Swedish Logistic Property (SLP) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 performance with 21% rental income growth, 25% NOI increase, and 31% higher profit from property management, despite a challenging macroenvironment.

• Maintained high occupancy rate of 97% (96.5% financial letting ratio) and a 6.4-year average tenancy period.

• Completed two new construction projects and major acquisitions, including a SEK 1.4bn post-period deal and a significant sale and leaseback with PostNord.

• Focused on value creation through property development, energy efficiency, and sustainability, with 100% of new production environmentally certified and 92% of loans sustainable or sustainability-linked.

• Customer satisfaction index improved to 78, with a strong and diversified tenant mix.

Financial highlights

• Rental income reached SEK 710m (up from SEK 585m), NOI SEK 610m (up from SEK 487m), and profit from property management SEK 398m (up from SEK 303m).

• Net asset value per share increased 16% to SEK 29.39.

• Value changes in investment properties totaled SEK 361m.

• Earnings per share after dilution rose to SEK 2.48 (from SEK 1.55), up 60%.

• Investment properties valued at SEK 13,489m as of year-end.

Outlook and guidance

• Board proposes no dividend for 2024, prioritizing reinvestment for growth.

• Strong demand for logistics properties expected to continue, with indexed rental agreements and long lease terms supporting stable cash flows.

• Management sees significant acquisition opportunities and expects major revenue from new projects in 2025.

• New sustainability goals for 2027 to be communicated, building on early achievement of 2025 targets.