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Fastighets Balder
Fastighets Balder (BALD) investor relations material
Fastighets Balder Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Portfolio value at year-end reached SEK 229 billion, with 80% of assets in major Nordic cities and a 54% residential, 46% commercial split, supporting stable demand and a 95% occupancy rate.
Rental income and net operating income increased by up to 7% year-over-year in 2025, with Q4 rental income at SEK 3,452m, and profit from property management per share up 5%.
Net profit for 2025 more than doubled to SEK 7,991m, driven by positive changes in property values and derivative gains.
Profit from property management in earnings capacity declined 7% year-over-year, partly due to the proposed Norion share distribution and currency effects.
The Board proposes distributing the entire holding in Norion Bank to shareholders at the 2026 AGM, reclassifying the asset as held for distribution.
Financial highlights
Like-for-like rental growth was 2.7% year-over-year, with net operating income for the year at SEK 10,314m, a 7% increase from 2024.
NAV per share stood at SEK 93.96, with a proposed dividend of SEK 5.25 per share and an expected NAV decrease of SEK 4 per share post-Norion distribution.
Debt-to-assets ratio was 41.8%, LTV 48.1%, and equity/assets ratio 38.5% at year-end.
Net debt to EBITDA at 12.0x (target 11.0x), with Norion distribution expected to increase this by approximately 0.89x.
Available liquidity was SEK 24 billion, higher than usual due to 2027 bond maturities.
Outlook and guidance
No specific like-for-like rental growth guidance for 2026, but expectations are for slightly lower indexation in Swedish residential and stable trends in Denmark and Finland.
Management expects continued improvement in customer demand and purchasing power in 2026, supported by domestic economic recovery and declining inflation and interest rates.
Finnish residential market expected to recover as new supply drops and urban migration continues, though timing remains uncertain.
Net debt to EBITDA target of 11x is a long-term goal, with direction prioritized over pace.
Focus on balanced capital allocation and limited project development until leverage target is met.
How does Class D share introduction streamline Balder?
What is the plan to meet the Net Debt/EBITDA target?
Outlook for commercial property occupancy rates?
Clarify Norion's impact on reported net debt/EBITDA?
What is the strategic intent for Class B shares?
What drives Finnish residential market recovery?
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Next Fastighets Balder earnings date
Q1 20268 May, 2026
Fastighets Balder
Next Fastighets Balder earnings date
Q1 20268 May, 2026
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Frequently asked questions
Fastighets AB Balder, engages in development, acquisition, management, and sales of residential and commercial properties in Sweden, Germany, Finland, Denmark, Norway and the United Kingdom. The company manages a portfolio of 66 properties comprising 272 sublets as of December 31, 2015. It also acquires land to develop properties; sells properties under construction; makes long-term rentals of apartments; offers services through real estate agents for letting buildings or portions thereof on the leasehold market; and performs management activities for various types of buildings. The company is headquartered in Malmö, Sweden.
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