Stenhus Fastigheter (SFAST) Q2 2025 earnings summary

Executive summary

• Rental income for Q2 2025 was SEK 251 million, a slight decrease from SEK 258 million year-over-year.

• Profit from property management rose 22% to SEK 96 million compared to SEK 79 million in Q2 2024.

• Net profit after tax reached SEK 49 million in Q2 2025, reversing a loss of SEK 12 million in the prior year; for the period, net profit after tax was SEK 141 million, up from a loss of SEK 40 million.

• Cash flow from operating activities increased to SEK 118 million from SEK 83 million year-over-year; for the period, it was SEK 161 million, up from SEK 125 million.

• Strategic acquisition of one property and divestment of three properties during the quarter; post-period, a six-property logistics portfolio was acquired for SEK 299 million.

Financial highlights

• Rental income for the quarter: SEK 251 million (Q2 2024: SEK 258 million); for the period: SEK 507 million (previous year: SEK 526 million).

• Net operating income: SEK 194 million (Q2 2024: SEK 201 million); operating surplus for the period: SEK 381.6 million (previous year: SEK 398.4 million).

• Profit from property management: SEK 96 million (Q2 2024: SEK 79 million).

• Change in value of investment properties: SEK 38 million (Q2 2024: SEK -62 million); fair value changes for the period: SEK 53.4 million.

• Earnings per share after dilution: SEK 0.38 (previous year: SEK -0.10).

Outlook and guidance

• Management result targeted to increase by 12% per year over an economic cycle.

• Long-term financial goals: return on equity of 12%, equity ratio above 35%, Net LTV below 55%.

• Dividend policy aims for at least 30% of management income to be distributed.

• Focus on sustainable growth, operational cash flows, and long lease durations.

• Vision to become a leading real estate company in Sweden within five years.