Sveafastigheter (SVEAF) Q4 2025 earnings summary

Executive summary

• Sweden's largest listed pure-play residential company, managing 14,929 apartments and SEK 29 billion in residential properties, with a focus on property management and new development.

• Vision centers on being Sweden's leading residential real estate company, providing safe, thriving homes for current and future generations.

• Focus on operational excellence, profitability, and value-adding investments.

• Received Kundkristallen for largest uplift in tenant satisfaction for the second consecutive year.

• Occupancy rate reached 95.3%, up 0.7 percentage points year-on-year.

Financial highlights

• Q4 rental income rose 9.9% to SEK 387 million; NOI up 14.5% to SEK 246 million.

• Full-year rental income increased 12.9% to SEK 1,536 million; NOI up 17.4% to SEK 1,010 million.

• NOI margin improved to 65.7% (60.3% incl. property admin), up 4.6 percentage points year-on-year.

• Q4 loss of SEK 12 million due to SEK 138 million portfolio value decrease, mainly from Eskilstuna project write-down.

• Profit for the year was SEK 84 million, a turnaround from SEK -1,125 million the previous year.

Outlook and guidance

• Target NOI margin (including property admin) of 70% by June 2029; current progress on track.

• Plan to upgrade at least 2,000 apartments and start construction of 600–800 apartments per year by June 2029.

• Ongoing focus on operational profitability, capital structure, and disciplined capital allocation.

• Rent negotiations for 2026 resulted in average 3.4% increase for two-thirds of portfolio.