Aurora Eiendom (AURA) Q1 2025 earnings summary

Executive summary

• Rental income grew 0.7% year-over-year to NOK 151 million in Q1 2025, with net income from property management at NOK 123 million, down from NOK 127 million.

• Pre-tax profit was NOK 22 million, significantly lower than NOK 82 million last year, mainly due to negative fair value adjustments on properties and derivatives.

• Occupancy remained high at 97.4%, and tenant turnover in fully owned centers increased 2% year-over-year.

• The company is pursuing delisting from Euronext Growth to gain strategic flexibility, with 88.4% shareholder consent already secured.

• Refinancing of the second-largest bank loan was completed, and further optimization of the loan portfolio is ongoing.

Financial highlights

• Rental income: NOK 151 million (Q1 2024: NOK 150 million); like-for-like growth 0.7%.

• Net income from property management: NOK 123 million (Q1 2024: NOK 127 million).

• Pre-tax profit: NOK 22 million (Q1 2024: NOK 82 million), impacted by NOK -34 million fair value adjustment on properties and NOK -6 million on derivatives.

• EPRA earnings per share: NOK 1.52 (Q1 2024: NOK 1.55).

• Cash and cash equivalents at period end: NOK 120 million (Q1 2024: NOK 170 million).

Outlook and guidance

• Management expects market interest rates to remain elevated longer than previously anticipated.

• Delisting is expected to provide greater flexibility for acquisitions and partnerships, with continued commitment to regular reporting.