Amhult 2 (AMH2) Q3 2024 earnings summary

Executive summary

• Revenue for January–September 2024 increased to 70,229 TSEK from 61,244 TSEK year-over-year.

• Net income for the period was 15,179 TSEK, down from 20,135 TSEK year-over-year.

• EPS for the period was 2.22 SEK, compared to 2.94 SEK in the same period last year.

• Growth in rental income driven by higher local rents (KPI-linked) and some increase in residential rents.

• Increased interest expenses from loan renegotiations negatively impacted net results.

Financial highlights

• Operating income (rörelseresultat) for Jan–Sep 2024 was 50,260 TSEK, up from 42,500 TSEK year-over-year.

• Cash flow from operations for Jan–Sep 2024 was 18,463 TSEK, down from 29,408 TSEK year-over-year.

• Total assets as of September 30, 2024, were 1,848,856 TSEK, up from 1,768,920 TSEK at year-end 2023.

• Equity at period end was 771,477 TSEK, up from 756,297 TSEK at year-end 2023.

• Investment in properties during the period totaled 87,365 TSEK.

Outlook and guidance

• Construction of Kv. Hercules continues, with completion expected between Q1 and Q2 2025.

• Awaiting zoning plan changes for Kv. Hercules stage 2, with legal force expected in Q1–Q2 2025.

• Anticipates lower interest expenses as Riksbanken is expected to lower policy rates, improving future loan terms.