ALM Equity (ALM) Q4 2024 earnings summary

Executive summary

• Completed merger with Svenska Nyttobostäder and secured Aermont Capital as a long-term partner, with Aermont acquiring 60% of the joint company and providing SEK 1.9 billion in liquidity.

• Focused on asset consolidation, capital structure strengthening, and execution of the post-merger business plan, with priorities on portfolio optimization and accelerated project starts.

• Significant refinancing and reduced leverage achieved, including SEK 400 million bond reduction and new bond issuance.

• Board proposes SEK 8.40 per preference share in dividends, with no dividend to common shareholders.

Financial highlights

• Net revenue for Q4 2024 was SEK 1,330m, up from SEK 639m in Q4 2023; full-year revenue reached SEK 3,127m, up from SEK 2,386m year-over-year.

• Net loss for Q4 2024 was SEK -60m, improved from SEK -453m in Q4 2023; full-year net loss was SEK -1,100m, improved from SEK -2,708m year-over-year.

• Operating income for Q4 2024 was SEK 13m, compared to SEK -421m in Q4 2023; full-year operating income was SEK -568m, versus SEK -1,673m in 2023.

• Cash and cash equivalents increased to SEK 1,671m from SEK 444m year-over-year.

• Equity at year-end was SEK 2,766m, down from SEK 2,972m at the end of 2023.

Outlook and guidance

• Brighter macroeconomic outlook and lower interest rates are expected to support a recovery in new housing starts and market conditions in 2025.

• Focus remains on portfolio optimization, asset sales, rapid project starts, and pursuing a Nasdaq Stockholm listing.