Fastighets Balder (BALD) Q2 2025 earnings summary

Executive summary

• Portfolio value at SEK 226 billion, with 95% occupancy and 80% of assets in capitals and large cities.

• Rental income up 7–8% year-over-year, reaching SEK 6,825m; net operating income rose 9%.

• Profit from property management per share increased 6% to SEK 1.36; current earnings capacity per share up 10% to SEK 5.55.

• Net profit after tax attributable to shareholders surged to SEK 3,461m from SEK 177m year-over-year.

• Board plans to propose distribution of Norion Bank shares to shareholders, pending credit metric headroom.

Financial highlights

• Like-for-like rental growth at 2.9% year-over-year.

• Net debt to total assets at 49.7%; Net Debt/EBITDA improved to 12.1x.

• NAV per share at SEK 91.19; equity/assets ratio at 39.1%.

• Interest coverage ratio at 2.7; available liquidity SEK 24bn.

• Surplus ratio stable at 75–76%.

Outlook and guidance

• Management expects continued improvement in earnings trend and stability from portfolio diversification.

• Board aims to distribute Norion Bank shares in 2026, subject to market and credit conditions.

• Limited project development investments planned in the near term; focus on balanced capital allocation until Net Debt/EBITDA reaches 11x.

• Transaction market activity expected to increase in the second half of the year, with stable yields.

• Finnish market oversupply persists but is expected to improve in the second half of the year.