Fastighets Balder (BALD) Q3 2025 earnings summary

Executive summary

• Portfolio value reached SEK 229.5 billion, with 54% in residential properties and 80% located in capitals and larger cities, ensuring diversification and stability.

• Rental income increased 8% year-over-year to SEK 10,269m, with net operating income up 8% to SEK 7,767m and profit from property management per share up 2% to 1.38 SEK/share for the quarter.

• Net profit after tax rebounded to SEK 5,851m from a loss last year, marking a significant turnaround.

• CEO succession announced: Erik Selin to become Executive Chairman, Sharam Rahi to be appointed CEO at the 2026 AGM.

• Portfolio remains diversified across geographies and property categories, with a focus on capital cities.

Financial highlights

• Surplus ratio improved to 76%, and economic occupancy rate was 95%.

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

• Net asset value per share stood at SEK 93.03.

• Equity/assets ratio was 38.2%, with net debt to total assets at 48.3%.

• Available liquidity including confirmed loan commitments was SEK 24.1 billion.

Outlook and guidance

• Management expects improved economic activity and confidence in the Nordic markets in 2026, supported by recent rate cuts and less restrictive fiscal policy.

• Progressive decline in Net debt/EBITDA is expected, targeting 11x.

• Distribution of Norion Bank shares to shareholders is planned, pending credit metric improvements and shareholder approval.

• Anticipate rent increases in Sweden to be above inflation for the next 2–3 years, following historical patterns.

• No major changes expected in asset or geographic allocation.