Swedish Logistic Property (SLP) Q3 2025 earnings summary

Executive summary

• Achieved strong profit growth and high net operating margins in the first nine months of 2025, with rental income up 44% to SEK 744m and net operating income up 48% to SEK 656m.

• Profit from property management rose 50% to SEK 430m, with profit per share up 33% to SEK 1.66 and NAV per share up 9% to SEK 31.98.

• Eleven properties were acquired, including a major logistics asset in Gothenburg, adding 247,000 sqm and SEK 2,353m in value.

• High occupancy rate of 97% and average lease period of 6.7 years support stable cash flows.

• Included in the FTSE EPRA Nareit Global Real Estate Index as of September 2025.

Financial highlights

• Rental income: SEK 744m (+44% YoY); net operating income: SEK 656m (+48% YoY); profit from property management: SEK 430m (+50% YoY); profit per share: SEK 1.66 (+33% YoY).

• Net asset value per share: SEK 31.98 (+9% YoY); net profit for the period: SEK 505m; earnings per share after dilution: SEK 1.94.

• Value changes in investment properties: SEK 264m, with no negative value changes in any quarter.

• Investment properties valued at SEK 16,436m as of 30 September 2025.

• Loan-to-value ratio: 48.4%; interest coverage ratio: 3.1x; equity/assets ratio: 44.1%.

Outlook and guidance

• Strong pipeline for further acquisitions and business opportunities, with continued focus on sustainable property development.

• Transfer of ownership for the Gothenburg property scheduled for Q4 2025; 10-year lease signed for new Malmö project pending regulatory approval.

• Targeting average annual growth of at least 15% per share in NAV and profit from property management.

• Financial flexibility supported by unutilized credit facilities of SEK 1,275m.