Studentbostäder i Norden (STUDBO) Q2 2025 earnings summary

Executive summary

• Revenue increased by 8% to 238 MSEK for Jan–Jun 2025, with operating surplus up 5% to 145 MSEK compared to the same period last year.

• Net profit for the period reached 147 MSEK, a significant turnaround from -48 MSEK last year, driven by positive property revaluations and a favorable tax ruling.

• Loan-to-value ratio improved to 67.7% from 71.2% year-over-year, and equity ratio strengthened to 28.7%.

• A rights issue of 145 MSEK was completed, and a major VAT dispute was resolved positively, boosting central administration and property values.

• The rolling 12-month occupancy rate rose to 95.1%, up from 91.1% a year ago.

Financial highlights

• Q2 revenue grew 6% to 114 MSEK, but operating surplus declined 3% to 73 MSEK compared to Q2 2024.

• Q2 net profit was 55 MSEK, up from 39 MSEK in Q2 2024.

• Earnings per share for Jan–Jun 2025 were 0.23 SEK, compared to -0.08 SEK last year.

• Long-term net asset value per share was 3.63 SEK, down from 3.86 SEK a year ago.

• Direct yield for the property portfolio was 3.61% for the first half of 2025.

Outlook and guidance

• The company is strategically positioned for long-term growth, focusing on efficient student housing in high-demand regions.

• Ongoing optimization of capital structure and extension of debt maturities to enhance resilience and sustainable cash flow.

• Market fundamentals remain strong with record student applications and persistent housing shortages.

• The company targets a long-term loan-to-value ratio below 60% and an interest coverage ratio above 1.75x.