Fleming Properties (FLMNG) Q4 2025 earnings summary

Executive summary

• Revenue for January–December 2025 was €7,895k, up from €7,682k year-over-year, reflecting stable rental income and positive leasing activity.

• Net operating income increased to €6,286k from €6,090k, with a high surplus ratio of 79.62%.

• Net profit for the period was €2,655k, a significant improvement from a loss of €4,214k the previous year, mainly due to positive property revaluations.

• The largest tenant, SOK, did not fully exercise its break option, supporting rental income stability and cash flow visibility.

Financial highlights

• Q4 2025 revenue was €1,907k (vs. €1,937k in Q4 2024); net operating income was €1,468k (vs. €1,531k).

• Full-year management result was €2,345k (down from €3,091k), mainly due to higher financing costs.

• Earnings per share for 2025 were €0.04 (vs. -€0.06 in 2024).

• Property market value at year-end was €109.8m (up from €108.2m).

• Proposed dividend of €0.03 per share, totaling €1,963,500.

Outlook and guidance

• Focus remains on stable cash flows, efficient property management, and long-term value creation.

• Visibility in future cash flows is improved by SOK’s decision regarding the break option.