Swedish Logistic Property (SLP) Q2 2025 earnings summary

Executive summary

• Rental income increased by 46% year-over-year to SEK 489m, with net operating income up 49% to SEK 427m, driven by acquisitions and value-adding projects.

• Profit from property management rose 53% to SEK 280m, with per-share profit up 34% to SEK 1.08; earnings per share after dilution was SEK 1.36.

• Net asset value per share increased 7% to SEK 31.38.

• Eleven properties acquired, including a major logistics property in Gothenburg and a new construction project in Falkenberg.

• CEO transition announced for September 2025; Filip Persson appointed as new CEO.

Financial highlights

• Investment properties grew to SEK 16,312m from SEK 13,489m at year-end 2024.

• Value changes in investment properties totaled SEK 249m for the period.

• Loan-to-value ratio at 49.3%; interest coverage ratio at 3.1x.

• 94% of financing is sustainable; average interest rate 3.6%.

• Equity/assets ratio at 43.6%, above the minimum target of 40%.

Outlook and guidance

• On track to meet annual goals of at least 15% growth in NAV per share and property management profit per share.

• Continued focus on property acquisitions, development, and value-adding projects, with a 12-year lease signed for a new 38,500 sqm project in Falkenberg.

• Updated sustainability goals: 25 MWp solar capacity and 70% environmentally certified area by 2027, net zero emissions by 2040.