Fleming Properties (FLMNG) Q1 2025 earnings summary

Executive summary

• Revenue increased by 6.5% year-over-year to 2,021 TEUR, with operating activities proceeding as planned and rental operations stable.

• Net profit declined to 68 TEUR from 773 TEUR year-over-year, mainly due to higher interest expenses following refinancing in a higher rate environment.

• The occupancy rate remained high at approximately 95%, with the main tenant SOK accounting for 92% of rental value and lease agreements running until 2030.

Financial highlights

• Revenue: 2,021 TEUR (up from 1,897 TEUR year-over-year).

• Operating net: 1,532 TEUR (up from 1,421 TEUR year-over-year).

• Management result: 546 TEUR (down from 947 TEUR year-over-year).

• Net profit: 68 TEUR (down from 773 TEUR year-over-year).

• Property market value: 108,200 TEUR (down from 115,300 TEUR year-over-year).

Outlook and guidance

• Management expects continued financial stability, with a robust balance sheet and attractive direct yield of 5.7%.

• No significant events have occurred after the reporting period.