Stenhus Fastigheter (SFAST) Q3 2025 earnings summary

Executive summary

• Achieved record-high operating profit for both the quarter and the nine-month period, with operating profit up 33% for the quarter and 24% for the period year-over-year.

• Portfolio consists of 140 properties (up from 134), mainly in metropolitan and growth areas, with a focus on stable tenants and long leases.

• Major strategic transactions included acquisitions in logistics/industrial and divestments of vacant development properties.

Financial highlights

• Rental income for Jan–Sep 2025 was SEK 765.4m (766.9m), with an economic occupancy rate of 92.8% (93.0%).

• Operating profit (forvaltningsresultat) for Jan–Sep 2025 was SEK 299.1m (241.9m), up 24% year-over-year.

• Net profit after tax for the period was SEK 248.9m (–54.3m).

• Cash flow from operations was SEK 288.1m (163.3m), and total cash flow for the period was SEK 402.8m (11.1m).

• Property value increased to SEK 13,850.8m (13,395.0m) at period end.

Outlook and guidance

• Long-term targets include annual growth in operating profit of 12% over a cycle, return on equity of 12%, LTV below 60%, Net LTV below 55%, and interest coverage above 2.25x.

• Dividend policy is to pay at least 30% of operating profit; SEK 0.20 per share for 2025, split into two payments.