Swedish Logistic Property (SLP) Q4 2025 earnings summary

Executive summary

• Achieved record growth in 2025, with strong increases in rental income, net operating income, and profit from property management, driven by acquisitions, property development, and high tenant demand.

• Acquired 16 properties, including major sale-and-leaseback and regional expansion deals, expanding lettable area by 341,000 m² and property value by SEK 4.1 billion.

• Completed a directed share issue of SEK 800 million at a 25% premium to NAV, strengthening financial position and attracting new investors.

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

• CEO transition completed with Filip Persson assuming the role in September 2025.

Financial highlights

• Rental income increased by 43% year-over-year to SEK 1,015 million, driven by acquisitions and active property management.

• Net operating income rose 46% to SEK 891 million compared to SEK 610 million last year.

• Profit from property management up 46% to SEK 583 million (398), with per-share growth of 33%, exceeding the 15% target.

• Earnings per share after dilution increased to SEK 2.77 (2.48 in 2024).

• Net asset value (NAV) per share after dilution up 15% to SEK 33.66.

Outlook and guidance

• Confident in maintaining acquisition pace due to strong financial position, robust cash flow, and market supply.

• Continued focus on acquiring and developing logistics properties with value-creation potential and sustainability goals updated for 2027, including net zero emissions by 2040.

• No dividend proposed for 2025, in line with policy to reinvest for growth.

• Regulatory approvals expected for major Malmö project in spring 2026, with occupancy in winter 2026/2027.