockholm/Mälardalen, with a market value of SEK 13,515m.

• Economic occupancy was 92.8% with a 6.0-year average lease duration; rental income was SEK 257m (SEK 268m last year).

• Major refinancing of SEK 4,417m (60% of debt) completed, improving terms and financial flexibility.

• First-ever dividend proposed at SEK 0.20/share (SEK 74m total); 3,995,000 shares repurchased for SEK 44.2m.

Financial highlights

• Rental income: SEK 257m (SEK 268m Q1 2024); management income: SEK 89m (SEK 77m); net profit after tax: SEK 92m (SEK -27m).

• Cash flow from operations: SEK 43m (SEK 41m); cash at period end: SEK 348m (SEK 226m).

• Property value change: SEK 16m (SEK -87m), of which unrealized SEK 17m (SEK -85m).

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

• Earnings per share: SEK 0.25 (SEK -0.07) after dilution.

Outlook and guidance

• Updated operational and financial targets: 12% annual management income growth over a cycle, ROE target 12%, LTV <60%, Net LTV <55%, equity ratio >35%, interest coverage >2.25x.

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