Amhult 2 (AMH2) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 increased by 9.7% year-over-year to 103,759 TSEK, with operating surplus up 10.2% to 80,742 TSEK.

• Net profit after tax for the year was 37,523 TSEK, down from 77,674 TSEK in 2024, mainly due to lower property revaluation gains.

• All 40 new apartments in Hercules North were leased on time, with no residential vacancies.

• The company reached a milestone with nine-digit annual revenues and improved cost control.

Financial highlights

• Q4 2025 revenue was 26,577 TSEK, up 11.7% year-over-year; operating surplus rose 11.2% to 20,332 TSEK.

• Full-year EPS was 5.48 SEK (down from 11.34 SEK in 2024); Q4 EPS was 1.87 SEK (down from 9.13 SEK in Q4 2024).

• Net asset value per share at year-end was 127.27 SEK; EPRA NAV per share was 148.51 SEK.

• Investments for the year totaled 30,707 TSEK, significantly lower than 105,995 TSEK in 2024.

• Cash flow from operations for the year was 35,862 TSEK, up from 12,131 TSEK in 2024.

Outlook and guidance

• Demand for residential units remains high, with a low vacancy rate of 1% for both residential and commercial properties.

• Interest rates are expected to remain stable in 2026, and revenues are projected to cover rising costs.

• No dividend is proposed for 2025 due to investment needs for Amhult Centrum phase II.