Arlandastad Group (AGROUP) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in 2025, with revenues rising to 376.9 Mkr from 338.7 Mkr year-over-year and a turnaround to a net profit of 133.0 Mkr from a loss of -87.6 Mkr, driven by accelerated development and project settlements.

• Accelerated development pace, activating 200,000 sqm of building rights, compared to 10,000–15,000 sqm per year previously, marking a strategic shift.

• Entered new joint ventures and signed key agreements, including a major LOI for hydrogen production and sustainable aviation fuel at Skavsta.

• Introduced a new dividend policy targeting annual payouts of 5% of equity, with a proposed 1.55 kr per share for 2025.

• Major joint ventures and project activations contributed to increased rental value and project pipeline.

Financial highlights

• Market value of the property portfolio increased to 6,835 Mkr from 6,638 Mkr year-over-year.

• Net asset value (NAV) per share rose to 87.4 kr from 84.7 kr.

• Operating income improved, with total revenues at 376.9 Mkr and operating profit supported by unrealized value changes of 184.7 Mkr.

• Operating costs reduced by 7.4% YoY, with operational cost savings of 20.5 Mkr.

• Cash flow from operations was -132 Mkr for the year, with period-end cash at 182 Mkr.

Outlook and guidance

• Predictable interest rate environment and early signs of economic recovery expected to improve investment climate and lower financing costs.

• Continued high development pace, with further new establishments anticipated in core areas.

• Dividend policy aims for 5% of equity distributed annually.