Stenhus Fastigheter (SFAST) Q3 2025 earnings summary

Executive summary

• Achieved record operating result of SEK 114 million for the quarter and SEK 299.1 million for the period, marking the strongest performance in company history, with operating profit up 33% for the quarter and 24% for the period year-over-year.

• Portfolio consists of 140 properties, mainly in metropolitan and growth areas, focused on stable tenants and long leases.

• Completed acquisition of eight fully leased properties valued at SEK 600 million and divested three project and development properties, raising occupancy rate to 94.7%.

• Refinanced outstanding bond on improved terms, launched a SEK 1,000 million commercial paper program, and issued SEK 500 million in new senior unsecured green bonds.

• Submitted and completed a successful public takeover bid for Backaheden, now controlling 97.4% of shares.

Financial highlights

• Rental income for the quarter was SEK 258 million, up from SEK 241 million year-over-year; for Jan–Sep 2025, SEK 765.4 million.

• Profit from property management increased by 33% to SEK 114 million for the quarter; operating profit for Jan–Sep 2025 was SEK 299.1 million, up 24% year-over-year.

• Net profit after tax for the period was SEK 248.9 million, compared to a loss of SEK 54.3 million last year.

• Cash flow from operating activities reached SEK 288.1 million for the period, up from SEK 163.3 million year-over-year.

• Property value increased to SEK 13,850.8 million at period end.

Outlook and guidance

• Focus remains on sustainable growth, operating cash flows, and long lease durations, with a vision to become a leading real estate company in Sweden within five years.

• 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%, ICR above 2.25x, and equity ratio above 35%.

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