Aurora Eiendom (AURA) Q2 2025 earnings summary

Executive summary

• Rental income reached NOK 151 million in Q2 2025, up from NOK 147 million year-over-year; YTD rental income was NOK 301 million, a 1.7% increase.

• Net income from property management was NOK 123 million in Q2 (NOK 120 million last year); YTD NOK 246 million.

• Pre-tax profit, including fair value adjustments, was NOK 16 million in Q2 (NOK 20 million last year); YTD NOK 37 million (NOK 102 million last year).

• Occupancy remained high at 97.4%, with stable tenant turnover and like-for-like growth of 2.4% compared to Q2 2024.

• Euronext Oslo Børs approved the delisting of shares, with last trading day set for 25 August 2025.

Financial highlights

• Investment properties valued at NOK 8,601 million as of 30.06.2025, up from NOK 8,407 million a year earlier.

• Loan to value (LTV) ratio improved to 52.2% from 53.3% year-over-year.

• Net income from property management for Q2 was NOK 123 million; YTD NOK 246 million.

• EPRA earnings per share for Q2 was NOK 1.65 (NOK 1.42 last year); YTD NOK 3.20.

• Cash and cash equivalents at period end were NOK 125 million, down from NOK 179 million last year.

Outlook and guidance

• Demand for retail space remains strong, with high occupancy and stable tenant turnover.

• Lower interest rates and refinancing are expected to reduce financial expenses and strengthen the financial position.

• Positive macroeconomic signals, including wage growth and low unemployment, support optimism for H2 2025.

• Continued focus on property development and tenant mix to drive future growth.