Stenhus Fastigheter (SFAST) Q4 2024 earnings summary

Executive summary

• Focus on sustainable growth through property ownership, development, and management, aiming for 12% annual management result growth over an economic cycle.

• Completed a market listing upgrade to Nasdaq Stockholm Midcap in December 2024, reflecting increased market maturity.

• Portfolio adjustments included significant property sales and selective acquisitions, reducing the number of properties from 161 to 135.

• Board proposes a dividend of SEK 0.20 per share, split into two payments in 2025.

• Credit rating was affirmed at BB with an improved outlook from negative to stable.

Financial highlights

• Rental income for Q4 2024 was SEK 244.9m, with full-year rental income at SEK 1,011.8m, slightly down from 1,019.0m in 2023.

• Net operating income for 2024 was SEK 798m; management result was SEK 329.6m (0.89 SEK/share after dilution).

• Profit for the year attributable to shareholders was SEK 56.4m, with EPS of SEK 0.15.

• Property value changes were -112.7m, with unrealized changes at -75.3m (-0.6% of property value).

• Investment properties valued at SEK 13,395m as of year-end 2024.

Outlook and guidance

• Updated operational and financial targets in January 2025, including a 12% annual growth target for management result.

• Board proposes a dividend of SEK 0.20 per share.

• Additional liquidity of SEK 230m secured from refinancing in January 2025.

• Focus remains on operational cash flow, long-term lease contracts, and further acquisitions.

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