Swedish Logistic Property (SLP) Q1 2025 earnings summary

Executive summary

• Achieved a strong first quarter in 2025 with 42% rental income growth, 48% NOI growth, and 51% higher profit from property management, despite a challenging macro environment with high interest rates and recessionary pressures.

• Record acquisition volume, including the largest transaction in company history, with agreements for up to ten properties totaling SEK 2.2 billion and 177,000 sqm added to the portfolio.

• Occupancy began at the largest new construction project (61,500 sqm) in Hallsberg.

• Maintained high operational performance in portfolio management, financing, and sustainability initiatives.

• CEO transition announced: Filip Persson appointed effective September 2025; current CEO proposed for Board.

Financial highlights

• Rental income increased by 42% year-over-year to SEK 236 million, with NOI up 48% to SEK 203 million.

• Profit from property management rose 51% to SEK 134 million; NAV per share increased 4% to SEK 30.44.

• Value changes in investment properties amounted to SEK 137 million for the quarter.

• Loan-to-value ratio at 48.2%, interest coverage ratio at 3.2x, and equity/assets ratio at 45%.

• 93% of financing is sustainable; average interest rate 3.7%–4.1%.

Outlook and guidance

• On track to achieve annual goals of 15% NAV per share growth and 15% increase in property management result per share.

• Strong acquisition capacity and active strategy for further growth in logistics properties with development potential.

• Updated sustainability targets: net-zero emissions in the value chain by 2040 and climate-neutral property management by 2030.

• Management is monitoring geopolitical risks, trade tensions, and market conditions.