Studentbostäder i Norden (STUDBO) Q4 2025 earnings summary

Executive summary

• Revenue increased by 6% to 485 MSEK for the full year, with a 4% rise in Q4, reaching record levels for the company.

• Operating surplus grew 6% to 304 MSEK, and management result surged 144% to 46 MSEK year-over-year.

• Net profit for the year was 214 MSEK, up from 20 MSEK, with EPS at 0.33 SEK (0.03).

• The board proposes no dividend, prioritizing reinvestment for growth.

Financial highlights

• Operating surplus margin remained strong at 63% for the year and 64% in Q4.

• Property value increased to 8,126 MSEK, with a 2.72% value gain and 218 MSEK in unrealized revaluation.

• Return on equity improved to 9.5% (1.0%), and equity increased by 320 MSEK, partly due to a new share issue.

• Loan-to-value ratio decreased to 66.9% (70.4%), and interest coverage was 1.16x.

Outlook and guidance

• Management sees continued strong demand for student housing, with a growing applicant queue and positive rental growth prospects.

• The company aims for at least 10% annual growth in net asset value per share and a long-term loan-to-value below 60%.